Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'NE | ' |
Entity Registrant Name | 'NOBLE CORP PLC | ' |
Entity Central Index Key | '0001458891 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 252,258,871 |
Noble-Cayman [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 261,245,693 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $68,354 | $114,458 |
Accounts receivable | 610,134 | 949,069 |
Taxes receivable | 126,295 | 140,269 |
Prepaid expenses and other current assets | 226,262 | 187,139 |
Total current assets | 1,031,045 | 1,390,935 |
Property and equipment, at cost | 15,304,758 | 19,198,767 |
Accumulated depreciation | -2,671,092 | -4,640,677 |
Property and equipment, net | 12,633,666 | 14,558,090 |
Other assets | 285,486 | 268,932 |
Total assets | 13,950,197 | 16,217,957 |
Current liabilities | ' | ' |
Accounts payable | 267,811 | 347,214 |
Accrued payroll and related costs | 102,533 | 151,161 |
Taxes payable | 115,192 | 125,119 |
Dividends payable | ' | 128,249 |
Other current liabilities | 170,474 | 300,172 |
Total current liabilities | 656,010 | 1,051,915 |
Long-term debt | 4,737,081 | 5,556,251 |
Deferred income taxes | 165,750 | 225,455 |
Other liabilities | 289,637 | 334,308 |
Total liabilities | 5,848,478 | 7,167,929 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Shares | 2,523 | 2,534 |
Additional paid-in capital | 787,374 | 810,286 |
Retained earnings | 6,634,194 | 7,591,927 |
Accumulated other comprehensive loss | -45,768 | -82,164 |
Total shareholders' equity | 7,378,323 | 8,322,583 |
Noncontrolling interests | 723,396 | 727,445 |
Total equity | 8,101,719 | 9,050,028 |
Total liabilities and equity | 13,950,197 | 16,217,957 |
Noble-Cayman [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 65,948 | 110,382 |
Accounts receivable | 610,134 | 949,069 |
Taxes receivable | 126,161 | 140,029 |
Prepaid expenses and other current assets | 179,638 | 184,348 |
Total current assets | 981,881 | 1,383,828 |
Property and equipment, at cost | 15,266,206 | 19,160,350 |
Accumulated depreciation | -2,659,887 | -4,631,678 |
Property and equipment, net | 12,606,319 | 14,528,672 |
Other assets | 261,989 | 269,014 |
Total assets | 13,850,189 | 16,181,514 |
Current liabilities | ' | ' |
Accounts payable | 235,823 | 345,910 |
Accrued payroll and related costs | 94,385 | 143,346 |
Taxes payable | 112,332 | 120,588 |
Other current liabilities | 166,305 | 300,172 |
Total current liabilities | 608,845 | 910,016 |
Long-term debt | 4,737,081 | 5,556,251 |
Deferred income taxes | 165,750 | 225,455 |
Other liabilities | 289,637 | 334,308 |
Total liabilities | 5,801,313 | 7,026,030 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Shares | 26,125 | 26,125 |
Additional paid-in capital | 524,031 | 497,316 |
Retained earnings | 6,821,092 | 7,986,762 |
Accumulated other comprehensive loss | -45,768 | -82,164 |
Total shareholders' equity | 7,325,480 | 8,428,039 |
Noncontrolling interests | 723,396 | 727,445 |
Total equity | 8,048,876 | 9,155,484 |
Total liabilities and equity | $13,850,189 | $16,181,514 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ordinary shares, shares outstanding | 252,258 | 253,448 |
Noble-Cayman [Member] | ' | ' |
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | $810,200 | $623,168 | $2,360,205 | $1,750,627 |
Reimbursables | 18,595 | 17,319 | 67,558 | 45,416 |
Labor contract drilling services | ' | 26 | ' | 17,000 |
Other | 1 | ' | 1 | 11 |
Total operating revenues | 828,796 | 640,513 | 2,427,764 | 1,813,054 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 385,674 | 283,429 | 1,109,456 | 836,825 |
Reimbursables | 13,641 | 14,812 | 52,877 | 36,686 |
Labor contract drilling services | ' | 2,084 | ' | 10,966 |
Depreciation and amortization | 161,246 | 129,843 | 460,306 | 370,402 |
General and administrative | 24,602 | 33,776 | 77,319 | 86,196 |
Loss on impairment | ' | 3,585 | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 | ' | -35,646 |
Gain on contract settlements/extinguishments, net | ' | -30,618 | ' | -30,618 |
Total operating costs and expenses | 585,163 | 401,265 | 1,699,958 | 1,278,396 |
Operating income | 243,633 | 239,248 | 727,806 | 534,658 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amount capitalized | -37,751 | -23,149 | -114,494 | -75,115 |
Interest income and other, net | 2,760 | 1,522 | 131 | 2,231 |
Income from continuing operations before income taxes | 208,642 | 217,621 | 613,443 | 461,774 |
Income tax provision | -40,782 | -33,852 | -110,625 | -74,341 |
Net income from continuing operations | 167,860 | 183,769 | 502,818 | 387,433 |
Net (loss) income from discontinued operations, net of tax | -20,214 | 116,690 | 175,532 | 274,065 |
Net income | 147,646 | 300,459 | 678,350 | 661,498 |
Net income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 |
Net income attributable to Noble Corporation | ' | ' | ' | ' |
Income from continuing operations | 147,389 | 165,267 | 442,528 | 334,572 |
(Loss) income from discontinued operations | -20,214 | 116,690 | 175,532 | 274,065 |
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 |
Basic: | ' | ' | ' | ' |
Income from continuing operations | $0.57 | $0.64 | $1.71 | $1.30 |
(Loss) income from discontinued operations | ($0.08) | $0.46 | $0.68 | $1.07 |
Net income attributable to Noble Corporation | $0.49 | $1.10 | $2.39 | $2.37 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations | $0.57 | $0.64 | $1.71 | $1.30 |
(Loss) income from discontinued operations | ($0.08) | $0.46 | $0.68 | $1.07 |
Net income attributable to Noble Corporation | $0.49 | $1.10 | $2.39 | $2.37 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 810,200 | 623,170 | 2,360,205 | 1,750,627 |
Reimbursables | 18,595 | 17,318 | 67,558 | 45,416 |
Labor contract drilling services | ' | 27 | ' | 17,000 |
Other | 1 | ' | 1 | 11 |
Total operating revenues | 828,796 | 640,515 | 2,427,764 | 1,813,054 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 383,911 | 283,707 | 1,097,694 | 831,065 |
Reimbursables | 13,641 | 14,812 | 52,877 | 36,686 |
Labor contract drilling services | ' | 2,084 | ' | 10,966 |
Depreciation and amortization | 160,255 | 129,309 | 458,100 | 369,105 |
General and administrative | 13,057 | 7,251 | 36,478 | 37,682 |
Loss on impairment | ' | 3,585 | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 | ' | -35,646 |
Gain on contract settlements/extinguishments, net | ' | -30,618 | ' | -30,618 |
Total operating costs and expenses | 570,864 | 374,484 | 1,645,149 | 1,222,825 |
Operating income | 257,932 | 266,031 | 782,615 | 590,229 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amount capitalized | -37,751 | -23,149 | -114,494 | -75,115 |
Interest income and other, net | 3,785 | 880 | 1,142 | 1,827 |
Income from continuing operations before income taxes | 223,966 | 243,762 | 669,263 | 516,941 |
Income tax provision | -40,674 | -33,508 | -110,207 | -72,567 |
Net income from continuing operations | 183,292 | 210,254 | 559,056 | 444,374 |
Net (loss) income from discontinued operations, net of tax | 10,413 | 119,102 | 225,022 | 284,506 |
Net income | 193,705 | 329,356 | 784,078 | 728,880 |
Net income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Net income attributable to Noble Corporation | 173,234 | 310,854 | 723,788 | 676,019 |
Net income attributable to Noble Corporation | ' | ' | ' | ' |
(Loss) income from discontinued operations | 10,413 | 119,102 | 225,022 | 284,506 |
Net income attributable to Noble Corporation | $173,234 | $310,854 | $723,788 | $676,019 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $147,646 | $300,459 | $678,350 | $661,498 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,577 | -1,135 | 1,143 | -658 |
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | ' | -1,409 | ' |
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | ' | 358 | ' |
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively) | 571 | 1,661 | 2,099 | 4,935 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Net comprehensive income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Comprehensive income attributable to Noble Corporation | 152,671 | 287,803 | 654,456 | 613,503 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Net income | 193,705 | 329,356 | 784,078 | 728,880 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,577 | -1,135 | 1,143 | -658 |
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | ' | -1,409 | ' |
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | ' | 358 | ' |
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively) | 571 | 1,661 | 2,099 | 4,935 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Net comprehensive income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Comprehensive income attributable to Noble Corporation | 198,730 | 316,700 | 760,184 | 680,885 |
Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency forward contracts | -6,925 | 5,320 | -273 | 589 |
Foreign Exchange Forward [Member] | Noble-Cayman [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency forward contracts | ($6,925) | $5,320 | ($273) | $589 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net pension plan gain (loss), tax provision (benefit) | $386 | ' | $386 | ' |
Net pension plan curtailment and settlement expense, tax provision | 193 | ' | 193 | ' |
Amortization of deferred pension plan, tax provision | 253 | 732 | 758 | 2,192 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Net pension plan gain (loss), tax provision (benefit) | 386 | ' | 386 | ' |
Net pension plan curtailment and settlement expense, tax provision | 193 | ' | 193 | ' |
Amortization of deferred pension plan, tax provision | $253 | $732 | $758 | $2,192 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $678,350 | $661,498 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 696,380 | 642,456 |
Loss on impairment | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 |
Deferred income taxes | 23,380 | -41,400 |
Amortization of share-based compensation | 37,432 | 33,471 |
Net change in other assets and liabilities | -47,244 | -102,310 |
Net cash from operating activities | 1,388,298 | 1,161,654 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -1,747,495 | -1,724,727 |
Change in accrued capital expenditures | -52,466 | -66,946 |
Proceeds from disposal of assets | ' | 61,000 |
Net cash from investing activities | -1,799,961 | -1,730,673 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | -569,489 | 973,055 |
Repayment of long-term debt | -250,000 | -300,000 |
Long-term borrowings of Paragon Offshore | 1,726,750 | ' |
Financing costs on long-term borrowings of Paragon Offshore | -30,876 | ' |
Cash balances of Paragon Offshore in Spin-Off | -104,152 | ' |
Dividends paid to noncontrolling interests | -64,339 | -69,728 |
Repurchases of shares | -52,701 | ' |
Financing costs on credit facilities | -386 | -2,432 |
Dividend payments | -290,643 | -130,787 |
Employee stock transactions | 1,395 | 2,747 |
Repurchases of employee shares surrendered for taxes | ' | -7,558 |
Net cash from financing activities | 365,559 | 465,297 |
Net change in cash and cash equivalents | -46,104 | -103,722 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 |
Cash and cash equivalents, end of period | 68,354 | 178,370 |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net income | 784,078 | 728,880 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 694,175 | 641,159 |
Loss on impairment | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 |
Deferred income taxes | 23,380 | -41,400 |
Capital contribution by parent - share-based compensation | 26,715 | 18,604 |
Net change in other assets and liabilities | -58,662 | -102,238 |
Net cash from operating activities | 1,469,686 | 1,212,944 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -1,747,361 | -1,723,941 |
Change in accrued capital expenditures | -52,466 | -66,946 |
Proceeds from disposal of assets | ' | 61,000 |
Net cash from investing activities | -1,799,827 | -1,729,887 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | -569,489 | 973,055 |
Repayment of long-term debt | -250,000 | -300,000 |
Long-term borrowings of Paragon Offshore | 1,726,750 | ' |
Financing costs on long-term borrowings of Paragon Offshore | -30,876 | ' |
Cash balances of Paragon Offshore in Spin-Off | -104,152 | ' |
Dividends paid to noncontrolling interests | -64,339 | -69,728 |
Financing costs on credit facilities | -386 | -2,432 |
Distributions to parent company, net | -421,801 | -187,610 |
Net cash from financing activities | 285,707 | 413,285 |
Net change in cash and cash equivalents | -44,434 | -103,658 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 |
Cash and cash equivalents, end of period | $65,948 | $173,717 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Total | Noble-Cayman [Member] | Shares [Member] | Shares [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] |
In Thousands, unless otherwise specified | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | ||||||||
Beginning Balance at Dec. 31, 2012 | $8,488,290 | $8,531,082 | $710,130 | $26,125 | $83,531 | $470,454 | $7,066,023 | $7,384,828 | ($21,069) | ($115,449) | ($115,449) | $765,124 | $765,124 |
Beginning Balance, Shares at Dec. 31, 2012 | ' | ' | 253,348 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share-based compensation | 33,471 | ' | ' | ' | 33,471 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares | 17 | ' | 1,851 | ' | -1,834 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares, Shares | ' | ' | 659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 4,200 | ' | 440 | ' | 3,760 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | ' | 158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock options exercised | -1,470 | ' | ' | ' | -1,470 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares forfeited or repurchased for taxes | -7,558 | ' | ' | ' | ' | ' | ' | ' | -7,558 | ' | ' | ' | ' |
Net income | 661,498 | 728,880 | ' | ' | ' | ' | 608,637 | 676,019 | ' | ' | ' | 52,861 | 52,861 |
Capital contributions by parent - share-based compensation | ' | 18,604 | ' | ' | ' | 18,604 | ' | ' | ' | ' | ' | ' | ' |
Dividends | -256,770 | -187,610 | ' | ' | ' | ' | -256,770 | -187,610 | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -69,728 | -69,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,728 | -69,728 |
Other comprehensive income (loss), net | 4,866 | 4,866 | ' | ' | ' | ' | ' | ' | ' | 4,866 | 4,866 | ' | ' |
Ending Balance at Sep. 30, 2013 | 8,856,816 | 9,026,094 | 712,421 | 26,125 | 117,458 | 489,058 | 7,417,890 | 7,873,237 | -28,627 | -110,583 | -110,583 | 748,257 | 748,257 |
Ending Balance, Shares at Sep. 30, 2013 | ' | ' | 254,165 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 300,459 | 329,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net | 5,846 | 5,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | 8,856,816 | 9,026,094 | ' | 26,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares at Sep. 30, 2013 | ' | ' | ' | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 9,050,028 | 9,155,484 | 2,534 | 26,125 | 810,286 | 497,316 | 7,591,927 | 7,986,762 | ' | -82,164 | -82,164 | 727,445 | 727,445 |
Beginning Balance, Shares at Dec. 31, 2013 | 253,448 | 261,246 | 253,448 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share-based compensation | 37,432 | ' | ' | ' | 37,432 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares | -9,043 | ' | 6 | ' | -9,049 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares, Shares | ' | ' | 689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 2,647 | ' | 3 | ' | 2,644 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, Shares | 131,706 | ' | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock options exercised | -1,258 | ' | ' | ' | -1,258 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of shares | -52,701 | ' | -20 | ' | -52,681 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of shares, Shares | ' | ' | -2,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 678,350 | 784,078 | ' | ' | ' | ' | 618,060 | 723,788 | ' | ' | ' | 60,290 | 60,290 |
Capital contributions by parent - share-based compensation | ' | 26,715 | ' | ' | ' | 26,715 | ' | ' | ' | ' | ' | ' | ' |
Dividends | -162,294 | -421,801 | ' | ' | ' | ' | -162,294 | -421,801 | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -64,339 | -64,339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,339 | -64,339 |
Spin-Off of Paragon Offshore | -1,379,021 | -1,433,179 | ' | ' | ' | ' | -1,413,499 | -1,467,657 | ' | 34,478 | 34,478 | ' | ' |
Other comprehensive income (loss), net | 1,918 | 1,918 | ' | ' | ' | ' | ' | ' | ' | 1,918 | 1,918 | ' | ' |
Ending Balance at Sep. 30, 2014 | 8,101,719 | 8,048,876 | 2,523 | 26,125 | 787,374 | 524,031 | 6,634,194 | 6,821,092 | ' | -45,768 | -45,768 | 723,396 | 723,396 |
Ending Balance, Shares at Sep. 30, 2014 | 252,258 | 261,246 | 252,258 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 147,646 | 193,705 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net | -8,982 | -8,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2014 | $8,101,719 | $8,048,876 | ' | $26,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares at Sep. 30, 2014 | 252,258 | 261,246 | ' | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
Note 1 — Organization and Basis of Presentation | |
Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of 35 mobile offshore drilling units located worldwide. Our fleet consists of 15 jackups, 11 semisubmersibles and nine drillships. At September 30, 2014, we had two high-specification, harsh environment jackups under construction. | |
At September 30, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, West Africa, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. | |
Paragon Offshore plc Spin-Off Transaction | |
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 plc, a public limited company incorporated under the laws of England and Wales (“Paragon Offshore”), to the holders of Noble’s ordinary shares. The results of operations for Paragon Offshore have been classified as discontinued operations for all periods presented. See Note 2 for additional information. Unless otherwise indicated, the information in our consolidated financial statements relates to our continuing operations after such classification. | |
Migration to the United Kingdom | |
On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom. | |
Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is a direct, 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, 2013 Consolidated Balance Sheets presented herein are derived from the December 31, 2013 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, 2013, 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. |
SpinOff_of_Paragon_Offshore_pl
Spin-Off of Paragon Offshore plc | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Spin-Off of Paragon Offshore plc | ' |
Note 2 — Spin-Off of Paragon Offshore plc | |
On August 1, 2014, we completed the Spin-Off through a pro rata distribution by us of all of the ordinary shares of our wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. At the time of the Spin-Off, Paragon Offshore’s assets and liabilities consisted of most of our standard specification drilling units and related assets, liabilities and business, including five drillships, three semisubmersibles, 34 jackups and one floating production storage and offloading unit (“FPSO”). At the Spin-Off, Paragon Offshore also became responsible for the Hibernia platform operations offshore Canada. Prior to the Spin-Off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. | |
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 | |
The tax sharing agreement provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. | |
Transition Services Agreements | |
Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Note 3 — Discontinued Operations | |||||||||||||||||
Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-Off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for the three and nine months ended September 30, 2014 and 2013 include the historical results of Paragon Offshore through the Spin-Off date, including costs incurred by Noble to complete the Spin-Off. Non-recurring Spin-Off related costs totaled $31 million and $49 million for the three and nine months ended September 30, 2014, respectively, and $2 million and $10 million for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||
Prior to the Spin-Off, Paragon Offshore issued approximately $1.7 billion of debt consisting of: | |||||||||||||||||
• | $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024; and | ||||||||||||||||
• | $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ||||||||||||||||
We allocated interest expense on this debt, which is directly related to Paragon Offshore, to discontinued operations. For both the three and nine months ended September 30, 2014, we allocated approximately $4 million of interest expense related to such debt. No interest was allocated to discontinued operations for the three and nine months ended September 30, 2013. | |||||||||||||||||
The following table provides the components of net income from discontinued operations, net of tax: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Contract drilling services | $ | 136,548 | $ | 417,948 | $ | 993,253 | $ | 1,194,684 | |||||||||
Reimbursables | 2,398 | 11,923 | 21,899 | 33,260 | |||||||||||||
Labor contract drilling services | 2,946 | 8,467 | 19,304 | 26,150 | |||||||||||||
Other | 1 | 28 | 2 | 94 | |||||||||||||
Revenues from discontinued operations | $ | 141,893 | $ | 438,366 | $ | 1,034,458 | $ | 1,254,188 | |||||||||
(Loss) income from discontinued operations: | |||||||||||||||||
(Loss) income from discontinued operations before income taxes | $ | (3,292 | ) | $ | 138,669 | $ | 229,482 | $ | 326,731 | ||||||||
Income tax expense | (16,922 | ) | (21,979 | ) | (53,950 | ) | (52,666 | ) | |||||||||
Net (loss) income from discontinued operations, net of tax | $ | (20,214 | ) | $ | 116,690 | $ | 175,532 | $ | 274,065 | ||||||||
The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-Off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at September 30, 2014, were as follows: | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | $ | 104,152 | |||||||||||||||
Accounts receivable | 362,100 | ||||||||||||||||
Prepaid expenses and other current assets | 90,089 | ||||||||||||||||
Total current assets of discontinued operations | 556,341 | ||||||||||||||||
Property and equipment, at cost | 5,615,831 | ||||||||||||||||
Accumulated depreciation | (2,640,943 | ) | |||||||||||||||
Property and equipment, net | 2,974,888 | ||||||||||||||||
Other assets | 84,894 | ||||||||||||||||
Total assets of discontinued operations | $ | 3,616,123 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Current liabilities | |||||||||||||||||
Accounts payable | $ | 132,446 | |||||||||||||||
Accrued payroll and related costs | 64,580 | ||||||||||||||||
Other current liabilities | 103,769 | ||||||||||||||||
Total current liabilities of discontinued operations | 300,795 | ||||||||||||||||
Long-term debt | 1,726,750 | ||||||||||||||||
Other liabilities | 171,718 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 2,199,263 | |||||||||||||||
The above amounts do not include the impact of the agreements entered into as a result of the Spin-Off, which are discussed further in Note 2. |
Consolidated_Joint_Ventures
Consolidated Joint Ventures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Consolidated Joint Ventures | ' | ||||||||||||||||
Note 4 — Consolidated Joint Ventures | |||||||||||||||||
We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-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, 2014, the Bully joint ventures approved and paid dividends totaling $129 million, of which approximately $64 million was paid to our joint venture partner. During the nine months ended September 30, 2013, the Bully joint ventures approved and paid dividends totaling $139 million, of which approximately $70 million was paid to our joint venture partner. | |||||||||||||||||
The combined carrying amount of the Bully-class drillships at both September 30, 2014 and December 31, 2013 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $49 million at September 30, 2014 as compared to approximately $50 million at December 31, 2013. Operational results for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 97,182 | $ | 94,847 | $ | 282,585 | $ | 272,620 | |||||||||
Net income | $ | 43,911 | $ | 40,214 | $ | 128,587 | $ | 113,627 |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Note 5 — Earnings per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Basic | |||||||||||||||||
Income from continuing operations | $ | 147,389 | $ | 165,267 | $ | 442,528 | $ | 334,572 | |||||||||
Earnings allocated to unvested share-based payment awards | (2,286 | ) | (1,989 | ) | (7,053 | ) | (3,953 | ) | |||||||||
Income from continuing operations to common shareholders | 145,103 | 163,278 | 435,475 | 330,619 | |||||||||||||
(Loss) income from discontinued operations | (20,214 | ) | 116,690 | 175,532 | 274,065 | ||||||||||||
Earnings allocated to unvested share-based payment awards | 314 | (1,404 | ) | (2,798 | ) | (3,238 | ) | ||||||||||
(Loss) income from discontinued operations, net of tax to common shareholders | (19,900 | ) | 115,286 | 172,734 | 270,827 | ||||||||||||
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (1,972 | ) | (3,393 | ) | (9,851 | ) | (7,191 | ) | |||||||||
Net income attributable to Noble Corporation to common shareholders | $ | 125,203 | $ | 278,564 | $ | 608,209 | $ | 601,446 | |||||||||
Diluted | |||||||||||||||||
Income from continuing operations | 147,389 | 165,267 | 442,528 | 334,572 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (2,285 | ) | (1,987 | ) | (7,050 | ) | (3,949 | ) | |||||||||
Income from continuing operations to common shareholders | 145,104 | 163,280 | 435,478 | 330,623 | |||||||||||||
(Loss) income from discontinued operations | (20,214 | ) | 116,690 | 175,532 | 274,065 | ||||||||||||
Earnings allocated to unvested share-based payment awards | 313 | (1,403 | ) | (2,796 | ) | (3,235 | ) | ||||||||||
(Loss) income from discontinued operations, net of tax to common shareholders | (19,901 | ) | 115,287 | 172,736 | 270,830 | ||||||||||||
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (1,972 | ) | (3,390 | ) | (9,846 | ) | (7,184 | ) | |||||||||
Net income attributable to Noble Corporation to common shareholders | $ | 125,203 | $ | 278,567 | $ | 608,214 | $ | 601,453 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 253,842 | 253,357 | 254,006 | 253,242 | |||||||||||||
Incremental shares issuable from assumed exercise of stock options | 107 | 261 | 114 | 265 | |||||||||||||
Weighted average shares outstanding - diluted | 253,949 | 253,618 | 254,120 | 253,507 | |||||||||||||
Weighted average unvested share-based payment awards | 3,999 | 3,086 | 4,114 | 3,028 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic | |||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.64 | $ | 1.71 | $ | 1.3 | |||||||||
Discontinued operations | (0.08 | ) | 0.46 | 0.68 | 1.07 | ||||||||||||
Net income attributable to Noble Corporation | $ | 0.49 | $ | 1.1 | $ | 2.39 | $ | 2.37 | |||||||||
Diluted | |||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.64 | $ | 1.71 | $ | 1.3 | |||||||||
Discontinued operations | (0.08 | ) | 0.46 | 0.68 | 1.07 | ||||||||||||
Net income attributable to Noble Corporation | $ | 0.49 | $ | 1.1 | $ | 2.39 | $ | 2.37 | |||||||||
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, 2014 and 2013, approximately 1.3 million and 0.9 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. |
Receivables_from_Customers
Receivables from Customers | 9 Months Ended |
Sep. 30, 2014 | |
Receivables [Abstract] | ' |
Receivables from Customers | ' |
Note 6 — Receivables from Customers | |
At September 30, 2014, we had a receivable of approximately $14 million related to the Noble Max Smith, which is being disputed by our customer, Petróleos Mexicanos (“Pemex”). This receivable has been classified as long-term and is included in “Other assets” on our Consolidated Balance Sheet. The disputed amount relates 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 this amount. This matter is currently proceeding through the Mexican judicial system. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amount. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 7 — Property and Equipment | |||||||||
Property and equipment, at cost, as of September 30, 2014 and December 31, 2013 for Noble-UK consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 13,606,398 | $ | 17,130,986 | |||||
Construction in progress | 1,479,263 | 1,854,434 | |||||||
Other | 219,097 | 213,347 | |||||||
Property and equipment, at cost | $ | 15,304,758 | $ | 19,198,767 | |||||
Capital expenditures, including capitalized interest, totaled $1.7 billion for both the nine months ended September 30, 2014 and 2013. Capitalized interest was $11 million and $39 million for the three and nine months ended September 30, 2014, respectively, as compared to $31 million and $92 million for the three and nine months ended September 30, 2013, respectively. | |||||||||
Capital expenditures related to Paragon Offshore for the three and nine months ended September 30, 2014 totaled $15 million and $150 million, respectively. Additionally, a portion of our property and equipment at December 31, 2013 was related to Paragon Offshore. |
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Note 8 — Debt | |||||||||||||||||
Long-term debt consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | 249,964 | |||||||||||||
3.45% Senior Notes due August 2015 | 350,000 | 350,000 | |||||||||||||||
3.05% Senior Notes due March 2016 | 299,978 | 299,967 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,912 | 299,886 | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,118 | 499,022 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,614 | 399,576 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,242 | 399,178 | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 399,893 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,672 | 397,646 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,303 | 498,283 | |||||||||||||||
Total senior unsecured notes | 3,745,428 | 3,995,110 | |||||||||||||||
Commercial paper program | 991,653 | 1,561,141 | |||||||||||||||
Total long-term debt | $ | 4,737,081 | $ | 5,556,251 | |||||||||||||
Credit Facilities and Commercial Paper Program | |||||||||||||||||
We currently have three credit facilities with an aggregate maximum available capacity of $2.9 billion (together, the “Credit Facilities”). In August 2014, we extended the maturity date of our $600 million senior unsecured 364-day revolving credit facility for a six-month period to February 2015. In addition, we continue to maintain a $1.5 billion credit facility that matures in 2017 and an $800 million credit facility that matures in 2016. In February 2015, availability under the $800 million credit facility will be reduced by $36 million. | |||||||||||||||||
We have a commercial paper program, which allows us to issue up to $2.7 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our Credit Facilities. | |||||||||||||||||
The Credit Facilities provide us with the ability to issue up to $375 million in letters of credit in the aggregate. The issuance of letters of credit under the Credit Facilities reduces the amount available for borrowing. At September 30, 2014, we had no letters of credit issued under the Credit Facilities. | |||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||
In March 2014, we repaid our $250 million 7.375% Senior Notes using issuances under our commercial paper program. | |||||||||||||||||
Our $350 million 3.45% Senior Notes mature during the third quarter of 2015. We anticipate using availability under our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we continue to report the balance as long-term at September 30, 2014. | |||||||||||||||||
Covenants | |||||||||||||||||
The Credit Facilities are guaranteed by our indirect wholly-owned subsidiaries, Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At September 30, 2014, our ratio of debt to total tangible capitalization was approximately 0.37. We were in compliance with all covenants under the Credit Facilities as of September 30, 2014. | |||||||||||||||||
In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At September 30, 2014, 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 2014. | |||||||||||||||||
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 13. | |||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||
3.45% Senior Notes due August 2015 | 350,000 | 357,087 | 350,000 | 363,019 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,978 | 306,752 | 299,967 | 309,878 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,912 | 303,855 | 299,886 | 302,891 | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 232,264 | 201,695 | 232,839 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,118 | 530,788 | 499,022 | 528,597 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,614 | 413,996 | 399,576 | 413,868 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,242 | 391,616 | 399,178 | 390,520 | |||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 416,991 | 399,893 | 421,720 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,672 | 408,334 | 397,646 | 417,312 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,303 | 458,360 | 498,283 | 476,873 | |||||||||||||
Total senior unsecured notes | 3,745,428 | 3,820,043 | 3,995,110 | 4,111,151 | |||||||||||||
Commercial paper program | 991,653 | 991,653 | 1,561,141 | 1,561,141 | |||||||||||||
Total long-term debt | $ | 4,737,081 | $ | 4,811,696 | $ | 5,556,251 | $ | 5,672,292 | |||||||||
Equity
Equity | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity | ' | ||||||||
Note 9 — Equity | |||||||||
Share capital | |||||||||
As of September 30, 2014, Noble-UK had approximately 252.3 million shares outstanding and trading as compared to approximately 253.4 million shares outstanding and trading at December 31, 2013. Repurchased shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. | |||||||||
In July 2014, our Board of Directors approved the payment of a quarterly dividend to shareholders of $0.375 per share. The aggregate dividend paid in August 2014 was approximately $97 million. | |||||||||
Share repurchases | |||||||||
Under UK law, a company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. Prior to our redomiciliation to the UK, a resolution was adopted by Noble-UK’s sole shareholder authorizing the repurchase of 6,769,891 shares during the five-year period commencing on the date of the redomiciliation. This number of shares corresponds to the number of shares that Noble-Swiss had authority to repurchase at the time of the redomiciliation. The company may only fund the purchase of its own shares out of distributable reserves or the proceeds of a new issue of shares made expressly for that purpose. The company currently has adequate distributable reserves to fund its currently approved repurchase plan. If any premium above the nominal value of the purchased shares is paid, it must be paid out of distributable reserves. Any shares purchased by the company out of distributable reserves may be held as treasury shares or cancelled at the company’s election. During the three and nine months ended September 30, 2014, we repurchased and immediately cancelled approximately 2.0 million shares under this plan. At September 30, 2014, approximately 4.8 million shares remained available under this authorization. | |||||||||
Share-Based Compensation Plans | |||||||||
Stock Plans | |||||||||
The Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended (the “1991 Plan”), provides for the granting of options to purchase our shares, with or without stock appreciation rights, and the awarding of restricted shares or units to selected employees. In connection with the Spin-Off, the total number of shares subject to issue under existing awards under the 1991 Plan was increased from 50.1 million to 60.3 million. As of September 30, 2014, we had 6.5 million shares remaining available for grants to employees under the 1991 Plan. | |||||||||
Prior to October 25, 2007, the Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “1992 Plan”) provided for the granting of nonqualified stock options to our non-employee directors. On October 25, 2007, the 1992 Plan was amended and restated to, among other things, eliminate grants of stock options to non-employee directors and modify the annual award of restricted shares from a fixed number of restricted shares to an annually-determined variable number of restricted or unrestricted shares. In connection with the Spin-Off, the total number of shares subject to issue under existing awards under the 1992 Plan was increased from 2.0 million to 2.3 million. As of September 30, 2014, we had 0.6 million shares remaining available for award to non-employee directors under the 1992 Plan. | |||||||||
Stock Options | |||||||||
Pursuant to the EMA (see Note 2), we modified the outstanding stock options for our employees in connection with the Spin-Off. We made certain adjustments to the exercise price and number of our stock options to preserve the economic value of the grants immediately prior to the Spin-Off. Each outstanding stock option of Noble, whether or not exercisable, that was held by a current or former Noble employee was adjusted such that the holder received an additional number of stock options of Noble based on a price ratio. The exercise price was adjusted by a factor equal to exercise price of the option prior to the Spin-Off divided by the price ratio. The price ratio was calculated by dividing the average closing price of our stock during the 10 trading-day period prior to the Spin-Off by the average closing price of our stock during the 10 trading-day period subsequent to the Spin-Off. Each outstanding stock option of Noble, whether or not exercisable, that was held by an employee transferring to Paragon Offshore was vested at the Spin-Off date and the exercise price and number of awards were adjusted in the same manner as explained above for Noble employees. At the Spin-Off, we recognized the remaining expense for the accelerated vesting of stock options held by Paragon Offshore employees. | |||||||||
As a result of the Spin-Off, an additional 339,223 stock options were issued to preserve the economic value of the grants immediately prior to the Spin-Off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense. | |||||||||
The following table presenting a summary of stock option award activity for the nine months ended September 30, 2014 reflects the adjustments discussed above. | |||||||||
Number of | |||||||||
Shares | |||||||||
Underlying | |||||||||
Options | |||||||||
Outstanding at December 31, 2013 | 1,808,987 | ||||||||
Exercised | (131,706 | ) | |||||||
Forfeited | (17,175 | ) | |||||||
Spin-Off adjustment | 339,223 | ||||||||
Outstanding at September 30, 2014 | 1,999,329 | ||||||||
Restricted Stock Units (“RSUs”) | |||||||||
Pursuant to the EMA (see Note 2), we modified the outstanding RSU awards, both time-vested restricted stock units (“TVRSUs”) and market-based performance-vested restricted stock units (“PVRSUs”), for our employees in connection with the Spin-Off. We made certain adjustments to the number of our share-based compensation awards to preserve the economic value of the grants immediately prior to the Spin-Off. Each outstanding and unvested RSU of Noble that was held by a current or former Noble employee was adjusted such that the holder received an additional number of RSUs of Noble based on a price ratio, which was calculated as noted above in “Stock Options”. Each outstanding and unvested TVRSU of Noble that was held by an employee transferring to Paragon Offshore was cancelled and an equivalent award was granted by Paragon Offshore. Each outstanding and unvested PVRSU of Noble that was held by an employee transferring to Paragon Offshore was continued pro-rata at the time of Spin-Off, subject to the achievement of the performance condition at the end of the performance period. The remaining unvested PVRSUs were cancelled and an equivalent award was granted by Paragon Offshore, except for the 2012 PVRSU grants. For the 2012 PVRSU grants, a bonus will be paid by Paragon Offshore for the cancelled portion of the award should the performance factor be achieved. | |||||||||
As a result of the Spin-Off, an additional 326,853 TVRSUs and 329,937 PVRSUs were issued to preserve the economic value of the grants immediately prior to the Spin-Off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense. | |||||||||
The following table presenting a summary of RSU award activity for the nine months ended September 30, 2014 reflects the adjustments discussed above. | |||||||||
TVRSUs | PVRSUs | ||||||||
Outstanding | Outstanding | ||||||||
Non-vested RSUs at December 31, 2013 | 1,652,360 | 1,397,137 | |||||||
Awarded | 1,608,613 | 740,364 | |||||||
Vested | (746,162 | ) | (180,975 | ) | |||||
Forfeited | (124,740 | ) | (253,882 | ) | |||||
Surrendered in connection with Spin-Off | (816,627 | ) | (89,612 | ) | |||||
Spin-Off adjustment | 326,853 | 329,937 | |||||||
Non-vested RSUs at September 30, 2014 | 1,900,297 | 1,942,969 | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 10 — Income Taxes | |
At September 30, 2014, the reserves for uncertain tax positions totaled $101 million (net of related tax benefits of $1 million). If the September 30, 2014 reserves are not realized, the provision for income taxes would be reduced by $101 million. At December 31, 2013, the reserves for uncertain tax positions totaled $127 million (net of related tax benefits of $2 million). | |
It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. As a result, 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, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 11 — Employee Benefit Plans | |||||||||||||||||
Pension costs include the following components for the three months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 1,016 | $ | 2,541 | $ | 1,361 | $ | 2,681 | |||||||||
Interest cost | 1,022 | 2,714 | 1,259 | 2,263 | |||||||||||||
Return on plan assets | (1,397 | ) | (3,846 | ) | (1,443 | ) | (3,275 | ) | |||||||||
Amortization of prior service cost | (2 | ) | 56 | — | 57 | ||||||||||||
Recognized net actuarial loss | 119 | 651 | 426 | 1,910 | |||||||||||||
Curtailment expense | — | 241 | — | — | |||||||||||||
Settlement expense | — | 310 | — | — | |||||||||||||
Net pension expense | $ | 758 | $ | 2,667 | $ | 1,603 | $ | 3,636 | |||||||||
Included in net pension expense for the three months ended September 30, 2014 and 2013 was approximately $1 million and $2 million, respectively, related to Paragon Offshore that was classified as discontinued operations. | |||||||||||||||||
Pension costs include the following components for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 3,869 | $ | 7,623 | $ | 4,089 | $ | 8,043 | |||||||||
Interest cost | 3,950 | 8,142 | 3,793 | 6,787 | |||||||||||||
Return on plan assets | (5,088 | ) | (11,538 | ) | (4,351 | ) | (9,827 | ) | |||||||||
Amortization of prior service cost | (12 | ) | 168 | — | 171 | ||||||||||||
Recognized net actuarial loss | 748 | 1,953 | 1,226 | 5,730 | |||||||||||||
Curtailment expense | — | 241 | — | — | |||||||||||||
Settlement expense | — | 310 | — | — | |||||||||||||
Net pension expense | $ | 3,467 | $ | 6,899 | $ | 4,757 | $ | 10,904 | |||||||||
Included in net pension expense for the nine months ended September 30, 2014 and 2013 was approximately $4 million and $6 million, respectively, related to Paragon Offshore that was classified as discontinued operations. | |||||||||||||||||
As a result of the Spin-Off, employees of Paragon Offshore no longer participated in benefit plans sponsored or maintained by Noble. At the time of the Spin-Off, Noble Enterprises Limited and Noble Drilling (Nederland) B.V. transferred all assets and obligations to Paragon Offshore. | |||||||||||||||||
Employees participating in the US Salaried and Hourly defined benefit pension plans that transferred to Paragon Offshore at the time of the Spin-Off terminated under these plans as of July 31, 2014. In connection with the termination of these employees, we recognized a curtailment expense of $0.2 million. These terminated employees may elect to receive their accumulated benefits as a lump sum distribution, which will trigger a settlement expense upon election. Terminated employees must make this election by December 15, 2014. As of September 30, 2014, we have not received any elections from these employees. | |||||||||||||||||
Additionally, we recognized a settlement expense of $0.3 million in respect of the US Restoration Plan related to the Spin-Off as of September 30, 2014. | |||||||||||||||||
During the three and nine months ended September 30, 2014, we made contributions to our pension plans totaling $0.1 million and $7 million, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Note 12 — Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. | |||||||||||||||||||||||||
For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
Our North Sea and Brazil 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 2014 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 $13 million at September 30, 2014. Total unrealized losses related to these forward contracts were approximately $0.3 million as of September 30, 2014 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). | |||||||||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||||||||
The following table, together with Note 13, summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | September 30, | December 31, | |||||||||||||||||||||||
classification | 2014 | 2013 | |||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current assets | $ | 60 | $ | — | ||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current liabilities | $ | 333 | $ | — | ||||||||||||||||||||
To supplement the fair value disclosures in Note 13, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drilling services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,125 | ) | $ | 2,022 | $ | 1,852 | $ | (1,433 | ) | $ | — | $ | — | |||||||||||
To supplement the fair value disclosures in Note 13, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drilling services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (4,904 | ) | $ | 2,207 | $ | 4,631 | $ | (1,618 | ) | $ | — | $ | — |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 13 — 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, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 3,332 | $ | 3,332 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 60 | — | 60 | — | |||||||||||||
Liabilities - | |||||||||||||||||
Foreign currency forward contracts | $ | 333 | $ | — | $ | 333 | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 7,230 | $ | 7,230 | $ | — | $ | — | |||||||||
The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 14 — Accumulated Other Comprehensive Loss | |||||||||||||||||
The following tables set forth the changes in the accumulated balances for each component of AOCL, net of tax, for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,029 | ) | — | (658 | ) | (1,687 | ) | ||||||||||
Amounts reclassified from AOCL | 1,618 | 4,935 | — | 6,553 | |||||||||||||
Net other comprehensive income (loss) | 589 | 4,935 | (658 | ) | 4,866 | ||||||||||||
Balance at September 30, 2013 | $ | 589 | $ | (90,136 | ) | $ | (21,036 | ) | $ | (110,583 | ) | ||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 4,358 | — | 1,143 | 5,501 | |||||||||||||
Amounts reclassified from AOCL | (4,631 | ) | 1,048 | — | (3,583 | ) | |||||||||||
Net other comprehensive income (loss) | (273 | ) | 1,048 | 1,143 | 1,918 | ||||||||||||
Spin-Off of Paragon Offshore(3) | — | 21,772 | 12,706 | 34,478 | |||||||||||||
Balance at September 30, 2014 | $ | (273 | ) | $ | (35,778 | ) | $ | (9,717 | ) | $ | (45,768 | ) | |||||
-1 | Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 12 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial losses, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 11 for additional information. | ||||||||||||||||
-3 | Reclassifications for the Spin-Off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-Off. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 15 — Commitments and Contingencies | |
The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with British Petroleum plc (“BP”) for a two-well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig was ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. The arbitration process is proceeding, and we intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved should the arbitration panel ultimately rule in our favor. | |
In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management system. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and worked with the agency to keep it apprised of our progress. We also conducted an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard conducted its own investigation. We reported certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer and Kulluk and other matters. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. We are cooperating with the DOJ in connection with their investigation, which relates to the items described above, hazardous condition allegations with respect to the Noble Discoverer and other matters. The DOJ is seeking criminal sanctions, including monetary penalties, against us, as well as some form of ongoing assurance of our operational compliance programs, and we are in settlement discussions with the DOJ. We believe it is probable that we will have to pay fines and penalties to resolve this matter and have reserved $12 million. We cannot provide any assurances regarding when the DOJ will conclude the investigation or what the final outcome will be. | |
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, 2014, 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 Illinois, Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. | |
We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. | |
We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During 2013, the IRS completed its examination of our tax reporting for the taxable year ended December 31, 2008 and concluded that we were entitled to a refund. The congressional Joint Committee on Taxation took no exception to the conclusions reached by the IRS, and the refund, plus interest, was received in March 2014. The IRS also completed its examination of our tax reporting for the taxable year ended December 31, 2009, and informed us that it made no changes to our reported tax. During the first quarter of 2014, the IRS began its examination of our tax reporting 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. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. | |
Audit claims of approximately $73 million attributable to income, customs and other business taxes have been assessed against us. We have contested, or intend to contest, these assessments, 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. | |
We have been notified by Petróleo Brasileiro S.A. (“Petrobras”) that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $32 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. Damage caused by hurricanes has negatively impacted the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently, we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. 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 remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence. | |
Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. | |
We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million. | |
In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $940 million at September 30, 2014. | |
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. |
Segment_and_Related_Informatio
Segment and Related Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||||||||||
Note 16 — Segment and Related Information | |||||||||||||||||||||||||
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 industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally due to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. As of September 30, 2014, our contract drilling services segment conducts contract drilling operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean, West Africa, the Middle East, Asia and Australia. | |||||||||||||||||||||||||
We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for continuing operations for the three and nine months ended September 30, 2014 and 2013 is shown in the following tables. The “Other” column includes results of labor contract drilling services in Alaska for 2013, as well as corporate related items for all periods. 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. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK. | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Other | Total | Contract | Other | Total | ||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Services | ||||||||||||||||||||||||
Revenues from external customers | $ | 828,715 | $ | 81 | $ | 828,796 | $ | 640,487 | $ | 26 | $ | 640,513 | |||||||||||||
Depreciation and amortization | 156,213 | 5,033 | 161,246 | 125,855 | 3,988 | 129,843 | |||||||||||||||||||
Segment operating income/ (loss) | 249,297 | (5,664 | ) | 243,633 | 245,726 | (6,478 | ) | 239,248 | |||||||||||||||||
Interest expense, net of amount capitalized | (5 | ) | (37,746 | ) | (37,751 | ) | (318 | ) | (22,831 | ) | (23,149 | ) | |||||||||||||
Income tax (provision)/ benefit | (49,437 | ) | 8,655 | (40,782 | ) | (33,957 | ) | 105 | (33,852 | ) | |||||||||||||||
Segment profit/ (loss) | 202,324 | (75,149 | ) | 127,175 | 284,883 | (2,926 | ) | 281,957 | |||||||||||||||||
Total assets (at end of period) | 12,231,090 | 1,719,107 | 13,950,197 | 15,058,076 | 671,255 | 15,729,331 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Other | Total | Contract | Other | Total | ||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Services | ||||||||||||||||||||||||
Revenues from external customers | $ | 2,425,513 | $ | 2,251 | $ | 2,427,764 | $ | 1,796,054 | $ | 17,000 | $ | 1,813,054 | |||||||||||||
Depreciation and amortization | 446,425 | 13,881 | 460,306 | 359,405 | 10,997 | 370,402 | |||||||||||||||||||
Segment operating income/ (loss) | 741,227 | (13,421 | ) | 727,806 | 541,146 | (6,488 | ) | 534,658 | |||||||||||||||||
Interest expense, net of amount capitalized | (162 | ) | (114,332 | ) | (114,494 | ) | (539 | ) | (74,576 | ) | (75,115 | ) | |||||||||||||
Income tax (provision)/ benefit | (134,310 | ) | 23,685 | (110,625 | ) | (69,581 | ) | (4,760 | ) | (74,341 | ) | ||||||||||||||
Segment profit/ (loss) | 775,479 | (157,419 | ) | 618,060 | 665,250 | (56,613 | ) | 608,637 | |||||||||||||||||
Total assets (at end of period) | 12,231,090 | 1,719,107 | 13,950,197 | 15,058,076 | 671,255 | 15,729,331 |
Accounting_Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Pronouncements | ' |
Note 17 — Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-Off. We are still 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 May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Net_Change_in_Other_Assets_and
Net Change in Other Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Net Change in Other Assets and Liabilities | ' | ||||||||||||||||
Note 18 — Net Change in Other Assets and Liabilities | |||||||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders. | |||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accounts receivable | $ | (15,968 | ) | $ | (92,073 | ) | $ | (15,968 | ) | $ | (92,073 | ) | |||||
Other current assets | (65,075 | ) | (50,738 | ) | (71,784 | ) | (49,791 | ) | |||||||||
Other assets | (51,887 | ) | (8,129 | ) | (51,871 | ) | (8,133 | ) | |||||||||
Accounts payable | 74,349 | 9,357 | 33,909 | 7,830 | |||||||||||||
Other current liabilities | (23,882 | ) | 4,042 | (4,294 | ) | 4,702 | |||||||||||
Other liabilities | 35,219 | 35,231 | 51,346 | 35,227 | |||||||||||||
$ | (47,244 | ) | $ | (102,310 | ) | $ | (58,662 | ) | $ | (102,238 | ) | ||||||
Information_about_NobleCayman
Information about Noble-Cayman | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||||||
Information about Noble-Cayman | ' | ||||||||||||||||||||||||||||||||
Note 19 — Information about Noble-Cayman | |||||||||||||||||||||||||||||||||
Guarantees of Registered Securities | |||||||||||||||||||||||||||||||||
In May 2014, as part of the separation of Paragon Offshore, NHC assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from all obligations under the Senior Notes due 2019. As such, we are removing NDC from the guarantor financial statements and NHC will no longer be combined with Noble Drilling Holding, LLC (“NDH”), as they are now issuers and guarantors on separate debt instruments. We have recast prior periods presented to conform to the guarantor structure as it exists at September 30, 2014. | |||||||||||||||||||||||||||||||||
Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of September 30, 2014 with respect to the following securities as follows: | |||||||||||||||||||||||||||||||||
Notes | Issuer | Guarantor(s) | |||||||||||||||||||||||||||||||
(Co-Issuer(s)) | |||||||||||||||||||||||||||||||||
$350 million 3.45% Senior Notes due 2015 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 3.05% Senior Notes due 2016 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 2.50% Senior Notes due 2017 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$202 million 7.50% Senior Notes due 2019 | NHC | Noble-Cayman; | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$500 million 4.90% Senior Notes due 2020 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 4.625% Senior Notes due 2021 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 3.95% Senior Notes due 2022 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$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 | |||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 358 | $ | — | $ | — | $ | 65,585 | $ | — | $ | 65,948 | |||||||||||||||||
Accounts receivable | — | — | 46,320 | — | — | 563,814 | — | 610,134 | |||||||||||||||||||||||||
Taxes receivable | — | 72,332 | 513 | — | — | 53,316 | — | 126,161 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 124,418 | — | 1,077,965 | — | 333,966 | 171,925 | (1,708,274 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,092,898 | 364,033 | 189,512 | 169,979 | 123,742 | 4,017,720 | (6,957,884 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 18,187 | — | 2,064 | 19 | — | 159,368 | — | 179,638 | |||||||||||||||||||||||||
Total current assets | 2,235,508 | 436,365 | 1,316,732 | 169,998 | 457,708 | 5,031,728 | (8,666,158 | ) | 981,881 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,519,562 | — | — | 12,746,644 | — | 15,266,206 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (263,035 | ) | — | — | (2,396,852 | ) | — | (2,659,887 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,256,527 | — | — | 10,349,792 | — | 12,606,319 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,653 | — | 879,154 | 1,980,391 | 5,000 | 2,096,075 | (8,265,273 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 5,129,070 | 1,282,802 | 3,426,000 | 8,378,227 | 5,672,872 | — | (23,888,971 | ) | — | ||||||||||||||||||||||||
Other assets | 3,312 | — | 6,664 | 20,539 | 546 | 230,928 | — | 261,989 | |||||||||||||||||||||||||
Total assets | $ | 10,672,543 | $ | 1,719,167 | $ | 7,885,077 | $ | 10,549,155 | $ | 6,136,126 | $ | 17,708,523 | $ | (40,820,402 | ) | $ | 13,850,189 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,164,629 | $ | (1,708,274 | ) | $ | — | ||||||||||||||||
Accounts payable | 3,202 | — | 6,639 | — | — | 225,982 | — | 235,823 | |||||||||||||||||||||||||
Accrued payroll and related costs | 2 | — | 8,525 | — | — | 85,858 | — | 94,385 | |||||||||||||||||||||||||
Accounts payable to affiliates | 543,326 | 62,561 | 3,421,407 | 53,516 | 18,833 | 2,858,241 | (6,957,884 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 112,332 | — | 112,332 | |||||||||||||||||||||||||
Other current liabilities | 14,346 | — | 21,625 | 16,359 | 630 | 113,345 | — | 166,305 | |||||||||||||||||||||||||
Total current liabilities | 560,876 | 234,486 | 3,458,196 | 69,875 | 391,183 | 4,560,387 | (8,666,158 | ) | 608,845 | ||||||||||||||||||||||||
Long-term debt | 991,652 | — | — | 3,543,734 | 201,695 | — | — | 4,737,081 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 1,113,363 | 1,169,180 | 834,449 | 3,379,217 | (8,265,273 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 165,750 | — | 165,750 | |||||||||||||||||||||||||
Other liabilities | 25,471 | — | 30,045 | — | — | 234,121 | — | 289,637 | |||||||||||||||||||||||||
Total liabilities | 3,347,063 | 234,486 | 4,601,604 | 4,782,789 | 1,427,327 | 8,339,475 | (16,931,431 | ) | 5,801,313 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 7,325,480 | 1,484,681 | 3,283,473 | 5,766,366 | 4,708,799 | 8,231,247 | (23,474,566 | ) | 7,325,480 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,137,801 | (414,405 | ) | 723,396 | ||||||||||||||||||||||||
Total equity | 7,325,480 | 1,484,681 | 3,283,473 | 5,766,366 | 4,708,799 | 9,369,048 | (23,888,971 | ) | 8,048,876 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,672,543 | $ | 1,719,167 | $ | 7,885,077 | $ | 10,549,155 | $ | 6,136,126 | $ | 17,708,523 | $ | (40,820,402 | ) | $ | 13,850,189 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
Accounts receivable | — | — | 34,038 | — | — | 915,031 | — | 949,069 | |||||||||||||||||||||||||
Taxes receivable | — | 52,307 | — | — | — | 87,722 | — | 140,029 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,456,245 | 139,195 | 19,500 | 52,611 | (1,667,551 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,244,019 | — | 108,208 | 210,868 | 27,537 | 6,010,430 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 6,336 | — | — | 178,012 | — | 184,348 | |||||||||||||||||||||||||
Total current assets | 1,244,020 | 52,307 | 1,605,229 | 350,067 | 47,037 | 7,353,781 | (9,268,613 | ) | 1,383,828 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,340,216 | — | — | 16,820,134 | — | 19,160,350 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (310,171 | ) | — | — | (4,321,507 | ) | — | (4,631,678 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,030,045 | — | — | 12,498,627 | — | 14,528,672 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,753 | — | 124,216 | 2,367,555 | 5,000 | 1,390,500 | (7,192,024 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 8,601,712 | 2,907,379 | 6,595,591 | 9,456,735 | 5,440,004 | — | (33,001,421 | ) | — | ||||||||||||||||||||||||
Other assets | 6,256 | — | 6,332 | 22,681 | 639 | 233,106 | — | 269,014 | |||||||||||||||||||||||||
Total assets | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 52,611 | $ | 139,195 | $ | — | $ | 750,000 | $ | 725,745 | $ | (1,667,551 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 5,310 | — | — | 340,600 | — | 345,910 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 8,582 | — | — | 134,764 | — | 143,346 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,104,410 | 653,049 | 4,032,776 | 216,866 | 21,173 | 1,572,788 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 827 | — | — | 119,761 | — | 120,588 | |||||||||||||||||||||||||
Other current liabilities | 412 | — | 22,106 | 62,431 | 4,412 | 210,811 | — | 300,172 | |||||||||||||||||||||||||
Total current liabilities | 1,104,822 | 705,660 | 4,208,796 | 279,297 | 775,585 | 3,104,469 | (9,268,613 | ) | 910,016 | ||||||||||||||||||||||||
Long-term debt | 1,561,141 | — | — | 3,793,414 | 201,696 | — | — | 5,556,251 | |||||||||||||||||||||||||
Notes payable to affiliates | 2,042,808 | — | 534,683 | 975,000 | 260,216 | 3,379,317 | (7,192,024 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 225,455 | — | 225,455 | |||||||||||||||||||||||||
Other liabilities | 19,931 | — | 24,502 | — | — | 289,875 | — | 334,308 | |||||||||||||||||||||||||
Total liabilities | 4,728,702 | 705,660 | 4,767,981 | 5,047,711 | 1,237,497 | 6,999,116 | (16,460,637 | ) | 7,026,030 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 13,238,656 | (32,490,624 | ) | 8,428,039 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,238,242 | (510,797 | ) | 727,445 | ||||||||||||||||||||||||
Total equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 14,476,898 | (33,001,421 | ) | 9,155,484 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 81,834 | $ | — | $ | — | $ | 866,699 | $ | (138,333 | ) | $ | 810,200 | ||||||||||||||||
Reimbursables | — | — | 1,495 | — | — | 17,100 | — | 18,595 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 83,329 | — | — | 883,800 | (138,333 | ) | 828,796 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 3,571 | 9,239 | 27,593 | 25,489 | — | 456,352 | (138,333 | ) | 383,911 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,112 | — | — | 12,529 | — | 13,641 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 16,922 | — | — | 143,333 | — | 160,255 | |||||||||||||||||||||||||
General and administrative | 397 | 2,348 | — | 6,530 | — | 3,782 | — | 13,057 | |||||||||||||||||||||||||
Total operating costs and expenses | 3,968 | 11,587 | 45,627 | 32,019 | — | 615,996 | (138,333 | ) | 570,864 | ||||||||||||||||||||||||
Operating income (loss) | (3,968 | ) | (11,587 | ) | 37,702 | (32,019 | ) | — | 267,804 | — | 257,932 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | (2,716,832 | ) | (20,299 | ) | (130,556 | ) | 283,190 | 182,350 | — | 2,402,147 | — | ||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 10,413 | (3,921 | ) | (10,045 | ) | 2,021 | 124 | — | 1,408 | — | |||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,706,419 | ) | (24,220 | ) | (140,601 | ) | 285,211 | 182,474 | — | 2,403,555 | — | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (22,352 | ) | (1,042 | ) | (8,729 | ) | (40,423 | ) | (10,573 | ) | (3,109,995 | ) | 3,155,363 | (37,751 | ) | ||||||||||||||||||
Interest income and other, net | 2,905,973 | — | 208,241 | 21,240 | 1,249 | 22,445 | (3,155,363 | ) | 3,785 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 173,234 | (36,849 | ) | 96,613 | 234,009 | 173,150 | (2,819,746 | ) | 2,403,555 | 223,966 | |||||||||||||||||||||||
Income tax provision | — | (11,352 | ) | (766 | ) | — | — | (28,556 | ) | — | (40,674 | ) | |||||||||||||||||||||
Net income from continuing operations | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,848,302 | ) | 2,403,555 | 183,292 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | — | — | 10,413 | — | 10,413 | |||||||||||||||||||||||||
Net Income | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,837,889 | ) | 2,403,555 | 193,705 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (31,612 | ) | 11,141 | (20,471 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,869,501 | ) | 2,414,696 | 173,234 | |||||||||||||||||||||||
Other comprehensive loss, net | (8,982 | ) | — | — | — | — | (8,982 | ) | 8,982 | (8,982 | ) | ||||||||||||||||||||||
Spin-Off of Paragon Offshore | 34,478 | — | — | — | — | 34,478 | (34,478 | ) | 34,478 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 198,730 | $ | (48,201 | ) | $ | 95,847 | $ | 234,009 | $ | 173,150 | $ | (2,844,005 | ) | $ | 2,389,200 | $ | 198,730 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 244,451 | $ | — | $ | — | $ | 2,328,611 | $ | (212,857 | ) | $ | 2,360,205 | ||||||||||||||||
Reimbursables | — | — | 4,748 | — | — | 62,810 | — | 67,558 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 249,199 | — | — | 2,391,422 | (212,857 | ) | 2,427,764 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 16,257 | 29,725 | 88,683 | 86,819 | — | 1,089,067 | (212,857 | ) | 1,097,694 | ||||||||||||||||||||||||
Reimbursables | — | — | 3,605 | — | — | 49,272 | — | 52,877 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 47,267 | — | — | 410,833 | — | 458,100 | |||||||||||||||||||||||||
General and administrative | 1,304 | 7,351 | — | 21,754 | 1 | 6,068 | — | 36,478 | |||||||||||||||||||||||||
Total operating costs and expenses | 17,561 | 37,076 | 139,555 | 108,573 | 1 | 1,555,240 | (212,857 | ) | 1,645,149 | ||||||||||||||||||||||||
Operating income (loss) | (17,561 | ) | (37,076 | ) | 109,644 | (108,573 | ) | (1 | ) | 836,182 | — | 782,615 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | (2,325,832 | ) | 90,411 | (9,789 | ) | 703,700 | 466,521 | — | 1,074,989 | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 225,022 | 49,146 | 94,515 | 183,347 | 6,249 | — | (558,279 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,100,810 | ) | 139,557 | 84,726 | 887,047 | 472,770 | — | 516,710 | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (70,702 | ) | (2,005 | ) | (21,703 | ) | (126,914 | ) | (26,477 | ) | (3,134,741 | ) | 3,268,048 | (114,494 | ) | ||||||||||||||||||
Interest income and other, net | 2,912,861 | — | 234,990 | 68,208 | 1,879 | 51,252 | (3,268,048 | ) | 1,142 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 723,788 | 100,476 | 407,657 | 719,768 | 448,171 | (2,247,307 | ) | 516,710 | 669,263 | ||||||||||||||||||||||||
Income tax provision | — | (49,945 | ) | (2,972 | ) | — | (1,547 | ) | (55,743 | ) | — | (110,207 | ) | ||||||||||||||||||||
Net income from continuing operations | 723,788 | 50,531 | 404,685 | 719,768 | 446,624 | (2,303,050 | ) | 516,710 | 559,056 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (18,655 | ) | 6,634 | — | — | 237,043 | — | 225,022 | ||||||||||||||||||||||||
Net Income | 723,788 | 31,876 | 411,319 | 719,768 | 446,624 | (2,066,007 | ) | 516,710 | 784,078 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (95,253 | ) | 34,963 | (60,290 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 723,788 | 31,876 | 411,319 | 719,768 | 446,624 | (2,161,260 | ) | 551,673 | 723,788 | ||||||||||||||||||||||||
Other comprehensive income, net | 1,918 | — | — | — | — | 1,918 | (1,918 | ) | 1,918 | ||||||||||||||||||||||||
Spin-Off of Paragon Offshore | 34,478 | — | — | — | — | 34,478 | (34,478 | ) | 34,478 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 760,184 | $ | 31,876 | $ | 411,319 | $ | 719,768 | $ | 446,624 | $ | (2,124,864 | ) | $ | 515,277 | $ | 760,184 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 49,887 | $ | — | $ | — | $ | 596,343 | $ | (23,060 | ) | $ | 623,170 | ||||||||||||||||
Reimbursables | — | — | 1,662 | — | — | 15,656 | — | 17,318 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 27 | — | 27 | |||||||||||||||||||||||||
Total operating revenues | — | — | 51,549 | — | — | 612,026 | (23,060 | ) | 640,515 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,623 | 6,091 | 16,300 | 27,802 | — | 254,951 | (23,060 | ) | 283,707 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,437 | — | — | 13,375 | — | 14,812 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 2,084 | — | 2,084 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 11,009 | — | — | 118,300 | — | 129,309 | |||||||||||||||||||||||||
General and administrative | 252 | 831 | — | 2,672 | — | 3,496 | — | 7,251 | |||||||||||||||||||||||||
General and administrative | — | — | — | — | — | 3,585 | — | 3,585 | |||||||||||||||||||||||||
Gain on disposal of assets, net | — | — | — | — | — | (35,646 | ) | — | (35,646 | ) | |||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | (45,000 | ) | — | — | — | — | 14,382 | — | (30,618 | ) | |||||||||||||||||||||||
Total operating costs and expenses | (43,125 | ) | 6,922 | 28,746 | 30,474 | — | 374,527 | (23,060 | ) | 374,484 | |||||||||||||||||||||||
Operating income (loss) | 43,125 | (6,922 | ) | 22,803 | (30,474 | ) | — | 237,499 | — | 266,031 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 181,946 | 34,079 | 55,577 | 197,443 | (1,405,910 | ) | — | 936,865 | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 119,102 | 7,752 | 92,278 | 132,659 | 24,500 | — | (376,291 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 301,048 | 41,831 | 147,855 | 330,102 | (1,381,410 | ) | — | 560,574 | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (34,941 | ) | (232 | ) | (5,372 | ) | (32,646 | ) | (14,998 | ) | (1,548,978 | ) | 1,614,018 | (23,149 | ) | ||||||||||||||||||
Interest income and other, net | 1,664 | — | 20,354 | 44,809 | 1,524,744 | 23,327 | (1,614,018 | ) | 880 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 310,896 | 34,677 | 185,640 | 311,791 | 128,336 | (1,288,152 | ) | 560,574 | 243,762 | ||||||||||||||||||||||||
Income tax provision | — | (43,401 | ) | (131 | ) | — | — | 10,024 | — | (33,508 | ) | ||||||||||||||||||||||
Net income from continuing operations | 310,896 | (8,724 | ) | 185,509 | 311,791 | 128,336 | (1,278,128 | ) | 560,574 | 210,254 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | (42 | ) | (7,669 | ) | 10,873 | (1,537 | ) | — | 117,477 | — | 119,102 | ||||||||||||||||||||||
Net Income | 310,854 | (16,393 | ) | 196,382 | 310,254 | 128,336 | (1,160,651 | ) | 560,574 | 329,356 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (34,004 | ) | 15,502 | (18,502 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 310,854 | (16,393 | ) | 196,382 | 310,254 | 128,336 | (1,194,655 | ) | 576,076 | 310,854 | |||||||||||||||||||||||
Other comprehensive income, net | 5,846 | — | — | — | — | 5,846 | (5,846 | ) | 5,846 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 316,700 | $ | (16,393 | ) | $ | 196,382 | $ | 310,254 | $ | 128,336 | $ | (1,188,809 | ) | $ | 570,230 | $ | 316,700 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 154,486 | $ | — | $ | — | $ | 1,662,572 | $ | (66,431 | ) | $ | 1,750,627 | ||||||||||||||||
Reimbursables | — | — | 4,493 | — | — | 40,923 | — | 45,416 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 17,000 | — | 17,000 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||
Total operating revenues | — | — | 158,979 | — | — | 1,720,506 | (66,431 | ) | 1,813,054 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 3,351 | 16,272 | 36,956 | 72,830 | — | 768,087 | (66,431 | ) | 831,065 | ||||||||||||||||||||||||
Reimbursables | — | — | 3,832 | — | — | 32,854 | — | 36,686 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 10,966 | — | 10,966 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 32,260 | — | — | 336,845 | — | 369,105 | |||||||||||||||||||||||||
General and administrative | 1,544 | 4,845 | — | 20,788 | 1 | 10,504 | — | 37,682 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 3,585 | — | 3,585 | |||||||||||||||||||||||||
Gain on disposal of assets, net | — | — | — | — | — | (35,646 | ) | — | (35,646 | ) | |||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | (45,000 | ) | — | — | — | — | 14,382 | — | (30,618 | ) | |||||||||||||||||||||||
Total operating costs and expenses | (40,105 | ) | 21,117 | 73,048 | 93,618 | 1 | 1,141,577 | (66,431 | ) | 1,222,825 | |||||||||||||||||||||||
Operating income (loss) | 40,105 | (21,117 | ) | 85,931 | (93,618 | ) | (1 | ) | 578,929 | — | 590,229 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 452,436 | 40,210 | 95,697 | 444,206 | (1,245,962 | ) | — | 213,413 | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 284,506 | 17,642 | 238,552 | 352,011 | 68,005 | — | (960,716 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 736,942 | 57,852 | 334,249 | 796,217 | (1,177,957 | ) | — | (747,303 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (105,720 | ) | (849 | ) | (17,755 | ) | (99,911 | ) | (38,388 | ) | (1,595,902 | ) | 1,783,410 | (75,115 | ) | ||||||||||||||||||
Interest income and other, net | 4,941 | — | 42,205 | 129,601 | 1,537,410 | 71,080 | (1,783,410 | ) | 1,827 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 676,268 | 35,886 | 444,630 | 732,289 | 321,064 | (945,893 | ) | (747,303 | ) | 516,941 | |||||||||||||||||||||||
Income tax provision | — | (19,723 | ) | (1,219 | ) | — | — | (51,625 | ) | — | (72,567 | ) | |||||||||||||||||||||
Net income from continuing operations | 676,268 | 16,163 | 443,411 | 732,289 | 321,064 | (997,518 | ) | (747,303 | ) | 444,374 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | (249 | ) | (20,558 | ) | 25,250 | (6,358 | ) | — | 286,421 | — | 284,506 | ||||||||||||||||||||||
Net Income | 676,019 | (4,395 | ) | 468,661 | 725,931 | 321,064 | (711,097 | ) | (747,303 | ) | 728,880 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (88,725 | ) | 35,864 | (52,861 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 676,019 | (4,395 | ) | 468,661 | 725,931 | 321,064 | (799,822 | ) | (711,439 | ) | 676,019 | ||||||||||||||||||||||
Other comprehensive income, net | 4,866 | — | — | — | — | 4,866 | (4,866 | ) | 4,866 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 680,885 | $ | (4,395 | ) | $ | 468,661 | $ | 725,931 | $ | 321,064 | $ | (794,956 | ) | $ | (716,305 | ) | $ | 680,885 | ||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | 2,858,748 | $ | (127,706 | ) | $ | 370,512 | $ | (211,228 | ) | $ | (29,835 | ) | $ | (1,390,805 | ) | $ | — | $ | 1,469,686 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,245,121 | ) | — | — | (554,706 | ) | — | (1,799,827 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | 50 | — | — | 273,744 | — | — | (273,794 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | 50 | — | (1,245,121 | ) | 273,744 | — | (554,706 | ) | (273,794 | ) | (1,799,827 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (569,489 | ) | — | — | — | — | — | — | (569,489 | ) | |||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Long-term borrowings of Paragon Offshore | — | — | — | — | — | 1,726,750 | — | 1,726,750 | |||||||||||||||||||||||||
Financing costs on long-term borrowings of Paragon Offshore | — | — | — | — | — | (30,876 | ) | — | (30,876 | ) | |||||||||||||||||||||||
Cash balances of Paragon Offshore in Spin-Off | — | — | — | — | — | (104,152 | ) | — | (104,152 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (64,339 | ) | — | (64,339 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (386 | ) | — | — | — | — | — | — | (386 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (421,801 | ) | — | — | — | — | — | — | (421,801 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (1,593,374 | ) | 127,706 | 874,565 | 187,480 | 29,835 | 373,788 | — | — | ||||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | (50 | ) | 273,794 | — | |||||||||||||||||||||||
Net cash from financing activities | (2,858,794 | ) | 127,706 | 874,565 | (62,520 | ) | 29,835 | 1,901,121 | 273,794 | 285,707 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (44 | ) | (4 | ) | — | (44,390 | ) | — | (44,434 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 358 | $ | — | $ | — | $ | 65,585 | $ | — | $ | 65,948 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (79,174 | ) | $ | (107,694 | ) | $ | 154,038 | $ | (113,088 | ) | $ | 1,495,330 | $ | (136,468 | ) | $ | — | $ | 1,212,944 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,070,669 | ) | — | — | (720,218 | ) | — | (1,790,887 | ) | ||||||||||||||||||||||
Proceeds from disposal of assets | — | — | — | — | — | 61,000 | — | 61,000 | |||||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | — | — | 294,798 | (294,798 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (1,070,669 | ) | — | — | (364,420 | ) | (294,798 | ) | (1,729,887 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 973,055 | — | — | — | — | — | — | 973,055 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interest | — | — | — | — | — | (69,728 | ) | — | (69,728 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (2,432 | ) | — | — | — | — | — | — | (2,432 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (187,610 | ) | — | — | — | — | — | — | (187,610 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (110,039 | ) | 107,694 | 915,850 | 113,094 | (1,495,330 | ) | 468,731 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (294,798 | ) | — | — | — | — | — | 294,798 | — | ||||||||||||||||||||||||
Net cash from financing activities | 78,176 | 107,694 | 915,850 | 113,094 | (1,495,330 | ) | 399,003 | 294,798 | 413,285 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (998 | ) | — | (781 | ) | 6 | — | (101,885 | ) | — | (103,658 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 123 | $ | 8 | $ | — | $ | 173,581 | $ | — | $ | 173,717 | |||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Components of Net Income from Discontinued Operations, Net of Tax | ' | ||||||||||||||||
The following table provides the components of net income from discontinued operations, net of tax: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Contract drilling services | $ | 136,548 | $ | 417,948 | $ | 993,253 | $ | 1,194,684 | |||||||||
Reimbursables | 2,398 | 11,923 | 21,899 | 33,260 | |||||||||||||
Labor contract drilling services | 2,946 | 8,467 | 19,304 | 26,150 | |||||||||||||
Other | 1 | 28 | 2 | 94 | |||||||||||||
Revenues from discontinued operations | $ | 141,893 | $ | 438,366 | $ | 1,034,458 | $ | 1,254,188 | |||||||||
(Loss) income from discontinued operations: | |||||||||||||||||
(Loss) income from discontinued operations before income taxes | $ | (3,292 | ) | $ | 138,669 | $ | 229,482 | $ | 326,731 | ||||||||
Income tax expense | (16,922 | ) | (21,979 | ) | (53,950 | ) | (52,666 | ) | |||||||||
Net (loss) income from discontinued operations, net of tax | $ | (20,214 | ) | $ | 116,690 | $ | 175,532 | $ | 274,065 | ||||||||
Schedule of Carrying Value of Major Categories of Assets and Liabilities | ' | ||||||||||||||||
The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-Off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at September 30, 2014, were as follows: | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | $ | 104,152 | |||||||||||||||
Accounts receivable | 362,100 | ||||||||||||||||
Prepaid expenses and other current assets | 90,089 | ||||||||||||||||
Total current assets of discontinued operations | 556,341 | ||||||||||||||||
Property and equipment, at cost | 5,615,831 | ||||||||||||||||
Accumulated depreciation | (2,640,943 | ) | |||||||||||||||
Property and equipment, net | 2,974,888 | ||||||||||||||||
Other assets | 84,894 | ||||||||||||||||
Total assets of discontinued operations | $ | 3,616,123 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Current liabilities | |||||||||||||||||
Accounts payable | $ | 132,446 | |||||||||||||||
Accrued payroll and related costs | 64,580 | ||||||||||||||||
Other current liabilities | 103,769 | ||||||||||||||||
Total current liabilities of discontinued operations | 300,795 | ||||||||||||||||
Long-term debt | 1,726,750 | ||||||||||||||||
Other liabilities | 171,718 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 2,199,263 | |||||||||||||||
Consolidated_Joint_Ventures_Ta
Consolidated Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Schedule of Operational Results | ' | ||||||||||||||||
Operational results for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 97,182 | $ | 94,847 | $ | 282,585 | $ | 272,620 | |||||||||
Net income | $ | 43,911 | $ | 40,214 | $ | 128,587 | $ | 113,627 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income Per Share for Noble-UK | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Basic | |||||||||||||||||
Income from continuing operations | $ | 147,389 | $ | 165,267 | $ | 442,528 | $ | 334,572 | |||||||||
Earnings allocated to unvested share-based payment awards | (2,286 | ) | (1,989 | ) | (7,053 | ) | (3,953 | ) | |||||||||
Income from continuing operations to common shareholders | 145,103 | 163,278 | 435,475 | 330,619 | |||||||||||||
(Loss) income from discontinued operations | (20,214 | ) | 116,690 | 175,532 | 274,065 | ||||||||||||
Earnings allocated to unvested share-based payment awards | 314 | (1,404 | ) | (2,798 | ) | (3,238 | ) | ||||||||||
(Loss) income from discontinued operations, net of tax to common shareholders | (19,900 | ) | 115,286 | 172,734 | 270,827 | ||||||||||||
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (1,972 | ) | (3,393 | ) | (9,851 | ) | (7,191 | ) | |||||||||
Net income attributable to Noble Corporation to common shareholders | $ | 125,203 | $ | 278,564 | $ | 608,209 | $ | 601,446 | |||||||||
Diluted | |||||||||||||||||
Income from continuing operations | 147,389 | 165,267 | 442,528 | 334,572 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (2,285 | ) | (1,987 | ) | (7,050 | ) | (3,949 | ) | |||||||||
Income from continuing operations to common shareholders | 145,104 | 163,280 | 435,478 | 330,623 | |||||||||||||
(Loss) income from discontinued operations | (20,214 | ) | 116,690 | 175,532 | 274,065 | ||||||||||||
Earnings allocated to unvested share-based payment awards | 313 | (1,403 | ) | (2,796 | ) | (3,235 | ) | ||||||||||
(Loss) income from discontinued operations, net of tax to common shareholders | (19,901 | ) | 115,287 | 172,736 | 270,830 | ||||||||||||
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 | |||||||||||||
Earnings allocated to unvested share-based payment awards | (1,972 | ) | (3,390 | ) | (9,846 | ) | (7,184 | ) | |||||||||
Net income attributable to Noble Corporation to common shareholders | $ | 125,203 | $ | 278,567 | $ | 608,214 | $ | 601,453 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 253,842 | 253,357 | 254,006 | 253,242 | |||||||||||||
Incremental shares issuable from assumed exercise of stock options | 107 | 261 | 114 | 265 | |||||||||||||
Weighted average shares outstanding - diluted | 253,949 | 253,618 | 254,120 | 253,507 | |||||||||||||
Weighted average unvested share-based payment awards | 3,999 | 3,086 | 4,114 | 3,028 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic | |||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.64 | $ | 1.71 | $ | 1.3 | |||||||||
Discontinued operations | (0.08 | ) | 0.46 | 0.68 | 1.07 | ||||||||||||
Net income attributable to Noble Corporation | $ | 0.49 | $ | 1.1 | $ | 2.39 | $ | 2.37 | |||||||||
Diluted | |||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.64 | $ | 1.71 | $ | 1.3 | |||||||||
Discontinued operations | (0.08 | ) | 0.46 | 0.68 | 1.07 | ||||||||||||
Net income attributable to Noble Corporation | $ | 0.49 | $ | 1.1 | $ | 2.39 | $ | 2.37 | |||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment, at Cost | ' | ||||||||
Property and equipment, at cost, as of September 30, 2014 and December 31, 2013 for Noble-UK consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 13,606,398 | $ | 17,130,986 | |||||
Construction in progress | 1,479,263 | 1,854,434 | |||||||
Other | 219,097 | 213,347 | |||||||
Property and equipment, at cost | $ | 15,304,758 | $ | 19,198,767 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||
Long-term debt consisted of the following at September 30, 2014 and December 31, 2013: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | 249,964 | |||||||||||||
3.45% Senior Notes due August 2015 | 350,000 | 350,000 | |||||||||||||||
3.05% Senior Notes due March 2016 | 299,978 | 299,967 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,912 | 299,886 | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,118 | 499,022 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,614 | 399,576 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,242 | 399,178 | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 399,893 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,672 | 397,646 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,303 | 498,283 | |||||||||||||||
Total senior unsecured notes | 3,745,428 | 3,995,110 | |||||||||||||||
Commercial paper program | 991,653 | 1,561,141 | |||||||||||||||
Total long-term debt | $ | 4,737,081 | $ | 5,556,251 | |||||||||||||
Estimated Fair Value of Our Long-Term Debt | ' | ||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||
3.45% Senior Notes due August 2015 | 350,000 | 357,087 | 350,000 | 363,019 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,978 | 306,752 | 299,967 | 309,878 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,912 | 303,855 | 299,886 | 302,891 | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 232,264 | 201,695 | 232,839 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,118 | 530,788 | 499,022 | 528,597 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,614 | 413,996 | 399,576 | 413,868 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,242 | 391,616 | 399,178 | 390,520 | |||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 416,991 | 399,893 | 421,720 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,672 | 408,334 | 397,646 | 417,312 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,303 | 458,360 | 498,283 | 476,873 | |||||||||||||
Total senior unsecured notes | 3,745,428 | 3,820,043 | 3,995,110 | 4,111,151 | |||||||||||||
Commercial paper program | 991,653 | 991,653 | 1,561,141 | 1,561,141 | |||||||||||||
Total long-term debt | $ | 4,737,081 | $ | 4,811,696 | $ | 5,556,251 | $ | 5,672,292 | |||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Stock Option Award Activity | ' | ||||||||
The following table presenting a summary of stock option award activity for the nine months ended September 30, 2014 reflects the adjustments discussed above. | |||||||||
Number of | |||||||||
Shares | |||||||||
Underlying | |||||||||
Options | |||||||||
Outstanding at December 31, 2013 | 1,808,987 | ||||||||
Exercised | (131,706 | ) | |||||||
Forfeited | (17,175 | ) | |||||||
Spin-Off adjustment | 339,223 | ||||||||
Outstanding at September 30, 2014 | 1,999,329 | ||||||||
Summary of RSU Award Activity | ' | ||||||||
The following table presenting a summary of RSU award activity for the nine months ended September 30, 2014 reflects the adjustments discussed above. | |||||||||
TVRSUs | PVRSUs | ||||||||
Outstanding | Outstanding | ||||||||
Non-vested RSUs at December 31, 2013 | 1,652,360 | 1,397,137 | |||||||
Awarded | 1,608,613 | 740,364 | |||||||
Vested | (746,162 | ) | (180,975 | ) | |||||
Forfeited | (124,740 | ) | (253,882 | ) | |||||
Surrendered in connection with Spin-Off | (816,627 | ) | (89,612 | ) | |||||
Spin-Off adjustment | 326,853 | 329,937 | |||||||
Non-vested RSUs at September 30, 2014 | 1,900,297 | 1,942,969 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension Costs | ' | ||||||||||||||||
Pension costs include the following components for the three months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 1,016 | $ | 2,541 | $ | 1,361 | $ | 2,681 | |||||||||
Interest cost | 1,022 | 2,714 | 1,259 | 2,263 | |||||||||||||
Return on plan assets | (1,397 | ) | (3,846 | ) | (1,443 | ) | (3,275 | ) | |||||||||
Amortization of prior service cost | (2 | ) | 56 | — | 57 | ||||||||||||
Recognized net actuarial loss | 119 | 651 | 426 | 1,910 | |||||||||||||
Curtailment expense | — | 241 | — | — | |||||||||||||
Settlement expense | — | 310 | — | — | |||||||||||||
Net pension expense | $ | 758 | $ | 2,667 | $ | 1,603 | $ | 3,636 | |||||||||
Included in net pension expense for the three months ended September 30, 2014 and 2013 was approximately $1 million and $2 million, respectively, related to Paragon Offshore that was classified as discontinued operations. | |||||||||||||||||
Pension costs include the following components for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 3,869 | $ | 7,623 | $ | 4,089 | $ | 8,043 | |||||||||
Interest cost | 3,950 | 8,142 | 3,793 | 6,787 | |||||||||||||
Return on plan assets | (5,088 | ) | (11,538 | ) | (4,351 | ) | (9,827 | ) | |||||||||
Amortization of prior service cost | (12 | ) | 168 | — | 171 | ||||||||||||
Recognized net actuarial loss | 748 | 1,953 | 1,226 | 5,730 | |||||||||||||
Curtailment expense | — | 241 | — | — | |||||||||||||
Settlement expense | — | 310 | — | — | |||||||||||||
Net pension expense | $ | 3,467 | $ | 6,899 | $ | 4,757 | $ | 10,904 | |||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Financial Statement Presentation and Fair Value of Derivative Positions | ' | ||||||||||||||||||||||||
The following table, together with Note 13, summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | September 30, | December 31, | |||||||||||||||||||||||
classification | 2014 | 2013 | |||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current assets | $ | 60 | $ | — | ||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current liabilities | $ | 333 | $ | — | ||||||||||||||||||||
Summary of Recognized Gains and Losses of Cash Flow Hedges | ' | ||||||||||||||||||||||||
To supplement the fair value disclosures in Note 13, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drilling services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (2,125 | ) | $ | 2,022 | $ | 1,852 | $ | (1,433 | ) | $ | — | $ | — | |||||||||||
To supplement the fair value disclosures in Note 13, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drilling services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (4,904 | ) | $ | 2,207 | $ | 4,631 | $ | (1,618 | ) | $ | — | $ | — |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 3,332 | $ | 3,332 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 60 | — | 60 | — | |||||||||||||
Liabilities - | |||||||||||||||||
Foreign currency forward contracts | $ | 333 | $ | — | $ | 333 | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 7,230 | $ | 7,230 | $ | — | $ | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Changes in AOCL by Component | ' | ||||||||||||||||
The following tables set forth the changes in the accumulated balances for each component of AOCL, net of tax, for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,029 | ) | — | (658 | ) | (1,687 | ) | ||||||||||
Amounts reclassified from AOCL | 1,618 | 4,935 | — | 6,553 | |||||||||||||
Net other comprehensive income (loss) | 589 | 4,935 | (658 | ) | 4,866 | ||||||||||||
Balance at September 30, 2013 | $ | 589 | $ | (90,136 | ) | $ | (21,036 | ) | $ | (110,583 | ) | ||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 4,358 | — | 1,143 | 5,501 | |||||||||||||
Amounts reclassified from AOCL | (4,631 | ) | 1,048 | — | (3,583 | ) | |||||||||||
Net other comprehensive income (loss) | (273 | ) | 1,048 | 1,143 | 1,918 | ||||||||||||
Spin-Off of Paragon Offshore(3) | — | 21,772 | 12,706 | 34,478 | |||||||||||||
Balance at September 30, 2014 | $ | (273 | ) | $ | (35,778 | ) | $ | (9,717 | ) | $ | (45,768 | ) | |||||
-1 | Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 12 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial losses, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 11 for additional information. | ||||||||||||||||
-3 | Reclassifications for the Spin-Off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-Off. |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Summarized Financial Information of Reportable Segment | ' | ||||||||||||||||||||||||
As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK. | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Other | Total | Contract | Other | Total | ||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Services | ||||||||||||||||||||||||
Revenues from external customers | $ | 828,715 | $ | 81 | $ | 828,796 | $ | 640,487 | $ | 26 | $ | 640,513 | |||||||||||||
Depreciation and amortization | 156,213 | 5,033 | 161,246 | 125,855 | 3,988 | 129,843 | |||||||||||||||||||
Segment operating income/ (loss) | 249,297 | (5,664 | ) | 243,633 | 245,726 | (6,478 | ) | 239,248 | |||||||||||||||||
Interest expense, net of amount capitalized | (5 | ) | (37,746 | ) | (37,751 | ) | (318 | ) | (22,831 | ) | (23,149 | ) | |||||||||||||
Income tax (provision)/ benefit | (49,437 | ) | 8,655 | (40,782 | ) | (33,957 | ) | 105 | (33,852 | ) | |||||||||||||||
Segment profit/ (loss) | 202,324 | (75,149 | ) | 127,175 | 284,883 | (2,926 | ) | 281,957 | |||||||||||||||||
Total assets (at end of period) | 12,231,090 | 1,719,107 | 13,950,197 | 15,058,076 | 671,255 | 15,729,331 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Other | Total | Contract | Other | Total | ||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Services | ||||||||||||||||||||||||
Revenues from external customers | $ | 2,425,513 | $ | 2,251 | $ | 2,427,764 | $ | 1,796,054 | $ | 17,000 | $ | 1,813,054 | |||||||||||||
Depreciation and amortization | 446,425 | 13,881 | 460,306 | 359,405 | 10,997 | 370,402 | |||||||||||||||||||
Segment operating income/ (loss) | 741,227 | (13,421 | ) | 727,806 | 541,146 | (6,488 | ) | 534,658 | |||||||||||||||||
Interest expense, net of amount capitalized | (162 | ) | (114,332 | ) | (114,494 | ) | (539 | ) | (74,576 | ) | (75,115 | ) | |||||||||||||
Income tax (provision)/ benefit | (134,310 | ) | 23,685 | (110,625 | ) | (69,581 | ) | (4,760 | ) | (74,341 | ) | ||||||||||||||
Segment profit/ (loss) | 775,479 | (157,419 | ) | 618,060 | 665,250 | (56,613 | ) | 608,637 | |||||||||||||||||
Total assets (at end of period) | 12,231,090 | 1,719,107 | 13,950,197 | 15,058,076 | 671,255 | 15,729,331 |
Net_Change_in_Other_Assets_and1
Net Change in Other Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | ' | ||||||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders. | |||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accounts receivable | $ | (15,968 | ) | $ | (92,073 | ) | $ | (15,968 | ) | $ | (92,073 | ) | |||||
Other current assets | (65,075 | ) | (50,738 | ) | (71,784 | ) | (49,791 | ) | |||||||||
Other assets | (51,887 | ) | (8,129 | ) | (51,871 | ) | (8,133 | ) | |||||||||
Accounts payable | 74,349 | 9,357 | 33,909 | 7,830 | |||||||||||||
Other current liabilities | (23,882 | ) | 4,042 | (4,294 | ) | 4,702 | |||||||||||
Other liabilities | 35,219 | 35,231 | 51,346 | 35,227 | |||||||||||||
$ | (47,244 | ) | $ | (102,310 | ) | $ | (58,662 | ) | $ | (102,238 | ) | ||||||
Information_about_NobleCayman_
Information about Noble-Cayman (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||||||
Guarantor Obligations | ' | ||||||||||||||||||||||||||||||||
Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of September 30, 2014 with respect to the following securities as follows: | |||||||||||||||||||||||||||||||||
Notes | Issuer | Guarantor(s) | |||||||||||||||||||||||||||||||
(Co-Issuer(s)) | |||||||||||||||||||||||||||||||||
$350 million 3.45% Senior Notes due 2015 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 3.05% Senior Notes due 2016 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 2.50% Senior Notes due 2017 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$202 million 7.50% Senior Notes due 2019 | NHC | Noble-Cayman; | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$500 million 4.90% Senior Notes due 2020 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 4.625% Senior Notes due 2021 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 3.95% Senior Notes due 2022 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$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 | |||||||||||||||||||||||||||||||
Condensed Financial Statements | ' | ||||||||||||||||||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 358 | $ | — | $ | — | $ | 65,585 | $ | — | $ | 65,948 | |||||||||||||||||
Accounts receivable | — | — | 46,320 | — | — | 563,814 | — | 610,134 | |||||||||||||||||||||||||
Taxes receivable | — | 72,332 | 513 | — | — | 53,316 | — | 126,161 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 124,418 | — | 1,077,965 | — | 333,966 | 171,925 | (1,708,274 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,092,898 | 364,033 | 189,512 | 169,979 | 123,742 | 4,017,720 | (6,957,884 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 18,187 | — | 2,064 | 19 | — | 159,368 | — | 179,638 | |||||||||||||||||||||||||
Total current assets | 2,235,508 | 436,365 | 1,316,732 | 169,998 | 457,708 | 5,031,728 | (8,666,158 | ) | 981,881 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,519,562 | — | — | 12,746,644 | — | 15,266,206 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (263,035 | ) | — | — | (2,396,852 | ) | — | (2,659,887 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,256,527 | — | — | 10,349,792 | — | 12,606,319 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,653 | — | 879,154 | 1,980,391 | 5,000 | 2,096,075 | (8,265,273 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 5,129,070 | 1,282,802 | 3,426,000 | 8,378,227 | 5,672,872 | — | (23,888,971 | ) | — | ||||||||||||||||||||||||
Other assets | 3,312 | — | 6,664 | 20,539 | 546 | 230,928 | — | 261,989 | |||||||||||||||||||||||||
Total assets | $ | 10,672,543 | $ | 1,719,167 | $ | 7,885,077 | $ | 10,549,155 | $ | 6,136,126 | $ | 17,708,523 | $ | (40,820,402 | ) | $ | 13,850,189 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,164,629 | $ | (1,708,274 | ) | $ | — | ||||||||||||||||
Accounts payable | 3,202 | — | 6,639 | — | — | 225,982 | — | 235,823 | |||||||||||||||||||||||||
Accrued payroll and related costs | 2 | — | 8,525 | — | — | 85,858 | — | 94,385 | |||||||||||||||||||||||||
Accounts payable to affiliates | 543,326 | 62,561 | 3,421,407 | 53,516 | 18,833 | 2,858,241 | (6,957,884 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 112,332 | — | 112,332 | |||||||||||||||||||||||||
Other current liabilities | 14,346 | — | 21,625 | 16,359 | 630 | 113,345 | — | 166,305 | |||||||||||||||||||||||||
Total current liabilities | 560,876 | 234,486 | 3,458,196 | 69,875 | 391,183 | 4,560,387 | (8,666,158 | ) | 608,845 | ||||||||||||||||||||||||
Long-term debt | 991,652 | — | — | 3,543,734 | 201,695 | — | — | 4,737,081 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 1,113,363 | 1,169,180 | 834,449 | 3,379,217 | (8,265,273 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 165,750 | — | 165,750 | |||||||||||||||||||||||||
Other liabilities | 25,471 | — | 30,045 | — | — | 234,121 | — | 289,637 | |||||||||||||||||||||||||
Total liabilities | 3,347,063 | 234,486 | 4,601,604 | 4,782,789 | 1,427,327 | 8,339,475 | (16,931,431 | ) | 5,801,313 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 7,325,480 | 1,484,681 | 3,283,473 | 5,766,366 | 4,708,799 | 8,231,247 | (23,474,566 | ) | 7,325,480 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,137,801 | (414,405 | ) | 723,396 | ||||||||||||||||||||||||
Total equity | 7,325,480 | 1,484,681 | 3,283,473 | 5,766,366 | 4,708,799 | 9,369,048 | (23,888,971 | ) | 8,048,876 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,672,543 | $ | 1,719,167 | $ | 7,885,077 | $ | 10,549,155 | $ | 6,136,126 | $ | 17,708,523 | $ | (40,820,402 | ) | $ | 13,850,189 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
Accounts receivable | — | — | 34,038 | — | — | 915,031 | — | 949,069 | |||||||||||||||||||||||||
Taxes receivable | — | 52,307 | — | — | — | 87,722 | — | 140,029 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,456,245 | 139,195 | 19,500 | 52,611 | (1,667,551 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,244,019 | — | 108,208 | 210,868 | 27,537 | 6,010,430 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 6,336 | — | — | 178,012 | — | 184,348 | |||||||||||||||||||||||||
Total current assets | 1,244,020 | 52,307 | 1,605,229 | 350,067 | 47,037 | 7,353,781 | (9,268,613 | ) | 1,383,828 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,340,216 | — | — | 16,820,134 | — | 19,160,350 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (310,171 | ) | — | — | (4,321,507 | ) | — | (4,631,678 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,030,045 | — | — | 12,498,627 | — | 14,528,672 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,753 | — | 124,216 | 2,367,555 | 5,000 | 1,390,500 | (7,192,024 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 8,601,712 | 2,907,379 | 6,595,591 | 9,456,735 | 5,440,004 | — | (33,001,421 | ) | — | ||||||||||||||||||||||||
Other assets | 6,256 | — | 6,332 | 22,681 | 639 | 233,106 | — | 269,014 | |||||||||||||||||||||||||
Total assets | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 52,611 | $ | 139,195 | $ | — | $ | 750,000 | $ | 725,745 | $ | (1,667,551 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 5,310 | — | — | 340,600 | — | 345,910 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 8,582 | — | — | 134,764 | — | 143,346 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,104,410 | 653,049 | 4,032,776 | 216,866 | 21,173 | 1,572,788 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 827 | — | — | 119,761 | — | 120,588 | |||||||||||||||||||||||||
Other current liabilities | 412 | — | 22,106 | 62,431 | 4,412 | 210,811 | — | 300,172 | |||||||||||||||||||||||||
Total current liabilities | 1,104,822 | 705,660 | 4,208,796 | 279,297 | 775,585 | 3,104,469 | (9,268,613 | ) | 910,016 | ||||||||||||||||||||||||
Long-term debt | 1,561,141 | — | — | 3,793,414 | 201,696 | — | — | 5,556,251 | |||||||||||||||||||||||||
Notes payable to affiliates | 2,042,808 | — | 534,683 | 975,000 | 260,216 | 3,379,317 | (7,192,024 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 225,455 | — | 225,455 | |||||||||||||||||||||||||
Other liabilities | 19,931 | — | 24,502 | — | — | 289,875 | — | 334,308 | |||||||||||||||||||||||||
Total liabilities | 4,728,702 | 705,660 | 4,767,981 | 5,047,711 | 1,237,497 | 6,999,116 | (16,460,637 | ) | 7,026,030 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 13,238,656 | (32,490,624 | ) | 8,428,039 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,238,242 | (510,797 | ) | 727,445 | ||||||||||||||||||||||||
Total equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 14,476,898 | (33,001,421 | ) | 9,155,484 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 81,834 | $ | — | $ | — | $ | 866,699 | $ | (138,333 | ) | $ | 810,200 | ||||||||||||||||
Reimbursables | — | — | 1,495 | — | — | 17,100 | — | 18,595 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 83,329 | — | — | 883,800 | (138,333 | ) | 828,796 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 3,571 | 9,239 | 27,593 | 25,489 | — | 456,352 | (138,333 | ) | 383,911 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,112 | — | — | 12,529 | — | 13,641 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 16,922 | — | — | 143,333 | — | 160,255 | |||||||||||||||||||||||||
General and administrative | 397 | 2,348 | — | 6,530 | — | 3,782 | — | 13,057 | |||||||||||||||||||||||||
Total operating costs and expenses | 3,968 | 11,587 | 45,627 | 32,019 | — | 615,996 | (138,333 | ) | 570,864 | ||||||||||||||||||||||||
Operating income (loss) | (3,968 | ) | (11,587 | ) | 37,702 | (32,019 | ) | — | 267,804 | — | 257,932 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | (2,716,832 | ) | (20,299 | ) | (130,556 | ) | 283,190 | 182,350 | — | 2,402,147 | — | ||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 10,413 | (3,921 | ) | (10,045 | ) | 2,021 | 124 | — | 1,408 | — | |||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,706,419 | ) | (24,220 | ) | (140,601 | ) | 285,211 | 182,474 | — | 2,403,555 | — | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (22,352 | ) | (1,042 | ) | (8,729 | ) | (40,423 | ) | (10,573 | ) | (3,109,995 | ) | 3,155,363 | (37,751 | ) | ||||||||||||||||||
Interest income and other, net | 2,905,973 | — | 208,241 | 21,240 | 1,249 | 22,445 | (3,155,363 | ) | 3,785 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 173,234 | (36,849 | ) | 96,613 | 234,009 | 173,150 | (2,819,746 | ) | 2,403,555 | 223,966 | |||||||||||||||||||||||
Income tax provision | — | (11,352 | ) | (766 | ) | — | — | (28,556 | ) | — | (40,674 | ) | |||||||||||||||||||||
Net income from continuing operations | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,848,302 | ) | 2,403,555 | 183,292 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | — | — | 10,413 | — | 10,413 | |||||||||||||||||||||||||
Net Income | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,837,889 | ) | 2,403,555 | 193,705 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (31,612 | ) | 11,141 | (20,471 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 173,234 | (48,201 | ) | 95,847 | 234,009 | 173,150 | (2,869,501 | ) | 2,414,696 | 173,234 | |||||||||||||||||||||||
Other comprehensive loss, net | (8,982 | ) | — | — | — | — | (8,982 | ) | 8,982 | (8,982 | ) | ||||||||||||||||||||||
Spin-Off of Paragon Offshore | 34,478 | — | — | — | — | 34,478 | (34,478 | ) | 34,478 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 198,730 | $ | (48,201 | ) | $ | 95,847 | $ | 234,009 | $ | 173,150 | $ | (2,844,005 | ) | $ | 2,389,200 | $ | 198,730 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 244,451 | $ | — | $ | — | $ | 2,328,611 | $ | (212,857 | ) | $ | 2,360,205 | ||||||||||||||||
Reimbursables | — | — | 4,748 | — | — | 62,810 | — | 67,558 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 249,199 | — | — | 2,391,422 | (212,857 | ) | 2,427,764 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 16,257 | 29,725 | 88,683 | 86,819 | — | 1,089,067 | (212,857 | ) | 1,097,694 | ||||||||||||||||||||||||
Reimbursables | — | — | 3,605 | — | — | 49,272 | — | 52,877 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 47,267 | — | — | 410,833 | — | 458,100 | |||||||||||||||||||||||||
General and administrative | 1,304 | 7,351 | — | 21,754 | 1 | 6,068 | — | 36,478 | |||||||||||||||||||||||||
Total operating costs and expenses | 17,561 | 37,076 | 139,555 | 108,573 | 1 | 1,555,240 | (212,857 | ) | 1,645,149 | ||||||||||||||||||||||||
Operating income (loss) | (17,561 | ) | (37,076 | ) | 109,644 | (108,573 | ) | (1 | ) | 836,182 | — | 782,615 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | (2,325,832 | ) | 90,411 | (9,789 | ) | 703,700 | 466,521 | — | 1,074,989 | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 225,022 | 49,146 | 94,515 | 183,347 | 6,249 | — | (558,279 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,100,810 | ) | 139,557 | 84,726 | 887,047 | 472,770 | — | 516,710 | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (70,702 | ) | (2,005 | ) | (21,703 | ) | (126,914 | ) | (26,477 | ) | (3,134,741 | ) | 3,268,048 | (114,494 | ) | ||||||||||||||||||
Interest income and other, net | 2,912,861 | — | 234,990 | 68,208 | 1,879 | 51,252 | (3,268,048 | ) | 1,142 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 723,788 | 100,476 | 407,657 | 719,768 | 448,171 | (2,247,307 | ) | 516,710 | 669,263 | ||||||||||||||||||||||||
Income tax provision | — | (49,945 | ) | (2,972 | ) | — | (1,547 | ) | (55,743 | ) | — | (110,207 | ) | ||||||||||||||||||||
Net income from continuing operations | 723,788 | 50,531 | 404,685 | 719,768 | 446,624 | (2,303,050 | ) | 516,710 | 559,056 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (18,655 | ) | 6,634 | — | — | 237,043 | — | 225,022 | ||||||||||||||||||||||||
Net Income | 723,788 | 31,876 | 411,319 | 719,768 | 446,624 | (2,066,007 | ) | 516,710 | 784,078 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (95,253 | ) | 34,963 | (60,290 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 723,788 | 31,876 | 411,319 | 719,768 | 446,624 | (2,161,260 | ) | 551,673 | 723,788 | ||||||||||||||||||||||||
Other comprehensive income, net | 1,918 | — | — | — | — | 1,918 | (1,918 | ) | 1,918 | ||||||||||||||||||||||||
Spin-Off of Paragon Offshore | 34,478 | — | — | — | — | 34,478 | (34,478 | ) | 34,478 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 760,184 | $ | 31,876 | $ | 411,319 | $ | 719,768 | $ | 446,624 | $ | (2,124,864 | ) | $ | 515,277 | $ | 760,184 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 49,887 | $ | — | $ | — | $ | 596,343 | $ | (23,060 | ) | $ | 623,170 | ||||||||||||||||
Reimbursables | — | — | 1,662 | — | — | 15,656 | — | 17,318 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 27 | — | 27 | |||||||||||||||||||||||||
Total operating revenues | — | — | 51,549 | — | — | 612,026 | (23,060 | ) | 640,515 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,623 | 6,091 | 16,300 | 27,802 | — | 254,951 | (23,060 | ) | 283,707 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,437 | — | — | 13,375 | — | 14,812 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 2,084 | — | 2,084 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 11,009 | — | — | 118,300 | — | 129,309 | |||||||||||||||||||||||||
General and administrative | 252 | 831 | — | 2,672 | — | 3,496 | — | 7,251 | |||||||||||||||||||||||||
General and administrative | — | — | — | — | — | 3,585 | — | 3,585 | |||||||||||||||||||||||||
Gain on disposal of assets, net | — | — | — | — | — | (35,646 | ) | — | (35,646 | ) | |||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | (45,000 | ) | — | — | — | — | 14,382 | — | (30,618 | ) | |||||||||||||||||||||||
Total operating costs and expenses | (43,125 | ) | 6,922 | 28,746 | 30,474 | — | 374,527 | (23,060 | ) | 374,484 | |||||||||||||||||||||||
Operating income (loss) | 43,125 | (6,922 | ) | 22,803 | (30,474 | ) | — | 237,499 | — | 266,031 | |||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 181,946 | 34,079 | 55,577 | 197,443 | (1,405,910 | ) | — | 936,865 | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 119,102 | 7,752 | 92,278 | 132,659 | 24,500 | — | (376,291 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 301,048 | 41,831 | 147,855 | 330,102 | (1,381,410 | ) | — | 560,574 | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (34,941 | ) | (232 | ) | (5,372 | ) | (32,646 | ) | (14,998 | ) | (1,548,978 | ) | 1,614,018 | (23,149 | ) | ||||||||||||||||||
Interest income and other, net | 1,664 | — | 20,354 | 44,809 | 1,524,744 | 23,327 | (1,614,018 | ) | 880 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 310,896 | 34,677 | 185,640 | 311,791 | 128,336 | (1,288,152 | ) | 560,574 | 243,762 | ||||||||||||||||||||||||
Income tax provision | — | (43,401 | ) | (131 | ) | — | — | 10,024 | — | (33,508 | ) | ||||||||||||||||||||||
Net income from continuing operations | 310,896 | (8,724 | ) | 185,509 | 311,791 | 128,336 | (1,278,128 | ) | 560,574 | 210,254 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | (42 | ) | (7,669 | ) | 10,873 | (1,537 | ) | — | 117,477 | — | 119,102 | ||||||||||||||||||||||
Net Income | 310,854 | (16,393 | ) | 196,382 | 310,254 | 128,336 | (1,160,651 | ) | 560,574 | 329,356 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (34,004 | ) | 15,502 | (18,502 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 310,854 | (16,393 | ) | 196,382 | 310,254 | 128,336 | (1,194,655 | ) | 576,076 | 310,854 | |||||||||||||||||||||||
Other comprehensive income, net | 5,846 | — | — | — | — | 5,846 | (5,846 | ) | 5,846 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 316,700 | $ | (16,393 | ) | $ | 196,382 | $ | 310,254 | $ | 128,336 | $ | (1,188,809 | ) | $ | 570,230 | $ | 316,700 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 154,486 | $ | — | $ | — | $ | 1,662,572 | $ | (66,431 | ) | $ | 1,750,627 | ||||||||||||||||
Reimbursables | — | — | 4,493 | — | — | 40,923 | — | 45,416 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 17,000 | — | 17,000 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||
Total operating revenues | — | — | 158,979 | — | — | 1,720,506 | (66,431 | ) | 1,813,054 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 3,351 | 16,272 | 36,956 | 72,830 | — | 768,087 | (66,431 | ) | 831,065 | ||||||||||||||||||||||||
Reimbursables | — | — | 3,832 | — | — | 32,854 | — | 36,686 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 10,966 | — | 10,966 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 32,260 | — | — | 336,845 | — | 369,105 | |||||||||||||||||||||||||
General and administrative | 1,544 | 4,845 | — | 20,788 | 1 | 10,504 | — | 37,682 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 3,585 | — | 3,585 | |||||||||||||||||||||||||
Gain on disposal of assets, net | — | — | — | — | — | (35,646 | ) | — | (35,646 | ) | |||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | (45,000 | ) | — | — | — | — | 14,382 | — | (30,618 | ) | |||||||||||||||||||||||
Total operating costs and expenses | (40,105 | ) | 21,117 | 73,048 | 93,618 | 1 | 1,141,577 | (66,431 | ) | 1,222,825 | |||||||||||||||||||||||
Operating income (loss) | 40,105 | (21,117 | ) | 85,931 | (93,618 | ) | (1 | ) | 578,929 | — | 590,229 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 452,436 | 40,210 | 95,697 | 444,206 | (1,245,962 | ) | — | 213,413 | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 284,506 | 17,642 | 238,552 | 352,011 | 68,005 | — | (960,716 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 736,942 | 57,852 | 334,249 | 796,217 | (1,177,957 | ) | — | (747,303 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (105,720 | ) | (849 | ) | (17,755 | ) | (99,911 | ) | (38,388 | ) | (1,595,902 | ) | 1,783,410 | (75,115 | ) | ||||||||||||||||||
Interest income and other, net | 4,941 | — | 42,205 | 129,601 | 1,537,410 | 71,080 | (1,783,410 | ) | 1,827 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 676,268 | 35,886 | 444,630 | 732,289 | 321,064 | (945,893 | ) | (747,303 | ) | 516,941 | |||||||||||||||||||||||
Income tax provision | — | (19,723 | ) | (1,219 | ) | — | — | (51,625 | ) | — | (72,567 | ) | |||||||||||||||||||||
Net income from continuing operations | 676,268 | 16,163 | 443,411 | 732,289 | 321,064 | (997,518 | ) | (747,303 | ) | 444,374 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | (249 | ) | (20,558 | ) | 25,250 | (6,358 | ) | — | 286,421 | — | 284,506 | ||||||||||||||||||||||
Net Income | 676,019 | (4,395 | ) | 468,661 | 725,931 | 321,064 | (711,097 | ) | (747,303 | ) | 728,880 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (88,725 | ) | 35,864 | (52,861 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 676,019 | (4,395 | ) | 468,661 | 725,931 | 321,064 | (799,822 | ) | (711,439 | ) | 676,019 | ||||||||||||||||||||||
Other comprehensive income, net | 4,866 | — | — | — | — | 4,866 | (4,866 | ) | 4,866 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 680,885 | $ | (4,395 | ) | $ | 468,661 | $ | 725,931 | $ | 321,064 | $ | (794,956 | ) | $ | (716,305 | ) | $ | 680,885 | ||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | 2,858,748 | $ | (127,706 | ) | $ | 370,512 | $ | (211,228 | ) | $ | (29,835 | ) | $ | (1,390,805 | ) | $ | — | $ | 1,469,686 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,245,121 | ) | — | — | (554,706 | ) | — | (1,799,827 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | 50 | — | — | 273,744 | — | — | (273,794 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | 50 | — | (1,245,121 | ) | 273,744 | — | (554,706 | ) | (273,794 | ) | (1,799,827 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (569,489 | ) | — | — | — | — | — | — | (569,489 | ) | |||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Long-term borrowings of Paragon Offshore | — | — | — | — | — | 1,726,750 | — | 1,726,750 | |||||||||||||||||||||||||
Financing costs on long-term borrowings of Paragon Offshore | — | — | — | — | — | (30,876 | ) | — | (30,876 | ) | |||||||||||||||||||||||
Cash balances of Paragon Offshore in Spin-Off | — | — | — | — | — | (104,152 | ) | — | (104,152 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (64,339 | ) | — | (64,339 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (386 | ) | — | — | — | — | — | — | (386 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (421,801 | ) | — | — | — | — | — | — | (421,801 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (1,593,374 | ) | 127,706 | 874,565 | 187,480 | 29,835 | 373,788 | — | — | ||||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | (50 | ) | 273,794 | — | |||||||||||||||||||||||
Net cash from financing activities | (2,858,794 | ) | 127,706 | 874,565 | (62,520 | ) | 29,835 | 1,901,121 | 273,794 | 285,707 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (44 | ) | (4 | ) | — | (44,390 | ) | — | (44,434 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 358 | $ | — | $ | — | $ | 65,585 | $ | — | $ | 65,948 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (79,174 | ) | $ | (107,694 | ) | $ | 154,038 | $ | (113,088 | ) | $ | 1,495,330 | $ | (136,468 | ) | $ | — | $ | 1,212,944 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,070,669 | ) | — | — | (720,218 | ) | — | (1,790,887 | ) | ||||||||||||||||||||||
Proceeds from disposal of assets | — | — | — | — | — | 61,000 | — | 61,000 | |||||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | — | — | 294,798 | (294,798 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (1,070,669 | ) | — | — | (364,420 | ) | (294,798 | ) | (1,729,887 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 973,055 | — | — | — | — | — | — | 973,055 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interest | — | — | — | — | — | (69,728 | ) | — | (69,728 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (2,432 | ) | — | — | — | — | — | — | (2,432 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (187,610 | ) | — | — | — | — | — | — | (187,610 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (110,039 | ) | 107,694 | 915,850 | 113,094 | (1,495,330 | ) | 468,731 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (294,798 | ) | — | — | — | — | — | 294,798 | — | ||||||||||||||||||||||||
Net cash from financing activities | 78,176 | 107,694 | 915,850 | 113,094 | (1,495,330 | ) | 399,003 | 294,798 | 413,285 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (998 | ) | — | (781 | ) | 6 | — | (101,885 | ) | — | (103,658 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 123 | $ | 8 | $ | — | $ | 173,581 | $ | — | $ | 173,717 | |||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
Rigs | |
Accounting Policies [Abstract] | ' |
Number of mobile offshore drilling units | 35 |
Number of semisubmersibles | 11 |
Number of drillships | 9 |
Number of jackups | 15 |
Number of harsh environment jackup rigs under construction | 2 |
Share exchanged for each ordinary shares | $1 |
SpinOff_of_Paragon_Offshore_pl1
Spin-Off of Paragon Offshore plc - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | |
In Billions, except Share data, unless otherwise specified | Aug. 01, 2014 | Sep. 30, 2014 | Aug. 01, 2014 |
Rigs | |||
Schedule Of Discontinued Operations [Line Items] | ' | ' | ' |
Number of semisubmersibles | ' | 11 | ' |
Number of drillships | ' | 9 | ' |
Number of jackups | ' | 15 | ' |
Paragon Offshore [Member] | ' | ' | ' |
Schedule Of Discontinued Operations [Line Items] | ' | ' | ' |
Number of floating production storage and offloading units ("FPSO") | ' | ' | 1 |
Number of semisubmersibles | ' | ' | 3 |
Number of drillships | ' | ' | 5 |
Number of jackups | ' | ' | 34 |
Long-term debt issued | ' | $1.70 | ' |
Pro rata distribution | 'Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. | ' | ' |
Minimum shares eligible for prorata allotment under spin off transaction | 3 | ' | ' |
Shares received under spin off transaction | 1 | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Aug. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Paragon Offshore [Member] | Paragon Offshore [Member] | Paragon Offshore [Member] | Paragon Offshore [Member] | Paragon Offshore [Member] | Paragon Offshore [Member] | Non Recurring [Member] | Non Recurring [Member] | Non Recurring [Member] | Non Recurring [Member] | |||
Tranches | 6.75% Senior Notes Due 2022 [Member] | 7.25% Senior Notes Due 2024 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recurring Spin-Off related costs totaled | ' | ' | ' | ' | ' | ' | ' | ' | $31,000,000 | $2,000,000 | $49,000,000 | $10,000,000 |
Long-term debt issued | 1,726,750,000 | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of senior notes | ' | ' | 1,080,000,000 | ' | 1,080,000,000 | ' | 500,000,000 | 580,000,000 | ' | ' | ' | ' |
Senior Notes, Percentage | ' | ' | ' | ' | ' | ' | 6.75% | 7.25% | ' | ' | ' | ' |
Senior Notes, Maturity year | ' | ' | ' | ' | ' | ' | '2022 | '2024 | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Senior secured term credit agreement, Description | ' | ' | 650,000,000 | ' | 650,000,000 | ' | ' | ' | ' | ' | ' | ' |
Senior secured term credit agreement, Description | ' | ' | ' | ' | 'Interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ' | ' | ' | ' | ' | ' | ' |
Interest expense related to commercial paper program to discontinued operations | ' | ' | $4,000,000 | $0 | $4,000,000 | $0 | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Components of Net Income from Discontinued Operations, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Revenues from discontinued operations | $141,893 | $438,366 | $1,034,458 | $1,254,188 |
(Loss) income from discontinued operations: | ' | ' | ' | ' |
(Loss) income from discontinued operations before income taxes | -3,292 | 138,669 | 229,482 | 326,731 |
Income tax expense | -16,922 | -21,979 | -53,950 | -52,666 |
Net (loss) income from discontinued operations, net of tax | -20,214 | 116,690 | 175,532 | 274,065 |
Contract Drilling Services [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues from discontinued operations | 136,548 | 417,948 | 993,253 | 1,194,684 |
Reimbursables [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues from discontinued operations | 2,398 | 11,923 | 21,899 | 33,260 |
Labor Contract Drilling Services [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues from discontinued operations | 2,946 | 8,467 | 19,304 | 26,150 |
Other [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues from discontinued operations | $1 | $28 | $2 | $94 |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Carrying Value of Major Categories of Assets and Liabilities (Detail) (USD $) | Sep. 30, 2014 | Aug. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $104,152 | ' |
Accounts receivable | 362,100 | ' |
Prepaid expenses and other current assets | 90,089 | ' |
Total current assets of discontinued operations | 556,341 | ' |
Property and equipment, at cost | 5,615,831 | ' |
Accumulated depreciation | -2,640,943 | ' |
Property and equipment, net | 2,974,888 | ' |
Other assets | 84,894 | ' |
Total assets of discontinued operations | 3,616,123 | ' |
Current liabilities | ' | ' |
Accounts payable | 132,446 | ' |
Accrued payroll and related costs | 64,580 | ' |
Other current liabilities | 103,769 | ' |
Total current liabilities of discontinued operations | 300,795 | ' |
Long-term debt | 1,726,750 | 1,700,000 |
Other liabilities | 171,718 | ' |
Total liabilities of discontinued operations | $2,199,263 | ' |
Consolidated_Joint_Ventures_Ad
Consolidated Joint Ventures - Additional Information (Detail) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rigs | ||||
JointVenture | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percent of interest in joint ventures | 50.00% | ' | ' | ' |
Number of joint ventures acquired | 2 | ' | ' | ' |
Number of bully class drillships | 2 | ' | ' | ' |
Dividend paid to joint venture partner | $64,000,000 | $70,000,000 | ' | ' |
Carrying amount of the drillships | 1,400,000,000 | ' | 1,400,000,000 | ' |
Cash held by Bully joint venture | 68,354,000 | 178,370,000 | 114,458,000 | 282,092,000 |
Bully Joint Venture [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Dividend paid by Bully Joint Venture Partners | 129,000,000 | 139,000,000 | ' | ' |
Affiliated Entity [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash held by Bully joint venture | $49,000,000 | ' | $50,000,000 | ' |
Consolidated_Joint_Ventures_Sc
Consolidated Joint Ventures - Schedule of Operational Results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Operating revenues | $828,796 | $640,513 | $2,427,764 | $1,813,054 |
Net income | 147,646 | 300,459 | 678,350 | 661,498 |
Joint Ventures [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Operating revenues | 97,182 | 94,847 | 282,585 | 272,620 |
Net income | $43,911 | $40,214 | $128,587 | $113,627 |
Earnings_per_Share_Computation
Earnings per Share - Computation of Basic and Diluted Net Income Per Share for Noble-UK (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic | ' | ' | ' | ' |
Income from continuing operations | $147,389 | $165,267 | $442,528 | $334,572 |
Earnings allocated to unvested share-based payment awards | -2,286 | -1,989 | -7,053 | -3,953 |
Income from continuing operations to common shareholders | 145,103 | 163,278 | 435,475 | 330,619 |
(Loss) income from discontinued operations | -20,214 | 116,690 | 175,532 | 274,065 |
Earnings allocated to unvested share-based payment awards | 314 | -1,404 | -2,798 | -3,238 |
(Loss) income from discontinued operations, net of tax to common shareholders | -19,900 | 115,286 | 172,734 | 270,827 |
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 |
Earnings allocated to unvested share-based payment awards | -1,972 | -3,393 | -9,851 | -7,191 |
Net income attributable to Noble Corporation to common shareholders | 125,203 | 278,564 | 608,209 | 601,446 |
Diluted | ' | ' | ' | ' |
Income from continuing operations | 147,389 | 165,267 | 442,528 | 334,572 |
Earnings allocated to unvested share-based payment awards | -2,285 | -1,987 | -7,050 | -3,949 |
Income from continuing operations to common shareholders | 145,104 | 163,280 | 435,478 | 330,623 |
(Loss) income from discontinued operations | -20,214 | 116,690 | 175,532 | 274,065 |
Earnings allocated to unvested share-based payment awards | 313 | -1,403 | -2,796 | -3,235 |
(Loss) income from discontinued operations, net of tax to common shareholders | -19,901 | 115,287 | 172,736 | 270,830 |
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 |
Earnings allocated to unvested share-based payment awards | -1,972 | -3,390 | -9,846 | -7,184 |
Net income attributable to Noble Corporation to common shareholders | $125,203 | $278,567 | $608,214 | $601,453 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 253,842 | 253,357 | 254,006 | 253,242 |
Incremental shares issuable from assumed exercise of stock options | 107 | 261 | 114 | 265 |
Weighted average shares outstanding - diluted | 253,949 | 253,618 | 254,120 | 253,507 |
Weighted average unvested share - based payment awards | 3,999 | 3,086 | 4,114 | 3,028 |
Basic | ' | ' | ' | ' |
Continuing operations | $0.57 | $0.64 | $1.71 | $1.30 |
Discontinued operations | ($0.08) | $0.46 | $0.68 | $1.07 |
Net income attributable to Noble Corporation | $0.49 | $1.10 | $2.39 | $2.37 |
Diluted | ' | ' | ' | ' |
Continuing operations | $0.57 | $0.64 | $1.71 | $1.30 |
Discontinued operations | ($0.08) | $0.46 | $0.68 | $1.07 |
Net income attributable to Noble Corporation | $0.49 | $1.10 | $2.39 | $2.37 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock options excluded from the diluted net income per share | 1.3 | 0.9 |
Receivables_from_Customers_Add
Receivables from Customers - Additional Information (Detail) (Petroleos Mexicanos [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Petroleos Mexicanos [Member] | ' |
Receivables From Major Customers [Line Items] | ' |
Approximate receivable | $14 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment, at Cost (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $15,304,758 | $19,198,767 |
Drilling Equipment and Facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 13,606,398 | 17,130,986 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 1,479,263 | 1,854,434 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $219,097 | $213,347 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Capital expenditures | $1,700,000,000 | $1,700,000,000 | $1,700,000,000 | $1,700,000,000 |
Capitalized interest on construction-in-progress | 11,000,000 | 31,000,000 | 39,000,000 | 92,000,000 |
Paragon Offshore [Member] | Spinoff [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Capital expenditures | $15,000,000 | ' | $150,000,000 | ' |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $4,737,081 | $5,556,251 |
Commercial Paper Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 991,653 | 1,561,141 |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | ' | 249,964 |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 350,000 | 350,000 |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 299,978 | 299,967 |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 299,912 | 299,886 |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 499,118 | 499,022 |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,614 | 399,576 |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,242 | 399,178 |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,894 | 399,893 |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 397,672 | 397,646 |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 498,303 | 498,283 |
Total Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | $3,745,428 | $3,995,110 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | '2014-03 | ' |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.45% | ' |
Senior notes, maturity date | '2015-08 | ' |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.05% | ' |
Senior notes, maturity date | '2016-03 | ' |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 2.50% | ' |
Senior notes, maturity date | '2017-03 | ' |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.50% | ' |
Senior notes, maturity date | '2019-03 | ' |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.90% | ' |
Senior notes, maturity date | '2020-08 | ' |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.63% | ' |
Senior notes, maturity date | '2021-03 | ' |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.95% | ' |
Senior notes, maturity date | '2022-03 | ' |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.20% | ' |
Senior notes, maturity date | '2040-08 | ' |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.05% | ' |
Senior notes, maturity date | '2041-03 | ' |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 5.25% | ' |
Senior notes, maturity date | '2042-03 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
CreditFacility | Letter of Credit [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Which Matures in 2017 [Member] | Revolving Credit Facility Which Matures in 2016 [Member] | Revolving Credit Facility Which Matures in 2015 [Member] | 3.45% Senior Notes due August 2015 [Member] | 7.375% Senior Notes due March 2014 [Member] | 7.375% Senior Notes due March 2014 [Member] | Commercial Paper Program [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit facilities | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount available under credit facilities | $2,900,000,000 | $375,000,000 | $600,000,000 | $1,500,000,000 | $800,000,000 | ' | ' | ' | ' | ' |
Senior unsecured revolving credit facility maturity period | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured Revolving Credit Facility Maturity date | ' | ' | '2015-02 | ' | ' | ' | ' | ' | ' | ' |
Senior notes maturity date | '2016 | ' | ' | '2017 | ' | ' | '2015 | '2014 | ' | ' |
Line of credit facility decrease in borrowing capacity during extension period | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' |
Maximum amount to be issued under commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000,000 |
Borrowings outstanding | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes | ' | ' | ' | ' | ' | ' | 345.00% | 7.38% | 7.38% | ' |
Repayment of senior notes using proceeds from commercial paper | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Face value of senior notes | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' |
Maximum debt to tangible capitalization covenant | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility debt to tangible capitalization ratio | 0.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Estimated_Fair_Value_of_O
Debt - Estimated Fair Value of Our Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt, Estimated Fair Value | $4,811,696 | $5,672,292 |
Total long-term debt, Carrying Value | 4,737,081 | 5,556,251 |
Commercial Paper Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt, Estimated Fair Value | 991,653 | 1,561,141 |
Total long-term debt, Carrying Value | 991,653 | 1,561,141 |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | ' | 249,964 |
Total long-term debt, Estimated Fair Value | ' | 253,634 |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 350,000 | 350,000 |
Total long-term debt, Estimated Fair Value | 357,087 | 363,019 |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 299,978 | 299,967 |
Total long-term debt, Estimated Fair Value | 306,752 | 309,878 |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 299,912 | 299,886 |
Total long-term debt, Estimated Fair Value | 303,855 | 302,891 |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 201,695 | 201,695 |
Total long-term debt, Estimated Fair Value | 232,264 | 232,839 |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 499,118 | 499,022 |
Total long-term debt, Estimated Fair Value | 530,788 | 528,597 |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,614 | 399,576 |
Total long-term debt, Estimated Fair Value | 413,996 | 413,868 |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,242 | 399,178 |
Total long-term debt, Estimated Fair Value | 391,616 | 390,520 |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,894 | 399,893 |
Total long-term debt, Estimated Fair Value | 416,991 | 421,720 |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 397,672 | 397,646 |
Total long-term debt, Estimated Fair Value | 408,334 | 417,312 |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 498,303 | 498,283 |
Total long-term debt, Estimated Fair Value | 458,360 | 476,873 |
Total Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 3,745,428 | 3,995,110 |
Total long-term debt, Estimated Fair Value | $3,820,043 | $4,111,151 |
Debt_Estimated_Fair_Value_of_O1
Debt - Estimated Fair Value of Our Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | '2014-03 | ' |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.45% | ' |
Senior notes, maturity date | '2015-08 | ' |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.05% | ' |
Senior notes, maturity date | '2016-03 | ' |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 2.50% | ' |
Senior notes, maturity date | '2017-03 | ' |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.50% | ' |
Senior notes, maturity date | '2019-03 | ' |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.90% | ' |
Senior notes, maturity date | '2020-08 | ' |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.63% | ' |
Senior notes, maturity date | '2021-03 | ' |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.95% | ' |
Senior notes, maturity date | '2022-03 | ' |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.20% | ' |
Senior notes, maturity date | '2040-08 | ' |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.05% | ' |
Senior notes, maturity date | '2041-03 | ' |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 5.25% | ' |
Senior notes, maturity date | '2042-03 | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares outstanding and trading | ' | 252,300,000 | 252,300,000 | ' | 253,400,000 |
Additional conditionally authorized shares without additional shareholder approval | ' | ' | ' | ' | 53,000,000 |
Current nominal value per share | ' | ' | ' | ' | $0.01 |
Dividend to be paid, per share | ' | ' | ' | $0.38 | ' |
Dividends payable outstanding | $97,000,000 | ' | ' | ' | ' |
Share repurchase | ' | 6,769,891 | 6,769,891 | ' | ' |
Redomiciliation period | ' | ' | '5 years | ' | ' |
Repurchased shares cancelled | ' | 2,000,000 | 2,000,000 | ' | ' |
Stock repurchase program, remaining repurchase amount authorized | ' | 4,800,000 | 4,800,000 | ' | ' |
Outstanding stock option awards resulted in the issuance of an additional stock options | ' | ' | 339,223 | ' | ' |
Incremental fair value awarded as a result of the issuance of awards | ' | ' | 0 | ' | ' |
Incremental fair value awarded as a result of the issuance of awards | ' | ' | $0 | ' | ' |
1991 Stock Option and Restricted Stock Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Remaining number of shares available for grants | ' | 6,500,000 | 6,500,000 | ' | ' |
1992 Nonqualified Stock Option and Share Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Remaining number of shares available for grants | ' | 600,000 | 600,000 | ' | ' |
TVRSUs Outstanding [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards resulted in the issuance of an additional RSUs | ' | ' | 326,853 | ' | ' |
PVRSUs Outstanding [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Outstanding equity awards resulted in the issuance of an additional RSUs | ' | ' | 329,937 | ' | ' |
Minimum [Member] | 1991 Stock Option and Restricted Stock Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total number of shares issuable under stock option plan | ' | 50,100,000 | 50,100,000 | ' | ' |
Minimum [Member] | 1992 Nonqualified Stock Option and Share Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total number of shares issuable under stock option plan | ' | 2,000,000 | 2,000,000 | ' | ' |
Maximum [Member] | 1991 Stock Option and Restricted Stock Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total number of shares issuable under stock option plan | ' | 60,300,000 | 60,300,000 | ' | ' |
Maximum [Member] | 1992 Nonqualified Stock Option and Share Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total number of shares issuable under stock option plan | ' | 2,300,000 | 2,300,000 | ' | ' |
Equity_Summary_of_Stock_Option
Equity - Summary of Stock Option Award Activity (Detail) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Equity [Abstract] | ' |
Outstanding at beginning of year, Number of Shares Underlying Options | 1,808,987 |
Exercised, Number of Shares Underlying Options | -131,706 |
Forfeited, Number of Shares Underlying Options | -17,175 |
Spin-Off adjustment, Number of Shares Underlying Options | 339,223 |
Outstanding at end of year, Number of Shares Underlying Options | 1,999,329 |
Equity_Summary_of_RSU_Award_Ac
Equity - Summary of RSU Award Activity (Detail) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
TVRSUs Outstanding [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested RSUs, Restricted Shares Outstanding, Beginning balance | 1,652,360 |
Awarded, Restricted Shares Outstanding | 1,608,613 |
Vested, Restricted Shares Outstanding | -746,162 |
Forfeited, Restricted Shares Outstanding | -124,740 |
Surrendered in connection with Spin-Off, Restricted Shares Outstanding | -816,627 |
Spin-Off adjustment, Restricted Shares Outstanding | 326,853 |
Non-vested RSUs, Restricted Shares Outstanding, Ending balance | 1,900,297 |
PVRSUs Outstanding [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested RSUs, Restricted Shares Outstanding, Beginning balance | 1,397,137 |
Awarded, Restricted Shares Outstanding | 740,364 |
Vested, Restricted Shares Outstanding | -180,975 |
Forfeited, Restricted Shares Outstanding | -253,882 |
Surrendered in connection with Spin-Off, Restricted Shares Outstanding | -89,612 |
Spin-Off adjustment, Restricted Shares Outstanding | 329,937 |
Non-vested RSUs, Restricted Shares Outstanding, Ending balance | 1,942,969 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Reserves for uncertain tax positions net | $101 | $127 |
Related tax benefits | 1 | 2 |
Reduction in the provision for income taxes, if reserves not utilized | $101 | ' |
Operational period | '12 months | ' |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Curtailment expense | ' | ' | $200 | ' |
Settlement expense | ' | ' | -300 | ' |
Non-U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1,016 | 1,361 | 3,869 | 4,089 |
Interest cost | 1,022 | 1,259 | 3,950 | 3,793 |
Return on plan assets | -1,397 | -1,443 | -5,088 | -4,351 |
Amortization of prior service cost | -2 | ' | -12 | ' |
Recognized net actuarial loss | 119 | 426 | 748 | 1,226 |
Curtailment expense | ' | ' | ' | ' |
Settlement expense | ' | ' | ' | ' |
Net pension expense | 758 | 1,603 | 3,467 | 4,757 |
U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2,541 | 2,681 | 7,623 | 8,043 |
Interest cost | 2,714 | 2,263 | 8,142 | 6,787 |
Return on plan assets | -3,846 | -3,275 | -11,538 | -9,827 |
Amortization of prior service cost | 56 | 57 | 168 | 171 |
Recognized net actuarial loss | 651 | 1,910 | 1,953 | 5,730 |
Curtailment expense | 241 | ' | 241 | ' |
Settlement expense | 310 | ' | 310 | ' |
Net pension expense | $2,667 | $3,636 | $6,899 | $10,904 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Curtailment expense recognized | ' | ' | $200,000 | ' |
Settlement expense related to Spin-Off | ' | ' | 300,000 | ' |
Employer contributions | 100,000 | ' | 7,000,000 | ' |
Paragon Offshore [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net pension expense | $1,000,000 | $2,000,000 | $4,000,000 | $6,000,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Derivative [Line Items] | ' |
Percentage of forecasted local currency requirements of forward contract | 60.00% |
Forward Contracts [Member] | ' |
Derivative [Line Items] | ' |
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | 0.3 |
Price Risk Derivative [Member] | ' |
Derivative [Line Items] | ' |
Notional amount of forward contracts outstanding | 13 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) (Short-Term Foreign Currency Forward Contracts [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Other Current Assets [Member] | ' |
Asset derivatives | ' |
Cash flow hedges Short-term foreign currency forward contracts | $60 |
Other Current Liabilities [Member] | ' |
Liability derivatives | ' |
Cash flow hedges Short-term foreign currency forward contracts | $333 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Summary of Recognized Gains and Losses of Cash Flow Hedges (Detail) (Foreign Currency Forward Contracts [Member], Cash Flow Hedges [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) recognized through AOCL | ($2,125) | $2,022 | ($4,904) | $2,207 |
Contract Drilling Services [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | 1,852 | -1,433 | 4,631 | -1,618 |
Gain/(loss) recognized through AOCL to "contract drilling services" expense | $0 | $0 | $0 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | $3,332 | $7,230 |
Foreign currency forward contracts | 60 | ' |
Liabilities - | ' | ' |
Foreign currency forward contracts | 333 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 3,332 | 7,230 |
Foreign currency forward contracts | 0 | ' |
Liabilities - | ' | ' |
Foreign currency forward contracts | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward contracts | 60 | ' |
Liabilities - | ' | ' |
Foreign currency forward contracts | 333 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward contracts | 0 | ' |
Liabilities - | ' | ' |
Foreign currency forward contracts | $0 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($82,164) | ($115,449) |
Other comprehensive income (loss) before reclassifications | ' | ' | 5,501 | -1,687 |
Amounts reclassified from AOCL | ' | ' | -3,583 | 6,553 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-Off of Paragon Offshore | ' | ' | 34,478 | ' |
Ending balance | -45,768 | -110,583 | -45,768 | -110,583 |
Gains / (Losses) on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 4,358 | -1,029 |
Amounts reclassified from AOCL | ' | ' | -4,631 | 1,618 |
Other comprehensive income (loss), net | ' | ' | -273 | 589 |
Spin-Off of Paragon Offshore | ' | ' | ' | ' |
Ending balance | -273 | 589 | -273 | 589 |
Defined Benefit Pension Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -58,598 | -95,071 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' |
Amounts reclassified from AOCL | ' | ' | 1,048 | 4,935 |
Other comprehensive income (loss), net | ' | ' | 1,048 | 4,935 |
Spin-Off of Paragon Offshore | ' | ' | 21,772 | ' |
Ending balance | -35,778 | -90,136 | -35,778 | -90,136 |
Foreign Currency Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -23,566 | -20,378 |
Other comprehensive income (loss) before reclassifications | ' | ' | 1,143 | -658 |
Amounts reclassified from AOCL | ' | ' | ' | ' |
Other comprehensive income (loss), net | ' | ' | 1,143 | -658 |
Spin-Off of Paragon Offshore | ' | ' | 12,706 | ' |
Ending balance | ($9,717) | ($21,036) | ($9,717) | ($21,036) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
USD ($) | BRL | Customs and Other Business Taxes [Member] | Minimum [Member] | Libya [Member] | Libya [Member] | |
Lawsuits | USD ($) | USD ($) | Rigs | USD ($) | ||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' |
Number of wells | ' | ' | ' | ' | 2 | ' |
Operating dayrate (per day) | ' | ' | ' | ' | ' | $538,000 |
Reserved for fines and penalties | 12,000,000 | ' | ' | ' | ' | ' |
Number of Lawsuits filed | 42 | 42 | ' | ' | ' | ' |
Percentage of uncertain tax positions likelihood of being sustained | ' | ' | ' | 50.00% | ' | ' |
Audit claims, additional attributable to other business tax returns | ' | ' | 73,000,000 | ' | ' | ' |
Amount of withholding after spin-off | 32,000,000 | 79,000,000 | ' | ' | ' | ' |
Physical damage deductible per occurrence on rigs range maximum | 25,000,000 | 25,000,000 | ' | ' | ' | ' |
Loss of hire coverage applies only to rigs operating under dayrate | ' | ' | ' | 200,000 | ' | ' |
Number of days waiting period | '45 days | '45 days | ' | ' | ' | ' |
Protection and indemnity policy, standard deductible (per occurrence) | 10,000,000 | ' | ' | ' | ' | ' |
Maximum liability coverage under protection and indemnity policy | 750,000,000 | ' | ' | ' | ' | ' |
Outstanding commitments including shipyard and purchase commitments | $940,000,000 | ' | ' | ' | ' | ' |
Years of effectiveness of employment agreements after the termination of employment | '3 years | '3 years | ' | ' | ' | ' |
Segment_and_Related_Informatio2
Segment and Related Information - Summarized Financial Information of Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | $828,796 | $640,513 | $2,427,764 | $1,813,054 | ' |
Depreciation and amortization | 161,246 | 129,843 | 460,306 | 370,402 | ' |
Segment operating income/ (loss) | 243,633 | 239,248 | 727,806 | 534,658 | ' |
Interest expense, net of amount capitalized | -37,751 | -23,149 | -114,494 | -75,115 | ' |
Income tax (provision)/ benefit | -40,782 | -33,852 | -110,625 | -74,341 | ' |
Segment profit/ (loss) | 127,175 | 281,957 | 618,060 | 608,637 | ' |
Total assets (at end of period) | 13,950,197 | 15,729,331 | 13,950,197 | 15,729,331 | 16,217,957 |
Contract Drilling Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 828,715 | 640,487 | 2,425,513 | 1,796,054 | ' |
Depreciation and amortization | 156,213 | 125,855 | 446,425 | 359,405 | ' |
Segment operating income/ (loss) | 249,297 | 245,726 | 741,227 | 541,146 | ' |
Interest expense, net of amount capitalized | -5 | -318 | -162 | -539 | ' |
Income tax (provision)/ benefit | -49,437 | -33,957 | -134,310 | -69,581 | ' |
Segment profit/ (loss) | 202,324 | 284,883 | 775,479 | 665,250 | ' |
Total assets (at end of period) | 12,231,090 | 15,058,076 | 12,231,090 | 15,058,076 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 81 | 26 | 2,251 | 17,000 | ' |
Depreciation and amortization | 5,033 | 3,988 | 13,881 | 10,997 | ' |
Segment operating income/ (loss) | -5,664 | -6,478 | -13,421 | -6,488 | ' |
Interest expense, net of amount capitalized | -37,746 | -22,831 | -114,332 | -74,576 | ' |
Income tax (provision)/ benefit | 8,655 | 105 | 23,685 | -4,760 | ' |
Segment profit/ (loss) | -75,149 | -2,926 | -157,419 | -56,613 | ' |
Total assets (at end of period) | $1,719,107 | $671,255 | $1,719,107 | $671,255 | ' |
Net_Change_in_Other_Assets_and2
Net Change in Other Assets and Liabilities - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Capital [Line Items] | ' | ' |
Accounts receivable | ($15,968) | ($92,073) |
Other current assets | -65,075 | -50,738 |
Other assets | -51,887 | -8,129 |
Accounts payable | 74,349 | 9,357 |
Other current liabilities | -23,882 | 4,042 |
Other liabilities | 35,219 | 35,231 |
Net change in other assets and liabilities | -47,244 | -102,310 |
Noble-Cayman [Member] | ' | ' |
Operating Capital [Line Items] | ' | ' |
Accounts receivable | -15,968 | -92,073 |
Other current assets | -71,784 | -49,791 |
Other assets | -51,871 | -8,133 |
Accounts payable | 33,909 | 7,830 |
Other current liabilities | -4,294 | 4,702 |
Other liabilities | 51,346 | 35,227 |
Net change in other assets and liabilities | ($58,662) | ($102,238) |
Information_about_NobleCayman_1
Information about Noble-Cayman - Guarantor Obligations (Detail) (Noble-Cayman [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
3.45% Senior Notes due August 2015 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
3.05% Senior Notes due March 2016 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
2.50% Senior Notes due March 2017 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHC NDH Noble Drilling Services 6 LLC (bNDS6b) |
Guarantor(s) | 'Noble-Cayman |
4.90% Senior Notes due August 2020 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
Information_about_NobleCayman_2
Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Guarantor Obligations [Line Items] | ' |
Senior notes, maturity date | '2016 |
3.45% Senior Notes due August 2015 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.45% |
3.45% Senior Notes due August 2015 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 350 |
Interest rate on the notes | 3.45% |
Senior notes, maturity date | '2015 |
3.05% Senior Notes due March 2016 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.05% |
3.05% Senior Notes due March 2016 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 300 |
Interest rate on the notes | 3.05% |
Senior notes, maturity date | '2016 |
2.50% Senior Notes due March 2017 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 2.50% |
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 300 |
Interest rate on the notes | 2.50% |
Senior notes, maturity date | '2017 |
7.50% Senior Notes due March 2019 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 7.50% |
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 202 |
Interest rate on the notes | 7.50% |
Senior notes, maturity date | '2019 |
4.90% Senior Notes due August 2020 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 4.90% |
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 500 |
Interest rate on the notes | 4.90% |
Senior notes, maturity date | '2020 |
4.625% Senior Notes due March 2021 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 4.63% |
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 4.63% |
Senior notes, maturity date | '2021 |
3.95% Senior Notes due March 2022 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.95% |
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 3.95% |
Senior notes, maturity date | '2022 |
6.20% Senior Notes due August 2040 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 6.20% |
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 6.20% |
Senior notes, maturity date | '2040 |
6.05% Senior Notes due March 2041 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 6.05% |
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 6.05% |
Senior notes, maturity date | '2041 |
5.25% Senior Notes due March 2042 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 5.25% |
5.25% Senior Notes due March 2042 [Member] | Noble-Cayman [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 500 |
Interest rate on the notes | 5.25% |
Senior notes, maturity date | '2042 |
Information_about_NobleCayman_3
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $68,354 | $114,458 | $178,370 | $282,092 |
Accounts receivable | 610,134 | 949,069 | ' | ' |
Taxes receivable | 126,295 | 140,269 | ' | ' |
Prepaid expenses and other current assets | 226,262 | 187,139 | ' | ' |
Total current assets | 1,031,045 | 1,390,935 | ' | ' |
Property and equipment, at cost | 15,304,758 | 19,198,767 | ' | ' |
Accumulated depreciation | -2,671,092 | -4,640,677 | ' | ' |
Property and equipment, net | 12,633,666 | 14,558,090 | ' | ' |
Other assets | 285,486 | 268,932 | ' | ' |
Total assets | 13,950,197 | 16,217,957 | 15,729,331 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 267,811 | 347,214 | ' | ' |
Accrued payroll and related costs | 102,533 | 151,161 | ' | ' |
Taxes payable | 115,192 | 125,119 | ' | ' |
Other current liabilities | 170,474 | 300,172 | ' | ' |
Total current liabilities | 656,010 | 1,051,915 | ' | ' |
Long-term debt | 4,737,081 | 5,556,251 | ' | ' |
Deferred income taxes | 165,750 | 225,455 | ' | ' |
Other liabilities | 289,637 | 334,308 | ' | ' |
Total liabilities | 5,848,478 | 7,167,929 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 7,378,323 | 8,322,583 | ' | ' |
Noncontrolling interests | 723,396 | 727,445 | ' | ' |
Total equity | 8,101,719 | 9,050,028 | 8,856,816 | 8,488,290 |
Total liabilities and equity | 13,950,197 | 16,217,957 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Short-term notes receivable from affiliates | -1,708,274 | -1,667,551 | ' | ' |
Accounts receivable from affiliates | -6,957,884 | -7,601,062 | ' | ' |
Total current assets | -8,666,158 | -9,268,613 | ' | ' |
Notes receivable from affiliates | -8,265,273 | -7,192,024 | ' | ' |
Investments in affiliates | -23,888,971 | -33,001,421 | ' | ' |
Total assets | -40,820,402 | -49,462,058 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | -1,708,274 | -1,667,551 | ' | ' |
Accounts payable to affiliates | -6,957,884 | -7,601,062 | ' | ' |
Total current liabilities | -8,666,158 | -9,268,613 | ' | ' |
Notes payable to affiliates | -8,265,273 | -7,192,024 | ' | ' |
Total liabilities | -16,931,431 | -16,460,637 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | -23,474,566 | -32,490,624 | ' | ' |
Noncontrolling interests | -414,405 | -510,797 | ' | ' |
Total equity | -23,888,971 | -33,001,421 | ' | ' |
Total liabilities and equity | -40,820,402 | -49,462,058 | ' | ' |
Noble-Cayman [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 5 | 1 | 5 | 1,003 |
Short-term notes receivable from affiliates | 124,418 | ' | ' | ' |
Accounts receivable from affiliates | 2,092,898 | 1,244,019 | ' | ' |
Prepaid expenses and other current assets | 18,187 | ' | ' | ' |
Total current assets | 2,235,508 | 1,244,020 | ' | ' |
Notes receivable from affiliates | 3,304,653 | 3,304,753 | ' | ' |
Investments in affiliates | 5,129,070 | 8,601,712 | ' | ' |
Other assets | 3,312 | 6,256 | ' | ' |
Total assets | 10,672,543 | 13,156,741 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 3,202 | ' | ' | ' |
Accrued payroll and related costs | 2 | ' | ' | ' |
Accounts payable to affiliates | 543,326 | 1,104,410 | ' | ' |
Other current liabilities | 14,346 | 412 | ' | ' |
Total current liabilities | 560,876 | 1,104,822 | ' | ' |
Long-term debt | 991,652 | 1,561,141 | ' | ' |
Notes payable to affiliates | 1,769,064 | 2,042,808 | ' | ' |
Other liabilities | 25,471 | 19,931 | ' | ' |
Total liabilities | 3,347,063 | 4,728,702 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 7,325,480 | 8,428,039 | ' | ' |
Total equity | 7,325,480 | 8,428,039 | ' | ' |
Total liabilities and equity | 10,672,543 | 13,156,741 | ' | ' |
NHC [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Taxes receivable | 72,332 | 52,307 | ' | ' |
Accounts receivable from affiliates | 364,033 | ' | ' | ' |
Total current assets | 436,365 | 52,307 | ' | ' |
Investments in affiliates | 1,282,802 | 2,907,379 | ' | ' |
Total assets | 1,719,167 | 2,959,686 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 171,925 | 52,611 | ' | ' |
Accounts payable to affiliates | 62,561 | 653,049 | ' | ' |
Total current liabilities | 234,486 | 705,660 | ' | ' |
Total liabilities | 234,486 | 705,660 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 1,484,681 | 2,254,026 | ' | ' |
Total equity | 1,484,681 | 2,254,026 | ' | ' |
Total liabilities and equity | 1,719,167 | 2,959,686 | ' | ' |
NDH [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 358 | 402 | 123 | 904 |
Accounts receivable | 46,320 | 34,038 | ' | ' |
Taxes receivable | 513 | ' | ' | ' |
Short-term notes receivable from affiliates | 1,077,965 | 1,456,245 | ' | ' |
Accounts receivable from affiliates | 189,512 | 108,208 | ' | ' |
Prepaid expenses and other current assets | 2,064 | 6,336 | ' | ' |
Total current assets | 1,316,732 | 1,605,229 | ' | ' |
Property and equipment, at cost | 2,519,562 | 2,340,216 | ' | ' |
Accumulated depreciation | -263,035 | -310,171 | ' | ' |
Property and equipment, net | 2,256,527 | 2,030,045 | ' | ' |
Notes receivable from affiliates | 879,154 | 124,216 | ' | ' |
Investments in affiliates | 3,426,000 | 6,595,591 | ' | ' |
Other assets | 6,664 | 6,332 | ' | ' |
Total assets | 7,885,077 | 10,361,413 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | ' | 139,195 | ' | ' |
Accounts payable | 6,639 | 5,310 | ' | ' |
Accrued payroll and related costs | 8,525 | 8,582 | ' | ' |
Accounts payable to affiliates | 3,421,407 | 4,032,776 | ' | ' |
Taxes payable | ' | 827 | ' | ' |
Other current liabilities | 21,625 | 22,106 | ' | ' |
Total current liabilities | 3,458,196 | 4,208,796 | ' | ' |
Notes payable to affiliates | 1,113,363 | 534,683 | ' | ' |
Other liabilities | 30,045 | 24,502 | ' | ' |
Total liabilities | 4,601,604 | 4,767,981 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 3,283,473 | 5,593,432 | ' | ' |
Total equity | 3,283,473 | 5,593,432 | ' | ' |
Total liabilities and equity | 7,885,077 | 10,361,413 | ' | ' |
NHIL [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | 4 | 8 | 2 |
Short-term notes receivable from affiliates | ' | 139,195 | ' | ' |
Accounts receivable from affiliates | 169,979 | 210,868 | ' | ' |
Prepaid expenses and other current assets | 19 | ' | ' | ' |
Total current assets | 169,998 | 350,067 | ' | ' |
Notes receivable from affiliates | 1,980,391 | 2,367,555 | ' | ' |
Investments in affiliates | 8,378,227 | 9,456,735 | ' | ' |
Other assets | 20,539 | 22,681 | ' | ' |
Total assets | 10,549,155 | 12,197,038 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable to affiliates | 53,516 | 216,866 | ' | ' |
Other current liabilities | 16,359 | 62,431 | ' | ' |
Total current liabilities | 69,875 | 279,297 | ' | ' |
Long-term debt | 3,543,734 | 3,793,414 | ' | ' |
Notes payable to affiliates | 1,169,180 | 975,000 | ' | ' |
Total liabilities | 4,782,789 | 5,047,711 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 5,766,366 | 7,149,327 | ' | ' |
Total equity | 5,766,366 | 7,149,327 | ' | ' |
Total liabilities and equity | 10,549,155 | 12,197,038 | ' | ' |
NDS6 [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Short-term notes receivable from affiliates | 333,966 | 19,500 | ' | ' |
Accounts receivable from affiliates | 123,742 | 27,537 | ' | ' |
Total current assets | 457,708 | 47,037 | ' | ' |
Notes receivable from affiliates | 5,000 | 5,000 | ' | ' |
Investments in affiliates | 5,672,872 | 5,440,004 | ' | ' |
Other assets | 546 | 639 | ' | ' |
Total assets | 6,136,126 | 5,492,680 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 371,720 | 750,000 | ' | ' |
Accounts payable to affiliates | 18,833 | 21,173 | ' | ' |
Other current liabilities | 630 | 4,412 | ' | ' |
Total current liabilities | 391,183 | 775,585 | ' | ' |
Long-term debt | 201,695 | 201,696 | ' | ' |
Notes payable to affiliates | 834,449 | 260,216 | ' | ' |
Total liabilities | 1,427,327 | 1,237,497 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 4,708,799 | 4,255,183 | ' | ' |
Total equity | 4,708,799 | 4,255,183 | ' | ' |
Total liabilities and equity | 6,136,126 | 5,492,680 | ' | ' |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 65,585 | 109,975 | 173,581 | 275,466 |
Accounts receivable | 563,814 | 915,031 | ' | ' |
Taxes receivable | 53,316 | 87,722 | ' | ' |
Short-term notes receivable from affiliates | 171,925 | 52,611 | ' | ' |
Accounts receivable from affiliates | 4,017,720 | 6,010,430 | ' | ' |
Prepaid expenses and other current assets | 159,368 | 178,012 | ' | ' |
Total current assets | 5,031,728 | 7,353,781 | ' | ' |
Property and equipment, at cost | 12,746,644 | 16,820,134 | ' | ' |
Accumulated depreciation | -2,396,852 | -4,321,507 | ' | ' |
Property and equipment, net | 10,349,792 | 12,498,627 | ' | ' |
Notes receivable from affiliates | 2,096,075 | 1,390,500 | ' | ' |
Other assets | 230,928 | 233,106 | ' | ' |
Total assets | 17,708,523 | 21,476,014 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 1,164,629 | 725,745 | ' | ' |
Accounts payable | 225,982 | 340,600 | ' | ' |
Accrued payroll and related costs | 85,858 | 134,764 | ' | ' |
Accounts payable to affiliates | 2,858,241 | 1,572,788 | ' | ' |
Taxes payable | 112,332 | 119,761 | ' | ' |
Other current liabilities | 113,345 | 210,811 | ' | ' |
Total current liabilities | 4,560,387 | 3,104,469 | ' | ' |
Notes payable to affiliates | 3,379,217 | 3,379,317 | ' | ' |
Deferred income taxes | 165,750 | 225,455 | ' | ' |
Other liabilities | 234,121 | 289,875 | ' | ' |
Total liabilities | 8,339,475 | 6,999,116 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 8,231,247 | 13,238,656 | ' | ' |
Noncontrolling interests | 1,137,801 | 1,238,242 | ' | ' |
Total equity | 9,369,048 | 14,476,898 | ' | ' |
Total liabilities and equity | 17,708,523 | 21,476,014 | ' | ' |
Noble-Cayman [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 65,948 | 110,382 | 173,717 | 277,375 |
Accounts receivable | 610,134 | 949,069 | ' | ' |
Taxes receivable | 126,161 | 140,029 | ' | ' |
Prepaid expenses and other current assets | 179,638 | 184,348 | ' | ' |
Total current assets | 981,881 | 1,383,828 | ' | ' |
Property and equipment, at cost | 15,266,206 | 19,160,350 | ' | ' |
Accumulated depreciation | -2,659,887 | -4,631,678 | ' | ' |
Property and equipment, net | 12,606,319 | 14,528,672 | ' | ' |
Other assets | 261,989 | 269,014 | ' | ' |
Total assets | 13,850,189 | 16,181,514 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 235,823 | 345,910 | ' | ' |
Accrued payroll and related costs | 94,385 | 143,346 | ' | ' |
Taxes payable | 112,332 | 120,588 | ' | ' |
Other current liabilities | 166,305 | 300,172 | ' | ' |
Total current liabilities | 608,845 | 910,016 | ' | ' |
Long-term debt | 4,737,081 | 5,556,251 | ' | ' |
Deferred income taxes | 165,750 | 225,455 | ' | ' |
Other liabilities | 289,637 | 334,308 | ' | ' |
Total liabilities | 5,801,313 | 7,026,030 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 7,325,480 | 8,428,039 | ' | ' |
Noncontrolling interests | 723,396 | 727,445 | ' | ' |
Total equity | 8,048,876 | 9,155,484 | 9,026,094 | 8,531,082 |
Total liabilities and equity | $13,850,189 | $16,181,514 | ' | ' |
Information_about_NobleCayman_4
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | $810,200 | $623,168 | $2,360,205 | $1,750,627 |
Reimbursables | 18,595 | 17,319 | 67,558 | 45,416 |
Labor contract drilling services | ' | 26 | ' | 17,000 |
Total operating revenues | 828,796 | 640,513 | 2,427,764 | 1,813,054 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 385,674 | 283,429 | 1,109,456 | 836,825 |
Reimbursables | 13,641 | 14,812 | 52,877 | 36,686 |
Labor contract drilling services | ' | 2,084 | ' | 10,966 |
Depreciation and amortization | 161,246 | 129,843 | 460,306 | 370,402 |
General and administrative | 24,602 | 33,776 | 77,319 | 86,196 |
Loss on impairment | ' | 3,585 | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 | ' | -35,646 |
Gain on contract settlements/extinguishments, net | ' | -30,618 | ' | -30,618 |
Total operating costs and expenses | 585,163 | 401,265 | 1,699,958 | 1,278,396 |
Operating income (loss) | 243,633 | 239,248 | 727,806 | 534,658 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -37,751 | -23,149 | -114,494 | -75,115 |
Interest income and other, net | 2,760 | 1,522 | 131 | 2,231 |
Income from continuing operations before income taxes | 208,642 | 217,621 | 613,443 | 461,774 |
Income tax provision | -40,782 | -33,852 | -110,625 | -74,341 |
Net income from continuing operations | 167,860 | 183,769 | 502,818 | 387,433 |
Net income from discontinued operations, net of tax | -20,214 | 116,690 | 175,532 | 274,065 |
Net income | 147,646 | 300,459 | 678,350 | 661,498 |
Net income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Net income attributable to Noble Corporation | 127,175 | 281,957 | 618,060 | 608,637 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Comprehensive income attributable to Noble Corporation | 152,671 | 287,803 | 654,456 | 613,503 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | -138,333 | -23,060 | -212,857 | -66,431 |
Total operating revenues | -138,333 | -23,060 | -212,857 | -66,431 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | -138,333 | -23,060 | -212,857 | -66,431 |
Total operating costs and expenses | -138,333 | -23,060 | -212,857 | -66,431 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | 2,402,147 | 936,865 | 1,074,989 | 213,413 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 1,408 | -376,291 | -558,279 | -960,716 |
Total income (loss) of unconsolidated affiliates | 2,403,555 | 560,574 | 516,710 | -747,303 |
Interest expense, net of amounts capitalized | 3,155,363 | 1,614,018 | 3,268,048 | 1,783,410 |
Interest income and other, net | -3,155,363 | -1,614,018 | -3,268,048 | -1,783,410 |
Income from continuing operations before income taxes | 2,403,555 | 560,574 | 516,710 | -747,303 |
Net income from continuing operations | 2,403,555 | 560,574 | 516,710 | -747,303 |
Net income | 2,403,555 | 560,574 | 516,710 | -747,303 |
Net income attributable to noncontrolling interests | 11,141 | 15,502 | 34,963 | 35,864 |
Net income attributable to Noble Corporation | 2,414,696 | 576,076 | 551,673 | -711,439 |
Other comprehensive income (loss), net | 8,982 | -5,846 | -1,918 | -4,866 |
Spin-off of Paragon Offshore | -34,478 | ' | -34,478 | ' |
Comprehensive income attributable to Noble Corporation | 2,389,200 | 570,230 | 515,277 | -716,305 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 3,571 | 1,623 | 16,257 | 3,351 |
General and administrative | 397 | 252 | 1,304 | 1,544 |
Gain on contract settlements/extinguishments, net | ' | -45,000 | ' | -45,000 |
Total operating costs and expenses | 3,968 | -43,125 | 17,561 | -40,105 |
Operating income (loss) | -3,968 | 43,125 | -17,561 | 40,105 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | -2,716,832 | 181,946 | -2,325,832 | 452,436 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 10,413 | 119,102 | 225,022 | 284,506 |
Total income (loss) of unconsolidated affiliates | -2,706,419 | 301,048 | -2,100,810 | 736,942 |
Interest expense, net of amounts capitalized | -22,352 | -34,941 | -70,702 | -105,720 |
Interest income and other, net | 2,905,973 | 1,664 | 2,912,861 | 4,941 |
Income from continuing operations before income taxes | 173,234 | 310,896 | 723,788 | 676,268 |
Net income from continuing operations | 173,234 | 310,896 | 723,788 | 676,268 |
Net income from discontinued operations, net of tax | ' | -42 | ' | -249 |
Net income | 173,234 | 310,854 | 723,788 | 676,019 |
Net income attributable to Noble Corporation | 173,234 | 310,854 | 723,788 | 676,019 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Comprehensive income attributable to Noble Corporation | 198,730 | 316,700 | 760,184 | 680,885 |
NHC [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 9,239 | 6,091 | 29,725 | 16,272 |
General and administrative | 2,348 | 831 | 7,351 | 4,845 |
Total operating costs and expenses | 11,587 | 6,922 | 37,076 | 21,117 |
Operating income (loss) | -11,587 | -6,922 | -37,076 | -21,117 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | -20,299 | 34,079 | 90,411 | 40,210 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | -3,921 | 7,752 | 49,146 | 17,642 |
Total income (loss) of unconsolidated affiliates | -24,220 | 41,831 | 139,557 | 57,852 |
Interest expense, net of amounts capitalized | -1,042 | -232 | -2,005 | -849 |
Income from continuing operations before income taxes | -36,849 | 34,677 | 100,476 | 35,886 |
Income tax provision | -11,352 | -43,401 | -49,945 | -19,723 |
Net income from continuing operations | -48,201 | -8,724 | 50,531 | -16,163 |
Net income from discontinued operations, net of tax | ' | -7,669 | -18,655 | -20,558 |
Net income | -48,201 | -16,393 | 31,876 | -4,395 |
Net income attributable to Noble Corporation | -48,201 | -16,393 | 31,876 | -4,395 |
Comprehensive income attributable to Noble Corporation | -48,201 | -16,393 | 31,876 | -4,395 |
NDH [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 81,834 | 49,887 | 244,451 | 154,486 |
Reimbursables | 1,495 | 1,662 | 4,748 | 4,493 |
Total operating revenues | 83,329 | 51,549 | 249,199 | 158,979 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 27,593 | 16,300 | 88,683 | 36,956 |
Reimbursables | 1,112 | 1,437 | 3,605 | 3,832 |
Depreciation and amortization | 16,922 | 11,009 | 47,267 | 32,260 |
Total operating costs and expenses | 45,627 | 28,746 | 139,555 | 73,048 |
Operating income (loss) | 37,702 | 22,803 | 109,644 | 85,931 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | -130,556 | 55,577 | -9,789 | 95,697 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | -10,045 | 92,278 | 94,515 | 238,552 |
Total income (loss) of unconsolidated affiliates | -140,601 | 147,855 | 84,726 | 334,249 |
Interest expense, net of amounts capitalized | -8,729 | -5,372 | -21,703 | -17,755 |
Interest income and other, net | 208,241 | 20,354 | 234,990 | 42,205 |
Income from continuing operations before income taxes | 96,613 | 185,640 | 407,657 | 444,630 |
Income tax provision | -766 | -131 | -2,972 | -1,219 |
Net income from continuing operations | 95,847 | 185,509 | 404,685 | 443,411 |
Net income from discontinued operations, net of tax | ' | 10,873 | 6,634 | 25,250 |
Net income | 95,847 | 196,382 | 411,319 | 468,661 |
Net income attributable to Noble Corporation | 95,847 | 196,382 | 411,319 | 468,661 |
Comprehensive income attributable to Noble Corporation | 95,847 | 196,382 | 411,319 | 468,661 |
NHIL [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 25,489 | 27,802 | 86,819 | 72,830 |
General and administrative | 6,530 | 2,672 | 21,754 | 20,788 |
Total operating costs and expenses | 32,019 | 30,474 | 108,573 | 93,618 |
Operating income (loss) | -32,019 | -30,474 | -108,573 | -93,618 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | 283,190 | 197,443 | 703,700 | 444,206 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 2,021 | 132,659 | 183,347 | 352,011 |
Total income (loss) of unconsolidated affiliates | 285,211 | 330,102 | 887,047 | 796,217 |
Interest expense, net of amounts capitalized | -40,423 | -32,646 | -126,914 | -99,911 |
Interest income and other, net | 21,240 | 44,809 | 68,208 | 129,601 |
Income from continuing operations before income taxes | 234,009 | 311,791 | 719,768 | 732,289 |
Net income from continuing operations | 234,009 | 311,791 | 719,768 | 732,289 |
Net income from discontinued operations, net of tax | ' | -1,537 | ' | -6,358 |
Net income | 234,009 | 310,254 | 719,768 | 725,931 |
Net income attributable to Noble Corporation | 234,009 | 310,254 | 719,768 | 725,931 |
Comprehensive income attributable to Noble Corporation | 234,009 | 310,254 | 719,768 | 725,931 |
NDS6 [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
General and administrative | ' | ' | 1 | 1 |
Total operating costs and expenses | ' | ' | 1 | 1 |
Operating income (loss) | ' | ' | -1 | -1 |
Other income (expense) | ' | ' | ' | ' |
Income (loss) of unconsolidated affiliates | 182,350 | -1,405,910 | 466,521 | -1,245,962 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 124 | 24,500 | 6,249 | 68,005 |
Total income (loss) of unconsolidated affiliates | 182,474 | -1,381,410 | 472,770 | -1,177,957 |
Interest expense, net of amounts capitalized | -10,573 | -14,998 | -26,477 | -38,388 |
Interest income and other, net | 1,249 | 1,524,744 | 1,879 | 1,537,410 |
Income from continuing operations before income taxes | 173,150 | 128,336 | 448,171 | 321,064 |
Income tax provision | ' | ' | -1,547 | ' |
Net income from continuing operations | 173,150 | 128,336 | 446,624 | 321,064 |
Net income | 173,150 | 128,336 | 446,624 | 321,064 |
Net income attributable to Noble Corporation | 173,150 | 128,336 | 446,624 | 321,064 |
Comprehensive income attributable to Noble Corporation | 173,150 | 128,336 | 446,624 | 321,064 |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 866,699 | 596,343 | 2,328,611 | 1,662,572 |
Reimbursables | 17,100 | 15,656 | 62,810 | 40,923 |
Labor contract drilling services | ' | 27 | ' | 17,000 |
Other | 1 | ' | 1 | 11 |
Total operating revenues | 883,800 | 612,026 | 2,391,422 | 1,720,506 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 456,352 | 254,951 | 1,089,067 | 768,087 |
Reimbursables | 12,529 | 13,375 | 49,272 | 32,854 |
Labor contract drilling services | ' | 2,084 | ' | 10,966 |
Depreciation and amortization | 143,333 | 118,300 | 410,833 | 336,845 |
General and administrative | 3,782 | 3,496 | 6,068 | 10,504 |
Loss on impairment | ' | 3,585 | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 | ' | -35,646 |
Gain on contract settlements/extinguishments, net | ' | 14,382 | ' | 14,382 |
Total operating costs and expenses | 615,996 | 374,527 | 1,555,240 | 1,141,577 |
Operating income (loss) | 267,804 | 237,499 | 836,182 | 578,929 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -3,109,995 | -1,548,978 | -3,134,741 | -1,595,902 |
Interest income and other, net | 22,445 | 23,327 | 51,252 | 71,080 |
Income from continuing operations before income taxes | -2,819,746 | -1,288,152 | -2,247,307 | -945,893 |
Income tax provision | -28,556 | 10,024 | -55,743 | -51,625 |
Net income from continuing operations | -2,848,302 | -1,278,128 | -2,303,050 | -997,518 |
Net income from discontinued operations, net of tax | -10,413 | 117,477 | 237,043 | 286,421 |
Net income | -2,837,889 | -1,160,651 | -2,066,007 | -711,097 |
Net income attributable to noncontrolling interests | -31,612 | -34,004 | -95,253 | -88,725 |
Net income attributable to Noble Corporation | -2,869,501 | -1,194,655 | -2,161,260 | -799,822 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Comprehensive income attributable to Noble Corporation | -2,844,005 | -1,188,809 | -2,124,864 | -794,956 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 810,200 | 623,170 | 2,360,205 | 1,750,627 |
Reimbursables | 18,595 | 17,318 | 67,558 | 45,416 |
Labor contract drilling services | ' | 27 | ' | 17,000 |
Other | 1 | ' | 1 | 11 |
Total operating revenues | 828,796 | 640,515 | 2,427,764 | 1,813,054 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 383,911 | 283,707 | 1,097,694 | 831,065 |
Reimbursables | 13,641 | 14,812 | 52,877 | 36,686 |
Labor contract drilling services | ' | 2,084 | ' | 10,966 |
Depreciation and amortization | 160,255 | 129,309 | 458,100 | 369,105 |
General and administrative | 13,057 | 7,251 | 36,478 | 37,682 |
Loss on impairment | ' | 3,585 | ' | 3,585 |
Gain on disposal of assets, net | ' | -35,646 | ' | -35,646 |
Gain on contract settlements/extinguishments, net | ' | -30,618 | ' | -30,618 |
Total operating costs and expenses | 570,864 | 374,484 | 1,645,149 | 1,222,825 |
Operating income (loss) | 257,932 | 266,031 | 782,615 | 590,229 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -37,751 | -23,149 | -114,494 | -75,115 |
Interest income and other, net | 3,785 | 880 | 1,142 | 1,827 |
Income from continuing operations before income taxes | 223,966 | 243,762 | 669,263 | 516,941 |
Income tax provision | -40,674 | -33,508 | -110,207 | -72,567 |
Net income from continuing operations | 183,292 | 210,254 | 559,056 | 444,374 |
Net income from discontinued operations, net of tax | 10,413 | 119,102 | 225,022 | 284,506 |
Net income | 193,705 | 329,356 | 784,078 | 728,880 |
Net income attributable to noncontrolling interests | -20,471 | -18,502 | -60,290 | -52,861 |
Net income attributable to Noble Corporation | 173,234 | 310,854 | 723,788 | 676,019 |
Other comprehensive income (loss), net | -8,982 | 5,846 | 1,918 | 4,866 |
Spin-off of Paragon Offshore | 34,478 | ' | 34,478 | ' |
Comprehensive income attributable to Noble Corporation | $198,730 | $316,700 | $760,184 | $680,885 |
Information_about_NobleCayman_5
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | $1,388,298 | $1,161,654 |
Cash flows from investing activities | ' | ' |
Proceeds from disposal of assets | ' | 61,000 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | -569,489 | 973,055 |
Repayment of long-term debt | -250,000 | -300,000 |
Long-term borrowings of Paragon Offshore | 1,726,750 | ' |
Financing costs on long-term borrowings of Paragon Offshore | -30,876 | ' |
Cash balances of Paragon Offshore in Spin-Off | -104,152 | ' |
Dividends paid to noncontrolling interests | -64,339 | -69,728 |
Financing costs on credit facilities | -386 | -2,432 |
Net change in cash and cash equivalents | -46,104 | -103,722 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 |
Cash and cash equivalents, end of period | 68,354 | 178,370 |
Consolidating Adjustments [Member] | ' | ' |
Cash flows from investing activities | ' | ' |
Notes receivable from affiliates | -273,794 | -294,798 |
Net cash from investing activities | -273,794 | -294,798 |
Cash flows from financing activities | ' | ' |
Notes payable to affiliates | 273,794 | 294,798 |
Net cash from financing activities | 273,794 | 294,798 |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 2,858,748 | -79,174 |
Cash flows from investing activities | ' | ' |
Notes receivable from affiliates | 50 | ' |
Net cash from investing activities | 50 | ' |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | -569,489 | 973,055 |
Repayment of long-term debt | ' | -300,000 |
Financing costs on credit facilities | -386 | -2,432 |
Distributions to parent company, net | -421,801 | -187,610 |
Advances (to) from affiliates | -1,593,374 | -110,039 |
Notes payable to affiliates | -273,744 | -294,798 |
Net cash from financing activities | -2,858,794 | 78,176 |
Net change in cash and cash equivalents | 4 | -998 |
Cash and cash equivalents, beginning of period | 1 | 1,003 |
Cash and cash equivalents, end of period | 5 | 5 |
NHC [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -127,706 | -107,694 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 127,706 | 107,694 |
Net cash from financing activities | 127,706 | 107,694 |
NDH [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 370,512 | 154,038 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -1,245,121 | -1,070,669 |
Net cash from investing activities | -1,245,121 | -1,070,669 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 874,565 | 915,850 |
Net cash from financing activities | 874,565 | 915,850 |
Net change in cash and cash equivalents | -44 | -781 |
Cash and cash equivalents, beginning of period | 402 | 904 |
Cash and cash equivalents, end of period | 358 | 123 |
NHIL [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -211,228 | -113,088 |
Cash flows from investing activities | ' | ' |
Notes receivable from affiliates | 273,744 | ' |
Net cash from investing activities | 273,744 | ' |
Cash flows from financing activities | ' | ' |
Repayment of long-term debt | -250,000 | ' |
Advances (to) from affiliates | 187,480 | 113,094 |
Net cash from financing activities | -62,520 | 113,094 |
Net change in cash and cash equivalents | -4 | 6 |
Cash and cash equivalents, beginning of period | 4 | 2 |
Cash and cash equivalents, end of period | ' | 8 |
NDS6 [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -29,835 | 1,495,330 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 29,835 | -1,495,330 |
Net cash from financing activities | 29,835 | -1,495,330 |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -1,390,805 | -136,468 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -554,706 | -720,218 |
Proceeds from disposal of assets | ' | 61,000 |
Notes receivable from affiliates | ' | 294,798 |
Net cash from investing activities | -554,706 | -364,420 |
Cash flows from financing activities | ' | ' |
Long-term borrowings of Paragon Offshore | 1,726,750 | ' |
Financing costs on long-term borrowings of Paragon Offshore | -30,876 | ' |
Cash balances of Paragon Offshore in Spin-Off | -104,152 | ' |
Dividends paid to noncontrolling interests | -64,339 | -69,728 |
Advances (to) from affiliates | 373,788 | 468,731 |
Notes payable to affiliates | -50 | ' |
Net cash from financing activities | 1,901,121 | 399,003 |
Net change in cash and cash equivalents | -44,390 | -101,885 |
Cash and cash equivalents, beginning of period | 109,975 | 275,466 |
Cash and cash equivalents, end of period | 65,585 | 173,581 |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 1,469,686 | 1,212,944 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -1,799,827 | -1,790,887 |
Proceeds from disposal of assets | ' | 61,000 |
Net cash from investing activities | -1,799,827 | -1,729,887 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | -569,489 | 973,055 |
Repayment of long-term debt | -250,000 | -300,000 |
Long-term borrowings of Paragon Offshore | 1,726,750 | ' |
Financing costs on long-term borrowings of Paragon Offshore | -30,876 | ' |
Cash balances of Paragon Offshore in Spin-Off | -104,152 | ' |
Dividends paid to noncontrolling interests | -64,339 | -69,728 |
Financing costs on credit facilities | -386 | -2,432 |
Distributions to parent company, net | -421,801 | -187,610 |
Net cash from financing activities | 285,707 | 413,285 |
Net change in cash and cash equivalents | -44,434 | -103,658 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 |
Cash and cash equivalents, end of period | $65,948 | $173,717 |