Nabors Industries (NBR) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-32657
Entity Registrant Name	NABORS INDUSTRIES LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0363970
Entity Address, Address Line One	Crown House
Entity Address, Address Line Two	Second Floor
Entity Address, Address Line Three	4 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM08
City Area Code	441
Local Phone Number	292-1510
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		363,457,900
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001163739
Amendment Flag	false
Mandatory Convertible Preferred Shares
Title of 12(b) Security	Preferred shares, 6.00% Mandatory Convertible Preferred Shares, Series A
Trading Symbol	NBR.PRA
Security Exchange Name	NYSE
Common Shares
Title of 12(b) Security	Common shares
Trading Symbol	NBR
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 367,693	$ 447,766
Short-term investments		28,023	34,036
Accounts receivable, net		737,353	756,320
Inventory, net		178,367	165,587
Assets held for sale		8,004	12,250
Other current assets		147,239	177,604
Total current assets		1,466,679	1,593,563
Property, plant and equipment, net		5,301,252	5,467,870
Goodwill		90,645	183,914
Deferred income taxes		357,267	345,091
Other long-term assets		298,660	263,506
Total assets (1)	[1]	7,514,503	7,853,944
Current liabilities:
Current portion of debt		790	561
Trade accounts payable		410,469	392,843
Accrued liabilities		319,763	417,912
Income taxes payable		27,179	20,761
Current lease liabilities		13,966
Total current liabilities		772,167	832,077
Long-term debt		3,550,577	3,585,884
Other long-term liabilities		294,128	274,485
Deferred income taxes		27,448	6,311
Total liabilities (1)	[1]	4,644,320	4,698,757
Commitments and contingencies (Note 7)
Redeemable noncontrolling interest in subsidiary (Note 3)		415,042	404,861
Shareholders' equity:
Preferred shares, par value $0.001 per share: Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; issued 5,746 and 5,750, respectively		6	6
Common shares, par value $0.001 per share: Authorized common shares 800,000; issued 416,282 and 409,652, respectively		416	410
Capital in excess of par value		3,405,421	3,392,937
Accumulated other comprehensive income (loss)		(13,490)	(29,325)
Retained earnings		303,181	650,842
Less: treasury shares, at cost, 52,800 and 52,800 common shares, respectively		(1,314,020)	(1,314,020)
Total shareholders' equity		2,381,514	2,700,850
Noncontrolling interest		73,627	49,476
Total equity		2,455,141	2,750,326
Total liabilities and equity		$ 7,514,503	$ 7,853,944
[1]	The condensed consolidated balance sheet as of June 30, 2019 and December 31, 2018 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, rate (as a percent)	6.00%	6.00%
Preferred stock, liquidation preference (in dollars per share)	$ 50	$ 50
Preferred stock, shares issued	5,746	5,750
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	800,000	800,000
Common shares, shares issued	416,282	409,652
Treasury shares, at cost	52,800	52,800

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues and other income:
Operating revenues	$ 771,406	$ 761,920	$ 1,571,046	$ 1,496,114
Earnings (losses) from unconsolidated affiliates		(1)	(5)	1
Investment income (loss)	469	(3,164)	10,146	(2,699)
Total revenues and other income	771,875	758,755	1,581,187	1,493,416
Costs and other deductions:
Direct costs	496,664	493,975	1,017,621	969,378
General and administrative expenses	64,415	67,823	132,582	142,394
Research and engineering	11,920	12,439	25,440	28,245
Depreciation and amortization	218,319	218,262	428,710	431,710
Interest expense	51,491	60,592	103,843	121,978
Impairments and other charges	102,570	69,620	99,903	76,664
Other, net	7,899	7,981	28,068	15,026
Total costs and other deductions	953,278	930,692	1,836,167	1,785,395
Income (loss) from continuing operations before income taxes	(181,403)	(171,937)	(254,980)	(291,979)
Income tax expense (benefit):
Current	16,504	3,464	32,366	12,235
Deferred	(5,106)	19,814	8,831	34,588
Total income tax expense (benefit)	11,398	23,278	41,197	46,823
Income (loss) from continuing operations, net of tax	(192,801)	(195,215)	(296,177)	(338,802)
Income (loss) from discontinued operations, net of tax	(34)	(584)	(191)	(659)
Net income (loss)	(192,835)	(195,799)	(296,368)	(339,461)
Less: Net (income) loss attributable to noncontrolling interest	(10,729)	(2,953)	(24,905)	(3,492)
Net income (loss) attributable to Nabors	(203,564)	(198,752)	(321,273)	(342,953)
Less: Preferred stock dividend	(4,312)	(3,680)	(8,625)	(3,680)
Net income (loss) attributable to Nabors common shareholders	(207,876)	(202,432)	(329,898)	(346,633)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(207,842)	(201,848)	(329,707)	(345,974)
Net income (loss) from discontinued operations	(34)	(584)	(191)	(659)
Net income (loss) attributable to Nabors common shareholders	$ (207,876)	$ (202,432)	$ (329,898)	$ (346,633)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
Total Basic (in dollars per share)	(0.61)	(0.61)	(0.97)	(1.08)
Diluted from continuing operations (in dollars per share)	(0.61)	(0.61)	(0.97)	(1.08)
Total Diluted (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
Weighted-average number of common shares outstanding:
Basic (in shares)	351,543	328,372	351,154	318,580
Diluted (in shares)	351,543	328,372	351,154	318,580

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (203,564)	$ (198,752)	$ (321,273)	$ (342,953)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	6,349	(5,570)	15,539	(14,913)
Pension liability amortization and adjustment	54	54	108	108
Unrealized gains (losses) and amortization on cash flow hedges	142	142	282	282
Unrealized gains (losses) and amortization on cash flow hedges.	142		282
Adoption of ASU No. 2016-01				9,144
Other comprehensive income (loss), before tax	6,545	(5,374)	15,929	(23,667)
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	48	94	91
Other comprehensive income (loss), net of tax	6,497	(5,422)	15,835	(23,758)
Comprehensive income (loss) attributable to Nabors	(197,067)	(204,174)	(305,438)	(366,711)
Net income (loss) attributable to noncontrolling interest	10,729	2,953	24,905	3,492
Translation adjustment attributable to noncontrolling interest	7	(63)	59	(159)
Comprehensive income (loss) attributable to noncontrolling interest	10,736	2,890	24,964	3,333
Comprehensive income (loss)	$ (186,331)	$ (201,284)	$ (280,474)	$ (363,378)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (296,368)	$ (339,461)
Adjustments to net income (loss):
Depreciation and amortization	428,717	432,782
Deferred income tax expense (benefit)	8,804	33,921
Impairments and other charges	98,869	63,726
Amortization of debt discount and deferred financing costs	15,868	14,674
Losses (gains) on debt buyback	1,034
Losses (gains) on long-lived assets, net	10,611	5,755
Losses (gains) on investments, net	(5,906)	4,969
Provision (recovery) of bad debt	256	(2,663)
Share-based compensation	14,164	14,732
Foreign currency transaction losses (gains), net	9,924	6,280
Noncontrolling interest	(24,906)
Other	373	(3,110)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	23,788	(86,968)
Inventory	(12,814)	(7,153)
Other current assets	34,590	21,463
Other long-term assets	(38,705)	18,773
Trade accounts payable and accrued liabilities	(60,624)	(21,824)
Income taxes payable	7,118	(22,429)
Other long-term liabilities	58,292	(56,110)
Net cash provided by (used for) operating activities	273,085	77,357
Cash flows from investing activities:
Purchases of investments	(4,572)	(676)
Sales and maturities of investments	11,919	2,602
Cash paid for acquisition of businesses, net of cash acquired	(2,929)
Capital expenditures	(274,479)	(209,471)
Proceeds from sales of assets and insurance claims	11,857	77,272
Net cash (used for) provided by investing activities	(258,204)	(130,273)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		(344)
Proceeds from issuance of long-term debt		800,000
Debt issuance costs	(49)	(12,990)
Proceeds from revolving credit facilities	790,000	625,000
Reduction in revolving credit facilities	(480,000)	(1,135,000)
Proceeds from issuance of common shares, net of issuance costs		302,014
Proceeds from issuance of preferred stock, net of issuance costs		278,573
Distributions to noncontrolling interest	(814)	(4,676)
Reduction in long-term debt	(361,966)	(460,837)
Dividends to common and preferred shareholders	33,705	36,200
Proceeds from (payment for) commercial paper		(40,000)
Proceeds from (payments for) short-term borrowings	229	62
Other	(2,337)	(3,688)
Net cash (used for) provided by financing activities	(88,642)	311,914
Effect of exchange rate changes on cash and cash equivalents	(1,968)	(3,637)
Net increase (decrease) in cash and cash equivalents and restricted cash	(75,729)	255,361
Cash and cash equivalents and restricted cash, beginning of period	451,080	342,029
Cash and cash equivalents and restricted cash, end of period	375,351	597,390
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	447,766	336,997
Restricted cash, beginning of period	3,314	5,032
Cash and cash equivalents and restricted cash, beginning of period	451,080	342,029
Cash and cash equivalents, end of period	367,693	593,284
Restricted cash, end of period	7,658	4,106
Cash and cash equivalents and restricted cash, end of period	$ 375,351	$ 597,390

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Mandatory Convertible Preferred SharesPreferred Stock	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, 2017		$ 368	$ 2,791,129	$ 11,185	$ 1,423,154	$ (1,314,020)	$ 26,957	$ 2,938,773
Balance (in shares) at Dec. 31, 2017		367,510
Increase (Decrease) in Equity
Net income (loss)					(342,953)		3,492	(339,461)
Dividends to common shareholders					(40,511)			(40,511)
Dividends to preferred shareholders					(3,680)			(3,680)
Common share issuance		$ 40	301,974					302,014
Common share issuance (in shares)		40,250
Convertible preferred stock issuance	$ 6		278,566					278,572
Convertible preferred stock issuance (in shares)	5,750
Other comprehensive income (loss), net of tax				(23,758)			(159)	(23,917)
Share-based compensation			14,732					14,732
Adjustment to retained earnings | Accounting Standards Update 2016-01					9,144			9,144
Adjustment to retained earnings | Accounting Standards Update 2016-16					(34,132)			(34,132)
Adjustment to retained earnings				(9,144)
Noncontrolling interest contributions (distributions)							(4,676)	(4,676)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary					(4,522)			(4,522)
Other		$ 2	(3,690)					(3,688)
Other (in shares)		2,492
Balance at the end of the period at Jun. 30, 2018	$ 6	$ 410	3,382,711	(12,573)	1,006,500	(1,314,020)	25,614	3,088,648
Balance (in shares) at Jun. 30, 2018	5,750	410,252
Balance at the beginning of the period at Mar. 31, 2018		$ 370	2,797,893	(7,151)	1,232,516	(1,314,020)	27,400	2,737,008
Balance (in shares) at Mar. 31, 2018		370,320
Increase (Decrease) in Equity
Net income (loss)					(198,752)		2,953	(195,799)
Dividends to common shareholders					(21,460)			(21,460)
Dividends to preferred shareholders					(3,680)			(3,680)
Common share issuance		$ 40	301,974					302,014
Common share issuance (in shares)		40,250
Convertible preferred stock issuance	$ 6		278,566					278,572
Convertible preferred stock issuance (in shares)	5,750
Other comprehensive income (loss), net of tax				(5,422)			(63)	(5,485)
Share-based compensation			6,104					6,104
Noncontrolling interest contributions (distributions)							(4,676)	(4,676)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary					(2,124)			(2,124)
Other			(1,826)					(1,826)
Other (in shares)		(318)
Balance at the end of the period at Jun. 30, 2018	$ 6	$ 410	3,382,711	(12,573)	1,006,500	(1,314,020)	25,614	3,088,648
Balance (in shares) at Jun. 30, 2018	5,750	410,252
Balance at the beginning of the period at Dec. 31, 2018	$ 6	$ 410	3,392,937	(29,325)	650,842	(1,314,020)	49,476	2,750,326
Balance (in shares) at Dec. 31, 2018	5,750	409,652
Increase (Decrease) in Equity
Net income (loss)					(321,273)		24,905	(296,368)
Dividends to common shareholders					(7,581)			(7,581)
Dividends to preferred shareholders					(8,625)			(8,625)
Repurchase of preferred shares			(79)					(79)
Repurchase of preferred shares (in shares)	(4)
Other comprehensive income (loss), net of tax				15,835			59	15,894
Share-based compensation			14,164					14,164
Adjustment to retained earnings								0
Noncontrolling interest contributions (distributions)							(813)	(813)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary					(10,182)			(10,182)
Other		$ 6	(1,601)					(1,595)
Other (in shares)		6,630
Balance at the end of the period at Jun. 30, 2019	$ 6	$ 416	3,405,421	(13,490)	303,181	(1,314,020)	73,627	2,455,141
Balance (in shares) at Jun. 30, 2019	5,746	416,282
Balance at the beginning of the period at Mar. 31, 2019	$ 6	$ 416	3,400,110	(19,987)	519,810	(1,314,020)	63,704	2,650,039
Balance (in shares) at Mar. 31, 2019	5,750	415,916
Increase (Decrease) in Equity
Net income (loss)					(203,564)		10,729	(192,835)
Dividends to common shareholders					(3,634)			(3,634)
Dividends to preferred shareholders					(4,312)			(4,312)
Repurchase of preferred shares			(79)					(79)
Repurchase of preferred shares (in shares)	(4)
Other comprehensive income (loss), net of tax				6,497			7	6,504
Share-based compensation			5,740					5,740
Noncontrolling interest contributions (distributions)							(813)	(813)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary					(5,119)			(5,119)
Other			(350)					(350)
Other (in shares)		366
Balance at the end of the period at Jun. 30, 2019	$ 6	$ 416	$ 3,405,421	$ (13,490)	$ 303,181	$ (1,314,020)	$ 73,627	$ 2,455,141
Balance (in shares) at Jun. 30, 2019	5,746	416,282

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Jul. 26, 2019	Apr. 24, 2019	Feb. 22, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Dividends to shareholders (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.06	$ 0.02	$ 0.12
Dividends to preferred shareholders (in dollars per share)				$ 0.75	$ 0.64	$ 1.50
Mandatory Convertible Preferred Shares
Dividends to preferred shareholders (in dollars per share)	$ 0.75	$ 0.75	$ 0.75

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2019
Nature of Operations.
Nature of Operations	Note 1 Nature of Operations ​ Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires. References in this report to “Nabors Delaware” mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors. ​ Our business is comprised of our global land-based and offshore drilling rig operations and other rig related services and technologies, consisting of equipment manufacturing, rig instrumentation and optimization software. We also specialize in tubular services, wellbore placement solutions and are a leading provider of directional drilling and MWD systems and services. ​ With operations in approximately 25 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of June 30, 2019 included: ​ ● 374 actively marketed rigs for land-based drilling operations in the United States, Canada and approximately 18 other countries throughout the world; and ​ ● 33 actively marketed rigs for offshore drilling operations in the United States and multiple international markets. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. 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 U.S. 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, 2018 (“2018 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of June 30, 2019 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the six months ended June 30, 2019 may not be indicative of results that will be realized for the full year ending December 31, 2019. ​ Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​ ​ Inventory ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Raw materials ​ $ 130,904 ​ $ 116,840 ​ Work-in-progress ​ 14,452 ​ 20,329 ​ Finished goods ​ 33,011 ​ 28,418 ​ ​ ​ $ 178,367 ​ $ 165,587 ​ ​ 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 may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than 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. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. The fair values calculated in these impairment tests were determined using discounted cash flow models which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying dayrates, utilization and costs. Therefore, a significantly prolonged period of lower oil and natural gas prices or changes in laws and regulations could adversely affect the demand for and prices of our services, which could in turn result in future goodwill impairment charges for these reporting units due to the potential impact on our estimate of our future operating results. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long term growth rate of approximately 2%. ​ 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 compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed 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. ​ The change in the carrying amount of goodwill for our segments for the six months ended June 30, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Disposals ​ Cumulative ​ ​ ​ Balance at ​ ​ December 31, ​ and ​ Translation ​ Other ​ June 30, ​ ​ 2018 ​ Impairments ​ Adjustment ​ Adjustment ​ 2019 ​ ​ (In thousands) U.S. Drilling ​ $ 50,149 ​ $ — ​ $ — ​ $ 2,054 ​ $ 52,203 ​ International Drilling ​ ​ 75,634 ​ ​ (75,634) (1) ​ — ​ ​ — ​ ​ — ​ Drilling Solutions ​ 11,436 ​ — ​ — ​ — ​ 11,436 ​ Rig Technologies ​ 46,695 ​ (18,000) (1) 365 ​ (2,054) ​ 27,006 ​ Total ​ $ 183,914 ​ $ (93,634) ​ $ 365 ​ $ — ​ $ 90,645 ​ (1) As part of our annual review during the second quarter of 2019, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized a goodwill impairment of $93.6 million. See Note 9—Impairments and Other Charges. ​ Recently Adopted Accounting Pronouncements ​ 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 requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. We adopted this guidance under the modified retrospective approach as of January 1, 2019. We preliminarily determined that our drilling contracts contained a lease component, and the adoption would require us to separately recognize revenue associated with the lease and services components. In July 2018, the FASB issued ASU No. 2018-11, which provides a practical expedient that allows entities to combine lease and non-lease components where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and will account for the combined components as a single performance obligation under Topic 606, Revenue from Contracts with Customers. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. With respect to leases whereby we are the lessee, we recognized upon adoption on January 1, 2019 lease liabilities and offsetting "right of use" assets of approximately $42.8 million based on the present value of the remaining minimum rental payments. See Note 13 — Leases. ​ Recent Accounting Pronouncements Not Yet Adopted ​ In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. In addition, the standard requires certain disclosures regarding stranded tax effects. This guidance is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact this will have on our financial statements.

Joint Ventures

Joint Ventures	6 Months Ended
	Jun. 30, 2019
Joint Ventures
Joint Ventures	Note 3 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco to form a joint venture known as SANAD to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD is equally owned by Saudi Aramco and Nabors. ​ During 2017, Nabors and Saudi Aramco each contributed $20 million in cash for the purpose of capitalizing the joint venture upon formation. In addition, since inception Nabors and Saudi Aramco have each contributed a combination of drilling rigs, drilling rig equipment and other assets, including cash, each with a value of approximately $394 million to the joint venture. The contributions were received in exchange for redeemable ownership interests which accrue interest annually, have a twenty-five year maturity and are required to be converted to authorized capital should certain events occur, including the accumulation of specified losses. In the accompanying condensed consolidated balance sheet, Nabors has reported Saudi Aramco’s share of authorized capital as a component of noncontrolling interest in equity and Saudi Aramco’s share of the redeemable ownership interests as redeemable noncontrolling interest in subsidiary, classified as mezzanine equity. The accrued interest on the redeemable ownership interest is a non-cash financing activity and is reported as an increase in the redeemable noncontrolling interest in subsidiary line in our condensed consolidated balance sheet. ​ The condensed balance sheet of SANAD, as included in our consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 230,352 ​ $ 211,618 ​ Accounts receivable ​ 81,440 ​ 73,699 ​ Other current assets ​ 21,236 ​ 17,198 ​ Property, plant and equipment, net ​ 443,643 ​ 457,963 ​ Other long-term assets ​ 16,490 ​ 36,583 ​ Total assets ​ $ 793,161 ​ $ 797,061 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 65,655 ​ $ 60,087 ​ Accrued liabilities ​ 14,367 ​ 8,530 ​ Total liabilities ​ $ 80,022 ​ $ 68,617 ​ ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements
Fair Value Measurements	Note 4 Fair Value Measurements ​ Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best information available. Accordingly, we employ valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The use of unobservable inputs is intended to allow for fair value determinations in situations where there is little, if any, market activity for the asset or liability at the measurement date. We are able to classify fair value balances utilizing a fair value hierarchy based on the observability of those inputs. Under the fair value hierarchy: ​ ● Level 1 measurements include unadjusted quoted market prices for identical assets or liabilities in an active market; ​ ● Level 2 measurements include quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and ​ ● Level 3 measurements include those that are unobservable and of a subjective nature. ​ Our financial assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2019 consisted 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. There were no transfers of our financial assets between Level 1 and Level 2 measures during the six months ended June 30, 2019. 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. As of June 30, 2019 and December 31, 2018, our short-term investments were carried at fair market value and totaled $28.0 million and $34.0 million, respectively, and primarily consisted of Level 1 measurements. No material Level 2 or Level 3 measurements exist as of any of the periods presented. ​ 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, 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 U.S. GAAP. The fair value of our long-term debt and revolving credit facilities 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ December 31, 2018 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value ​ ​ (In thousands) 5.00% senior notes due September 2020 $ 309,769 ​ $ 310,909 $ 614,748 ​ $ 590,336 4.625% senior notes due September 2021 637,468 ​ 622,398 668,347 ​ 603,457 5.50% senior notes due January 2023 577,042 ​ 540,688 586,000 ​ 465,999 5.10% senior notes due September 2023 336,746 ​ 298,003 342,923 ​ 262,494 0.75% senior exchangeable notes due January 2024 461,491 ​ 412,563 450,689 ​ 358,012 5.75% senior notes due February 2025 ​ 781,502 ​ 694,169 791,502 ​ 598,953 2012 Revolving credit facility 480,000 ​ 480,000 170,000 ​ 170,000 2018 Revolving credit facility — ​ — — ​ — Other 790 ​ 790 561 ​ 561 ​ ​ ​ 3,584,808 ​ $ 3,359,520 ​ ​ 3,624,770 ​ $ 3,049,812 Less: current portion ​ ​ 790 ​ ​ ​ ​ ​ 561 ​ ​ ​ Less: deferred financing costs ​ ​ 33,441 ​ ​ ​ ​ ​ 38,325 ​ ​ ​ ​ ​ $ 3,550,577 ​ ​ ​ ​ $ 3,585,884 ​ ​ ​ ​ 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	6 Months Ended
	Jun. 30, 2019
Debt
Debt	Note 5 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) 5.00% senior notes due September 2020 ​ $ 309,769 ​ $ 614,748 ​ 4.625% senior notes due September 2021 ​ 637,468 ​ 668,347 ​ 5.50% senior notes due January 2023 ​ 577,042 ​ 586,000 ​ 5.10% senior notes due September 2023 ​ 336,746 ​ 342,923 ​ 0.75% senior exchangeable notes due January 2024 ​ 461,491 ​ 450,689 ​ 5.75% senior notes due February 2025 ​ ​ 781,502 ​ 791,502 ​ 2012 Revolving credit facility ​ 480,000 ​ ​ 170,000 ​ 2018 Revolving credit facility ​ — ​ ​ — ​ Other ​ 790 ​ ​ 561 ​ ​ ​ ​ 3,584,808 ​ ​ 3,624,770 ​ Less: current portion ​ 790 ​ 561 ​ Less: deferred financing costs ​ ​ 33,441 ​ ​ 38,325 ​ ​ ​ $ 3,550,577 ​ $ 3,585,884 ​ ​ During the six months ended June 30, 2019, we repurchased $361.5 million aggregate principal amount outstanding of our senior unsecured notes for approximately $366.7 million in cash, including principal, and $4.8 million in accrued and unpaid interest. This amount includes the purchase price for the tender offer for $275.0 million of our senior notes due 2020, which closed on June 14, 2019. In connection with these repurchases, we recognized a loss of approximately $1.0 million, which represents the discount and is included in other, net in our condensed consolidated statement of income (loss) for the six months ended June 30, 2019. ​ Subsequent to June 30, 2019 through the date of this report, we repurchased $16.6 million aggregate principal amount outstanding under our 5.00% senior notes due September 2020 for approximately $16.9 million in cash, reflecting principal, accrued and unpaid interest. ​ 2018 Revolving Credit Facility ​ On October 11, 2018, Nabors Delaware, Nabors Drilling Canada Limited, an Alberta corporation (“Nabors Canada”), Nabors and certain other of Nabors’ wholly owned subsidiaries entered into a new five-year unsecured revolving facility with the lenders and issuing banks party thereto and Citibank, N.A., as administrative agent (the “2018 Revolving Credit Facility”). The 2018 Revolving Credit Facility has a borrowing capacity of $1.267 billion and is fully and unconditionally guaranteed by Nabors and certain of its wholly owned subsidiaries. The 2018 Revolving Credit Facility matures at the earlier of (a) October 11, 2023 and (b) July 19, 2022, if any of Nabors Delaware’s existing 5.5% senior notes due January 2023 remain outstanding as of such date. Certain lenders have committed to provide Nabors Delaware an aggregate principal amount of $1.227 billion under the 2018 Revolving Credit Facility, which may be drawn in U.S. dollars, and HSBC Bank Canada has committed to provide Nabors Canada an aggregate principal amount of $40 million in U.S. dollar equivalent, which can be drawn upon in either U.S. or Canadian dollars. The 2018 Revolving Credit Facility contains certain affirmative and negative covenants, including a financial covenant requiring Nabors to maintain a net debt to capitalization ratio not in excess of 0.60:1. Our net debt to capital ratio was 0.57:1 as of June 30, 2019. The net debt to capital ratio is calculated by dividing net debt by net capitalization. For purposes of the 2018 Revolving Credit Facility, net debt is defined as total debt minus the sum of cash and cash equivalents. Net capitalization is defined as net debt plus shareholders’ equity. As of June 30, 2019, our net debt could be higher by approximately $388.6 million, while still maintaining our net debt to capital ratio of 0.60:1. Borrowing from the revolving credit facilities to pay down other debt that matures prior to the maturity date of the 2018 Revolving Credit Facility, such as the 5.00% senior notes due September 2020, does not adversely impact the ratio calculation. Therefore, the entire balance under the revolving credit facilities would be available to pay down outstanding debt. The ratio is only adversely impacted by borrowing under the revolving credit facilities to use for purposes other than retiring debt, which would increase our net debt, and by reductions to shareholders’ equity. We can limit or control our spending through reductions in discretionary capital or other types of controllable expenditures, monetization of assets, accessing capital markets through a variety of alternative methods, or any combination of these alternatives if needed. We cannot make any assurances as to our ability to implement any or all of these alternatives. ​ Additionally, during any period in which Nabors Delaware fails to maintain an investment grade rating from at least two ratings agencies, the guarantors under the facility and their respective subsidiaries will be required to maintain an asset to debt coverage ratio (as defined in the 2018 Revolving Credit Facility) of at least 2.50:1. As of June 30, 2019, our asset to debt coverage ratio was 3.65:1. The asset to debt coverage ratio is calculated by dividing (x) drilling-related fixed assets wholly owned by certain of Nabors’ subsidiaries that are guaranteeing the 2018 Revolving Credit Facility (the “2018 Revolver Guarantors”) or wholly owned subsidiaries of the 2018 Revolver Guarantors by (y) total debt of the 2018 Revolver Guarantors (subject to certain exclusions). As of the date of this report, we had no borrowings outstanding under our 2018 Revolving Credit Facility. In order to make any future borrowings under the 2018 Revolving Credit Facility, Nabors and certain of its wholly owned subsidiaries are subject to compliance with the conditions and covenants contained therein, including compliance with applicable financial ratios. ​ 2012 Revolving Credit Facility ​ In connection with the 2018 Revolving Credit Facility, on October 11, 2018, Nabors Delaware entered into Amendment No. 3 to its existing credit agreement dated November 29, 2012 (as amended, including such amendment, the “2012 Revolving Credit Facility”), among itself, Nabors, Nabors Canada, HSBC Bank Canada, the other lenders party thereto, Citibank, N.A., and Wilmington Trust, National Association, as successor administrative agent (the “Amendment”). The Amendment, among other things, provided for Citibank, N.A.’s resignation as administrative agent and the appointment of Wilmington Trust, National Association as administrative agent, reduced the overall commitments available to $666.25 million and provided for certain lenders to exit the facility in order to become lenders under the 2018 Revolving Credit Facility. Availability under the 2012 Revolving Credit Facility is subject to a covenant not to exceed a net debt to capital ratio of 0.60:1. Net debt is defined in the 2012 Revolving Credit Facility in the same manner as the 2018 Revolving Credit Facility. As of June 30, 2019, we had $480.0 million outstanding under the 2012 Revolving Credit Facility. The weighted average interest rate on borrowings at June 30, 2019 was 3.97%. The 2012 Revolving Credit Facility matures on July 14, 2020. ​ As of the date of this report, we were in compliance with all covenants under the 2018 Revolving Credit Facility and 2012 Revolving Credit Facility. If we fail to comply with the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Shareholders' Equity
Shareholders' Equity	Note 6 Shareholders’ Equity ​ Common shares ​ In May 2018, we issued 35,000,000 common shares at a price to the public of $7.75 per share. In connection with this offering, in June 2018 the underwriters exercised in full their option to purchase 5,250,000 additional common shares. Nabors received aggregate net proceeds of approximately $301.4 million after deducting underwriting discounts, commissions and offering expenses. ​ On February 22, 2019, a cash dividend of $0.01 per common share was declared for shareholders of record on March 12, 2019. The dividend was paid on April 2, 2019 in the amount of $3.5 million. On April 24, 2019, a cash dividend of $0.01 per common share was declared for shareholders of record on June 11, 2019. The dividend was paid on July 2, 2019 in the amount of $3.5 million. These dividends were charged to retained earnings in our condensed consolidated statements of changes in equity for the six months ended June 30, 2019. ​ On July 26, 2019, our Board of Directors declared a cash dividend of $0.01 per common share, which will be paid on October 2, 2019 to shareholders of record at the close of business on September 11, 2019. ​ Convertible Preferred Shares ​ In May 2018, we issued 5,750,000 (including the underwriters option for 750,000) of our 6% Series A Mandatory Convertible Preferred Shares (the “mandatory convertible preferred shares”), par value $.001 per share, with a liquidation preference of $50 per share. Nabors received aggregate net proceeds of approximately $277.9 million after deducting underwriting discounts, commissions and offering expenses. In June 2019, we repurchased 4,000 of our mandatory convertible preferred shares for approximately $.08 million. ​ The dividends on the mandatory convertible preferred shares are payable on a cumulative basis at a rate of 6% annually on the initial liquidation preference of $50 per share. Dividends accumulate and are paid quarterly to the extent that we have available funds and our Board of Directors declares a dividend payable. We may elect to pay any accumulated and unpaid dividends in cash or common shares or any combination thereof. At issuance, each mandatory convertible preferred share was automatically convertible into between 5.3763 and 6.4516 of our common shares based on the average share price over a period of twenty consecutive trading days ending prior to May 1, 2021, subject to anti-dilution adjustments. As a result of the dividends paid on our common shares since the offering, the most recent publicly announced conversion rate for each mandatory convertible preferred share is between 5.6179 and 6.7416 of our common shares. Adjustments to the conversion ratio are required to be made and published when such adjustment would result in an increase or decrease of one percent or more of the conversion rate. At any time prior to May 1, 2021, a holder of mandatory convertible preferred shares may convert such mandatory convertible preferred shares into our common shares at the minimum conversion rate, subject to adjustment. ​ On February 22, 2019, a cash dividend of $0.75 per mandatory convertible preferred share was declared for shareholders of record on April 15, 2019. The dividend was paid on May 1, 2019 in the amount of $4.3 million. On April 24, 2019, a cash dividend of $0.75 per mandatory convertible preferred share was declared for shareholders of record on July 15, 2019. The dividend will be paid on August 1, 2019 in the amount of $4.3 million. These dividends were charged to retained earnings in our condensed consolidated statements of changes in equity for the six months ended June 30, 2019. ​ On July 26, 2019, our Board of Directors declared a cash dividend of $0.75 per mandatory convertible preferred share, which will be paid on November 1, 2019 to shareholders of record at the close of business on October 15, 2019. ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 7 Commitments and Contingencies ​ Contingencies ​ Income Tax ​ We operate in a number of countries 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. ​ In certain jurisdictions we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount we determine to be more likely than not unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred assets. Any change in the ability to utilize such deferred assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize the deferred tax assets that we have recognized. However, it is possible that some of our recognized deferred tax assets, relating to net operating loss carryforwards, could expire unused or could carryforward indefinitely without utilization. Therefore, unless we are able to generate sufficient taxable income from our component operations, a substantial valuation allowance to reduce our deferred tax assets may be required, which would materially increase our tax expense in the period the allowance is recognized and materially adversely affect our results of operations and statement of financial condition. ​ 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 $23.8 million (at June 30, 2019 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 $15.8 million in excess of amounts accrued. ​ On September 29, 2017, we were sued, along with Tesco Corporation and its Board of Directors, in a putative shareholder class action filed in the United States District Court for the Southern District of Texas, Houston Division. The plaintiff alleges that the September 18, 2017 Preliminary Proxy Statement filed by Tesco with the United States Securities and Exchange Commission omitted material information with respect to the proposed transaction between Tesco and Nabors announced on August 14, 2017. The plaintiff claims that the omissions rendered the Proxy Statement false and misleading, constituting a violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The court consolidated several matters and entered a lead plaintiff appointment order. The plaintiff filed their amended complaint, adding Nabors Industries Ltd. as a party to the consolidated action. Nabors filed its motion to dismiss, which was granted by the court on March 29, 2019. Plaintiffs filed their notice to appeal the dismissal on April 30, 2019. Nabors will continue to vigorously defend itself against the allegations. ​ Following a routine audit conducted in May and June of 2018 by the Atyrau Oblast Ecology Department (the “AOED”), our joint venture in Kazakhstan, KMG Nabors Drilling Company (“KNDC”), was administratively fined for not having emissions permits for KNDC owned or leased equipment. Prior to this audit, the AOED had always accepted the operator’s permits for all of their subcontractors. However, because of major personnel changes, AOED changed this position and is now requiring that the owner/lessor of the equipment that emits the pollutants must have its own permits. Administrative fines have been issued to KNDC and paid in the amount of $0.8 million for violations regarding the failure to have proper permits. AOED had also assessed additional “environmental damages” in the amount of $3.4 million for the period while KNDC did not hold its’ own emissions permit. However, KNDC appealed this fine and the AOED Economic Court ruled in KNDC’s favor. Additional damages in the form of later year audits and taxes could become due as well exposing KNDC to possible additional penalties and fines in an amount estimated to be up to approximately $4.0 million. KNDC believes and is taking the stance, that the operator of the wells has a contractual obligation to reimburse KNDC for any and all such fines. In addition, KNDC has challenged the AOED’s position on the permits both administratively and through the courts. The administrative appeal remains pending. The original administrative decision has been affirmed in the lower courts and by the Supreme Court, but the Supreme Court has agreed to reactivate the case following a meeting between KNDC and the Chairman of the Supreme Court. Nabors intends to vigorously defend itself and pursue all remedies at its disposal. ​ 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 ​ 2019 2020 2021 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 65,197 154,512 — — ​ $ 219,709 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	6 Months Ended
	Jun. 30, 2019
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. The participating security holders are not contractually obligated to share in losses. Therefore, losses are not allocated to the participating security holders. ​ 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 shares. 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 six months ended June 30, 2019. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (192,801) ​ $ (195,215) ​ $ (296,177) ​ $ (338,802) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (10,729) ​ (2,953) ​ (24,905) ​ (3,492) ​ Less: preferred stock dividends ​ ​ (4,312) ​ (3,680) ​ (8,625) ​ (3,680) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (5,119) ​ ​ (2,124) ​ ​ (10,182) ​ ​ (4,522) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ (115) ​ ​ 4,826 ​ ​ (233) ​ ​ 8,186 ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ (34) ​ $ (584) ​ $ (191) ​ $ (659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 351,543 ​ 328,372 ​ 351,154 ​ 318,580 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ Basic from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Basic ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ (34) ​ $ (584) ​ $ (191) ​ $ (659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 351,543 ​ 328,372 ​ 351,154 ​ 318,580 ​ Add: dilutive effect of potential common shares ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 351,543 ​ ​ 328,372 ​ ​ 351,154 ​ ​ 318,580 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ Diluted from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Diluted ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 1,789 ​ ​ 4,575 ​ ​ 2,176 ​ ​ 4,555 ​ ​ 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. ​ Additionally, we excluded 38.8 million common shares from the computation of diluted shares issuable upon the conversion of mandatory convertible preferred shares, because their effect would be anti-dilutive under the if-converted method.

Impairments and Other Charges

Impairments and Other Charges	6 Months Ended
	Jun. 30, 2019
Impairments and Other Charges
Impairments and Other Charges	Note 9 Impairments and Other Charges ​ The components of impairments and other charges are provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2019 2018 2019 2018 ​ ​ (In thousands) ​ Goodwill & Intangible Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill impairments ​ ​ 93,634 ​ ​ — ​ ​ 93,634 ​ ​ — ​ Intangible asset impairment ​ ​ 5,235 ​ ​ — ​ ​ 5,235 ​ ​ — ​ Subtotal ​ ​ 98,869 ​ ​ — ​ ​ 98,869 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Charges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Divestiture of International assets ​ ​ — ​ ​ 63,726 ​ ​ — ​ ​ 63,726 ​ Transaction related costs ​ ​ — ​ ​ 5,894 ​ ​ — ​ ​ 12,938 ​ Loss (gain) on early extinguishment of debt ​ ​ 3,701 ​ ​ — ​ ​ 1,034 ​ ​ — ​ Total ​ $ 102,570 ​ $ 69,620 ​ $ 99,903 ​ $ 76,664 ​ ​ For the three and six months ended June 30, 2019 ​ Goodwill impairments ​ During the three and six months ended June 30, 2019, we recognized goodwill impairment charges of $93.6 million. As part of our annual goodwill impairment test, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized an impairment of $75.6 million for the remaining goodwill balance attributable to our International Drilling operating segment and $18.0 million for a partial impairment to our goodwill balance related to the acquisition of 2TD in 2014, reported within our Rig Technologies operating segment. These non-cash pre-tax impairment charges were primarily the result of a sustained decline in our market capitalization and lower future cash flow projections due to expectations for future commodity prices and the resulting impact on the demand for our products and services within these reporting units. ​ Intangible impairments ​ Additionally, we determined the fair value of one of our intangible assets was less than the current book value. As such, we recognized a partial impairment of $5.2 million to write down the intangible asset to its fair value. This intangible asset relates to in-process research and development associated with our rotary steerable tools purchased as part of the 2TD acquisition. Based on our updated projections of future cash flows, the carrying value did not support the current fair value and thus an impairment charge was recognized. ​ Loss (gain) on early extinguishment of debt ​ During the three and six months ended June 30, 2019, we repurchased $315.3 million and $361.5 million, respectively, aggregate principal amount of our senior notes and recognized a loss of $3.7 million and $1.0 million, respectively, as part of the debt extinguishment. See Note 5—Debt for additional discussion. ​ Three and six months ended June 30, 2018 ​ Divestiture of International assets During the three and six months ended June 30, 2018, we recognized a loss of $63.7 million on the sale of three offshore drilling rigs within our International Drilling operating segment. ​ Transaction related costs During the three and six months ended June 30, 2018, we incurred $5.9 million and $12.9 million, respectively, in transaction related costs, including professional fees, severances, facility closure costs and other cost rationalization items, primarily in connection with the acquisition of Tesco.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	6 Months Ended
	Jun. 30, 2019
Supplemental Balance Sheet and Income Statement Information
Supplemental Balance Sheet and Income Statement Information	Note 10 Supplemental Balance Sheet and Income Statement Information ​ Accrued liabilities included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Accrued compensation ​ $ 85,811 ​ $ 92,358 ​ Deferred revenue and proceeds on insurance and asset sales ​ 104,600 ​ ​ 149,266 ​ Other taxes payable ​ 17,196 ​ ​ 33,199 ​ Workers’ compensation liabilities ​ 15,214 ​ 16,316 ​ Interest payable ​ 53,728 ​ 59,718 ​ Litigation reserves ​ 18,890 ​ 24,926 ​ Current liability to discontinued operations ​ — ​ 2,445 ​ Dividends declared and payable ​ 7,832 ​ 25,330 ​ Other accrued liabilities ​ 16,492 ​ 14,354 ​ ​ ​ $ 319,763 ​ $ 417,912 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2019 2018 2019 2018 ​ (In thousands) Interest and dividend income ​ $ 2,248 ​ $ 1,136 ​ $ 4,281 ​ $ 2,326 ​ Gains (losses) on marketable securities ​ (1,779) ​ (4,300) ​ 5,865 ​ (5,025) ​ ​ ​ $ 469 ​ $ (3,164) ​ $ 10,146 ​ $ (2,699) ​ ​ Other, net included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 6,527 ​ $ 3,594 ​ $ 10,160 ​ $ 5,834 ​ Litigation expenses and reserves ​ ​ (521) ​ ​ 4,677 ​ ​ 6,611 ​ ​ 8,277 ​ Foreign currency transaction losses (gains) ​ ​ 1,398 ​ ​ 3,742 ​ ​ 9,970 ​ ​ 6,244 ​ Other losses (gains) ​ ​ 495 ​ ​ (4,032) ​ ​ 1,327 ​ ​ (5,329) ​ ​ ​ ​ $ 7,899 ​ $ 7,981 ​ $ 28,068 ​ $ 15,026 ​ ​ 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, 2018 ​ $ (922) ​ $ 9,144 ​ $ (4,111) ​ $ 7,074 ​ $ 11,185 ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ — ​ ​ — ​ ​ (14,913) ​ ​ (14,913) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 216 ​ ​ — ​ ​ 83 ​ ​ — ​ ​ 299 ​ Adoption of ASU No. 2016-01 ​ — ​ (9,144) ​ — ​ — ​ (9,144) ​ Net other comprehensive income (loss) ​ 216 ​ (9,144) ​ 83 ​ (14,913) ​ (23,758) ​ As of June 30, 2018 ​ $ (706) ​ $ — ​ $ (4,028) ​ $ (7,839) ​ $ (12,573) ​ (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, 2019 ​ $ (492) ​ $ — ​ $ (3,945) ​ $ (24,888) ​ $ (29,325) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ — ​ 15,539 ​ 15,539 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 212 ​ — ​ 84 ​ — ​ 296 ​ Net other comprehensive income (loss) ​ 212 ​ — ​ 84 ​ 15,539 ​ 15,835 ​ As of June 30, 2019 ​ $ (280) ​ $ — ​ $ (3,861) ​ $ (9,349) ​ $ (13,490) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Interest expense ​ ​ $ 142 ​ $ 142 ​ $ 282 ​ $ 282 ​ General and administrative expenses ​ ​ 54 ​ 54 ​ 108 ​ 108 ​ Total income (loss) from continuing operations before income tax ​ ​ (196) ​ (196) ​ (390) ​ (390) ​ Tax expense (benefit) ​ ​ ​ (48) ​ ​ (48) ​ ​ (94) ​ ​ (91) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (148) ​ $ (148) ​ $ (296) ​ $ (299) ​ ​

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Information
Segment Information	Note 11 Segment Information ​ The following table sets forth financial information with respect to our reportable operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 323,402 ​ $ 264,395 ​ $ 643,611 ​ $ 505,397 ​ Canada Drilling ​ ​ 11,389 ​ 17,442 ​ 36,704 ​ 49,329 ​ International Drilling ​ ​ 326,905 ​ 377,986 ​ 664,161 ​ 746,831 ​ Drilling Solutions ​ ​ 64,583 ​ 59,859 ​ 130,005 ​ 122,507 ​ Rig Technologies ​ ​ 72,751 ​ 81,321 ​ 144,504 ​ 145,990 ​ Other reconciling items (1) ​ ​ (27,624) ​ (39,083) ​ (47,939) ​ (73,940) ​ Total ​ ​ $ 771,406 ​ $ 761,920 ​ $ 1,571,046 ​ $ 1,496,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 20,392 ​ $ (13,107) ​ $ 45,075 ​ $ (32,853) ​ Canada Drilling ​ ​ (5,537) ​ (4,608) ​ (5,596) ​ (5,200) ​ International Drilling ​ ​ (6,884) ​ 24,486 ​ (12,521) ​ 49,022 ​ Drilling Solutions ​ ​ 13,793 ​ 7,546 ​ 26,648 ​ 16,267 ​ Rig Technologies ​ ​ 496 ​ (3,433) ​ (4,652) ​ (16,409) ​ Total segment adjusted operating income (loss) ​ ​ $ 22,260 ​ $ 10,884 ​ $ 48,954 ​ $ 10,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 22,260 ​ $ 10,884 ​ $ 48,954 ​ $ 10,827 ​ Other reconciling items (3) ​ ​ (42,172) ​ (41,463) ​ (82,261) ​ (86,440) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ — ​ ​ (1) ​ ​ (5) ​ ​ 1 ​ Investment income (loss) ​ ​ 469 ​ ​ (3,164) ​ 10,146 ​ ​ (2,699) ​ Interest expense ​ ​ ​ (51,491) ​ ​ (60,592) ​ ​ (103,843) ​ ​ (121,978) ​ Impairments and other charges ​ ​ ​ (102,570) ​ ​ (69,620) ​ ​ (99,903) ​ ​ (76,664) ​ Other, net ​ ​ ​ (7,899) ​ ​ (7,981) ​ ​ (28,068) ​ ​ (15,026) ​ Income (loss) from continuing operations before income taxes ​ ​ $ (181,403) ​ $ (171,937) ​ $ (254,980) ​ $ (291,979) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 2,897,846 ​ $ 2,982,974 ​ Canada Drilling ​ 223,881 ​ 252,817 ​ International Drilling ​ 3,104,495 ​ 3,320,347 ​ Drilling Solutions ​ 251,536 ​ 281,078 ​ Rig Technologies ​ 422,788 ​ 401,044 ​ Other reconciling items (3) ​ 613,957 ​ 615,684 ​ Total ​ $ 7,514,503 ​ $ 7,853,944 ​ (1) Represents the elimination of inter-segment transactions. ​ (2) Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. 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 and assets.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Revenue Recognition	Note 12 Revenue Recognition ​ We recognize revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Contract drilling revenues are recorded over time utilizing the input method based on time elapsed. The measurement of progress considers the transfer of the service to the customer as we provide daily drilling services. We receive payment after the services have been performed by billing customers periodically (typically monthly). However, a portion of our revenues are recognized at a point-in-time as control is transferred at a distinct point in time such as with the sale of our top drives and other capital equipment. Within our drilling contracts, we have identified one performance obligation in which the transaction price is allocated. ​ Disaggregation of revenue ​ In the following table, revenue is disaggregated by geographical region. The table also includes a reconciliation of the disaggregated revenue with the reportable segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2019 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 268,788 ​ $ — ​ $ — ​ $ 46,649 ​ $ 50,162 ​ $ — ​ $ 365,599 ​ U.S. Offshore Gulf of Mexico ​ 38,727 ​ — ​ — ​ 2,765 ​ — ​ — ​ ​ 41,492 ​ Alaska ​ 15,887 ​ — ​ — ​ 921 ​ 244 ​ — ​ ​ 17,052 ​ Canada ​ — ​ 11,389 ​ — ​ 382 ​ 2,422 ​ — ​ ​ 14,193 ​ Middle East & Asia ​ — ​ — ​ 185,077 ​ 9,422 ​ 13,263 ​ — ​ ​ 207,762 ​ Latin America ​ — ​ — ​ 88,792 ​ 3,426 ​ 462 ​ — ​ ​ 92,680 ​ Europe, Africa & CIS ​ — ​ — ​ 53,036 ​ 1,018 ​ 6,198 ​ — ​ ​ 60,252 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (27,624) ​ (27,624) ​ Total ​ $ 323,402 ​ $ 11,389 ​ $ 326,905 ​ $ 64,583 ​ $ 72,751 ​ $ (27,624) ​ $ 771,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2019 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 527,659 ​ $ — ​ $ — ​ $ 90,697 ​ $ 104,902 ​ $ — ​ $ 723,258 ​ U.S. Offshore Gulf of Mexico ​ 80,208 ​ — ​ — ​ 7,010 ​ — ​ — ​ ​ 87,218 ​ Alaska ​ 35,744 ​ — ​ — ​ 2,649 ​ 546 ​ — ​ ​ 38,939 ​ Canada ​ — ​ 36,704 ​ — ​ 1,056 ​ 5,049 ​ — ​ ​ 42,809 ​ Middle East & Asia ​ — ​ — ​ 373,045 ​ 19,929 ​ 23,862 ​ — ​ ​ 416,836 ​ Latin America ​ — ​ — ​ 181,159 ​ 6,657 ​ 1,382 ​ — ​ ​ 189,198 ​ Europe, Africa & CIS ​ — ​ — ​ 109,957 ​ 2,007 ​ 8,763 ​ — ​ ​ 120,727 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (47,939) ​ (47,939) ​ Total ​ $ 643,611 ​ $ 36,704 ​ $ 664,161 ​ $ 130,005 ​ $ 144,504 ​ $ (47,939) ​ $ 1,571,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2018 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 219,389 ​ $ — ​ $ — ​ $ 41,418 ​ $ 57,573 ​ $ — ​ $ 318,380 ​ U.S. Offshore Gulf of Mexico ​ 32,064 ​ — ​ — ​ 2,810 ​ — ​ — ​ ​ 34,874 ​ Alaska ​ 12,942 ​ — ​ — ​ 877 ​ 208 ​ — ​ ​ 14,027 ​ Canada ​ — ​ 17,442 ​ — ​ 1,425 ​ 10,222 ​ — ​ ​ 29,089 ​ Middle East & Asia ​ — ​ — ​ 240,508 ​ 9,007 ​ 6,503 ​ — ​ ​ 256,018 ​ Latin America ​ — ​ — ​ 87,809 ​ 3,665 ​ 1,919 ​ — ​ ​ 93,393 ​ Europe, Africa & CIS ​ — ​ — ​ 49,669 ​ 657 ​ 4,896 ​ — ​ ​ 55,222 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (39,083) ​ (39,083) ​ Total ​ $ 264,395 ​ $ 17,442 ​ $ 377,986 ​ $ 59,859 ​ $ 81,321 ​ $ (39,083) ​ $ 761,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2018 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 423,981 ​ $ — ​ $ — ​ $ 85,687 ​ $ 108,174 ​ $ — ​ $ 617,842 U.S. Offshore Gulf of Mexico ​ 53,055 ​ — ​ — ​ 6,109 ​ — ​ — ​ ​ 59,164 Alaska ​ 28,361 ​ — ​ — ​ 1,443 ​ 344 ​ — ​ ​ 30,148 Canada ​ — ​ 49,329 ​ — ​ 3,716 ​ 13,611 ​ — ​ ​ 66,656 Middle East & Asia ​ — ​ — ​ 474,367 ​ 16,735 ​ 11,709 ​ — ​ ​ 502,811 Latin America ​ — ​ — ​ 171,691 ​ 7,649 ​ 3,577 ​ — ​ ​ 182,917 Europe, Africa & CIS ​ — ​ — ​ 100,773 ​ 1,168 ​ 8,575 ​ — ​ ​ 110,516 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (73,940) ​ (73,940) Total ​ $ 505,397 ​ $ 49,329 ​ $ 746,831 ​ $ 122,507 ​ $ 145,990 ​ $ (73,940) ​ $ 1,496,114 ​ Contract balances ​ We perform our obligations under a contract with a customer by transferring goods or services in exchange for consideration from the customer. We recognize a contract asset or liability when we transfer goods or services to a customer and bill an amount which differs from the revenue allocated to the related performance obligations. ​ The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on our condensed consolidated balance sheet. In general, we receive payments from customers based on dayrates as stipulated in our contracts (i.e. operating rate, standby rate). The invoices billed to the customer are based on the varying rates applicable to the operating status on each rig. Accounts receivable are recorded when the right to consideration becomes unconditional. ​ Dayrate contracts also may contain fees charged to the customer for up-front rig modifications, mobilization and demobilization of equipment and personnel. These fees are associated with contract fulfillment activities, and the related revenue (subject to any constraint on estimates of variable consideration) is allocated to a single performance obligation and recognized ratably over the initial term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. ​ We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. ​ The opening and closing balances of our receivables, contract assets and current and long-term contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2018 ​ $ 791.2 ​ $ 55.8 ​ $ 32.3 ​ $ 116.7 ​ $ 69.7 As of June 30, 2019 ​ $ 772.8 ​ $ 39.4 ​ $ 30.8 ​ $ 76.3 ​ $ 69.7 ​ Approximately 58% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2019, of which 38% was recognized during the six months ended June 30, 2019, and 16% is expected to be recognized during 2020. The remaining 26% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2021 or thereafter. ​ Additionally, 56% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2019, of which 37% was recognized during the six months ended June 30, 2019, and 17% is expected to be recognized during 2020. The remaining 27% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2021 or thereafter. This disclosure does not include variable consideration allocated entirely to a wholly unsatisfied performance obligation or promise to transfer a distinct good or service that forms part of a single performance obligation.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases
Leases	Note 13 Leases ​ Prior to January 1, 2019, we accounted for leases under ASC 840 and did not record any right of use asset or corresponding lease liability. We adopted ASC 842 using a modified retrospective with an effective date of January 1, 2019. As such, financial information for prior periods has not been adjusted and continues to be reported under ASC 840. Effective with the adoption of ASC 842, we have changed our accounting policy for leases as detailed below. ​ We have evaluated the provisions of ASC 842, including certain practical expedients allowed. The significant practical expedients we adopted include the following: ​ ● We elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; ​ ● We elected to utilize the “package of three” expedients , as defined in ASC 842, whereby we did not reassess whether contracts existing prior to the effective date contain leases, nor did we reassess lease classification determinations nor whether initial direct costs qualify for capitalization; ​ ● We elected the practical expedient to not capitalize any leases with initial terms of twelve months or less on our condensed consolidated balance sheet; ​ ● For all underlying classes of leased assets, we elected the practical expedient to not separate lease and non-lease components; and ​ ● We elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would be assessed for lease classification under ASC 842. ​ As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on our condensed consolidated balance sheet of approximately $42.8 million. As the right of use asset and the lease payable obligation were the same, there was no cumulative effect impact on retained earnings. ​ We determine whether a contract is or contains a lease at inception of the contract based on answers to a series of questions that address whether an identified asset exists and whether we have the right to obtain substantially all of the benefit of the assets and to control its use over the full term of the agreement. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate using a credit notching approach to discount the lease payments based on information available at lease commencement. We do not separate lease and nonlease components of contracts. There are no material residual value guarantees nor any restrictions or covenants included in our lease agreements. Certain of our leases include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days or another measure of usage and are not included in the calculation of lease liabilities and right-of-use assets. ​ ​ Lease Position ​ The table below presents the lease related assets and liabilities recorded on our condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2019 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 40,490 Total lease assets ​ ​ $ 40,490 ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 13,966 Noncurrent liabilities: ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 26,524 Total lease liabilities ​ ​ $ 40,490 ​ Lease Costs The table below presents certain information related to the lease costs for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2019 ​ (In thousands) Operating lease cost ​ ​ $ 4,056 ​ $ 7,830 ​ Short-term lease cost ​ ​ 657 ​ 1,156 ​ Variable lease cost ​ ​ 139 ​ 251 ​ Total lease cost ​ ​ $ 4,852 ​ $ 9,237 ​ ​ Other Information The table below presents supplemental cash flow information related to leases: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2019 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating cash flows for operating leases ​ $ 7,830 ​ Lease Terms and Discount Rates ​ The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2019 ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 5.33 Weighted-average discount rate - operating leases ​ ​ ​ 5.59% ​ Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ (In thousands) 2019 ​ $ 8,215 ​ 2020 ​ 13,785 ​ 2021 ​ 8,452 ​ 2022 ​ 5,409 ​ 2023 ​ 3,265 ​ Thereafter ​ 8,004 ​ Total undiscounted lease liability ​ ​ 47,130 ​ Less: amount of lease payments representing interest ​ ​ (6,640) ​ Long-term lease obligations ​ $ 40,490 ​ ​ As of June 30, 2019, we had additional leases that have not yet commenced of approximately $12.6 million. These leases will commence in the fourth quarter of 2019 with lease terms of 12 years. ​ The minimum rental commitments under non-cancelable operating leases under ASC 840 as disclosed in our 2018 Annual Report, with lease terms in excess of one year subsequent to December 31, 2018, were as follows: ​ ​ ​ ​ ​ ​ December 31, 2018 ​ (In thousands) 2019 ​ $ 10,701 2020 ​ 7,104 2021 ​ 3,774 2022 ​ 2,356 2023 ​ 1,538 Thereafter ​ 7,482 Total minimum lease payments ​ $ 32,955 ​

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2019
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information	Note 14 Condensed Consolidating Financial Information ​ ​ The following condensed consolidating financial information presents condensed consolidating balance sheets as of June 30, 2019 and December 31, 2018, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018, and statements of cash flows for the six months ended June 30, 2019 and 2018 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis. ​ ​ Condensed Consolidating Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ Nabors ​ ​ Nabors ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ Delaware ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) (Issuer) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ASSETS ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 323 ​ $ 40 ​ $ 367,330 ​ $ — ​ $ 367,693 ​ Short-term investments ​ — ​ — ​ 28,023 ​ — ​ 28,023 ​ Accounts receivable, net ​ — ​ — ​ 737,353 ​ — ​ 737,353 ​ Inventory, net ​ — ​ — ​ 178,367 ​ — ​ 178,367 ​ Assets held for sale ​ — ​ — ​ 8,004 ​ — ​ 8,004 ​ Other current assets ​ 295 ​ — ​ 146,944 ​ — ​ 147,239 ​ Total current assets ​ 618 ​ 40 ​ 1,466,021 ​ — ​ 1,466,679 ​ Property, plant and equipment, net ​ — ​ — ​ 5,301,252 ​ — ​ 5,301,252 ​ Goodwill ​ — ​ — ​ 90,645 ​ — ​ 90,645 ​ Intercompany receivables ​ 100,659 ​ 75,484 ​ 2,611 ​ (178,754) ​ — ​ Investment in consolidated affiliates ​ ​ 2,293,463 ​ ​ 5,691,496 ​ ​ 4,207,154 ​ ​ (12,192,113) ​ ​ — ​ Deferred income taxes ​ ​ — ​ ​ 411,220 ​ ​ 357,267 ​ ​ (411,220) ​ ​ 357,267 ​ Other long-term assets ​ — ​ 79 ​ 305,906 ​ (7,325) ​ 298,660 ​ Total assets ​ $ 2,394,740 ​ $ 6,178,319 ​ $ 11,730,856 ​ $ (12,789,412) ​ $ 7,514,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of debt ​ $ — ​ $ — ​ $ 790 ​ $ — ​ $ 790 ​ Trade accounts payable ​ 194 ​ 55 ​ 410,220 ​ — ​ 410,469 ​ Accrued liabilities ​ 8,284 ​ 53,807 ​ 257,672 ​ — ​ 319,763 ​ Income taxes payable ​ — ​ — ​ 27,179 ​ — ​ 27,179 ​ Current lease liabilities ​ — ​ — ​ 13,966 ​ — ​ 13,966 ​ Total current liabilities ​ 8,478 ​ 53,862 ​ 709,827 ​ — ​ 772,167 ​ Long-term debt ​ — ​ 3,557,902 ​ — ​ (7,325) ​ 3,550,577 ​ Other long-term liabilities ​ — ​ 29,331 ​ 264,797 ​ — ​ 294,128 ​ Deferred income taxes ​ — ​ — ​ 438,668 ​ (411,220) ​ 27,448 ​ Intercompany payable ​ 4,748 ​ — ​ 174,006 ​ (178,754) ​ — ​ Total liabilities ​ 13,226 ​ 3,641,095 ​ 1,587,298 ​ (597,299) ​ 4,644,320 ​ Redeemable noncontrolling interest in subsidiary ​ — ​ — ​ 415,042 ​ — ​ 415,042 ​ Shareholders’ equity ​ 2,381,514 ​ 2,537,224 ​ 9,654,889 ​ (12,192,113) ​ 2,381,514 ​ Noncontrolling interest ​ — ​ — ​ 73,627 ​ — ​ 73,627 ​ Total equity ​ 2,381,514 ​ 2,537,224 ​ 9,728,516 ​ (12,192,113) ​ 2,455,141 ​ Total liabilities and equity ​ $ 2,394,740 ​ $ 6,178,319 ​ $ 11,730,856 ​ $ (12,789,412) ​ $ 7,514,503 ​ ​ Condensed Consolidating Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ Nabors ​ Nabors ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ Delaware ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) (Issuer) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ASSETS ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 474 ​ $ 42 ​ $ 447,250 ​ $ — ​ $ 447,766 ​ Short-term investments ​ — ​ — ​ 34,036 ​ — ​ 34,036 ​ Accounts receivable, net ​ — ​ — ​ 756,320 ​ — ​ 756,320 ​ Inventory, net ​ — ​ — ​ 165,587 ​ — ​ 165,587 ​ Assets held for sale ​ — ​ — ​ 12,250 ​ — ​ 12,250 ​ Other current assets ​ 50 ​ 433 ​ 177,121 ​ — ​ 177,604 ​ Total current assets ​ 524 ​ 475 ​ 1,592,564 ​ — ​ 1,593,563 ​ Property, plant and equipment, net ​ — ​ — ​ 5,467,870 ​ — ​ 5,467,870 ​ Goodwill ​ — ​ — ​ 183,914 ​ — ​ 183,914 ​ Intercompany receivables ​ 95,946 ​ 218,129 ​ 2,611 ​ (316,686) ​ — ​ Investment in consolidated affiliates ​ ​ 2,658,827 ​ ​ 5,494,886 ​ ​ 4,079,269 ​ ​ (12,232,982) ​ ​ — ​ Deferred income taxes ​ ​ — ​ ​ 388,089 ​ ​ 345,091 ​ ​ (388,089) ​ ​ 345,091 ​ Other long-term assets ​ — ​ 142 ​ 277,689 ​ (14,325) ​ 263,506 ​ Total assets ​ $ 2,755,297 ​ $ 6,101,721 ​ $ 11,949,008 ​ $ (12,952,082) ​ $ 7,853,944 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of debt ​ $ — ​ $ — ​ $ 561 ​ $ — ​ $ 561 ​ Trade accounts payable ​ 132 ​ 14 ​ 392,697 ​ — ​ 392,843 ​ Accrued liabilities ​ 28,815 ​ 62,830 ​ 326,267 ​ — ​ 417,912 ​ Income taxes payable ​ — ​ — ​ 20,761 ​ — ​ 20,761 ​ Total current liabilities ​ 28,947 ​ 62,844 ​ 740,286 ​ — ​ 832,077 ​ Long-term debt ​ — ​ 3,600,209 ​ — ​ (14,325) ​ 3,585,884 ​ Other long-term liabilities ​ — ​ 29,331 ​ 245,154 ​ — ​ 274,485 ​ Deferred income taxes ​ — ​ — ​ 394,400 ​ (388,089) ​ 6,311 ​ Intercompany payable ​ 25,500 ​ — ​ 291,186 ​ (316,686) ​ — ​ Total liabilities ​ 54,447 ​ 3,692,384 ​ 1,671,026 ​ (719,100) ​ 4,698,757 ​ Redeemable noncontrolling interest in subsidiary ​ — ​ — ​ 404,861 ​ — ​ 404,861 ​ Shareholders’ equity ​ 2,700,850 ​ 2,409,337 ​ 9,823,645 ​ (12,232,982) ​ 2,700,850 ​ Noncontrolling interest ​ — ​ — ​ 49,476 ​ — ​ 49,476 ​ Total equity ​ 2,700,850 ​ 2,409,337 ​ 9,873,121 ​ (12,232,982) ​ 2,750,326 ​ Total liabilities and equity ​ $ 2,755,297 ​ $ 6,101,721 ​ $ 11,949,008 ​ $ (12,952,082) ​ $ 7,853,944 ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 771,406 ​ $ — ​ $ 771,406 ​ Earnings (losses) from consolidated affiliates ​ (201,253) ​ 122,615 ​ 83,977 ​ (5,339) ​ — ​ Investment income (loss) ​ — ​ — ​ 997 ​ (528) ​ 469 ​ Total revenues and other income ​ (201,253) ​ 122,615 ​ 856,380 ​ (5,867) ​ 771,875 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ — ​ — ​ 496,664 ​ — ​ 496,664 ​ General and administrative expenses ​ 1,984 ​ 137 ​ 62,644 ​ (350) ​ 64,415 ​ Research and engineering ​ — ​ — ​ 11,920 ​ — ​ 11,920 ​ Depreciation and amortization ​ — ​ 32 ​ 218,287 ​ — ​ 218,319 ​ Interest expense, net ​ — ​ 52,074 ​ (583) ​ — ​ 51,491 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 102,570 ​ ​ — ​ ​ 102,570 ​ Other, net ​ ​ 279 ​ ​ (2,064) ​ ​ 9,334 ​ ​ 350 ​ 7,899 ​ Intercompany interest expense, net ​ 48 ​ — ​ (48) ​ — ​ — ​ Total costs and other deductions ​ 2,311 ​ 50,179 ​ 900,788 ​ — ​ 953,278 ​ Income (loss) from continuing operations before income taxes ​ (203,564) ​ 72,436 ​ (44,408) ​ (5,867) ​ (181,403) ​ Income tax expense (benefit) ​ — ​ (11,541) ​ 22,939 ​ — ​ 11,398 ​ Income (loss) from continuing operations, net of tax ​ (203,564) ​ 83,977 ​ (67,347) ​ (5,867) ​ (192,801) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (34) ​ — ​ (34) ​ Net income (loss) ​ (203,564) ​ 83,977 ​ (67,381) ​ (5,867) ​ (192,835) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (10,729) ​ — ​ (10,729) ​ Net income (loss) attributable to Nabors ​ ​ (203,564) ​ ​ 83,977 ​ ​ (78,110) ​ ​ (5,867) ​ ​ (203,564) ​ Less: Preferred stock dividend ​ (4,312) ​ — ​ — ​ — ​ (4,312) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (207,876) ​ $ 83,977 ​ $ (78,110) ​ $ (5,867) ​ $ (207,876) ​ ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 761,920 ​ $ — ​ $ 761,920 ​ Earnings (losses) from unconsolidated affiliates ​ — ​ — ​ (1) ​ — ​ (1) ​ Earnings (losses) from consolidated affiliates ​ (194,594) ​ 59,040 ​ 12,080 ​ 123,474 ​ — ​ Investment income (loss) ​ — ​ — ​ 4 ​ (3,168) ​ (3,164) ​ Total revenues and other income ​ ​ (194,594) ​ ​ 59,040 ​ ​ 774,003 ​ ​ 120,306 ​ ​ 758,755 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ ​ — ​ ​ — ​ ​ 493,975 ​ ​ — ​ ​ 493,975 ​ General and administrative expenses ​ ​ 2,854 ​ ​ 157 ​ ​ 65,151 ​ ​ (339) ​ ​ 67,823 ​ Research and engineering ​ ​ — ​ ​ — ​ ​ 12,439 ​ ​ — ​ ​ 12,439 ​ Depreciation and amortization ​ ​ — ​ ​ 32 ​ ​ 218,230 ​ ​ — ​ ​ 218,262 ​ Interest expense, net ​ ​ — ​ ​ 60,798 ​ ​ (206) ​ ​ — ​ ​ 60,592 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 69,620 ​ ​ — ​ ​ 69,620 ​ Other, net ​ ​ 1,204 ​ ​ — ​ ​ 6,438 ​ ​ 339 ​ ​ 7,981 ​ Intercompany interest expense ​ ​ 100 ​ ​ — ​ ​ (100) ​ ​ — ​ ​ — ​ Total costs and other deductions ​ 4,158 ​ 60,987 ​ 865,547 ​ — ​ 930,692 ​ Income (loss) from continuing operations before income taxes ​ (198,752) ​ (1,947) ​ (91,544) ​ 120,306 ​ (171,937) ​ Income tax expense (benefit) ​ — ​ (14,027) ​ 37,305 ​ — ​ 23,278 ​ Income (loss) from continuing operations, net of tax ​ (198,752) ​ 12,080 ​ (128,849) ​ 120,306 ​ (195,215) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (584) ​ — ​ (584) ​ Net income (loss) ​ (198,752) ​ 12,080 ​ (129,433) ​ 120,306 ​ (195,799) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (2,953) ​ — ​ (2,953) ​ Net income (loss) attributable to Nabors ​ $ (198,752) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (198,752) ​ Less: Preferred stock dividend ​ (3,680) ​ — ​ — ​ — ​ (3,680) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (202,432) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (202,432) ​ ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 1,571,046 ​ $ — ​ $ 1,571,046 ​ Earnings (losses) from unconsolidated affiliates ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ (5) ​ Earnings (losses) from consolidated affiliates ​ (316,299) ​ 196,533 ​ 119,094 ​ 672 ​ — ​ Investment income (loss) ​ — ​ — ​ 11,202 ​ (1,056) ​ 10,146 ​ Total revenues and other income ​ (316,299) ​ 196,533 ​ 1,701,337 ​ (384) ​ 1,581,187 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ — ​ — ​ 1,017,621 ​ — ​ 1,017,621 ​ General and administrative expenses ​ 4,398 ​ 414 ​ 128,294 ​ (524) ​ 132,582 ​ Research and engineering ​ — ​ — ​ 25,440 ​ — ​ 25,440 ​ Depreciation and amortization ​ — ​ 63 ​ 428,647 ​ — ​ 428,710 ​ Interest expense, net ​ — ​ 104,824 ​ (981) ​ — ​ 103,843 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 99,903 ​ ​ — ​ ​ 99,903 ​ Other, net ​ ​ 516 ​ ​ (4,731) ​ ​ 31,759 ​ ​ 524 ​ 28,068 ​ Intercompany interest expense, net ​ 60 ​ — ​ (60) ​ — ​ — ​ Total costs and other deductions ​ 4,974 ​ 100,570 ​ 1,730,623 ​ — ​ 1,836,167 ​ Income (loss) from continuing operations before income taxes ​ (321,273) ​ 95,963 ​ (29,286) ​ (384) ​ (254,980) ​ Income tax expense (benefit) ​ — ​ (23,131) ​ 64,328 ​ — ​ 41,197 ​ Income (loss) from continuing operations, net of tax ​ (321,273) ​ 119,094 ​ (93,614) ​ (384) ​ (296,177) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (191) ​ — ​ (191) ​ Net income (loss) ​ (321,273) ​ 119,094 ​ (93,805) ​ (384) ​ (296,368) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (24,905) ​ — ​ (24,905) ​ Net income (loss) attributable to Nabors ​ ​ (321,273) ​ ​ 119,094 ​ ​ (118,710) ​ ​ (384) ​ ​ (321,273) ​ Less: Preferred stock dividend ​ (8,625) ​ — ​ — ​ — ​ (8,625) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (329,898) ​ $ 119,094 ​ $ (118,710) ​ $ (384) ​ $ (329,898) ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 1,496,114 ​ $ — ​ $ 1,496,114 ​ Earnings (losses) from unconsolidated affiliates ​ — ​ — ​ 1 ​ — ​ 1 ​ Earnings (losses) from consolidated affiliates ​ (336,419) ​ 83,025 ​ (14,445) ​ 267,839 ​ — ​ Investment income (loss) ​ 2 ​ — ​ 3,448 ​ (6,149) ​ (2,699) ​ Total revenues and other income ​ ​ (336,417) ​ ​ 83,025 ​ ​ 1,485,118 ​ ​ 261,690 ​ ​ 1,493,416 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ ​ — ​ ​ — ​ ​ 969,378 ​ ​ — ​ ​ 969,378 ​ General and administrative expenses ​ ​ 5,237 ​ ​ 399 ​ ​ 137,266 ​ ​ (508) ​ ​ 142,394 ​ Research and engineering ​ ​ — ​ ​ — ​ ​ 28,245 ​ ​ — ​ ​ 28,245 ​ Depreciation and amortization ​ ​ — ​ ​ 62 ​ ​ 431,648 ​ ​ — ​ ​ 431,710 ​ Interest expense, net ​ ​ — ​ ​ 126,123 ​ ​ (4,145) ​ ​ — ​ ​ 121,978 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 76,664 ​ ​ — ​ ​ 76,664 ​ Other, net ​ ​ 1,199 ​ ​ — ​ ​ 13,319 ​ ​ 508 ​ ​ 15,026 ​ Intercompany interest expense, net ​ ​ 100 ​ ​ — ​ ​ (100) ​ ​ — ​ ​ — ​ Total costs and other deductions ​ 6,536 ​ 126,584 ​ 1,652,275 ​ — ​ 1,785,395 ​ Income (loss) from continuing operations before income taxes ​ (342,953) ​ (43,559) ​ (167,157) ​ 261,690 ​ (291,979) ​ Income tax expense (benefit) ​ — ​ (29,114) ​ 75,937 ​ — ​ 46,823 ​ Income (loss) from continuing operations, net of tax ​ (342,953) ​ (14,445) ​ (243,094) ​ 261,690 ​ (338,802) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (659) ​ — ​ (659) ​ Net income (loss) ​ (342,953) ​ (14,445) ​ (243,753) ​ 261,690 ​ (339,461) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (3,492) ​ — ​ (3,492) ​ Net income (loss) attributable to Nabors ​ $ (342,953) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (342,953) ​ Less: Preferred stock dividend ​ (3,680) ​ — ​ — ​ — ​ (3,680) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (346,633) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (346,633) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (203,564) ​ $ 83,977 ​ $ (78,110) ​ $ (5,867) ​ $ (203,564) ​ Other comprehensive income (loss) before tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ 6,349 ​ — ​ 6,349 ​ (6,349) ​ 6,349 ​ Pension liability amortization and adjustment ​ 54 ​ 54 ​ 108 ​ (162) ​ 54 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 142 ​ 142 ​ 142 ​ (284) ​ 142 ​ Other comprehensive income (loss) before tax ​ 6,545 ​ 196 ​ 6,599 ​ (6,795) ​ 6,545 ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 48 ​ 48 ​ 96 ​ (144) ​ 48 ​ Other comprehensive income (loss), net of tax ​ 6,497 ​ 148 ​ 6,503 ​ (6,651) ​ 6,497 ​ Comprehensive income (loss) attributable to Nabors ​ (197,067) ​ 84,125 ​ (71,607) ​ (12,518) ​ (197,067) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ — ​ 10,729 ​ — ​ 10,729 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ — ​ 7 ​ — ​ 7 ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 10,736 ​ — ​ 10,736 ​ Comprehensive income (loss) ​ $ (197,067) ​ $ 84,125 ​ $ (60,871) ​ $ (12,518) ​ $ (186,331) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (198,752) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (198,752) ​ Other comprehensive income (loss) before tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ (5,570) ​ — ​ (5,570) ​ 5,570 ​ (5,570) ​ Pension liability amortization and adjustment ​ 54 ​ 54 ​ 108 ​ (162) ​ 54 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 142 ​ 142 ​ 142 ​ (284) ​ 142 ​ Other comprehensive income (loss) before tax ​ (5,374) ​ 196 ​ (5,320) ​ 5,124 ​ (5,374) ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 48 ​ 48 ​ 96 ​ (144) ​ 48 ​ Other comprehensive income (loss), net of tax ​ (5,422) ​ 148 ​ (5,416) ​ 5,268 ​ (5,422) ​ Comprehensive income (loss) attributable to Nabors ​ (204,174) ​ 12,228 ​ (137,802) ​ 125,574 ​ (204,174) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ — ​ 2,953 ​ — ​ 2,953 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ — ​ (63) ​ — ​ (63) ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 2,890 ​ — ​ 2,890 ​ Comprehensive income (loss) ​ $ (204,174) ​ $ 12,228 ​ $ (134,912) ​ $ 125,574 ​ $ (201,284) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (321,273) ​ $ 119,094 ​ $ (118,710) ​ $ (384) ​ $ (321,273) ​ Other comprehensive income (loss) before tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ 15,539 ​ (2) ​ 15,539 ​ (15,537) ​ 15,539 ​ Pension liability amortization and adjustment ​ 108 ​ ​ 108 ​ ​ 216 ​ ​ (324) ​ ​ 108 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 282 ​ ​ 282 ​ ​ 282 ​ ​ (564) ​ ​ 282 ​ Other comprehensive income (loss) before tax ​ 15,929 ​ 388 ​ 16,037 ​ (16,425) ​ 15,929 ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 94 ​ ​ 94 ​ ​ 188 ​ ​ (282) ​ ​ 94 ​ Other comprehensive income (loss), net of tax ​ 15,835 ​ 294 ​ 15,849 ​ (16,143) ​ 15,835 ​ Comprehensive income (loss) attributable to Nabors ​ (305,438) ​ 119,388 ​ (102,861) ​ (16,527) ​ (305,438) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 24,905 ​ ​ — ​ ​ 24,905 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 59 ​ ​ — ​ ​ 59 ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 24,964 ​ — ​ 24,964 ​ Comprehensive income (loss) ​ $ (305,438) ​ $ 119,388 ​ $ (77,897) ​ $ (16,527) ​ $ (280,474) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (342,953) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (342,953) ​ Other comprehensive income (loss) before tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ (14,913) ​ ​ — ​ ​ (14,913) ​ ​ 14,913 ​ ​ (14,913) ​ Pension liability amortization and adjustment ​ 108 ​ ​ 108 ​ ​ 216 ​ ​ (324) ​ ​ 108 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 282 ​ ​ 282 ​ ​ 282 ​ ​ (564) ​ ​ 282 ​ Adoption of ASU No. 2016-01 ​ (9,144) ​ ​ — ​ ​ (9,144) ​ ​ 9,144 ​ ​ (9,144) ​ Other comprehensive income (loss) before tax ​ (23,667) ​ 390 ​ (23,559) ​ 23,169 ​ (23,667) ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 91 ​ ​ 91 ​ ​ 182 ​ ​ (273) ​ ​ 91 ​ Other comprehensive income (loss), net of tax ​ (23,758) ​ 299 ​ (23,741) ​ 23,442 ​ (23,758) ​ Comprehensive income (loss) attributable to Nabors ​ (366,711) ​ (14,146) ​ (270,986) ​ 285,132 ​ (366,711) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 3,492 ​ ​ — ​ ​ 3,492 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ ​ — ​ ​ (159) ​ ​ — ​ ​ (159) ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 3,333 ​ — ​ 3,333 ​ Comprehensive income (loss) ​ $ (366,711) ​ $ (14,146) ​ $ (267,653) ​ $ 285,132 ​ $ (363,378) ​ ​ ​ Condensed Consolidating Statements Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) Net cash provided by (used for) operating activities ​ $ 59,249 ​ $ (91,938) ​ $ 364,770 ​ $ (58,996) ​ $ 273,085 ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of investments ​ ​ — ​ ​ — ​ ​ (4,572) ​ ​ — ​ ​ (4,572) ​ Sales and maturities of investments ​ ​ — ​ ​ — ​ ​ 11,919 ​ ​ — ​ ​ 11,919 ​ Cash paid for acquisitions of businesses, net of cash acquired ​ — ​ — ​ (2,929) ​ — ​ (2,929) ​ Cash paid for investments in consolidated affiliates ​ — ​ — ​ (8,500) ​ 8,500 ​ — ​ Capital expenditures ​ — ​ — ​ (274,479) ​ — ​ (274,479) ​ Proceeds from sales of assets and insurance claims ​ ​ — ​ — ​ 11,857 ​ — ​ 11,857 ​ Change in intercompany balances ​ — ​ 142,645 ​ (142,645) ​ — ​ — ​ Net cash provided by (used for) investing activities ​ — ​ 142,645 ​ (409,349) ​ 8,500 ​ (258,204) ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt issuance costs ​ — ​ (49) ​ — ​ — ​ (49) ​ Proceeds from revolving credit facilities ​ — ​ 790,000 ​ — ​ — ​ 790,000 ​ Proceeds from parent contributions ​ ​ — ​ 8,500 ​ — ​ (8,500) ​ — ​ Proceeds from issuance of common shares, net of issuance costs ​ ​ 6 ​ — ​ (6) ​ — ​ — ​ Reduction of long-term debt ​ — ​ (361,966) ​ — ​ — ​ (361,966) ​ Reduction in revolving credit facilities ​ — ​ (480,000) ​ — ​ — ​ (480,000) ​ Dividends to common and preferred shareholders ​ (36,926) ​ — ​ (475) ​ 3,696 ​ (33,705) ​ Proceeds from (payments for) short-term borrowings ​ ​ — ​ — ​ 229 ​ — ​ 229 ​ Proceeds from issuance of preferred stock, net of issuance costs ​ — ​ — ​ — ​ — ​ — ​ Proceeds from issuance of intercompany debt ​ ​ 4,700 ​ — ​ (4,700) ​ — ​ — ​ Paydown of intercompany debt ​ ​ (25,500) ​ (7,194) ​ 32,694 ​ — ​ — ​ Distributions to Non-controlling interest ​ ​ — ​ — ​ (814) ​ — ​ (814) ​ Distribution from subsidiary to parent ​ — ​ — ​ (55,300) ​ 55,300 ​ — ​ Other changes ​ (1,680) ​ — ​ (657) ​ — ​ (2,337) ​ Net cash (used for) provided by financing activities ​ (59,400) ​ (50,709) ​ (29,029) ​ 50,496 ​ (88,642) ​ Effect of exchange rate changes on cash and cash equivalents ​ — ​ — ​ (1,968) ​ — ​ (1,968) ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ (151) ​ (2) ​ (75,576) ​ — ​ (75,729) ​ Cash, cash equivalents and restricted cash, beginning of period ​ 474 ​ 42 ​ 450,564 ​ — ​ 451,080 ​ Cash, cash equivalents and restricted cash, end of period ​ $ 323 ​ $ 40 ​ $ 374,988 ​ $ — ​ $ 375,351 ​ ​ Condensed Consolidating Statements Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) Net cash provided by (used for) operating activities ​ $ 56,041 ​ $ (102,233) ​ $ 151,698 ​ $ (28,149) ​ $ 77,357 ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of investments ​ — ​ — ​ (676) ​ — ​ (676) ​ Sales and maturities of investments ​ — ​ — ​ 2,602 ​ — ​ 2,602 ​ Cash paid for investments in consolidated affiliates ​ (587,500) ​ — ​ (199,000) ​ 786,500 ​ — ​ Capital expenditures ​ ​ — ​ — ​ (209,471) ​ — ​ (209,471) ​ Proceeds from sale of assets and insurance claims ​ — ​ — ​ 77,272 ​ — ​ 77,272 ​ Change in intercompany balances ​ ​ — ​ 127,059 ​ (127,059) ​ — ​ — ​ Net cash provided by (used for) investing activities ​ (587,500) ​ 127,059 ​ (456,332) ​ 786,500 ​ (130,273) ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash overdrafts ​ — ​ — ​ (344) ​ — ​ (344) ​ Debt issuance costs ​ — ​ (12,990) ​ — ​ — ​ (12,990) ​ Proceeds from issuance of common shares, net of issuance costs ​ 302,014 ​ — ​ — ​ — ​ 302,014 ​ Reduction in long-term debt ​ — ​ (460,837) ​ — ​ — ​ (460,837) ​ Reduction in revolving credit facilities ​ — ​ (1,135,000) ​ — ​ — ​ (1,135,000) ​ Dividends to common and preferred shareholders ​ (42,349) ​ — ​ — ​ 6,149 ​ (36,200) ​ Proceeds from (payments for) commercial paper, net ​ — ​ (40,000) ​ — ​ — ​ (40,000) ​ Proceeds from (payments for) issuance of intercompany debt ​ 20,000 ​ — ​ (20,000) ​ — ​ — ​ Proceeds from issuance of preferred stock, net of issuance costs ​ 278,573 ​ — ​ — ​ — ​ 278,573 ​ Proceeds from revolving credit facilities ​ — ​ 625,000 ​ — ​ — ​ 625,000 ​ Proceeds from issuance of long-term debt ​ — ​ 800,000 ​ — ​ — ​ 800,000 ​ Paydown of intercompany debt ​ (21,000) ​ — ​ 21,000 ​ — ​ — ​ Distributions to Non-controlling interest ​ — ​ — ​ (4,676) ​ — ​ (4,676) ​ Proceeds from (payments for) short-term borrowings ​ — ​ — ​ 62 ​ — ​ 62 ​ Proceeds from parent contributions ​ — ​ 199,000 ​ 587,500 ​ (786,500) ​ — ​ Distribution from subsidiary to parent ​ — ​ — ​ (22,000) ​ 22,000 ​ — ​ Other changes ​ (3,688) ​ — ​ — ​ — ​ (3,688) ​ Net cash (used for) provided by financing activities ​ 533,550 ​ (24,827) ​ 561,542 ​ (758,351) ​ 311,914 ​ Effect of exchange rate changes on cash and cash equivalents ​ — ​ — ​ (3,637) ​ — ​ (3,637) ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ 2,091 ​ (1) ​ 253,271 ​ — ​ 255,361 ​ Cash, cash equivalents and restricted cash, beginning of period ​ 1,091 ​ 44 ​ 340,894 ​ — ​ 342,029 ​ Cash, cash equivalents and restricted cash, end of period ​ $ 3,182 ​ $ 43 ​ $ 594,165 ​ $ — ​ $ 597,390 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. 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 U.S. 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, 2018 (“2018 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of June 30, 2019 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the six months ended June 30, 2019 may not be indicative of results that will be realized for the full year ending December 31, 2019.
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 consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​
Inventory	​ Inventory ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Raw materials ​ $ 130,904 ​ $ 116,840 ​ Work-in-progress ​ 14,452 ​ 20,329 ​ Finished goods ​ 33,011 ​ 28,418 ​ ​ ​ $ 178,367 ​ $ 165,587 ​
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 may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than 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. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. The fair values calculated in these impairment tests were determined using discounted cash flow models which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying dayrates, utilization and costs. Therefore, a significantly prolonged period of lower oil and natural gas prices or changes in laws and regulations could adversely affect the demand for and prices of our services, which could in turn result in future goodwill impairment charges for these reporting units due to the potential impact on our estimate of our future operating results. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long term growth rate of approximately 2%. ​ 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 compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed 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. ​ The change in the carrying amount of goodwill for our segments for the six months ended June 30, 2019 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Disposals ​ Cumulative ​ ​ ​ Balance at ​ ​ December 31, ​ and ​ Translation ​ Other ​ June 30, ​ ​ 2018 ​ Impairments ​ Adjustment ​ Adjustment ​ 2019 ​ ​ (In thousands) U.S. Drilling ​ $ 50,149 ​ $ — ​ $ — ​ $ 2,054 ​ $ 52,203 ​ International Drilling ​ ​ 75,634 ​ ​ (75,634) (1) ​ — ​ ​ — ​ ​ — ​ Drilling Solutions ​ 11,436 ​ — ​ — ​ — ​ 11,436 ​ Rig Technologies ​ 46,695 ​ (18,000) (1) 365 ​ (2,054) ​ 27,006 ​ Total ​ $ 183,914 ​ $ (93,634) ​ $ 365 ​ $ — ​ $ 90,645 ​ (1) As part of our annual review during the second quarter of 2019, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized a goodwill impairment of $93.6 million. See Note 9—Impairments and Other Charges.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ 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 requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. We adopted this guidance under the modified retrospective approach as of January 1, 2019. We preliminarily determined that our drilling contracts contained a lease component, and the adoption would require us to separately recognize revenue associated with the lease and services components. In July 2018, the FASB issued ASU No. 2018-11, which provides a practical expedient that allows entities to combine lease and non-lease components where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have determined that the non-lease service component of our drilling contracts is the predominant element of the combined component and will account for the combined components as a single performance obligation under Topic 606, Revenue from Contracts with Customers. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical accounting relating to lease identification and classification for existing leases upon adoption. With respect to leases whereby we are the lessee, we recognized upon adoption on January 1, 2019 lease liabilities and offsetting "right of use" assets of approximately $42.8 million based on the present value of the remaining minimum rental payments. See Note 13 — Leases.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted ​ In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. In addition, the standard requires certain disclosures regarding stranded tax effects. This guidance is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact this will have on our financial statements.
Lessee's Leases	Effective with the adoption of ASC 842, we have changed our accounting policy for leases as detailed below. We have evaluated the provisions of ASC 842, including certain practical expedients allowed. The significant practical expedients we adopted include the following: ​ ● We elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; ​ ● We elected to utilize the “package of three” expedients , as defined in ASC 842, whereby we did not reassess whether contracts existing prior to the effective date contain leases, nor did we reassess lease classification determinations nor whether initial direct costs qualify for capitalization; ​ ● We elected the practical expedient to not capitalize any leases with initial terms of twelve months or less on our condensed consolidated balance sheet; ​ ● For all underlying classes of leased assets, we elected the practical expedient to not separate lease and non-lease components; and ​ ● We elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would be assessed for lease classification under ASC 842. ​ As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on our condensed consolidated balance sheet of approximately $42.8 million. As the right of use asset and the lease payable obligation were the same, there was no cumulative effect impact on retained earnings. ​ We determine whether a contract is or contains a lease at inception of the contract based on answers to a series of questions that address whether an identified asset exists and whether we have the right to obtain substantially all of the benefit of the assets and to control its use over the full term of the agreement. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate using a credit notching approach to discount the lease payments based on information available at lease commencement. We do not separate lease and nonlease components of contracts. There are no material residual value guarantees nor any restrictions or covenants included in our lease agreements. Certain of our leases include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days or another measure of usage and are not included in the calculation of lease liabilities and right-of-use assets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Raw materials ​ $ 130,904 ​ $ 116,840 ​ Work-in-progress ​ 14,452 ​ 20,329 ​ Finished goods ​ 33,011 ​ 28,418 ​ ​ ​ $ 178,367 ​ $ 165,587 ​
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Disposals ​ Cumulative ​ ​ ​ Balance at ​ ​ December 31, ​ and ​ Translation ​ Other ​ June 30, ​ ​ 2018 ​ Impairments ​ Adjustment ​ Adjustment ​ 2019 ​ ​ (In thousands) U.S. Drilling ​ $ 50,149 ​ $ — ​ $ — ​ $ 2,054 ​ $ 52,203 ​ International Drilling ​ ​ 75,634 ​ ​ (75,634) (1) ​ — ​ ​ — ​ ​ — ​ Drilling Solutions ​ 11,436 ​ — ​ — ​ — ​ 11,436 ​ Rig Technologies ​ 46,695 ​ (18,000) (1) 365 ​ (2,054) ​ 27,006 ​ Total ​ $ 183,914 ​ $ (93,634) ​ $ 365 ​ $ — ​ $ 90,645 ​ (1) As part of our annual review during the second quarter of 2019, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized a goodwill impairment of $93.6 million. See Note 9—Impairments and Other Charges.

Joint Ventures (Tables)

Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 230,352 ​ $ 211,618 ​ Accounts receivable ​ 81,440 ​ 73,699 ​ Other current assets ​ 21,236 ​ 17,198 ​ Property, plant and equipment, net ​ 443,643 ​ 457,963 ​ Other long-term assets ​ 16,490 ​ 36,583 ​ Total assets ​ $ 793,161 ​ $ 797,061 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 65,655 ​ $ 60,087 ​ Accrued liabilities ​ 14,367 ​ 8,530 ​ Total liabilities ​ $ 80,022 ​ $ 68,617 ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements
Fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ December 31, 2018 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value ​ ​ (In thousands) 5.00% senior notes due September 2020 $ 309,769 ​ $ 310,909 $ 614,748 ​ $ 590,336 4.625% senior notes due September 2021 637,468 ​ 622,398 668,347 ​ 603,457 5.50% senior notes due January 2023 577,042 ​ 540,688 586,000 ​ 465,999 5.10% senior notes due September 2023 336,746 ​ 298,003 342,923 ​ 262,494 0.75% senior exchangeable notes due January 2024 461,491 ​ 412,563 450,689 ​ 358,012 5.75% senior notes due February 2025 ​ 781,502 ​ 694,169 791,502 ​ 598,953 2012 Revolving credit facility 480,000 ​ 480,000 170,000 ​ 170,000 2018 Revolving credit facility — ​ — — ​ — Other 790 ​ 790 561 ​ 561 ​ ​ ​ 3,584,808 ​ $ 3,359,520 ​ ​ 3,624,770 ​ $ 3,049,812 Less: current portion ​ ​ 790 ​ ​ ​ ​ ​ 561 ​ ​ ​ Less: deferred financing costs ​ ​ 33,441 ​ ​ ​ ​ ​ 38,325 ​ ​ ​ ​ ​ $ 3,550,577 ​ ​ ​ ​ $ 3,585,884 ​ ​ ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt
Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) 5.00% senior notes due September 2020 ​ $ 309,769 ​ $ 614,748 ​ 4.625% senior notes due September 2021 ​ 637,468 ​ 668,347 ​ 5.50% senior notes due January 2023 ​ 577,042 ​ 586,000 ​ 5.10% senior notes due September 2023 ​ 336,746 ​ 342,923 ​ 0.75% senior exchangeable notes due January 2024 ​ 461,491 ​ 450,689 ​ 5.75% senior notes due February 2025 ​ ​ 781,502 ​ 791,502 ​ 2012 Revolving credit facility ​ 480,000 ​ ​ 170,000 ​ 2018 Revolving credit facility ​ — ​ ​ — ​ Other ​ 790 ​ ​ 561 ​ ​ ​ ​ 3,584,808 ​ ​ 3,624,770 ​ Less: current portion ​ 790 ​ 561 ​ Less: deferred financing costs ​ ​ 33,441 ​ ​ 38,325 ​ ​ ​ $ 3,550,577 ​ $ 3,585,884 ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2019 2020 2021 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 65,197 154,512 — — ​ $ 219,709 ​ ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (192,801) ​ $ (195,215) ​ $ (296,177) ​ $ (338,802) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (10,729) ​ (2,953) ​ (24,905) ​ (3,492) ​ Less: preferred stock dividends ​ ​ (4,312) ​ (3,680) ​ (8,625) ​ (3,680) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (5,119) ​ ​ (2,124) ​ ​ (10,182) ​ ​ (4,522) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ (115) ​ ​ 4,826 ​ ​ (233) ​ ​ 8,186 ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ (34) ​ $ (584) ​ $ (191) ​ $ (659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 351,543 ​ 328,372 ​ 351,154 ​ 318,580 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ Basic from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Basic ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (213,076) ​ $ (199,146) ​ $ (340,122) ​ $ (342,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ (34) ​ $ (584) ​ $ (191) ​ $ (659) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 351,543 ​ 328,372 ​ 351,154 ​ 318,580 ​ Add: dilutive effect of potential common shares ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 351,543 ​ ​ 328,372 ​ ​ 351,154 ​ ​ 318,580 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ Diluted from discontinued operations ​ ​ — ​ — ​ — ​ — ​ Total Diluted ​ ​ $ (0.61) ​ $ (0.61) ​ $ (0.97) ​ $ (1.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 1,789 ​ ​ 4,575 ​ ​ 2,176 ​ ​ 4,555 ​

Impairments and Other Charges (

Impairments and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2019
Impairments and Other Charges
Schedule of impairments and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2019 2018 2019 2018 ​ ​ (In thousands) ​ Goodwill & Intangible Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill impairments ​ ​ 93,634 ​ ​ — ​ ​ 93,634 ​ ​ — ​ Intangible asset impairment ​ ​ 5,235 ​ ​ — ​ ​ 5,235 ​ ​ — ​ Subtotal ​ ​ 98,869 ​ ​ — ​ ​ 98,869 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Charges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Divestiture of International assets ​ ​ — ​ ​ 63,726 ​ ​ — ​ ​ 63,726 ​ Transaction related costs ​ ​ — ​ ​ 5,894 ​ ​ — ​ ​ 12,938 ​ Loss (gain) on early extinguishment of debt ​ ​ 3,701 ​ ​ — ​ ​ 1,034 ​ ​ — ​ Total ​ $ 102,570 ​ $ 69,620 ​ $ 99,903 ​ $ 76,664 ​

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Balance Sheet and Income Statement Information
Accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Accrued compensation ​ $ 85,811 ​ $ 92,358 ​ Deferred revenue and proceeds on insurance and asset sales ​ 104,600 ​ ​ 149,266 ​ Other taxes payable ​ 17,196 ​ ​ 33,199 ​ Workers’ compensation liabilities ​ 15,214 ​ 16,316 ​ Interest payable ​ 53,728 ​ 59,718 ​ Litigation reserves ​ 18,890 ​ 24,926 ​ Current liability to discontinued operations ​ — ​ 2,445 ​ Dividends declared and payable ​ 7,832 ​ 25,330 ​ Other accrued liabilities ​ 16,492 ​ 14,354 ​ ​ ​ $ 319,763 ​ $ 417,912 ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2019 2018 2019 2018 ​ (In thousands) Interest and dividend income ​ $ 2,248 ​ $ 1,136 ​ $ 4,281 ​ $ 2,326 ​ Gains (losses) on marketable securities ​ (1,779) ​ (4,300) ​ 5,865 ​ (5,025) ​ ​ ​ $ 469 ​ $ (3,164) ​ $ 10,146 ​ $ (2,699) ​
Other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 6,527 ​ $ 3,594 ​ $ 10,160 ​ $ 5,834 ​ Litigation expenses and reserves ​ ​ (521) ​ ​ 4,677 ​ ​ 6,611 ​ ​ 8,277 ​ Foreign currency transaction losses (gains) ​ ​ 1,398 ​ ​ 3,742 ​ ​ 9,970 ​ ​ 6,244 ​ Other losses (gains) ​ ​ 495 ​ ​ (4,032) ​ ​ 1,327 ​ ​ (5,329) ​ ​ ​ ​ $ 7,899 ​ $ 7,981 ​ $ 28,068 ​ $ 15,026 ​ ​
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, 2018 ​ $ (922) ​ $ 9,144 ​ $ (4,111) ​ $ 7,074 ​ $ 11,185 ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ — ​ ​ — ​ ​ (14,913) ​ ​ (14,913) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 216 ​ ​ — ​ ​ 83 ​ ​ — ​ ​ 299 ​ Adoption of ASU No. 2016-01 ​ — ​ (9,144) ​ — ​ — ​ (9,144) ​ Net other comprehensive income (loss) ​ 216 ​ (9,144) ​ 83 ​ (14,913) ​ (23,758) ​ As of June 30, 2018 ​ $ (706) ​ $ — ​ $ (4,028) ​ $ (7,839) ​ $ (12,573) ​ (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, 2019 ​ $ (492) ​ $ — ​ $ (3,945) ​ $ (24,888) ​ $ (29,325) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ — ​ 15,539 ​ 15,539 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 212 ​ — ​ 84 ​ — ​ 296 ​ Net other comprehensive income (loss) ​ 212 ​ — ​ 84 ​ 15,539 ​ 15,835 ​ As of June 30, 2019 ​ $ (280) ​ $ — ​ $ (3,861) ​ $ (9,349) ​ $ (13,490) ​ (1) All amounts are net of tax.
Schedule of line items that were reclassified from net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Interest expense ​ ​ $ 142 ​ $ 142 ​ $ 282 ​ $ 282 ​ General and administrative expenses ​ ​ 54 ​ 54 ​ 108 ​ 108 ​ Total income (loss) from continuing operations before income tax ​ ​ (196) ​ (196) ​ (390) ​ (390) ​ Tax expense (benefit) ​ ​ ​ (48) ​ ​ (48) ​ ​ (94) ​ ​ (91) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (148) ​ $ (148) ​ $ (296) ​ $ (299) ​ ​

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 323,402 ​ $ 264,395 ​ $ 643,611 ​ $ 505,397 ​ Canada Drilling ​ ​ 11,389 ​ 17,442 ​ 36,704 ​ 49,329 ​ International Drilling ​ ​ 326,905 ​ 377,986 ​ 664,161 ​ 746,831 ​ Drilling Solutions ​ ​ 64,583 ​ 59,859 ​ 130,005 ​ 122,507 ​ Rig Technologies ​ ​ 72,751 ​ 81,321 ​ 144,504 ​ 145,990 ​ Other reconciling items (1) ​ ​ (27,624) ​ (39,083) ​ (47,939) ​ (73,940) ​ Total ​ ​ $ 771,406 ​ $ 761,920 ​ $ 1,571,046 ​ $ 1,496,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 20,392 ​ $ (13,107) ​ $ 45,075 ​ $ (32,853) ​ Canada Drilling ​ ​ (5,537) ​ (4,608) ​ (5,596) ​ (5,200) ​ International Drilling ​ ​ (6,884) ​ 24,486 ​ (12,521) ​ 49,022 ​ Drilling Solutions ​ ​ 13,793 ​ 7,546 ​ 26,648 ​ 16,267 ​ Rig Technologies ​ ​ 496 ​ (3,433) ​ (4,652) ​ (16,409) ​ Total segment adjusted operating income (loss) ​ ​ $ 22,260 ​ $ 10,884 ​ $ 48,954 ​ $ 10,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2018 2019 2018 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 22,260 ​ $ 10,884 ​ $ 48,954 ​ $ 10,827 ​ Other reconciling items (3) ​ ​ (42,172) ​ (41,463) ​ (82,261) ​ (86,440) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ — ​ ​ (1) ​ ​ (5) ​ ​ 1 ​ Investment income (loss) ​ ​ 469 ​ ​ (3,164) ​ 10,146 ​ ​ (2,699) ​ Interest expense ​ ​ ​ (51,491) ​ ​ (60,592) ​ ​ (103,843) ​ ​ (121,978) ​ Impairments and other charges ​ ​ ​ (102,570) ​ ​ (69,620) ​ ​ (99,903) ​ ​ (76,664) ​ Other, net ​ ​ ​ (7,899) ​ ​ (7,981) ​ ​ (28,068) ​ ​ (15,026) ​ Income (loss) from continuing operations before income taxes ​ ​ $ (181,403) ​ $ (171,937) ​ $ (254,980) ​ $ (291,979) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2019 2018 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 2,897,846 ​ $ 2,982,974 ​ Canada Drilling ​ 223,881 ​ 252,817 ​ International Drilling ​ 3,104,495 ​ 3,320,347 ​ Drilling Solutions ​ 251,536 ​ 281,078 ​ Rig Technologies ​ 422,788 ​ 401,044 ​ Other reconciling items (3) ​ 613,957 ​ 615,684 ​ Total ​ $ 7,514,503 ​ $ 7,853,944 ​ (1) Represents the elimination of inter-segment transactions. ​ (2) Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. 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 and assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue Recognition
Summary of revenue is disaggregation by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2019 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 268,788 ​ $ — ​ $ — ​ $ 46,649 ​ $ 50,162 ​ $ — ​ $ 365,599 ​ U.S. Offshore Gulf of Mexico ​ 38,727 ​ — ​ — ​ 2,765 ​ — ​ — ​ ​ 41,492 ​ Alaska ​ 15,887 ​ — ​ — ​ 921 ​ 244 ​ — ​ ​ 17,052 ​ Canada ​ — ​ 11,389 ​ — ​ 382 ​ 2,422 ​ — ​ ​ 14,193 ​ Middle East & Asia ​ — ​ — ​ 185,077 ​ 9,422 ​ 13,263 ​ — ​ ​ 207,762 ​ Latin America ​ — ​ — ​ 88,792 ​ 3,426 ​ 462 ​ — ​ ​ 92,680 ​ Europe, Africa & CIS ​ — ​ — ​ 53,036 ​ 1,018 ​ 6,198 ​ — ​ ​ 60,252 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (27,624) ​ (27,624) ​ Total ​ $ 323,402 ​ $ 11,389 ​ $ 326,905 ​ $ 64,583 ​ $ 72,751 ​ $ (27,624) ​ $ 771,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, 2019 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 527,659 ​ $ — ​ $ — ​ $ 90,697 ​ $ 104,902 ​ $ — ​ $ 723,258 ​ U.S. Offshore Gulf of Mexico ​ 80,208 ​ — ​ — ​ 7,010 ​ — ​ — ​ ​ 87,218 ​ Alaska ​ 35,744 ​ — ​ — ​ 2,649 ​ 546 ​ — ​ ​ 38,939 ​ Canada ​ — ​ 36,704 ​ — ​ 1,056 ​ 5,049 ​ — ​ ​ 42,809 ​ Middle East & Asia ​ — ​ — ​ 373,045 ​ 19,929 ​ 23,862 ​ — ​ ​ 416,836 ​ Latin America ​ — ​ — ​ 181,159 ​ 6,657 ​ 1,382 ​ — ​ ​ 189,198 ​ Europe, Africa & CIS ​ — ​ — ​ 109,957 ​ 2,007 ​ 8,763 ​ — ​ ​ 120,727 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (47,939) ​ (47,939) ​ Total ​ $ 643,611 ​ $ 36,704 ​ $ 664,161 ​ $ 130,005 ​ $ 144,504 ​ $ (47,939) ​ $ 1,571,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2018 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 219,389 ​ $ — ​ $ — ​ $ 41,418 ​ $ 57,573 ​ $ — ​ $ 318,380 ​ U.S. Offshore Gulf of Mexico ​ 32,064 ​ — ​ — ​ 2,810 ​ — ​ — ​ ​ 34,874 ​ Alaska ​ 12,942 ​ — ​ — ​ 877 ​ 208 ​ — ​ ​ 14,027 ​ Canada ​ — ​ 17,442 ​ — ​ 1,425 ​ 10,222 ​ — ​ ​ 29,089 ​ Middle East & Asia ​ — ​ — ​ 240,508 ​ 9,007 ​ 6,503 ​ — ​ ​ 256,018 ​ Latin America ​ — ​ — ​ 87,809 ​ 3,665 ​ 1,919 ​ — ​ ​ 93,393 ​ Europe, Africa & CIS ​ — ​ — ​ 49,669 ​ 657 ​ 4,896 ​ — ​ ​ 55,222 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (39,083) ​ (39,083) ​ Total ​ $ 264,395 ​ $ 17,442 ​ $ 377,986 ​ $ 59,859 ​ $ 81,321 ​ $ (39,083) ​ $ 761,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2018 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 423,981 ​ $ — ​ $ — ​ $ 85,687 ​ $ 108,174 ​ $ — ​ $ 617,842 U.S. Offshore Gulf of Mexico ​ 53,055 ​ — ​ — ​ 6,109 ​ — ​ — ​ ​ 59,164 Alaska ​ 28,361 ​ — ​ — ​ 1,443 ​ 344 ​ — ​ ​ 30,148 Canada ​ — ​ 49,329 ​ — ​ 3,716 ​ 13,611 ​ — ​ ​ 66,656 Middle East & Asia ​ — ​ — ​ 474,367 ​ 16,735 ​ 11,709 ​ — ​ ​ 502,811 Latin America ​ — ​ — ​ 171,691 ​ 7,649 ​ 3,577 ​ — ​ ​ 182,917 Europe, Africa & CIS ​ — ​ — ​ 100,773 ​ 1,168 ​ 8,575 ​ — ​ ​ 110,516 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (73,940) ​ (73,940) Total ​ $ 505,397 ​ $ 49,329 ​ $ 746,831 ​ $ 122,507 ​ $ 145,990 ​ $ (73,940) ​ $ 1,496,114
Summary of contract assets, current and long-term contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2018 ​ $ 791.2 ​ $ 55.8 ​ $ 32.3 ​ $ 116.7 ​ $ 69.7 As of June 30, 2019 ​ $ 772.8 ​ $ 39.4 ​ $ 30.8 ​ $ 76.3 ​ $ 69.7

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Lease Position	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2019 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 40,490 Total lease assets ​ ​ $ 40,490 ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 13,966 Noncurrent liabilities: ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 26,524 Total lease liabilities ​ ​ $ 40,490
Lease Costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2019 2019 ​ (In thousands) Operating lease cost ​ ​ $ 4,056 ​ $ 7,830 ​ Short-term lease cost ​ ​ 657 ​ 1,156 ​ Variable lease cost ​ ​ 139 ​ 251 ​ Total lease cost ​ ​ $ 4,852 ​ $ 9,237 ​
Other Information	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2019 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ Operating cash flows for operating leases ​ $ 7,830
Lease Terms and Discount Rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2019 ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 5.33 Weighted-average discount rate - operating leases ​ ​ ​ 5.59%
Undiscounted Cash Flows	​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ (In thousands) 2019 ​ $ 8,215 ​ 2020 ​ 13,785 ​ 2021 ​ 8,452 ​ 2022 ​ 5,409 ​ 2023 ​ 3,265 ​ Thereafter ​ 8,004 ​ Total undiscounted lease liability ​ ​ 47,130 ​ Less: amount of lease payments representing interest ​ ​ (6,640) ​ Long-term lease obligations ​ $ 40,490 ​
Minimum rental commitments under non cancellable operating leases	​ ​ ​ ​ ​ ​ December 31, 2018 ​ (In thousands) 2019 ​ $ 10,701 2020 ​ 7,104 2021 ​ 3,774 2022 ​ 2,356 2023 ​ 1,538 Thereafter ​ 7,482 Total minimum lease payments ​ $ 32,955 ​

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Consolidating Financial Information
Condensed Consolidating Balance Sheets	​ ​ Condensed Consolidating Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ Nabors ​ ​ Nabors ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ Delaware ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) (Issuer) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ASSETS ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 323 ​ $ 40 ​ $ 367,330 ​ $ — ​ $ 367,693 ​ Short-term investments ​ — ​ — ​ 28,023 ​ — ​ 28,023 ​ Accounts receivable, net ​ — ​ — ​ 737,353 ​ — ​ 737,353 ​ Inventory, net ​ — ​ — ​ 178,367 ​ — ​ 178,367 ​ Assets held for sale ​ — ​ — ​ 8,004 ​ — ​ 8,004 ​ Other current assets ​ 295 ​ — ​ 146,944 ​ — ​ 147,239 ​ Total current assets ​ 618 ​ 40 ​ 1,466,021 ​ — ​ 1,466,679 ​ Property, plant and equipment, net ​ — ​ — ​ 5,301,252 ​ — ​ 5,301,252 ​ Goodwill ​ — ​ — ​ 90,645 ​ — ​ 90,645 ​ Intercompany receivables ​ 100,659 ​ 75,484 ​ 2,611 ​ (178,754) ​ — ​ Investment in consolidated affiliates ​ ​ 2,293,463 ​ ​ 5,691,496 ​ ​ 4,207,154 ​ ​ (12,192,113) ​ ​ — ​ Deferred income taxes ​ ​ — ​ ​ 411,220 ​ ​ 357,267 ​ ​ (411,220) ​ ​ 357,267 ​ Other long-term assets ​ — ​ 79 ​ 305,906 ​ (7,325) ​ 298,660 ​ Total assets ​ $ 2,394,740 ​ $ 6,178,319 ​ $ 11,730,856 ​ $ (12,789,412) ​ $ 7,514,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of debt ​ $ — ​ $ — ​ $ 790 ​ $ — ​ $ 790 ​ Trade accounts payable ​ 194 ​ 55 ​ 410,220 ​ — ​ 410,469 ​ Accrued liabilities ​ 8,284 ​ 53,807 ​ 257,672 ​ — ​ 319,763 ​ Income taxes payable ​ — ​ — ​ 27,179 ​ — ​ 27,179 ​ Current lease liabilities ​ — ​ — ​ 13,966 ​ — ​ 13,966 ​ Total current liabilities ​ 8,478 ​ 53,862 ​ 709,827 ​ — ​ 772,167 ​ Long-term debt ​ — ​ 3,557,902 ​ — ​ (7,325) ​ 3,550,577 ​ Other long-term liabilities ​ — ​ 29,331 ​ 264,797 ​ — ​ 294,128 ​ Deferred income taxes ​ — ​ — ​ 438,668 ​ (411,220) ​ 27,448 ​ Intercompany payable ​ 4,748 ​ — ​ 174,006 ​ (178,754) ​ — ​ Total liabilities ​ 13,226 ​ 3,641,095 ​ 1,587,298 ​ (597,299) ​ 4,644,320 ​ Redeemable noncontrolling interest in subsidiary ​ — ​ — ​ 415,042 ​ — ​ 415,042 ​ Shareholders’ equity ​ 2,381,514 ​ 2,537,224 ​ 9,654,889 ​ (12,192,113) ​ 2,381,514 ​ Noncontrolling interest ​ — ​ — ​ 73,627 ​ — ​ 73,627 ​ Total equity ​ 2,381,514 ​ 2,537,224 ​ 9,728,516 ​ (12,192,113) ​ 2,455,141 ​ Total liabilities and equity ​ $ 2,394,740 ​ $ 6,178,319 ​ $ 11,730,856 ​ $ (12,789,412) ​ $ 7,514,503 ​ ​ Condensed Consolidating Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ Nabors ​ Nabors ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ Delaware ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) (Issuer) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ASSETS ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 474 ​ $ 42 ​ $ 447,250 ​ $ — ​ $ 447,766 ​ Short-term investments ​ — ​ — ​ 34,036 ​ — ​ 34,036 ​ Accounts receivable, net ​ — ​ — ​ 756,320 ​ — ​ 756,320 ​ Inventory, net ​ — ​ — ​ 165,587 ​ — ​ 165,587 ​ Assets held for sale ​ — ​ — ​ 12,250 ​ — ​ 12,250 ​ Other current assets ​ 50 ​ 433 ​ 177,121 ​ — ​ 177,604 ​ Total current assets ​ 524 ​ 475 ​ 1,592,564 ​ — ​ 1,593,563 ​ Property, plant and equipment, net ​ — ​ — ​ 5,467,870 ​ — ​ 5,467,870 ​ Goodwill ​ — ​ — ​ 183,914 ​ — ​ 183,914 ​ Intercompany receivables ​ 95,946 ​ 218,129 ​ 2,611 ​ (316,686) ​ — ​ Investment in consolidated affiliates ​ ​ 2,658,827 ​ ​ 5,494,886 ​ ​ 4,079,269 ​ ​ (12,232,982) ​ ​ — ​ Deferred income taxes ​ ​ — ​ ​ 388,089 ​ ​ 345,091 ​ ​ (388,089) ​ ​ 345,091 ​ Other long-term assets ​ — ​ 142 ​ 277,689 ​ (14,325) ​ 263,506 ​ Total assets ​ $ 2,755,297 ​ $ 6,101,721 ​ $ 11,949,008 ​ $ (12,952,082) ​ $ 7,853,944 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of debt ​ $ — ​ $ — ​ $ 561 ​ $ — ​ $ 561 ​ Trade accounts payable ​ 132 ​ 14 ​ 392,697 ​ — ​ 392,843 ​ Accrued liabilities ​ 28,815 ​ 62,830 ​ 326,267 ​ — ​ 417,912 ​ Income taxes payable ​ — ​ — ​ 20,761 ​ — ​ 20,761 ​ Total current liabilities ​ 28,947 ​ 62,844 ​ 740,286 ​ — ​ 832,077 ​ Long-term debt ​ — ​ 3,600,209 ​ — ​ (14,325) ​ 3,585,884 ​ Other long-term liabilities ​ — ​ 29,331 ​ 245,154 ​ — ​ 274,485 ​ Deferred income taxes ​ — ​ — ​ 394,400 ​ (388,089) ​ 6,311 ​ Intercompany payable ​ 25,500 ​ — ​ 291,186 ​ (316,686) ​ — ​ Total liabilities ​ 54,447 ​ 3,692,384 ​ 1,671,026 ​ (719,100) ​ 4,698,757 ​ Redeemable noncontrolling interest in subsidiary ​ — ​ — ​ 404,861 ​ — ​ 404,861 ​ Shareholders’ equity ​ 2,700,850 ​ 2,409,337 ​ 9,823,645 ​ (12,232,982) ​ 2,700,850 ​ Noncontrolling interest ​ — ​ — ​ 49,476 ​ — ​ 49,476 ​ Total equity ​ 2,700,850 ​ 2,409,337 ​ 9,873,121 ​ (12,232,982) ​ 2,750,326 ​ Total liabilities and equity ​ $ 2,755,297 ​ $ 6,101,721 ​ $ 11,949,008 ​ $ (12,952,082) ​ $ 7,853,944 ​
Condensed Consolidating Statements of Income (Loss)	Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 771,406 ​ $ — ​ $ 771,406 ​ Earnings (losses) from consolidated affiliates ​ (201,253) ​ 122,615 ​ 83,977 ​ (5,339) ​ — ​ Investment income (loss) ​ — ​ — ​ 997 ​ (528) ​ 469 ​ Total revenues and other income ​ (201,253) ​ 122,615 ​ 856,380 ​ (5,867) ​ 771,875 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ — ​ — ​ 496,664 ​ — ​ 496,664 ​ General and administrative expenses ​ 1,984 ​ 137 ​ 62,644 ​ (350) ​ 64,415 ​ Research and engineering ​ — ​ — ​ 11,920 ​ — ​ 11,920 ​ Depreciation and amortization ​ — ​ 32 ​ 218,287 ​ — ​ 218,319 ​ Interest expense, net ​ — ​ 52,074 ​ (583) ​ — ​ 51,491 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 102,570 ​ ​ — ​ ​ 102,570 ​ Other, net ​ ​ 279 ​ ​ (2,064) ​ ​ 9,334 ​ ​ 350 ​ 7,899 ​ Intercompany interest expense, net ​ 48 ​ — ​ (48) ​ — ​ — ​ Total costs and other deductions ​ 2,311 ​ 50,179 ​ 900,788 ​ — ​ 953,278 ​ Income (loss) from continuing operations before income taxes ​ (203,564) ​ 72,436 ​ (44,408) ​ (5,867) ​ (181,403) ​ Income tax expense (benefit) ​ — ​ (11,541) ​ 22,939 ​ — ​ 11,398 ​ Income (loss) from continuing operations, net of tax ​ (203,564) ​ 83,977 ​ (67,347) ​ (5,867) ​ (192,801) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (34) ​ — ​ (34) ​ Net income (loss) ​ (203,564) ​ 83,977 ​ (67,381) ​ (5,867) ​ (192,835) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (10,729) ​ — ​ (10,729) ​ Net income (loss) attributable to Nabors ​ ​ (203,564) ​ ​ 83,977 ​ ​ (78,110) ​ ​ (5,867) ​ ​ (203,564) ​ Less: Preferred stock dividend ​ (4,312) ​ — ​ — ​ — ​ (4,312) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (207,876) ​ $ 83,977 ​ $ (78,110) ​ $ (5,867) ​ $ (207,876) ​ ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 761,920 ​ $ — ​ $ 761,920 ​ Earnings (losses) from unconsolidated affiliates ​ — ​ — ​ (1) ​ — ​ (1) ​ Earnings (losses) from consolidated affiliates ​ (194,594) ​ 59,040 ​ 12,080 ​ 123,474 ​ — ​ Investment income (loss) ​ — ​ — ​ 4 ​ (3,168) ​ (3,164) ​ Total revenues and other income ​ ​ (194,594) ​ ​ 59,040 ​ ​ 774,003 ​ ​ 120,306 ​ ​ 758,755 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ ​ — ​ ​ — ​ ​ 493,975 ​ ​ — ​ ​ 493,975 ​ General and administrative expenses ​ ​ 2,854 ​ ​ 157 ​ ​ 65,151 ​ ​ (339) ​ ​ 67,823 ​ Research and engineering ​ ​ — ​ ​ — ​ ​ 12,439 ​ ​ — ​ ​ 12,439 ​ Depreciation and amortization ​ ​ — ​ ​ 32 ​ ​ 218,230 ​ ​ — ​ ​ 218,262 ​ Interest expense, net ​ ​ — ​ ​ 60,798 ​ ​ (206) ​ ​ — ​ ​ 60,592 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 69,620 ​ ​ — ​ ​ 69,620 ​ Other, net ​ ​ 1,204 ​ ​ — ​ ​ 6,438 ​ ​ 339 ​ ​ 7,981 ​ Intercompany interest expense ​ ​ 100 ​ ​ — ​ ​ (100) ​ ​ — ​ ​ — ​ Total costs and other deductions ​ 4,158 ​ 60,987 ​ 865,547 ​ — ​ 930,692 ​ Income (loss) from continuing operations before income taxes ​ (198,752) ​ (1,947) ​ (91,544) ​ 120,306 ​ (171,937) ​ Income tax expense (benefit) ​ — ​ (14,027) ​ 37,305 ​ — ​ 23,278 ​ Income (loss) from continuing operations, net of tax ​ (198,752) ​ 12,080 ​ (128,849) ​ 120,306 ​ (195,215) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (584) ​ — ​ (584) ​ Net income (loss) ​ (198,752) ​ 12,080 ​ (129,433) ​ 120,306 ​ (195,799) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (2,953) ​ — ​ (2,953) ​ Net income (loss) attributable to Nabors ​ $ (198,752) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (198,752) ​ Less: Preferred stock dividend ​ (3,680) ​ — ​ — ​ — ​ (3,680) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (202,432) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (202,432) ​ ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 1,571,046 ​ $ — ​ $ 1,571,046 ​ Earnings (losses) from unconsolidated affiliates ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ (5) ​ Earnings (losses) from consolidated affiliates ​ (316,299) ​ 196,533 ​ 119,094 ​ 672 ​ — ​ Investment income (loss) ​ — ​ — ​ 11,202 ​ (1,056) ​ 10,146 ​ Total revenues and other income ​ (316,299) ​ 196,533 ​ 1,701,337 ​ (384) ​ 1,581,187 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ — ​ — ​ 1,017,621 ​ — ​ 1,017,621 ​ General and administrative expenses ​ 4,398 ​ 414 ​ 128,294 ​ (524) ​ 132,582 ​ Research and engineering ​ — ​ — ​ 25,440 ​ — ​ 25,440 ​ Depreciation and amortization ​ — ​ 63 ​ 428,647 ​ — ​ 428,710 ​ Interest expense, net ​ — ​ 104,824 ​ (981) ​ — ​ 103,843 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 99,903 ​ ​ — ​ ​ 99,903 ​ Other, net ​ ​ 516 ​ ​ (4,731) ​ ​ 31,759 ​ ​ 524 ​ 28,068 ​ Intercompany interest expense, net ​ 60 ​ — ​ (60) ​ — ​ — ​ Total costs and other deductions ​ 4,974 ​ 100,570 ​ 1,730,623 ​ — ​ 1,836,167 ​ Income (loss) from continuing operations before income taxes ​ (321,273) ​ 95,963 ​ (29,286) ​ (384) ​ (254,980) ​ Income tax expense (benefit) ​ — ​ (23,131) ​ 64,328 ​ — ​ 41,197 ​ Income (loss) from continuing operations, net of tax ​ (321,273) ​ 119,094 ​ (93,614) ​ (384) ​ (296,177) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (191) ​ — ​ (191) ​ Net income (loss) ​ (321,273) ​ 119,094 ​ (93,805) ​ (384) ​ (296,368) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (24,905) ​ — ​ (24,905) ​ Net income (loss) attributable to Nabors ​ ​ (321,273) ​ ​ 119,094 ​ ​ (118,710) ​ ​ (384) ​ ​ (321,273) ​ Less: Preferred stock dividend ​ (8,625) ​ — ​ — ​ — ​ (8,625) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (329,898) ​ $ 119,094 ​ $ (118,710) ​ $ (384) ​ $ (329,898) ​ ​ ​ Condensed Consolidating Statements of Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Revenues and other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenues ​ $ — ​ $ — ​ $ 1,496,114 ​ $ — ​ $ 1,496,114 ​ Earnings (losses) from unconsolidated affiliates ​ — ​ — ​ 1 ​ — ​ 1 ​ Earnings (losses) from consolidated affiliates ​ (336,419) ​ 83,025 ​ (14,445) ​ 267,839 ​ — ​ Investment income (loss) ​ 2 ​ — ​ 3,448 ​ (6,149) ​ (2,699) ​ Total revenues and other income ​ ​ (336,417) ​ ​ 83,025 ​ ​ 1,485,118 ​ ​ 261,690 ​ ​ 1,493,416 ​ Costs and other deductions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct costs ​ ​ — ​ ​ — ​ ​ 969,378 ​ ​ — ​ ​ 969,378 ​ General and administrative expenses ​ ​ 5,237 ​ ​ 399 ​ ​ 137,266 ​ ​ (508) ​ ​ 142,394 ​ Research and engineering ​ ​ — ​ ​ — ​ ​ 28,245 ​ ​ — ​ ​ 28,245 ​ Depreciation and amortization ​ ​ — ​ ​ 62 ​ ​ 431,648 ​ ​ — ​ ​ 431,710 ​ Interest expense, net ​ ​ — ​ ​ 126,123 ​ ​ (4,145) ​ ​ — ​ ​ 121,978 ​ Impairments and other charges ​ ​ — ​ ​ — ​ ​ 76,664 ​ ​ — ​ ​ 76,664 ​ Other, net ​ ​ 1,199 ​ ​ — ​ ​ 13,319 ​ ​ 508 ​ ​ 15,026 ​ Intercompany interest expense, net ​ ​ 100 ​ ​ — ​ ​ (100) ​ ​ — ​ ​ — ​ Total costs and other deductions ​ 6,536 ​ 126,584 ​ 1,652,275 ​ — ​ 1,785,395 ​ Income (loss) from continuing operations before income taxes ​ (342,953) ​ (43,559) ​ (167,157) ​ 261,690 ​ (291,979) ​ Income tax expense (benefit) ​ — ​ (29,114) ​ 75,937 ​ — ​ 46,823 ​ Income (loss) from continuing operations, net of tax ​ (342,953) ​ (14,445) ​ (243,094) ​ 261,690 ​ (338,802) ​ Income (loss) from discontinued operations, net of tax ​ — ​ — ​ (659) ​ — ​ (659) ​ Net income (loss) ​ (342,953) ​ (14,445) ​ (243,753) ​ 261,690 ​ (339,461) ​ Less: Net (income) loss attributable to noncontrolling interest ​ — ​ — ​ (3,492) ​ — ​ (3,492) ​ Net income (loss) attributable to Nabors ​ $ (342,953) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (342,953) ​ Less: Preferred stock dividend ​ (3,680) ​ — ​ — ​ — ​ (3,680) ​ Net income (loss) attributable to Nabors common shareholders ​ $ (346,633) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (346,633) ​
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (203,564) ​ $ 83,977 ​ $ (78,110) ​ $ (5,867) ​ $ (203,564) ​ Other comprehensive income (loss) before tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ 6,349 ​ — ​ 6,349 ​ (6,349) ​ 6,349 ​ Pension liability amortization and adjustment ​ 54 ​ 54 ​ 108 ​ (162) ​ 54 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 142 ​ 142 ​ 142 ​ (284) ​ 142 ​ Other comprehensive income (loss) before tax ​ 6,545 ​ 196 ​ 6,599 ​ (6,795) ​ 6,545 ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 48 ​ 48 ​ 96 ​ (144) ​ 48 ​ Other comprehensive income (loss), net of tax ​ 6,497 ​ 148 ​ 6,503 ​ (6,651) ​ 6,497 ​ Comprehensive income (loss) attributable to Nabors ​ (197,067) ​ 84,125 ​ (71,607) ​ (12,518) ​ (197,067) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ — ​ 10,729 ​ — ​ 10,729 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ — ​ 7 ​ — ​ 7 ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 10,736 ​ — ​ 10,736 ​ Comprehensive income (loss) ​ $ (197,067) ​ $ 84,125 ​ $ (60,871) ​ $ (12,518) ​ $ (186,331) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (198,752) ​ $ 12,080 ​ $ (132,386) ​ $ 120,306 ​ $ (198,752) ​ Other comprehensive income (loss) before tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ (5,570) ​ — ​ (5,570) ​ 5,570 ​ (5,570) ​ Pension liability amortization and adjustment ​ 54 ​ 54 ​ 108 ​ (162) ​ 54 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 142 ​ 142 ​ 142 ​ (284) ​ 142 ​ Other comprehensive income (loss) before tax ​ (5,374) ​ 196 ​ (5,320) ​ 5,124 ​ (5,374) ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 48 ​ 48 ​ 96 ​ (144) ​ 48 ​ Other comprehensive income (loss), net of tax ​ (5,422) ​ 148 ​ (5,416) ​ 5,268 ​ (5,422) ​ Comprehensive income (loss) attributable to Nabors ​ (204,174) ​ 12,228 ​ (137,802) ​ 125,574 ​ (204,174) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ — ​ 2,953 ​ — ​ 2,953 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ — ​ (63) ​ — ​ (63) ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 2,890 ​ — ​ 2,890 ​ Comprehensive income (loss) ​ $ (204,174) ​ $ 12,228 ​ $ (134,912) ​ $ 125,574 ​ $ (201,284) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (321,273) ​ $ 119,094 ​ $ (118,710) ​ $ (384) ​ $ (321,273) ​ Other comprehensive income (loss) before tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ 15,539 ​ (2) ​ 15,539 ​ (15,537) ​ 15,539 ​ Pension liability amortization and adjustment ​ 108 ​ ​ 108 ​ ​ 216 ​ ​ (324) ​ ​ 108 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 282 ​ ​ 282 ​ ​ 282 ​ ​ (564) ​ ​ 282 ​ Other comprehensive income (loss) before tax ​ 15,929 ​ 388 ​ 16,037 ​ (16,425) ​ 15,929 ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 94 ​ ​ 94 ​ ​ 188 ​ ​ (282) ​ ​ 94 ​ Other comprehensive income (loss), net of tax ​ 15,835 ​ 294 ​ 15,849 ​ (16,143) ​ 15,835 ​ Comprehensive income (loss) attributable to Nabors ​ (305,438) ​ 119,388 ​ (102,861) ​ (16,527) ​ (305,438) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 24,905 ​ ​ — ​ ​ 24,905 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 59 ​ ​ — ​ ​ 59 ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 24,964 ​ — ​ 24,964 ​ Comprehensive income (loss) ​ $ (305,438) ​ $ 119,388 ​ $ (77,897) ​ $ (16,527) ​ $ (280,474) ​ ​ ​ Condensed Consolidating Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) ​ Net income (loss) attributable to Nabors ​ $ (342,953) ​ $ (14,445) ​ $ (247,245) ​ $ 261,690 ​ $ (342,953) ​ Other comprehensive income (loss) before tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation adjustment attributable to Nabors ​ (14,913) ​ ​ — ​ ​ (14,913) ​ ​ 14,913 ​ ​ (14,913) ​ Pension liability amortization and adjustment ​ 108 ​ ​ 108 ​ ​ 216 ​ ​ (324) ​ ​ 108 ​ Unrealized gains (losses) and amortization on cash flow hedges ​ 282 ​ ​ 282 ​ ​ 282 ​ ​ (564) ​ ​ 282 ​ Adoption of ASU No. 2016-01 ​ (9,144) ​ ​ — ​ ​ (9,144) ​ ​ 9,144 ​ ​ (9,144) ​ Other comprehensive income (loss) before tax ​ (23,667) ​ 390 ​ (23,559) ​ 23,169 ​ (23,667) ​ Income tax expense (benefit) related to items of other comprehensive income (loss) ​ 91 ​ ​ 91 ​ ​ 182 ​ ​ (273) ​ ​ 91 ​ Other comprehensive income (loss), net of tax ​ (23,758) ​ 299 ​ (23,741) ​ 23,442 ​ (23,758) ​ Comprehensive income (loss) attributable to Nabors ​ (366,711) ​ (14,146) ​ (270,986) ​ 285,132 ​ (366,711) ​ Net income (loss) attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 3,492 ​ ​ — ​ ​ 3,492 ​ Translation adjustment attributable to noncontrolling interest ​ — ​ ​ — ​ ​ (159) ​ ​ — ​ ​ (159) ​ Comprehensive income (loss) attributable to noncontrolling interest ​ — ​ — ​ 3,333 ​ — ​ 3,333 ​ Comprehensive income (loss) ​ $ (366,711) ​ $ (14,146) ​ $ (267,653) ​ $ 285,132 ​ $ (363,378) ​
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) Net cash provided by (used for) operating activities ​ $ 59,249 ​ $ (91,938) ​ $ 364,770 ​ $ (58,996) ​ $ 273,085 ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of investments ​ ​ — ​ ​ — ​ ​ (4,572) ​ ​ — ​ ​ (4,572) ​ Sales and maturities of investments ​ ​ — ​ ​ — ​ ​ 11,919 ​ ​ — ​ ​ 11,919 ​ Cash paid for acquisitions of businesses, net of cash acquired ​ — ​ — ​ (2,929) ​ — ​ (2,929) ​ Cash paid for investments in consolidated affiliates ​ — ​ — ​ (8,500) ​ 8,500 ​ — ​ Capital expenditures ​ — ​ — ​ (274,479) ​ — ​ (274,479) ​ Proceeds from sales of assets and insurance claims ​ ​ — ​ — ​ 11,857 ​ — ​ 11,857 ​ Change in intercompany balances ​ — ​ 142,645 ​ (142,645) ​ — ​ — ​ Net cash provided by (used for) investing activities ​ — ​ 142,645 ​ (409,349) ​ 8,500 ​ (258,204) ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt issuance costs ​ — ​ (49) ​ — ​ — ​ (49) ​ Proceeds from revolving credit facilities ​ — ​ 790,000 ​ — ​ — ​ 790,000 ​ Proceeds from parent contributions ​ ​ — ​ 8,500 ​ — ​ (8,500) ​ — ​ Proceeds from issuance of common shares, net of issuance costs ​ ​ 6 ​ — ​ (6) ​ — ​ — ​ Reduction of long-term debt ​ — ​ (361,966) ​ — ​ — ​ (361,966) ​ Reduction in revolving credit facilities ​ — ​ (480,000) ​ — ​ — ​ (480,000) ​ Dividends to common and preferred shareholders ​ (36,926) ​ — ​ (475) ​ 3,696 ​ (33,705) ​ Proceeds from (payments for) short-term borrowings ​ ​ — ​ — ​ 229 ​ — ​ 229 ​ Proceeds from issuance of preferred stock, net of issuance costs ​ — ​ — ​ — ​ — ​ — ​ Proceeds from issuance of intercompany debt ​ ​ 4,700 ​ — ​ (4,700) ​ — ​ — ​ Paydown of intercompany debt ​ ​ (25,500) ​ (7,194) ​ 32,694 ​ — ​ — ​ Distributions to Non-controlling interest ​ ​ — ​ — ​ (814) ​ — ​ (814) ​ Distribution from subsidiary to parent ​ — ​ — ​ (55,300) ​ 55,300 ​ — ​ Other changes ​ (1,680) ​ — ​ (657) ​ — ​ (2,337) ​ Net cash (used for) provided by financing activities ​ (59,400) ​ (50,709) ​ (29,029) ​ 50,496 ​ (88,642) ​ Effect of exchange rate changes on cash and cash equivalents ​ — ​ — ​ (1,968) ​ — ​ (1,968) ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ (151) ​ (2) ​ (75,576) ​ — ​ (75,729) ​ Cash, cash equivalents and restricted cash, beginning of period ​ 474 ​ 42 ​ 450,564 ​ — ​ 451,080 ​ Cash, cash equivalents and restricted cash, end of period ​ $ 323 ​ $ 40 ​ $ 374,988 ​ $ — ​ $ 375,351 ​ ​ Condensed Consolidating Statements Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2018 ​ ​ ​ Nabors Other ​ ​ ​ ​ ​ ​ Nabors ​ Delaware ​ Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ (Parent/ ​ (Issuer/ ​ (Non- ​ Consolidating ​ ​ ​ ​ Guarantor) Guarantor) Guarantors) Adjustments Total ​ ​ (In thousands) Net cash provided by (used for) operating activities ​ $ 56,041 ​ $ (102,233) ​ $ 151,698 ​ $ (28,149) ​ $ 77,357 ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases of investments ​ — ​ — ​ (676) ​ — ​ (676) ​ Sales and maturities of investments ​ — ​ — ​ 2,602 ​ — ​ 2,602 ​ Cash paid for investments in consolidated affiliates ​ (587,500) ​ — ​ (199,000) ​ 786,500 ​ — ​ Capital expenditures ​ ​ — ​ — ​ (209,471) ​ — ​ (209,471) ​ Proceeds from sale of assets and insurance claims ​ — ​ — ​ 77,272 ​ — ​ 77,272 ​ Change in intercompany balances ​ ​ — ​ 127,059 ​ (127,059) ​ — ​ — ​ Net cash provided by (used for) investing activities ​ (587,500) ​ 127,059 ​ (456,332) ​ 786,500 ​ (130,273) ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash overdrafts ​ — ​ — ​ (344) ​ — ​ (344) ​ Debt issuance costs ​ — ​ (12,990) ​ — ​ — ​ (12,990) ​ Proceeds from issuance of common shares, net of issuance costs ​ 302,014 ​ — ​ — ​ — ​ 302,014 ​ Reduction in long-term debt ​ — ​ (460,837) ​ — ​ — ​ (460,837) ​ Reduction in revolving credit facilities ​ — ​ (1,135,000) ​ — ​ — ​ (1,135,000) ​ Dividends to common and preferred shareholders ​ (42,349) ​ — ​ — ​ 6,149 ​ (36,200) ​ Proceeds from (payments for) commercial paper, net ​ — ​ (40,000) ​ — ​ — ​ (40,000) ​ Proceeds from (payments for) issuance of intercompany debt ​ 20,000 ​ — ​ (20,000) ​ — ​ — ​ Proceeds from issuance of preferred stock, net of issuance costs ​ 278,573 ​ — ​ — ​ — ​ 278,573 ​ Proceeds from revolving credit facilities ​ — ​ 625,000 ​ — ​ — ​ 625,000 ​ Proceeds from issuance of long-term debt ​ — ​ 800,000 ​ — ​ — ​ 800,000 ​ Paydown of intercompany debt ​ (21,000) ​ — ​ 21,000 ​ — ​ — ​ Distributions to Non-controlling interest ​ — ​ — ​ (4,676) ​ — ​ (4,676) ​ Proceeds from (payments for) short-term borrowings ​ — ​ — ​ 62 ​ — ​ 62 ​ Proceeds from parent contributions ​ — ​ 199,000 ​ 587,500 ​ (786,500) ​ — ​ Distribution from subsidiary to parent ​ — ​ — ​ (22,000) ​ 22,000 ​ — ​ Other changes ​ (3,688) ​ — ​ — ​ — ​ (3,688) ​ Net cash (used for) provided by financing activities ​ 533,550 ​ (24,827) ​ 561,542 ​ (758,351) ​ 311,914 ​ Effect of exchange rate changes on cash and cash equivalents ​ — ​ — ​ (3,637) ​ — ​ (3,637) ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ 2,091 ​ (1) ​ 253,271 ​ — ​ 255,361 ​ Cash, cash equivalents and restricted cash, beginning of period ​ 1,091 ​ 44 ​ 340,894 ​ — ​ 342,029 ​ Cash, cash equivalents and restricted cash, end of period ​ $ 3,182 ​ $ 43 ​ $ 594,165 ​ $ — ​ $ 597,390 ​ ​

Nature of Operations (Details)

Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2019itemcountry
Nature of Operations
Number of countries company has actively marketed rigs for land based drilling operations | country	25
Actively marketed rigs for offshore based drilling operations	33
United States and Canada
Nature of Operations
Actively marketed rigs for land based drilling operations	374
Countries Other Than United States and Canada
Nature of Operations
Actively marketed rigs for land based drilling operations	18

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory, net
Raw materials	$ 130,904	$ 116,840
Work-in-progress	14,452	20,329
Finished goods	33,011	28,418
Total inventory	$ 178,367	$ 165,587

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Goodwill
Long-term growth rate used to calculate terminal values for each reporting unit (as a percent)		2.00%
Goodwill impairments	$ 93,634	$ 93,634

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance		$ 183,914
Disposals and Impairments		(93,634)
Cumulative Translation Adjustment		365
Goodwill - Ending Balance	$ 90,645	$ 90,645
Goodwill
Long-term growth rate used to calculate terminal values for each reporting unit (as a percent)		2.00%
Goodwill impairments	93,634	$ 93,634
U.S. Drilling
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance		50,149
Other Adjustment		2,054
Goodwill - Ending Balance	52,203	52,203
International Drilling
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance		75,634
Disposals and Impairments		(75,634)
Goodwill
Goodwill impairments	75,600	75,600
Drilling Solutions
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance		11,436
Goodwill - Ending Balance	11,436	11,436
Rig Technologies
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance		46,695
Disposals and Impairments		(18,000)
Cumulative Translation Adjustment		365
Other Adjustment		(2,054)
Goodwill - Ending Balance	27,006	27,006
Goodwill
Goodwill impairments	$ 18,000	$ 18,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncement, Early Adoption
Lease liability	$ 40,490
Right of use assets	$ 40,490
Accounting Standards Update 2016-02 | Minimum
New Accounting Pronouncement, Early Adoption
Lease liability		$ 42,800
Accounting Standards Update 2016-02 | Maximum
New Accounting Pronouncement, Early Adoption
Right of use assets		$ 42,800

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Jun. 30, 2019	Dec. 31, 2018
Assets:
Accounts receivable			$ 737,353	$ 756,320
Other current assets			147,239	177,604
Property, plant and equipment, net			5,301,252	5,467,870
Other long-term assets			298,660	263,506
Total assets (1)	[1]		7,514,503	7,853,944
Liabilities:
Accounts payable			410,469	392,843
Accrued liabilities			319,763	417,912
Total liabilities (1)	[1]		4,644,320	4,698,757
SANAD
Assets:
Cash and cash equivalents			230,352	211,618
Accounts receivable			81,440	73,699
Other current assets			21,236	17,198
Property, plant and equipment, net			443,643	457,963
Other long-term assets			16,490	36,583
Total assets (1)			793,161	797,061
Liabilities:
Accounts payable			65,655	60,087
Accrued liabilities			14,367	8,530
Total liabilities (1)			$ 80,022	$ 68,617
Saudi Aramco | SANAD
Joint Ventures
Cash contribution for joint venture		$ 20,000
Additional contribution amount		$ 394,000
Maturity period		25 years
[1]	The condensed consolidated balance sheet as of June 30, 2019 and December 31, 2018 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value Measurements
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Total short-term investments	$ 28,023	$ 34,036

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Oct. 11, 2018
Fair Value of Financial Instruments
Less: current portion	$ 790	$ 561
Less: deferred financing costs	33,441	38,325
Long-term Debt, Excluding Current Maturities, Total	$ 3,550,577	3,585,884
5.00% senior notes due September 2020
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.00%
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	4.625%
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.50%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.10%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	0.75%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.75%
2018 Revolving Credit Facility
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)			5.50%
Fair Value
Fair Value of Financial Instruments
Debt	$ 3,359,520	3,049,812
Fair Value | 5.00% senior notes due September 2020
Fair Value of Financial Instruments
Debt	310,909	590,336
Fair Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt	622,398	603,457
Fair Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	540,688	465,999
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	298,003	262,494
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	412,563	358,012
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	694,169	598,953
Fair Value | 2012 Revolving Credit Facility
Fair Value of Financial Instruments
Debt	480,000	170,000
Fair Value | Other
Fair Value of Financial Instruments
Debt	790	561
Carrying Value
Fair Value of Financial Instruments
Debt	3,584,808	3,624,770
Less: current portion	790	561
Less: deferred financing costs	33,441	38,325
Long-term Debt, Excluding Current Maturities, Total	3,550,577	3,585,884
Carrying Value | 5.00% senior notes due September 2020
Fair Value of Financial Instruments
Debt	309,769	614,748
Carrying Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt	$ 637,468	668,347
Carrying Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.50%
Debt	$ 577,042	586,000
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	336,746	342,923
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	461,491	450,689
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	781,502	791,502
Carrying Value | 2012 Revolving Credit Facility
Fair Value of Financial Instruments
Debt	480,000	170,000
Carrying Value | Other
Fair Value of Financial Instruments
Debt	$ 790	$ 561

Debt (Details)

Debt (Details) $ in Thousands	Jun. 14, 2019USD ($)	Oct. 11, 2018USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 18, 2011
Long-term debt
Other				$ 790	$ 790	$ 561
Long-term Debt				3,584,808	3,584,808	3,624,770
Less: current portion				790	790	561
Less: deferred financing costs				33,441	33,441	38,325
Long-term Debt, Excluding Current Maturities, Total				3,550,577	3,550,577	3,585,884
Principal amount redeemed				361,500	361,500
Repayment of long-term debt including accrued and unpaid interest					366,700
Payment of accrued and unpaid interest					4,800
Gain on debt repurchase				(3,701)	(1,034)
5.00% senior notes due September 2020
Long-term debt
Senior Notes				$ 309,769	$ 309,769	614,748
Interest rate on senior notes due (as a percent)				5.00%	5.00%
Purchase price for the tender offer	$ 275,000
5.00% senior notes due September 2020 | Subsequent Event
Long-term debt
Principal amount redeemed			$ 16,600
Repayment of long-term debt including accrued and unpaid interest			$ 16,900
4.625% senior notes due September 2021
Long-term debt
Senior Notes				$ 637,468	$ 637,468	668,347
Interest rate on senior notes due (as a percent)				4.625%	4.625%
5.50% senior notes due January 2023
Long-term debt
Senior Notes				$ 577,042	$ 577,042	586,000
Interest rate on senior notes due (as a percent)				5.50%	5.50%
5.10% senior notes due September 2023
Long-term debt
Senior Notes				$ 336,746	$ 336,746	342,923
Interest rate on senior notes due (as a percent)				5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Long-term debt
Senior Notes				$ 461,491	$ 461,491	450,689
Interest rate on senior notes due (as a percent)				0.75%	0.75%
Aggregate amount of senior notes				$ 575,000	$ 575,000
5.75% senior notes due February 2025
Long-term debt
Senior Notes				$ 781,502	$ 781,502	791,502
Interest rate on senior notes due (as a percent)				5.75%	5.75%
2012 Revolving Credit Facility
Long-term debt
Revolving credit facility				$ 480,000	$ 480,000	$ 170,000
Maximum borrowing capacity		$ 666,250
Weighted average interest rate (as a percent)				3.97%	3.97%
2012 Revolving Credit Facility | Maximum
Long-term debt
Debt to capital ratio				0.60	0.60
2018 Revolving Credit Facility
Long-term debt
Revolving credit facility				$ 0	$ 0
Interest rate on senior notes due (as a percent)		5.50%
Net debt increase and retain current net debt to capital ratio				$ 388,600	$ 388,600
Maximum borrowing capacity		$ 1,267,000
Debt to capital ratio				0.57	0.57		0.60
Assets to debt ratio				3.65	3.65
Unsecured debt maturity period		5 years
2018 Revolving Credit Facility | Maximum
Long-term debt
Debt to capital ratio		0.60
Guarantor Subsidiaries | 2018 Revolving Credit Facility
Long-term debt
Maximum borrowing capacity		$ 1,227,000
Guarantor Subsidiaries | 2018 Revolving Credit Facility | Minimum
Long-term debt
Assets to debt ratio		2.50
Nabors Canada | 2018 Revolving Credit Facility
Long-term debt
Maximum borrowing capacity		$ 40,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2019	Jul. 26, 2019	Jul. 02, 2019	May 01, 2019	Apr. 24, 2019	Apr. 02, 2019	Feb. 22, 2019	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Common Shares
Common shares, shares issued								416,282,000			416,282,000		416,282,000		409,652,000
Proceeds from issuance of common shares, net of issuance costs														$ 302,014
Total aggregate amount of shares purchased								$ 80			$ 79		$ 79
Dividends to shareholders (in dollars per share)		$ 0.01			$ 0.01		$ 0.01				$ 0.01	$ 0.06	$ 0.02	$ 0.12
Cash dividends paid			$ 3,500			$ 3,500
Preferred shares, shares issued								5,746,000			5,746,000		5,746,000		5,750,000
Preferred stock, rate (as a percent)													6.00%		6.00%
Preferred stock, par value (in dollars per share)								$ 0.001			$ 0.001		$ 0.001		$ 0.001
Preferred stock, liquidation preference (in dollars per share)								$ 50			50		50		$ 50
Aggregate net proceeds														$ 278,573
Cash dividend per mandatory convertible preferred shares (in dollars per share)											$ 0.75	$ 0.64	$ 1.50
Mandatory Convertible Preferred Shares
Common Shares
Shares repurchased								4,000
Preferred shares, shares issued										5,750,000
Preferred stock, rate (as a percent)										6.00%
Preferred stock, par value (in dollars per share)										$ 0.001
Preferred stock, liquidation preference (in dollars per share)										$ 50
Cash dividend per mandatory convertible preferred shares (in dollars per share)		$ 0.75			$ 0.75		$ 0.75
Mandatory Convertible Preferred Shares | Underwriters option
Common Shares
Preferred shares, shares issued										750,000
Common Shares
Common Shares
Common shares, shares issued										35,000,000
Share price of shares purchased (in dollars per share)										$ 7.75
Proceeds from issuance of common shares, net of issuance costs									$ 301,400
Number of consecutive trading days to calculate average share price of common stock										20 days
Common Shares | Underwriters option
Common Shares
Common shares, shares issued									5,250,000			5,250,000		5,250,000
Common Shares | Minimum
Common Shares
Conversion ratio								5.6179		5.3763	5.6179		5.6179
Common Shares | Maximum
Common Shares
Conversion ratio								6.7416		6.4516	6.7416		6.7416
Common Shares | Mandatory Convertible Preferred Shares | Underwriters option
Common Shares
Aggregate net proceeds										$ 277,900
Retained Earnings | Mandatory Convertible Preferred Shares
Common Shares
Cash dividends paid	$ 4,300			$ 4,300

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2011USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Court of Ouargla Foreign Currency Controls
Commitments and Contingencies, Disclosure
Litigation amount as per judgment	$ 23.8
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
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		$ 15.8
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department
Commitments and Contingencies, Disclosure
Administrative fines		0.8
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department | Minimum
Commitments and Contingencies, Disclosure
Environmental damages		$ 3.4
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department | Forecast | Maximum
Commitments and Contingencies, Disclosure
Additional penalties and fines			$ 4

Commitments and Contingencies_2

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Jun. 30, 2019USD ($)
Summary of total maximum amount of financial guarantees issued
2019	$ 65,197
2020	154,512
Total	$ 219,709

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (192,801)	$ (195,215)	$ (296,177)	$ (338,802)
Less: net (income) loss attributable to noncontrolling interest	(10,729)	(2,953)	(24,905)	(3,492)
Less: preferred stock dividends	(4,312)	(3,680)	(8,625)	(3,680)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(5,119)	(2,124)	(10,182)	(4,522)
Less: distributed and undistributed earnings allocated to unvested shareholders	(115)	4,826	(233)	8,186
Adjusted income (loss) from continuing operations, net of tax - basic	(213,076)	(199,146)	(340,122)	(342,310)
Income (loss) from discontinued operations, net of tax	$ (34)	$ (584)	$ (191)	$ (659)
Weighted-average number of shares outstanding - basic	351,543	328,372	351,154	318,580
Earnings (losses) Per Share - Basic
Basic from continuing operations (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
Total Basic (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (213,076)	$ (199,146)	$ (340,122)	$ (342,310)
Adjusted income (loss) from continuing operations, net of tax - diluted	(213,076)	(199,146)	(340,122)	(342,310)
Income (loss) from discontinued operations, net of tax	$ (34)	$ (584)	$ (191)	$ (659)
Weighted-average number of shares outstanding - basic	351,543	328,372	351,154	318,580
Weighted-average number of shares outstanding - diluted	351,543	328,372	351,154	318,580
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
Total Diluted (in dollars per share)	$ (0.61)	$ (0.61)	$ (0.97)	$ (1.08)
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%		0.75%
0.75% senior exchangeable notes due January 2024 | Minimum
Earnings (losses) per share:
Share issued price (in dollars per share)	$ 25.16		$ 25.16

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive	1,789	4,575	2,176	4,555
Mandatory Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive			38,800

Impairments and Other Charges_2

Impairments and Other Charges (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)
Goodwill And Intangible Assets:
Goodwill impairments	$ 93,634		$ 93,634
Intangible asset impairment	5,235		5,235
Subtotal	98,869		98,869	$ 63,726
Other Charges:
Divestiture of International assets		$ 63,726		63,726
Transaction related costs		5,894		12,938
Loss (gain) on early extinguishment of debt	3,701		1,034
Total impairments and other charges	102,570	$ 69,620	99,903	76,664
Principal amount redeemed	361,500		361,500
Payment of long-term debt			361,966	460,837
Gain on debt repurchase	(3,701)		(1,034)
Write-off of receivable			256	$ (2,663)
International Drilling
Goodwill And Intangible Assets:
Goodwill impairments	75,600		75,600
Other Charges:
Divestiture of International assets			$ 63,700
Number of offshore drilling rigs sold | item			3
Rig Technologies
Goodwill And Intangible Assets:
Goodwill impairments	18,000		$ 18,000
Senior Notes.
Other Charges:
Principal amount redeemed	$ 315,300		$ 361,500

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued liabilities
Accrued compensation	$ 85,811	$ 92,358
Deferred revenue and proceeds on insurance and asset sales	104,600	149,266
Other taxes payable	17,196	33,199
Workers' compensation liabilities	15,214	16,316
Interest payable	53,728	59,718
Litigation reserves	18,890	24,926
Current liability to discontinued operations		2,445
Dividends declared and payable	7,832	25,330
Other accrued liabilities	16,492	14,354
Accrued liabilities	$ 319,763	$ 417,912

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment income (loss)
Interest and dividend income	$ 2,248	$ 1,136	$ 4,281	$ 2,326
Gains (losses) on marketable securities	(1,779)	(4,300)	5,865	(5,025)
Investment income (loss)	$ 469	$ (3,164)	$ 10,146	$ (2,699)

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Income Statement Information - Other Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other expense (income)
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 6,527	$ 3,594	$ 10,160	$ 5,834
Litigation expenses and reserves	(521)	4,677	6,611	8,277
Foreign currency transaction losses (gains)	1,398	3,742	9,970	6,244
Other losses (gains)	495	(4,032)	1,327	(5,329)
Other, net	$ (7,899)	$ (7,981)	$ (28,068)	$ (15,026)

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Income Statement Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			$ 2,700,850
Adoption of ASU No. 2016-01			0
Other comprehensive income (loss), net of tax	$ 6,497	$ (5,422)	15,835	$ (23,758)
Balance at the end of the period	2,381,514		2,381,514
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(29,325)	11,185
Other comprehensive income (loss) before reclassifications			15,539	(14,913)
Amounts reclassified from accumulated other comprehensive income (loss)			296	299
Adoption of ASU No. 2016-01				(9,144)
Other comprehensive income (loss), net of tax			15,835	(23,758)
Balance at the end of the period	(13,490)	(12,573)	(13,490)	(12,573)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(492)
Amounts reclassified from accumulated other comprehensive income (loss)			212
Other comprehensive income (loss), net of tax			212
Balance at the end of the period	(280)		(280)
Gains (losses) on cash flow hedges.
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period				(922)
Amounts reclassified from accumulated other comprehensive income (loss)				216
Other comprehensive income (loss), net of tax				216
Balance at the end of the period		(706)		(706)
Unrealized gains (losses) on available-for-sale securities
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period				9,144
Adoption of ASU No. 2016-01				(9,144)
Other comprehensive income (loss), net of tax				(9,144)
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(3,945)	(4,111)
Amounts reclassified from accumulated other comprehensive income (loss)			84	83
Other comprehensive income (loss), net of tax			84	83
Balance at the end of the period	(3,861)	(4,028)	(3,861)	(4,028)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(24,888)	7,074
Other comprehensive income (loss) before reclassifications			15,539	(14,913)
Other comprehensive income (loss), net of tax			15,539	(14,913)
Balance at the end of the period	$ (9,349)	$ (7,839)	$ (9,349)	$ (7,839)

Supplemental Balance Sheet an_7

Supplemental Balance Sheet and Income Statement Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Impairments and other charges	$ 102,570	$ 69,620	$ 99,903	$ 76,664
Interest expense	51,491	60,592	103,843	121,978
General and administrative expenses	64,415	67,823	132,582	142,394
Income (loss) from continuing operations before income taxes	(181,403)	(171,937)	(254,980)	(291,979)
Income tax expense (benefit)	11,398	23,278	41,197	46,823
Net income (loss)	(192,835)	(195,799)	(296,368)	(339,461)
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	142	142	282	282
General and administrative expenses	54	54	108	108
Income (loss) from continuing operations before income taxes	(196)	(196)	(390)	(390)
Income tax expense (benefit)	(48)	(48)	(94)	(91)
Net income (loss)	$ (148)	$ (148)	$ (296)	$ (299)

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		$ 771,406	$ 761,920	$ 1,571,046	$ 1,496,114
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		22,260	10,884	48,954	10,827
Earnings (losses) from unconsolidated affiliates			(1)	(5)	1
Investment income (loss)		469	(3,164)	10,146	(2,699)
Interest expense		(51,491)	(60,592)	(103,843)	(121,978)
Remeasurement of net monetary assets charge		102,570	69,620	99,903	76,664
Other, net		(7,899)	(7,981)	(28,068)	(15,026)
Income (loss) from continuing operations before income taxes		(181,403)	(171,937)	(254,980)	(291,979)
ASSETS
Total assets (1)	[1]	7,514,503		7,514,503		$ 7,853,944
U.S. Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		323,402	264,395	643,611	505,397
Canada Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		11,389	17,442	36,704	49,329
International Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		326,905	377,986	664,161	746,831
Drilling Solutions
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		64,583	59,859	130,005	122,507
Rig Technologies
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		72,751	81,321	144,504	145,990
Operating segment
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		22,260	10,884	48,954	10,827
Operating segment | U.S. Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		323,402	264,395	643,611	505,397
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		20,392	(13,107)	45,075	(32,853)
ASSETS
Total assets (1)		2,897,846		2,897,846		2,982,974
Operating segment | Canada Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		11,389	17,442	36,704	49,329
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		(5,537)	(4,608)	(5,596)	(5,200)
ASSETS
Total assets (1)		223,881		223,881		252,817
Operating segment | International Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		326,905	377,986	664,161	746,831
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		(6,884)	24,486	(12,521)	49,022
ASSETS
Total assets (1)		3,104,495		3,104,495		3,320,347
Operating segment | Drilling Solutions
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		64,583	59,859	130,005	122,507
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		13,793	7,546	26,648	16,267
ASSETS
Total assets (1)		251,536		251,536		281,078
Operating segment | Rig Technologies
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		72,751	81,321	144,504	145,990
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		496	(3,433)	(4,652)	(16,409)
ASSETS
Total assets (1)		422,788		422,788		401,044
Other reconciling items (3)
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues		27,624	39,083	47,939	73,940
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities		(42,172)	$ (41,463)	(82,261)	$ (86,440)
ASSETS
Total assets (1)		$ 613,957		$ 613,957		$ 615,684
[1]	The condensed consolidated balance sheet as of June 30, 2019 and December 31, 2018 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Operating revenues	$ 771,406	$ 761,920	$ 1,571,046	$ 1,496,114
U.S. Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	323,402	264,395	643,611	505,397
Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	11,389	17,442	36,704	49,329
International Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	326,905	377,986	664,161	746,831
Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	64,583	59,859	130,005	122,507
Rig Technologies
Disaggregation of Revenue [Line Items]
Operating revenues	72,751	81,321	144,504	145,990
Other
Disaggregation of Revenue [Line Items]
Operating revenues	(27,624)	(39,083)	(47,939)	(73,940)
Operating segment | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	365,599	318,380	723,258	617,842
Operating segment | Offshore Gulf Of Mexico [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	41,492	34,874	87,218	59,164
Operating segment | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	17,052	14,027	38,939	30,148
Operating segment | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	14,193	29,089	42,809	66,656
Operating segment | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	207,762	256,018	416,836	502,811
Operating segment | Latin America [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	92,680	93,393	189,198	182,917
Operating segment | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	60,252	55,222	120,727	110,516
Operating segment | U.S. Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	323,402	264,395	643,611	505,397
Operating segment | U.S. Drilling | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	268,788	219,389	527,659	423,981
Operating segment | U.S. Drilling | Offshore Gulf Of Mexico [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	38,727	32,064	80,208	53,055
Operating segment | U.S. Drilling | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	15,887	12,942	35,744	28,361
Operating segment | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	11,389	17,442	36,704	49,329
Operating segment | Canada Drilling | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	11,389	17,442	36,704	49,329
Operating segment | International Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	326,905	377,986	664,161	746,831
Operating segment | International Drilling | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	185,077	240,508	373,045	474,367
Operating segment | International Drilling | Latin America [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	88,792	87,809	181,159	171,691
Operating segment | International Drilling | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	53,036	49,669	109,957	100,773
Operating segment | Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	64,583	59,859	130,005	122,507
Operating segment | Drilling Solutions | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	46,649	41,418	90,697	85,687
Operating segment | Drilling Solutions | Offshore Gulf Of Mexico [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	2,765	2,810	7,010	6,109
Operating segment | Drilling Solutions | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	921	877	2,649	1,443
Operating segment | Drilling Solutions | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	382	1,425	1,056	3,716
Operating segment | Drilling Solutions | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	9,422	9,007	19,929	16,735
Operating segment | Drilling Solutions | Latin America [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	3,426	3,665	6,657	7,649
Operating segment | Drilling Solutions | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	1,018	657	2,007	1,168
Operating segment | Rig Technologies
Disaggregation of Revenue [Line Items]
Operating revenues	72,751	81,321	144,504	145,990
Operating segment | Rig Technologies | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	50,162	57,573	104,902	108,174
Operating segment | Rig Technologies | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	244	208	546	344
Operating segment | Rig Technologies | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	2,422	10,222	5,049	13,611
Operating segment | Rig Technologies | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	13,263	6,503	23,862	11,709
Operating segment | Rig Technologies | Latin America [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	462	1,919	1,382	3,577
Operating segment | Rig Technologies | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	6,198	4,896	8,763	8,575
Other reconciling items (1) | Other
Disaggregation of Revenue [Line Items]
Operating revenues	(27,624)	(39,083)	(47,939)	(73,940)
Other reconciling items (1) | Other | Other
Disaggregation of Revenue [Line Items]
Operating revenues	(27,624)	(39,083)	(47,939)	(73,940)
Other reconciling items (3)
Disaggregation of Revenue [Line Items]
Operating revenues	$ 27,624	$ 39,083	$ 47,939	$ 73,940

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Accounts receivables current
Contract Receivables	$ 772.8	$ 791.2
Contract with customer assets current
Contract Assets (Current)	39.4	55.8
Contract with customer non-current asset
Contract Assets (Long-term)	30.8	32.3
Contract with customer liability current
Contract Liabilities (Current)	76.3	116.7
Contract with customer liability non-current
Contract Liabilities (Long-term)	$ 69.7	$ 69.7
Contract Asset Balance
2019	56.00%
Contract percentage recognized	37.00%
2020	17.00%
2021 or thereafter	27.00%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details)	6 Months Ended
	Jun. 30, 2019
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	26.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Remaining performance obligations
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining performance obligation, recognized timing of satisfaction period	6 months
Percentage of remaining performance obligation expected to be recognized in period	58.00%
Percentage of remaining performance obligation recognized	38.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Remaining performance obligations
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Percentage of remaining performance obligation expected to be recognized in period	16.00%

Leases - (Details)

Leases - (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease Practical Expedient Transition Approach	true
Lease, Practical Expedients, Package [true false]	true
Lease Practical Expedient Lease Capitalization	true
Lease Practical Expedient Separate Lease Non Lease Components	false
Lease Practical Expedient Land Easement	true
Right of use assets	$ 40,490
Lease payable obligation	40,490
Adjustment to retained earnings	0
Adjustment | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	42,800
Lease payable obligation	$ 42,800

Leases - Position Costs (Detail

Leases - Position Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets [Abstract]
Right of use assets	$ 40,490	$ 40,490
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherCurrentAssets	us-gaap:OtherCurrentAssets
Lease Assets	$ 40,490	$ 40,490
Liabilities, Current [Abstract]
Operating lease liability, current	$ 13,966	$ 13,966
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	nbr:CurrentLeaseLiabilities	nbr:CurrentLeaseLiabilities
Liabilities, Noncurrent [Abstract]
Operating lease liability, noncurrent	$ 26,524	$ 26,524
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease liability	$ 40,490	$ 40,490
Lease, Cost [Abstract]
Operating lease cost	4,056	7,830
Short-term lease cost	657	1,156
Variable lease cost	139	251
Total lease cost	$ 4,852	9,237
Other Information [Abstract]
Operating cash flows for operating leases		$ 7,830
Lease Terms And Discount Rates [Abstract]
Weighted-average remaining lease term - operating leases	5 years 3 months 29 days	5 years 3 months 29 days
Weighted-average discount rate - operating leases	5.59%	5.59%
Undiscounted Cash Flows [Abstract]
2019	$ 8,215	$ 8,215
2020	13,785	13,785
2021	8,452	8,452
2022	5,409	5,409
2023	3,265	3,265
Thereafter	8,004	8,004
Total undiscounted lease liability	47,130	47,130
Less: amount of lease payments representing interest	6,640	6,640
Present value of future minimum lease payments	40,490	40,490
Operating Lease, Liability, Current	13,966	13,966
Operating lease liability, noncurrent	26,524	26,524
Minimum rental commitments under non cancellable operating leases
2019			$ 10,701
2020			7,104
2021			3,774
2022			2,356
2023			1,538
Thereafter			7,482
Total			$ 32,955
Adjustment | Accounting Standards Update 2016-02
Assets [Abstract]
Right of use assets	42,800	42,800
Undiscounted Cash Flows [Abstract]
Present value of future minimum lease payments	$ 42,800	$ 42,800

Leases - Additional Leases (Det

Leases - Additional Leases (Details) $ in Millions	Jun. 30, 2019USD ($)
Leases
Amount of leases that have not yet commenced	$ 12.6
Term of operating lease	12 years

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 367,693		$ 447,766	$ 593,284		$ 336,997
Short-term investments		28,023		34,036
Accounts receivable, net		737,353		756,320
Inventory, net		178,367		165,587
Assets held for sale		8,004		12,250
Other current assets		147,239		177,604
Total current assets		1,466,679		1,593,563
Property, plant and equipment, net		5,301,252		5,467,870
Goodwill		90,645		183,914
Deferred income taxes		357,267		345,091
Other long-term assets		298,660		263,506
Total assets (1)	[1]	7,514,503		7,853,944
Current liabilities:
Current portion of debt		790		561
Trade accounts payable		410,469		392,843
Accrued liabilities		319,763		417,912
Income taxes payable		27,179		20,761
Current lease liabilities		13,966
Total current liabilities		772,167		832,077
Long-term debt		3,550,577		3,585,884
Other long-term liabilities		294,128		274,485
Deferred income taxes		27,448		6,311
Total liabilities (1)	[1]	4,644,320		4,698,757
Redeemable noncontrolling interest in subsidiary		415,042		404,861
Shareholders' equity		2,381,514		2,700,850
Noncontrolling interest		73,627		49,476
Total equity		2,455,141	$ 2,650,039	2,750,326	$ 3,088,648	$ 2,737,008	$ 2,938,773
Total liabilities and equity		7,514,503		7,853,944
Consolidating Adjustments
Current assets:
Intercompany receivables		(178,754)		(316,686)
Investment in consolidated affiliates		(12,192,113)		(12,232,982)
Deferred income taxes		(411,220)		(388,089)
Other long-term assets		(7,325)		(14,325)
Total assets (1)		(12,789,412)		(12,952,082)
Current liabilities:
Long-term debt		(7,325)		(14,325)
Deferred income taxes		(411,220)		(388,089)
Intercompany payable		(178,754)		(316,686)
Total liabilities (1)		(597,299)		(719,100)
Shareholders' equity		(12,192,113)		(12,232,982)
Total equity		(12,192,113)		(12,232,982)
Total liabilities and equity		(12,789,412)		(12,952,082)
Parent Company | Reportable Legal Entities
Current assets:
Cash and cash equivalents		323		474
Other current assets		295		50
Total current assets		618		524
Intercompany receivables		100,659		95,946
Investment in consolidated affiliates		2,293,463		2,658,827
Total assets (1)		2,394,740		2,755,297
Current liabilities:
Trade accounts payable		194		132
Accrued liabilities		8,284		28,815
Total current liabilities		8,478		28,947
Intercompany payable		4,748		25,500
Total liabilities (1)		13,226		54,447
Shareholders' equity		2,381,514		2,700,850
Total equity		2,381,514		2,700,850
Total liabilities and equity		2,394,740		2,755,297
Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents		40		42
Other current assets				433
Total current assets		40		475
Intercompany receivables		75,484		218,129
Investment in consolidated affiliates		5,691,496		5,494,886
Deferred income taxes		411,220		388,089
Other long-term assets		79		142
Total assets (1)		6,178,319		6,101,721
Current liabilities:
Trade accounts payable		55		14
Accrued liabilities		53,807		62,830
Total current liabilities		53,862		62,844
Long-term debt		3,557,902		3,600,209
Other long-term liabilities		29,331		29,331
Total liabilities (1)		3,641,095		3,692,384
Shareholders' equity		2,537,224		2,409,337
Total equity		2,537,224		2,409,337
Total liabilities and equity		6,178,319		6,101,721
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Current assets:
Cash and cash equivalents		367,330		447,250
Short-term investments		28,023		34,036
Accounts receivable, net		737,353		756,320
Inventory, net		178,367		165,587
Assets held for sale		8,004		12,250
Other current assets		146,944		177,121
Total current assets		1,466,021		1,592,564
Property, plant and equipment, net		5,301,252		5,467,870
Goodwill		90,645		183,914
Intercompany receivables		2,611		2,611
Investment in consolidated affiliates		4,207,154		4,079,269
Deferred income taxes		357,267		345,091
Other long-term assets		305,906		277,689
Total assets (1)		11,730,856		11,949,008
Current liabilities:
Current portion of debt		790		561
Trade accounts payable		410,220		392,697
Accrued liabilities		257,672		326,267
Income taxes payable		27,179		20,761
Current lease liabilities		13,966
Total current liabilities		709,827		740,286
Other long-term liabilities		264,797		245,154
Deferred income taxes		438,668		394,400
Intercompany payable		174,006		291,186
Total liabilities (1)		1,587,298		1,671,026
Redeemable noncontrolling interest in subsidiary		415,042		404,861
Shareholders' equity		9,654,889		9,823,645
Noncontrolling interest		73,627		49,476
Total equity		9,728,516		9,873,121
Total liabilities and equity		$ 11,730,856		$ 11,949,008
Nabors Delaware [Member]
Condensed Consolidating Financial Information
Ownership percentage		100.00%
[1]	The condensed consolidated balance sheet as of June 30, 2019 and December 31, 2018 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues and other income:
Operating revenues	$ 771,406	$ 761,920	$ 1,571,046	$ 1,496,114
Earnings (losses) from unconsolidated affiliates		(1)	(5)	1
Investment income (loss)	469	(3,164)	10,146	(2,699)
Total revenues and other income	771,875	758,755	1,581,187	1,493,416
Costs and other deductions:
Direct costs	496,664	493,975	1,017,621	969,378
General and administrative expenses	64,415	67,823	132,582	142,394
Research and engineering	11,920	12,439	25,440	28,245
Depreciation and amortization	218,319	218,262	428,710	431,710
Interest expense, net	51,491	60,592	103,843	121,978
Impairments and other charges	102,570	69,620	99,903	76,664
Other, net	7,899	7,981	28,068	15,026
Total costs and other deductions	953,278	930,692	1,836,167	1,785,395
Income (loss) from continuing operations before income taxes	(181,403)	(171,937)	(254,980)	(291,979)
Income tax expense (benefit)	11,398	23,278	41,197	46,823
Income (loss) from continuing operations, net of tax	(192,801)	(195,215)	(296,177)	(338,802)
Income (loss) from discontinued operations, net of tax	(34)	(584)	(191)	(659)
Net income (loss)	(192,835)	(195,799)	(296,368)	(339,461)
Less: Net (income) loss attributable to noncontrolling interest	(10,729)	(2,953)	(24,905)	(3,492)
Net income (loss) attributable to Nabors	(203,564)	(198,752)	(321,273)	(342,953)
Less: preferred stock dividends	(4,312)	(3,680)	(8,625)	(3,680)
Net income (loss) attributable to Nabors common shareholders	(207,876)	(202,432)	(329,898)	(346,633)
Consolidating Adjustments
Revenues and other income:
Earnings (losses) from consolidated affiliates	(5,339)	123,474	672	267,839
Investment income (loss)	(528)	(3,168)	(1,056)	(6,149)
Total revenues and other income	(5,867)	120,306	(384)	261,690
Costs and other deductions:
General and administrative expenses	(350)	(339)	(524)	(508)
Other, net	350	339	524	508
Income (loss) from continuing operations before income taxes	(5,867)	120,306	(384)	261,690
Income (loss) from continuing operations, net of tax	(5,867)	120,306	(384)	261,690
Net income (loss)	(5,867)	120,306	(384)	261,690
Net income (loss) attributable to Nabors	(5,867)	120,306	(384)	261,690
Net income (loss) attributable to Nabors common shareholders	(5,867)	120,306	(384)	261,690
Parent Company | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	(201,253)	(194,594)	(316,299)	(336,419)
Investment income (loss)				2
Total revenues and other income	(201,253)	(194,594)	(316,299)	(336,417)
Costs and other deductions:
General and administrative expenses	1,984	2,854	4,398	5,237
Other, net	279	1,204	516	1,199
Intercompany interest expense, net	48	100	60	100
Total costs and other deductions	2,311	4,158	4,974	6,536
Income (loss) from continuing operations before income taxes	(203,564)	(198,752)	(321,273)	(342,953)
Income (loss) from continuing operations, net of tax	(203,564)	(198,752)	(321,273)	(342,953)
Net income (loss)	(203,564)	(198,752)	(321,273)	(342,953)
Net income (loss) attributable to Nabors	(203,564)	(198,752)	(321,273)	(342,953)
Less: preferred stock dividends	(4,312)	(3,680)	(8,625)	(3,680)
Net income (loss) attributable to Nabors common shareholders	(207,876)	(202,432)	(329,898)	(346,633)
Guarantor Subsidiaries | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	122,615	59,040	196,533	83,025
Total revenues and other income	122,615	59,040	196,533	83,025
Costs and other deductions:
General and administrative expenses	137	157	414	399
Depreciation and amortization	32	32	63	62
Interest expense, net	52,074	60,798	104,824	126,123
Other, net	(2,064)		(4,731)
Total costs and other deductions	50,179	60,987	100,570	126,584
Income (loss) from continuing operations before income taxes	72,436	(1,947)	95,963	(43,559)
Income tax expense (benefit)	(11,541)	(14,027)	(23,131)	(29,114)
Income (loss) from continuing operations, net of tax	83,977	12,080	119,094	(14,445)
Net income (loss)	83,977	12,080	119,094	(14,445)
Net income (loss) attributable to Nabors	83,977	12,080	119,094	(14,445)
Net income (loss) attributable to Nabors common shareholders	83,977	12,080	119,094	(14,445)
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Revenues and other income:
Operating revenues	771,406	761,920	1,571,046	1,496,114
Earnings (losses) from unconsolidated affiliates		(1)	(5)	1
Earnings (losses) from consolidated affiliates	83,977	12,080	119,094	(14,445)
Investment income (loss)	997	4	11,202	3,448
Total revenues and other income	856,380	774,003	1,701,337	1,485,118
Costs and other deductions:
Direct costs	496,664	493,975	1,017,621	969,378
General and administrative expenses	62,644	65,151	128,294	137,266
Research and engineering	11,920	12,439	25,440	28,245
Depreciation and amortization	218,287	218,230	428,647	431,648
Interest expense, net	(583)	(206)	(981)	(4,145)
Impairments and other charges	102,570	69,620	99,903	76,664
Other, net	9,334	6,438	31,759	13,319
Intercompany interest expense, net	(48)	(100)	(60)	(100)
Total costs and other deductions	900,788	865,547	1,730,623	1,652,275
Income (loss) from continuing operations before income taxes	(44,408)	(91,544)	(29,286)	(167,157)
Income tax expense (benefit)	22,939	37,305	64,328	75,937
Income (loss) from continuing operations, net of tax	(67,347)	(128,849)	(93,614)	(243,094)
Income (loss) from discontinued operations, net of tax	(34)	(584)	(191)	(659)
Net income (loss)	(67,381)	(129,433)	(93,805)	(243,753)
Less: Net (income) loss attributable to noncontrolling interest	(10,729)	(2,953)	(24,905)	(3,492)
Net income (loss) attributable to Nabors	(78,110)	(132,386)	(118,710)	(247,245)
Net income (loss) attributable to Nabors common shareholders	$ (78,110)	$ (132,386)	$ (118,710)	$ (247,245)

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	$ (203,564)	$ (198,752)	$ (321,273)	$ (342,953)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	6,349	(5,570)	15,539	(14,913)
Pension liability amortization and adjustment	54	54	108	108
Unrealized gains (losses) and amortization on cash flow hedges	142	142	282	282
Unrealized gains (losses) and amortization on cash flow hedges.	142		282
Adoption of ASU No. 2016-01				(9,144)
Other comprehensive income (loss), before tax	6,545	(5,374)	15,929	(23,667)
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	48	94	91
Other comprehensive income (loss), net of tax	6,497	(5,422)	15,835	(23,758)
Comprehensive income (loss) attributable to Nabors	(197,067)	(204,174)	(305,438)	(366,711)
Net income (loss) attributable to noncontrolling interest	10,729	2,953	24,905	3,492
Translation adjustment attributable to noncontrolling interest	7	(63)	59	(159)
Comprehensive income (loss) attributable to noncontrolling interest	10,736	2,890	24,964	3,333
Comprehensive income (loss)	(186,331)	(201,284)	(280,474)	(363,378)
Consolidating Adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(5,867)	120,306	(384)	261,690
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	(6,349)	5,570	(15,537)	14,913
Pension liability amortization and adjustment	(162)	(162)	(324)	(324)
Unrealized gains (losses) and amortization on cash flow hedges		(284)		(564)
Unrealized gains (losses) and amortization on cash flow hedges.	(284)		(564)
Adoption of ASU No. 2016-01				9,144
Other comprehensive income (loss), before tax	(6,795)	5,124	(16,425)	23,169
Income tax expense (benefit) related to items of other comprehensive income (loss)	(144)	(144)	(282)	(273)
Other comprehensive income (loss), net of tax	(6,651)	5,268	(16,143)	23,442
Comprehensive income (loss) attributable to Nabors	(12,518)	125,574	(16,527)	285,132
Comprehensive income (loss)	(12,518)	125,574	(16,527)	285,132
Parent Company | Reportable Legal Entities
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(203,564)	(198,752)	(321,273)	(342,953)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	6,349	(5,570)	15,539	(14,913)
Pension liability amortization and adjustment	54	54	108	108
Unrealized gains (losses) and amortization on cash flow hedges		142		282
Unrealized gains (losses) and amortization on cash flow hedges.	142		282
Adoption of ASU No. 2016-01				(9,144)
Other comprehensive income (loss), before tax	6,545	(5,374)	15,929	(23,667)
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	48	94	91
Other comprehensive income (loss), net of tax	6,497	(5,422)	15,835	(23,758)
Comprehensive income (loss) attributable to Nabors	(197,067)	(204,174)	(305,438)	(366,711)
Comprehensive income (loss)	(197,067)	(204,174)	(305,438)	(366,711)
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	83,977	12,080	119,094	(14,445)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors			(2)
Pension liability amortization and adjustment	54	54	108	108
Unrealized gains (losses) and amortization on cash flow hedges		142		282
Unrealized gains (losses) and amortization on cash flow hedges.	142		282
Other comprehensive income (loss), before tax	196	196	388	390
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	48	94	91
Other comprehensive income (loss), net of tax	148	148	294	299
Comprehensive income (loss) attributable to Nabors	84,125	12,228	119,388	(14,146)
Comprehensive income (loss)	84,125	12,228	119,388	(14,146)
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(78,110)	(132,386)	(118,710)	(247,245)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	6,349	(5,570)	15,539	(14,913)
Pension liability amortization and adjustment	108	108	216	216
Unrealized gains (losses) and amortization on cash flow hedges		142		282
Unrealized gains (losses) and amortization on cash flow hedges.	142		282
Adoption of ASU No. 2016-01				(9,144)
Other comprehensive income (loss), before tax	6,599	(5,320)	16,037	(23,559)
Income tax expense (benefit) related to items of other comprehensive income (loss)	96	96	188	182
Other comprehensive income (loss), net of tax	6,503	(5,416)	15,849	(23,741)
Comprehensive income (loss) attributable to Nabors	(71,607)	(137,802)	(102,861)	(270,986)
Net income (loss) attributable to noncontrolling interest	10,729	2,953	24,905	3,492
Translation adjustment attributable to noncontrolling interest	7	(63)	59	(159)
Comprehensive income (loss) attributable to noncontrolling interest	10,736	2,890	24,964	3,333
Comprehensive income (loss)	$ (60,871)	$ (134,912)	$ (77,897)	$ (267,653)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	$ 273,085	$ 77,357
Cash flows from investing activities:
Purchases of investments	(4,572)	(676)
Sales and maturities of investments	11,919	2,602
Cash paid for acquisitions of businesses, net of cash acquired	(2,929)
Capital expenditures	(274,479)	(209,471)
Proceeds from sales of assets and insurance claims	11,857	77,272
Net cash (used for) provided by investing activities	(258,204)	(130,273)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		(344)
Debt issuance costs	(49)	(12,990)
Proceeds from (payments for) issuance of common shares		302,014
Reduction of long-term debt	(361,966)	(460,837)
Proceeds from (payments for) commercial paper, net		(40,000)
Proceeds from revolving credit facilities	790,000	625,000
Reduction in revolving credit facilities	(480,000)	(1,135,000)
Dividends to common and preferred shareholders	(33,705)	(36,200)
Proceeds from (payments for) short-term borrowings	229	62
Proceeds from issuance of preferred stock, net of issuance costs		278,573
Proceeds from issuance of long-term debt		800,000
Distributions to noncontrolling interest	(814)	(4,676)
Other changes	(2,337)	(3,688)
Net cash (used for) provided by financing activities	(88,642)	311,914
Effect of exchange rate changes on cash and cash equivalents	(1,968)	(3,637)
Net increase (decrease) in cash, cash equivalents and restricted cash	(75,729)	255,361
Cash and cash equivalents and restricted cash, beginning of period	451,080	342,029
Cash and cash equivalents and restricted cash, end of period	375,351	597,390
Consolidating Adjustments
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(58,996)	(28,149)
Cash flows from investing activities:
Cash paid for investments in consolidated affiliates	8,500	786,500
Net cash (used for) provided by investing activities	8,500	786,500
Cash flows from financing activities:
Dividends to common and preferred shareholders	3,696	6,149
Proceeds from parent contributions	(8,500)	(786,500)
Distribution from subsidiary to parent	55,300	22,000
Net cash (used for) provided by financing activities	50,496	(758,351)
Parent Company | Reportable Legal Entities
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	59,249	56,041
Cash flows from investing activities:
Cash paid for investments in consolidated affiliates		(587,500)
Net cash (used for) provided by investing activities		(587,500)
Cash flows from financing activities:
Proceeds from (payments for) issuance of common shares	6	302,014
Proceeds from issuance of intercompany debt	4,700	20,000
Dividends to common and preferred shareholders	(36,926)	(42,349)
Proceeds from issuance of preferred stock, net of issuance costs		278,573
Paydown of intercompany debt	(25,500)	(21,000)
Other changes	(1,680)	(3,688)
Net cash (used for) provided by financing activities	(59,400)	533,550
Net increase (decrease) in cash, cash equivalents and restricted cash	(151)	2,091
Cash and cash equivalents and restricted cash, beginning of period	474	1,091
Cash and cash equivalents and restricted cash, end of period	323	3,182
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(91,938)	(102,233)
Cash flows from investing activities:
Change in intercompany balances	142,645	127,059
Net cash (used for) provided by investing activities	142,645	127,059
Cash flows from financing activities:
Debt issuance costs	(49)	(12,990)
Reduction of long-term debt	(361,966)	(460,837)
Proceeds from (payments for) commercial paper, net		(40,000)
Proceeds from revolving credit facilities	790,000	625,000
Reduction in revolving credit facilities	(480,000)	(1,135,000)
Proceeds from issuance of long-term debt		800,000
Paydown of intercompany debt	(7,194)
Proceeds from parent contributions	8,500	199,000
Net cash (used for) provided by financing activities	(50,709)	(24,827)
Net increase (decrease) in cash, cash equivalents and restricted cash	(2)	(1)
Cash and cash equivalents and restricted cash, beginning of period	42	44
Cash and cash equivalents and restricted cash, end of period	40	43
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	364,770	151,698
Cash flows from investing activities:
Purchases of investments	(4,572)	(676)
Sales and maturities of investments	11,919	2,602
Cash paid for acquisitions of businesses, net of cash acquired	(2,929)
Cash paid for investments in consolidated affiliates	(8,500)	(199,000)
Capital expenditures	(274,479)	(209,471)
Proceeds from sales of assets and insurance claims	11,857	77,272
Change in intercompany balances	(142,645)	(127,059)
Net cash (used for) provided by investing activities	(409,349)	(456,332)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		(344)
Proceeds from (payments for) issuance of common shares	(6)
Proceeds from issuance of intercompany debt	(4,700)	(20,000)
Dividends to common and preferred shareholders	(475)
Proceeds from (payments for) short-term borrowings	229	62
Paydown of intercompany debt	32,694	21,000
Distributions to noncontrolling interest	(814)	(4,676)
Proceeds from parent contributions		587,500
Distribution from subsidiary to parent	(55,300)	(22,000)
Other changes	(657)
Net cash (used for) provided by financing activities	(29,029)	561,542
Effect of exchange rate changes on cash and cash equivalents	(1,968)	(3,637)
Net increase (decrease) in cash, cash equivalents and restricted cash	(75,576)	253,271
Cash and cash equivalents and restricted cash, beginning of period	450,564	340,894
Cash and cash equivalents and restricted cash, end of period	$ 374,988	$ 594,165