Nabors Industries (NBR) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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
Title of 12(b) Security	Common shares, $.05 par value per share
Trading Symbol	NBR
Security Exchange Name	NYSE
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		9,411,918
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001163739
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 394,028	$ 991,471
Short-term investments	11	17
Accounts receivable, net of allowance of $90,321 and $67,292, respectively	297,209	287,572
Inventory, net	132,126	126,448
Assets held for sale	16,582	16,561
Other current assets	104,112	95,740
Total current assets	944,068	1,517,809
Property, plant and equipment, net	3,245,574	3,332,498
Restricted cash held in trust	281,549	281,523
Deferred income taxes	256,543	258,631
Other long-term assets	129,432	134,903
Total assets	4,857,166	5,525,364
Current liabilities:
Trade accounts payable	278,878	253,748
Accrued liabilities	209,910	247,171
Income taxes payable	19,327	18,887
Current lease liabilities	5,330	5,422
Total current liabilities	513,445	525,228
Long-term debt	2,610,092	3,262,795
Other long-term liabilities	372,592	340,347
Deferred income taxes	2,478	2,773
Total liabilities	3,498,607	4,131,143
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest in subsidiary	677,829	675,283
Shareholders' equity:
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 10,475 and 9,295, respectively	523	466
Capital in excess of par value	3,593,355	3,454,563
Accumulated other comprehensive income (loss)	(9,298)	(10,634)
Retained earnings (accumulated deficit)	(1,725,213)	(1,537,988)
Less: treasury shares, at cost, 1,090 and 1,090 common shares, respectively	(1,315,751)	(1,315,751)
Total shareholders' equity	543,616	590,656
Noncontrolling interest	137,114	128,282
Total equity	680,730	718,938
Total liabilities and equity	$ 4,857,166	$ 5,525,364

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, net of allowance	$ 90,321	$ 67,292
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000	32,000
Common shares, shares issued	10,475	9,295
Treasury shares, at cost	1,090	1,090

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues and other income:
Operating revenues	$ 568,539	$ 460,511
Investment income (loss)	163	1,263
Total revenues and other income	568,702	461,774
Costs and other deductions:
Direct costs	372,712	290,654
General and administrative expenses	53,639	54,660
Research and engineering	11,678	7,467
Depreciation and amortization	164,359	177,276
Interest expense	46,910	42,975
Other, net	80,401	7,346
Total costs and other deductions	729,699	580,378
Income (loss) from continuing operations before income taxes	(160,997)	(118,604)
Income tax expense (benefit):
Current	9,950	10,903
Deferred	3,721	(1,178)
Total income tax expense (benefit)	13,671	9,725
Income (loss) from continuing operations, net of tax	(174,668)	(128,329)
Income (loss) from discontinued operations, net of tax		19
Net income (loss)	(174,668)	(128,310)
Less: Net (income) loss attributable to noncontrolling interest	(9,828)	(8,776)
Net income (loss) attributable to Nabors	(184,496)	(137,086)
Less: Preferred stock dividend		(3,653)
Net income (loss) attributable to Nabors common shareholders	(184,496)	(140,739)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(184,496)	(140,758)
Net income (loss) from discontinued operations		19
Net income (loss) attributable to Nabors common shareholders	$ (184,496)	$ (140,739)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (22.51)	$ (20.16)
Total Basic (in dollars per share)	(22.51)	(20.16)
Diluted from continuing operations (in dollars per share)	(22.51)	(20.16)
Total Diluted (in dollars per share)	$ (22.51)	$ (20.16)
Weighted-average number of common shares outstanding:
Basic (in shares)	8,311	7,102
Diluted (in shares)	8,311	7,102

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (184,496)	$ (137,086)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	(132)	2,228
Pension liability amortization and adjustment	1,480	(1,848)
Other comprehensive income (loss), before tax	1,348	380
Income tax expense (benefit) related to items of other comprehensive income (loss)	12	12
Other comprehensive income (loss), net of tax	1,336	368
Comprehensive income (loss) attributable to Nabors	(183,160)	(136,718)
Comprehensive income (loss) attributable to noncontrolling interest	9,828	8,776
Comprehensive income (loss)	$ (173,332)	$ (127,942)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (174,668)	$ (128,310)
Adjustments to net income (loss):
Depreciation and amortization	164,360	177,277
Deferred income tax expense (benefit)	3,721	(1,178)
Impairments and other charges		355
Amortization of debt discount and deferred financing costs	4,984	5,400
Losses (gains) on debt buyback	36	(8,062)
Losses (gains) on long-lived assets, net	77	8,524
Losses (gains) on investments, net	1	(315)
Provision (recovery) of bad debt		(2,339)
Share-based compensation	3,879	6,775
Foreign currency transaction losses (gains), net	4,214	2,365
Mark-to-market loss on warrants	71,752
Noncontrolling interest	(9,828)	(8,777)
Other	110	398
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(22,775)	32,017
Inventory	(5,621)	6,039
Other current assets	(8,039)	(6,476)
Other long-term assets	2,136	(4,949)
Trade accounts payable and accrued liabilities	2,024	(17,697)
Income taxes payable	682	15,766
Other long-term liabilities	4,309	2,677
Net cash provided by (used for) operating activities	41,354	79,490
Cash flows from investing activities:
Purchases of investments	(1,534)	(14)
Sales and maturities of investments	5	10,908
Capital expenditures	(84,258)	(40,852)
Proceeds from sales of assets and insurance claims	3,671	10,839
Other	9
Net cash (used for) provided by investing activities	(82,107)	(19,119)
Cash flows from financing activities:
Reduction in long-term debt	(86,127)	(16,838)
Debt issuance costs	(3,858)	(2,421)
Proceeds from revolving credit facilities	40,000	95,000
Reduction in revolving credit facilities	(500,000)	(135,000)
Proceeds from issuance of common shares, net of issuance costs	257
Repurchase of common and preferred shares	(4,523)
Dividends to common and preferred shareholders	(10)	(3,662)
Distributions to noncontrolling interest	(995)	(49,077)
Other		(1,923)
Net cash (used for) provided by financing activities	(555,256)	(113,921)
Effect of exchange rate changes on cash and cash equivalents	(1,289)	(1,111)
Net increase (decrease) in cash and cash equivalents and restricted cash	(597,298)	(54,661)
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280
Cash and cash equivalents and restricted cash, end of period	676,212	420,619
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	991,471	472,246
Restricted cash, beginning of period	282,039	3,034
Cash and cash equivalents and restricted cash, beginning of period	1,273,510	475,280
Cash and cash equivalents, end of period	394,028	417,544
Restricted cash, end of period	282,184	3,075
Cash and cash equivalents and restricted cash, end of period	$ 676,212	$ 420,619

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Mandatory Convertible Preferred SharesPreferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock	Noncontrolling Interest	Total
Balance at the beginning of the period at Dec. 31, 2020	$ 5	$ 419	$ 3,423,935	$ (11,124)	$ (946,100)	$ (1,315,751)	$ 105,424	$ 1,256,808
Balance (in shares) at Dec. 31, 2020	4,870	8,383
Increase (Decrease) in Equity
Net income (loss)					(137,086)		8,776	(128,310)
PSU distribution equivalent rights					(10)			(10)
Dividends declared to preferred shareholders					(3,653)			(3,653)
Other comprehensive income (loss), net of tax				368				368
Share-based compensation			6,775					6,775
Accrued distribution on redeemable noncontrolling interest in subsidiary					(2,402)			(2,402)
Other		$ (2)	(1,621)				1	(1,622)
Other (in shares)		120
Balance at the end of the period at Mar. 31, 2021	$ 5	$ 417	3,429,089	(10,756)	(1,089,251)	(1,315,751)	114,201	1,127,954
Balance (in shares) at Mar. 31, 2021	4,870	8,503
Balance at the beginning of the period at Dec. 31, 2021		$ 466	3,454,563	(10,634)	(1,537,988)	(1,315,751)	128,282	718,938
Balance (in shares) at Dec. 31, 2021		9,295
Increase (Decrease) in Equity
Net income (loss)					(184,496)		9,828	(174,668)
PSU distribution equivalent rights					(9)			(9)
Warrant Exercise		$ 52	139,436					139,488
Warrant Exercise (in shares)		1,024
Other comprehensive income (loss), net of tax				1,336				1,336
Share-based compensation			3,879					3,879
Noncontrolling interest contributions (distributions)							(996)	(996)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(2,545)			(2,545)
Other		$ 5	(4,523)		(175)			(4,693)
Other (in shares)		156
Balance at the end of the period at Mar. 31, 2022		$ 523	$ 3,593,355	$ (9,298)	$ (1,725,213)	$ (1,315,751)	$ 137,114	$ 680,730
Balance (in shares) at Mar. 31, 2022		10,475

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Dividends declared to preferred shareholders (in dollars per share)	$ 0.75

General

General	3 Months Ended
	Mar. 31, 2022
General.
General	Note 1 General ​ 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. These services and technologies include tubular running services, wellbore placement solutions, directional drilling, measurement-while-drilling (“MWD”), logging-while-drilling (“LWD”) systems and services, equipment manufacturing, rig instrumentation and drilling optimization software. ​ With operations in over 15 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 March 31, 2022 included: ​ ● 301 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and ​ ● 29 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. ​ The short and long-term implications are difficult to predict at this time. We continue to actively monitor this dynamic situation and will fulfill any existing activity in full compliance with applicable international laws and sanctions. As of March 31, 2022, 1.3 % of our property, plant and equipment, net was located in Russia. For the three months ending March 31, 2022, 1.4% of our operating revenues were from operations in Russia. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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” or “Commission”), 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, 2021 (“2021 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 108,912 ​ $ 105,638 ​ Work-in-progress ​ 2,336 ​ 1,368 ​ Finished goods ​ 20,878 ​ 19,442 ​ ​ ​ $ 132,126 ​ $ 126,448 ​ ​ Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“NETC”) is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period. ​

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2022
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 interest was $396.3 million. 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. In 2021, SANAD settled approximately $120 million of the accrued interest from inception to December 2021, by making cash payments to each partner for their respective amounts. The assets and liabilities included in the condensed balance sheet below are (1) assets that can either be used to settle obligations of the VIE or be made available in the future to the equity owners through dividends, distributions or in exchange of the redeemable ownership interests (upon mutual agreement of the owners) or (2) liabilities for which creditors do not have recourse to other assets of Nabors. ​ The condensed balance sheet of SANAD, as included in our condensed consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 308,761 ​ $ 293,037 ​ Accounts receivable ​ 79,366 ​ 88,174 ​ Other current assets ​ 6,703 ​ 6,662 ​ Property, plant and equipment, net ​ 492,676 ​ 467,587 ​ Other long-term assets ​ 19,006 ​ 19,010 ​ Total assets ​ $ 906,512 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 61,722 ​ $ 61,278 ​ Accrued liabilities ​ 10,812 ​ 6,021 ​ Other liabilities ​ ​ 26,597 ​ ​ 26,300 ​ Total liabilities ​ $ 99,131 ​ $ 93,599 ​ ​

Accounts Receivable Purchase an

Accounts Receivable Purchase and Sales Agreement	3 Months Ended
	Mar. 31, 2022
Accounts Receivable Purchase and Sales Agreement
Accounts Receivable Purchase and Sales Agreement	Note 4 Accounts Receivable Purchase and Sales Agreements ​ The Company has entered into an accounts receivable sales agreement (the “A/R Sales Agreement” and, together with the A/R Purchase Agreement (as defined below), the “A/R Facility”) to sell short-term receivables from certain customer trade accounts to an unaffiliated financial institution on a revolving basis. In July 2021, we entered into the First Amendment to the A/R Sales Agreement (the “First Agreement”), which reduced the commitments of the third-party financial institutions (the “Purchasers”) from $250 million to $150 million and extended the term of the agreements by two years, to August 13, 2023. ​ As part of the A/R Facility, the Company continuously sells designated pools of receivables as they are originated by it and certain U.S. subsidiaries to a separate, bankruptcy-remote, special purpose entity (“SPE”) pursuant to a purchase agreement between the SPE and the Company (the “A/R Purchase Agreement”). The SPE in turn sells, transfers, conveys and assigns to the Purchasers all the rights, title and interest in and to its pool of eligible receivables (the “Eligible Receivables”). The sale of the Eligible Receivables qualified for sale accounting treatment in accordance with ASC 860 – Transfers and Servicing. During the period of this program, cash receipts from the Purchasers at the time of the sale are classified as operating activities in our consolidated statement of cash flows and the associated receivables are derecognized from the Company’s consolidated balance sheet at the time of the sale. The remaining receivables held by the SPE were pledged to secure the collectability of the sold Eligible Receivables. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows in our consolidated statement of cash flows at the time of collection. The amount of receivables pledged as collateral as of March 31, 2022 and December 31, 2021 is approximately $55.3 million and $44.2 million, respectively. ​ The amount available for sale to the Purchasers under the A/R Sales Agreement fluctuates over time based on the total amount of Eligible Receivables generated during the normal course of business after excluding excess concentrations and certain other ineligible receivables. As of March 31, 2022, approximately $136.0 million had been sold to and as yet uncollected by the Purchasers. As of December 31, 2021, the corresponding number was approximately $113.0 million. ​

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt
Debt	Note 5 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 (1) ​ $ 21,226 ​ $ 24,446 ​ 5.10% senior notes due September 2023 ​ 62,338 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 162,065 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 526,628 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 218,082 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ — ​ ​ 460,000 ​ ​ ​ $ 2,637,850 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 27,758 ​ ​ 30,805 ​ Long-term debt ​ $ 2,610,092 ​ $ 3,262,795 ​ ​ (1) The 5.50% senior notes due January 2023 were classified as long-term as of March 31, 2022, because we had the ability and intent to repay this obligation utilizing our 2022 Credit Agreement. ​ During the three months ended March 31, 2022, we repurchased $27.1 million aggregate principal amount of various outstanding Nabors Delaware’s notes for approximately $27.0 million in cash, including principal and $0.3 million in accrued and unpaid interest. In connection with these repurchases, we recognized a minimal loss for the three months ended March 31, 2022 which is included in Other, net in our condensed consolidated statement of income (loss). Also, during the three months ended March 31, 2022, $130.7 million in maturity value of our notes were tendered by warrant holders, and retired, in connection with exercises of the common stock warrants. ​ Exchange Transactions ​ During the first quarter of 2021, we entered into two private exchange transactions in which Nabors Delaware exchanged 9.0% senior priority guaranteed notes due 2025 (the “9.0% Exchange Notes”) for various amounts of existing outstanding notes. Nabors Delaware did not receive any cash proceeds from the issuance of the Exchange Notes. Collectively from the series of exchanges, Nabors Industries, Inc. issued Nabors Delaware’s Notes. ​ We recorded a minimal gain in connection with the exchange transactions, which was accounted for in accordance with ASC 470-60, Troubled Debt Restructuring by Debtors. Under ASC 470-60, a gain is recorded in an amount equal to the sum of the future undiscounted payments (principal and interest) related to the new Exchange Notes plus the costs incurred in connection with the transaction, less the carrying value of the notes that were exchanged. In relation to the transactions, we recorded million related to future contractual interest payments on the new Exchange Notes and have included this amount in accrued liabilities and other long-term liabilities. ​ The aggregate principal amounts and recognized gain for such transactions were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2021 Exchanged ​ ​ (in thousands) 0.75% senior exchangeable notes due January 2024 ​ $ 35,000 5.75% senior notes due February 2025 ​ 5,000 Aggregate principal amount exchanged ​ 40,000 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050 ​ 0.75% Senior Exchangeable Notes Due January 2024 ​ In January 2017, Nabors Delaware issued $575.0 million in aggregate principal amount of 0.75% exchangeable senior unsecured notes due 2024, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of 0.75% per year payable semiannually on January 15 and July 15 of each year, beginning on July 15, 2017. As of ​ The exchangeable notes are currently exchangeable, under certain conditions, at an exchange rate of .8018 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an exchange price of approximately $1,247.19 per common share). The exchangeable notes were originally bifurcated for accounting purposes into debt and equity components of $411.2 million and $163.8 million, respectively, based on the terms of the notes and the relative fair value at the issuance date. Upon any exchange, as a result of an amendment to the notes, Nabors Delaware will settle its exchange obligation in cash. ​ 2018 Revolving Credit Facility ​ In October 2018, Nabors Delaware and Nabors Drilling Canada Limited (“Nabors Canada” and together with Nabors Delaware, the “Borrowers”) entered into a credit agreement dated October 11, 2018 by and among the Borrowers, the guarantors identified therein, HSBC Bank Canada, as the Canadian lender the issuing banks and other lenders party thereto (the “U.S. Lenders”) and Citibank, N.A., as administrative agent solely for the U.S. Lenders (as may be amended, restated, supplemented or otherwise modified from time to time, the “2018 Revolving Credit Facility”). As of January 21, 2022, we repaid all amounts outstanding under the 2018 Revolving Credit Facility and the 2018 Revolving Credit Facility was terminated. ​ 2022 Credit Agreement ​ On January 21, 2022, we entered into a revolving credit agreement between Nabors Delaware, the guarantors from time to time party thereto, the issuing banks (the “Issuing Banks”) and other lenders party thereto (the “Lenders”) and Citibank, N.A., as administrative agent (the “2022 Credit Agreement”). Under the 2022 Credit Agreement, the Lenders have committed to provide up to an aggregate principal amount at any time outstanding not in excess of $350.0 million (with an accordion feature for an additional $100.0 million) to Nabors Delaware under a secured revolving credit facility, including sub-facilities provided by certain of the Lenders for letters of credit in an aggregate principal amount at any time outstanding not in excess of $100.0 million. ​ The 2022 Credit Agreement permits the incurrence of additional indebtedness secured by liens, which may include liens on the collateral securing the facility, in an amount up to $150.0 million as well as a grower basket for term loans in an amount not to exceed $100.0 million secured by liens not on the collateral. The Company is required to maintain an interest coverage ratio (EBITDA/interest expense), which increases on a quarterly basis, and a minimum guarantor value, requiring the guarantors (other than the Company) and their subsidiaries to own at least of the consolidated property, plant and equipment of the Company. The facility matures on the earlier of (a) January 21, 2026 and (b) (i) to the extent any principal amount of Nabors Delaware’s existing th ​ Additionally, the Company is subject to certain covenants, which are subject to certain exceptions and include, among others, (i) a covenant restricting our ability to incur liens (subject to the additional liens basket of up to $150.0 million) , (ii) a covenant restricting its ability to pay dividends or make other distributions with respect to its capital stock and to repurchase certain indebtedness and (iii) a covenant restricting the ability of the Company’s subsidiaries to incur debt (subject to the grower basket of up to $100.0 million). The agreement also includes a collateral coverage requirement that the collateral rig fair value is to be no less than the collateral coverage threshold, as defined in the agreement. This requirement includes an independent appraisal report to be delivered every 6 months following the closing date. ​ As of March 31, 2022, we had no borrowings outstanding under our 2022 Credit Agreement. The weighted average interest rate on borrowings under the 2022 Credit Agreement at March 31, 2022 was 3.23%. In order to make any future borrowings under the 2022 Credit Agreement, 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. ​ As of the date of this report, we were in compliance with all covenants under the 2022 Credit Agreement. We expect to remain in compliance with all covenants under the 2022 Credit Agreement during the twelve month period following the date of this report based on our current operational and financial projections. However, we can make no assurance of continued compliance if our current projections or material underlying assumptions prove to be incorrect. 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	3 Months Ended
	Mar. 31, 2022
Shareholders' Equity
Shareholders' Equity	Note 6 Shareholders’ Equity ​ Common shares ​ On July 19, 2021, we issued 147,974 shares, valued at approximately $12.9 million, in connection with the purchase of certain development stage technologies in the energy transition space. Of the shares issued, 71,280 shares are forfeitable if certain milestones are not achieved over the next two years. ​ Common stock warrants ​ On May 27, 2021, the Board declared a distribution to holders of the Company’s common shares of warrants to purchase its common shares (the “Warrants”). Holders of Nabors common shares received two million warrants on June 11, 2021 to shareholders of record as of June 4, 2021. As of March 31, 2022, ​ Each Warrant represents the right to purchase one common share at an initial exercise price of $166.66667 per Warrant, subject to certain adjustments (the “Exercise Price”). In addition, Warrants submitted for exercise may be eligible to receive an additional one higher than the sum of the volume weighted average prices of Nabors’ common shares on each of the second, third and fourth days before any Warrant holder exercises its Warrants. Effective as of April 25, 2022, Warrant holders were no longer entitled to receive any incentive shares when exercising the Warrants. Payment for common shares on exercise of Warrants may be in (i) cash or (ii)“Designated Notes,” which the Company initially defined as (a) Nabors Delaware’s (i) 5.10% Notes due 2023, (ii) 0.75% Exchangeable Notes due 2024, (iii) 5.75% Notes due 2025 and (b) the Company’s 7.25% Notes due 2026 0.75% Exchangeable Notes due 2024 was removed from the list of Designated Notes. of the market price of the common shares. The Warrants expire on June 11, 2026, but the expiration date may be accelerated at any time by the Company upon ​ The common stock warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Warrants was initially measured at fair value using a Monte Carlo pricing model due to the level of market activity. As of March 31, 2022, At distribution, the fair value of the Warrants was million. On March 31, 2022, the fair value of the Warrants was approximately million. During the three months ended March 31, 2022, approximately

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 7 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 liabilities that are accounted for at fair value on a recurring basis as of March 31, 2022 consisted of our common stock warrants. During the three months ended March 31, 2022, the common stock warrants transferred from using Level 3 inputs to Level 1 measurements due to increased trading volume. As of March 31, 2022, our common stock warrants were carried at fair market value and totaled ​ Recurring Fair Value Measurements ​ The fair value of the common stock warrants was initially measured at fair value using a Monte Carlo option pricing model. As of December 31, 2021, the estimated fair value of the warrants is determined using Level 3 inputs. Inherent in the option pricing simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its common stock warrants based on implied and historical volatility of the company’s traded common stock. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is based on the Company’s ability to initiate expiration, subject to a 20 business day notice period. ​ 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 related to assets held for sale, goodwill, intangible assets and other long-lived assets and assets acquired and liabilities assumed in a business combination. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.50% senior notes due January 2023 $ 21,226 ​ $ 21,536 $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 62,338 ​ 63,685 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 162,065 ​ 168,155 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 526,628 ​ 513,304 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — ​ — 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 227,346 ​ ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 557,935 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 728,049 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 379,058 389,609 ​ 346,966 2018 revolving credit facility — ​ — 460,000 ​ 460,000 ​ ​ $ 2,637,850 ​ $ 2,659,069 ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ 27,758 ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ $ 2,610,092 ​ ​ ​ ​ $ 3,262,795 ​ ​ ​ ​ 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 8 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 $19.8 million (at March 31, 2022 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 appealed this decision again to the Supreme Court, which again overturned the appeals court’s decision. The case was moved back to the court of appeals, which, once again, reinstated the verdict, failing to abide by the Supreme Court’s ruling. Accordingly, we are appealing once more to the Supreme Court to try to get a final ruling on the matter. 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 $11.8 million in excess of amounts accrued. ​ 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, due to a change in interpretation by the AOED that the owner/lessor of the equipment that emits the pollutants must have its own permits. Administrative fines of $0.8 million were paid by KNDC for such violations. AOED also assessed additional “environmental damages” in the amount of $3.4 million for the period. KNDC appealed and, ultimately, the Supreme Court ruled in KNDC’s favor on July 21, 2021, terminating the administrative case for lack of evidence. KNDC was reimbursed by the AOED for the environmental damages on December 27, 2021. With the potential for additional damages for later year audits, KNDC and the operator have executed an agreement formalizing the operator’s obligation to reimburse KNDC for many of the financial expenses related to this case as well as penalties and expenses related to future audit periods. Since 2019, KNDC holds its own permits. Another audit by AOED was performed for the second half of 2018, but KNDC continues to appeal this decision in the same manner as the prior audit. Meanwhile, KNDC received notice from government officials that certain of our employees may be held personally responsible, but considering the numerous court proceedings, the governmental officials temporarily suspended any criminal investigations. On December 10, 2021, the regional court in Atyrau Region upheld KNDC’s position and ruled in our favor. AOED still holds a right to appeal this decision to the Supreme Court until June 30, 2022, but it has canceled previously-issued audit decision that was the basis of the administrative proceeding. AOED also has an appeal pending for review of the environmental damages and has until the end of May 2022 to provide additional information to the court. AOED also carried out a planned audit for the period January 2019-February 2022 which had no material findings. We continue to be engaged and are monitoring the situation. ​ 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 include the A/R Facility (see Note 4—Accounts Receivable Purchase and Sales Agreements) and certain agreements and obligations under which we provide financial or performance assurance to third parties. Certain of these financial or performance assurances 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 ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 35,156 13,065 8,488 35,967 ​ $ 92,676 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 9 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. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (174,668) ​ $ (128,329) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (9,828) ​ (8,776) ​ Less: preferred stock dividends ​ ​ — ​ (3,653) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (2,545) ​ ​ (2,402) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (187,041) ​ $ (143,160) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 8,311 ​ 7,102 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (22.51) ​ $ (20.16) ​ Basic from discontinued operations ​ ​ — ​ — ​ Total Basic ​ ​ $ (22.51) ​ $ (20.16) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (187,041) ​ $ (143,160) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 8,311 ​ ​ 7,102 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (22.51) ​ $ (20.16) ​ Diluted from discontinued operations ​ ​ — ​ — ​ Total Diluted ​ ​ $ (22.51) ​ $ (20.16) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. 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. 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 shares from options that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 13,194 ​ ​ 72 ​ ​ Additionally, through the first quarter of 2021, we excluded 0.79 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. For the three months ended March 31, 2022, we excluded 3.4 million shares from the computation of diluted shares related to the warrants issued because their effect would be anti-dilutive under the if-converted method.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 52,181 ​ $ 51,993 ​ Deferred revenue and proceeds on insurance and asset sales ​ 44,970 ​ ​ 59,816 ​ Other taxes payable ​ 26,783 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 55,779 ​ 71,814 ​ Litigation reserves ​ 16,270 ​ 14,939 ​ Other accrued liabilities ​ 7,339 ​ 7,688 ​ ​ ​ $ 209,910 ​ $ 247,171 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ Interest and dividend income ​ $ 397 ​ $ 1,293 ​ Gains (losses) on marketable securities ​ (234) ​ (30) ​ ​ ​ $ 163 ​ $ 1,263 ​ ​ Other, net included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 76 ​ $ 8,522 ​ Warrant valuation ​ ​ ​ 73,202 ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 3,112 ​ ​ 1,494 ​ Foreign currency transaction losses (gains) ​ ​ ​ 4,214 ​ ​ 2,379 ​ (Gain) loss on debt buyback ​ ​ ​ 36 ​ ​ (8,062) ​ Other losses (gains) ​ ​ ​ (239) ​ ​ 3,013 ​ ​ ​ ​ $ 80,401 ​ $ 7,346 ​ ​ The changes in accumulated other comprehensive income (loss), by component, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ (1,900) ​ 2,228 ​ ​ 328 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 40 ​ ​ — ​ ​ 40 ​ Net other comprehensive income (loss) ​ — ​ (1,860) ​ 2,228 ​ 368 ​ As of March 31, 2021 ​ $ 2 ​ $ (5,476) ​ $ (5,282) ​ $ (10,756) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ 1,428 ​ (132) ​ 1,296 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 40 ​ — ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 1,468 ​ (132) ​ 1,336 ​ As of March 31, 2022 ​ $ 2 ​ $ (3,888) ​ $ (5,412) ​ $ (9,298) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ Total income (loss) from continuing operations before income tax ​ ​ (52) ​ (52) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​ ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
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 ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 217,583 ​ $ 142,299 ​ Canada Drilling ​ ​ — ​ 20,989 ​ International Drilling ​ ​ 279,030 ​ 246,838 ​ Drilling Solutions ​ ​ 54,182 ​ 35,706 ​ Rig Technologies ​ ​ 36,736 ​ 25,748 ​ Other reconciling items (1) ​ ​ (18,992) ​ (11,069) ​ Total ​ ​ $ 568,539 ​ $ 460,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ (5,851) ​ $ (23,336) ​ Canada Drilling ​ ​ (19) ​ 3,907 ​ International Drilling ​ ​ (6,327) ​ (18,632) ​ Drilling Solutions ​ ​ 14,709 ​ 4,710 ​ Rig Technologies ​ ​ (2,751) ​ (2,569) ​ Total segment adjusted operating income (loss) ​ ​ $ (239) ​ $ (35,920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ (174,668) ​ $ (128,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ — ​ ​ (19) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ (174,668) ​ ​ (128,329) ​ Income tax expense (benefit) ​ ​ ​ 13,671 ​ ​ 9,725 ​ Income (loss) from continuing operations before income taxes ​ ​ ​ (160,997) ​ $ (118,604) ​ Investment (income) loss ​ ​ (163) ​ ​ (1,263) ​ Interest expense ​ ​ ​ 46,910 ​ ​ 42,975 ​ Other, net ​ ​ ​ 80,401 ​ ​ 7,346 ​ Other reconciling items (3) ​ ​ 33,610 ​ 33,626 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ (239) ​ $ (35,920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,540,980 ​ $ 1,606,683 ​ Canada Drilling ​ 529 ​ 1,392 ​ International Drilling ​ 2,343,972 ​ 2,380,703 ​ Drilling Solutions ​ 66,696 ​ 65,899 ​ Rig Technologies ​ 184,372 ​ 190,489 ​ Other reconciling items (3) ​ 720,617 ​ 1,280,198 ​ Total ​ $ 4,857,166 ​ $ 5,525,364 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (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 from net income (loss) is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
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 ​ ​ March 31, 2022 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 172,797 ​ $ — ​ $ — ​ $ 34,060 ​ $ 22,688 ​ $ — ​ $ 229,545 ​ U.S. Offshore Gulf of Mexico ​ 30,440 ​ — ​ — ​ 3,236 ​ — ​ — ​ ​ 33,676 ​ Alaska ​ 14,346 ​ — ​ — ​ 276 ​ — ​ — ​ ​ 14,622 ​ Canada ​ — ​ — ​ — ​ 436 ​ 979 ​ — ​ ​ 1,415 ​ Middle East & Asia ​ — ​ — ​ 190,696 ​ 10,026 ​ 10,800 ​ — ​ ​ 211,522 ​ Latin America ​ — ​ — ​ 68,895 ​ 5,929 ​ — ​ — ​ ​ 74,824 ​ Europe, Africa & CIS ​ — ​ — ​ 19,439 ​ 219 ​ 2,269 ​ — ​ ​ 21,927 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,992) ​ (18,992) ​ Total ​ $ 217,583 ​ $ — ​ $ 279,030 ​ $ 54,182 ​ $ 36,736 ​ $ (18,992) ​ $ 568,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 109,534 ​ $ — ​ $ — ​ $ 18,448 ​ $ 12,539 ​ $ — ​ $ 140,521 U.S. Offshore Gulf of Mexico ​ 27,193 ​ — ​ — ​ 2,736 ​ — ​ — ​ ​ 29,929 Alaska ​ 5,572 ​ — ​ — ​ 136 ​ — ​ — ​ ​ 5,708 Canada ​ — ​ 20,989 ​ — ​ 454 ​ 900 ​ — ​ ​ 22,343 Middle East & Asia ​ — ​ — ​ 168,187 ​ 8,991 ​ 9,078 ​ — ​ ​ 186,256 Latin America ​ — ​ — ​ 55,908 ​ 4,567 ​ 12 ​ — ​ ​ 60,487 Europe, Africa & CIS ​ — ​ — ​ 22,743 ​ 374 ​ 3,219 ​ — ​ ​ 26,336 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (11,069) ​ (11,069) Total ​ $ 142,299 ​ $ 20,989 ​ $ 246,838 ​ $ 35,706 ​ $ 25,748 ​ $ (11,069) ​ $ 460,511 ​ 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 (e.g., 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, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3 As of March 31, 2022 ​ $ 385.6 ​ $ 27.5 ​ $ 1.9 ​ $ 34.4 ​ $ 27.8 ​ Approximately 37% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2022 2023 2024 ​ Additionally, 88% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2022, of which 46% was recognized during the three months ended March 31, 2022, and 12% is expected to be recognized during 2023. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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” or “Commission”), 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, 2021 (“2021 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 108,912 ​ $ 105,638 ​ Work-in-progress ​ 2,336 ​ 1,368 ​ Finished goods ​ 20,878 ​ 19,442 ​ ​ ​ $ 132,126 ​ $ 126,448 ​
Special Purpose Acquisition Company	Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“NETC”) is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Raw materials ​ $ 108,912 ​ $ 105,638 ​ Work-in-progress ​ 2,336 ​ 1,368 ​ Finished goods ​ 20,878 ​ 19,442 ​ ​ ​ $ 132,126 ​ $ 126,448 ​

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 308,761 ​ $ 293,037 ​ Accounts receivable ​ 79,366 ​ 88,174 ​ Other current assets ​ 6,703 ​ 6,662 ​ Property, plant and equipment, net ​ 492,676 ​ 467,587 ​ Other long-term assets ​ 19,006 ​ 19,010 ​ Total assets ​ $ 906,512 ​ $ 874,470 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 61,722 ​ $ 61,278 ​ Accrued liabilities ​ 10,812 ​ 6,021 ​ Other liabilities ​ ​ 26,597 ​ ​ 26,300 ​ Total liabilities ​ $ 99,131 ​ $ 93,599 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt
Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) 5.50% senior notes due January 2023 (1) ​ $ 21,226 ​ $ 24,446 ​ 5.10% senior notes due September 2023 ​ 62,338 ​ 82,703 ​ 0.75% senior exchangeable notes due January 2024 ​ 162,065 ​ 259,839 ​ 5.75% senior notes due February 2025 ​ ​ 526,628 ​ 548,458 ​ 6.50% senior priority guaranteed notes due February 2025 ​ — ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 218,082 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ — ​ ​ 460,000 ​ ​ ​ $ 2,637,850 ​ $ 3,293,600 ​ Less: deferred financing costs ​ ​ 27,758 ​ ​ 30,805 ​ Long-term debt ​ $ 2,610,092 ​ $ 3,262,795 ​ ​ (1) The 5.50% senior notes due January 2023 were classified as long-term as of March 31, 2022, because we had the ability and intent to repay this obligation utilizing our 2022 Credit Agreement. ​
The aggregate principal amounts and recognized gain	​ The aggregate principal amounts and recognized gain for such transactions were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2021 Exchanged ​ ​ (in thousands) 0.75% senior exchangeable notes due January 2024 ​ $ 35,000 5.75% senior notes due February 2025 ​ 5,000 Aggregate principal amount exchanged ​ 40,000 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.50% senior notes due January 2023 $ 21,226 ​ $ 21,536 $ 24,446 ​ $ 24,736 5.10% senior notes due September 2023 62,338 ​ 63,685 82,703 ​ 84,044 0.75% senior exchangeable notes due January 2024 162,065 ​ 168,155 259,839 ​ 257,730 5.75% senior notes due February 2025 ​ 526,628 ​ 513,304 548,458 ​ 508,881 6.50% senior priority guaranteed notes due February 2025 ​ — ​ — 50,485 ​ 50,490 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 227,346 ​ ​ 218,082 ​ 226,914 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 557,935 559,978 ​ 522,079 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 728,049 700,000 ​ 724,906 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 379,058 389,609 ​ 346,966 2018 revolving credit facility — ​ — 460,000 ​ 460,000 ​ ​ $ 2,637,850 ​ $ 2,659,069 ​ $ 3,293,600 ​ $ 3,206,746 Less: deferred financing costs ​ ​ 27,758 ​ ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ $ 2,610,092 ​ ​ ​ ​ $ 3,262,795 ​ ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 35,156 13,065 8,488 35,967 ​ $ 92,676 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (174,668) ​ $ (128,329) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (9,828) ​ (8,776) ​ Less: preferred stock dividends ​ ​ — ​ (3,653) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (2,545) ​ ​ (2,402) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (187,041) ​ $ (143,160) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 8,311 ​ 7,102 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (22.51) ​ $ (20.16) ​ Basic from discontinued operations ​ ​ — ​ — ​ Total Basic ​ ​ $ (22.51) ​ $ (20.16) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (187,041) ​ $ (143,160) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ — ​ $ 19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 8,311 ​ ​ 7,102 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (22.51) ​ $ (20.16) ​ Diluted from discontinued operations ​ ​ — ​ — ​ Total Diluted ​ ​ $ (22.51) ​ $ (20.16) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 13,194 ​ ​ 72 ​

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Balance Sheet and Income Statement Information
Accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Accrued compensation ​ $ 52,181 ​ $ 51,993 ​ Deferred revenue and proceeds on insurance and asset sales ​ 44,970 ​ ​ 59,816 ​ Other taxes payable ​ 26,783 ​ ​ 34,333 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 55,779 ​ 71,814 ​ Litigation reserves ​ 16,270 ​ 14,939 ​ Other accrued liabilities ​ 7,339 ​ 7,688 ​ ​ ​ $ 209,910 ​ $ 247,171 ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ Interest and dividend income ​ $ 397 ​ $ 1,293 ​ Gains (losses) on marketable securities ​ (234) ​ (30) ​ ​ ​ $ 163 ​ $ 1,263 ​
Other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 76 ​ $ 8,522 ​ Warrant valuation ​ ​ ​ 73,202 ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 3,112 ​ ​ 1,494 ​ Foreign currency transaction losses (gains) ​ ​ ​ 4,214 ​ ​ 2,379 ​ (Gain) loss on debt buyback ​ ​ ​ 36 ​ ​ (8,062) ​ Other losses (gains) ​ ​ ​ (239) ​ ​ 3,013 ​ ​ ​ ​ $ 80,401 ​ $ 7,346 ​
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ (1,900) ​ 2,228 ​ ​ 328 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 40 ​ ​ — ​ ​ 40 ​ Net other comprehensive income (loss) ​ — ​ (1,860) ​ 2,228 ​ 368 ​ As of March 31, 2021 ​ $ 2 ​ $ (5,476) ​ $ (5,282) ​ $ (10,756) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ 1,428 ​ (132) ​ 1,296 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 40 ​ — ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 1,468 ​ (132) ​ 1,336 ​ As of March 31, 2022 ​ $ 2 ​ $ (3,888) ​ $ (5,412) ​ $ (9,298) ​ (1) All amounts are net of tax.
Schedule of line items that were reclassified from net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ Total income (loss) from continuing operations before income tax ​ ​ (52) ​ (52) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 217,583 ​ $ 142,299 ​ Canada Drilling ​ ​ — ​ 20,989 ​ International Drilling ​ ​ 279,030 ​ 246,838 ​ Drilling Solutions ​ ​ 54,182 ​ 35,706 ​ Rig Technologies ​ ​ 36,736 ​ 25,748 ​ Other reconciling items (1) ​ ​ (18,992) ​ (11,069) ​ Total ​ ​ $ 568,539 ​ $ 460,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ (5,851) ​ $ (23,336) ​ Canada Drilling ​ ​ (19) ​ 3,907 ​ International Drilling ​ ​ (6,327) ​ (18,632) ​ Drilling Solutions ​ ​ 14,709 ​ 4,710 ​ Rig Technologies ​ ​ (2,751) ​ (2,569) ​ Total segment adjusted operating income (loss) ​ ​ $ (239) ​ $ (35,920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2022 2021 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ (174,668) ​ $ (128,310) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ — ​ ​ (19) ​ Income (loss) from continuing operations, net of tax ​ ​ ​ (174,668) ​ ​ (128,329) ​ Income tax expense (benefit) ​ ​ ​ 13,671 ​ ​ 9,725 ​ Income (loss) from continuing operations before income taxes ​ ​ ​ (160,997) ​ $ (118,604) ​ Investment (income) loss ​ ​ (163) ​ ​ (1,263) ​ Interest expense ​ ​ ​ 46,910 ​ ​ 42,975 ​ Other, net ​ ​ ​ 80,401 ​ ​ 7,346 ​ Other reconciling items (3) ​ ​ 33,610 ​ 33,626 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ (239) ​ $ (35,920) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,540,980 ​ $ 1,606,683 ​ Canada Drilling ​ 529 ​ 1,392 ​ International Drilling ​ 2,343,972 ​ 2,380,703 ​ Drilling Solutions ​ 66,696 ​ 65,899 ​ Rig Technologies ​ 184,372 ​ 190,489 ​ Other reconciling items (3) ​ 720,617 ​ 1,280,198 ​ Total ​ $ 4,857,166 ​ $ 5,525,364 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (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 from net income (loss) 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)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Summary of revenue is disaggregation by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2022 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 172,797 ​ $ — ​ $ — ​ $ 34,060 ​ $ 22,688 ​ $ — ​ $ 229,545 ​ U.S. Offshore Gulf of Mexico ​ 30,440 ​ — ​ — ​ 3,236 ​ — ​ — ​ ​ 33,676 ​ Alaska ​ 14,346 ​ — ​ — ​ 276 ​ — ​ — ​ ​ 14,622 ​ Canada ​ — ​ — ​ — ​ 436 ​ 979 ​ — ​ ​ 1,415 ​ Middle East & Asia ​ — ​ — ​ 190,696 ​ 10,026 ​ 10,800 ​ — ​ ​ 211,522 ​ Latin America ​ — ​ — ​ 68,895 ​ 5,929 ​ — ​ — ​ ​ 74,824 ​ Europe, Africa & CIS ​ — ​ — ​ 19,439 ​ 219 ​ 2,269 ​ — ​ ​ 21,927 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,992) ​ (18,992) ​ Total ​ $ 217,583 ​ $ — ​ $ 279,030 ​ $ 54,182 ​ $ 36,736 ​ $ (18,992) ​ $ 568,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2021 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 109,534 ​ $ — ​ $ — ​ $ 18,448 ​ $ 12,539 ​ $ — ​ $ 140,521 U.S. Offshore Gulf of Mexico ​ 27,193 ​ — ​ — ​ 2,736 ​ — ​ — ​ ​ 29,929 Alaska ​ 5,572 ​ — ​ — ​ 136 ​ — ​ — ​ ​ 5,708 Canada ​ — ​ 20,989 ​ — ​ 454 ​ 900 ​ — ​ ​ 22,343 Middle East & Asia ​ — ​ — ​ 168,187 ​ 8,991 ​ 9,078 ​ — ​ ​ 186,256 Latin America ​ — ​ — ​ 55,908 ​ 4,567 ​ 12 ​ — ​ ​ 60,487 Europe, Africa & CIS ​ — ​ — ​ 22,743 ​ 374 ​ 3,219 ​ — ​ ​ 26,336 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (11,069) ​ (11,069) Total ​ $ 142,299 ​ $ 20,989 ​ $ 246,838 ​ $ 35,706 ​ $ 25,748 ​ $ (11,069) ​ $ 460,511
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, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3 As of March 31, 2022 ​ $ 385.6 ​ $ 27.5 ​ $ 1.9 ​ $ 34.4 ​ $ 27.8

General (Details)

General (Details)	3 Months Ended
	Mar. 31, 2022itemcountry
General
The minimum number of countries in which the entity operates | country	15
Actively marketed rigs for offshore based drilling operations	29
United States and Canada
General
Actively marketed rigs for land based drilling operations	301
Geographic Concentration Risk | Sales Revenue | RUSSIA
General
Concentration risk (as a percent)	1.40%
Geographic Concentration Risk | Property, Plant and Equipment, Net. | RUSSIA
General
Concentration risk (as a percent)	1.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, net
Raw materials	$ 108,912	$ 105,638
Work-in-progress	2,336	1,368
Finished goods	20,878	19,442
Total inventory	$ 132,126	$ 126,448

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - SPAC (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Restricted cash held in trust	$ 281,549	$ 281,523
Redeemable noncontrolling interest in subsidiary	$ 677,829	$ 675,283

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2017	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Joint Ventures
Redeemable noncontrolling interest	$ 675,283		$ 677,829
Assets:
Cash and cash equivalents	991,471		394,028	$ 417,544	$ 472,246
Accounts receivable	287,572		297,209
Other current assets	95,740		104,112
Property, plant and equipment, net	3,332,498		3,245,574
Other long-term assets	134,903		129,432
Total assets	5,525,364		4,857,166
Liabilities:
Accounts payable	253,748		278,878
Accrued liabilities	247,171		209,910
Other liabilities	340,347		372,592
Total liabilities	4,131,143		3,498,607
SANAD
Joint Ventures
Settled accrued interest	120,000
Assets:
Cash and cash equivalents	293,037		308,761
Accounts receivable	88,174		79,366
Other current assets	6,662		6,703
Property, plant and equipment, net	467,587		492,676
Other long-term assets	19,010		19,006
Total assets	874,470		906,512
Liabilities:
Accounts payable	61,278		61,722
Accrued liabilities	6,021		10,812
Other liabilities	26,300		26,597
Total liabilities	$ 93,599		99,131
SANAD | Saudi Aramco
Joint Ventures
Cash contribution for joint venture		$ 20,000
Additional contribution amount		$ 394,000
Maturity period		25 years
Redeemable noncontrolling interest			$ 396,300

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreement (Details) - Accounts Receivable Sales Agreement. - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable Sales Agreement
Agreement amount	$ 250
Agreement amount	$ 150
Agreement expiration term extension (in years)	2 years
Accounts receivables sold to purchasers		$ 136	$ 113
Trade receivables pledged as collateral		$ 55.3	$ 44.2

Debt (Details)

Debt (Details)	Jan. 21, 2022USD ($)	Jan. 31, 2017USD ($)$ / shares	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021
Debt
Long-term Debt, Gross			$ 2,637,850,000	$ 3,293,600,000
Less: deferred financing costs			27,758,000	30,805,000
Long-term Debt			2,610,092,000	3,262,795,000
Long-term debt			$ 2,610,092,000	$ 3,262,795,000
Interest rate on senior notes (as a percent)			5.50%	5.10%
Warrant Exercise			$ 139,488,000
Accordion feature	$ 100,000,000
Maximum amount of grower basket for term loans	$ 100,000,000
Percentage of property, plant and equipment to be owned by the revolver guarantor and its subsidiaries	90.00%
Weighted average interest rate (as a percent)			3.23%
Letter of Credit
Debt
Maximum borrowing capacity	$ 100,000,000
Nabors Delaware [Member]
Debt
Aggregate amount of senior notes			$ 27,100,000
2018 revolving credit facility
Debt
Long-term Debt, Gross				$ 460,000,000
Senior Notes.
Debt
Repayment of long-term debt including accrued and unpaid interest			27,000,000
Reduction in total available borrowing capacity			130,700,000
Payment of accrued and unpaid interest			300,000
5.50% senior notes due January 2023
Debt
Long-term Debt, Gross			$ 21,226,000	$ 24,446,000
Interest rate on senior notes (as a percent)			5.50%	5.50%
5.10% senior notes due September 2023
Debt
Long-term Debt, Gross			$ 62,338,000	$ 82,703,000
Interest rate on senior notes (as a percent)			5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Debt
Long-term Debt, Gross			$ 162,065,000	$ 259,839,000
Interest rate on senior notes (as a percent)			0.75%	0.75%
5.75% senior notes due February 2025
Debt
Long-term Debt, Gross			$ 526,628,000	$ 548,458,000
Interest rate on senior notes (as a percent)			5.75%	5.75%
7.25% senior notes due January 2026
Debt
Interest rate on senior notes (as a percent)			7.25%
7.50% senior notes due January 2028
Debt
Interest rate on senior notes (as a percent)			7.50%
6.50% senior priority guaranteed notes due February 2025
Debt
Long-term Debt, Gross				$ 50,485,000
Interest rate on senior notes (as a percent)			6.50%	6.50%
9.00% senior priority guaranteed notes due February 2025
Debt
Long-term Debt, Gross			$ 218,082,000	$ 218,082,000
Interest rate on senior notes (as a percent)			9.00%	9.00%
7.25% senior guaranteed notes due January 2026
Debt
Long-term Debt, Gross			$ 557,902,000	$ 559,978,000
Interest rate on senior notes (as a percent)			7.25%	7.25%
7.375% senior priority guaranteed notes due May 2027
Debt
Long-term Debt, Gross			$ 700,000,000	$ 700,000,000
Interest rate on senior notes (as a percent)			7.375%	7.375%
7.50% senior guaranteed notes due January 2028
Debt
Long-term Debt, Gross			$ 389,609,000	$ 389,609,000
Interest rate on senior notes (as a percent)			7.50%	7.50%
2022 Credit Agreement
Debt
Long-term Debt, Gross			$ 0
Maximum borrowing capacity	350,000,000
Maximum amount of grower basket for term loans	$ 150,000,000
Threshold percentage of outstanding principal amount of relevant debt to remaining outstanding	50.00%
Threshold amount beyond which the debt instrument covenant restricts the company's ability to incur liens	$ 150,000,000
Threshold amount beyond which the debt instrument covenant restricts the company's subsidiaries to incur debt	$ 100,000,000
Debt Exchange Transactions
Debt
Future contractual interest payments			9,400,000
Aggregate principal amount exchanged			40,000,000
Aggregate principal amount of debt issued in exchanges			26,050,000
Debt Exchange Transactions | Nabors Delaware [Member]
Debt
Aggregate principal amount exchanged			40,000,000
Debt Exchange Transactions | 0.75% senior exchangeable notes due January 2024
Debt
Long-term Debt			177,000,000
Aggregate amount of senior notes		$ 575,000,000
Interest rate on senior notes (as a percent)		0.75%
Debt exchangeable notes		$ 411,200,000
Equity component		$ 163,800,000
Exchange rate of common shares		0.8018
Principal amount of notes		$ 1,000
Exchange price per common share (in dollars per share) | $ / shares		$ 1,247.19
Aggregate principal amount exchanged			35,000,000
Debt Exchange Transactions | 5.75% senior notes due February 2025
Debt
Aggregate principal amount exchanged			5,000,000
Debt Exchange Transactions | 9.00% senior priority guaranteed notes due February 2025
Debt
Aggregate amount of senior notes			$ 26,100,000
Interest rate on senior notes (as a percent)			9.00%		9.00%

Shareholders Equity (Details)

Shareholders Equity (Details) $ / shares in Units, $ in Thousands	Jul. 19, 2021USD ($)shares	Jun. 11, 2021shares	Mar. 31, 2022USD ($)D$ / sharesshares	Mar. 31, 2021$ / shares	Dec. 31, 2021$ / sharesshares	May 27, 2021USD ($)item$ / sharesshares
Common Shares
Common shares, shares authorized			32,000,000		32,000,000
Common shares, par value (in dollars per share) | $ / shares			$ 0.05		$ 0.05
Shares issued in connection with acquisition of carbon capture and hydrogen technologies	147,974
Value of shares issued in connection with acquisition of carbon capture and hydrogen technologies | $	$ 12,900
Number of shares that are forfeitable if certain milestones are not achieved over the next two years	71,280
Proceeds from issuance of common shares, net of issuance costs | $			$ 257
Preferred Stock, Dividends Per Share, Declared | $ / shares				$ 0.75
Number of right share for each outstanding common share						1
Number of warrants received per common share held		0.40
Number of warrants issued		3,200,000
Warrants outstanding			2,500,000
Number of common shares issued as a result of exercise of warrants			1,000,000
Exercise price (in dollars per share) | $ / shares						$ 166.66667
Number of additional securities						0.333
Multiplying factor for exercise of warrants | item						3
Percentage volume weighted average price of stock times factor must exceed sum of volume weighted average prices of second, third and fourth days before exercise						6.00%
Interest rate (as a percent)			5.50%		5.10%
Conversion price percentage						95.00%
Number of business day notice period | D			20
Fair value of the Warrants | $			$ 57,200			$ 2,700
Loss on fair value adjustment for warrants | $			$ 73,202
5.10% senior notes due September 2023
Common Shares
Interest rate (as a percent)			5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Common Shares
Interest rate (as a percent)			0.75%		0.75%
5.75% senior notes due February 2025
Common Shares
Interest rate (as a percent)			5.75%		5.75%
7.25% senior notes due January 2026
Common Shares
Interest rate (as a percent)			7.25%

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)D	Dec. 31, 2021USD ($)	May 27, 2021USD ($)
Fair Value of Financial Instruments
Common stock warrants, fair value	$ 57,200		$ 2,700
Number of business day notice period | D	20
Interest rate on senior notes (as a percent)	5.50%	5.10%
Less: deferred financing costs	$ 27,758	$ 30,805
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.50%	5.50%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	0.75%	0.75%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.75%	5.75%
6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	6.50%	6.50%
9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9.00%	9.00%
7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.25%	7.25%
7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.375%	7.375%
7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.50%	7.50%
Fair Value
Fair Value of Financial Instruments
Debt	$ 2,659,069	$ 3,206,746
Fair Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt		460,000
Fair Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	21,536	24,736
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	63,685	84,044
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	168,155	257,730
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	513,304	508,881
Fair Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt		50,490
Fair Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	227,346	226,914
Fair Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	557,935	522,079
Fair Value | 7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Debt	728,049	724,906
Fair Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	379,058	346,966
Carrying Value
Fair Value of Financial Instruments
Debt	2,637,850	3,293,600
Less: deferred financing costs	27,758	30,805
Debt, net of financing costs	2,610,092	3,262,795
Carrying Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt		460,000
Carrying Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	21,226	24,446
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	62,338	82,703
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	162,065	259,839
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	526,628	548,458
Carrying Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt		50,485
Carrying Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	218,082	218,082
Carrying Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	557,902	559,978
Carrying Value | 7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Debt	700,000	700,000
Carrying Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	$ 389,609	$ 389,609

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2011	Mar. 31, 2022	Dec. 31, 2018
Court of Ouargla Algeria Foreign Currency Controls
Commitments and Contingencies, Disclosure
Litigation amount as per judgment	$ 19.8
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
Court of Ouargla Algeria Foreign Currency Controls | Maximum
Commitments and Contingencies, Disclosure
Potential judgment in excess of accrual		$ 11.8
Atyrau Oblast Ecology Department | Minimum
Commitments and Contingencies, Disclosure
Environmental damages			$ 3.4
KMG Nabors Drilling Company Joint Venture
Commitments and Contingencies, Disclosure
Administrative fines			$ 0.8

Commitments and Contingencies_2

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Mar. 31, 2022USD ($)
Summary of total maximum amount of financial guarantees issued
2022	$ 35,156
2023	13,065
2024	8,488
Thereafter	35,967
Total	$ 92,676

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (174,668)	$ (128,329)
Less: net (income) loss attributable to noncontrolling interest	(9,828)	(8,776)
Less: preferred stock dividends		(3,653)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(2,545)	(2,402)
Adjusted income (loss) from continuing operations, net of tax - basic	$ (187,041)	(143,160)
Income (loss) from discontinued operations, net of tax		$ 19
Weighted-average number of shares outstanding - basic	8,311	7,102
Earnings (losses) Per Share:
Basic from continuing operations (in dollars per share)	$ (22.51)	$ (20.16)
Total Basic (in dollars per share)	$ (22.51)	$ (20.16)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (187,041)	$ (143,160)
Adjusted income (loss) from continuing operations, net of tax - diluted	$ (187,041)	(143,160)
Income (loss) from discontinued operations, net of tax		$ 19
Weighted-average number of shares outstanding - basic	8,311	7,102
Weighted-average number of shares outstanding - diluted	8,311	7,102
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (22.51)	$ (20.16)
Total Diluted (in dollars per share)	$ (22.51)	$ (20.16)

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive	13,194	72
Mandatory Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive	3,400	790

Supplemental Balance Sheet, I_2

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued liabilities
Accrued compensation	$ 52,181	$ 51,993
Deferred revenue and proceeds on insurance and asset sales	44,970	59,816
Other taxes payable	26,783	34,333
Workers' compensation liabilities	6,588	6,588
Interest payable	55,779	71,814
Litigation reserves	16,270	14,939
Other accrued liabilities	7,339	7,688
Accrued liabilities	$ 209,910	$ 247,171

Supplemental Balance Sheet, I_3

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investment income (loss)
Interest and dividend income	$ 397	$ 1,293
Gains (losses) on marketable securities	(234)	(30)
Investment income (loss)	$ 163	$ 1,263

Supplemental Balance Sheet, I_4

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Other, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other, net
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 76	$ 8,522
Warrant valuation	73,202
Litigation expenses and reserves	3,112	1,494
Foreign currency transaction losses (gains)	4,214	2,379
(Gain) loss on debt buyback	36	(8,062)
Other losses (gains)	(239)	3,013
Other, net	$ 80,401	$ 7,346

Supplemental Balance Sheet, I_5

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ 590,656
Other comprehensive income (loss), net of tax	1,336	$ 368
Balance at the end of the period	543,616
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(10,634)	(11,124)
Other comprehensive income (loss) before reclassifications	1,296	328
Amounts reclassified from accumulated other comprehensive income (loss)	40	40
Other comprehensive income (loss), net of tax	1,336	368
Balance at the end of the period	(9,298)	(10,756)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	2	2
Balance at the end of the period	2	2
Accumulated Defined Benefit Plans Adjustment [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(5,356)	(3,616)
Other comprehensive income (loss) before reclassifications	1,428	(1,900)
Amounts reclassified from accumulated other comprehensive income (loss)	40	40
Other comprehensive income (loss), net of tax	1,468	(1,860)
Balance at the end of the period	(3,888)	(5,476)
Accumulated Translation Adjustment [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(5,280)	(7,510)
Other comprehensive income (loss) before reclassifications	(132)	2,228
Other comprehensive income (loss), net of tax	(132)	2,228
Balance at the end of the period	$ (5,412)	$ (5,282)

Supplemental Balance Sheet, I_6

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	$ 46,910	$ 42,975
General and administrative expenses	53,639	54,660
Income (loss) from continuing operations before income taxes	(160,997)	(118,604)
Tax expense (benefit)	13,671	9,725
Net income (loss)	(174,668)	(128,310)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
General and administrative expenses	52	52
Income (loss) from continuing operations before income taxes	(52)	(52)
Tax expense (benefit)	(12)	(12)
Net income (loss)	$ (40)	$ (40)

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	$ 568,539	$ 460,511
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Net income (loss)	(174,668)	(128,310)
Income (loss) from discontinued operations, net of tax		(19)
Income (loss) from continuing operations, net of tax	(174,668)	(128,329)
Income tax expense (benefit)	13,671	9,725
Income (loss) from continuing operations before income taxes	(160,997)	(118,604)
Investment income (loss)	(163)	(1,263)
Interest expense	46,910	42,975
Other, net	(80,401)	(7,346)
Adjusted operating income (loss)	(239)	(35,920)
ASSETS
Total assets	4,857,166		$ 5,525,364
Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	568,539	460,511
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(239)	(35,920)
Intersegment Eliminations
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	33,610	33,626
ASSETS
Total assets	720,617		1,280,198
US Segment | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	217,583	142,299
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(5,851)	(23,336)
ASSETS
Total assets	1,540,980		1,606,683
Canada Segment | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues		20,989
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(19)	3,907
ASSETS
Total assets	529		1,392
International Excluding Canada | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	279,030	246,838
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(6,327)	(18,632)
ASSETS
Total assets	2,343,972		2,380,703
Drilling Solutions | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	54,182	35,706
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	14,709	4,710
ASSETS
Total assets	66,696		65,899
Rig Technologies | Operating Segments
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(2,751)	$ (2,569)
ASSETS
Total assets	$ 184,372		$ 190,489

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 568,539	$ 460,511
Operating Segments
Disaggregation of Revenue [Line Items]
Operating revenues	568,539	460,511
Operating Segments | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	229,545	140,521
Operating Segments | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	33,676	29,929
Operating Segments | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	14,622	5,708
Operating Segments | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	1,415	22,343
Operating Segments | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	211,522	186,256
Operating Segments | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	74,824	60,487
Operating Segments | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	21,927	26,336
Operating Segments | US Segment
Disaggregation of Revenue [Line Items]
Operating revenues	217,583	142,299
Operating Segments | US Segment | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	172,797	109,534
Operating Segments | US Segment | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	30,440	27,193
Operating Segments | US Segment | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	14,346	5,572
Operating Segments | Canada Segment
Disaggregation of Revenue [Line Items]
Operating revenues		20,989
Operating Segments | Canada Segment | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues		20,989
Operating Segments | International Excluding Canada
Disaggregation of Revenue [Line Items]
Operating revenues	279,030	246,838
Operating Segments | International Excluding Canada | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	190,696	168,187
Operating Segments | International Excluding Canada | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	68,895	55,908
Operating Segments | International Excluding Canada | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	19,439	22,743
Operating Segments | Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	54,182	35,706
Operating Segments | Drilling Solutions | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	34,060	18,448
Operating Segments | Drilling Solutions | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	3,236	2,736
Operating Segments | Drilling Solutions | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	276	136
Operating Segments | Drilling Solutions | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	436	454
Operating Segments | Drilling Solutions | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	10,026	8,991
Operating Segments | Drilling Solutions | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	5,929	4,567
Operating Segments | Drilling Solutions | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	219	374
Operating Segments | Rig Services
Disaggregation of Revenue [Line Items]
Operating revenues	36,736	25,748
Operating Segments | Rig Services | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	22,688	12,539
Operating Segments | Rig Services | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	979	900
Operating Segments | Rig Services | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	10,800	9,078
Operating Segments | Rig Services | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues		12
Operating Segments | Rig Services | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	2,269	3,219
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Operating revenues	(18,992)	(11,069)
Intersegment Eliminations | Other.
Disaggregation of Revenue [Line Items]
Operating revenues	(18,992)	(11,069)
Intersegment Eliminations | Other | Other.
Disaggregation of Revenue [Line Items]
Operating revenues	(18,992)	(11,069)
Other reconciling items (3)
Disaggregation of Revenue [Line Items]
Operating revenues	$ 18,992	$ 11,069

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts receivables current
Contract Receivables	$ 385.6	$ 350
Contract with customer assets current
Contract Assets (Current)	27.5	24.9
Contract with customer non-current asset
Contract Assets (Long-term)	1.9	1.9
Contract with customer liability current
Contract Liabilities (Current)	34.4	42.9
Contract with customer liability non-current
Contract Liabilities (Long-term)	$ 27.8	$ 29.3
Contract Asset Balance
2022	88.00%
Contract percentage recognized	46.00%
2023	12.00%
Revenue recognized (as a percent)	10.00%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details)	3 Months Ended
	Mar. 31, 2022
Remaining performance obligations
Revenue recognized (as a percent)	10.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	37.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	28.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	35.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months