Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | NE | |
Entity Registrant Name | NOBLE CORP PLC | |
Entity Central Index Key | 1,458,891 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 241,971,945 | |
Noble-Cayman [Member] | ||
Document Information [Line Items] | ||
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 164,430 | $ 68,510 |
Accounts receivable | 530,401 | 569,096 |
Taxes receivable | 66,852 | 107,490 |
Prepaid expenses and other current assets | 174,194 | 183,466 |
Total current assets | 935,877 | 928,562 |
Property and equipment, at cost | 14,717,312 | 14,442,922 |
Accumulated depreciation | (2,798,645) | (2,330,413) |
Property and equipment, net | 11,918,667 | 12,112,509 |
Other assets | 203,474 | 245,751 |
Total assets | 13,058,018 | 13,286,822 |
Current liabilities | ||
Current maturities of long-term debt | 299,993 | |
Accounts payable | 207,892 | 265,389 |
Accrued payroll and related costs | 90,052 | 102,520 |
Taxes payable | 154,295 | 94,230 |
Interest payable | 44,922 | 61,964 |
Other current liabilities | 107,042 | 144,571 |
Total current liabilities | 904,196 | 668,674 |
Long-term debt | 4,188,727 | 4,869,020 |
Deferred income taxes | 46,366 | 120,589 |
Other liabilities | 325,956 | 341,505 |
Total liabilities | $ 5,465,245 | $ 5,999,788 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | $ 2,420 | $ 2,475 |
Additional paid-in capital | 618,808 | 695,638 |
Retained earnings | 6,320,833 | 5,936,035 |
Accumulated other comprehensive loss | (72,032) | (69,418) |
Total shareholders' equity | 6,870,029 | 6,564,730 |
Noncontrolling interests | 722,744 | 722,304 |
Total equity | 7,592,773 | 7,287,034 |
Total liabilities and equity | 13,058,018 | 13,286,822 |
Noble-Cayman [Member] | ||
Current assets | ||
Cash and cash equivalents | 164,240 | 65,780 |
Accounts receivable | 530,401 | 569,096 |
Taxes receivable | 66,323 | 107,289 |
Prepaid expenses and other current assets | 150,858 | 139,669 |
Total current assets | 911,822 | 881,834 |
Property and equipment, at cost | 14,679,605 | 14,404,371 |
Accumulated depreciation | (2,786,429) | (2,318,220) |
Property and equipment, net | 11,893,176 | 12,086,151 |
Other assets | 200,273 | 222,254 |
Total assets | 13,005,271 | 13,190,239 |
Current liabilities | ||
Current maturities of long-term debt | 299,993 | |
Accounts payable | 205,438 | 261,012 |
Accrued payroll and related costs | 86,112 | 91,487 |
Taxes payable | 152,136 | 91,471 |
Interest payable | 44,922 | 61,964 |
Other current liabilities | 104,599 | 139,950 |
Total current liabilities | 893,200 | 645,884 |
Long-term debt | 4,188,727 | 4,869,020 |
Deferred income taxes | 46,366 | 120,589 |
Other liabilities | 320,415 | 335,964 |
Total liabilities | $ 5,448,708 | $ 5,971,457 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | $ 26,125 | $ 26,125 |
Additional paid-in capital | 552,532 | 530,657 |
Retained earnings | 6,327,194 | 6,009,114 |
Accumulated other comprehensive loss | (72,032) | (69,418) |
Total shareholders' equity | 6,833,819 | 6,496,478 |
Noncontrolling interests | 722,744 | 722,304 |
Total equity | 7,556,563 | 7,218,782 |
Total liabilities and equity | $ 13,005,271 | $ 13,190,239 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares shares in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Ordinary shares, shares outstanding | 241,970 | 247,501 |
Noble-Cayman [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues | ||||
Contract drilling services | $ 873,813 | $ 810,200 | $ 2,424,481 | $ 2,360,205 |
Reimbursables | 22,858 | 18,595 | 70,087 | 67,558 |
Other | 1 | 1 | ||
Total operating revenues | 896,671 | 828,796 | 2,494,568 | 2,427,764 |
Operating costs and expenses | ||||
Contract drilling services | 293,067 | 385,674 | 934,024 | 1,109,456 |
Reimbursables | 17,783 | 13,641 | 55,592 | 52,877 |
Depreciation and amortization | 160,652 | 161,246 | 473,913 | 460,306 |
General and administrative | 15,196 | 24,602 | 61,558 | 77,319 |
Total operating costs and expenses | 486,698 | 585,163 | 1,525,087 | 1,699,958 |
Operating income | 409,973 | 243,633 | 969,481 | 727,806 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (54,687) | (37,751) | (161,196) | (114,494) |
Interest income and other, net | 30,934 | 2,760 | 37,085 | 131 |
Income from continuing operations before income taxes | 386,220 | 208,642 | 845,370 | 613,443 |
Income tax provision | (41,789) | (40,782) | (124,641) | (110,625) |
Net income from continuing operations | 344,431 | 167,860 | 720,729 | 502,818 |
Net (loss) income from discontinued operations, net of tax | (20,214) | 175,532 | ||
Net income | 344,431 | 147,646 | 720,729 | 678,350 |
Net income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Net income attributable to Noble Corporation | 325,807 | 127,175 | 663,241 | 618,060 |
Net income attributable to Noble Corporation plc | ||||
Income from continuing operations | 325,807 | 147,389 | 663,241 | 442,528 |
(Loss)/income from discontinued operations | (20,214) | 175,532 | ||
Net income attributable to Noble Corporation | $ 325,807 | $ 127,175 | $ 663,241 | $ 618,060 |
Basic: | ||||
Income from continuing operations | $ 1.32 | $ 0.57 | $ 2.68 | $ 1.71 |
(Loss)/income from discontinued operations | (0.08) | 0.68 | ||
Net income attributable to Noble Corporation plc | 1.32 | 0.49 | 2.68 | 2.39 |
Diluted: | ||||
Income from continuing operations | 1.32 | 0.57 | 2.68 | 1.71 |
(Loss)/income from discontinued operations | (0.08) | 0.68 | ||
Net income attributable to Noble Corporation plc | $ 1.32 | $ 0.49 | $ 2.68 | $ 2.39 |
Noble-Cayman [Member] | ||||
Operating revenues | ||||
Contract drilling services | $ 873,813 | $ 810,200 | $ 2,424,481 | $ 2,360,205 |
Reimbursables | 22,858 | 18,595 | 70,087 | 67,558 |
Other | 1 | 1 | ||
Total operating revenues | 896,671 | 828,796 | 2,494,568 | 2,427,764 |
Operating costs and expenses | ||||
Contract drilling services | 292,479 | 383,911 | 930,925 | 1,097,694 |
Reimbursables | 17,783 | 13,641 | 55,592 | 52,877 |
Depreciation and amortization | 160,383 | 160,255 | 473,046 | 458,100 |
General and administrative | 10,376 | 13,057 | 36,093 | 36,478 |
Total operating costs and expenses | 481,021 | 570,864 | 1,495,656 | 1,645,149 |
Operating income | 415,650 | 257,932 | 998,912 | 782,615 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (54,687) | (37,751) | (161,196) | (114,494) |
Interest income and other, net | 31,066 | 3,785 | 35,613 | 1,142 |
Income from continuing operations before income taxes | 392,029 | 223,966 | 873,329 | 669,263 |
Income tax provision | (41,868) | (40,674) | (124,962) | (110,207) |
Net income from continuing operations | 350,161 | 183,292 | 748,367 | 559,056 |
Net (loss) income from discontinued operations, net of tax | 10,413 | 225,022 | ||
Net income | 350,161 | 193,705 | 748,367 | 784,078 |
Net income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Net income attributable to Noble Corporation | 331,537 | 173,234 | 690,879 | 723,788 |
Net income attributable to Noble Corporation plc | ||||
Net income attributable to Noble Corporation | $ 331,537 | $ 173,234 | $ 690,879 | $ 723,788 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 344,431 | $ 147,646 | $ 720,729 | $ 678,350 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (2,694) | (1,577) | (4,568) | 1,143 |
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | (1,409) | (1,409) | ||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | ||
Amortization of deferred pension plan amounts (net of tax provision of $575 and $253 for the three months ended September 30, 2015 and 2014, respectively, and $1,723 and $758 for the nine months ended September 30, 2015 and 2014, respectively) | 1,106 | 571 | 3,316 | 2,099 |
Other comprehensive (loss) income, net | (2,859) | (8,982) | (2,614) | 1,918 |
Net comprehensive income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Comprehensive income attributable to Noble Corporation plc | 322,948 | 118,193 | 660,627 | 619,978 |
Noble-Cayman [Member] | ||||
Net income | 350,161 | 193,705 | 748,367 | 784,078 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (2,694) | (1,577) | (4,568) | 1,143 |
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | (1,409) | (1,409) | ||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | ||
Amortization of deferred pension plan amounts (net of tax provision of $575 and $253 for the three months ended September 30, 2015 and 2014, respectively, and $1,723 and $758 for the nine months ended September 30, 2015 and 2014, respectively) | 1,106 | 571 | 3,316 | 2,099 |
Other comprehensive (loss) income, net | (2,859) | (8,982) | (2,614) | 1,918 |
Net comprehensive income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Comprehensive income attributable to Noble Corporation plc | 328,678 | 164,252 | 688,265 | 725,706 |
Foreign Currency Forward Contracts [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Gain (loss) from derivatives instruments designated | (1,271) | (6,925) | (1,362) | (273) |
Foreign Currency Forward Contracts [Member] | Noble-Cayman [Member] | ||||
Other comprehensive income (loss), net of tax | ||||
Gain (loss) from derivatives instruments designated | $ (1,271) | $ (6,925) | $ (1,362) | $ (273) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net pension plan loss, tax provision (benefit) | $ 386 | $ 386 | ||
Net pension plan curtailment and settlement expense, tax provision | 193 | 193 | ||
Amortization of deferred pension plan, tax provision | $ 575 | 253 | $ 1,723 | 758 |
Noble-Cayman [Member] | ||||
Net pension plan loss, tax provision (benefit) | 386 | 386 | ||
Net pension plan curtailment and settlement expense, tax provision | 193 | 193 | ||
Amortization of deferred pension plan, tax provision | $ 575 | $ 253 | $ 1,723 | $ 758 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 720,729 | $ 678,350 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 473,913 | 696,380 |
Deferred income taxes | (76,012) | 23,380 |
Amortization of share-based compensation | 30,296 | 37,432 |
Net change in other assets and liabilities | 103,299 | (47,244) |
Net cash from operating activities | 1,252,225 | 1,388,298 |
Cash flows from investing activities | ||
Capital expenditures | (280,048) | (1,747,495) |
Change in accrued capital expenditures | (43,440) | (52,466) |
Proceeds from disposal of assets | 2,535 | |
Net cash from investing activities | (320,953) | (1,799,961) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (569,489) |
Repayment of long-term debt | (350,000) | (250,000) |
Issuance of senior notes | 1,092,728 | |
Long-term borrowings of Paragon Offshore | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | (30,876) | |
Cash balances of Paragon Offshore in Spin-off | (104,152) | |
Debt issuance costs on senior notes and credit facilities | (16,070) | (386) |
Dividends paid to noncontrolling interests | (57,048) | (64,339) |
Repurchases of shares | (100,630) | (52,701) |
Dividend payments | (278,443) | (290,643) |
Employee stock transactions | (2,394) | 1,395 |
Net cash from financing activities | (835,352) | 365,559 |
Net change in cash and cash equivalents | 95,920 | (46,104) |
Cash and cash equivalents, beginning of period | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 164,430 | 68,354 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net income | 748,367 | 784,078 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 473,046 | 694,175 |
Deferred income taxes | (76,012) | 23,380 |
Amortization of share-based compensation | 21,875 | 26,715 |
Net change in other assets and liabilities | 78,821 | (58,662) |
Net cash from operating activities | 1,246,097 | 1,469,686 |
Cash flows from investing activities | ||
Capital expenditures | (280,048) | (1,747,361) |
Change in accrued capital expenditures | (43,440) | (52,466) |
Proceeds from disposal of assets | 2,535 | |
Net cash from investing activities | (320,953) | (1,799,827) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (569,489) |
Repayment of long-term debt | (350,000) | (250,000) |
Issuance of senior notes | 1,092,728 | |
Long-term borrowings of Paragon Offshore | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | (30,876) | |
Cash balances of Paragon Offshore in Spin-off | (104,152) | |
Debt issuance costs on senior notes and credit facilities | (16,070) | (386) |
Dividends paid to noncontrolling interests | (57,048) | (64,339) |
Distributions to parent company, net | (372,799) | (421,801) |
Net cash from financing activities | (826,684) | 285,707 |
Net change in cash and cash equivalents | 98,460 | (44,434) |
Cash and cash equivalents, beginning of period | 65,780 | 110,382 |
Cash and cash equivalents, end of period | $ 164,240 | $ 65,948 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Noble-Cayman [Member] | Shares [Member] | Shares [Member]Noble-Cayman [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Noble-Cayman [Member] | Retained Earnings [Member] | Retained Earnings [Member]Noble-Cayman [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Noble-Cayman [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Noble-Cayman [Member] |
Beginning Balance at Dec. 31, 2013 | $ 9,050,028 | $ 9,155,484 | $ 2,534 | $ 26,125 | $ 810,286 | $ 497,316 | $ 7,591,927 | $ 7,986,762 | $ (82,164) | $ (82,164) | $ 727,445 | $ 727,445 |
Beginning Balance, Shares at Dec. 31, 2013 | 253,448 | 261,246 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 37,432 | 37,432 | ||||||||||
Issuance of share-based compensation shares | (9,043) | $ 6 | (9,049) | |||||||||
Issuance of share-based compensation shares, Shares | 689 | |||||||||||
Exercise of stock options | 2,647 | $ 3 | 2,644 | |||||||||
Exercise of stock options, Shares | 131 | |||||||||||
Tax benefit of equity transactions | (1,258) | (1,258) | ||||||||||
Repurchases of shares | (52,701) | $ (20) | (52,681) | |||||||||
Repurchases of shares, Shares | (2,010) | |||||||||||
Net income | 678,350 | 784,078 | 618,060 | 723,788 | 60,290 | 60,290 | ||||||
Dividends paid to noncontrolling interests | (64,339) | (64,339) | (64,339) | (64,339) | ||||||||
Dividends | (162,294) | (421,801) | (162,294) | (421,801) | ||||||||
Capital contribution by parent - share-based compensation | 26,715 | 26,715 | ||||||||||
Spin-off of Paragon Offshore | (1,379,021) | (1,433,179) | (1,413,499) | (1,467,657) | 34,478 | 34,478 | ||||||
Other comprehensive income (loss), net | 1,918 | 1,918 | 1,918 | 1,918 | ||||||||
Ending Balance at Sep. 30, 2014 | 8,101,719 | 8,048,876 | $ 2,523 | $ 26,125 | 787,374 | 524,031 | 6,634,194 | 6,821,092 | (45,768) | (45,768) | 723,396 | 723,396 |
Ending Balance, Shares at Sep. 30, 2014 | 252,258 | 261,246 | ||||||||||
Beginning Balance at Dec. 31, 2014 | $ 7,287,034 | $ 7,218,782 | $ 2,475 | $ 26,125 | 695,638 | 530,657 | 5,936,035 | 6,009,114 | (69,418) | (69,418) | 722,304 | 722,304 |
Beginning Balance, Shares at Dec. 31, 2014 | 247,501 | 261,246 | 247,501 | 261,246 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 30,296 | 30,296 | ||||||||||
Issuance of share-based compensation shares | (4,150) | $ 7 | (4,157) | |||||||||
Issuance of share-based compensation shares, Shares | 678 | |||||||||||
Tax benefit of equity transactions | (2,401) | (2,401) | ||||||||||
Repurchases of shares | $ (100,630) | $ (62) | (100,568) | |||||||||
Repurchases of shares, Shares | (6,200) | (6,209) | ||||||||||
Net income | $ 720,729 | $ 748,367 | 663,241 | 690,879 | 57,488 | 57,488 | ||||||
Dividends paid to noncontrolling interests | (57,048) | (57,048) | (57,048) | (57,048) | ||||||||
Dividends | (278,443) | (372,799) | (278,443) | (372,799) | ||||||||
Capital contribution by parent - share-based compensation | 21,875 | 21,875 | ||||||||||
Other comprehensive income (loss), net | (2,614) | (2,614) | (2,614) | (2,614) | ||||||||
Ending Balance at Sep. 30, 2015 | $ 7,592,773 | $ 7,556,563 | $ 2,420 | $ 26,125 | $ 618,808 | $ 552,532 | $ 6,320,833 | $ 6,327,194 | $ (72,032) | $ (72,032) | $ 722,744 | $ 722,744 |
Ending Balance, Shares at Sep. 30, 2015 | 241,970 | 261,246 | 247,501 | 261,246 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 — Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of the filing date of this Quarterly Report on Form 10-Q, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist largely of major independent and government owned/controlled oil and gas companies throughout the world. As of September 30, 2015, our contract drilling services segment conducted operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean Sea, West Africa, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The accompanying unaudited consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2014 Consolidated Balance Sheets presented herein are derived from the December 31, 2014 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
Spin-off of Paragon Offshore pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Spin-off of Paragon Offshore plc ("Paragon Offshore") | Note 2 — Spin-off of Paragon Offshore plc (“Paragon Offshore”) On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. Paragon Offshore recently announced that it had retained an investment banking firm and a law firm to “consider strategic alternatives related to its capital structure.” Depending on what “strategic alternative”, if any, that Paragon Offshore elects to pursue, our ability to collect amounts due to us from Paragon Offshore under the agreements below (see Note 14) could be adversely impacted and Paragon Offshore could become adverse to us in any potential litigation relating to the Spin-off. Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off. Master Separation Agreement (“MSA”) The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore. Employee Matters Agreement (“EMA”) The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters. Tax Sharing Agreement (“TSA”) The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. Transition Services Agreements Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 3 — Discontinued Operations Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-off, meets the criteria for being reported as discontinued operations and was reclassified as such in our results of operations. The results of discontinued operations for the three and nine months ended September 30, 2014 include the historical results of Paragon Offshore, including $31 million and $49 million, respectively, of non-recurring costs incurred by Noble related to the Spin-off. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of debt consisting of: · $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024; and · $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. We allocated interest expense on this debt, which is directly related to Paragon Offshore, to discontinued operations. For both the three and nine months ended September 30, 2014, we allocated approximately $4 million of interest expense related to such debt. The following table provides the components of net income from discontinued operations, net of tax for Noble-UK for the three and nine months ended September 30, 2014: Three Nine September 30, September 30, 2014 2014 Operating revenues Contract drilling services $ 136,548 $ 993,253 Reimbursables 2,398 21,899 Labor contract drilling services 2,946 19,304 Other 1 2 Operating revenues from discontinued operations $ 141,893 $ 1,034,458 (Loss) income from discontinued operations (Loss) income from discontinued operations before income taxes $ (3,292 ) $ 229,482 Income tax provision (16,922 ) (53,950 ) Net (loss) income from discontinued operations $ (20,214 ) $ 175,532 |
Consolidated Joint Ventures
Consolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 4 — Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully During the nine months ended September 30, 2015 and 2014, the Bully joint ventures approved and paid dividends totaling $114 million and $129 million, respectively. Of these amounts, 50 percent were paid to our joint venture partner. The combined carrying amount of the Bully |
Share Data
Share Data | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Share Data | Note 5 — Share Data Earnings per share The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Basic Income from continuing operations $ 325,807 $ 147,389 $ 663,241 $ 442,528 Earnings allocated to unvested share-based payment awards (7,143 ) (2,286 ) (14,661 ) (7,053 ) Income from continuing operations to common shareholders 318,664 145,103 648,580 435,475 (Loss)/income from discontinued operations — (20,214 ) — 175,532 Earnings allocated to unvested share-based payment awards — 314 — (2,798 ) (Loss)/income from discontinued operations, net of tax to common shareholders — (19,900 ) — 172,734 Net income attributable to Noble-UK 325,807 127,175 663,241 618,060 Earnings allocated to unvested share-based payment awards (7,143 ) (1,972 ) (14,661 ) (9,851 ) Net income to common shareholders - basic $ 318,664 $ 125,203 $ 648,580 $ 608,209 Diluted Income from continuing operations $ 325,807 $ 147,389 $ 663,241 $ 442,528 Earnings allocated to unvested share-based payment awards (7,143 ) (2,285 ) (14,661 ) (7,050 ) Income from continuing operations to common shareholders 318,664 145,104 648,580 435,478 (Loss)/income from discontinued operations — (20,214 ) — 175,532 Earnings allocated to unvested share-based payment awards — 313 — (2,796 ) (Loss)/income from discontinued operations, net of tax to common shareholders — (19,901 ) — 172,736 Net income attributable to Noble-UK 325,807 127,175 663,241 618,060 Earnings allocated to unvested share-based payment awards (7,143 ) (1,972 ) (14,661 ) (9,846 ) Net income to common shareholders - diluted $ 318,664 $ 125,203 $ 648,580 $ 608,214 Denominator: Weighted average shares outstanding - basic 241,970 253,842 242,204 254,006 Incremental shares issuable from assumed exercise of stock options — 107 — 114 Weighted average shares outstanding - diluted 241,970 253,949 242,204 254,120 Weighted average unvested share-based payment awards 5,424 3,999 5,475 4,114 Earnings per share Basic Continuing operations 1.32 $ 0.57 2.68 $ 1.71 Discontinued operations — (0.08 ) — 0.68 Net income attributable to Noble-UK 1.32 $ 0.49 2.68 $ 2.39 Diluted Continuing operations 1.32 $ 0.57 2.68 $ 1.71 Discontinued operations — (0.08 ) — 0.68 Net income attributable to Noble-UK 1.32 $ 0.49 2.68 $ 2.39 Dividends per share $ 0.375 $ 0.375 $ 1.125 $ 1.125 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended September 30, 2015 and 2014, approximately 1.7 million and 1.3 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. Share capital As of September 30, 2015, Noble-UK had approximately 242.0 million shares outstanding and trading as compared to approximately 247.5 million shares outstanding and trading at December 31, 2014. The decrease in shares outstanding is primarily related to the repurchase of 6.2 million shares pursuant to our approved share repurchase program, discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on July 24, 2015 and paid on August 10, 2015 to holders of record on August 3, 2015. Share repurchases Under UK law, the Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. In December 2014, we received shareholder approval to repurchase up to 37,000,000 ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or borrowings under our Credit Facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases. During the nine months ended September 30, 2015, we repurchased 6.2 million of our ordinary shares covered by this authorization for a total cost of approximately $101 million. During the three months ended September 30, 2015, we did not repurchase any of our shares. |
Receivables from Customers
Receivables from Customers | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Receivables from Customers | Note 6 — Receivables from Customers At September 30, 2015, we had receivables of approximately $14 million related to the Noble Max Smith |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 7 — Property and Equipment Property and equipment, at cost, as of September 30, 2015 and December 31, 2014 for Noble-UK consisted of the following: September 30, December 31, 2015 2014 Drilling equipment and facilities $ 13,767,751 $ 13,254,240 Construction in progress 714,913 969,985 Other 234,648 218,697 Property and equipment, at cost $ 14,717,312 $ 14,442,922 Capital expenditures, including capitalized interest, totaled $280 million and $1.7 billion for the nine months ended September 30, 2015 and 2014, respectively. Capitalized interest was $7 million and $18 million for the three and nine months ended September 30, 2015, respectively, as compared to $11 million and $39 million for the three and nine months ended September 30, 2014. Capital expenditures related to Paragon Offshore for the nine months ended September 30, 2014 totaled $150 million. Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $35 million and $236 million, respectively, for the three and nine months ended September 30, 2014. During the three months ended September 30, 2015, we sold for scrap the previously retired semisubmersible rigs, the Noble Driller Noble Jim Thompson |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 — Debt Long-term debt consisted of the following at September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 Senior unsecured notes: 3.45% Senior Notes due August 2015 $ — $ 350,000 3.05% Senior Notes due March 2016 299,993 299,982 2.50% Senior Notes due March 2017 299,947 299,920 4.00% Senior Notes due March 2018 249,559 — 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 499,252 499,151 4.625% Senior Notes due March 2021 399,667 399,627 3.95% Senior Notes due March 2022 399,332 399,264 5.95% Senior Notes due April 2025 448,790 — 6.20% Senior Notes due August 2040 399,896 399,895 6.05% Senior Notes due March 2041 397,709 397,681 5.25% Senior Notes due March 2042 498,331 498,310 6.95% Senior Notes due April 2045 394,549 — Total senior unsecured notes 4,488,720 3,745,525 Credit facilities & commercial paper program — 1,123,495 Total debt 4,488,720 4,869,020 Less: Current maturities of long-term debt (299,993 ) — Long-term debt $ 4,188,727 $ 4,869,020 Credit Facilities and Commercial Paper Program We currently have two credit facilities with an aggregate maximum capacity of $2.7 billion, which are comprised of a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). We have a commercial paper program that allows us to issue up to $2.4 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our Credit Facilities. The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At September 30, 2015, we had no letters of credit issued under the facility. Senior Unsecured Notes In March 2015, our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), issued $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprised of $250 million of 4.00% Senior Notes due 2018, $450 million of 5.95% Senior Notes due 2025, and $400 million of 6.95% Senior Notes due 2045. The weighted average coupon of all three tranches is 5.87%. The interest rate on these senior notes may be increased if the credit rating applicable to the notes is downgraded below certain specified levels. The net proceeds of approximately $1.08 billion, after expenses, were used to repay indebtedness outstanding under our Credit Facilities and commercial paper program. In August 2015, we repaid our $350 million 3.45% Senior Notes using cash on hand. Our $300 million 3.05% Senior Notes mature during the first quarter of 2016. We anticipate using cash on hand to repay the outstanding balances; therefore, we have classified these balances as “Current maturities of long-term debt” on our Consolidated Balance Sheet as of September 30, 2015. Covenants The Credit Facilities are guaranteed by NHIL and Noble Holding Corporation (“NHC”). The covenants and events of default under the two Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At September 30, 2015, our ratio of debt to total tangible capitalization was approximately 0.37. We were in compliance with all covenants under the Credit Facilities as of September 30, 2015. In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At September 30, 2015, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during the remainder of 2015. Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 12. The following table presents the estimated fair value of our total debt as of September 30, 2015 and December 31, 2014, respectively: September 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Senior unsecured notes: 3.45% Senior Notes due August 2015 $ — $ — $ 350,000 $ 354,992 3.05% Senior Notes due March 2016 299,993 298,322 299,982 302,515 2.50% Senior Notes due March 2017 299,947 278,625 299,920 287,014 4.00% Senior Notes due March 2018 249,559 232,223 — — 7.50% Senior Notes due March 2019 201,695 210,152 201,695 212,068 4.90% Senior Notes due August 2020 499,252 424,989 499,151 471,095 4.625% Senior Notes due March 2021 399,667 311,237 399,627 363,837 3.95% Senior Notes due March 2022 399,332 299,013 399,264 346,425 5.95% Senior Notes due April 2025 448,790 350,787 — — 6.20% Senior Notes due August 2040 399,896 259,655 399,895 350,351 6.05% Senior Notes due March 2041 397,709 255,602 397,681 343,653 5.25% Senior Notes due March 2042 498,331 302,314 498,310 385,181 6.95% Senior Notes due April 2045 394,549 282,243 — — Total senior unsecured notes 4,488,720 3,505,162 3,745,525 3,417,131 Credit facilities & commercial paper program — — 1,123,495 1,123,495 Total debt $ 4,488,720 $ 3,505,162 $ 4,869,020 $ 4,540,626 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes At September 30, 2015, the reserves for uncertain tax positions totaled $143 million (net of related tax benefits of $13 million). If the September 30, 2015 reserves are not realized, the provision for income taxes would be reduced by $143 million. At December 31, 2014, the reserves for uncertain tax positions totaled $116 million (net of related tax benefits of $1 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 10 — Employee Benefit Plans Pension costs include the following components for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 862 $ 2,149 $ 1,016 $ 2,541 Interest cost 653 2,300 1,022 2,714 Return on plan assets (942 ) (3,286 ) (1,397 ) (3,846 ) Amortization of prior service cost 26 36 (2 ) 56 Recognized net actuarial loss 80 1,539 119 651 Curtailment expense — — — 241 Settlement expense — — — 310 Net pension expense $ 679 $ 2,738 $ 758 $ 2,667 Included in net pension expense for the three months ended September 30, 2014 for our non-U.S. and U.S. plans was approximately $0.2 million each related to Paragon Offshore that was classified as discontinued operations. Pension costs include the following components for the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 2,582 $ 6,447 $ 3,869 $ 7,623 Interest cost 1,927 6,899 3,950 8,142 Return on plan assets (2,779 ) (9,859 ) (5,088 ) (11,538 ) Amortization of prior service cost 79 107 (12 ) 168 Recognized net actuarial loss 235 4,618 748 1,953 Curtailment expense — — — 241 Settlement expense — — — 310 Net pension expense $ 2,044 $ 8,212 $ 3,467 $ 6,899 Included in net pension expense for the nine months ended September 30, 2014 for our non-U.S. and U.S. plans was approximately $2 million and $1 million, respectively, related to Paragon Offshore that was classified as discontinued operations. During both the three and nine months ended September 30, 2015, we made contributions to our pension plans totaling approximately $2 million. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 11 — Derivative Instruments and Hedging Activities We periodically enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Cash Flow Hedges Several of our regional shorebases, including our North Sea, Australian and Brazilian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. The forward contract settlements in the remainder of 2015 represent approximately 60 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $23 million at September 30, 2015. Total unrealized losses related to these forward contracts were approximately $1 million as of September 30, 2015 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). Financial Statement Presentation The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2015 and December 31, 2014: Estimated fair value Balance sheet classification September 2015 Decembe r 2014 Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 45 $ — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 1,407 $ — To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended September 30, 2015 and 2014: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2015 2014 2015 2014 2015 2014 Cash flow hedges Foreign currency forward contracts $ (747 ) $ (2,125 ) $ (615 ) $ 1,852 $ — $ — To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the nine months ended September 30, 2015 and 2014: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2015 2014 2015 2014 2015 2014 Cash flow hedges Foreign currency forward contracts $ (143 ) $ (4,904 ) $ (1,219 ) $ 4,631 $ — $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12 — Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: September 30, 2015 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,275 $ 6,275 $ — $ — Foreign currency forward contracts 45 — 45 — Liabilities - Foreign currency forward contracts $ 1,407 $ — $ 1,407 $ — December 31, 2014 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,175 $ 6,175 $ — $ — The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 13 — Accumulated Other Comprehensive Loss The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the nine months ended September 30, 2015 and 2014. All amounts within the tables are shown net of tax. Gains / Defined (Losses) on Benefit Foreign Cash Flow Pension Currency Hedges (1) Items (2) Items Total Balance at December 31, 2013 $ — $ (58,598 ) $ (23,566 ) $ (82,164 ) Activity during period: Other comprehensive income before reclassifications 4,358 — 1,143 5,501 Amounts reclassified from AOCL (4,631 ) 1,048 — (3,583 ) Net other comprehensive income (loss) (273 ) 1,048 1,143 1,918 Spin-off of Paragon Offshore (3) — 21,772 12,706 34,478 Balance at September 30, 2014 $ (273 ) $ (35,778 ) $ (9,717 ) $ (45,768 ) Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive loss before reclassifications (2,581 ) — (4,568 ) (7,149 ) Amounts reclassified from AOCL 1,219 3,316 — 4,535 Net other comprehensive income (loss) (1,362 ) 3,316 (4,568 ) (2,614 ) Balance at September 30, 2015 $ (1,362 ) $ (55,124 ) $ (15,546 ) $ (72,032 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “Contract drilling services” or “General and administrative”. See Note 10 for additional information. (3) Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 — Commitments and Contingencies The Noble Homer Ferrington In December 2014, one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our drillship, the Noble Discoverer, Kulluk Noble Discoverer Kulluk We have used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. We understand that this agent has represented a number of different companies in Brazil over many years, including several offshore drilling contractors. This agent has pled guilty in Brazil in connection with the award of a drilling contract to a competitor and has implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. We are not aware of any improper activity by Noble in connection with contracts that Noble has entered into with Petrobras, and we have not been contacted by any authorities regarding such contracts or the investigation into Petrobras’ business practices. We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At September 30, 2015, there were 45 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana and Mississippi. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During the first quarter of 2014, the IRS began its examination of our tax reporting in the U.S. for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the outstanding assessments in the U.S., for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Audit claims of approximately $96 million attributable to income, customs and other business taxes have been assessed against us in Mexico and Brazil, as detailed below. Tax assessments of approximately $47 million have been made against Noble entities in Mexico, of which approximately $34 million relates to Paragon Offshore assets that operated through Noble-retained entities in Mexico prior to the Spin-off. Paragon Offshore has received tax assessments of approximately $203 million against Paragon Offshore entities in Mexico, of which approximately $47 million relates to Noble assets that operated through Paragon Offshore-retained entities in Mexico prior to the Spin-off. In Brazil, Paragon Offshore has received tax assessments of approximately $116 million, of which $36 million relates to Noble assets that operated through a Paragon Offshore-retained entity in Brazil prior to the Spin-off. Under the TSA, Paragon Offshore must indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $34 million as noted above, and we must indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Mexico and Brazil assets, approximately $47 million and $36 million, respectively, as noted above, if and when such payments become due. We have contested, or intend to contest or cooperate with Paragon Offshore where it is contesting, the assessments described above, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions or our ability to collect indemnities from Paragon Offshore under the TSA. On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law applicable to the activities of that subsidiary. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling is only applicable to the Noble subsidiary named in the ruling and, therefore, does not establish the depreciation rate applicable to the assets of other Noble subsidiaries. We will continue to contest future assessments received. Any claim by the tax authorities relating to this depreciation issue would be related to the businesses transferred to Paragon Offshore in the Spin-off and, therefore, would be subject to indemnification by Paragon Offshore under the TSA. We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $19 million). We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights. We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire. The rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence. Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts, strikes or cyber risks. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million. In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $676 million at September 30, 2015. We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Pronouncements | Note 15 — Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new guidance by one year to interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-03 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-04 which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12 which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans”, ASC Topic 962, “Defined Contribution Pension Plans”, and ASC Topic 965, “Health and Welfare Benefit Plans”. There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-04, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the income statement, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Financial Information | Note 16 — Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $204 million and $263 million at September 30, 2015 and December 31, 2014, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $87 million at September 30, 2015 as compared to $94 million at December 31, 2014, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. In April 2015, we agreed to contract dayrate reductions for five rigs working for Saudi Arabian Oil Company (“Aramco”), which are effective from January 1, 2015 through December 31, 2015. In accordance with accounting guidance, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Aramco contracts. At September 30, 2015, revenues recorded in excess of billings as a result of this recognition totaled $53 million, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. Noble-UK Noble-Cayman Nine months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Accounts receivable $ 38,695 $ (15,968 ) $ 38,695 $ (15,968 ) Other current assets 48,548 (65,075 ) 28,415 (71,784 ) Other assets 61,610 (51,887 ) 41,314 (51,871 ) Accounts payable (20,666 ) 74,349 (18,743 ) 33,909 Other current liabilities (2,733 ) (23,882 ) 11,295 (4,294 ) Other liabilities (22,155 ) 35,219 (22,155 ) 51,346 $ 103,299 $ (47,244 ) $ 78,821 $ (58,662 ) |
Information about Noble-Cayman
Information about Noble-Cayman | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Information about Noble-Cayman | NOBLE CORPORATION PLC AND SUBSIDIARIES NOBLE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Note 17 — Information about Noble-Cayman Guarantees of Registered Securities Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of September 30, 2015 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 3.05% Senior Notes due 2016 NHIL Noble-Cayman $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 4.00% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman Noble Drilling Holding, LLC ("NDH") Noble Drilling Services 6 LLC ("NDS6") $500 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $400 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 5.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 6.95% Senior Notes due 2045 NHIL Noble-Cayman The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2015 (in thousands) Other Non-guarantor Noble - Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 4 $ — $ 135 $ — $ — $ 164,101 $ — $ 164,240 Accounts receivable — — 13,816 — — 516,585 — 530,401 Taxes receivable — 12,124 26 — — 54,173 — 66,323 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 617,430 451,674 124,763 832,288 67,170 3,256,189 (5,349,514 ) — Prepaid expenses and other current assets 1,756 — 4,857 — — 144,245 — 150,858 Total current assets 619,190 463,798 263,073 832,288 67,170 4,307,218 (5,640,915 ) 911,822 Property and equipment, at cost — — 1,846,298 — — 12,833,307 — 14,679,605 Accumulated depreciation — — (330,361 ) — — (2,456,068 ) — (2,786,429 ) Property and equipment, net — — 1,515,937 — — 10,377,239 — 11,893,176 Notes receivable from affiliates 3,304,653 — 236,921 1,614,802 5,000 1,516,702 (6,678,078 ) — Investments in affiliates 5,306,418 1,413,824 2,973,478 9,384,951 6,951,400 — (26,030,071 ) — Other assets 6,369 — 7,264 26,788 424 159,428 — 200,273 Total assets $ 9,236,630 $ 1,877,622 $ 4,996,673 $ 11,858,829 $ 7,023,994 $ 16,360,587 $ (38,349,064 ) $ 13,005,271 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,993 — — — 299,993 Accounts payable — — 5,251 — — 200,187 — 205,438 Accrued payroll and related costs — — 8,004 — — 78,108 — 86,112 Accounts payable to affiliates 837,540 67,191 2,274,884 87,104 5,706 2,077,089 (5,349,514 ) — Taxes payable — 35,743 — — — 116,393 — 152,136 Interest payable — — — 44,292 630 — — 44,922 Other current liabilities 103 — 4,824 — — 99,672 — 104,599 Total current liabilities 837,643 274,859 2,292,963 431,389 6,336 2,690,925 (5,640,915 ) 893,200 Long-term debt — — — 3,987,032 201,695 — — 4,188,727 Notes payable to affiliates 1,545,239 — 460,227 1,169,180 124,216 3,379,216 (6,678,078 ) — Deferred income taxes — — — — — 46,366 — 46,366 Other liabilities 19,929 — 26,361 — — 274,125 — 320,415 Total liabilities 2,402,811 274,859 2,779,551 5,587,601 332,247 6,390,632 (12,318,993 ) 5,448,708 Commitments and contingencies — — — — — — — — Total shareholder equity 6,833,819 1,602,763 2,217,122 6,271,228 6,691,747 8,810,922 (25,593,782 ) 6,833,819 Noncontrolling interests — — — — — 1,159,033 (436,289 ) 722,744 Total equity 6,833,819 1,602,763 2,217,122 6,271,228 6,691,747 9,969,955 (26,030,071 ) 7,556,563 Total liabilities and equity $ 9,236,630 $ 1,877,622 $ 4,996,673 $ 11,858,829 $ 7,023,994 $ 16,360,587 $ (38,349,064 ) $ 13,005,271 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 5 $ — $ 254 $ — $ — $ 65,521 $ — $ 65,780 Accounts receivable — — 37,655 2,336 — 529,105 — 569,096 Taxes receivable — 63,373 752 — — 43,164 — 107,289 Short-term notes receivable from affiliates 123,449 — 1,077,965 — 333,966 171,925 (1,707,305 ) — Accounts receivable from affiliates 2,019,319 374,012 192,771 157,164 125,834 4,191,406 (7,060,506 ) — Prepaid expenses and other current assets 14,274 — 1,764 — — 123,631 — 139,669 Total current assets 2,157,047 437,385 1,311,161 159,500 459,800 5,124,752 (8,767,811 ) 881,834 Property and equipment, at cost — — 2,040,168 — — 12,364,203 — 14,404,371 Accumulated depreciation — — (278,147 ) — — (2,040,073 ) — (2,318,220 ) Property and equipment, net — — 1,762,021 — — 10,324,130 — 12,086,151 Notes receivable from affiliates 3,304,654 — 236,921 1,980,391 5,000 1,581,429 (7,108,395 ) — Investments in affiliates 4,567,335 1,318,239 2,921,452 8,266,444 6,290,918 — (23,364,388 ) — Other assets 2,908 — 6,212 19,826 517 192,791 — 222,254 Total assets $ 10,031,944 $ 1,755,624 $ 6,237,767 $ 10,426,161 $ 6,756,235 $ 17,223,102 $ (39,240,594 ) $ 13,190,239 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ 371,720 $ 1,163,660 $ (1,707,305 ) $ — Accounts payable 600 — 10,130 — — 250,282 — 261,012 Accrued payroll and related costs — — 7,738 — — 83,749 — 91,487 Accounts payable to affiliates 606,224 63,602 3,513,705 61,982 16,869 2,798,124 (7,060,506 ) — Taxes payable — — — — — 91,471 — 91,471 Interest payable 499 — — 57,053 4,412 — — 61,964 Other current liabilities 15,651 — 13,409 — — 110,890 — 139,950 Total current liabilities 622,974 235,527 3,544,982 119,035 393,001 4,498,176 (8,767,811 ) 645,884 Long-term debt 1,123,495 — — 3,543,830 201,695 — — 4,869,020 Notes payable to affiliates 1,769,068 — 598,715 1,169,180 192,216 3,379,216 (7,108,395 ) — Deferred income taxes — — — — — 120,589 — 120,589 Other liabilities 19,929 — 29,093 — — 286,942 — 335,964 Total liabilities 3,535,466 235,527 4,172,790 4,832,045 786,912 8,284,923 (15,876,206 ) 5,971,457 Commitments and contingencies Total shareholder equity 6,496,478 1,520,097 2,064,977 5,594,116 5,969,323 7,812,656 (22,961,169 ) 6,496,478 Noncontrolling interests — — — — — 1,125,523 (403,219 ) 722,304 Total equity 6,496,478 1,520,097 2,064,977 5,594,116 5,969,323 8,938,179 (23,364,388 ) 7,218,782 Total liabilities and equity $ 10,031,944 $ 1,755,624 $ 6,237,767 $ 10,426,161 $ 6,756,235 $ 17,223,102 $ (39,240,594 ) $ 13,190,239 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 37,659 $ — $ — $ 856,145 $ (19,991 ) $ 873,813 Reimbursables — — 4,662 — — 18,196 — 22,858 Total operating revenues — — 42,321 — — 874,341 (19,991 ) 896,671 Operating costs and expenses Contract drilling services 850 3,630 32,370 14,850 — 260,770 (19,991 ) 292,479 Reimbursables — — 8,414 — — 9,369 — 17,783 Depreciation and amortization — — 20,690 — — 139,693 — 160,383 General and administrative 192 1,866 — 7,524 — 794 — 10,376 Total operating costs and expenses 1,042 5,496 61,474 22,374 — 410,626 (19,991 ) 481,021 Operating income (loss) (1,042 ) (5,496 ) (19,153 ) (22,374 ) — 463,715 — 415,650 Other income (expense) Income (loss) of unconsolidated affiliates 334,441 130,794 70,445 344,840 132,616 — (1,013,136 ) — Interest expense, net of amounts capitalized (17,914 ) (1,342 ) (3,204 ) (58,129 ) (7,522 ) (37,611 ) 71,035 (54,687 ) Interest income and other, net 16,052 4 22,837 17,876 2,283 43,049 (71,035 ) 31,066 Income before income taxes 331,537 123,960 70,925 282,213 127,377 469,153 (1,013,136 ) 392,029 Income tax provision — (53,518 ) (1,198 ) — — 12,848 — (41,868 ) Net Income 331,537 70,442 69,727 282,213 127,377 482,001 (1,013,136 ) 350,161 Net income attributable to noncontrolling interests — — — — — (32,733 ) 14,109 (18,624 ) Net income attributable to Noble Corporation 331,537 70,442 69,727 282,213 127,377 449,268 (999,027 ) 331,537 Other comprehensive loss, net (2,859 ) — — — — (2,859 ) 2,859 (2,859 ) Comprehensive income attributable to Noble Corporation $ 328,678 $ 70,442 $ 69,727 $ 282,213 $ 127,377 $ 446,409 $ (996,168 ) $ 328,678 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 176,987 $ — $ — $ 2,349,537 $ (102,043 ) $ 2,424,481 Reimbursables — — 15,578 — — 54,509 — 70,087 Total operating revenues — — 192,565 — — 2,404,046 (102,043 ) 2,494,568 Operating costs and expenses Contract drilling services 5,457 20,223 79,612 61,078 — 866,598 (102,043 ) 930,925 Reimbursables — — 13,195 — — 42,397 — 55,592 Depreciation and amortization — — 58,741 — — 414,305 — 473,046 General and administrative 1,131 8,926 — 24,918 1 1,117 — 36,093 Total operating costs and expenses 6,588 29,149 151,548 85,996 1 1,324,417 (102,043 ) 1,495,656 Operating income (loss) (6,588 ) (29,149 ) 41,017 (85,996 ) (1 ) 1,079,629 — 998,912 Other income (expense) Income (loss) of unconsolidated affiliates 738,742 197,773 162,486 883,323 475,715 — (2,458,039 ) — Interest expense, net of amounts capitalized (63,800 ) (3,590 ) (9,769 ) (167,017 ) (21,491 ) (65,553 ) 170,024 (161,196 ) Interest income and other, net 22,525 4,835 49,824 59,666 5,096 63,691 (170,024 ) 35,613 Income before income taxes 690,879 169,869 243,558 689,976 459,319 1,077,767 (2,458,039 ) 873,329 Income tax provision — (87,203 ) (2,974 ) — — (34,785 ) — (124,962 ) Net Income 690,879 82,666 240,584 689,976 459,319 1,042,982 (2,458,039 ) 748,367 Net income attributable to noncontrolling interests — — — — — (90,557 ) 33,069 (57,488 ) Net income attributable to Noble Corporation 690,879 82,666 240,584 689,976 459,319 952,425 (2,424,970 ) 690,879 Other comprehensive loss, net (2,614 ) — — — — (2,614 ) 2,614 (2,614 ) Comprehensive income attributable to Noble Corporation $ 688,265 $ 82,666 $ 240,584 $ 689,976 $ 459,319 $ 949,811 $ (2,422,356 ) $ 688,265 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2014 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 81,834 $ — $ — $ 866,699 $ (138,333 ) $ 810,200 Reimbursables — — 1,495 — — 17,100 — 18,595 Other — — — — — 1 — 1 Total operating revenues — — 83,329 — — 883,800 (138,333 ) 828,796 Operating costs and expenses Contract drilling services 3,571 9,239 27,593 25,489 — 456,352 (138,333 ) 383,911 Reimbursables — — 1,112 — — 12,529 — 13,641 Depreciation and amortization — — 16,922 — — 143,333 — 160,255 General and administrative 397 2,348 — 6,530 — 3,782 — 13,057 Total operating costs and expenses 3,968 11,587 45,627 32,019 — 615,996 (138,333 ) 570,864 Operating income (loss) (3,968 ) (11,587 ) 37,702 (32,019 ) — 267,804 — 257,932 Other income (expense) Income (loss) of unconsolidated affiliates (2,716,832 ) (20,299 ) (130,556 ) 283,190 182,350 — 2,402,147 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 10,413 (3,921 ) (10,045 ) 2,021 124 — 1,408 — Total income (loss) of unconsolidated affiliates (2,706,419 ) (24,220 ) (140,601 ) 285,211 182,474 — 2,403,555 — Interest expense, net of amounts capitalized (22,352 ) (1,042 ) (8,729 ) (40,423 ) (10,573 ) (3,109,995 ) 3,155,363 (37,751 ) Interest income and other, net 2,905,973 — 208,241 21,240 1,249 22,445 (3,155,363 ) 3,785 Income from continuing operations before income taxes 173,234 (36,849 ) 96,613 234,009 173,150 (2,819,746 ) 2,403,555 223,966 Income tax provision — (11,352 ) (766 ) — — (28,556 ) — (40,674 ) Net income from continuing operations 173,234 (48,201 ) 95,847 234,009 173,150 (2,848,302 ) 2,403,555 183,292 Net income from discontinued operations, net of tax — — — — — 10,413 — 10,413 Net Income 173,234 (48,201 ) 95,847 234,009 173,150 (2,837,889 ) 2,403,555 193,705 Net income attributable to noncontrolling interests — — — — — (31,612 ) 11,141 (20,471 ) Net income attributable to Noble Corporation 173,234 (48,201 ) 95,847 234,009 173,150 (2,869,501 ) 2,414,696 173,234 Other comprehensive loss, net (8,982 ) — — — — (8,982 ) 8,982 (8,982 ) Comprehensive income attributable to Noble Corporation $ 164,252 $ (48,201 ) $ 95,847 $ 234,009 $ 173,150 $ (2,878,483 ) $ 2,423,678 $ 164,252 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2014 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 244,451 $ — $ — $ 2,328,611 $ (212,857 ) $ 2,360,205 Reimbursables — — 4,748 — — 62,810 — 67,558 Other — — — — — 1 — 1 Total operating revenues — — 249,199 — — 2,391,422 (212,857 ) 2,427,764 Operating costs and expenses Contract drilling services 16,257 29,725 88,683 86,819 — 1,089,067 (212,857 ) 1,097,694 Reimbursables — — 3,605 — — 49,272 — 52,877 Depreciation and amortization — — 47,267 — — 410,833 — 458,100 General and administrative 1,304 7,351 — 21,754 1 6,068 — 36,478 Total operating costs and expenses 17,561 37,076 139,555 108,573 1 1,555,240 (212,857 ) 1,645,149 Operating income (loss) (17,561 ) (37,076 ) 109,644 (108,573 ) (1 ) 836,182 — 782,615 Other income (expense) Income (loss) of unconsolidated affiliates (2,325,832 ) 90,411 (9,789 ) 703,700 466,521 — 1,074,989 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 225,022 49,146 94,515 183,347 6,249 — (558,279 ) — Total income (loss) of unconsolidated affiliates (2,100,810 ) 139,557 84,726 887,047 472,770 — 516,710 — Interest expense, net of amounts capitalized (70,702 ) (2,005 ) (21,703 ) (126,914 ) (26,477 ) (3,134,741 ) 3,268,048 (114,494 ) Interest income and other, net 2,912,861 — 234,990 68,208 1,879 51,252 (3,268,048 ) 1,142 Income from continuing operations before income taxes 723,788 100,476 407,657 719,768 448,171 (2,247,307 ) 516,710 669,263 Income tax provision — (49,945 ) (2,972 ) — (1,547 ) (55,743 ) — (110,207 ) Net income from continuing operations 723,788 50,531 404,685 719,768 446,624 (2,303,050 ) 516,710 559,056 Net income from discontinued operations, net of tax — (18,655 ) 6,634 — — 237,043 — 225,022 Net Income 723,788 31,876 411,319 719,768 446,624 (2,066,007 ) 516,710 784,078 Net income attributable to noncontrolling interests — — — — — (95,253 ) 34,963 (60,290 ) Net income attributable to Noble Corporation 723,788 31,876 411,319 719,768 446,624 (2,161,260 ) 551,673 723,788 Other comprehensive income, net 1,918 — — — — 1,918 (1,918 ) 1,918 Comprehensive income attributable to Noble Corporation $ 725,706 $ 31,876 $ 411,319 $ 719,768 $ 446,624 $ (2,159,342 ) $ 549,755 $ 725,706 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ (33,578 ) $ (28,115 ) $ 141,329 $ (210,734 ) $ (20,085 ) $ 1,397,280 $ — $ 1,246,097 Cash flows from investing activities Capital expenditures — — (80,743 ) — — (242,745 ) — (323,488 ) Proceeds from disposal of assets — — — 2,535 — 2,535 Notes receivable from affiliates 124,951 — 608,771 — (733,722 ) — Net cash from investing activities 124,951 — (80,743 ) 608,771 — (240,210 ) (733,722 ) (320,953 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (57,048 ) — (57,048 ) Distributions to parent company, net (372,799 ) — — — — — — (372,799 ) Advances (to) from affiliates 2,020,141 28,115 (60,705 ) (1,131,145 ) 20,085 (876,491 ) — — Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Net cash from financing activities (91,374 ) 28,115 (60,705 ) (398,037 ) 20,085 (1,058,490 ) 733,722 (826,684 ) Net change in cash and cash equivalents (1 ) — (119 ) — — 98,580 — 98,460 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 4 $ — $ 135 $ — $ — $ 164,101 $ — $ 164,240 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2014 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ 2,858,748 $ (127,706 ) $ 370,512 $ (211,228 ) $ (29,835 ) $ (1,390,805 ) $ — $ 1,469,686 Cash flows from investing activities Capital expenditures — — (1,245,121 ) — — (554,706 ) — (1,799,827 ) Notes receivable from affiliates 50 — — 273,744 — — (273,794 ) — Net cash from investing activities 50 — (1,245,121 ) 273,744 — (554,706 ) (273,794 ) (1,799,827 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (569,489 ) — — — — — — (569,489 ) Repayment of long-term debt — — — (250,000 ) — — — (250,000 ) Debt issuance costs on senior notes and credit facilities (386 ) — — — — — — (386 ) Long-term borrowings of Paragon Offshore — — — — — 1,726,750 1,726,750 Financing costs on long- term borrowings of Paragon Offshore — — — — — (30,876 ) (30,876 ) Cash balances of Paragon Offshore in Spin-off — — — — (104,152 ) (104,152 ) Dividends paid to noncontrolling interests — — — — — (64,339 ) — (64,339 ) Distributions to parent company, net (421,801 ) — — — — — — (421,801 ) Advances (to) from affiliates (1,593,374 ) 127,706 874,565 187,480 29,835 373,788 — — Notes payable to affiliates (273,744 ) — — — — (50 ) 273,794 — Net cash from financing activities (2,858,794 ) 127,706 874,565 (62,520 ) 29,835 1,901,121 273,794 285,707 Net change in cash and cash equivalents 4 — (44 ) (4 ) — (44,390 ) — (44,434 ) Cash and cash equivalents, beginning of period 1 — 402 4 — 109,975 — 110,382 Cash and cash equivalents, end of period $ 5 $ — $ 358 $ — $ — $ 65,585 $ — $ 65,948 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Pronouncements | In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of the new guidance by one year to interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-03 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-04 which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12 which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans”, ASC Topic 962, “Defined Contribution Pension Plans”, and ASC Topic 965, “Health and Welfare Benefit Plans”. There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-04, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the income statement, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Components of Net Income from Discontinued Operations, Net of Tax | The following table provides the components of net income from discontinued operations, net of tax for Noble-UK for the three and nine months ended September 30, 2014: Three Nine September 30, September 30, 2014 2014 Operating revenues Contract drilling services $ 136,548 $ 993,253 Reimbursables 2,398 21,899 Labor contract drilling services 2,946 19,304 Other 1 2 Operating revenues from discontinued operations $ 141,893 $ 1,034,458 (Loss) income from discontinued operations (Loss) income from discontinued operations before income taxes $ (3,292 ) $ 229,482 Income tax provision (16,922 ) (53,950 ) Net (loss) income from discontinued operations $ (20,214 ) $ 175,532 |
Share Data (Tables)
Share Data (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Basic Income from continuing operations $ 325,807 $ 147,389 $ 663,241 $ 442,528 Earnings allocated to unvested share-based payment awards (7,143 ) (2,286 ) (14,661 ) (7,053 ) Income from continuing operations to common shareholders 318,664 145,103 648,580 435,475 (Loss)/income from discontinued operations — (20,214 ) — 175,532 Earnings allocated to unvested share-based payment awards — 314 — (2,798 ) (Loss)/income from discontinued operations, net of tax to common shareholders — (19,900 ) — 172,734 Net income attributable to Noble-UK 325,807 127,175 663,241 618,060 Earnings allocated to unvested share-based payment awards (7,143 ) (1,972 ) (14,661 ) (9,851 ) Net income to common shareholders - basic $ 318,664 $ 125,203 $ 648,580 $ 608,209 Diluted Income from continuing operations $ 325,807 $ 147,389 $ 663,241 $ 442,528 Earnings allocated to unvested share-based payment awards (7,143 ) (2,285 ) (14,661 ) (7,050 ) Income from continuing operations to common shareholders 318,664 145,104 648,580 435,478 (Loss)/income from discontinued operations — (20,214 ) — 175,532 Earnings allocated to unvested share-based payment awards — 313 — (2,796 ) (Loss)/income from discontinued operations, net of tax to common shareholders — (19,901 ) — 172,736 Net income attributable to Noble-UK 325,807 127,175 663,241 618,060 Earnings allocated to unvested share-based payment awards (7,143 ) (1,972 ) (14,661 ) (9,846 ) Net income to common shareholders - diluted $ 318,664 $ 125,203 $ 648,580 $ 608,214 Denominator: Weighted average shares outstanding - basic 241,970 253,842 242,204 254,006 Incremental shares issuable from assumed exercise of stock options — 107 — 114 Weighted average shares outstanding - diluted 241,970 253,949 242,204 254,120 Weighted average unvested share-based payment awards 5,424 3,999 5,475 4,114 Earnings per share Basic Continuing operations 1.32 $ 0.57 2.68 $ 1.71 Discontinued operations — (0.08 ) — 0.68 Net income attributable to Noble-UK 1.32 $ 0.49 2.68 $ 2.39 Diluted Continuing operations 1.32 $ 0.57 2.68 $ 1.71 Discontinued operations — (0.08 ) — 0.68 Net income attributable to Noble-UK 1.32 $ 0.49 2.68 $ 2.39 Dividends per share $ 0.375 $ 0.375 $ 1.125 $ 1.125 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of September 30, 2015 and December 31, 2014 for Noble-UK consisted of the following: September 30, December 31, 2015 2014 Drilling equipment and facilities $ 13,767,751 $ 13,254,240 Construction in progress 714,913 969,985 Other 234,648 218,697 Property and equipment, at cost $ 14,717,312 $ 14,442,922 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consisted of the following at September 30, 2015 and December 31, 2014: September 30, December 31, 2015 2014 Senior unsecured notes: 3.45% Senior Notes due August 2015 $ — $ 350,000 3.05% Senior Notes due March 2016 299,993 299,982 2.50% Senior Notes due March 2017 299,947 299,920 4.00% Senior Notes due March 2018 249,559 — 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 499,252 499,151 4.625% Senior Notes due March 2021 399,667 399,627 3.95% Senior Notes due March 2022 399,332 399,264 5.95% Senior Notes due April 2025 448,790 — 6.20% Senior Notes due August 2040 399,896 399,895 6.05% Senior Notes due March 2041 397,709 397,681 5.25% Senior Notes due March 2042 498,331 498,310 6.95% Senior Notes due April 2045 394,549 — Total senior unsecured notes 4,488,720 3,745,525 Credit facilities & commercial paper program — 1,123,495 Total debt 4,488,720 4,869,020 Less: Current maturities of long-term debt (299,993 ) — Long-term debt $ 4,188,727 $ 4,869,020 |
Estimated Fair Value of Our Total Debt | The following table presents the estimated fair value of our total debt as of September 30, 2015 and December 31, 2014, respectively: September 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Senior unsecured notes: 3.45% Senior Notes due August 2015 $ — $ — $ 350,000 $ 354,992 3.05% Senior Notes due March 2016 299,993 298,322 299,982 302,515 2.50% Senior Notes due March 2017 299,947 278,625 299,920 287,014 4.00% Senior Notes due March 2018 249,559 232,223 — — 7.50% Senior Notes due March 2019 201,695 210,152 201,695 212,068 4.90% Senior Notes due August 2020 499,252 424,989 499,151 471,095 4.625% Senior Notes due March 2021 399,667 311,237 399,627 363,837 3.95% Senior Notes due March 2022 399,332 299,013 399,264 346,425 5.95% Senior Notes due April 2025 448,790 350,787 — — 6.20% Senior Notes due August 2040 399,896 259,655 399,895 350,351 6.05% Senior Notes due March 2041 397,709 255,602 397,681 343,653 5.25% Senior Notes due March 2042 498,331 302,314 498,310 385,181 6.95% Senior Notes due April 2045 394,549 282,243 — — Total senior unsecured notes 4,488,720 3,505,162 3,745,525 3,417,131 Credit facilities & commercial paper program — — 1,123,495 1,123,495 Total debt $ 4,488,720 $ 3,505,162 $ 4,869,020 $ 4,540,626 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Costs | Pension costs include the following components for the three months ended September 30, 2015 and 2014: Three Months Ended September 30, 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 862 $ 2,149 $ 1,016 $ 2,541 Interest cost 653 2,300 1,022 2,714 Return on plan assets (942 ) (3,286 ) (1,397 ) (3,846 ) Amortization of prior service cost 26 36 (2 ) 56 Recognized net actuarial loss 80 1,539 119 651 Curtailment expense — — — 241 Settlement expense — — — 310 Net pension expense $ 679 $ 2,738 $ 758 $ 2,667 Pension costs include the following components for the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 2,582 $ 6,447 $ 3,869 $ 7,623 Interest cost 1,927 6,899 3,950 8,142 Return on plan assets (2,779 ) (9,859 ) (5,088 ) (11,538 ) Amortization of prior service cost 79 107 (12 ) 168 Recognized net actuarial loss 235 4,618 748 1,953 Curtailment expense — — — 241 Settlement expense — — — 310 Net pension expense $ 2,044 $ 8,212 $ 3,467 $ 6,899 |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summarization of Financial Statement Presentation and Fair Value of Derivative Positions | The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2015 and December 31, 2014: Estimated fair value Balance sheet classification September 2015 Decembe r 2014 Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 45 $ — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 1,407 $ — |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended September 30, 2015 and 2014: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2015 2014 2015 2014 2015 2014 Cash flow hedges Foreign currency forward contracts $ (747 ) $ (2,125 ) $ (615 ) $ 1,852 $ — $ — To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the nine months ended September 30, 2015 and 2014: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2015 2014 2015 2014 2015 2014 Cash flow hedges Foreign currency forward contracts $ (143 ) $ (4,904 ) $ (1,219 ) $ 4,631 $ — $ — |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: September 30, 2015 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,275 $ 6,275 $ — $ — Foreign currency forward contracts 45 — 45 — Liabilities - Foreign currency forward contracts $ 1,407 $ — $ 1,407 $ — December 31, 2014 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,175 $ 6,175 $ — $ — |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income Net Of Tax [Abstract] | |
Changes in AOCL by Component | The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the nine months ended September 30, 2015 and 2014. All amounts within the tables are shown net of tax. Gains / Defined (Losses) on Benefit Foreign Cash Flow Pension Currency Hedges (1) Items (2) Items Total Balance at December 31, 2013 $ — $ (58,598 ) $ (23,566 ) $ (82,164 ) Activity during period: Other comprehensive income before reclassifications 4,358 — 1,143 5,501 Amounts reclassified from AOCL (4,631 ) 1,048 — (3,583 ) Net other comprehensive income (loss) (273 ) 1,048 1,143 1,918 Spin-off of Paragon Offshore (3) — 21,772 12,706 34,478 Balance at September 30, 2014 $ (273 ) $ (35,778 ) $ (9,717 ) $ (45,768 ) Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive loss before reclassifications (2,581 ) — (4,568 ) (7,149 ) Amounts reclassified from AOCL 1,219 3,316 — 4,535 Net other comprehensive income (loss) (1,362 ) 3,316 (4,568 ) (2,614 ) Balance at September 30, 2015 $ (1,362 ) $ (55,124 ) $ (15,546 ) $ (72,032 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “Contract drilling services” or “General and administrative”. See Note 10 for additional information. (3) Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off. |
Supplemental Financial Inform35
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. Noble-UK Noble-Cayman Nine months ended Nine months ended September 30, September 30, 2015 2014 2015 2014 Accounts receivable $ 38,695 $ (15,968 ) $ 38,695 $ (15,968 ) Other current assets 48,548 (65,075 ) 28,415 (71,784 ) Other assets 61,610 (51,887 ) 41,314 (51,871 ) Accounts payable (20,666 ) 74,349 (18,743 ) 33,909 Other current liabilities (2,733 ) (23,882 ) 11,295 (4,294 ) Other liabilities (22,155 ) 35,219 (22,155 ) 51,346 $ 103,299 $ (47,244 ) $ 78,821 $ (58,662 ) |
Information about Noble-Cayman
Information about Noble-Cayman (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of September 30, 2015 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 3.05% Senior Notes due 2016 NHIL Noble-Cayman $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 4.00% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman Noble Drilling Holding, LLC ("NDH") Noble Drilling Services 6 LLC ("NDS6") $500 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $400 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 5.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 6.95% Senior Notes due 2045 NHIL Noble-Cayman |
Condensed Consolidating Balance Sheet | The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. Other Non-guarantor Noble - Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 4 $ — $ 135 $ — $ — $ 164,101 $ — $ 164,240 Accounts receivable — — 13,816 — — 516,585 — 530,401 Taxes receivable — 12,124 26 — — 54,173 — 66,323 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 617,430 451,674 124,763 832,288 67,170 3,256,189 (5,349,514 ) — Prepaid expenses and other current assets 1,756 — 4,857 — — 144,245 — 150,858 Total current assets 619,190 463,798 263,073 832,288 67,170 4,307,218 (5,640,915 ) 911,822 Property and equipment, at cost — — 1,846,298 — — 12,833,307 — 14,679,605 Accumulated depreciation — — (330,361 ) — — (2,456,068 ) — (2,786,429 ) Property and equipment, net — — 1,515,937 — — 10,377,239 — 11,893,176 Notes receivable from affiliates 3,304,653 — 236,921 1,614,802 5,000 1,516,702 (6,678,078 ) — Investments in affiliates 5,306,418 1,413,824 2,973,478 9,384,951 6,951,400 — (26,030,071 ) — Other assets 6,369 — 7,264 26,788 424 159,428 — 200,273 Total assets $ 9,236,630 $ 1,877,622 $ 4,996,673 $ 11,858,829 $ 7,023,994 $ 16,360,587 $ (38,349,064 ) $ 13,005,271 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,993 — — — 299,993 Accounts payable — — 5,251 — — 200,187 — 205,438 Accrued payroll and related costs — — 8,004 — — 78,108 — 86,112 Accounts payable to affiliates 837,540 67,191 2,274,884 87,104 5,706 2,077,089 (5,349,514 ) — Taxes payable — 35,743 — — — 116,393 — 152,136 Interest payable — — — 44,292 630 — — 44,922 Other current liabilities 103 — 4,824 — — 99,672 — 104,599 Total current liabilities 837,643 274,859 2,292,963 431,389 6,336 2,690,925 (5,640,915 ) 893,200 Long-term debt — — — 3,987,032 201,695 — — 4,188,727 Notes payable to affiliates 1,545,239 — 460,227 1,169,180 124,216 3,379,216 (6,678,078 ) — Deferred income taxes — — — — — 46,366 — 46,366 Other liabilities 19,929 — 26,361 — — 274,125 — 320,415 Total liabilities 2,402,811 274,859 2,779,551 5,587,601 332,247 6,390,632 (12,318,993 ) 5,448,708 Commitments and contingencies — — — — — — — — Total shareholder equity 6,833,819 1,602,763 2,217,122 6,271,228 6,691,747 8,810,922 (25,593,782 ) 6,833,819 Noncontrolling interests — — — — — 1,159,033 (436,289 ) 722,744 Total equity 6,833,819 1,602,763 2,217,122 6,271,228 6,691,747 9,969,955 (26,030,071 ) 7,556,563 Total liabilities and equity $ 9,236,630 $ 1,877,622 $ 4,996,673 $ 11,858,829 $ 7,023,994 $ 16,360,587 $ (38,349,064 ) $ 13,005,271 Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 5 $ — $ 254 $ — $ — $ 65,521 $ — $ 65,780 Accounts receivable — — 37,655 2,336 — 529,105 — 569,096 Taxes receivable — 63,373 752 — — 43,164 — 107,289 Short-term notes receivable from affiliates 123,449 — 1,077,965 — 333,966 171,925 (1,707,305 ) — Accounts receivable from affiliates 2,019,319 374,012 192,771 157,164 125,834 4,191,406 (7,060,506 ) — Prepaid expenses and other current assets 14,274 — 1,764 — — 123,631 — 139,669 Total current assets 2,157,047 437,385 1,311,161 159,500 459,800 5,124,752 (8,767,811 ) 881,834 Property and equipment, at cost — — 2,040,168 — — 12,364,203 — 14,404,371 Accumulated depreciation — — (278,147 ) — — (2,040,073 ) — (2,318,220 ) Property and equipment, net — — 1,762,021 — — 10,324,130 — 12,086,151 Notes receivable from affiliates 3,304,654 — 236,921 1,980,391 5,000 1,581,429 (7,108,395 ) — Investments in affiliates 4,567,335 1,318,239 2,921,452 8,266,444 6,290,918 — (23,364,388 ) — Other assets 2,908 — 6,212 19,826 517 192,791 — 222,254 Total assets $ 10,031,944 $ 1,755,624 $ 6,237,767 $ 10,426,161 $ 6,756,235 $ 17,223,102 $ (39,240,594 ) $ 13,190,239 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ 371,720 $ 1,163,660 $ (1,707,305 ) $ — Accounts payable 600 — 10,130 — — 250,282 — 261,012 Accrued payroll and related costs — — 7,738 — — 83,749 — 91,487 Accounts payable to affiliates 606,224 63,602 3,513,705 61,982 16,869 2,798,124 (7,060,506 ) — Taxes payable — — — — — 91,471 — 91,471 Interest payable 499 — — 57,053 4,412 — — 61,964 Other current liabilities 15,651 — 13,409 — — 110,890 — 139,950 Total current liabilities 622,974 235,527 3,544,982 119,035 393,001 4,498,176 (8,767,811 ) 645,884 Long-term debt 1,123,495 — — 3,543,830 201,695 — — 4,869,020 Notes payable to affiliates 1,769,068 — 598,715 1,169,180 192,216 3,379,216 (7,108,395 ) — Deferred income taxes — — — — — 120,589 — 120,589 Other liabilities 19,929 — 29,093 — — 286,942 — 335,964 Total liabilities 3,535,466 235,527 4,172,790 4,832,045 786,912 8,284,923 (15,876,206 ) 5,971,457 Commitments and contingencies Total shareholder equity 6,496,478 1,520,097 2,064,977 5,594,116 5,969,323 7,812,656 (22,961,169 ) 6,496,478 Noncontrolling interests — — — — — 1,125,523 (403,219 ) 722,304 Total equity 6,496,478 1,520,097 2,064,977 5,594,116 5,969,323 8,938,179 (23,364,388 ) 7,218,782 Total liabilities and equity $ 10,031,944 $ 1,755,624 $ 6,237,767 $ 10,426,161 $ 6,756,235 $ 17,223,102 $ (39,240,594 ) $ 13,190,239 |
Condensed Consolidating Statement of Income | Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 37,659 $ — $ — $ 856,145 $ (19,991 ) $ 873,813 Reimbursables — — 4,662 — — 18,196 — 22,858 Total operating revenues — — 42,321 — — 874,341 (19,991 ) 896,671 Operating costs and expenses Contract drilling services 850 3,630 32,370 14,850 — 260,770 (19,991 ) 292,479 Reimbursables — — 8,414 — — 9,369 — 17,783 Depreciation and amortization — — 20,690 — — 139,693 — 160,383 General and administrative 192 1,866 — 7,524 — 794 — 10,376 Total operating costs and expenses 1,042 5,496 61,474 22,374 — 410,626 (19,991 ) 481,021 Operating income (loss) (1,042 ) (5,496 ) (19,153 ) (22,374 ) — 463,715 — 415,650 Other income (expense) Income (loss) of unconsolidated affiliates 334,441 130,794 70,445 344,840 132,616 — (1,013,136 ) — Interest expense, net of amounts capitalized (17,914 ) (1,342 ) (3,204 ) (58,129 ) (7,522 ) (37,611 ) 71,035 (54,687 ) Interest income and other, net 16,052 4 22,837 17,876 2,283 43,049 (71,035 ) 31,066 Income before income taxes 331,537 123,960 70,925 282,213 127,377 469,153 (1,013,136 ) 392,029 Income tax provision — (53,518 ) (1,198 ) — — 12,848 — (41,868 ) Net Income 331,537 70,442 69,727 282,213 127,377 482,001 (1,013,136 ) 350,161 Net income attributable to noncontrolling interests — — — — — (32,733 ) 14,109 (18,624 ) Net income attributable to Noble Corporation 331,537 70,442 69,727 282,213 127,377 449,268 (999,027 ) 331,537 Other comprehensive loss, net (2,859 ) — — — — (2,859 ) 2,859 (2,859 ) Comprehensive income attributable to Noble Corporation $ 328,678 $ 70,442 $ 69,727 $ 282,213 $ 127,377 $ 446,409 $ (996,168 ) $ 328,678 Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 176,987 $ — $ — $ 2,349,537 $ (102,043 ) $ 2,424,481 Reimbursables — — 15,578 — — 54,509 — 70,087 Total operating revenues — — 192,565 — — 2,404,046 (102,043 ) 2,494,568 Operating costs and expenses Contract drilling services 5,457 20,223 79,612 61,078 — 866,598 (102,043 ) 930,925 Reimbursables — — 13,195 — — 42,397 — 55,592 Depreciation and amortization — — 58,741 — — 414,305 — 473,046 General and administrative 1,131 8,926 — 24,918 1 1,117 — 36,093 Total operating costs and expenses 6,588 29,149 151,548 85,996 1 1,324,417 (102,043 ) 1,495,656 Operating income (loss) (6,588 ) (29,149 ) 41,017 (85,996 ) (1 ) 1,079,629 — 998,912 Other income (expense) Income (loss) of unconsolidated affiliates 738,742 197,773 162,486 883,323 475,715 — (2,458,039 ) — Interest expense, net of amounts capitalized (63,800 ) (3,590 ) (9,769 ) (167,017 ) (21,491 ) (65,553 ) 170,024 (161,196 ) Interest income and other, net 22,525 4,835 49,824 59,666 5,096 63,691 (170,024 ) 35,613 Income before income taxes 690,879 169,869 243,558 689,976 459,319 1,077,767 (2,458,039 ) 873,329 Income tax provision — (87,203 ) (2,974 ) — — (34,785 ) — (124,962 ) Net Income 690,879 82,666 240,584 689,976 459,319 1,042,982 (2,458,039 ) 748,367 Net income attributable to noncontrolling interests — — — — — (90,557 ) 33,069 (57,488 ) Net income attributable to Noble Corporation 690,879 82,666 240,584 689,976 459,319 952,425 (2,424,970 ) 690,879 Other comprehensive loss, net (2,614 ) — — — — (2,614 ) 2,614 (2,614 ) Comprehensive income attributable to Noble Corporation $ 688,265 $ 82,666 $ 240,584 $ 689,976 $ 459,319 $ 949,811 $ (2,422,356 ) $ 688,265 Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 81,834 $ — $ — $ 866,699 $ (138,333 ) $ 810,200 Reimbursables — — 1,495 — — 17,100 — 18,595 Other — — — — — 1 — 1 Total operating revenues — — 83,329 — — 883,800 (138,333 ) 828,796 Operating costs and expenses Contract drilling services 3,571 9,239 27,593 25,489 — 456,352 (138,333 ) 383,911 Reimbursables — — 1,112 — — 12,529 — 13,641 Depreciation and amortization — — 16,922 — — 143,333 — 160,255 General and administrative 397 2,348 — 6,530 — 3,782 — 13,057 Total operating costs and expenses 3,968 11,587 45,627 32,019 — 615,996 (138,333 ) 570,864 Operating income (loss) (3,968 ) (11,587 ) 37,702 (32,019 ) — 267,804 — 257,932 Other income (expense) Income (loss) of unconsolidated affiliates (2,716,832 ) (20,299 ) (130,556 ) 283,190 182,350 — 2,402,147 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 10,413 (3,921 ) (10,045 ) 2,021 124 — 1,408 — Total income (loss) of unconsolidated affiliates (2,706,419 ) (24,220 ) (140,601 ) 285,211 182,474 — 2,403,555 — Interest expense, net of amounts capitalized (22,352 ) (1,042 ) (8,729 ) (40,423 ) (10,573 ) (3,109,995 ) 3,155,363 (37,751 ) Interest income and other, net 2,905,973 — 208,241 21,240 1,249 22,445 (3,155,363 ) 3,785 Income from continuing operations before income taxes 173,234 (36,849 ) 96,613 234,009 173,150 (2,819,746 ) 2,403,555 223,966 Income tax provision — (11,352 ) (766 ) — — (28,556 ) — (40,674 ) Net income from continuing operations 173,234 (48,201 ) 95,847 234,009 173,150 (2,848,302 ) 2,403,555 183,292 Net income from discontinued operations, net of tax — — — — — 10,413 — 10,413 Net Income 173,234 (48,201 ) 95,847 234,009 173,150 (2,837,889 ) 2,403,555 193,705 Net income attributable to noncontrolling interests — — — — — (31,612 ) 11,141 (20,471 ) Net income attributable to Noble Corporation 173,234 (48,201 ) 95,847 234,009 173,150 (2,869,501 ) 2,414,696 173,234 Other comprehensive loss, net (8,982 ) — — — — (8,982 ) 8,982 (8,982 ) Comprehensive income attributable to Noble Corporation $ 164,252 $ (48,201 ) $ 95,847 $ 234,009 $ 173,150 $ (2,878,483 ) $ 2,423,678 $ 164,252 Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 244,451 $ — $ — $ 2,328,611 $ (212,857 ) $ 2,360,205 Reimbursables — — 4,748 — — 62,810 — 67,558 Other — — — — — 1 — 1 Total operating revenues — — 249,199 — — 2,391,422 (212,857 ) 2,427,764 Operating costs and expenses Contract drilling services 16,257 29,725 88,683 86,819 — 1,089,067 (212,857 ) 1,097,694 Reimbursables — — 3,605 — — 49,272 — 52,877 Depreciation and amortization — — 47,267 — — 410,833 — 458,100 General and administrative 1,304 7,351 — 21,754 1 6,068 — 36,478 Total operating costs and expenses 17,561 37,076 139,555 108,573 1 1,555,240 (212,857 ) 1,645,149 Operating income (loss) (17,561 ) (37,076 ) 109,644 (108,573 ) (1 ) 836,182 — 782,615 Other income (expense) Income (loss) of unconsolidated affiliates (2,325,832 ) 90,411 (9,789 ) 703,700 466,521 — 1,074,989 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 225,022 49,146 94,515 183,347 6,249 — (558,279 ) — Total income (loss) of unconsolidated affiliates (2,100,810 ) 139,557 84,726 887,047 472,770 — 516,710 — Interest expense, net of amounts capitalized (70,702 ) (2,005 ) (21,703 ) (126,914 ) (26,477 ) (3,134,741 ) 3,268,048 (114,494 ) Interest income and other, net 2,912,861 — 234,990 68,208 1,879 51,252 (3,268,048 ) 1,142 Income from continuing operations before income taxes 723,788 100,476 407,657 719,768 448,171 (2,247,307 ) 516,710 669,263 Income tax provision — (49,945 ) (2,972 ) — (1,547 ) (55,743 ) — (110,207 ) Net income from continuing operations 723,788 50,531 404,685 719,768 446,624 (2,303,050 ) 516,710 559,056 Net income from discontinued operations, net of tax — (18,655 ) 6,634 — — 237,043 — 225,022 Net Income 723,788 31,876 411,319 719,768 446,624 (2,066,007 ) 516,710 784,078 Net income attributable to noncontrolling interests — — — — — (95,253 ) 34,963 (60,290 ) Net income attributable to Noble Corporation 723,788 31,876 411,319 719,768 446,624 (2,161,260 ) 551,673 723,788 Other comprehensive income, net 1,918 — — — — 1,918 (1,918 ) 1,918 Comprehensive income attributable to Noble Corporation $ 725,706 $ 31,876 $ 411,319 $ 719,768 $ 446,624 $ (2,159,342 ) $ 549,755 $ 725,706 |
Condensed Consolidating Statement of Cash Flows | Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ (33,578 ) $ (28,115 ) $ 141,329 $ (210,734 ) $ (20,085 ) $ 1,397,280 $ — $ 1,246,097 Cash flows from investing activities Capital expenditures — — (80,743 ) — — (242,745 ) — (323,488 ) Proceeds from disposal of assets — — — 2,535 — 2,535 Notes receivable from affiliates 124,951 — 608,771 — (733,722 ) — Net cash from investing activities 124,951 — (80,743 ) 608,771 — (240,210 ) (733,722 ) (320,953 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (57,048 ) — (57,048 ) Distributions to parent company, net (372,799 ) — — — — — — (372,799 ) Advances (to) from affiliates 2,020,141 28,115 (60,705 ) (1,131,145 ) 20,085 (876,491 ) — — Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Net cash from financing activities (91,374 ) 28,115 (60,705 ) (398,037 ) 20,085 (1,058,490 ) 733,722 (826,684 ) Net change in cash and cash equivalents (1 ) — (119 ) — — 98,580 — 98,460 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 4 $ — $ 135 $ — $ — $ 164,101 $ — $ 164,240 Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ 2,858,748 $ (127,706 ) $ 370,512 $ (211,228 ) $ (29,835 ) $ (1,390,805 ) $ — $ 1,469,686 Cash flows from investing activities Capital expenditures — — (1,245,121 ) — — (554,706 ) — (1,799,827 ) Notes receivable from affiliates 50 — — 273,744 — — (273,794 ) — Net cash from investing activities 50 — (1,245,121 ) 273,744 — (554,706 ) (273,794 ) (1,799,827 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (569,489 ) — — — — — — (569,489 ) Repayment of long-term debt — — — (250,000 ) — — — (250,000 ) Debt issuance costs on senior notes and credit facilities (386 ) — — — — — — (386 ) Long-term borrowings of Paragon Offshore — — — — — 1,726,750 1,726,750 Financing costs on long- term borrowings of Paragon Offshore — — — — — (30,876 ) (30,876 ) Cash balances of Paragon Offshore in Spin-off — — — — (104,152 ) (104,152 ) Dividends paid to noncontrolling interests — — — — — (64,339 ) — (64,339 ) Distributions to parent company, net (421,801 ) — — — — — — (421,801 ) Advances (to) from affiliates (1,593,374 ) 127,706 874,565 187,480 29,835 373,788 — — Notes payable to affiliates (273,744 ) — — — — (50 ) 273,794 — Net cash from financing activities (2,858,794 ) 127,706 874,565 (62,520 ) 29,835 1,901,121 273,794 285,707 Net change in cash and cash equivalents 4 — (44 ) (4 ) — (44,390 ) — (44,434 ) Cash and cash equivalents, beginning of period 1 — 402 4 — 109,975 — 110,382 Cash and cash equivalents, end of period $ 5 $ — $ 358 $ — $ — $ 65,585 $ — $ 65,948 |
Organization and Basis of Pre37
Organization and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2015Rig |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of semisubmersibles | 8 |
Number of drillships | 9 |
Number of jackups | 15 |
Number of harsh environment jackup rigs under construction | 1 |
Spin-off of Paragon Offshore 38
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) $ in Billions | Aug. 01, 2014shares | Sep. 30, 2015USD ($)Agreement |
Schedule Of Discontinued Operations [Line Items] | ||
Number of transition services agreements | Agreement | 2 | |
Paragon Offshore [Member] | ||
Schedule Of Discontinued Operations [Line Items] | ||
Long-term debt issued | $ | $ 1.7 | |
Pro rata distribution | Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. | |
Minimum shares eligible for pro rata allotment under spin off transaction | 3 | |
Shares received under spin off transaction | 1 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Tranche | Sep. 30, 2014USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Spin-Off related costs totaled | $ 31 | $ 49 | |
Long-term debt issued | $ 1,700 | ||
Paragon Offshore [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Number of tranches | Tranche | 2 | ||
Senior secured term credit agreement, amount | $ 650 | ||
Interest expense related to issued debt to discontinued operations | $ 4 | $ 4 | |
Paragon Offshore [Member] | Senior Notes Due Two Thousand Twenty Two And Two Thousand Twenty Four | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Aggregate principal amount of senior notes | $ 1,080 | ||
Paragon Offshore [Member] | Credit agreement interest rate description | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Senior secured term credit agreement, description | Interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ||
Paragon Offshore [Member] | Credit agreement term | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Interest rate initial term | 7 years | ||
Paragon Offshore [Member] | 6.75% Senior Notes Due 2022 [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Interest rate on senior notes | 6.75% | ||
Senior notes, maturity year | 2,022 | ||
Paragon Offshore [Member] | 6.75% Senior Notes Due 2022 [Member] | Senior Notes Due Two Thousand Twenty Two And Two Thousand Twenty Four | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Aggregate principal amount of senior notes | $ 500 | ||
Paragon Offshore [Member] | 7.25% Senior Notes Due 2024 [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Interest rate on senior notes | 7.25% | ||
Senior notes, maturity year | 2,024 | ||
Paragon Offshore [Member] | 7.25% Senior Notes Due 2024 [Member] | Senior Notes Due Two Thousand Twenty Two And Two Thousand Twenty Four | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Aggregate principal amount of senior notes | $ 580 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Components of Net Income from Discontinued Operations, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Operating revenues | ||
Operating revenues from discontinued operations | $ 141,893 | $ 1,034,458 |
(Loss) income from discontinued operations | ||
(Loss) income from discontinued operations before income taxes | (3,292) | 229,482 |
Income tax provision | (16,922) | (53,950) |
Net (loss) income from discontinued operations | (20,214) | 175,532 |
Contract Drilling Services [Member] | ||
Operating revenues | ||
Operating revenues from discontinued operations | 136,548 | 993,253 |
Reimbursables [Member] | ||
Operating revenues | ||
Operating revenues from discontinued operations | 2,398 | 21,899 |
Labor Contract Drilling Services [Member] | ||
Operating revenues | ||
Operating revenues from discontinued operations | 2,946 | 19,304 |
Other [Member] | ||
Operating revenues | ||
Operating revenues from discontinued operations | $ 1 | $ 2 |
Consolidated Joint Ventures - A
Consolidated Joint Ventures - Additional Information (Detail) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015USD ($)RigJointVenture | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures acquired | JointVenture | 2 | |||
Number of bully class drillships | Rig | 2 | |||
Percentage of dividend paid to joint venture partner | 50.00% | |||
Carrying amount of the drillships | $ 1,400,000 | $ 1,400,000 | ||
Cash held by Bully joint venture | 164,430 | $ 68,354 | 68,510 | $ 114,458 |
Affiliated Entity [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash held by Bully joint venture | 52,000 | $ 47,000 | ||
Bully Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Dividend paid by Bully Joint Venture Partners | $ 114,000 | $ 129,000 |
Share Data - Computation of Bas
Share Data - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic | ||||
Income from continuing operations | $ 325,807 | $ 147,389 | $ 663,241 | $ 442,528 |
Earnings allocated to unvested share-based payment awards | (7,143) | (2,286) | (14,661) | (7,053) |
Income from continuing operations to common shareholders | 318,664 | 145,103 | 648,580 | 435,475 |
(Loss)/income from discontinued operations | (20,214) | 175,532 | ||
Earnings allocated to unvested share-based payment awards | 314 | (2,798) | ||
(Loss)/income from discontinued operations, net of tax to common shareholders | (19,900) | 172,734 | ||
Net income attributable to Noble-UK | 325,807 | 127,175 | 663,241 | 618,060 |
Earnings allocated to unvested share-based payment awards | (7,143) | (1,972) | (14,661) | (9,851) |
Net income to common shareholders - basic | 318,664 | 125,203 | 648,580 | 608,209 |
Diluted | ||||
Income from continuing operations | 325,807 | 147,389 | 663,241 | 442,528 |
Earnings allocated to unvested share-based payment awards | (7,143) | (2,285) | (14,661) | (7,050) |
Income from continuing operations to common shareholders | 318,664 | 145,104 | 648,580 | 435,478 |
(Loss)/income from discontinued operations | (20,214) | 175,532 | ||
Earnings allocated to unvested share-based payment awards | 313 | (2,796) | ||
(Loss)/income from discontinued operations, net of tax to common shareholders | (19,901) | 172,736 | ||
Net income attributable to Noble-UK | 325,807 | 127,175 | 663,241 | 618,060 |
Earnings allocated to unvested share-based payment awards | (7,143) | (1,972) | (14,661) | (9,846) |
Net income to common shareholders - diluted | $ 318,664 | $ 125,203 | $ 648,580 | $ 608,214 |
Denominator: | ||||
Weighted average shares outstanding - basic | 241,970 | 253,842 | 242,204 | 254,006 |
Incremental shares issuable from assumed exercise of stock options | 107 | 114 | ||
Weighted average shares outstanding - diluted | 241,970 | 253,949 | 242,204 | 254,120 |
Weighted average unvested share-based payment awards | 5,424 | 3,999 | 5,475 | 4,114 |
Basic | ||||
Continuing operations | $ 1.32 | $ 0.57 | $ 2.68 | $ 1.71 |
Discontinued operations | (0.08) | 0.68 | ||
Net income attributable to Noble-UK | 1.32 | 0.49 | 2.68 | 2.39 |
Diluted | ||||
Continuing operations | 1.32 | 0.57 | 2.68 | 1.71 |
Discontinued operations | (0.08) | 0.68 | ||
Net income attributable to Noble-UK | 1.32 | 0.49 | 2.68 | 2.39 |
Dividends per share | $ 0.375 | $ 0.375 | $ 1.125 | $ 1.125 |
Share Data - Additional Informa
Share Data - Additional Information (Detail) - USD ($) | Jul. 24, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares outstanding and trading | 241,970,000 | 241,970,000 | 247,501,000 | ||
Repurchase of shares related to share repurchase program | 6,200,000 | ||||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | 53,000,000 | |||
Current nominal value per share | $ 0.01 | $ 0.01 | |||
Dividend to be paid, per share | $ 0.375 | ||||
Dividends payable outstanding | $ 93,000,000 | ||||
Dividend declaration, Date | Jul. 24, 2015 | ||||
Dividend paid, Date | Aug. 10, 2015 | ||||
Dividend record, Date | Aug. 3, 2015 | ||||
Repurchased shares | 37,000,000 | ||||
Shares outstanding repurchased percentage | 15.00% | ||||
Stock repurchase expiration date | Apr. 30, 2016 | ||||
Payments under share repurchase program | $ 101,000,000 | $ 101,000,000 | |||
Equity Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares excluded from the diluted net income per share | 1,700,000 | 1,300,000 |
Receivables from Customers - Ad
Receivables from Customers - Additional Information (Detail) $ in Millions | Sep. 30, 2015USD ($) |
Petroleos Mexicanos [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Approximate receivable | $ 14 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment, at Cost (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 14,717,312 | $ 14,442,922 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 13,767,751 | 13,254,240 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 714,913 | 969,985 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 234,648 | $ 218,697 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 280 | $ 1,700 | $ 280 | $ 1,700 |
Capitalized interest on construction-in-progress | 7 | 11 | $ 18 | 39 |
Proceeds from sale of rigs | $ 3 | |||
Paragon Offshore [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | 150 | 150 | ||
Depreciation expense | $ 35 | $ 236 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total senior unsecured notes | $ 4,488,720 | $ 3,745,525 |
Total long-term debt | 4,488,720 | 4,869,020 |
Less: Current maturities of long-term debt | (299,993) | |
Long-term debt | 4,188,727 | 4,869,020 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,123,495 | |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 350,000 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 299,993 | 299,982 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 299,947 | 299,920 |
4.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 249,559 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 499,252 | 499,151 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,667 | 399,627 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,332 | 399,264 |
5.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 448,790 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,896 | 399,895 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 397,709 | 397,681 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 498,331 | $ 498,310 |
6.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | $ 394,549 |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Detail) | 9 Months Ended | ||
Sep. 30, 2015 | Aug. 31, 2015 | Mar. 31, 2015 | |
3.45% Senior Notes due August 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.45% | 3.45% | |
Senior notes, maturity date | 2,015 | ||
3.05% Senior Notes due March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.05% | ||
Senior notes, maturity date | 2,016 | ||
2.50% Senior Notes due March 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 2.50% | ||
Senior notes, maturity date | 2,017 | ||
4.00% Senior Notes due March 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.00% | 4.00% | |
Senior notes, maturity date | 2,018 | ||
7.50% Senior Notes due March 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 7.50% | ||
Senior notes, maturity date | 2,019 | ||
4.90% Senior Notes due August 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.90% | ||
Senior notes, maturity date | 2,020 | ||
4.625% Senior Notes due March 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.625% | ||
Senior notes, maturity date | 2,021 | ||
3.95% Senior Notes due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.95% | ||
Senior notes, maturity date | 2,022 | ||
5.95% Senior Notes due April 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 5.95% | 5.95% | |
Senior notes, maturity date | 2,025 | ||
6.20% Senior Notes due August 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.20% | ||
Senior notes, maturity date | 2,040 | ||
6.05% Senior Notes due March 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.05% | ||
Senior notes, maturity date | 2,041 | ||
5.25% Senior Notes due March 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 5.25% | ||
Senior notes, maturity date | 2,042 | ||
6.95% Senior Notes due April 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.95% | 6.95% | |
Senior notes, maturity date | 2,045 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2015USD ($)CreditFacility | Aug. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Number of credit facilities | CreditFacility | 2 | ||
Letters of credit issued | $ 0 | ||
Proceeds from issuance of senior notes, net of debt issuance costs | $ 1,080,000,000 | ||
Maximum debt to tangible capitalization covenant | 0.60 | ||
Line of credit facility debt to tangible capitalization ratio | 0.37 | ||
Senior Unsecured Note [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 1,100,000,000 | ||
Weighted average coupon of all three tranches | 5.87% | ||
4.00% Senior Notes due March 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 250,000,000 | $ 250,000,000 | |
Interest rate on senior notes | 4.00% | 4.00% | |
Senior notes, maturity date | 2,018 | ||
5.95% Senior Notes due April 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 450,000,000 | $ 450,000,000 | |
Interest rate on senior notes | 5.95% | 5.95% | |
Senior notes, maturity date | 2,025 | ||
6.95% Senior Notes due April 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 400,000,000 | $ 400,000,000 | |
Interest rate on senior notes | 6.95% | 6.95% | |
Senior notes, maturity date | 2,045 | ||
3.45% Senior Notes due August 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 350,000,000 | ||
Interest rate on senior notes | 3.45% | 3.45% | |
Senior notes, maturity date | 2,015 | ||
3.05% Senior Notes due March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Face value of senior notes | $ 300,000,000 | ||
Interest rate on senior notes | 3.05% | ||
Senior notes, maturity date | 2,016 | ||
Commercial Paper Program [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facilities | 2,700,000,000 | ||
Unsecured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||
Senior unsecured revolving credit facility maturity period | 5 years | ||
Senior unsecured Revolving Credit Facility Maturity date | 2020-01 | ||
Revolving Credit Facility Which Matures in 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facilities | $ 225,000,000 | ||
Senior unsecured revolving credit facility maturity period | 364 days | ||
Senior unsecured Revolving Credit Facility Maturity date | 2016-01 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under credit facilities | $ 500,000,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Total Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | $ 4,488,720 | $ 3,745,525 |
Total debt, Estimated Fair Value | 3,505,162 | 4,540,626 |
Total debt, Carrying Value | 4,488,720 | 4,869,020 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, Estimated Fair Value | 1,123,495 | |
Total debt, Carrying Value | 1,123,495 | |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 350,000 | |
Total debt, Estimated Fair Value | 354,992 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,993 | 299,982 |
Total debt, Estimated Fair Value | 298,322 | 302,515 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,947 | 299,920 |
Total debt, Estimated Fair Value | 278,625 | 287,014 |
4.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 249,559 | |
Total debt, Estimated Fair Value | 232,223 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 201,695 | 201,695 |
Total debt, Estimated Fair Value | 210,152 | 212,068 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 499,252 | 499,151 |
Total debt, Estimated Fair Value | 424,989 | 471,095 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,667 | 399,627 |
Total debt, Estimated Fair Value | 311,237 | 363,837 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,332 | 399,264 |
Total debt, Estimated Fair Value | 299,013 | 346,425 |
5.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 448,790 | |
Total debt, Estimated Fair Value | 350,787 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,896 | 399,895 |
Total debt, Estimated Fair Value | 259,655 | 350,351 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 397,709 | 397,681 |
Total debt, Estimated Fair Value | 255,602 | 343,653 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 498,331 | 498,310 |
Total debt, Estimated Fair Value | 302,314 | 385,181 |
6.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 394,549 | |
Total debt, Estimated Fair Value | 282,243 | |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 4,488,720 | 3,745,525 |
Total debt, Estimated Fair Value | $ 3,505,162 | $ 3,417,131 |
Debt - Estimated Fair Value o51
Debt - Estimated Fair Value of Our Total Debt (Parenthetical) (Detail) | 9 Months Ended | ||
Sep. 30, 2015 | Aug. 31, 2015 | Mar. 31, 2015 | |
3.45% Senior Notes due August 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.45% | 3.45% | |
Senior notes, maturity date | 2,015 | ||
3.05% Senior Notes due March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.05% | ||
Senior notes, maturity date | 2,016 | ||
2.50% Senior Notes due March 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 2.50% | ||
Senior notes, maturity date | 2,017 | ||
4.00% Senior Notes due March 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.00% | 4.00% | |
Senior notes, maturity date | 2,018 | ||
7.50% Senior Notes due March 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 7.50% | ||
Senior notes, maturity date | 2,019 | ||
4.90% Senior Notes due August 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.90% | ||
Senior notes, maturity date | 2,020 | ||
4.625% Senior Notes due March 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 4.625% | ||
Senior notes, maturity date | 2,021 | ||
3.95% Senior Notes due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 3.95% | ||
Senior notes, maturity date | 2,022 | ||
5.95% Senior Notes due April 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 5.95% | 5.95% | |
Senior notes, maturity date | 2,025 | ||
6.20% Senior Notes due August 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.20% | ||
Senior notes, maturity date | 2,040 | ||
6.05% Senior Notes due March 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.05% | ||
Senior notes, maturity date | 2,041 | ||
5.25% Senior Notes due March 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 5.25% | ||
Senior notes, maturity date | 2,042 | ||
6.95% Senior Notes due April 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes | 6.95% | 6.95% | |
Senior notes, maturity date | 2,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Reserves for uncertain tax positions net | $ 143 | $ 116 |
Related tax benefits | 13 | $ 1 |
Reduction in the provision for income taxes, if reserves not utilized | $ 143 | |
Operational period | 12 months |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 862 | $ 1,016 | $ 2,582 | $ 3,869 |
Interest cost | 653 | 1,022 | 1,927 | 3,950 |
Return on plan assets | (942) | (1,397) | (2,779) | (5,088) |
Amortization of prior service cost | 26 | (2) | 79 | (12) |
Recognized net actuarial loss | 80 | 119 | 235 | 748 |
Net pension expense | 679 | 758 | 2,044 | 3,467 |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,149 | 2,541 | 6,447 | 7,623 |
Interest cost | 2,300 | 2,714 | 6,899 | 8,142 |
Return on plan assets | (3,286) | (3,846) | (9,859) | (11,538) |
Amortization of prior service cost | 36 | 56 | 107 | 168 |
Recognized net actuarial loss | 1,539 | 651 | 4,618 | 1,953 |
Curtailment expense | 241 | 241 | ||
Settlement expense | 310 | 310 | ||
Net pension expense | $ 2,738 | $ 2,667 | $ 8,212 | $ 6,899 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 2,000 | $ 2,000 | ||
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | 679 | $ 758 | 2,044 | $ 3,467 |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | $ 2,738 | 2,667 | $ 8,212 | 6,899 |
Paragon Offshore [Member] | Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | 200 | 2,000 | ||
Paragon Offshore [Member] | U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | $ 200 | $ 1,000 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative [Line Items] | |
Percentage of forecasted local currency requirements of forward contract, remainder of 2015 | 60.00% |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | $ (1) |
Price Risk Derivative [Member] | |
Derivative [Line Items] | |
Notional amount of forward contracts outstanding | $ 23 |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) - Short-Term Foreign Currency Forward Contracts [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Asset derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $ 45 |
Other Current Liabilities [Member] | |
Liability derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $ 1,407 |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - Foreign Currency Forward Contracts [Member] - Cash Flow Hedges [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized through AOCL | $ (747) | $ (2,125) | $ (143) | $ (4,904) |
Contract Drilling Services [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | $ (615) | $ 1,852 | $ (1,219) | $ 4,631 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 6,275 | $ 6,175 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets - | ||
Foreign currency forward contracts | 45 | |
Liabilities - | ||
Foreign currency forward contracts | 1,407 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,275 | $ 6,175 |
Foreign currency forward contracts | 45 | |
Liabilities - | ||
Foreign currency forward contracts | $ 1,407 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ (69,418) | $ (82,164) | ||
Other comprehensive income (loss) before reclassifications | (7,149) | 5,501 | ||
Amounts reclassified from AOCL | 4,535 | (3,583) | ||
Other comprehensive (loss) income, net | $ (2,859) | $ (8,982) | (2,614) | 1,918 |
Spin-off of Paragon Offshore | 34,478 | |||
Ending balance | (72,032) | (45,768) | (72,032) | (45,768) |
Gains / (Losses) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other comprehensive income (loss) before reclassifications | (2,581) | 4,358 | ||
Amounts reclassified from AOCL | 1,219 | (4,631) | ||
Other comprehensive (loss) income, net | (1,362) | (273) | ||
Ending balance | (1,362) | (273) | (1,362) | (273) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (58,440) | (58,598) | ||
Amounts reclassified from AOCL | 3,316 | 1,048 | ||
Other comprehensive (loss) income, net | 3,316 | 1,048 | ||
Spin-off of Paragon Offshore | 21,772 | |||
Ending balance | (55,124) | (35,778) | (55,124) | (35,778) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (10,978) | (23,566) | ||
Other comprehensive income (loss) before reclassifications | (4,568) | 1,143 | ||
Other comprehensive (loss) income, net | (4,568) | 1,143 | ||
Spin-off of Paragon Offshore | 12,706 | |||
Ending balance | $ (15,546) | $ (9,717) | $ (15,546) | $ (9,717) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) BRL in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)RigLawsuit$ / Occurrence_Per_Year | Sep. 30, 2015BRLRigLawsuit$ / Occurrence_Per_Year | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Other Commitments [Line Items] | ||||||
Contract drilling services revenues | $ 873,813,000 | $ 810,200,000 | $ 2,424,481,000 | $ 2,360,205,000 | ||
Reimbursement of costs and fees as reduction of contract drilling services costs | 22,858,000 | 18,595,000 | 70,087,000 | 67,558,000 | ||
Amount of withholding after spin-off | $ 19,000,000 | BRL 79 | ||||
Physical damage deductible per occurrence on rigs range maximum | $ / Occurrence_Per_Year | 25,000,000 | 25,000,000 | ||||
Number of days waiting period | 45 days | 45 days | ||||
Protection and indemnity policy, standard deductible (per occurrence) | $ 10,000,000 | |||||
Maximum liability coverage under protection and indemnity policy | 750,000,000 | |||||
Outstanding commitments including shipyard and purchase commitments | 676,000,000 | $ 676,000,000 | ||||
Years of effectiveness of employment agreements after the termination of employment | 3 years | 3 years | ||||
Minimum [Member] | ||||||
Other Commitments [Line Items] | ||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | 50.00% | ||||
Loss of hire coverage applies only to rigs operating under dayrate | $ 200,000 | |||||
Asbestos Issue [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of Lawsuits filed | Lawsuit | 45 | 45 | ||||
Customs and Other Business Taxes [Member] | Foreign Country | ||||||
Other Commitments [Line Items] | ||||||
Audit claims, attributable to income, customs and other business taxes | $ 96,000,000 | |||||
Noble Discoverer And Kulluk [Member] | ||||||
Other Commitments [Line Items] | ||||||
Loss contingencies payments | $ 8,200,000 | |||||
Environmental Compliance Plan, probationary period | 4 years | |||||
Possible early probation period | 3 years | |||||
Noble Discoverer And Kulluk [Member] | Community Service Payment [Member] | ||||||
Other Commitments [Line Items] | ||||||
Loss contingencies payments | $ 4,000,000 | |||||
BP [Member] | ||||||
Other Commitments [Line Items] | ||||||
Claims related to the arbitration received | 150,000,000 | |||||
Exxon [Member] | ||||||
Other Commitments [Line Items] | ||||||
Claims related to the arbitration received | 27,000,000 | |||||
BP and Exxon [Member] | ||||||
Other Commitments [Line Items] | ||||||
Contract drilling services revenues | 137,000,000 | |||||
Interest income | 30,000,000 | |||||
Reimbursement of costs and fees as reduction of contract drilling services costs | 10,000,000 | |||||
Noble-Cayman [Member] | ||||||
Other Commitments [Line Items] | ||||||
Contract drilling services revenues | 873,813,000 | 810,200,000 | 2,424,481,000 | 2,360,205,000 | ||
Reimbursement of costs and fees as reduction of contract drilling services costs | 22,858,000 | $ 18,595,000 | $ 70,087,000 | $ 67,558,000 | ||
Libya [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of wells | Rig | 2 | 2 | ||||
Mexico [Member] | Noble-Cayman [Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | 47,000,000 | $ 47,000,000 | ||||
Mexico [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | 47,000,000 | 47,000,000 | ||||
Mexico [Member] | Paragon Offshore [Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | 203,000,000 | 203,000,000 | ||||
Mexico [Member] | Paragon Offshore [Member] | Aforementioned tax assessments[Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | 34,000,000 | 34,000,000 | ||||
Brazil [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | 36,000,000 | 36,000,000 | ||||
Brazil [Member] | Paragon Offshore [Member] | ||||||
Other Commitments [Line Items] | ||||||
Aforementioned tax assessments | $ 116,000,000 | $ 116,000,000 |
Supplemental Financial Inform61
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Sep. 30, 2015USD ($) | Apr. 30, 2015Rig | Dec. 31, 2014USD ($) |
Schedule Of Supplemental Financial Information [Line Items] | |||
Deferred revenues under drilling contracts | $ 204 | $ 263 | |
Deferred expenses under drilling contracts | 87 | $ 94 | |
Aramco [Member] | |||
Schedule Of Supplemental Financial Information [Line Items] | |||
Number of rigs | Rig | 5 | ||
Aramco [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Schedule Of Supplemental Financial Information [Line Items] | |||
Revenues recorded in excess of billings | $ 53 |
Supplemental Financial Inform62
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Capital [Line Items] | ||
Accounts receivable | $ 38,695 | $ (15,968) |
Other current assets | 48,548 | (65,075) |
Other assets | 61,610 | (51,887) |
Accounts payable | (20,666) | 74,349 |
Other current liabilities | (2,733) | (23,882) |
Other liabilities | (22,155) | 35,219 |
Net change in other assets and liabilities | 103,299 | (47,244) |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 38,695 | (15,968) |
Other current assets | 28,415 | (71,784) |
Other assets | 41,314 | (51,871) |
Accounts payable | (18,743) | 33,909 |
Other current liabilities | 11,295 | (4,294) |
Other liabilities | (22,155) | 51,346 |
Net change in other assets and liabilities | $ 78,821 | $ (58,662) |
Information about Noble-Cayma63
Information about Noble-Cayman - Guarantor Obligations (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
3.05% Senior Notes due March 2016 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.00% Senior Notes due March 2018 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHC |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | NDH [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Holding, LLC ("NDH") |
7.50% Senior Notes due March 2019 [Member] | NDS6 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Services 6 LLC ("NDS6") |
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.95% Senior Notes due April 2025 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.95% Senior Notes due April 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
Information about Noble-Cayma64
Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Mar. 31, 2015 | |
3.05% Senior Notes due March 2016 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 300,000,000 | |
Interest rate on senior notes | 3.05% | |
Senior notes, maturity date | 2,016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 300,000,000 | |
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
4.00% Senior Notes due March 2018 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 250,000,000 | $ 250,000,000 |
Interest rate on senior notes | 4.00% | 4.00% |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due March 2019 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 202,000,000 | |
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 500,000,000 | |
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 400,000,000 | |
Interest rate on senior notes | 4.625% | |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 400,000,000 | |
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
5.95% Senior Notes due April 2025 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 450,000,000 | $ 450,000,000 |
Interest rate on senior notes | 5.95% | 5.95% |
Senior notes, maturity date | 2,025 | |
6.20% Senior Notes due August 2040 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 400,000,000 | |
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 400,000,000 | |
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
5.25% Senior Notes due March 2042 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 500,000,000 | |
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
6.95% Senior Notes due April 2045 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument face amount | $ 400,000,000 | $ 400,000,000 |
Interest rate on senior notes | 6.95% | 6.95% |
Senior notes, maturity date | 2,045 |
Information about Noble-Cayma65
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 164,430 | $ 68,510 | $ 68,354 | $ 114,458 |
Accounts receivable | 530,401 | 569,096 | ||
Taxes receivable | 66,852 | 107,490 | ||
Prepaid expenses and other current assets | 174,194 | 183,466 | ||
Total current assets | 935,877 | 928,562 | ||
Property and equipment, at cost | 14,717,312 | 14,442,922 | ||
Accumulated depreciation | (2,798,645) | (2,330,413) | ||
Property and equipment, net | 11,918,667 | 12,112,509 | ||
Other assets | 203,474 | 245,751 | ||
Total assets | 13,058,018 | 13,286,822 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,993 | |||
Accounts payable | 207,892 | 265,389 | ||
Accrued payroll and related costs | 90,052 | 102,520 | ||
Taxes payable | 154,295 | 94,230 | ||
Interest payable | 44,922 | 61,964 | ||
Other current liabilities | 107,042 | 144,571 | ||
Total current liabilities | 904,196 | 668,674 | ||
Long-term debt | 4,188,727 | 4,869,020 | ||
Deferred income taxes | 46,366 | 120,589 | ||
Other liabilities | 325,956 | 341,505 | ||
Total liabilities | $ 5,465,245 | $ 5,999,788 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,870,029 | $ 6,564,730 | ||
Noncontrolling interests | 722,744 | 722,304 | ||
Total equity | 7,592,773 | 7,287,034 | 8,101,719 | 9,050,028 |
Total liabilities and equity | 13,058,018 | 13,286,822 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 4 | 5 | 5 | 1 |
Short-term notes receivable from affiliates | 123,449 | |||
Accounts receivable from affiliates | 617,430 | 2,019,319 | ||
Prepaid expenses and other current assets | 1,756 | 14,274 | ||
Total current assets | 619,190 | 2,157,047 | ||
Notes receivable from affiliates | 3,304,653 | 3,304,654 | ||
Investments in affiliates | 5,306,418 | 4,567,335 | ||
Other assets | 6,369 | 2,908 | ||
Total assets | 9,236,630 | 10,031,944 | ||
Current liabilities | ||||
Accounts payable | 600 | |||
Accounts payable to affiliates | 837,540 | 606,224 | ||
Interest payable | 499 | |||
Other current liabilities | 103 | 15,651 | ||
Total current liabilities | 837,643 | 622,974 | ||
Long-term debt | 1,123,495 | |||
Notes payable to affiliates | 1,545,239 | 1,769,068 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | $ 2,402,811 | $ 3,535,466 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,833,819 | $ 6,496,478 | ||
Total equity | 6,833,819 | 6,496,478 | ||
Total liabilities and equity | 9,236,630 | 10,031,944 | ||
NHC [Member] | ||||
Current assets | ||||
Taxes receivable | 12,124 | 63,373 | ||
Accounts receivable from affiliates | 451,674 | 374,012 | ||
Total current assets | 463,798 | 437,385 | ||
Investments in affiliates | 1,413,824 | 1,318,239 | ||
Total assets | 1,877,622 | 1,755,624 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 171,925 | ||
Accounts payable to affiliates | 67,191 | 63,602 | ||
Taxes payable | 35,743 | |||
Total current liabilities | 274,859 | 235,527 | ||
Total liabilities | $ 274,859 | $ 235,527 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 1,602,763 | $ 1,520,097 | ||
Total equity | 1,602,763 | 1,520,097 | ||
Total liabilities and equity | 1,877,622 | 1,755,624 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 135 | 254 | 358 | 402 |
Accounts receivable | 13,816 | 37,655 | ||
Taxes receivable | 26 | 752 | ||
Short-term notes receivable from affiliates | 119,476 | 1,077,965 | ||
Accounts receivable from affiliates | 124,763 | 192,771 | ||
Prepaid expenses and other current assets | 4,857 | 1,764 | ||
Total current assets | 263,073 | 1,311,161 | ||
Property and equipment, at cost | 1,846,298 | 2,040,168 | ||
Accumulated depreciation | (330,361) | (278,147) | ||
Property and equipment, net | 1,515,937 | 1,762,021 | ||
Notes receivable from affiliates | 236,921 | 236,921 | ||
Investments in affiliates | 2,973,478 | 2,921,452 | ||
Other assets | 7,264 | 6,212 | ||
Total assets | 4,996,673 | 6,237,767 | ||
Current liabilities | ||||
Accounts payable | 5,251 | 10,130 | ||
Accrued payroll and related costs | 8,004 | 7,738 | ||
Accounts payable to affiliates | 2,274,884 | 3,513,705 | ||
Other current liabilities | 4,824 | 13,409 | ||
Total current liabilities | 2,292,963 | 3,544,982 | ||
Notes payable to affiliates | 460,227 | 598,715 | ||
Other liabilities | 26,361 | 29,093 | ||
Total liabilities | $ 2,779,551 | $ 4,172,790 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 2,217,122 | $ 2,064,977 | ||
Total equity | 2,217,122 | 2,064,977 | ||
Total liabilities and equity | 4,996,673 | 6,237,767 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 4 | |||
Accounts receivable | 2,336 | |||
Accounts receivable from affiliates | 832,288 | 157,164 | ||
Total current assets | 832,288 | 159,500 | ||
Notes receivable from affiliates | 1,614,802 | 1,980,391 | ||
Investments in affiliates | 9,384,951 | 8,266,444 | ||
Other assets | 26,788 | 19,826 | ||
Total assets | 11,858,829 | 10,426,161 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,993 | |||
Accounts payable to affiliates | 87,104 | 61,982 | ||
Interest payable | 44,292 | 57,053 | ||
Total current liabilities | 431,389 | 119,035 | ||
Long-term debt | 3,987,032 | 3,543,830 | ||
Notes payable to affiliates | 1,169,180 | 1,169,180 | ||
Total liabilities | $ 5,587,601 | $ 4,832,045 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,271,228 | $ 5,594,116 | ||
Total equity | 6,271,228 | 5,594,116 | ||
Total liabilities and equity | 11,858,829 | 10,426,161 | ||
NDS6 [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | 333,966 | |||
Accounts receivable from affiliates | 67,170 | 125,834 | ||
Total current assets | 67,170 | 459,800 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 6,951,400 | 6,290,918 | ||
Other assets | 424 | 517 | ||
Total assets | 7,023,994 | 6,756,235 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 371,720 | |||
Accounts payable to affiliates | 5,706 | 16,869 | ||
Interest payable | 630 | 4,412 | ||
Total current liabilities | 6,336 | 393,001 | ||
Long-term debt | 201,695 | 201,695 | ||
Notes payable to affiliates | 124,216 | 192,216 | ||
Total liabilities | $ 332,247 | $ 786,912 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,691,747 | $ 5,969,323 | ||
Total equity | 6,691,747 | 5,969,323 | ||
Total liabilities and equity | 7,023,994 | 6,756,235 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 164,101 | 65,521 | 65,585 | 109,975 |
Accounts receivable | 516,585 | 529,105 | ||
Taxes receivable | 54,173 | 43,164 | ||
Short-term notes receivable from affiliates | 171,925 | 171,925 | ||
Accounts receivable from affiliates | 3,256,189 | 4,191,406 | ||
Prepaid expenses and other current assets | 144,245 | 123,631 | ||
Total current assets | 4,307,218 | 5,124,752 | ||
Property and equipment, at cost | 12,833,307 | 12,364,203 | ||
Accumulated depreciation | (2,456,068) | (2,040,073) | ||
Property and equipment, net | 10,377,239 | 10,324,130 | ||
Notes receivable from affiliates | 1,516,702 | 1,581,429 | ||
Other assets | 159,428 | 192,791 | ||
Total assets | 16,360,587 | 17,223,102 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 119,476 | 1,163,660 | ||
Accounts payable | 200,187 | 250,282 | ||
Accrued payroll and related costs | 78,108 | 83,749 | ||
Accounts payable to affiliates | 2,077,089 | 2,798,124 | ||
Taxes payable | 116,393 | 91,471 | ||
Other current liabilities | 99,672 | 110,890 | ||
Total current liabilities | 2,690,925 | 4,498,176 | ||
Notes payable to affiliates | 3,379,216 | 3,379,216 | ||
Deferred income taxes | 46,366 | 120,589 | ||
Other liabilities | 274,125 | 286,942 | ||
Total liabilities | $ 6,390,632 | $ 8,284,923 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 8,810,922 | $ 7,812,656 | ||
Noncontrolling interests | 1,159,033 | 1,125,523 | ||
Total equity | 9,969,955 | 8,938,179 | ||
Total liabilities and equity | 16,360,587 | 17,223,102 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 164,240 | 65,780 | 65,948 | 110,382 |
Accounts receivable | 530,401 | 569,096 | ||
Taxes receivable | 66,323 | 107,289 | ||
Prepaid expenses and other current assets | 150,858 | 139,669 | ||
Total current assets | 911,822 | 881,834 | ||
Property and equipment, at cost | 14,679,605 | 14,404,371 | ||
Accumulated depreciation | (2,786,429) | (2,318,220) | ||
Property and equipment, net | 11,893,176 | 12,086,151 | ||
Other assets | 200,273 | 222,254 | ||
Total assets | 13,005,271 | 13,190,239 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,993 | |||
Accounts payable | 205,438 | 261,012 | ||
Accrued payroll and related costs | 86,112 | 91,487 | ||
Taxes payable | 152,136 | 91,471 | ||
Interest payable | 44,922 | 61,964 | ||
Other current liabilities | 104,599 | 139,950 | ||
Total current liabilities | 893,200 | 645,884 | ||
Long-term debt | 4,188,727 | 4,869,020 | ||
Deferred income taxes | 46,366 | 120,589 | ||
Other liabilities | 320,415 | 335,964 | ||
Total liabilities | $ 5,448,708 | $ 5,971,457 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,833,819 | $ 6,496,478 | ||
Noncontrolling interests | 722,744 | 722,304 | ||
Total equity | 7,556,563 | 7,218,782 | $ 8,048,876 | $ 9,155,484 |
Total liabilities and equity | 13,005,271 | 13,190,239 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | (291,401) | (1,707,305) | ||
Accounts receivable from affiliates | (5,349,514) | (7,060,506) | ||
Total current assets | (5,640,915) | (8,767,811) | ||
Notes receivable from affiliates | (6,678,078) | (7,108,395) | ||
Investments in affiliates | (26,030,071) | (23,364,388) | ||
Total assets | (38,349,064) | (39,240,594) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (291,401) | (1,707,305) | ||
Accounts payable to affiliates | (5,349,514) | (7,060,506) | ||
Total current liabilities | (5,640,915) | (8,767,811) | ||
Notes payable to affiliates | (6,678,078) | (7,108,395) | ||
Total liabilities | $ (12,318,993) | $ (15,876,206) | ||
Commitments and contingencies | ||||
Total shareholder equity | $ (25,593,782) | $ (22,961,169) | ||
Noncontrolling interests | (436,289) | (403,219) | ||
Total equity | (26,030,071) | (23,364,388) | ||
Total liabilities and equity | $ (38,349,064) | $ (39,240,594) |
Information about Noble-Cayma66
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues | ||||
Contract drilling services | $ 873,813 | $ 810,200 | $ 2,424,481 | $ 2,360,205 |
Reimbursables | 22,858 | 18,595 | 70,087 | 67,558 |
Other | 1 | 1 | ||
Total operating revenues | 896,671 | 828,796 | 2,494,568 | 2,427,764 |
Operating costs and expenses | ||||
Contract drilling services | 293,067 | 385,674 | 934,024 | 1,109,456 |
Reimbursables | 17,783 | 13,641 | 55,592 | 52,877 |
Depreciation and amortization | 160,652 | 161,246 | 473,913 | 460,306 |
General and administrative | 15,196 | 24,602 | 61,558 | 77,319 |
Total operating costs and expenses | 486,698 | 585,163 | 1,525,087 | 1,699,958 |
Operating income | 409,973 | 243,633 | 969,481 | 727,806 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (54,687) | (37,751) | (161,196) | (114,494) |
Interest income and other, net | 30,934 | 2,760 | 37,085 | 131 |
Income from continuing operations before income taxes | 386,220 | 208,642 | 845,370 | 613,443 |
Income tax provision | (41,789) | (40,782) | (124,641) | (110,625) |
Net income | 344,431 | 147,646 | 720,729 | 678,350 |
Net comprehensive income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Net income attributable to Noble Corporation | 325,807 | 127,175 | 663,241 | 618,060 |
Other comprehensive income (loss), net | (2,859) | (8,982) | (2,614) | 1,918 |
Comprehensive income attributable to Noble Corporation plc | 322,948 | 118,193 | 660,627 | 619,978 |
Net income from continuing operations | 344,431 | 167,860 | 720,729 | 502,818 |
Net (loss) income from discontinued operations, net of tax | (20,214) | 175,532 | ||
Noble-Cayman [Member] | ||||
Operating costs and expenses | ||||
Contract drilling services | 850 | 3,571 | 5,457 | 16,257 |
General and administrative | 192 | 397 | 1,131 | 1,304 |
Total operating costs and expenses | 1,042 | 3,968 | 6,588 | 17,561 |
Operating income | (1,042) | (3,968) | (6,588) | (17,561) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 334,441 | (2,716,832) | 738,742 | (2,325,832) |
Interest expense, net of amount capitalized | (17,914) | (22,352) | (63,800) | (70,702) |
Interest income and other, net | 16,052 | 2,905,973 | 22,525 | 2,912,861 |
Income from continuing operations before income taxes | 331,537 | 173,234 | 690,879 | 723,788 |
Net income | 331,537 | 173,234 | 690,879 | 723,788 |
Net income attributable to Noble Corporation | 331,537 | 173,234 | 690,879 | 723,788 |
Other comprehensive income (loss), net | (2,859) | (8,982) | (2,614) | 1,918 |
Comprehensive income attributable to Noble Corporation plc | 328,678 | 164,252 | 688,265 | 725,706 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 10,413 | 225,022 | ||
Total income (loss) of unconsolidated affiliates | (2,706,419) | (2,100,810) | ||
Net income from continuing operations | 173,234 | 723,788 | ||
NHC [Member] | ||||
Operating costs and expenses | ||||
Contract drilling services | 3,630 | 9,239 | 20,223 | 29,725 |
General and administrative | 1,866 | 2,348 | 8,926 | 7,351 |
Total operating costs and expenses | 5,496 | 11,587 | 29,149 | 37,076 |
Operating income | (5,496) | (11,587) | (29,149) | (37,076) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 130,794 | (20,299) | 197,773 | 90,411 |
Interest expense, net of amount capitalized | (1,342) | (1,042) | (3,590) | (2,005) |
Interest income and other, net | 4 | 4,835 | ||
Income from continuing operations before income taxes | 123,960 | (36,849) | 169,869 | 100,476 |
Income tax provision | (53,518) | (11,352) | (87,203) | (49,945) |
Net income | 70,442 | (48,201) | 82,666 | 31,876 |
Net income attributable to Noble Corporation | 70,442 | (48,201) | 82,666 | 31,876 |
Comprehensive income attributable to Noble Corporation plc | 70,442 | (48,201) | 82,666 | 31,876 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (3,921) | 49,146 | ||
Total income (loss) of unconsolidated affiliates | (24,220) | 139,557 | ||
Net income from continuing operations | (48,201) | 50,531 | ||
Net (loss) income from discontinued operations, net of tax | (18,655) | |||
NDH [Member] | ||||
Operating revenues | ||||
Contract drilling services | 37,659 | 81,834 | 176,987 | 244,451 |
Reimbursables | 4,662 | 1,495 | 15,578 | 4,748 |
Total operating revenues | 42,321 | 83,329 | 192,565 | 249,199 |
Operating costs and expenses | ||||
Contract drilling services | 32,370 | 27,593 | 79,612 | 88,683 |
Reimbursables | 8,414 | 1,112 | 13,195 | 3,605 |
Depreciation and amortization | 20,690 | 16,922 | 58,741 | 47,267 |
Total operating costs and expenses | 61,474 | 45,627 | 151,548 | 139,555 |
Operating income | (19,153) | 37,702 | 41,017 | 109,644 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 70,445 | (130,556) | 162,486 | (9,789) |
Interest expense, net of amount capitalized | (3,204) | (8,729) | (9,769) | (21,703) |
Interest income and other, net | 22,837 | 208,241 | 49,824 | 234,990 |
Income from continuing operations before income taxes | 70,925 | 96,613 | 243,558 | 407,657 |
Income tax provision | (1,198) | (766) | (2,974) | (2,972) |
Net income | 69,727 | 95,847 | 240,584 | 411,319 |
Net income attributable to Noble Corporation | 69,727 | 95,847 | 240,584 | 411,319 |
Comprehensive income attributable to Noble Corporation plc | 69,727 | 95,847 | 240,584 | 411,319 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (10,045) | 94,515 | ||
Total income (loss) of unconsolidated affiliates | (140,601) | 84,726 | ||
Net income from continuing operations | 95,847 | 404,685 | ||
Net (loss) income from discontinued operations, net of tax | 6,634 | |||
NHIL [Member] | ||||
Operating costs and expenses | ||||
Contract drilling services | 14,850 | 25,489 | 61,078 | 86,819 |
General and administrative | 7,524 | 6,530 | 24,918 | 21,754 |
Total operating costs and expenses | 22,374 | 32,019 | 85,996 | 108,573 |
Operating income | (22,374) | (32,019) | (85,996) | (108,573) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 344,840 | 283,190 | 883,323 | 703,700 |
Interest expense, net of amount capitalized | (58,129) | (40,423) | (167,017) | (126,914) |
Interest income and other, net | 17,876 | 21,240 | 59,666 | 68,208 |
Income from continuing operations before income taxes | 282,213 | 234,009 | 689,976 | 719,768 |
Net income | 282,213 | 234,009 | 689,976 | 719,768 |
Net income attributable to Noble Corporation | 282,213 | 234,009 | 689,976 | 719,768 |
Comprehensive income attributable to Noble Corporation plc | 282,213 | 234,009 | 689,976 | 719,768 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 2,021 | 183,347 | ||
Total income (loss) of unconsolidated affiliates | 285,211 | 887,047 | ||
Net income from continuing operations | 234,009 | 719,768 | ||
NDS6 [Member] | ||||
Operating costs and expenses | ||||
General and administrative | 1 | 1 | ||
Total operating costs and expenses | 1 | 1 | ||
Operating income | (1) | (1) | ||
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 132,616 | 182,350 | 475,715 | 466,521 |
Interest expense, net of amount capitalized | (7,522) | (10,573) | (21,491) | (26,477) |
Interest income and other, net | 2,283 | 1,249 | 5,096 | 1,879 |
Income from continuing operations before income taxes | 127,377 | 173,150 | 459,319 | 448,171 |
Income tax provision | (1,547) | |||
Net income | 127,377 | 173,150 | 459,319 | 446,624 |
Net income attributable to Noble Corporation | 127,377 | 173,150 | 459,319 | 446,624 |
Comprehensive income attributable to Noble Corporation plc | 127,377 | 173,150 | 459,319 | 446,624 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 124 | 6,249 | ||
Total income (loss) of unconsolidated affiliates | 182,474 | 472,770 | ||
Net income from continuing operations | 173,150 | 446,624 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Operating revenues | ||||
Contract drilling services | 856,145 | 866,699 | 2,349,537 | 2,328,611 |
Reimbursables | 18,196 | 17,100 | 54,509 | 62,810 |
Other | 1 | 1 | ||
Total operating revenues | 874,341 | 883,800 | 2,404,046 | 2,391,422 |
Operating costs and expenses | ||||
Contract drilling services | 260,770 | 456,352 | 866,598 | 1,089,067 |
Reimbursables | 9,369 | 12,529 | 42,397 | 49,272 |
Depreciation and amortization | 139,693 | 143,333 | 414,305 | 410,833 |
General and administrative | 794 | 3,782 | 1,117 | 6,068 |
Total operating costs and expenses | 410,626 | 615,996 | 1,324,417 | 1,555,240 |
Operating income | 463,715 | 267,804 | 1,079,629 | 836,182 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (37,611) | (3,109,995) | (65,553) | (3,134,741) |
Interest income and other, net | 43,049 | 22,445 | 63,691 | 51,252 |
Income from continuing operations before income taxes | 469,153 | (2,819,746) | 1,077,767 | (2,247,307) |
Income tax provision | 12,848 | (28,556) | (34,785) | (55,743) |
Net income | 482,001 | (2,837,889) | 1,042,982 | (2,066,007) |
Net comprehensive income attributable to noncontrolling interests | (32,733) | (31,612) | (90,557) | (95,253) |
Net income attributable to Noble Corporation | 449,268 | (2,869,501) | 952,425 | (2,161,260) |
Other comprehensive income (loss), net | (2,859) | (8,982) | (2,614) | 1,918 |
Comprehensive income attributable to Noble Corporation plc | 446,409 | (2,878,483) | 949,811 | (2,159,342) |
Net income from continuing operations | (2,848,302) | (2,303,050) | ||
Net (loss) income from discontinued operations, net of tax | 10,413 | 237,043 | ||
Noble-Cayman [Member] | ||||
Operating revenues | ||||
Contract drilling services | 873,813 | 810,200 | 2,424,481 | 2,360,205 |
Reimbursables | 22,858 | 18,595 | 70,087 | 67,558 |
Other | 1 | 1 | ||
Total operating revenues | 896,671 | 828,796 | 2,494,568 | 2,427,764 |
Operating costs and expenses | ||||
Contract drilling services | 292,479 | 383,911 | 930,925 | 1,097,694 |
Reimbursables | 17,783 | 13,641 | 55,592 | 52,877 |
Depreciation and amortization | 160,383 | 160,255 | 473,046 | 458,100 |
General and administrative | 10,376 | 13,057 | 36,093 | 36,478 |
Total operating costs and expenses | 481,021 | 570,864 | 1,495,656 | 1,645,149 |
Operating income | 415,650 | 257,932 | 998,912 | 782,615 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (54,687) | (37,751) | (161,196) | (114,494) |
Interest income and other, net | 31,066 | 3,785 | 35,613 | 1,142 |
Income from continuing operations before income taxes | 392,029 | 223,966 | 873,329 | 669,263 |
Income tax provision | (41,868) | (40,674) | (124,962) | (110,207) |
Net income | 350,161 | 193,705 | 748,367 | 784,078 |
Net comprehensive income attributable to noncontrolling interests | (18,624) | (20,471) | (57,488) | (60,290) |
Net income attributable to Noble Corporation | 331,537 | 173,234 | 690,879 | 723,788 |
Other comprehensive income (loss), net | (2,859) | (8,982) | (2,614) | 1,918 |
Comprehensive income attributable to Noble Corporation plc | 328,678 | 164,252 | 688,265 | 725,706 |
Net income from continuing operations | 350,161 | 183,292 | 748,367 | 559,056 |
Net (loss) income from discontinued operations, net of tax | 10,413 | 225,022 | ||
Consolidating Adjustments [Member] | ||||
Operating revenues | ||||
Contract drilling services | (19,991) | (138,333) | (102,043) | (212,857) |
Total operating revenues | (19,991) | (138,333) | (102,043) | (212,857) |
Operating costs and expenses | ||||
Contract drilling services | (19,991) | (138,333) | (102,043) | (212,857) |
Total operating costs and expenses | (19,991) | (138,333) | (102,043) | (212,857) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (1,013,136) | 2,402,147 | (2,458,039) | 1,074,989 |
Interest expense, net of amount capitalized | 71,035 | 3,155,363 | 170,024 | 3,268,048 |
Interest income and other, net | (71,035) | (3,155,363) | (170,024) | (3,268,048) |
Income from continuing operations before income taxes | (1,013,136) | 2,403,555 | (2,458,039) | 516,710 |
Net income | (1,013,136) | 2,403,555 | (2,458,039) | 516,710 |
Net comprehensive income attributable to noncontrolling interests | 14,109 | 11,141 | 33,069 | 34,963 |
Net income attributable to Noble Corporation | (999,027) | 2,414,696 | (2,424,970) | 551,673 |
Other comprehensive income (loss), net | 2,859 | 8,982 | 2,614 | (1,918) |
Comprehensive income attributable to Noble Corporation plc | $ (996,168) | 2,423,678 | $ (2,422,356) | 549,755 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 1,408 | (558,279) | ||
Total income (loss) of unconsolidated affiliates | 2,403,555 | 516,710 | ||
Net income from continuing operations | $ 2,403,555 | $ 516,710 |
Information about Noble-Cayma67
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net cash from operating activities | $ 1,252,225 | $ 1,388,298 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 2,535 | |
Net cash from investing activities | (320,953) | (1,799,961) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (569,489) |
Repayment of long-term debt | (350,000) | (250,000) |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (16,070) | (386) |
Long-term borrowings of Paragon Offshore | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | (30,876) | |
Cash balances of Paragon Offshore in Spin-off | (104,152) | |
Dividends paid to noncontrolling interests | (57,048) | (64,339) |
Net cash from financing activities | (835,352) | 365,559 |
Net change in cash and cash equivalents | 95,920 | (46,104) |
Cash and cash equivalents, beginning of period | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 164,430 | 68,354 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (33,578) | 2,858,748 |
Cash flows from investing activities | ||
Notes receivable from affiliates | 124,951 | 50 |
Net cash from investing activities | 124,951 | 50 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (569,489) |
Debt issuance costs on senior notes and credit facilities | (6,450) | (386) |
Distributions to parent company, net | (372,799) | (421,801) |
Advances (to) from affiliates | 2,020,141 | (1,593,374) |
Notes payable to affiliates | (608,771) | (273,744) |
Net cash from financing activities | (91,374) | (2,858,794) |
Net change in cash and cash equivalents | (1) | 4 |
Cash and cash equivalents, beginning of period | 5 | 1 |
Cash and cash equivalents, end of period | 4 | 5 |
NHC [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (28,115) | (127,706) |
Cash flows from financing activities | ||
Advances (to) from affiliates | 28,115 | 127,706 |
Net cash from financing activities | 28,115 | 127,706 |
NDH [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 141,329 | 370,512 |
Cash flows from investing activities | ||
Capital expenditures | (80,743) | (1,245,121) |
Net cash from investing activities | (80,743) | (1,245,121) |
Cash flows from financing activities | ||
Advances (to) from affiliates | (60,705) | 874,565 |
Net cash from financing activities | (60,705) | 874,565 |
Net change in cash and cash equivalents | (119) | (44) |
Cash and cash equivalents, beginning of period | 254 | 402 |
Cash and cash equivalents, end of period | 135 | 358 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (210,734) | (211,228) |
Cash flows from investing activities | ||
Notes receivable from affiliates | 608,771 | 273,744 |
Net cash from investing activities | 608,771 | 273,744 |
Cash flows from financing activities | ||
Repayment of long-term debt | (350,000) | (250,000) |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (9,620) | |
Advances (to) from affiliates | (1,131,145) | 187,480 |
Net cash from financing activities | (398,037) | (62,520) |
Net change in cash and cash equivalents | (4) | |
Cash and cash equivalents, beginning of period | 4 | |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (20,085) | (29,835) |
Cash flows from financing activities | ||
Advances (to) from affiliates | 20,085 | 29,835 |
Net cash from financing activities | 20,085 | 29,835 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 1,397,280 | (1,390,805) |
Cash flows from investing activities | ||
Capital expenditures | (242,745) | (554,706) |
Proceeds from disposal of assets | 2,535 | |
Net cash from investing activities | (240,210) | (554,706) |
Cash flows from financing activities | ||
Long-term borrowings of Paragon Offshore | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | (30,876) | |
Cash balances of Paragon Offshore in Spin-off | (104,152) | |
Dividends paid to noncontrolling interests | (57,048) | (64,339) |
Advances (to) from affiliates | (876,491) | 373,788 |
Notes payable to affiliates | (124,951) | (50) |
Net cash from financing activities | (1,058,490) | 1,901,121 |
Net change in cash and cash equivalents | 98,580 | (44,390) |
Cash and cash equivalents, beginning of period | 65,521 | 109,975 |
Cash and cash equivalents, end of period | 164,101 | 65,585 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 1,246,097 | 1,469,686 |
Cash flows from investing activities | ||
Capital expenditures | (323,488) | (1,799,827) |
Proceeds from disposal of assets | 2,535 | |
Net cash from investing activities | (320,953) | (1,799,827) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (569,489) |
Repayment of long-term debt | (350,000) | (250,000) |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (16,070) | (386) |
Long-term borrowings of Paragon Offshore | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | (30,876) | |
Cash balances of Paragon Offshore in Spin-off | (104,152) | |
Dividends paid to noncontrolling interests | (57,048) | (64,339) |
Distributions to parent company, net | (372,799) | (421,801) |
Net cash from financing activities | (826,684) | 285,707 |
Net change in cash and cash equivalents | 98,460 | (44,434) |
Cash and cash equivalents, beginning of period | 65,780 | 110,382 |
Cash and cash equivalents, end of period | 164,240 | 65,948 |
Consolidating Adjustments [Member] | ||
Cash flows from investing activities | ||
Notes receivable from affiliates | (733,722) | (273,794) |
Net cash from investing activities | (733,722) | (273,794) |
Cash flows from financing activities | ||
Notes payable to affiliates | 733,722 | 273,794 |
Net cash from financing activities | $ 733,722 | $ 273,794 |