Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 21, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Noble Corp plc | |
Trading Symbol | NE | |
Entity Central Index Key | 1,458,891 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 243,233,371 | |
Noble Corp [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | Noble Corporation | |
Entity Central Index Key | 1,169,055 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 426,052 | $ 512,245 |
Accounts receivable | 319,567 | 498,931 |
Taxes receivable | 35,387 | 55,525 |
Prepaid expenses and other current assets | 102,778 | 173,917 |
Total current assets | 883,784 | 1,240,618 |
Property and equipment, at cost | 14,604,796 | 14,056,323 |
Accumulated depreciation | (3,013,008) | (2,572,700) |
Property and equipment, net | 11,591,788 | 11,483,623 |
Other assets | 108,566 | 141,404 |
Total assets | 12,584,138 | 12,865,645 |
Current liabilities | ||
Current maturities of long-term debt | 299,762 | 299,924 |
Accounts payable | 114,392 | 223,221 |
Accrued payroll and related costs | 53,377 | 81,464 |
Taxes payable | 98,019 | 87,940 |
Interest payable | 46,040 | 72,961 |
Other current liabilities | 72,528 | 98,074 |
Total current liabilities | 684,118 | 863,584 |
Long-term debt | 3,830,224 | 4,162,638 |
Deferred income taxes | 11,487 | 92,797 |
Other liabilities | 300,326 | 324,396 |
Total liabilities | 4,826,155 | 5,443,415 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares outstanding | 2,432 | 2,420 |
Additional paid-in capital | 646,601 | 628,483 |
Retained earnings | 6,457,071 | 6,131,501 |
Accumulated other comprehensive loss | (61,169) | (63,175) |
Total shareholders' equity | 7,044,935 | 6,699,229 |
Noncontrolling interests | 713,048 | 723,001 |
Total equity | 7,757,983 | 7,422,230 |
Total liabilities and equity | 12,584,138 | 12,865,645 |
Noble Corp [Member] | ||
Current assets | ||
Cash and cash equivalents | 425,749 | 511,795 |
Accounts receivable | 319,567 | 498,931 |
Taxes receivable | 35,387 | 55,442 |
Prepaid expenses and other current assets | 98,995 | 168,469 |
Total current assets | 879,698 | 1,234,637 |
Property and equipment, at cost | 14,604,796 | 14,054,558 |
Accumulated depreciation | (3,013,008) | (2,572,331) |
Property and equipment, net | 11,591,788 | 11,482,227 |
Other assets | 101,564 | 132,319 |
Total assets | 12,573,050 | 12,849,183 |
Current liabilities | ||
Current maturities of long-term debt | 299,762 | 299,924 |
Accounts payable | 114,117 | 221,077 |
Accrued payroll and related costs | 53,337 | 81,364 |
Taxes payable | 98,019 | 88,108 |
Interest payable | 46,040 | 72,961 |
Other current liabilities | 71,859 | 96,331 |
Total current liabilities | 683,134 | 859,765 |
Long-term debt | 3,830,224 | 4,162,638 |
Deferred income taxes | 11,487 | 92,797 |
Other liabilities | 295,443 | 319,512 |
Total liabilities | 4,820,288 | 5,434,712 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares outstanding | 26,125 | 26,125 |
Additional paid-in capital | 586,605 | 561,309 |
Retained earnings | 6,488,153 | 6,167,211 |
Accumulated other comprehensive loss | (61,169) | (63,175) |
Total shareholders' equity | 7,039,714 | 6,691,470 |
Noncontrolling interests | 713,048 | 723,001 |
Total equity | 7,752,762 | 7,414,471 |
Total liabilities and equity | $ 12,573,050 | $ 12,849,183 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares shares in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Ordinary shares, shares outstanding | 243,233 | 241,977 |
Noble Corp [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating revenues | ||||
Contract drilling services | $ 373,257 | $ 873,813 | $ 1,841,321 | $ 2,424,481 |
Reimbursables | 11,733 | 22,858 | 50,272 | 70,087 |
Other | 163 | 0 | 316 | 0 |
Total operating revenues | 385,153 | 896,671 | 1,891,909 | 2,494,568 |
Operating costs and expenses | ||||
Contract drilling services | 207,204 | 293,067 | 702,628 | 934,024 |
Reimbursables | 9,142 | 17,783 | 39,446 | 55,592 |
Depreciation and amortization | 155,242 | 160,652 | 455,907 | 473,913 |
General and administrative | 15,773 | 15,196 | 54,346 | 61,558 |
Loss on impairment | 0 | 0 | 16,616 | 0 |
Total operating costs and expenses | 387,361 | 486,698 | 1,268,943 | 1,525,087 |
Operating income (loss) | (2,208) | 409,973 | 622,966 | 969,481 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (52,569) | (54,687) | (166,975) | (161,196) |
Gain on extinguishment of debt, net | 0 | 0 | 11,066 | 0 |
Interest income and other, net | 540 | 30,934 | (1,443) | 37,085 |
Income (loss) before income taxes | (54,237) | 386,220 | 465,614 | 845,370 |
Income tax benefit (provision) | 10,002 | (41,789) | (40,317) | (124,641) |
Net income (loss) | (44,235) | 344,431 | 425,297 | 720,729 |
Net income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Net income (loss) attributable to the company | $ (55,081) | $ 325,807 | $ 373,270 | $ 663,241 |
Per share data: | ||||
Basic: (usd per share) | $ (0.23) | $ 1.32 | $ 1.48 | $ 2.68 |
Diluted: (usd per share) | $ (0.23) | $ 1.32 | $ 1.48 | $ 2.68 |
Noble Corp [Member] | ||||
Operating revenues | ||||
Contract drilling services | $ 373,257 | $ 873,813 | $ 1,841,321 | $ 2,424,481 |
Reimbursables | 11,733 | 22,858 | 50,272 | 70,087 |
Other | 163 | 0 | 1,016 | 0 |
Total operating revenues | 385,153 | 896,671 | 1,892,609 | 2,494,568 |
Operating costs and expenses | ||||
Contract drilling services | 206,072 | 292,479 | 697,596 | 930,925 |
Reimbursables | 9,142 | 17,783 | 39,446 | 55,592 |
Depreciation and amortization | 155,242 | 160,383 | 455,853 | 473,046 |
General and administrative | 12,033 | 10,376 | 36,491 | 36,093 |
Loss on impairment | 0 | 0 | 16,616 | 0 |
Total operating costs and expenses | 382,489 | 481,021 | 1,246,002 | 1,495,656 |
Operating income (loss) | 2,664 | 415,650 | 646,607 | 998,912 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (52,569) | (54,687) | (166,975) | (161,196) |
Gain on extinguishment of debt, net | 0 | 0 | 11,066 | 0 |
Interest income and other, net | 568 | 31,066 | (1,368) | 35,613 |
Income (loss) before income taxes | (49,337) | 392,029 | 489,330 | 873,329 |
Income tax benefit (provision) | 9,307 | (41,868) | (40,310) | (124,962) |
Net income (loss) | (40,030) | 350,161 | 449,020 | 748,367 |
Net income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Net income (loss) attributable to the company | $ (50,876) | $ 331,537 | $ 396,993 | $ 690,879 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ (44,235) | $ 344,431 | $ 425,297 | $ 720,729 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (543) | (2,694) | 263 | (4,568) |
Foreign currency forward contracts | 463 | (1,271) | (605) | (1,362) |
Amortization of deferred pension plan amounts (net of tax provision of $408 and $575 for the three months ended September 30, 2016 and 2015, respectively, and $1,227 and $1,723 for the nine months ended September 30, 2016 and 2015, respectively) | 781 | 1,106 | 2,348 | 3,316 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Net comprehensive income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Comprehensive income (loss) attributable to the company | (54,380) | 322,948 | 375,276 | 660,627 |
Noble Corp [Member] | ||||
Net income (loss) | (40,030) | 350,161 | 449,020 | 748,367 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (543) | (2,694) | 263 | (4,568) |
Foreign currency forward contracts | 463 | (1,271) | (605) | (1,362) |
Amortization of deferred pension plan amounts (net of tax provision of $408 and $575 for the three months ended September 30, 2016 and 2015, respectively, and $1,227 and $1,723 for the nine months ended September 30, 2016 and 2015, respectively) | 781 | 1,106 | 2,348 | 3,316 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Net comprehensive income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Comprehensive income (loss) attributable to the company | $ (50,175) | $ 328,678 | $ 398,999 | $ 688,265 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization of deferred pension plan, tax provision | $ 408 | $ 575 | $ 1,227 | $ 1,723 |
Noble Corp [Member] | ||||
Amortization of deferred pension plan, tax provision | $ 408 | $ 575 | $ 1,227 | $ 1,723 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ 425,297 | $ 720,729 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 455,907 | 473,913 |
Loss on impairment | 16,616 | 0 |
Gain on extinguishment of debt, net | (11,066) | 0 |
Deferred income taxes | (82,774) | (76,012) |
Amortization of share-based compensation | 27,222 | 30,296 |
Net change in other assets and liabilities | 131,473 | 103,299 |
Net cash from operating activities | 962,675 | 1,252,225 |
Cash flows from investing activities | ||
Capital expenditures | (592,038) | (280,048) |
Change in accrued capital expenditures | (41,235) | (43,440) |
Proceeds from disposal of assets | 23,390 | 2,535 |
Net cash from investing activities | (609,883) | (320,953) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) |
Issuance of senior notes | 0 | 1,092,728 |
Debt issuance costs on senior notes and credit facilities | 0 | (16,070) |
Repayment of long-term debt | (300,000) | (350,000) |
Premiums paid on early repayment of long-term debt | (1,781) | 0 |
Early repayment of long-term debt | (22,207) | 0 |
Dividend payments | (47,534) | (278,443) |
Dividends paid to noncontrolling interests | (61,980) | (57,048) |
Repurchases of shares | 0 | (100,630) |
Employee stock transactions | (5,483) | (2,394) |
Net cash from financing activities | (438,985) | (835,352) |
Net change in cash and cash equivalents | (86,193) | 95,920 |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 426,052 | 164,430 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | 449,020 | 748,367 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 455,853 | 473,046 |
Loss on impairment | 16,616 | 0 |
Gain on extinguishment of debt, net | (11,066) | 0 |
Deferred income taxes | (82,774) | (76,012) |
Capital contribution by parent - share-based compensation | 25,296 | 21,875 |
Net change in other assets and liabilities | 132,911 | 78,821 |
Net cash from operating activities | 985,856 | 1,246,097 |
Cash flows from investing activities | ||
Capital expenditures | (592,038) | (280,048) |
Change in accrued capital expenditures | (41,235) | (43,440) |
Proceeds from disposal of assets | 23,390 | 2,535 |
Net cash from investing activities | (609,883) | (320,953) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) |
Issuance of senior notes | 0 | 1,092,728 |
Debt issuance costs on senior notes and credit facilities | 0 | (16,070) |
Repayment of long-term debt | (300,000) | (350,000) |
Premiums paid on early repayment of long-term debt | (1,781) | 0 |
Early repayment of long-term debt | (22,207) | 0 |
Dividends paid to noncontrolling interests | (61,980) | (57,048) |
Distributions to parent company, net | (76,051) | (372,799) |
Net cash from financing activities | (462,019) | (826,684) |
Net change in cash and cash equivalents | (86,046) | 98,460 |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 425,749 | $ 164,240 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Noble Corp [Member] | Shares [Member] | Shares [Member]Noble Corp [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Noble Corp [Member] | Retained Earnings [Member] | Retained Earnings [Member]Noble Corp [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Noble Corp [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Noble Corp [Member] |
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 | ||||||||||
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 (loss) | $ 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 | ||||||||||
Beginning balance at Dec. 31, 2015 | $ 7,422,230 | $ 7,414,471 | $ 2,420 | $ 26,125 | 628,483 | 561,309 | 6,131,501 | 6,167,211 | (63,175) | (63,175) | 723,001 | 723,001 |
Beginning Balance, Shares at Dec. 31, 2015 | 241,977 | 261,246 | 241,977 | 261,246 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 27,222 | 27,222 | ||||||||||
Issuance of share-based compensation shares | (3,597) | $ 12 | (3,609) | |||||||||
Issuance of share-based compensation shares, Shares | 1,256 | |||||||||||
Tax benefit of equity transactions | (5,495) | (5,495) | ||||||||||
Net income (loss) | 425,297 | $ 449,020 | 373,270 | 396,993 | 52,027 | 52,027 | ||||||
Dividends paid to noncontrolling interests | (61,980) | (61,980) | (61,980) | (61,980) | ||||||||
Dividends | (47,700) | (76,051) | (47,700) | (76,051) | ||||||||
Capital contribution by parent - share- based compensation | 25,296 | 25,296 | ||||||||||
Other comprehensive income (loss), net | 2,006 | 2,006 | 2,006 | 2,006 | ||||||||
Ending Balance at Sep. 30, 2016 | $ 7,757,983 | $ 7,752,762 | $ 2,432 | $ 26,125 | $ 646,601 | $ 586,605 | $ 6,457,071 | $ 6,488,153 | $ (61,169) | $ (61,169) | $ 713,048 | $ 713,048 |
Ending Balance, Shares at Sep. 30, 2016 | 243,233 | 261,246 | 243,233 | 261,246 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 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 14 jackups, eight drillships and eight semisubmersibles. 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, 2016 , our contract drilling services segment conducted operations in the United States, the North Sea, 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, 2015 Consolidated Balance Sheets presented herein are derived from the December 31, 2015 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, 2015 , 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. Certain amounts in prior periods have been reclassified to conform to the current year presentation. In accordance with our adoption of Accounting Standards Update (“ASU”) No. 2015-3 on January 1, 2016, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015 , which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. |
Spin-off of Paragon Offshore pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 9 Months Ended |
Sep. 30, 2016 | |
Spin-off [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 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. In February 2016, we entered into an agreement in principle for a settlement with Paragon Offshore under which, in exchange for a full and unconditional release of any claims by Paragon Offshore in connection with the Spin-off (including certain claims that could be brought on behalf of Paragon Offshore’s creditors), we agreed to assume the administration of Mexican tax claims for specified years up to and including 2010, as well as the related bonding obligations and certain of the related tax liabilities. The settlement agreement with Paragon Offshore, which was signed by the parties on April 29, 2016, is subject to the approval of Paragon Offshore's bankruptcy plan by the bankruptcy court. On October 28, 2016, the bankruptcy court having jurisdiction over the Paragon Offshore bankruptcy denied confirmation of Paragon Offshore’s bankruptcy plan. In the oral ruling, the judge noted that his decision to deny confirmation did not preclude Paragon Offshore from restructuring, only that they could not do so under the existing plan. Paragon Offshore has announced that it is evaluating its options. (see Note 14 for additional information). 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. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | 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 -class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets. During the nine months ended September 30, 2016 and 2015 , the Bully joint ventures approved and paid dividends totaling $124 million and $114 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at both September 30, 2016 and December 31, 2015 totaled $1.4 billion . These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $51 million at September 30, 2016 as compared to approximately $50 million at December 31, 2015 . |
Share Data
Share Data | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Share Data | 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Basic Net income (loss) attributable to Noble-UK $ (55,081 ) $ 325,807 $ 373,270 $ 663,241 Earnings allocated to unvested share-based payment awards — (7,143 ) (13,415 ) (14,661 ) Net income (loss) to common shareholders - basic $ (55,081 ) $ 318,664 $ 359,855 $ 648,580 Diluted Net income (loss) attributable to Noble-UK $ (55,081 ) $ 325,807 $ 373,270 $ 663,241 Earnings allocated to unvested share-based payment awards — (7,143 ) (13,415 ) (14,661 ) Net income (loss) to common shareholders - diluted $ (55,081 ) $ 318,664 $ 359,855 $ 648,580 Denominator: Weighted average shares outstanding - basic 243,224 241,970 243,089 242,204 Incremental shares issuable from assumed exercise of stock options — — — — Weighted average shares outstanding - diluted 243,224 241,970 243,089 242,204 Weighted average unvested share-based payment awards — 5,424 9,062 5,475 Earnings (loss) per share Basic $ (0.23 ) $ 1.32 $ 1.48 $ 2.68 Diluted $ (0.23 ) $ 1.32 $ 1.48 $ 2.68 Dividends per share $ 0.020 $ 0.375 $ 0.190 $ 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, 2016 and 2015 , approximately 1.5 million and 1.7 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, 2016 , Noble-UK had approximately 243.2 million shares outstanding and trading as compared to approximately 242.0 million shares outstanding and trading at December 31, 2015 . 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 $5 million (or $0.02 per share), was declared on July 22, 2016 and paid on August 8, 2016 to holders of record on August 1, 2016 . Our Board of Directors eliminated our quarterly cash dividend of $0.02 per share, beginning with the Company's fourth quarter dividend. The elimination of the dividend will provide approximately $20 million of additional liquidity on an annual basis based on the most recent dividend amount. The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The resumption of the payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors. 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 million ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. The authority to make such repurchases expired at the end of the Company’s 2016 annual general meeting of shareholders, which was held on April 22, 2016 . During 2015 , we repurchased 6.2 million of our ordinary shares covered by this authorization for a total cost of approximately $101 million . During the nine months ended September 30, 2016 , we did not repurchase any of our shares. |
Contract Settlement and Termina
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc | 9 Months Ended |
Sep. 30, 2016 | |
Contract Settlement And Termination Agreement [Abstract] | |
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. | Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. On May 10, 2016, Freeport-McMoRan Inc. (“FCX”), Freeport-McMoRan Oil & Gas LLC and one of our subsidiaries entered into an agreement terminating the contracts on the Noble Sam Croft and the Noble Tom Madden (“FCX Settlement”), which were scheduled to end in July 2017 and November 2017, respectively. For the nine months ended September 30, 2016 , Noble recognized approximately $379 million in “Contract drilling services revenue” associated with the FCX Settlement, which included $348 million recorded as a termination fee and $31 million for the accelerated recognition of other deferred contractual items. For the nine months ended September 30, 2016 , $11 million was recognized in “Contract drilling services expense” for the accelerated recognition of deferred mobilization and other expenses. Pursuant to the FCX Settlement, Noble may receive payments from FCX contingent upon the average price of oil over a 12 months period from June 30, 2016 through June 30, 2017. These contingent payments were not designated for hedge accounting treatment under FASB standards, and therefore, changes in fair value are recognized as either income or loss in the accompanying Consolidated Statements of Operations. For the nine months ended September 30, 2016 , we recognized approximately $12.4 million in “Contract drilling services revenue,” related to the valuation of this contingent payment and during the three months ended September 30, 2016 , we recognized a $5.2 million loss in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of September 30, 2016 , the estimated fair value of these contingent payments was $12.4 million which is included in “Prepaid expenses and other current assets” (see Note 11 for additional information). |
Receivables from Customers
Receivables from Customers | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Receivables from Customers | Receivables from Customers At September 30, 2016 , we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, at cost, as of September 30, 2016 and December 31, 2015 for Noble-UK consisted of the following: September 30, December 31, Drilling equipment and facilities $ 13,536,979 $ 13,074,804 Construction in progress 864,140 761,347 Other 203,677 220,172 Property and equipment, at cost $ 14,604,796 $ 14,056,323 Capital expenditures, including capitalized interest, totaled $592 million and $280 million for the nine months ended September 30, 2016 and 2015 , respectively. Capitalized interest was $9 million and $16 million for the three and nine months ended September 30, 2016 , respectively, as compared to $7 million and $18 million for the three and nine months ended September 30, 2015 , respectively. We took delivery of our remaining newbuild project, the heavy-duty, harsh environment jackup, Noble Lloyd Noble , on July 15, 2016. The Noble Lloyd Noble is on the drilling location undergoing final acceptance testing under a four -year contract in the North Sea, and is expected to commence operations during the fourth quarter. During the nine months ended September 30, 2016 , we completed the sale of certain corporate assets and the previously retired rigs, the jackup Noble Charles Copeland and the drillship Noble Discoverer. In connection with the sale of these assets, we received proceeds of approximately $23 million . Also during the nine months ended September 30, 2016 , we recorded an impairment charge of $17 million as a result of our decision to dispose of certain capital spare equipment. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt consisted of the following at September 30, 2016 and December 31, 2015 : September 30, December 31, Current Current maturities of long-term debt $ 299,983 $ 299,997 Less: Unamortized debt issuance costs (221 ) (73 ) Current maturities of long-term debt, net of debt issuance costs $ 299,762 $ 299,924 Long-term 3.05% Senior Notes due March 2016 $ — $ 299,997 2.50% Senior Notes due March 2017 299,983 299,956 5.25% Senior Notes due March 2018 (1) 249,725 249,602 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 467,195 499,287 4.625% Senior Notes due March 2021 396,337 399,680 3.95% Senior Notes due March 2022 399,424 399,354 6.95% Senior Notes due April 2025 (1) 448,886 448,814 6.20% Senior Notes due August 2040 399,898 399,896 6.05% Senior Notes due March 2041 397,748 397,719 5.25% Senior Notes due March 2042 498,361 498,338 7.95% Senior Notes due April 2045 (1) 394,601 394,563 Total senior unsecured notes 4,153,853 4,488,901 Credit facility & commercial paper program — — Total debt 4,153,853 4,488,901 Less: Unamortized debt issuance costs (23,646 ) (26,266 ) Less: Current maturities of long-term debt (299,983 ) (299,997 ) Long-term debt, net of debt issuance costs $ 3,830,224 $ 4,162,638 (1) In February 2016, as a result of a reduction in our debt rating below investment grade by Moody’s Investors Service, the interest rates on our Senior Notes due 2018 , Senior Notes due 2025 and Senior Notes due 2045 were increased 1.00% each to 5.00% , 6.95% and 7.95% , respectively, effective the first day of each interest period after which the downgrade occurred. As a result of an additional downgrade by S&P Global Ratings in July 2016, the interest rates on these Senior Notes were further increased by 0.25% each to 5.25% , 7.20% and 8.20% , respectively, with the interest rate increase taking effect during the third quarter for the Senior Notes due 2018 and during the fourth quarter for the Senior Notes due 2025 and the Senior Notes due 2045 . In accordance with our adoption of ASU No. 2015-3 on January 1, 2016, unamortized debt issuance costs related to our senior notes are shown as a direct reduction of the carrying amount of the related debt. The debt issuance costs previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. Credit Facility and Commercial Paper Program We currently have a five -year $2.4 billion senior unsecured credit facility that matures in January 2020. The credit 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, 2016 , we had no letters of credit issued under the facility. During the three months ended September 30, 2016 , we terminated our commercial paper program which had allowed us to issue up to $2.4 billion in unsecured commercial paper notes. This termination does not reduce the capacity under our credit facility. Our credit facility and certain of our senior notes, as discussed below, have provisions which vary the applicable interest rates based upon our credit ratings. Senior Unsecured Notes In February 2016, as a result of a reduction in our debt rating below investment grade by Moody’s Investors Service, the interest rates on our Senior Notes due 2018 , Senior Notes due 2025 and Senior Notes due 2045 were increased 1.00% each to 5.00% , 6.95% and 7.95% , respectively, effective the first day of each interest period after which the downgrade occurred. As a result of an additional downgrade by S&P Global Ratings in July 2016, the interest rates on these Senior Notes were further increased by 0.25% each to 5.25% , 7.20% and 8.20% , respectively, with the interest rate increase taking effect during the third quarter for the Senior Notes due 2018 and during the fourth quarter for the Senior Notes due 2025 and the Senior Notes due 2045 . The interest rates on these Senior Notes may be further increased if our debt rating were to be downgraded further (up to a maximum of an additional 75 basis points). Our other outstanding senior notes do not contain provisions varying applicable interest rates based upon our credit rating. In March 2016, we repaid our maturing $300 million 3.05% Senior Notes using cash on hand. In March 2016, we commenced cash tender offers for our 4.90% Senior Notes due 2020 , of which $500 million principal amount was outstanding, and our 4.625% Senior Notes due 2021 , of which $400 million principal amount was outstanding. On April 1, 2016, we purchased $36 million of these Senior Notes for $24 million , plus accrued interest, using cash on hand. As a result of this transaction, we recognized a net gain of approximately $11 million during the nine months ended September 30, 2016 , which is reflected as “Gain on extinguishment of debt, net” in the accompanying Consolidated Statements of Operations. Our $300 million 2.50% Senior Notes mature during the first quarter of 2017 . We anticipate using cash on hand to repay the outstanding balances. Covenants The credit facility is guaranteed by Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The credit facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the credit facility, to 0.60 . At September 30, 2016 , our ratio of debt to total tangible capitalization was approximately 0.35 . We were in compliance with all covenants under the credit facility as of September 30, 2016 . In addition to the covenants from the credit facility 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, 2016 , 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 2016 . 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, not including the effect of unamortized debt issuance costs, as of September 30, 2016 and December 31, 2015 , respectively: September 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 3.05% Senior Notes due March 2016 $ — $ — $ 299,997 $ 299,340 2.50% Senior Notes due March 2017 299,983 296,357 299,956 284,334 5.25% Senior Notes due March 2018 (1) 249,725 246,641 249,602 227,285 7.50% Senior Notes due March 2019 201,695 201,947 201,695 194,273 4.90% Senior Notes due August 2020 467,195 399,846 499,287 378,761 4.625% Senior Notes due March 2021 396,337 319,611 399,680 289,450 3.95% Senior Notes due March 2022 399,424 294,700 399,354 265,643 6.95% Senior Notes due April 2025 (1) 448,886 355,500 448,814 308,870 6.20% Senior Notes due August 2040 399,898 235,000 399,896 237,005 6.05% Senior Notes due March 2041 397,748 234,475 397,719 239,464 5.25% Senior Notes due March 2042 498,361 286,250 498,338 279,919 7.95% Senior Notes due April 2045 (1) 394,601 278,871 394,563 255,887 Total senior unsecured notes 4,153,853 3,149,198 4,488,901 3,260,231 Credit facility & commercial paper program — — — — Total debt $ 4,153,853 $ 3,149,198 $ 4,488,901 $ 3,260,231 (1) In February 2016, as a result of a reduction in our debt rating below investment grade by Moody’s Investors Service, the interest rates on our Senior Notes due 2018 , Senior Notes due 2025 and Senior Notes due 2045 were increased 1.00% each to 5.00% , 6.95% and 7.95% , respectively, effective the first day of each interest period after which the downgrade occurred. As a result of an additional downgrade by S&P Global Ratings in July 2016, the interest rates on these Senior Notes were further increased by 0.25% each to 5.25% , 7.20% and 8.20% , respectively, with the interest rate increase taking effect during the third quarter for the Senior Notes due 2018 and during the fourth quarter for the Senior Notes due 2025 and the Senior Notes due 2045 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At September 30, 2016 , the reserves for uncertain tax positions totaled $172 million (net of related tax benefits of $1 million ). If the September 30, 2016 reserves are not realized, the provision for income taxes would be reduced by $172 million . At December 31, 2015 , the reserves for uncertain tax positions totaled $166 million (net of related tax benefits of $14 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, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension costs include the following components for the three months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 763 $ 1,662 $ 862 $ 2,149 Interest cost 589 2,389 653 2,300 Return on plan assets (828 ) (3,097 ) (942 ) (3,286 ) Amortization of prior service cost 25 30 26 36 Recognized net actuarial loss 35 1,099 80 1,539 Net pension expense $ 584 $ 2,083 $ 679 $ 2,738 Pension costs include the following components for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 30, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 2,337 $ 4,986 $ 2,582 $ 6,447 Interest cost 1,864 7,167 1,927 6,899 Return on plan assets (2,627 ) (9,291 ) (2,779 ) (9,859 ) Amortization of prior service cost 78 88 79 107 Recognized net actuarial loss 110 3,299 235 4,618 Net pension expense $ 1,762 $ 6,249 $ 2,044 $ 8,212 During the three and nine months ended September 30, 2016 , we made contributions to our pension plans totaling approximately $0.1 million and $3 million , respectively. After the conclusion of the current period, we approved amendments, effective as of December 31, 2016, to our Retirement Restoration Plan, our two U.S. noncontributory defined benefit plans and our two pension plans for certain employees operating in the North Sea. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. However, these amendments will not affect any benefits earned through that date. We estimate we will incur a net curtailment charge of less than $1 million in the fourth quarter of 2016, and will reduce our net pension expense from approximately $11 million in the current year to an estimated net pension gain of approximately $1 million in 2017. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 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. The FCX Settlement includes two contingent payments, which are further discussed below. We are accounting for these contingent payments as derivative instruments that do not qualify under the Financial Accounting Standards Board (“FASB”) standards for hedge accounting treatment, and therefore, changes in fair values are recognized as either income or loss in the accompanying Consolidated Statements of Operations. 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 and Australian 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 2016 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 $15 million at September 30, 2016 . Total unrealized losses related to these forward contracts were approximately $1 million as of September 30, 2016 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). FCX Settlement As discussed in Note 5, pursuant to the FCX Settlement, Noble may receive contingent payments from FCX on September 30, 2017, depending on the average price of oil over a 12 months period from June 30, 2016 through June 30, 2017. The average price of oil will be calculated using the daily closing price of West Texas Intermediate crude oil (“WTI”) (CL1) on the New York Mercantile Exchange for the period of June 30, 2016 through June 30, 2017. If the price of WTI averages more than $50 per barrel during such period, FCX will pay $25 million to Noble. In addition to the $25 million contingent payment, if the price of WTI averages more than $65 per barrel during such period, FCX will pay an additional $50 million to Noble. These contingent payments do not qualify for hedge accounting treatment under FASB standards, and therefore, changes in fair values are recognized as either income or loss in the accompanying Consolidated Statements of Operations. These contingent payments are referred to as non-designated derivatives in the following tables. For the nine months ended September 30, 2016 , we recognized approximately $12.4 million in “Contract drilling services revenue,” related to the valuation of this contingent payment and during the three months ended September 30, 2016 , we recognized a $5.2 million loss in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of September 30, 2016, the estimated fair value of these contingent payments was $12.4 million which is included in “Prepaid expenses and other current assets”. 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, 2016 and December 31, 2015 : Estimated fair value Balance sheet classification September 30, December 31, Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 329 $ — Non-designated derivatives FCX Settlement Prepaid expenses and other current assets 12,406 — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 934 $ — To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the three months ended September 30, 2016 and 2015 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ (65 ) $ (747 ) $ (540 ) $ (615 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (5,194 ) $ — To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the nine months ended September 30, 2016 and 2015 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ (447 ) $ (143 ) $ (158 ) $ (1,219 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ 12,406 $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The FASB guidance establishes a fair value hierarchy that distinguishes between assumptions based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). The fair value hierarchy under FASB guidance prioritizes inputs within three levels: Level 1: Valuations based on quoted prices in active markets for identical assets; Level 2: Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3: Valuations based on unobservable inputs. 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, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,472 $ 6,472 $ — $ — Foreign currency forward contracts 329 — 329 — FCX Settlement 12,406 — — 12,406 Liabilities - Foreign currency forward contracts $ 934 $ — $ 934 $ — December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,352 $ 6,352 $ — $ — 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. The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. The FCX Settlement has been valued using a Monte Carlo Simulation Model based on the following assumptions as of September 30, 2016 : Valuation assumptions: Expected volatility 46.83 % Mean-reversion rate 2.80 Discount rate (1) 3.0 % Underlying spot price (2) $ 48.24 (1) Based on the cost of debt of FCX. (2) Based on the last trading price of the WTI spot contract from Bloomberg as of September 30, 2016 . The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: Balance as of December 31, 2015 $ — Fair value recognized in earnings — Balance as of March 31, 2016 — Fair value recognized in earnings 17,600 Balance as of June 30, 2016 17,600 Change in fair value recognized in earnings (5,194 ) Balance as of September 30, 2016 $ 12,406 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 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, 2016 and 2015 . All amounts within the tables are shown net of tax. Gains / (Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive income (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 ) Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications (447 ) — 263 (184 ) Amounts reclassified from AOCL (158 ) 2,348 — 2,190 Net other comprehensive income (loss) (605 ) 2,348 263 2,006 Balance at September 30, 2016 $ (605 ) $ (44,571 ) $ (15,993 ) $ (61,169 ) ______________________________________________________ (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 Operations. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 10 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In December 2014, one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our former drillship, the Noble Discoverer, and the Kulluk, a rig we were providing contract labor services for, in respect of violations of applicable law discovered in connection with a 2012 Coast Guard inspection in Alaska and our own subsequent internal investigation. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk . The subsidiary paid $8.2 million in fines and $4 million in community service payments and was placed on probation for four years , provided that we may petition the court for early dismissal of probation after three years . If, during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan in connection with the settlement. 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. In November 2015, this agent pled guilty in Brazil in connection with the award of a drilling contract to a competitor and implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. Following news reports relating to the agent’s involvement in the Brazil investigation in connection with his activities with other companies, we have been conducting a review, which is now substantially complete, of our relationship with the agent and with Petrobras. We are in contact with the SEC, the Brazilian federal prosecutor’s office and the DOJ about this matter. We are cooperating with these agencies and they are aware of our internal review. To our knowledge, neither the agent, nor the government authorities investigating the matter, has alleged that the agent or Noble acted improperly in connection with our contracts with Petrobras. 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, 2016 , there were 42 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. 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. During 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 IRS examination will not have a material adverse effect on our consolidated financial statements. Under the TSA entered into at the time of the Spin-off, Noble and Paragon Offshore are each responsible for the taxes that relate to their respective business (whether such taxes were incurred through a Noble-retained or a Paragon-retained entity) and provide a corresponding indemnity. In addition, in February 2016, we entered into an agreement in principle with Paragon Offshore relating to tax matters in Mexico described below in exchange for a full and unconditional release of any claims by Paragon Offshore in connection with the Spin-off (including any claims that could be brought on behalf of its creditors). The settlement agreement with Paragon Offshore, which was signed by the parties on April 29, 2016, is subject to the approval of Paragon Offshore's bankruptcy plan by the bankruptcy court. On October 28, 2016, the bankruptcy court having jurisdiction over the Paragon Offshore bankruptcy denied confirmation of Paragon Offshore’s bankruptcy plan. In the oral ruling, the judge noted that his decision to deny confirmation did not preclude Paragon Offshore from restructuring, only that they could not do so under the existing plan. Paragon Offshore has announced that it is evaluating its options. Audit claims of approximately $157 million attributable to income and other business taxes have been assessed against us in Mexico, as detailed below. Under our settlement agreement with Paragon Offshore, we agreed to assume the administration of Paragon Offshore’s Mexican income and value-added taxes for the years 2005 through 2010 and for Paragon Offshore’s Mexican customs taxes through 2010, as well as the related bonding obligations and certain of the tax related liabilities. In addition, under the agreement with Paragon Offshore, we agreed to (i) pay all of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Noble-retained entity, (ii) pay 50 percent of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Paragon Offshore-retained entity, (iii) pay 50 percent of the ultimate resolved amount of Mexican custom taxes related to Paragon Offshore’s business, and (iv) post any tax appeal bond that may be required to challenge a final assessment. Paragon Offshore also agreed to pay 50 percent of the third party costs incurred by us in the administration of the tax claims. Pursuant to an amendment agreed to on August 5, 2016 we have also agreed to allow Paragon Offshore to pay up to $5 million of the Mexican tax and administrative costs described above that become owed to us in the form of an interest bearing note, which will be due at the end of the four year period following the date of approval of Paragon Offshore's bankruptcy plan. Tax assessments of approximately $45 million for income and value-added taxes have been made against Noble entities in Mexico. Tax assessments for income and value-added taxes of approximately $183 million have been made against Paragon Offshore entities in Mexico, of which approximately $42 million relates to Noble’s business that operated through Paragon Offshore-retained entities in Mexico prior to the Spin-off. We will only be obligated to post a tax appeal bond in the event a final assessment is made by Mexican authorities. As of October 15, 2016, there have been $3 million in final assessments that have been bonded. In January 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. Under the recent agreement with Paragon Offshore, we agreed to be responsible for any tax liability ultimately incurred because these depreciation liabilities would be incurred by Noble-retained entities, and such amounts are reflected in the discussion of Mexican audit claims in the preceding paragraph. We will continue to contest future assessments received, and do not believe we are liable for additional tax. Paragon Offshore has received tax assessments of approximately $152 million attributable to income, customs and other business taxes in Brazil, of which $44 million relates to Noble’s business that operated through a Paragon Offshore-retained entity in Brazil prior to the Spin-off. Under the TSA, we must indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil business, approximately $44 million , if and when such payments become due. We have contested, or intend to contest or cooperate with Paragon Offshore in Brazil 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 or the recent agreement with Paragon Offshore. 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 approximately $24 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 to our drilling rigs along with other associated coverage common in our industry. We maintain a physical damage deductible on our rigs of $25 million per occurrence. With respect to the U.S. Gulf of Mexico, hurricane risk has generally resulted in more restrictive and expensive coverage for U.S. named windstorm perils, and we have opted in certain years to maintain limited or no windstorm coverage. Our current program provides for $500 million in named windstorm coverage in the U.S. Gulf of Mexico. For the Noble Bully I , our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. 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 as of September 30, 2016 , we had outstanding commitments, including shipyard and purchase commitments of approximately $88 million . 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, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. A number of amendments have been issued in connection with ASU No. 2014-9, all of which are effective upon adoption of Topic 606. In March 2016 and April 2016, the FASB issued clarification amendments ASU No. 2016-8 and ASU No. 2016-10 which clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. In May 2016, the FASB issued ASU No. 2016-11 and ASU No. 2016-12 which rescind certain SEC Staff Observer comments that are codified in Topic 605, “Revenue Recognition,” and Topic 932, “Extractive Activities—Oil and Gas” and provide improvements to narrow aspects of ASU No. 2014-9, respectively. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and have not made any decision on the method of adoption. 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. The adoption of this guidance did not have an impact 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. The adoption of this guidance is not anticipated to have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-1, 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-2, 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 variable interest entities (“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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-3, 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. 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. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-3, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015 , which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-4, 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. The adoption of this guidance did not have an impact 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. 2015-4, 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. The adoption of this guidance did not have an impact 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements , requires deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets be offset and presented as a single amount is not affected by the amendments in this update. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. 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 March 2016, the FASB issued ASU No. 2016-5, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. 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 March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. 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 2016, the FASB issued ASU No. 2016-15 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this Update address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The update outlines the classification of specific transactions as either cash inflows or outflows from financing activities, operating activities, investing activities or non-cash activities. This guidance is effective for 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. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $140 million and $180 million at September 30, 2016 and December 31, 2015 , 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 $54 million at September 30, 2016 as compared to $78 million at December 31, 2015 , 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 (“Saudi Aramco”), which were effective from January 1, 2015 through December 31, 2015. During the first quarter of 2016, we agreed to further contract dayrate reductions for the remaining four contracted rigs through the end of 2016. Given current market conditions and based on discussions with the customer, we do not expect the rates to return to the original contract rates. In accordance with accounting guidance, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Saudi Aramco contracts. At September 30, 2016 and December 31, 2015 , revenues recorded in excess of billings as a result of this recognition totaled $22 million and $53 million , respectively, 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. Noble-UK Noble-Cayman Nine Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Accounts receivable $ 179,364 $ 38,695 $ 179,364 $ 38,695 Other current assets 91,606 48,548 89,858 28,415 Other assets 27,805 61,610 25,724 41,314 Accounts payable (70,778 ) (20,666 ) (68,909 ) (18,743 ) Other current liabilities (70,943 ) (2,733 ) (66,202 ) 11,295 Other liabilities (25,581 ) (22,155 ) (26,924 ) (22,155 ) $ 131,473 $ 103,299 $ 132,911 $ 78,821 |
Information about Noble-Cayman
Information about Noble-Cayman | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Information about Noble-Cayman | 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, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.25% 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") $468 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $397 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 6.95% 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 7.95% 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, 2016 (in thousands) (Unaudited) Noble - Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 Accounts receivable — — 42,261 — — 277,306 — 319,567 Taxes receivable — 20,878 4 — — 14,505 — 35,387 Short-term notes receivable from affiliates — — 124,601 — 1,349,708 171,925 (1,646,234 ) — Accounts receivable from affiliates 337,130 1,277 144,553 67,034 76,606 3,260,567 (3,887,167 ) — Prepaid expenses and other current assets 46 — 1,965 — — 96,984 — 98,995 Total current assets 339,157 22,155 313,502 67,035 1,426,314 4,244,936 (5,533,401 ) 879,698 Property and equipment, at cost — — 2,358,530 — — 12,246,266 — 14,604,796 Accumulated depreciation — — (410,082 ) — — (2,602,926 ) — (3,013,008 ) Property and equipment, net — — 1,948,448 — — 9,643,340 — 11,591,788 Notes receivable from affiliates 3,304,672 — 112,705 69,563 5,000 1,995,607 (5,487,547 ) — Investments in affiliates 3,948,861 2,346,182 2,305,255 9,344,115 6,224,556 — (24,168,969 ) — Other assets 4,708 — 7,127 — — 89,729 — 101,564 Total assets $ 7,597,398 $ 2,368,337 $ 4,687,037 $ 9,480,713 $ 7,655,870 $ 15,973,612 $ (35,189,917 ) $ 12,573,050 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ — $ — $ — $ — $ — $ — $ — Current maturities of long-term debt — 171,925 — 299,762 — 1,474,309 (1,646,234 ) 299,762 Accounts payable — — 3,245 — — 110,872 — 114,117 Accrued payroll and related costs — — 5,004 — — 48,333 — 53,337 Accounts payable to affiliates 537,755 104,854 2,354,295 274,177 — 616,086 (3,887,167 ) — Taxes payable — — — — — 98,019 — 98,019 Interest payable — — — 45,410 630 — — 46,040 Other current liabilities — — 4,311 — — 67,548 — 71,859 Total current liabilities 537,755 276,779 2,366,855 619,349 630 2,415,167 (5,533,401 ) 683,134 Long-term debt — — — 3,628,832 201,392 — — 3,830,224 Notes payable to affiliates — 900,000 464,132 744,181 — 3,379,234 (5,487,547 ) — Deferred income taxes — — 840 — — 10,647 — 11,487 Other liabilities 19,929 — 25,097 — — 250,417 — 295,443 Total liabilities 557,684 1,176,779 2,856,924 4,992,362 202,022 6,055,465 (11,020,948 ) 4,820,288 Commitments and contingencies Total shareholder equity 7,039,714 1,191,558 1,830,113 4,488,351 7,453,848 8,749,887 (23,713,757 ) 7,039,714 Noncontrolling interests — — — — — 1,168,260 (455,212 ) 713,048 Total equity 7,039,714 1,191,558 1,830,113 4,488,351 7,453,848 9,918,147 (24,168,969 ) 7,752,762 Total liabilities and equity $ 7,597,398 $ 2,368,337 $ 4,687,037 $ 9,480,713 $ 7,655,870 $ 15,973,612 $ (35,189,917 ) $ 12,573,050 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 52,333 $ — $ — $ 331,916 $ (10,992 ) $ 373,257 Reimbursables — — 2,933 — — 8,800 — 11,733 Other — — — — — 163 — 163 Total operating revenues — — 55,266 — — 340,879 (10,992 ) 385,153 Operating costs and expenses Contract drilling services 857 3,914 20,487 17,483 — 174,323 (10,992 ) 206,072 Reimbursables — — 2,702 — — 6,440 — 9,142 Depreciation and amortization — — 22,661 — — 132,581 — 155,242 General and administrative 203 1,552 — 7,231 — 3,047 — 12,033 Loss on impairment — — — — — — — — Total operating costs and expenses 1,060 5,466 45,850 24,714 — 316,391 (10,992 ) 382,489 Operating income (loss) (1,060 ) (5,466 ) 9,416 (24,714 ) — 24,488 — 2,664 Other income (expense) Income (loss) of unconsolidated affiliates (49,010 ) 17,529 (6,572 ) 10,186 12,187 — 15,680 — Interest expense, net of amounts capitalized (2,472 ) (25,311 ) (2,872 ) (52,073 ) (3,258 ) (10,278 ) 43,695 (52,569 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 1,666 30 2,816 525 6,046 33,180 (43,695 ) 568 Income (loss) before income taxes (50,876 ) (13,218 ) 2,788 (66,076 ) 14,975 47,390 15,680 (49,337 ) Income tax benefit (provision) — (10,050 ) (167 ) — — 19,524 — 9,307 Net income (loss) (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 66,914 15,680 (40,030 ) Net income attributable to noncontrolling interests — — — — — (5,933 ) (4,913 ) (10,846 ) Net income (loss) attributable to Noble Corporation (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 60,981 10,767 (50,876 ) Other comprehensive income, net 701 — — — — 701 (701 ) 701 Comprehensive income (loss) attributable to Noble Corporation $ (50,175 ) $ (23,268 ) $ 2,621 $ (66,076 ) $ 14,975 $ 61,682 $ 10,066 $ (50,175 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 169,379 $ — $ — $ 1,728,374 $ (56,432 ) $ 1,841,321 Reimbursables — — 6,301 — — 43,971 — 50,272 Other — — — — — 1,016 — 1,016 Total operating revenues — — 175,680 — — 1,773,361 (56,432 ) 1,892,609 Operating costs and expenses Contract drilling services 3,574 15,627 47,005 69,087 — 618,735 (56,432 ) 697,596 Reimbursables — — 5,589 — — 33,857 — 39,446 Depreciation and amortization — — 66,431 — — 389,422 — 455,853 General and administrative 928 7,207 — 32,696 1 (4,341 ) — 36,491 Loss on impairment — — — — — 16,616 — 16,616 Total operating costs and expenses 4,502 22,834 119,025 101,783 1 1,054,289 (56,432 ) 1,246,002 Operating income (loss) (4,502 ) (22,834 ) 56,655 (101,783 ) (1 ) 719,072 — 646,607 Other income (expense) Income (loss) of unconsolidated affiliates 331,777 58,134 (64,854 ) 640,942 610,992 — (1,576,991 ) — Interest expense, net of amounts capitalized (25,256 ) (47,977 ) (8,436 ) (173,294 ) (11,722 ) (109,781 ) 209,491 (166,975 ) Gain on extinguishment of debt, net — — — 11,066 — — — 11,066 Interest income and other, net 94,974 80 9,719 19,885 6,808 76,657 (209,491 ) (1,368 ) Income (loss) before income taxes 396,993 (12,597 ) (6,916 ) 396,816 606,077 685,948 (1,576,991 ) 489,330 Income tax benefit (provision) — (43,788 ) (545 ) — — 4,023 — (40,310 ) Net income (loss) 396,993 (56,385 ) (7,461 ) 396,816 606,077 689,971 (1,576,991 ) 449,020 Net income attributable to noncontrolling interests — — — — — (70,980 ) 18,953 (52,027 ) Net income (loss) attributable to Noble Corporation 396,993 (56,385 ) (7,461 ) 396,816 606,077 618,991 (1,558,038 ) 396,993 Other comprehensive income, net 2,006 — — — — 2,006 (2,006 ) 2,006 Comprehensive income (loss) attributable to Noble Corporation $ 398,999 $ (56,385 ) $ (7,461 ) $ 396,816 $ 606,077 $ 620,997 $ (1,560,044 ) $ 398,999 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME Three months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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) benefit — (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 and COMPREHENSIVE INCOME Nine months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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 CASH FLOWS Nine months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 91,918 $ (124,190 ) $ 81,355 $ (278,331 ) $ (8,697 ) $ 1,223,801 $ — $ 985,856 Cash flows from investing activities Capital expenditures — — (473,460 ) — — (159,813 ) — (633,273 ) Proceeds from disposal of assets — — — — — 23,390 — 23,390 Net cash from investing activities — — (473,460 ) — — (136,423 ) — (609,883 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Early repayment of long-term debt — — — (22,207 ) — — — (22,207 ) Premiums paid on early repayment of long-term debt — — — (1,781 ) — — — (1,781 ) Dividends paid to noncontrolling interests — — — — — (61,980 ) — (61,980 ) Distributions to parent company, net (76,051 ) — — — — — — (76,051 ) Advances (to) from affiliates (15,513 ) 124,190 390,122 602,320 8,697 (1,109,816 ) — — Net cash from financing activities (91,564 ) 124,190 390,122 278,332 8,697 (1,171,796 ) — (462,019 ) Net change in cash and cash equivalents 354 — (1,983 ) 1 — (84,418 ) — (86,046 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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 ) Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Advances (to) from affiliates 2,020,141 28,115 (60,705 ) (1,131,145 ) 20,085 (876,491 ) — — 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 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. A number of amendments have been issued in connection with ASU No. 2014-9, all of which are effective upon adoption of Topic 606. In March 2016 and April 2016, the FASB issued clarification amendments ASU No. 2016-8 and ASU No. 2016-10 which clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. In May 2016, the FASB issued ASU No. 2016-11 and ASU No. 2016-12 which rescind certain SEC Staff Observer comments that are codified in Topic 605, “Revenue Recognition,” and Topic 932, “Extractive Activities—Oil and Gas” and provide improvements to narrow aspects of ASU No. 2014-9, respectively. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and have not made any decision on the method of adoption. 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. The adoption of this guidance did not have an impact 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. The adoption of this guidance is not anticipated to have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-1, 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-2, 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 variable interest entities (“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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-3, 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. 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. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-3, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015 , which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-4, 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. The adoption of this guidance did not have an impact 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. 2015-4, 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. The adoption of this guidance did not have an impact 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements , requires deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets be offset and presented as a single amount is not affected by the amendments in this update. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. 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 March 2016, the FASB issued ASU No. 2016-5, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. 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 March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. 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 2016, the FASB issued ASU No. 2016-15 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this Update address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The update outlines the classification of specific transactions as either cash inflows or outflows from financing activities, operating activities, investing activities or non-cash activities. This guidance is effective for 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. |
Share Data (Tables)
Share Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Basic Net income (loss) attributable to Noble-UK $ (55,081 ) $ 325,807 $ 373,270 $ 663,241 Earnings allocated to unvested share-based payment awards — (7,143 ) (13,415 ) (14,661 ) Net income (loss) to common shareholders - basic $ (55,081 ) $ 318,664 $ 359,855 $ 648,580 Diluted Net income (loss) attributable to Noble-UK $ (55,081 ) $ 325,807 $ 373,270 $ 663,241 Earnings allocated to unvested share-based payment awards — (7,143 ) (13,415 ) (14,661 ) Net income (loss) to common shareholders - diluted $ (55,081 ) $ 318,664 $ 359,855 $ 648,580 Denominator: Weighted average shares outstanding - basic 243,224 241,970 243,089 242,204 Incremental shares issuable from assumed exercise of stock options — — — — Weighted average shares outstanding - diluted 243,224 241,970 243,089 242,204 Weighted average unvested share-based payment awards — 5,424 9,062 5,475 Earnings (loss) per share Basic $ (0.23 ) $ 1.32 $ 1.48 $ 2.68 Diluted $ (0.23 ) $ 1.32 $ 1.48 $ 2.68 Dividends per share $ 0.020 $ 0.375 $ 0.190 $ 1.125 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of September 30, 2016 and December 31, 2015 for Noble-UK consisted of the following: September 30, December 31, Drilling equipment and facilities $ 13,536,979 $ 13,074,804 Construction in progress 864,140 761,347 Other 203,677 220,172 Property and equipment, at cost $ 14,604,796 $ 14,056,323 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our total debt consisted of the following at September 30, 2016 and December 31, 2015 : September 30, December 31, Current Current maturities of long-term debt $ 299,983 $ 299,997 Less: Unamortized debt issuance costs (221 ) (73 ) Current maturities of long-term debt, net of debt issuance costs $ 299,762 $ 299,924 Long-term 3.05% Senior Notes due March 2016 $ — $ 299,997 2.50% Senior Notes due March 2017 299,983 299,956 5.25% Senior Notes due March 2018 (1) 249,725 249,602 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 467,195 499,287 4.625% Senior Notes due March 2021 396,337 399,680 3.95% Senior Notes due March 2022 399,424 399,354 6.95% Senior Notes due April 2025 (1) 448,886 448,814 6.20% Senior Notes due August 2040 399,898 399,896 6.05% Senior Notes due March 2041 397,748 397,719 5.25% Senior Notes due March 2042 498,361 498,338 7.95% Senior Notes due April 2045 (1) 394,601 394,563 Total senior unsecured notes 4,153,853 4,488,901 Credit facility & commercial paper program — — Total debt 4,153,853 4,488,901 Less: Unamortized debt issuance costs (23,646 ) (26,266 ) Less: Current maturities of long-term debt (299,983 ) (299,997 ) Long-term debt, net of debt issuance costs $ 3,830,224 $ 4,162,638 |
Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs | The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of September 30, 2016 and December 31, 2015 , respectively: September 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 3.05% Senior Notes due March 2016 $ — $ — $ 299,997 $ 299,340 2.50% Senior Notes due March 2017 299,983 296,357 299,956 284,334 5.25% Senior Notes due March 2018 (1) 249,725 246,641 249,602 227,285 7.50% Senior Notes due March 2019 201,695 201,947 201,695 194,273 4.90% Senior Notes due August 2020 467,195 399,846 499,287 378,761 4.625% Senior Notes due March 2021 396,337 319,611 399,680 289,450 3.95% Senior Notes due March 2022 399,424 294,700 399,354 265,643 6.95% Senior Notes due April 2025 (1) 448,886 355,500 448,814 308,870 6.20% Senior Notes due August 2040 399,898 235,000 399,896 237,005 6.05% Senior Notes due March 2041 397,748 234,475 397,719 239,464 5.25% Senior Notes due March 2042 498,361 286,250 498,338 279,919 7.95% Senior Notes due April 2045 (1) 394,601 278,871 394,563 255,887 Total senior unsecured notes 4,153,853 3,149,198 4,488,901 3,260,231 Credit facility & commercial paper program — — — — Total debt $ 4,153,853 $ 3,149,198 $ 4,488,901 $ 3,260,231 (1) In February 2016, as a result of a reduction in our debt rating below investment grade by Moody’s Investors Service, the interest rates on our Senior Notes due 2018 , Senior Notes due 2025 and Senior Notes due 2045 were increased 1.00% each to 5.00% , 6.95% and 7.95% , respectively, effective the first day of each interest period after which the downgrade occurred. As a result of an additional downgrade by S&P Global Ratings in July 2016, the interest rates on these Senior Notes were further increased by 0.25% each to 5.25% , 7.20% and 8.20% , respectively, with the interest rate increase taking effect during the third quarter for the Senior Notes due 2018 and during the fourth quarter for the Senior Notes due 2025 and the Senior Notes due 2045 . |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Costs | Pension costs include the following components for the three months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 763 $ 1,662 $ 862 $ 2,149 Interest cost 589 2,389 653 2,300 Return on plan assets (828 ) (3,097 ) (942 ) (3,286 ) Amortization of prior service cost 25 30 26 36 Recognized net actuarial loss 35 1,099 80 1,539 Net pension expense $ 584 $ 2,083 $ 679 $ 2,738 Pension costs include the following components for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 30, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 2,337 $ 4,986 $ 2,582 $ 6,447 Interest cost 1,864 7,167 1,927 6,899 Return on plan assets (2,627 ) (9,291 ) (2,779 ) (9,859 ) Amortization of prior service cost 78 88 79 107 Recognized net actuarial loss 110 3,299 235 4,618 Net pension expense $ 1,762 $ 6,249 $ 2,044 $ 8,212 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015 : Estimated fair value Balance sheet classification September 30, December 31, Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 329 $ — Non-designated derivatives FCX Settlement Prepaid expenses and other current assets 12,406 — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 934 $ — |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the three months ended September 30, 2016 and 2015 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ (65 ) $ (747 ) $ (540 ) $ (615 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (5,194 ) $ — To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the nine months ended September 30, 2016 and 2015 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ (447 ) $ (143 ) $ (158 ) $ (1,219 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ 12,406 $ — |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,472 $ 6,472 $ — $ — Foreign currency forward contracts 329 — 329 — FCX Settlement 12,406 — — 12,406 Liabilities - Foreign currency forward contracts $ 934 $ — $ 934 $ — December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,352 $ 6,352 $ — $ — |
Valuation Assumptions Using Carlo Simulation Model | The FCX Settlement has been valued using a Monte Carlo Simulation Model based on the following assumptions as of September 30, 2016 : Valuation assumptions: Expected volatility 46.83 % Mean-reversion rate 2.80 Discount rate (1) 3.0 % Underlying spot price (2) $ 48.24 (1) Based on the cost of debt of FCX. (2) Based on the last trading price of the WTI spot contract from Bloomberg as of September 30, 2016 . |
Schedule of Activity Related to FCX Settlement Asset | The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: Balance as of December 31, 2015 $ — Fair value recognized in earnings — Balance as of March 31, 2016 — Fair value recognized in earnings 17,600 Balance as of June 30, 2016 17,600 Change in fair value recognized in earnings (5,194 ) Balance as of September 30, 2016 $ 12,406 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [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, 2016 and 2015 . All amounts within the tables are shown net of tax. Gains / (Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive income (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 ) Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications (447 ) — 263 (184 ) Amounts reclassified from AOCL (158 ) 2,348 — 2,190 Net other comprehensive income (loss) (605 ) 2,348 263 2,006 Balance at September 30, 2016 $ (605 ) $ (44,571 ) $ (15,993 ) $ (61,169 ) ______________________________________________________ (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 Operations. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 10 for additional information. |
Supplemental Financial Inform34
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Financial 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. Noble-UK Noble-Cayman Nine Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Accounts receivable $ 179,364 $ 38,695 $ 179,364 $ 38,695 Other current assets 91,606 48,548 89,858 28,415 Other assets 27,805 61,610 25,724 41,314 Accounts payable (70,778 ) (20,666 ) (68,909 ) (18,743 ) Other current liabilities (70,943 ) (2,733 ) (66,202 ) 11,295 Other liabilities (25,581 ) (22,155 ) (26,924 ) (22,155 ) $ 131,473 $ 103,299 $ 132,911 $ 78,821 |
Information about Noble-Cayman
Information about Noble-Cayman (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [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, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.25% 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") $468 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $397 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 6.95% 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 7.95% 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. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016 (in thousands) (Unaudited) Noble - Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 Accounts receivable — — 42,261 — — 277,306 — 319,567 Taxes receivable — 20,878 4 — — 14,505 — 35,387 Short-term notes receivable from affiliates — — 124,601 — 1,349,708 171,925 (1,646,234 ) — Accounts receivable from affiliates 337,130 1,277 144,553 67,034 76,606 3,260,567 (3,887,167 ) — Prepaid expenses and other current assets 46 — 1,965 — — 96,984 — 98,995 Total current assets 339,157 22,155 313,502 67,035 1,426,314 4,244,936 (5,533,401 ) 879,698 Property and equipment, at cost — — 2,358,530 — — 12,246,266 — 14,604,796 Accumulated depreciation — — (410,082 ) — — (2,602,926 ) — (3,013,008 ) Property and equipment, net — — 1,948,448 — — 9,643,340 — 11,591,788 Notes receivable from affiliates 3,304,672 — 112,705 69,563 5,000 1,995,607 (5,487,547 ) — Investments in affiliates 3,948,861 2,346,182 2,305,255 9,344,115 6,224,556 — (24,168,969 ) — Other assets 4,708 — 7,127 — — 89,729 — 101,564 Total assets $ 7,597,398 $ 2,368,337 $ 4,687,037 $ 9,480,713 $ 7,655,870 $ 15,973,612 $ (35,189,917 ) $ 12,573,050 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ — $ — $ — $ — $ — $ — $ — Current maturities of long-term debt — 171,925 — 299,762 — 1,474,309 (1,646,234 ) 299,762 Accounts payable — — 3,245 — — 110,872 — 114,117 Accrued payroll and related costs — — 5,004 — — 48,333 — 53,337 Accounts payable to affiliates 537,755 104,854 2,354,295 274,177 — 616,086 (3,887,167 ) — Taxes payable — — — — — 98,019 — 98,019 Interest payable — — — 45,410 630 — — 46,040 Other current liabilities — — 4,311 — — 67,548 — 71,859 Total current liabilities 537,755 276,779 2,366,855 619,349 630 2,415,167 (5,533,401 ) 683,134 Long-term debt — — — 3,628,832 201,392 — — 3,830,224 Notes payable to affiliates — 900,000 464,132 744,181 — 3,379,234 (5,487,547 ) — Deferred income taxes — — 840 — — 10,647 — 11,487 Other liabilities 19,929 — 25,097 — — 250,417 — 295,443 Total liabilities 557,684 1,176,779 2,856,924 4,992,362 202,022 6,055,465 (11,020,948 ) 4,820,288 Commitments and contingencies Total shareholder equity 7,039,714 1,191,558 1,830,113 4,488,351 7,453,848 8,749,887 (23,713,757 ) 7,039,714 Noncontrolling interests — — — — — 1,168,260 (455,212 ) 713,048 Total equity 7,039,714 1,191,558 1,830,113 4,488,351 7,453,848 9,918,147 (24,168,969 ) 7,752,762 Total liabilities and equity $ 7,597,398 $ 2,368,337 $ 4,687,037 $ 9,480,713 $ 7,655,870 $ 15,973,612 $ (35,189,917 ) $ 12,573,050 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 52,333 $ — $ — $ 331,916 $ (10,992 ) $ 373,257 Reimbursables — — 2,933 — — 8,800 — 11,733 Other — — — — — 163 — 163 Total operating revenues — — 55,266 — — 340,879 (10,992 ) 385,153 Operating costs and expenses Contract drilling services 857 3,914 20,487 17,483 — 174,323 (10,992 ) 206,072 Reimbursables — — 2,702 — — 6,440 — 9,142 Depreciation and amortization — — 22,661 — — 132,581 — 155,242 General and administrative 203 1,552 — 7,231 — 3,047 — 12,033 Loss on impairment — — — — — — — — Total operating costs and expenses 1,060 5,466 45,850 24,714 — 316,391 (10,992 ) 382,489 Operating income (loss) (1,060 ) (5,466 ) 9,416 (24,714 ) — 24,488 — 2,664 Other income (expense) Income (loss) of unconsolidated affiliates (49,010 ) 17,529 (6,572 ) 10,186 12,187 — 15,680 — Interest expense, net of amounts capitalized (2,472 ) (25,311 ) (2,872 ) (52,073 ) (3,258 ) (10,278 ) 43,695 (52,569 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 1,666 30 2,816 525 6,046 33,180 (43,695 ) 568 Income (loss) before income taxes (50,876 ) (13,218 ) 2,788 (66,076 ) 14,975 47,390 15,680 (49,337 ) Income tax benefit (provision) — (10,050 ) (167 ) — — 19,524 — 9,307 Net income (loss) (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 66,914 15,680 (40,030 ) Net income attributable to noncontrolling interests — — — — — (5,933 ) (4,913 ) (10,846 ) Net income (loss) attributable to Noble Corporation (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 60,981 10,767 (50,876 ) Other comprehensive income, net 701 — — — — 701 (701 ) 701 Comprehensive income (loss) attributable to Noble Corporation $ (50,175 ) $ (23,268 ) $ 2,621 $ (66,076 ) $ 14,975 $ 61,682 $ 10,066 $ (50,175 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 169,379 $ — $ — $ 1,728,374 $ (56,432 ) $ 1,841,321 Reimbursables — — 6,301 — — 43,971 — 50,272 Other — — — — — 1,016 — 1,016 Total operating revenues — — 175,680 — — 1,773,361 (56,432 ) 1,892,609 Operating costs and expenses Contract drilling services 3,574 15,627 47,005 69,087 — 618,735 (56,432 ) 697,596 Reimbursables — — 5,589 — — 33,857 — 39,446 Depreciation and amortization — — 66,431 — — 389,422 — 455,853 General and administrative 928 7,207 — 32,696 1 (4,341 ) — 36,491 Loss on impairment — — — — — 16,616 — 16,616 Total operating costs and expenses 4,502 22,834 119,025 101,783 1 1,054,289 (56,432 ) 1,246,002 Operating income (loss) (4,502 ) (22,834 ) 56,655 (101,783 ) (1 ) 719,072 — 646,607 Other income (expense) Income (loss) of unconsolidated affiliates 331,777 58,134 (64,854 ) 640,942 610,992 — (1,576,991 ) — Interest expense, net of amounts capitalized (25,256 ) (47,977 ) (8,436 ) (173,294 ) (11,722 ) (109,781 ) 209,491 (166,975 ) Gain on extinguishment of debt, net — — — 11,066 — — — 11,066 Interest income and other, net 94,974 80 9,719 19,885 6,808 76,657 (209,491 ) (1,368 ) Income (loss) before income taxes 396,993 (12,597 ) (6,916 ) 396,816 606,077 685,948 (1,576,991 ) 489,330 Income tax benefit (provision) — (43,788 ) (545 ) — — 4,023 — (40,310 ) Net income (loss) 396,993 (56,385 ) (7,461 ) 396,816 606,077 689,971 (1,576,991 ) 449,020 Net income attributable to noncontrolling interests — — — — — (70,980 ) 18,953 (52,027 ) Net income (loss) attributable to Noble Corporation 396,993 (56,385 ) (7,461 ) 396,816 606,077 618,991 (1,558,038 ) 396,993 Other comprehensive income, net 2,006 — — — — 2,006 (2,006 ) 2,006 Comprehensive income (loss) attributable to Noble Corporation $ 398,999 $ (56,385 ) $ (7,461 ) $ 396,816 $ 606,077 $ 620,997 $ (1,560,044 ) $ 398,999 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME Three months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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) benefit — (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 and COMPREHENSIVE INCOME Nine months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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 |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months Ended September 30, 2016 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 91,918 $ (124,190 ) $ 81,355 $ (278,331 ) $ (8,697 ) $ 1,223,801 $ — $ 985,856 Cash flows from investing activities Capital expenditures — — (473,460 ) — — (159,813 ) — (633,273 ) Proceeds from disposal of assets — — — — — 23,390 — 23,390 Net cash from investing activities — — (473,460 ) — — (136,423 ) — (609,883 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Early repayment of long-term debt — — — (22,207 ) — — — (22,207 ) Premiums paid on early repayment of long-term debt — — — (1,781 ) — — — (1,781 ) Dividends paid to noncontrolling interests — — — — — (61,980 ) — (61,980 ) Distributions to parent company, net (76,051 ) — — — — — — (76,051 ) Advances (to) from affiliates (15,513 ) 124,190 390,122 602,320 8,697 (1,109,816 ) — — Net cash from financing activities (91,564 ) 124,190 390,122 278,332 8,697 (1,171,796 ) — (462,019 ) Net change in cash and cash equivalents 354 — (1,983 ) 1 — (84,418 ) — (86,046 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months Ended September 30, 2015 (in thousands) (Unaudited) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating 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 ) Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Advances (to) from affiliates 2,020,141 28,115 (60,705 ) (1,131,145 ) 20,085 (876,491 ) — — 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 |
Organization and Basis of Pre36
Organization and Basis of Presentation - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Sep. 30, 2016Vessel | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of jackups | 14 | |
Number of drillships | 8 | |
Number of semisubmersibles | 8 | |
Prior period reclassification adjustment | $ | $ 26 |
Spin-off of Paragon Offshore 37
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Agreement | |
Discontinued Operations and Disposal Groups [Abstract] | |
Number of transition services agreements | 2 |
Consolidated Joint Ventures - A
Consolidated Joint Ventures - Additional Information (Detail) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016USD ($)RigJointVenture | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 | |||
Carrying amount of the drillships | $ 1,400,000 | $ 1,400 | ||
Cash held by Bully joint venture | 426,052 | $ 164,430 | 512,245 | $ 68,510 |
Bully Joint Venture [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Dividend paid by Bully Joint Venture Partners | 124,000 | $ 114,000 | ||
Cash held by Bully joint venture | $ 51,000 | $ 50,000 |
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 | Jul. 22, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Basic | |||||
Net income (loss) attributable to Noble-UK | $ (55,081) | $ 325,807 | $ 373,270 | $ 663,241 | |
Earnings allocated to unvested share-based payment awards | 0 | (7,143) | (13,415) | (14,661) | |
Net income (loss) to common shareholders - basic | (55,081) | 318,664 | 359,855 | 648,580 | |
Diluted | |||||
Net income (loss) attributable to Noble-UK | (55,081) | 325,807 | 373,270 | 663,241 | |
Earnings allocated to unvested share-based payment awards | 0 | (7,143) | (13,415) | (14,661) | |
Net income (loss) to common shareholders - diluted | $ (55,081) | $ 318,664 | $ 359,855 | $ 648,580 | |
Denominator: | |||||
Weighted average shares outstanding - basic | 243,224 | 241,970 | 243,089 | 242,204 | |
Weighted average shares outstanding - diluted | 243,224 | 241,970 | 243,089 | 242,204 | |
Weighted average unvested share-based payment awards | 0 | 5,424 | 9,062 | 5,475 | |
Basic (usd per share) | $ (0.23) | $ 1.32 | $ 1.48 | $ 2.68 | |
Diluted: (usd per share) | (0.23) | 1.32 | 1.48 | 2.68 | |
Dividends per share (usd per share) | $ 0.02 | $ 0.02 | $ 0.375 | $ 0.19 | $ 1.125 |
Share Data - Additional Informa
Share Data - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 22, 2016 | Nov. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Shares outstanding and trading | 243,233,000 | 243,233,000 | 241,977,000 | |||||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | 53,000,000 | ||||||
Current nominal value per share | $ 0.01 | $ 0.01 | ||||||
Dividends per share (usd per share) | $ 0.02 | $ 0.02 | $ 0.375 | $ 0.19 | $ 1.125 | |||
Dividend declaration, Date | Jul. 22, 2016 | |||||||
Dividend paid, Date | Aug. 8, 2016 | |||||||
Dividend record, Date | Aug. 1, 2016 | |||||||
Dividends payable outstanding | $ 5,000 | |||||||
Repurchased shares | 37,000,000 | |||||||
Outstanding shares authorized for repurchase, percentage | 15.00% | |||||||
Stock repurchase expiration date | Apr. 22, 2016 | |||||||
Repurchase of shares related to share repurchase program | 6,200,000 | |||||||
Payments under share repurchase program | $ 100,630 | |||||||
Subsequent Event [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Dividends per share (usd per share) | $ 0.02 | |||||||
Additional liquidity provided by elimination of dividend | $ 20,000 | |||||||
Equity Option [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Shares excluded from the diluted net income per share | 1,500,000 | 1,700,000 |
Contract Settlement and Termi41
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Contract Settlement And Termination Agreement [Line Items] | ||||
Contract drilling services revenue | $ 373,257 | $ 873,813 | $ 1,841,321 | $ 2,424,481 |
Contract drilling services expense | 207,204 | 293,067 | $ 702,628 | 934,024 |
FCX settlement [Member] | ||||
Contract Settlement And Termination Agreement [Line Items] | ||||
Derivative contingent settlement period | 12 months | |||
Noble Corp [Member] | ||||
Contract Settlement And Termination Agreement [Line Items] | ||||
Contract drilling services revenue | 373,257 | 873,813 | $ 1,841,321 | 2,424,481 |
Contract drilling services expense | 206,072 | $ 292,479 | 697,596 | $ 930,925 |
Noble Corp [Member] | FCX settlement [Member] | ||||
Contract Settlement And Termination Agreement [Line Items] | ||||
Contract drilling services revenue | 379,000 | |||
Termination fee | 348,000 | |||
Accelerated recognition of other deferred contractual items | 31,000 | |||
Contract drilling services expense | $ 11,000 | |||
Derivative contingent settlement period | 12 months | |||
Revenue recognized related to contingent payments | (5,200) | $ 12,400 | ||
Estimated fair value of contingent payments | $ 12,400 | $ 12,400 |
Receivables from Customers - Ad
Receivables from Customers - Additional Information (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Petroleos Mexicanos [Member] | Other Assets [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, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 14,604,796 | $ 14,056,323 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 13,536,979 | 13,074,804 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 864,140 | 761,347 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 203,677 | $ 220,172 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Property, Plant and Equipment [Abstract] | |||||
Capital expenditures | $ 592,038 | $ 280,048 | |||
Capitalized interest on construction-in-progress | $ 9,000 | $ 7,000 | 16,000 | 18,000 | |
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sale of rigs | 23,390 | 2,535 | |||
Loss on impairment of certain capital spare equipment | $ 0 | $ 0 | $ 16,616 | $ 0 | |
Drilling Equipment and Facilities [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Newbuild project, term of contract | 4 years |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 299,983 | $ 299,997 |
Less: Unamortized debt issuance costs | (221) | (73) |
Current maturities of long-term debt, net of debt issuance costs | 299,762 | 299,924 |
Total debt | 4,153,853 | 4,488,901 |
Less: Unamortized debt issuance costs | (23,646) | (26,266) |
Less: Current maturities of long-term debt | (299,983) | (299,997) |
Long-term debt | 3,830,224 | 4,162,638 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,997 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,983 | 299,956 |
5.25% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,725 | 249,602 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 467,195 | 499,287 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 396,337 | 399,680 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,424 | 399,354 |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,886 | 448,814 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,898 | 399,896 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,748 | 397,719 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,361 | 498,338 |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,601 | 394,563 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 4,153,853 | $ 4,488,901 |
Debt - Schedule of Debt (Supple
Debt - Schedule of Debt (Supplemental) (Detail) | 9 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | 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 | |
5.25% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
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% | 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% | 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 | |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.95% | |
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 | |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Senior notes, maturity date | 2,045 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2016 | Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Apr. 01, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||||
Letters of credit issued | $ 0 | $ 0 | |||||||
Gain on extinguishment of debt, net | $ 0 | $ 0 | $ 11,066,000 | $ 0 | |||||
Maximum debt to tangible capitalization covenant | 60.00% | 60.00% | |||||||
Line of credit facility debt to tangible capitalization ratio | 35.00% | 35.00% | |||||||
5.00% Senior Unsecured Notes due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,018 | ||||||||
6.95% Senior Unsecured Notes due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,025 | ||||||||
7.95% Senior Unsecured Notes due 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,045 | ||||||||
3.05% Senior Notes due March 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,016 | ||||||||
Interest rate on senior notes | 3.05% | 3.05% | 3.05% | ||||||
Face value of senior notes | $ 300,000,000 | ||||||||
Senior unsecured notes | $ 0 | $ 0 | $ 299,997,000 | ||||||
4.90% Senior Notes due August 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,020 | ||||||||
Interest rate on senior notes | 4.90% | 4.90% | 4.90% | ||||||
Face value of senior notes | $ 468,000,000 | $ 468,000,000 | $ 500,000,000 | ||||||
Senior unsecured notes | $ 467,195,000 | $ 467,195,000 | 499,287,000 | ||||||
4.625% Senior Notes due March 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,021 | ||||||||
Interest rate on senior notes | 4.625% | 4.625% | 4.625% | ||||||
Face value of senior notes | $ 397,000,000 | $ 397,000,000 | $ 400,000,000 | ||||||
Senior unsecured notes | $ 396,337,000 | $ 396,337,000 | 399,680,000 | ||||||
4.90% Senior Notes and 4.625% Senior Notes due in August 2020 and March 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Face value of senior notes | $ 36,000,000 | ||||||||
Purchase of senior notes | $ 24,000,000 | ||||||||
2.50% Senior Notes due March 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, maturity date | 2,017 | ||||||||
Interest rate on senior notes | 2.50% | 2.50% | |||||||
Face value of senior notes | $ 300,000,000 | $ 300,000,000 | |||||||
Senior unsecured notes | $ 299,983,000 | $ 299,983,000 | $ 299,956,000 | ||||||
Maximum [Member] | Senior Unsecured Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.75% | ||||||||
Moody’s Investors Service [Member] | 5.00% Senior Unsecured Notes due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 5.00% | ||||||||
Moody’s Investors Service [Member] | Senior Unsecured Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||||||||
Moody’s Investors Service [Member] | 6.95% Senior Unsecured Notes due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.95% | ||||||||
Moody’s Investors Service [Member] | 7.95% Senior Unsecured Notes due 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 7.95% | ||||||||
S&P Global Ratings [Member] | Senior Unsecured Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | ||||||||
S&P Global Ratings [Member] | 5.25% Senior Unsecured Notes due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 5.25% | 5.25% | |||||||
S&P Global Ratings [Member] | 7.20% Senior Unsecured Notes due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 7.20% | 7.20% | |||||||
S&P Global Ratings [Member] | 8.20% Senior Unsecured Notes due 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 8.20% | 8.20% | |||||||
Commercial Paper Program [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | $ 2,400,000,000 | |||||||
Unsecured Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior unsecured revolving credit facility maturity period | 5 years | ||||||||
Maximum borrowing capacity under credit facilities | 2,400,000,000 | $ 2,400,000,000 | |||||||
Senior unsecured Revolving Credit Facility Maturity date | 2020-01 | ||||||||
Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | $ 500,000,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Senior unsecured notes, Estimated Fair Value | $ 3,149,198 | $ 3,260,231 |
Total debt | 4,153,853 | 4,488,901 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,997 |
Senior unsecured notes, Estimated Fair Value | 299,340 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,983 | 299,956 |
Senior unsecured notes, Estimated Fair Value | 296,357 | 284,334 |
5.25% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,725 | 249,602 |
Senior unsecured notes, Estimated Fair Value | 246,641 | 227,285 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
Senior unsecured notes, Estimated Fair Value | 201,947 | 194,273 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 467,195 | 499,287 |
Senior unsecured notes, Estimated Fair Value | 399,846 | 378,761 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 396,337 | 399,680 |
Senior unsecured notes, Estimated Fair Value | 319,611 | 289,450 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,424 | 399,354 |
Senior unsecured notes, Estimated Fair Value | 294,700 | 265,643 |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,886 | 448,814 |
Senior unsecured notes, Estimated Fair Value | 355,500 | 308,870 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,898 | 399,896 |
Senior unsecured notes, Estimated Fair Value | 235,000 | 237,005 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,748 | 397,719 |
Senior unsecured notes, Estimated Fair Value | 234,475 | 239,464 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,361 | 498,338 |
Senior unsecured notes, Estimated Fair Value | 286,250 | 279,919 |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,601 | 394,563 |
Senior unsecured notes, Estimated Fair Value | 278,871 | 255,887 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 4,153,853 | 4,488,901 |
Senior unsecured notes, Estimated Fair Value | $ 3,149,198 | $ 3,260,231 |
Debt - Estimated Fair Value o49
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Supplemental) (Detail) | 9 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | 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 | |
5.25% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
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% | 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% | 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 | |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.95% | |
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 | |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Senior notes, maturity date | 2,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Reserves for uncertain tax positions net | $ 172 | $ 166 |
Related tax benefits | 1 | $ 14 |
Reduction in the provision for income taxes, if reserves not realized | $ 172 | |
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 763 | $ 862 | $ 2,337 | $ 2,582 |
Interest cost | 589 | 653 | 1,864 | 1,927 |
Return on plan assets | (828) | (942) | (2,627) | (2,779) |
Amortization of prior service cost | 25 | 26 | 78 | 79 |
Recognized net actuarial loss | 35 | 80 | 110 | 235 |
Net pension expense | 584 | 679 | 1,762 | 2,044 |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,662 | 2,149 | 4,986 | 6,447 |
Interest cost | 2,389 | 2,300 | 7,167 | 6,899 |
Return on plan assets | (3,097) | (3,286) | (9,291) | (9,859) |
Amortization of prior service cost | 30 | 36 | 88 | 107 |
Recognized net actuarial loss | 1,099 | 1,539 | 3,299 | 4,618 |
Net pension expense | $ 2,083 | $ 2,738 | $ 6,249 | $ 8,212 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($)plan | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)plan | |
Compensation and Retirement Disclosure [Abstract] | |||||
Employer contributions | $ 0.1 | $ 3 | |||
Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected curtailment charge | $ 1 | ||||
Pension expense (gain) | $ (1) | $ 11 | |||
U.S. Defined Benefit Plans [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of plans to be amended | plan | 2 | 2 | |||
Pension Plans in North Sea [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of plans to be amended | plan | 2 | 2 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($)payment$ / bbl | |
Derivative [Line Items] | ||
Number of contingent payments | payment | 2 | |
Percentage of forecasted local currency requirements of forward contract, remainder of 2016 | 60.00% | |
FCX settlement [Member] | ||
Derivative [Line Items] | ||
Derivative contingent settlement period | 12 months | |
WTI Crude Oil Averages Price More than $50 Per Barrel [Member] | FCX settlement [Member] | ||
Derivative [Line Items] | ||
Crude oil average price | $ / bbl | 50 | |
Non designated derivatives contingent payment | $ 25 | |
WTI Crude Oil Averages Price More than $65 Per Barrel [Member] | FCX settlement [Member] | ||
Derivative [Line Items] | ||
Crude oil average price | $ / bbl | 65 | |
Non designated derivatives contingent payment | $ 50 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | $ (1) | (1) |
Price Risk Derivative [Member] | ||
Derivative [Line Items] | ||
Notional amount of forward contracts outstanding | 15 | $ 15 |
Noble Corp [Member] | FCX settlement [Member] | ||
Derivative [Line Items] | ||
Derivative contingent settlement period | 12 months | |
Revenue recognized related to contingent payments | (5.2) | $ 12.4 |
Estimated fair value of contingent payments | $ 12.4 | $ 12.4 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Short-Term Foreign Currency Forward Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | |
Asset derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $ 329 |
Short-Term Foreign Currency Forward Contracts [Member] | Other Current Liabilities [Member] | |
Liability derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | 934 |
FCX settlement [Member] | Other Assets [Member] | |
Asset derivatives | |
Non-designated derivatives FCX settlement | $ 12,406 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign Currency Forward Contracts [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized through AOCL | $ (65) | $ (747) | $ (447) | $ (143) |
Foreign Currency Forward Contracts [Member] | Contract Drilling Services [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | (540) | $ (615) | (158) | $ (1,219) |
Not Designated as Hedging Instrument [Member] | Contract Drilling Services [Member] | FCX settlement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) recognized through contract drilling services revenue | $ (5,194) | $ 12,406 |
Fair Value of Financial Instr56
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, 2016 | Dec. 31, 2015 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 6,472 | $ 6,352 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets - | ||
Foreign currency forward contracts | 329 | |
Liabilities - | ||
Foreign currency forward contracts | 934 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets - | ||
FCX Settlement | 12,406 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,472 | $ 6,352 |
Foreign currency forward contracts | 329 | |
FCX Settlement | 12,406 | |
Liabilities - | ||
Foreign currency forward contracts | $ 934 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Valuation Assumptions Using Carlo Simulation Model (Detail) | 9 Months Ended |
Sep. 30, 2016$ / shares | |
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | |
Expected volatility | 46.83% |
Mean-reversion rate | 2.80% |
Discount rate | 3.00% |
Underlying spot price | $ 48.24 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments Fair Value of Financial Instruments - Settlement Asset from FCX (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Business Combination, Contingent Consideration, Asset [Roll Forward] | |||
Beginning balance | $ 17,600 | $ 0 | $ 0 |
Fair value recognized in earnings | (5,194) | 17,600 | 0 |
Ending balance | $ 12,406 | $ 17,600 | $ 0 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 7,422,230 | $ 7,287,034 | ||
Other comprehensive income (loss), net | $ 701 | $ (2,859) | 2,006 | (2,614) |
Ending Balance | 7,757,983 | 7,592,773 | 7,757,983 | 7,592,773 |
Gains / (Losses) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | (447) | (2,581) | ||
Amounts reclassified from AOCL | (158) | 1,219 | ||
Other comprehensive income (loss), net | (605) | (1,362) | ||
Ending Balance | (605) | (1,362) | (605) | (1,362) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (46,919) | (58,440) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCL | 2,348 | 3,316 | ||
Other comprehensive income (loss), net | 2,348 | 3,316 | ||
Ending Balance | (44,571) | (55,124) | (44,571) | (55,124) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (16,256) | (10,978) | ||
Other comprehensive income (loss) before reclassifications | 263 | (4,568) | ||
Amounts reclassified from AOCL | 0 | 0 | ||
Other comprehensive income (loss), net | 263 | (4,568) | ||
Ending Balance | (15,993) | (15,546) | (15,993) | (15,546) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (63,175) | (69,418) | ||
Other comprehensive income (loss) before reclassifications | (184) | (7,149) | ||
Amounts reclassified from AOCL | 2,190 | 4,535 | ||
Other comprehensive income (loss), net | 2,006 | (2,614) | ||
Ending Balance | $ (61,169) | $ (72,032) | $ (61,169) | $ (72,032) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Aug. 05, 2016USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($)Lawsuit$ / Occurrence_Per_Year | Oct. 15, 2016USD ($) |
Other Commitments [Line Items] | ||||
Amount of withholding after spin-off | $ 24,000,000 | |||
Physical damage deductible per occurrence on rigs range maximum | $ / Occurrence_Per_Year | 25,000,000 | |||
Number of days waiting period | 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 expected to be spend within the next twelve months | $ 88,000,000 | |||
Years of effectiveness of employment agreements after the termination of employment | 3 years | |||
Subsequent Event [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | $ 3,000,000 | |||
Mexico [Member] | ||||
Other Commitments [Line Items] | ||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | |||
Mexico [Member] | Paragon Retained Entity [Member] | ||||
Other Commitments [Line Items] | ||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | |||
Mexico [Member] | Paragon Offshore [Member] | ||||
Other Commitments [Line Items] | ||||
Payable percentage of third party cost incurred in administration of tax claim | 50.00% | |||
Tax and administrative costs (up to) | $ 5,000,000 | |||
Interest bearing note due period | 4 years | |||
Aforementioned tax assessments | $ 183,000,000 | |||
Mexico [Member] | Noble-Cayman [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 45,000,000 | |||
Mexico [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 42,000,000 | |||
Brazil [Member] | Paragon Offshore [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 152,000,000 | |||
Brazil [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 44,000,000 | |||
U.S. Gulf of Mexico [Member] | ||||
Other Commitments [Line Items] | ||||
Windstorm coverage amount | $ 500,000,000 | |||
Minimum [Member] | ||||
Other Commitments [Line Items] | ||||
Percentage of uncertain tax positions likelihood of being sustained | 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 | 42 | |||
Customs and Other Business Taxes [Member] | Foreign Country [Member] | ||||
Other Commitments [Line Items] | ||||
Audit claims, attributable to income, customs and other business taxes | $ 157,000,000 | |||
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 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Prior period reclassification adjustment | $ 26 |
Supplemental Financial Inform62
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Sep. 30, 2016USD ($) | Mar. 31, 2016Rig | Dec. 31, 2015USD ($) | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | ||||
Deferred revenues under drilling contracts | $ 140 | $ 180 | ||
Deferred expenses under drilling contracts | 54 | 78 | ||
Aramco [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Number of rigs | Rig | 4 | 5 | ||
Aramco [Member] | Prepaid Expenses and Other Current Assets or Other Assets [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | $ 22 | $ 53 |
Supplemental Financial Inform63
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, 2016 | Sep. 30, 2015 | |
Operating Capital [Line Items] | ||
Accounts receivable | $ 179,364 | $ 38,695 |
Other current assets | 91,606 | 48,548 |
Other assets | 27,805 | 61,610 |
Accounts payable | (70,778) | (20,666) |
Other current liabilities | (70,943) | (2,733) |
Other liabilities | (25,581) | (22,155) |
Net change in other assets and liabilities | 131,473 | 103,299 |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 179,364 | 38,695 |
Other current assets | 89,858 | 28,415 |
Other assets | 25,724 | 41,314 |
Accounts payable | (68,909) | (18,743) |
Other current liabilities | (66,202) | 11,295 |
Other liabilities | (26,924) | (22,155) |
Net change in other assets and liabilities | $ 132,911 | $ 78,821 |
Information about Noble-Cayma64
Information about Noble-Cayman - Guarantor Obligations (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.25% 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") |
Guarantor | |
7.50% Senior Notes due March 2019 [Member] | NDS6 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Services 6 LLC ("NDS6") |
Guarantor | |
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 |
6.95% 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 |
7.95% Senior Notes due April 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
Information about Noble-Cayma65
Information about Noble-Cayman - Guarantor Obligations (Supplemental) (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 300,000,000 | |
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
5.25% Senior Notes due March 2018 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 250,000,000 | |
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due March 2019 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 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] | ||
Face value of senior notes | $ 468,000,000 | $ 500,000,000 |
Interest rate on senior notes | 4.90% | 4.90% |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 397,000,000 | $ 400,000,000 |
Interest rate on senior notes | 4.625% | 4.625% |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 400,000,000 | |
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
6.95% Senior Notes due April 2025 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 450,000,000 | |
Interest rate on senior notes | 6.95% | |
Senior notes, maturity date | 2,025 | |
6.20% Senior Notes due August 2040 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 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] | ||
Face value of senior notes | $ 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] | ||
Face value of senior notes | $ 500,000,000 | |
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
7.95% Senior Notes due April 2045 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 400,000,000 | |
Interest rate on senior notes | 7.95% | |
Senior notes, maturity date | 2,045 |
Information about Noble-Cayma66
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 426,052 | $ 512,245 | $ 164,430 | $ 68,510 |
Accounts receivable | 319,567 | 498,931 | ||
Taxes receivable | 35,387 | 55,525 | ||
Prepaid expenses and other current assets | 102,778 | 173,917 | ||
Total current assets | 883,784 | 1,240,618 | ||
Property and equipment, at cost | 14,604,796 | 14,056,323 | ||
Accumulated depreciation | (3,013,008) | (2,572,700) | ||
Property and equipment, net | 11,591,788 | 11,483,623 | ||
Other assets | 108,566 | 141,404 | ||
Total assets | 12,584,138 | 12,865,645 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,762 | 299,924 | ||
Accounts payable | 114,392 | 223,221 | ||
Accrued payroll and related costs | 53,377 | 81,464 | ||
Taxes payable | 98,019 | 87,940 | ||
Interest payable | 46,040 | 72,961 | ||
Other current liabilities | 72,528 | 98,074 | ||
Total current liabilities | 684,118 | 863,584 | ||
Long-term debt | 3,830,224 | 4,162,638 | ||
Deferred income taxes | 11,487 | 92,797 | ||
Other liabilities | 300,326 | 324,396 | ||
Total liabilities | 4,826,155 | 5,443,415 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,044,935 | 6,699,229 | ||
Noncontrolling interests | 713,048 | 723,001 | ||
Total equity | 7,757,983 | 7,422,230 | 7,592,773 | 7,287,034 |
Total liabilities and equity | 12,584,138 | 12,865,645 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | (1,646,234) | (291,401) | ||
Accounts receivable from affiliates | (3,887,167) | (5,531,022) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (5,533,401) | (5,822,423) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (5,487,547) | (7,569,654) | ||
Investments in affiliates | (24,168,969) | (27,526,180) | ||
Other assets | 0 | 0 | ||
Total assets | (35,189,917) | (40,918,257) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | (291,401) | ||
Current maturities of long-term debt | (1,646,234) | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (3,887,167) | (5,531,022) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (5,533,401) | (5,822,423) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (5,487,547) | (7,569,654) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (11,020,948) | (13,392,077) | ||
Commitments and contingencies | ||||
Total shareholder equity | (23,713,757) | (27,089,922) | ||
Noncontrolling interests | (455,212) | (436,258) | ||
Total equity | (24,168,969) | (27,526,180) | ||
Total liabilities and equity | (35,189,917) | (40,918,257) | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 1,981 | 1,627 | 4 | 5 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 337,130 | 626,305 | ||
Prepaid expenses and other current assets | 46 | 246 | ||
Total current assets | 339,157 | 628,178 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,304,672 | 3,304,652 | ||
Investments in affiliates | 3,948,861 | 5,159,064 | ||
Other assets | 4,708 | 5,954 | ||
Total assets | 7,597,398 | 9,097,848 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 537,755 | 868,046 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 40 | ||
Total current liabilities | 537,755 | 868,086 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 1,518,363 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 557,684 | 2,406,378 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,039,714 | 6,691,470 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 7,039,714 | 6,691,470 | ||
Total liabilities and equity | 7,597,398 | 9,097,848 | ||
NHC [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 20,878 | 12,124 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 1,277 | 451,201 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 22,155 | 463,325 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 2,346,182 | 2,174,480 | ||
Other assets | 0 | 0 | ||
Total assets | 2,368,337 | 2,637,805 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 171,925 | ||
Current maturities of long-term debt | 171,925 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 104,854 | 60,100 | ||
Taxes payable | 0 | 917 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 276,779 | 232,942 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 900,000 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 1,176,779 | 232,942 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,191,558 | 2,404,863 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,191,558 | 2,404,863 | ||
Total liabilities and equity | 2,368,337 | 2,637,805 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 118 | 2,101 | 135 | 254 |
Accounts receivable | 42,261 | 9,381 | ||
Taxes receivable | 4 | 27 | ||
Short-term notes receivable from affiliates | 124,601 | 119,476 | ||
Accounts receivable from affiliates | 144,553 | 128,457 | ||
Prepaid expenses and other current assets | 1,965 | 1,696 | ||
Total current assets | 313,502 | 261,138 | ||
Property and equipment, at cost | 2,358,530 | 1,877,520 | ||
Accumulated depreciation | (410,082) | (344,591) | ||
Property and equipment, net | 1,948,448 | 1,532,929 | ||
Notes receivable from affiliates | 112,705 | 236,921 | ||
Investments in affiliates | 2,305,255 | 3,001,327 | ||
Other assets | 7,127 | 7,496 | ||
Total assets | 4,687,037 | 5,039,811 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 3,245 | 10,676 | ||
Accrued payroll and related costs | 5,004 | 6,584 | ||
Accounts payable to affiliates | 2,354,295 | 2,440,965 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 4,311 | 4,108 | ||
Total current liabilities | 2,366,855 | 2,462,333 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 464,132 | 461,379 | ||
Deferred income taxes | 840 | 1,529 | ||
Other liabilities | 25,097 | 25,312 | ||
Total liabilities | 2,856,924 | 2,950,553 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,830,113 | 2,089,258 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,830,113 | 2,089,258 | ||
Total liabilities and equity | 4,687,037 | 5,039,811 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 1 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 67,034 | 811,785 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 67,035 | 811,785 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 69,563 | 1,587,927 | ||
Investments in affiliates | 9,344,115 | 9,752,912 | ||
Other assets | 0 | 0 | ||
Total assets | 9,480,713 | 12,152,624 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 299,762 | 299,924 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 274,177 | 96,543 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 45,410 | 68,549 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 619,349 | 465,016 | ||
Long-term debt | 3,628,832 | 3,961,338 | ||
Notes payable to affiliates | 744,181 | 2,086,480 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 4,992,362 | 6,512,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,488,351 | 5,639,790 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,488,351 | 5,639,790 | ||
Total liabilities and equity | 9,480,713 | 12,152,624 | ||
NDS6 [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 1,349,708 | 0 | ||
Accounts receivable from affiliates | 76,606 | 67,684 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1,426,314 | 67,684 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 6,224,556 | 7,438,397 | ||
Other assets | 0 | 0 | ||
Total assets | 7,655,870 | 7,511,081 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 0 | 6,426 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 630 | 4,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 630 | 10,838 | ||
Long-term debt | 201,392 | 201,300 | ||
Notes payable to affiliates | 0 | 124,216 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 202,022 | 336,354 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,453,848 | 7,174,727 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 7,453,848 | 7,174,727 | ||
Total liabilities and equity | 7,655,870 | 7,511,081 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 423,649 | 508,067 | 164,101 | 65,521 |
Accounts receivable | 277,306 | 489,550 | ||
Taxes receivable | 14,505 | 43,291 | ||
Short-term notes receivable from affiliates | 171,925 | 171,925 | ||
Accounts receivable from affiliates | 3,260,567 | 3,445,590 | ||
Prepaid expenses and other current assets | 96,984 | 166,527 | ||
Total current assets | 4,244,936 | 4,824,950 | ||
Property and equipment, at cost | 12,246,266 | 12,177,038 | ||
Accumulated depreciation | (2,602,926) | (2,227,740) | ||
Property and equipment, net | 9,643,340 | 9,949,298 | ||
Notes receivable from affiliates | 1,995,607 | 2,435,154 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 89,729 | 118,869 | ||
Total assets | 15,973,612 | 17,328,271 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 119,476 | ||
Current maturities of long-term debt | 1,474,309 | 0 | ||
Accounts payable | 110,872 | 210,401 | ||
Accrued payroll and related costs | 48,333 | 74,780 | ||
Accounts payable to affiliates | 616,086 | 2,058,942 | ||
Taxes payable | 98,019 | 87,191 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 67,548 | 92,183 | ||
Total current liabilities | 2,415,167 | 2,642,973 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 3,379,234 | 3,379,216 | ||
Deferred income taxes | 10,647 | 91,268 | ||
Other liabilities | 250,417 | 274,271 | ||
Total liabilities | 6,055,465 | 6,387,728 | ||
Commitments and contingencies | ||||
Total shareholder equity | 8,749,887 | 9,781,284 | ||
Noncontrolling interests | 1,168,260 | 1,159,259 | ||
Total equity | 9,918,147 | 10,940,543 | ||
Total liabilities and equity | 15,973,612 | 17,328,271 | ||
Noble Corp [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 425,749 | 511,795 | 164,240 | 65,780 |
Accounts receivable | 319,567 | 498,931 | ||
Taxes receivable | 35,387 | 55,442 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 98,995 | 168,469 | ||
Total current assets | 879,698 | 1,234,637 | ||
Property and equipment, at cost | 14,604,796 | 14,054,558 | ||
Accumulated depreciation | (3,013,008) | (2,572,331) | ||
Property and equipment, net | 11,591,788 | 11,482,227 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 101,564 | 132,319 | ||
Total assets | 12,573,050 | 12,849,183 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 299,762 | 299,924 | ||
Accounts payable | 114,117 | 221,077 | ||
Accrued payroll and related costs | 53,337 | 81,364 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 98,019 | 88,108 | ||
Interest payable | 46,040 | 72,961 | ||
Other current liabilities | 71,859 | 96,331 | ||
Total current liabilities | 683,134 | 859,765 | ||
Long-term debt | 3,830,224 | 4,162,638 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 11,487 | 92,797 | ||
Other liabilities | 295,443 | 319,512 | ||
Total liabilities | 4,820,288 | 5,434,712 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,039,714 | 6,691,470 | ||
Noncontrolling interests | 713,048 | 723,001 | ||
Total equity | 7,752,762 | 7,414,471 | $ 7,556,563 | $ 7,218,782 |
Total liabilities and equity | $ 12,573,050 | $ 12,849,183 |
Information about Noble-Cayma67
Information about Noble-Cayman - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating revenues | ||||
Contract drilling services | $ 373,257 | $ 873,813 | $ 1,841,321 | $ 2,424,481 |
Reimbursables | 11,733 | 22,858 | 50,272 | 70,087 |
Other | 163 | 0 | 316 | 0 |
Total operating revenues | 385,153 | 896,671 | 1,891,909 | 2,494,568 |
Operating costs and expenses | ||||
Contract drilling services | 207,204 | 293,067 | 702,628 | 934,024 |
Reimbursables | 9,142 | 17,783 | 39,446 | 55,592 |
Depreciation and amortization | 155,242 | 160,652 | 455,907 | 473,913 |
General and administrative | 15,773 | 15,196 | 54,346 | 61,558 |
Loss on impairment | 0 | 0 | 16,616 | 0 |
Total operating costs and expenses | 387,361 | 486,698 | 1,268,943 | 1,525,087 |
Operating income (loss) | (2,208) | 409,973 | 622,966 | 969,481 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (52,569) | (54,687) | (166,975) | (161,196) |
Gain on extinguishment of debt, net | 0 | 0 | 11,066 | 0 |
Interest income and other, net | 540 | 30,934 | (1,443) | 37,085 |
Income (loss) before income taxes | (54,237) | 386,220 | 465,614 | 845,370 |
Income tax benefit (provision) | 10,002 | (41,789) | (40,317) | (124,641) |
Net income (loss) | (44,235) | 344,431 | 425,297 | 720,729 |
Net income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Net income (loss) attributable to the company | (55,081) | 325,807 | 373,270 | 663,241 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Comprehensive income (loss) attributable to the company | (54,380) | 322,948 | 375,276 | 660,627 |
Consolidating Adjustments [Member] | ||||
Operating revenues | ||||
Contract drilling services | (10,992) | (19,991) | (56,432) | (102,043) |
Reimbursables | 0 | 0 | 0 | 0 |
Other | 0 | 0 | ||
Total operating revenues | (10,992) | (19,991) | (56,432) | (102,043) |
Operating costs and expenses | ||||
Contract drilling services | (10,992) | (19,991) | (56,432) | (102,043) |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | (10,992) | (19,991) | (56,432) | (102,043) |
Operating income (loss) | 0 | 0 | 0 | 0 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 15,680 | (1,013,136) | (1,576,991) | (2,458,039) |
Interest expense, net of amount capitalized | 43,695 | 71,035 | 209,491 | 170,024 |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | (43,695) | (71,035) | (209,491) | (170,024) |
Income (loss) before income taxes | 15,680 | (1,013,136) | (1,576,991) | (2,458,039) |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) | 15,680 | (1,013,136) | (1,576,991) | (2,458,039) |
Net income attributable to noncontrolling interests | (4,913) | 14,109 | 18,953 | 33,069 |
Net income (loss) attributable to the company | 10,767 | (999,027) | (1,558,038) | (2,424,970) |
Other comprehensive income (loss), net | (701) | 2,859 | (2,006) | 2,614 |
Comprehensive income (loss) attributable to the company | 10,066 | (996,168) | (1,560,044) | (2,422,356) |
Noble-Cayman [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Other | 0 | 0 | ||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 857 | 850 | 3,574 | 5,457 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 203 | 192 | 928 | 1,131 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 1,060 | 1,042 | 4,502 | 6,588 |
Operating income (loss) | (1,060) | (1,042) | (4,502) | (6,588) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (49,010) | 334,441 | 331,777 | 738,742 |
Interest expense, net of amount capitalized | (2,472) | (17,914) | (25,256) | (63,800) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 1,666 | 16,052 | 94,974 | 22,525 |
Income (loss) before income taxes | (50,876) | 331,537 | 396,993 | 690,879 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) | (50,876) | 331,537 | 396,993 | 690,879 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (50,876) | 331,537 | 396,993 | 690,879 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Comprehensive income (loss) attributable to the company | (50,175) | 328,678 | 398,999 | 688,265 |
NHC [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Other | 0 | 0 | ||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 3,914 | 3,630 | 15,627 | 20,223 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 1,552 | 1,866 | 7,207 | 8,926 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 5,466 | 5,496 | 22,834 | 29,149 |
Operating income (loss) | (5,466) | (5,496) | (22,834) | (29,149) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 17,529 | 130,794 | 58,134 | 197,773 |
Interest expense, net of amount capitalized | (25,311) | (1,342) | (47,977) | (3,590) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 30 | 4 | 80 | 4,835 |
Income (loss) before income taxes | (13,218) | 123,960 | (12,597) | 169,869 |
Income tax benefit (provision) | (10,050) | (53,518) | (43,788) | (87,203) |
Net income (loss) | (23,268) | 70,442 | (56,385) | 82,666 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (23,268) | 70,442 | (56,385) | 82,666 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | (23,268) | 70,442 | (56,385) | 82,666 |
NDH [Member] | ||||
Operating revenues | ||||
Contract drilling services | 52,333 | 37,659 | 169,379 | 176,987 |
Reimbursables | 2,933 | 4,662 | 6,301 | 15,578 |
Other | 0 | 0 | ||
Total operating revenues | 55,266 | 42,321 | 175,680 | 192,565 |
Operating costs and expenses | ||||
Contract drilling services | 20,487 | 32,370 | 47,005 | 79,612 |
Reimbursables | 2,702 | 8,414 | 5,589 | 13,195 |
Depreciation and amortization | 22,661 | 20,690 | 66,431 | 58,741 |
General and administrative | 0 | 0 | 0 | 0 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 45,850 | 61,474 | 119,025 | 151,548 |
Operating income (loss) | 9,416 | (19,153) | 56,655 | 41,017 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (6,572) | 70,445 | (64,854) | 162,486 |
Interest expense, net of amount capitalized | (2,872) | (3,204) | (8,436) | (9,769) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 2,816 | 22,837 | 9,719 | 49,824 |
Income (loss) before income taxes | 2,788 | 70,925 | (6,916) | 243,558 |
Income tax benefit (provision) | (167) | (1,198) | (545) | (2,974) |
Net income (loss) | 2,621 | 69,727 | (7,461) | 240,584 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | 2,621 | 69,727 | (7,461) | 240,584 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | 2,621 | 69,727 | (7,461) | 240,584 |
NHIL [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Other | 0 | 0 | ||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 17,483 | 14,850 | 69,087 | 61,078 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 7,231 | 7,524 | 32,696 | 24,918 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 24,714 | 22,374 | 101,783 | 85,996 |
Operating income (loss) | (24,714) | (22,374) | (101,783) | (85,996) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 10,186 | 344,840 | 640,942 | 883,323 |
Interest expense, net of amount capitalized | (52,073) | (58,129) | (173,294) | (167,017) |
Gain on extinguishment of debt, net | 0 | 11,066 | ||
Interest income and other, net | 525 | 17,876 | 19,885 | 59,666 |
Income (loss) before income taxes | (66,076) | 282,213 | 396,816 | 689,976 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) | (66,076) | 282,213 | 396,816 | 689,976 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (66,076) | 282,213 | 396,816 | 689,976 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | (66,076) | 282,213 | 396,816 | 689,976 |
NDS6 [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Other | 0 | 0 | ||
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 1 | 1 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 0 | 0 | 1 | 1 |
Operating income (loss) | 0 | 0 | (1) | (1) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 12,187 | 132,616 | 610,992 | 475,715 |
Interest expense, net of amount capitalized | (3,258) | (7,522) | (11,722) | (21,491) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 6,046 | 2,283 | 6,808 | 5,096 |
Income (loss) before income taxes | 14,975 | 127,377 | 606,077 | 459,319 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) | 14,975 | 127,377 | 606,077 | 459,319 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | 14,975 | 127,377 | 606,077 | 459,319 |
Other comprehensive income (loss), net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | 14,975 | 127,377 | 606,077 | 459,319 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Operating revenues | ||||
Contract drilling services | 331,916 | 856,145 | 1,728,374 | 2,349,537 |
Reimbursables | 8,800 | 18,196 | 43,971 | 54,509 |
Other | 163 | 1,016 | ||
Total operating revenues | 340,879 | 874,341 | 1,773,361 | 2,404,046 |
Operating costs and expenses | ||||
Contract drilling services | 174,323 | 260,770 | 618,735 | 866,598 |
Reimbursables | 6,440 | 9,369 | 33,857 | 42,397 |
Depreciation and amortization | 132,581 | 139,693 | 389,422 | 414,305 |
General and administrative | 3,047 | 794 | (4,341) | 1,117 |
Loss on impairment | 0 | 16,616 | ||
Total operating costs and expenses | 316,391 | 410,626 | 1,054,289 | 1,324,417 |
Operating income (loss) | 24,488 | 463,715 | 719,072 | 1,079,629 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest expense, net of amount capitalized | (10,278) | (37,611) | (109,781) | (65,553) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 33,180 | 43,049 | 76,657 | 63,691 |
Income (loss) before income taxes | 47,390 | 469,153 | 685,948 | 1,077,767 |
Income tax benefit (provision) | 19,524 | 12,848 | 4,023 | (34,785) |
Net income (loss) | 66,914 | 482,001 | 689,971 | 1,042,982 |
Net income attributable to noncontrolling interests | (5,933) | (32,733) | (70,980) | (90,557) |
Net income (loss) attributable to the company | 60,981 | 449,268 | 618,991 | 952,425 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Comprehensive income (loss) attributable to the company | 61,682 | 446,409 | 620,997 | 949,811 |
Noble Corp [Member] | ||||
Operating revenues | ||||
Contract drilling services | 373,257 | 873,813 | 1,841,321 | 2,424,481 |
Reimbursables | 11,733 | 22,858 | 50,272 | 70,087 |
Other | 163 | 0 | 1,016 | 0 |
Total operating revenues | 385,153 | 896,671 | 1,892,609 | 2,494,568 |
Operating costs and expenses | ||||
Contract drilling services | 206,072 | 292,479 | 697,596 | 930,925 |
Reimbursables | 9,142 | 17,783 | 39,446 | 55,592 |
Depreciation and amortization | 155,242 | 160,383 | 455,853 | 473,046 |
General and administrative | 12,033 | 10,376 | 36,491 | 36,093 |
Loss on impairment | 0 | 0 | 16,616 | 0 |
Total operating costs and expenses | 382,489 | 481,021 | 1,246,002 | 1,495,656 |
Operating income (loss) | 2,664 | 415,650 | 646,607 | 998,912 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest expense, net of amount capitalized | (52,569) | (54,687) | (166,975) | (161,196) |
Gain on extinguishment of debt, net | 0 | 0 | 11,066 | 0 |
Interest income and other, net | 568 | 31,066 | (1,368) | 35,613 |
Income (loss) before income taxes | (49,337) | 392,029 | 489,330 | 873,329 |
Income tax benefit (provision) | 9,307 | (41,868) | (40,310) | (124,962) |
Net income (loss) | (40,030) | 350,161 | 449,020 | 748,367 |
Net income attributable to noncontrolling interests | (10,846) | (18,624) | (52,027) | (57,488) |
Net income (loss) attributable to the company | (50,876) | 331,537 | 396,993 | 690,879 |
Other comprehensive income (loss), net | 701 | (2,859) | 2,006 | (2,614) |
Comprehensive income (loss) attributable to the company | $ (50,175) | $ 328,678 | $ 398,999 | $ 688,265 |
Information about Noble-Cayma68
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net cash from operating activities | $ 962,675 | $ 1,252,225 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 23,390 | 2,535 |
Net cash from investing activities | (609,883) | (320,953) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) |
Repayment of long-term debt | (300,000) | (350,000) |
Issuance of senior notes | 0 | 1,092,728 |
Debt issuance costs on senior notes and credit facilities | 0 | (16,070) |
Early repayment of long-term debt | (22,207) | 0 |
Premiums paid on early repayment of long-term debt | (1,781) | 0 |
Dividends paid to noncontrolling interests | (61,980) | (57,048) |
Net cash from financing activities | (438,985) | (835,352) |
Net change in cash and cash equivalents | (86,193) | 95,920 |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 426,052 | 164,430 |
Consolidating Adjustments [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 0 | 0 |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | (733,722) | |
Net cash from investing activities | 0 | (733,722) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | 733,722 | |
Advances (to) from affiliates | 0 | 0 |
Net cash from financing activities | 0 | 733,722 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 91,918 | (33,578) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | 124,951 | |
Net cash from investing activities | 0 | 124,951 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | (6,450) | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | (76,051) | (372,799) |
Notes payable to affiliates | (608,771) | |
Advances (to) from affiliates | (15,513) | 2,020,141 |
Net cash from financing activities | (91,564) | (91,374) |
Net change in cash and cash equivalents | 354 | (1) |
Cash and cash equivalents, beginning of period | 1,627 | 5 |
Cash and cash equivalents, end of period | 1,981 | 4 |
NHC [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (124,190) | (28,115) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | 0 | |
Net cash from investing activities | 0 | 0 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | 0 | |
Advances (to) from affiliates | 124,190 | 28,115 |
Net cash from financing activities | 124,190 | 28,115 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
NDH [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 81,355 | 141,329 |
Cash flows from investing activities | ||
Capital expenditures | (473,460) | (80,743) |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | 0 | |
Net cash from investing activities | (473,460) | (80,743) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | 0 | |
Advances (to) from affiliates | 390,122 | (60,705) |
Net cash from financing activities | 390,122 | (60,705) |
Net change in cash and cash equivalents | (1,983) | (119) |
Cash and cash equivalents, beginning of period | 2,101 | 254 |
Cash and cash equivalents, end of period | 118 | 135 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (278,331) | (210,734) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | 608,771 | |
Net cash from investing activities | 0 | 608,771 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | (300,000) | (350,000) |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (9,620) | |
Early repayment of long-term debt | (22,207) | |
Premiums paid on early repayment of long-term debt | (1,781) | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | 0 | |
Advances (to) from affiliates | 602,320 | (1,131,145) |
Net cash from financing activities | 278,332 | (398,037) |
Net change in cash and cash equivalents | 1 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 1 | 0 |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (8,697) | (20,085) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Notes receivable from affiliates | 0 | |
Net cash from investing activities | 0 | 0 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | 0 | |
Advances (to) from affiliates | 8,697 | 20,085 |
Net cash from financing activities | 8,697 | 20,085 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 1,223,801 | 1,397,280 |
Cash flows from investing activities | ||
Capital expenditures | (159,813) | (242,745) |
Proceeds from disposal of assets | 23,390 | 2,535 |
Notes receivable from affiliates | 0 | |
Net cash from investing activities | (136,423) | (240,210) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | |
Repayment of long-term debt | 0 | 0 |
Issuance of senior notes | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Early repayment of long-term debt | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | (61,980) | (57,048) |
Distributions to parent company, net | 0 | 0 |
Notes payable to affiliates | (124,951) | |
Advances (to) from affiliates | (1,109,816) | (876,491) |
Net cash from financing activities | (1,171,796) | (1,058,490) |
Net change in cash and cash equivalents | (84,418) | 98,580 |
Cash and cash equivalents, beginning of period | 508,067 | 65,521 |
Cash and cash equivalents, end of period | 423,649 | 164,101 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 985,856 | 1,246,097 |
Cash flows from investing activities | ||
Capital expenditures | (633,273) | (323,488) |
Proceeds from disposal of assets | 23,390 | 2,535 |
Notes receivable from affiliates | 0 | |
Net cash from investing activities | (609,883) | (320,953) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) |
Repayment of long-term debt | (300,000) | (350,000) |
Issuance of senior notes | 0 | 1,092,728 |
Debt issuance costs on senior notes and credit facilities | 0 | (16,070) |
Early repayment of long-term debt | (22,207) | 0 |
Premiums paid on early repayment of long-term debt | (1,781) | 0 |
Dividends paid to noncontrolling interests | (61,980) | (57,048) |
Distributions to parent company, net | (76,051) | (372,799) |
Notes payable to affiliates | 0 | |
Advances (to) from affiliates | 0 | 0 |
Net cash from financing activities | (462,019) | (826,684) |
Net change in cash and cash equivalents | (86,046) | 98,460 |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 425,749 | $ 164,240 |