Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NE | ||
Entity Registrant Name | NOBLE CORP PLC | ||
Entity Central Index Key | 1458891 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 241,954,168 | ||
Entity Public Float | $8.50 | ||
Noble-Cayman [Member] | |||
Document Information [Line Items] | |||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $68,510 | $114,458 |
Accounts receivable | 569,096 | 949,069 |
Taxes receivable | 107,490 | 140,269 |
Prepaid expenses and other current assets | 183,466 | 187,139 |
Total current assets | 928,562 | 1,390,935 |
Property and equipment, at cost | 14,442,922 | 19,198,767 |
Accumulated depreciation | -2,330,413 | -4,640,677 |
Property and equipment, net | 12,112,509 | 14,558,090 |
Other assets | 245,751 | 268,932 |
Total assets | 13,286,822 | 16,217,957 |
Current liabilities | ||
Accounts payable | 265,389 | 347,214 |
Accrued payroll and related costs | 102,520 | 151,161 |
Taxes payable | 94,230 | 125,119 |
Dividends payable | 128,249 | |
Other current liabilities | 206,535 | 300,172 |
Total current liabilities | 668,674 | 1,051,915 |
Long-term debt | 4,869,020 | 5,556,251 |
Deferred income taxes | 120,589 | 225,455 |
Other liabilities | 341,505 | 334,308 |
Total liabilities | 5,999,788 | 7,167,929 |
Equity | ||
Shares | 2,475 | 2,534 |
Additional paid-in capital | 695,638 | 810,286 |
Retained earnings | 5,936,035 | 7,591,927 |
Accumulated other comprehensive loss | -69,418 | -82,164 |
Total shareholders' equity | 6,564,730 | 8,322,583 |
Noncontrolling interests | 722,304 | 727,445 |
Total equity | 7,287,034 | 9,050,028 |
Total liabilities and equity | 13,286,822 | 16,217,957 |
Noble-Cayman [Member] | ||
Current assets | ||
Cash and cash equivalents | 65,780 | 110,382 |
Accounts receivable | 569,096 | 949,069 |
Taxes receivable | 107,289 | 140,029 |
Prepaid expenses and other current assets | 139,669 | 184,348 |
Total current assets | 881,834 | 1,383,828 |
Property and equipment, at cost | 14,404,371 | 19,160,350 |
Accumulated depreciation | -2,318,220 | -4,631,678 |
Property and equipment, net | 12,086,151 | 14,528,672 |
Other assets | 222,254 | 269,014 |
Total assets | 13,190,239 | 16,181,514 |
Current liabilities | ||
Accounts payable | 261,012 | 345,910 |
Accrued payroll and related costs | 91,487 | 143,346 |
Taxes payable | 91,471 | 120,588 |
Other current liabilities | 201,914 | 300,172 |
Total current liabilities | 645,884 | 910,016 |
Long-term debt | 4,869,020 | 5,556,251 |
Deferred income taxes | 120,589 | 225,455 |
Other liabilities | 335,964 | 334,308 |
Total liabilities | 5,971,457 | 7,026,030 |
Commitments and contingencies | ||
Equity | ||
Shares | 26,125 | 26,125 |
Capital in excess of par value | 530,657 | 497,316 |
Retained earnings | 6,009,114 | 7,986,762 |
Accumulated other comprehensive loss | -69,418 | -82,164 |
Total shareholders' equity | 6,496,478 | 8,428,039 |
Noncontrolling interests | 722,304 | 727,445 |
Total equity | 7,218,782 | 9,155,484 |
Total liabilities and equity | $13,190,239 | $16,181,514 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ordinary shares, shares outstanding | 247,501 | 253,448 |
Noble-Cayman [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | |||
Contract drilling services | $3,147,859 | $2,454,745 | $2,089,621 |
Reimbursables | 84,644 | 66,292 | 65,767 |
Labor contract drilling services | 17,095 | 45,299 | |
Other | 1 | 11 | 12 |
Total operating revenues | 3,232,504 | 2,538,143 | 2,200,699 |
Operating costs and expenses | |||
Contract drilling services | 1,500,512 | 1,168,764 | 969,310 |
Reimbursables | 66,378 | 50,410 | 55,424 |
Labor contract drilling services | 11,601 | 22,976 | |
Depreciation and amortization | 627,473 | 511,513 | 440,306 |
General and administrative | 106,771 | 117,997 | 99,990 |
Loss on impairment | 745,428 | 3,585 | 20,384 |
Gain on disposal of assets, net | -35,646 | ||
Gain on contract settlements/extinguishments, net | -30,618 | -33,255 | |
Total operating costs and expenses | 3,046,562 | 1,797,606 | 1,575,135 |
Operating income | 185,942 | 740,537 | 625,564 |
Other income (expense) | |||
Interest expense, net of amount capitalized | -155,179 | -106,300 | -85,763 |
Interest income and other, net | -1,298 | 4,184 | 3,564 |
Income from continuing operations before income taxes | 29,465 | 638,421 | 543,365 |
Income tax provision | -106,651 | -92,117 | -95,183 |
Net income (loss) from continuing operations | -77,186 | 546,304 | 448,182 |
Net income from discontinued operations, net of tax | 160,502 | 304,102 | 107,955 |
Net income | 83,316 | 850,406 | 556,137 |
Net income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 |
Net income attributable to Noble Corporation | 8,491 | 782,697 | 522,344 |
Net income (loss) attributable to Noble Corporation plc | |||
Income (loss) from continuing operations | -152,011 | 478,595 | 414,389 |
Income from discontinued operations | 160,502 | 304,102 | 107,955 |
Net income attributable to Noble Corporation plc | 8,491 | 782,697 | 522,344 |
Basic: | |||
Income (loss) from continuing operations | ($0.60) | $1.86 | $1.63 |
Income from discontinued operations | $0.63 | $1.19 | $0.42 |
Net income attributable to Noble Corporation plc | $0.03 | $3.05 | $2.05 |
Diluted: | |||
Income (loss) from continuing operations | ($0.60) | $1.86 | $1.63 |
Income from discontinued operations | $0.63 | $1.19 | $0.42 |
Net income attributable to Noble Corporation plc | $0.03 | $3.05 | $2.05 |
Weighted- Average Shares Outstanding | |||
Basic | 252,909 | 253,288 | 252,435 |
Diluted | 252,909 | 253,547 | 252,791 |
Noble-Cayman [Member] | |||
Operating revenues | |||
Contract drilling services | 3,147,859 | 2,454,745 | 2,089,621 |
Reimbursables | 84,644 | 66,292 | 65,767 |
Labor contract drilling services | 17,095 | 45,299 | |
Other | 1 | 11 | 12 |
Total operating revenues | 3,232,504 | 2,538,143 | 2,200,699 |
Operating costs and expenses | |||
Contract drilling services | 1,507,471 | 1,159,171 | 960,837 |
Reimbursables | 66,378 | 50,410 | 55,424 |
Labor contract drilling services | 11,601 | 23,129 | |
Depreciation and amortization | 624,278 | 509,341 | 438,374 |
General and administrative | 52,994 | 64,859 | 59,366 |
Loss on impairment | 745,428 | 3,585 | 20,384 |
Gain on disposal of assets, net | -35,646 | ||
Gain on contract settlements/extinguishments, net | -30,618 | -33,255 | |
Total operating costs and expenses | 2,996,549 | 1,732,703 | 1,524,259 |
Operating income | 235,955 | 805,440 | 676,440 |
Other income (expense) | |||
Interest expense, net of amount capitalized | -155,179 | -106,300 | -85,763 |
Interest income and other, net | 1,124 | 3,556 | 3,071 |
Income from continuing operations before income taxes | 81,900 | 702,696 | 593,748 |
Income tax provision | -105,930 | -88,977 | -94,183 |
Net income (loss) from continuing operations | -24,030 | 613,719 | 499,565 |
Net income from discontinued operations, net of tax | 223,083 | 321,804 | 115,151 |
Net income | 199,053 | 935,523 | 614,716 |
Net income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 |
Net income attributable to Noble Corporation | 124,228 | 867,814 | 580,923 |
Net income (loss) attributable to Noble Corporation plc | |||
Income from discontinued operations | 223,083 | 321,804 | 115,151 |
Net income attributable to Noble Corporation plc | $124,228 | $867,814 | $580,923 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $83,316 | $850,406 | $556,137 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | -118 | -3,188 | -8,076 |
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 ) | -41,608 | 29,861 | -41,658 |
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012) | 2,764 | 6,612 | 5,545 |
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014) | 18,389 | ||
Prior service cost arising during the period (net of tax benefit of $317 in 2014) | -1,159 | ||
Other comprehensive income (loss), net | -21,732 | 33,285 | -41,128 |
Total comprehensive income | 61,584 | 883,691 | 515,009 |
Net comprehensive income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 |
Comprehensive income (loss) attributable to Noble Corporation plc | -13,241 | 815,982 | 481,216 |
Foreign Currency Forward Contracts [Member] | |||
Other comprehensive income (loss), net of tax | |||
Gain (loss) from derivatives instruments designated | 3,061 | ||
Noble-Cayman [Member] | |||
Net income | 199,053 | 935,523 | 614,716 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | -118 | -3,188 | -8,076 |
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 ) | -41,608 | 29,861 | -41,658 |
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012) | 2,764 | 6,612 | 5,545 |
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014) | 18,389 | ||
Prior service cost arising during the period (net of tax benefit of $317 in 2014) | -1,159 | ||
Other comprehensive income (loss), net | -21,732 | 33,285 | -41,128 |
Total comprehensive income | 177,321 | 968,808 | 573,588 |
Net comprehensive income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 |
Comprehensive income (loss) attributable to Noble Corporation plc | 102,496 | 901,099 | 539,795 |
Noble-Cayman [Member] | Foreign Currency Forward Contracts [Member] | |||
Other comprehensive income (loss), net of tax | |||
Gain (loss) from derivatives instruments designated | $3,061 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net pension plan gain (loss), tax provision (benefit) | ($21,429) | $14,155 | ($3,777) |
Amortization of deferred pension plan, tax provision | 1,102 | 2,924 | 2,841 |
Net pension plan curtailment and settlement expense, tax provision | 9,902 | ||
Prior service cost arising during the period, tax benefit | 317 | ||
Noble-Cayman [Member] | |||
Net pension plan gain (loss), tax provision (benefit) | -21,429 | 14,155 | -3,777 |
Amortization of deferred pension plan, tax provision | 1,102 | 2,924 | 2,841 |
Net pension plan curtailment and settlement expense, tax provision | 9,902 | ||
Prior service cost arising during the period, tax benefit | $317 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $83,316 | $850,406 | $556,137 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 627,473 | 511,513 | 440,306 |
Loss on impairment | 745,428 | 43,688 | 20,384 |
Gain on disposal of assets, net | -35,646 | ||
Deferred income taxes | -10,999 | -15,955 | -20,119 |
Amortization of share-based compensation | 46,389 | 43,620 | 35,930 |
Net change in other assets and liabilities | 50,527 | -63,218 | 30,740 |
Net cash from operating activities | 1,778,208 | 1,702,317 | 1,381,693 |
Cash flows from investing activities | |||
Capital expenditures | -2,072,885 | -2,487,520 | -1,669,811 |
Change in accrued capital expenditures | -36,383 | -58,587 | -121,077 |
Proceeds from disposal of assets | 61,000 | ||
Net cash from investing activities | -2,109,268 | -2,485,107 | -1,790,888 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | -437,647 | 1,221,333 | -635,192 |
Repayment of long-term debt | -250,000 | -300,000 | |
Proceeds from issuance of senior notes, net of debt issuance costs | 1,186,636 | ||
Financing costs on credit facilities | -398 | -2,484 | -5,221 |
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Financing costs on long-term borrowing of Paragon Offshore | -14,676 | ||
Cash balances of Paragon Offshore in Spin-off | -104,152 | ||
Dividends paid to noncontrolling interests | -79,966 | -105,388 | |
Contributions from noncontrolling interests | 40,000 | ||
Repurchases of shares | -154,145 | ||
Repurchases of employee shares surrendered for taxes | -7,653 | -10,516 | |
Employee stock transactions | 2,125 | 4,261 | 14,677 |
Par value reduction/dividend payments | -386,579 | -194,913 | -138,293 |
Net cash from financing activities | 285,112 | 615,156 | 452,091 |
Net change in cash and cash equivalents | -45,948 | -167,634 | 42,896 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 | 239,196 |
Cash and cash equivalents, end of period | 68,510 | 114,458 | 282,092 |
Noble-Cayman [Member] | |||
Cash flows from operating activities | |||
Net income | 199,053 | 935,523 | 614,716 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 624,278 | 509,341 | 438,374 |
Loss on impairment | 745,428 | 43,688 | 20,384 |
Gain on disposal of assets, net | -35,646 | ||
Deferred income taxes | -10,999 | -15,955 | -20,119 |
Capital contribution by parent-share-based compensation | 33,341 | 26,862 | 19,838 |
Net change in other assets and liabilities | 44,740 | -63,092 | 29,119 |
Net cash from operating activities | 1,871,916 | 1,768,630 | 1,420,627 |
Cash flows from investing activities | |||
Capital expenditures | -2,072,751 | -2,485,617 | -1,667,477 |
Change in accrued capital expenditures | -36,383 | -58,587 | -121,077 |
Proceeds from disposal of assets | 61,000 | ||
Net cash from investing activities | -2,109,134 | -2,483,204 | -1,788,554 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | -437,647 | 1,221,333 | -635,192 |
Repayment of long-term debt | -250,000 | -300,000 | |
Proceeds from issuance of senior notes, net of debt issuance costs | 1,186,636 | ||
Financing costs on credit facilities | -398 | -2,484 | -5,221 |
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Financing costs on long-term borrowing of Paragon Offshore | -14,676 | ||
Cash balances of Paragon Offshore in Spin-off | -104,152 | ||
Dividends paid to noncontrolling interests | -79,966 | -105,388 | |
Contributions from noncontrolling interests | 40,000 | ||
Distributions to parent company, net | -631,095 | -265,880 | -175,977 |
Net cash from financing activities | 192,616 | 547,581 | 410,246 |
Net change in cash and cash equivalents | -44,602 | -166,993 | 42,319 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 | 235,056 |
Cash and cash equivalents, end of period | $65,780 | $110,382 | $277,375 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (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] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | ||||||||
Beginning Balance at Dec. 31, 2011 | $8,097,852 | $8,073,633 | $766,595 | $26,125 | $48,356 | $450,616 | $6,676,444 | $6,979,882 | ($10,553) | $691,331 | $691,331 | ($74,321) | ($74,321) |
Beginning Balance, Shares at Dec. 31, 2011 | 252,639,000 | 261,246,000 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 35,930 | 35,930 | |||||||||||
Issuance of share-based compensation shares | 8 | 1,307 | -1,299 | ||||||||||
Issuance of share-based compensation shares, Shares | 437,000 | ||||||||||||
Exercise of stock options | 13,541 | 1,836 | 11,705 | ||||||||||
Exercise of stock options, Shares | 645,731 | 646,000 | |||||||||||
Tax benefit of equity transactions | 1,128 | 1,128 | |||||||||||
Restricted shares forfeited or repurchased for taxes | -10,516 | -1,138 | 1,138 | -10,516 | |||||||||
Restricted shares forfeited or repurchased for taxes, Shares | 374,000 | ||||||||||||
Net income | 556,137 | 614,716 | 522,344 | 580,923 | 33,793 | 33,793 | |||||||
Contributions from noncontrolling interests | 40,000 | 40,000 | |||||||||||
Par value reduction/dividend payments | -71,897 | -58,470 | -13,427 | ||||||||||
Distributions to parent | -132,765 | -175,977 | -132,765 | -175,977 | |||||||||
Capital contributions by parent-Share-based compensation | 19,838 | 19,838 | |||||||||||
Contributions from noncontrolling interests | 40,000 | 40,000 | |||||||||||
Other comprehensive income (loss), net | -41,128 | -41,128 | -41,128 | -41,128 | |||||||||
Ending 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 | 765,124 | 765,124 | -115,449 | -115,449 |
Ending Balance, Shares at Dec. 31, 2012 | 253,348,000 | 261,246,000 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 43,620 | 43,620 | |||||||||||
Issuance of share-based compensation shares | 17 | 1,872 | -1,855 | ||||||||||
Issuance of share-based compensation shares, Shares | 667,000 | ||||||||||||
Exercise of stock options | 5,651 | 496 | 5,155 | ||||||||||
Exercise of stock options, Shares | 212,017 | 212,000 | |||||||||||
Tax benefit of equity transactions | -1,407 | -1,407 | |||||||||||
Restricted shares forfeited or repurchased for taxes | -7,653 | -7,653 | |||||||||||
Restricted shares forfeited or repurchased for taxes, Shares | |||||||||||||
Retirement of treasury shares | -28,722 | 28,722 | |||||||||||
Retirement of treasury shares, Shares | |||||||||||||
Redomiciliation to the United Kingdom | -709,964 | 709,964 | |||||||||||
Redomiciliation to the United Kingdom, Shares | -779,000 | ||||||||||||
Net income | 850,406 | 935,523 | 782,697 | 867,814 | 67,709 | 67,709 | |||||||
Dividends paid to noncontrolling interests | -105,388 | -105,388 | -105,388 | -105,388 | |||||||||
Distributions to parent | -256,793 | -265,880 | -256,793 | -265,880 | |||||||||
Capital contributions by parent-Share-based compensation | 26,862 | 26,862 | |||||||||||
Other comprehensive income (loss), net | 33,285 | 33,285 | 33,285 | 33,285 | |||||||||
Ending 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 | 727,445 | 727,445 | -82,164 | -82,164 | |
Ending Balance, Shares at Dec. 31, 2013 | 253,448,000 | 261,246,000 | |||||||||||
Beginning Balance, Shares at Dec. 31, 2013 | 253,448,000 | 261,246,000 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 46,389 | 46,389 | |||||||||||
Issuance of share-based compensation shares | -9,070 | 6 | -9,076 | ||||||||||
Issuance of share-based compensation shares, Shares | 692,000 | ||||||||||||
Exercise of stock options | 2,647 | 3 | 2,644 | ||||||||||
Exercise of stock options, Shares | 131,706 | 131,000 | |||||||||||
Tax benefit of equity transactions | -528 | -528 | |||||||||||
Restricted shares forfeited or repurchased for taxes | -154,145 | ||||||||||||
Repurchases of shares | -154,145 | -68 | -154,077 | ||||||||||
Repurchases of shares, Shares | -6,770,000 | ||||||||||||
Net income | 83,316 | 199,053 | 8,491 | 124,228 | 74,825 | 74,825 | |||||||
Dividends paid to noncontrolling interests | -79,966 | -79,966 | -79,966 | -79,966 | |||||||||
Distributions to parent | -258,330 | -631,095 | -258,330 | -631,095 | |||||||||
Capital contributions by parent-Share-based compensation | 33,341 | 33,341 | |||||||||||
Spin-off of Paragon Offshore | -1,371,575 | -1,436,303 | -1,406,053 | -1,470,781 | 34,478 | 34,478 | |||||||
Other comprehensive income (loss), net | -21,732 | -21,732 | -21,732 | -21,732 | |||||||||
Ending Balance at Dec. 31, 2014 | $7,287,034 | $7,218,782 | $2,475 | $26,125 | $695,638 | $530,657 | $5,936,035 | $6,009,114 | $722,304 | $722,304 | ($69,418) | ($69,418) | |
Ending Balance, Shares at Dec. 31, 2014 | 247,501,000 | 261,246,000 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization and Significant Accounting Policies | Note 1 – Organization and Significant Accounting Policies |
Organization and Business | |
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 mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff. | |
At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. | |
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 an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. | |
Principles of Consolidation | |
The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. | |
Foreign Currency Translation | |
Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income statement items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2014. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. | |
Property and Equipment | |
Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years. Included in accounts payable were $70 million and $88 million of capital accruals as of December 31, 2014 and 2013, respectively. | |
Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction. | |
Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 7. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future. For additional information, see Note 11. | |
Goodwill | |
We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value. | |
We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services. | |
Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required. | |
If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value. For additional information, see Note 11. | |
Deferred Costs | |
Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities. | |
Insurance Reserves | |
We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. | |
Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets. | |
Revenue Recognition | |
Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. | |
In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. | |
Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. | |
We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. | |
Income Taxes | |
Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. | |
We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. | |
Earnings per Share | |
Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. | |
Share-Based Compensation Plans | |
We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. | |
Certain Significant Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. | |
Reclassifications | |
Certain amounts in prior periods have been reclassified to conform to the current year presentation. | |
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 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. | |
In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are 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 February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are 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. |
Spinoff_of_Paragon_Offshore_pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Spin-off of Paragon Offshore plc ("Paragon Offshore") | Note 2 – Spin-off of Paragon Offshore plc (“Paragon Offshore”) |
On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. | |
Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off. | |
Master Separation Agreement (“MSA”) | |
The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore. | |
Employee Matters Agreement (“EMA”) | |
The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters. | |
Tax Sharing Agreement (“TSA”) | |
The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. | |
Transition Services Agreements | |
Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2014 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 $63 million, $18 million and $7 million for the years ended December 31, 2014, 2013 and 2012, 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 the year ended December 31, 2014, we allocated approximately $4 million of interest expense related to such debt. No interest was allocated to discontinued operations for the years ended December 31, 2013 and 2012. | |||||||||||||
The following table provides the results of operations from discontinued operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenues | |||||||||||||
Contract drilling services | $ | 993,253 | $ | 1,615,325 | $ | 1,259,741 | |||||||
Reimbursables | 21,899 | 45,582 | 49,728 | ||||||||||
Labor contract drilling services | 19,304 | 35,146 | 36,591 | ||||||||||
Other | 2 | 94 | 253 | ||||||||||
Operating revenues from discontinued operations | $ | 1,034,458 | $ | 1,696,147 | $ | 1,346,313 | |||||||
Income from discontinued operations | |||||||||||||
Income from discontinued operations before income taxes | $ | 216,391 | $ | 379,591 | $ | 159,860 | |||||||
Income tax provision | (55,889 | ) | (75,489 | ) | (51,905 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 160,502 | $ | 304,102 | $ | 107,955 | |||||||
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 December 31, 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 | 5,609,119 | ||||||||||||
Accumulated depreciation | (2,640,943 | ) | |||||||||||
Property and equipment, net | 2,968,176 | ||||||||||||
Other assets | 84,894 | ||||||||||||
Total assets of discontinued operations | $ | 3,609,411 | |||||||||||
LIABILITIES | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 132,446 | |||||||||||
Accrued payroll and related costs | 64,580 | ||||||||||||
Other current liabilities | 103,768 | ||||||||||||
Total current liabilities of discontinued operations | 300,794 | ||||||||||||
Long-term debt | 1,726,750 | ||||||||||||
Other liabilities | 172,467 | ||||||||||||
Total liabilities of discontinued operations | $ | 2,200,011 | |||||||||||
Included in “Other assets” of Paragon Offshore at August 1, 2014 was approximately $15 million of goodwill from the acquisition of FDR Holdings Limited (“Frontier”) that was allocated to Paragon Offshore. 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 | 12 Months Ended | ||||||||
Dec. 31, 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 years ended December 31, 2014 and 2013, the Bully joint ventures approved and paid dividends totaling $160 million and $211 million, respectively. Of these amounts approximately $80 million and $105 million, respectively, were paid to our joint venture partner. | |||||||||
The combined carrying amount of the Bully-class drillships at both December 31, 2014 and 2013 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $47 million at December 31, 2014 as compared to approximately $50 million at December 31, 2013. Operational results for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Operating revenues | $ | 372,313 | $ | 355,115 | |||||
Net income | $ | 157,171 | $ | 145,447 |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic | |||||||||||||
Income (loss) from continuing operations | $ | (152,011 | ) | $ | 478,595 | $ | 414,389 | ||||||
Earnings allocated to unvested share-based payment awards | — | (5,669 | ) | (4,212 | ) | ||||||||
Income (loss) from continuing operations to common shareholders | (152,011 | ) | 472,926 | 410,177 | |||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (3,602 | ) | (1,097 | ) | ||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,500 | 106,858 | ||||||||||
Net income attributable to Noble-UK | 8,491 | 782,697 | 522,344 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (9,271 | ) | (5,309 | ) | ||||||||
Net income to common shareholders—basic | $ | 8,491 | $ | 773,426 | $ | 517,035 | |||||||
Diluted | |||||||||||||
Income (loss) from continuing operations | $ | (152,011 | ) | $ | 478,595 | $ | 414,389 | ||||||
Earnings allocated to unvested share-based payment awards | — | (5,663 | ) | (4,206 | ) | ||||||||
Income (loss) from continuing operations to common shareholders | (152,011 | ) | 472,932 | 410,183 | |||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (3,598 | ) | (1,096 | ) | ||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,504 | 106,859 | ||||||||||
Net income attributable to Noble-UK | 8,491 | 782,697 | 522,344 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (9,261 | ) | (5,302 | ) | ||||||||
Net income to common shareholders—diluted | $ | 8,491 | $ | 773,436 | $ | 517,042 | |||||||
Weighted average shares outstanding—basic | 252,909 | 253,288 | 252,435 | ||||||||||
Incremental shares issuable from assumed exercise of stock options | — | 259 | 356 | ||||||||||
Weighted average shares outstanding—diluted | 252,909 | 253,547 | 252,791 | ||||||||||
Weighted average unvested share-based payment awards | — | 3,036 | 2,592 | ||||||||||
Earnings per share | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | (0.60 | ) | $ | 1.86 | $ | 1.63 | ||||||
Discontinued operations | 0.63 | 1.19 | 0.42 | ||||||||||
Net income attributable to Noble-UK | $ | 0.03 | $ | 3.05 | $ | 2.05 | |||||||
Diluted | |||||||||||||
Continuing operations | $ | (0.60 | ) | $ | 1.86 | $ | 1.63 | ||||||
Discontinued operations | 0.63 | 1.19 | 0.42 | ||||||||||
Net income attributable to Noble-UK | $ | 0.03 | $ | 3.05 | $ | 2.05 | |||||||
Dividends per share | $ | 1.5 | $ | 0.76 | $ | 0.54 | |||||||
Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. The effect of stock options and unvested share-based payment awards is not included in the computation for periods in which a net loss from continuing operations occurs because to do so would be anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, approximately 2 million shares, 0.9 million shares and 1 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the year ended December 31, 2014, we experienced a net loss from continuing operations. As such, approximately 4 million unvested share-based payment awards were excluded from the diluted earnings per share calculation at December 31, 2014 as such awards were not dilutive. |
Receivables_from_Customers
Receivables from Customers | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Receivables from Customers | Note 6- Receivables from Customers |
At December 31, 2014, we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Note 7- Property and Equipment | ||||||||
Property and equipment, at cost, as of December 31, 2014 and 2013 for Noble-UK consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 13,254,240 | $ | 17,130,986 | |||||
Construction in progress | 969,985 | 1,854,434 | |||||||
Other | 218,697 | 213,347 | |||||||
Property and equipment, at cost | $ | 14,442,922 | $ | 19,198,767 | |||||
Capital expenditures, including capitalized interest, totaled $2.1 billion, $2.5 billion and $1.7 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Capitalized interest was $47 million, $115 million and $136 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Capital expenditures related to Paragon Offshore for the years ended December 31, 2014, 2013 and 2012 totaled $150 million, $359 million and $525 million, respectively. Additionally, a portion of our property and equipment at December 31, 2013 was related to Paragon Offshore. Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $236 million, $368 million and $318 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Debt | Note 8- Debt | ||||||||||||||||||||||||
Long-term debt consists of the following at December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Senior unsecured notes: | |||||||||||||||||||||||||
7.375% Senior Notes due 2014 | $ | — | $ | 249,964 | |||||||||||||||||||||
3.45% Senior Notes due 2015 | 350,000 | 350,000 | |||||||||||||||||||||||
3.05% Senior Notes due 2016 | 299,982 | 299,967 | |||||||||||||||||||||||
2.50% Senior Notes due 2017 | 299,920 | 299,886 | |||||||||||||||||||||||
7.50% Senior Notes due 2019 | 201,695 | 201,695 | |||||||||||||||||||||||
4.90% Senior Notes due 2020 | 499,151 | 499,022 | |||||||||||||||||||||||
4.625% Senior Notes due 2021 | 399,627 | 399,576 | |||||||||||||||||||||||
3.95% Senior Notes due 2022 | 399,264 | 399,178 | |||||||||||||||||||||||
6.20% Senior Notes due 2040 | 399,895 | 399,893 | |||||||||||||||||||||||
6.05% Senior Notes due 2041 | 397,681 | 397,646 | |||||||||||||||||||||||
5.25% Senior Notes due 2042 | 498,310 | 498,283 | |||||||||||||||||||||||
Total senior unsecured notes | 3,745,525 | 3,995,110 | |||||||||||||||||||||||
Credit facilities & commercial paper program | 1,123,495 | 1,561,141 | |||||||||||||||||||||||
Total long-term debt | $ | 4,869,020 | $ | 5,556,251 | |||||||||||||||||||||
Credit Facilities and Commercial Paper Program | |||||||||||||||||||||||||
At December 31, 2014, we had three credit facilities with an aggregate maximum available capacity of $2.9 billion, and a commercial paper program, which allowed 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. | |||||||||||||||||||||||||
In January 2015, we replaced the credit facilities discussed above with two new credit facilities, a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At December 31, 2014, we had no letters of credit issued under the credit facilities. Following the establishment of the new Credit Facilities, we reduced the size of our commercial paper program to $2.4 billion from $2.7 billion. | |||||||||||||||||||||||||
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 December 31, 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 December 31, 2014, our ratio of debt to total tangible capitalization was approximately 0.40. We were in compliance with all covenants under the credit facilities as of December 31, 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 December 31, 2014, we were in compliance with all of our debt covenants. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Interest payable related to our long-term debt was $62 million and $67 million at December 31, 2014 and 2013, respectively. Such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets. | |||||||||||||||||||||||||
At December 31, 2014, we had letters of credit of $149 million, including bonds covering the temporary importation of equipment, performance bonds and expatriate visa guarantees. | |||||||||||||||||||||||||
Aggregate principal repayments of total debt for the next five years and thereafter are as follows: | |||||||||||||||||||||||||
2015(1)(2) | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||
$1,473,495 | $ | 299,982 | $ | 299,920 | $ | — | $ | 201,695 | $ | 2,593,928 | $ | 4,869,020 | |||||||||||||
-1 | In August 2015, our $350 million 3.45% Senior Notes mature. We anticipate using availability on our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we have shown the entire balance as long-term on our Consolidated Balance Sheet at December 31, 2014. | ||||||||||||||||||||||||
-2 | Amounts outstanding under our credit facilities and commercial paper program mature during 2015. As amounts issued under the commercial paper program are supported by the unused committed capacity under our Credit Facilities, they are classified as long-term on our Consolidated Balance Sheet at December 31, 2014. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
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 15 and Note 17. | |||||||||||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||
Senior unsecured notes: | |||||||||||||||||||||||||
7.375% Senior Notes due 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||||||||||
3.45% Senior Notes due 2015 | 350,000 | 354,992 | 350,000 | 363,019 | |||||||||||||||||||||
3.05% Senior Notes due 2016 | 299,982 | 302,515 | 299,967 | 309,878 | |||||||||||||||||||||
2.50% Senior Notes due 2017 | 299,920 | 287,014 | 299,886 | 302,891 | |||||||||||||||||||||
7.50% Senior Notes due 2019 | 201,695 | 212,068 | 201,695 | 232,839 | |||||||||||||||||||||
4.90% Senior Notes due 2020 | 499,151 | 471,095 | 499,022 | 528,597 | |||||||||||||||||||||
4.625% Senior Notes due 2021 | 399,627 | 363,837 | 399,576 | 413,868 | |||||||||||||||||||||
3.95% Senior Notes due 2022 | 399,264 | 346,425 | 399,178 | 390,520 | |||||||||||||||||||||
6.20% Senior Notes due 2040 | 399,895 | 350,351 | 399,893 | 421,720 | |||||||||||||||||||||
6.05% Senior Notes due 2041 | 397,681 | 343,653 | 397,646 | 417,312 | |||||||||||||||||||||
5.25% Senior Notes due 2042 | 498,310 | 385,181 | 498,283 | 476,873 | |||||||||||||||||||||
Total senior unsecured notes | 3,745,525 | 3,417,131 | 3,995,110 | 4,111,151 | |||||||||||||||||||||
Credit facilities and commercial paper program | 1,123,495 | 1,123,495 | 1,561,141 | 1,561,141 | |||||||||||||||||||||
Total long-term debt | $ | 4,869,020 | $ | 4,540,626 | $ | 5,556,251 | $ | 5,672,292 | |||||||||||||||||
Equity
Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Equity | Note 9- Equity | ||||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||
As of December 31, 2014, Noble-UK had approximately 247.5 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. | |||||||||||||||||||||||||
Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on January 30, 2015 and paid on February 20, 2015 to holders of record on February 10, 2015. | |||||||||||||||||||||||||
The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The amount of any such dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors. | |||||||||||||||||||||||||
Share Repurchases | |||||||||||||||||||||||||
Under UK law, the company is only permitted to purchase its own shares by way of an “off market purchase” in a plan approved by shareholders. 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. During 2014, we repurchased all shares covered by this authorization. | |||||||||||||||||||||||||
Share repurchases for each of the three years ended December 31 are as follows: | |||||||||||||||||||||||||
Total Number | Average | ||||||||||||||||||||||||
Year Ended | of Shares | Price Paid | |||||||||||||||||||||||
December 31, | Purchased | Total Cost(1) | per Share(1) | ||||||||||||||||||||||
2014 | 6,769,891 | $ | 154,145 | $ | 22.77 | ||||||||||||||||||||
2013 | 190,187 | 7,653 | 40.24 | ||||||||||||||||||||||
2012 | 302,150 | 10,516 | 34.8 | ||||||||||||||||||||||
-1 | The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market. | ||||||||||||||||||||||||
In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases. | |||||||||||||||||||||||||
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 December 31, 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 December 31, 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. As the awards contained an antidilution provision, 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. | |||||||||||||||||||||||||
Options have a term of 10 years, an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three-year period. A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Underlying | Exercise | Underlying | Exercise | Underlying | Exercise | ||||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||||||
Outstanding at beginning of year | 1,808,987 | $ | 33.13 | 2,027,089 | $ | 32.44 | 2,498,662 | $ | 29.22 | ||||||||||||||||
Granted | — | — | — | — | 358,772 | 36.04 | |||||||||||||||||||
Exercised (1) | (131,706 | ) | 20.08 | (212,017 | ) | 26.66 | (645,731 | ) | 20.97 | ||||||||||||||||
Forfeited | (57,871 | ) | 30.18 | (6,085 | ) | 31.35 | (184,614 | ) | 35.92 | ||||||||||||||||
Spin-off adjustment | 339,223 | N/A | — | — | — | — | |||||||||||||||||||
Outstanding at end of year (2) | 1,958,633 | 28.43 | 1,808,987 | 33.13 | 2,027,089 | 32.44 | |||||||||||||||||||
Exercisable at end of year (2) | 1,846,465 | $ | 28.35 | 1,510,929 | $ | 32.47 | 1,453,945 | $ | 30.7 | ||||||||||||||||
-1 | The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million. | ||||||||||||||||||||||||
-2 | The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0. | ||||||||||||||||||||||||
The following table summarizes additional information about stock options outstanding at December 31, 2014: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | ||||||||||||||||||||||
Shares | Average | Average | Average | ||||||||||||||||||||||
Underlying | Remaining | Exercise | Number | Exercise | |||||||||||||||||||||
Options | Life (Years) | Price | Exercisable | Price | |||||||||||||||||||||
$20.49 to $21.99 | 513,103 | 2.25 | $ | 21.24 | 513,103 | $ | 21.24 | ||||||||||||||||||
$22.00 to $29.74 | 312,531 | 2.71 | 27.13 | 294,553 | 27.24 | ||||||||||||||||||||
$29.75 to $35.73 | 1,132,999 | 5.37 | 32.04 | 1,038,809 | 32.17 | ||||||||||||||||||||
Total | 1,958,633 | 4.13 | $ | 28.43 | 1,846,465 | $ | 28.35 | ||||||||||||||||||
No stock options were granted during the years ended December 31, 2014 and 2013, respectively. Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows: | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average fair value per option granted | $ | 13.41 | |||||||||||||||||||||||
Valuation assumptions: | |||||||||||||||||||||||||
Expected option term (years) | 6 | ||||||||||||||||||||||||
Expected volatility | 43 | % | |||||||||||||||||||||||
Historical dividend yield | 1.4 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.1 | % | |||||||||||||||||||||||
The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. Assumptions used in the valuation are shown in the table above. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||||||
A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||||||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||||||||||
Under Outstanding | Grant-Date | ||||||||||||||||||||||||
Options | Fair Value | ||||||||||||||||||||||||
Non-Vested Options at January 1, 2014 | 298,058 | $ | 13.13 | ||||||||||||||||||||||
Vested | (204,877 | ) | 13.16 | ||||||||||||||||||||||
Spin-off adjustment | 18,987 | N/A | |||||||||||||||||||||||
Non-Vested Options at December 31, 2014 | 112,168 | $ | 13.05 | ||||||||||||||||||||||
At December 31, 2014, there was $0.1 million of total unrecognized compensation cost remaining for option grants awarded under the 1991 Plan. We attribute the service period to the vesting period and the unrecognized compensation is expected to be recognized over a weighted-average period of 0.08 years. Compensation cost recognized during the years ended December 31, 2014, 2013 and 2012 related to stock options totaled $2 million, $3 million and $4 million, respectively. We issue new shares to meet the share requirements upon exercise of stock options. | |||||||||||||||||||||||||
Restricted Stock Units (“RSU’s) | |||||||||||||||||||||||||
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. As the awards contained an antidilution provision, 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. | |||||||||||||||||||||||||
We have awarded both TVRSU’s and PVRSU’s under the 1991 Plan. The TVRSU’s generally vest over a three year period. The number of PVRSU’s which vest will depend on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria are strictly market based criteria as defined by FASB standards. | |||||||||||||||||||||||||
The TVRSU is valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes. | |||||||||||||||||||||||||
The market-based PVRSU is valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Valuation assumptions: | |||||||||||||||||||||||||
Expected volatility | 33 | % | 34.8 | % | 41.4 | % | |||||||||||||||||||
Expected dividend yield | 4.7 | % | 1.3 | % | 1.5 | % | |||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. | |||||||||||||||||||||||||
A summary of the RSU awards for each of the years in the period ended December 31 is as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
TVRSU | |||||||||||||||||||||||||
Units awarded (maximum available) | 1,617,534 | 1,033,009 | 932,274 | ||||||||||||||||||||||
Weighted-average share price at award date | $ | 31.56 | $ | 41.32 | $ | 36.53 | |||||||||||||||||||
Weighted-average vesting period (years) | 3 | 3 | 3 | ||||||||||||||||||||||
PVRSU | |||||||||||||||||||||||||
Units awarded (maximum available) | 740,364 | 565,650 | 481,206 | ||||||||||||||||||||||
Weighted-average share price at award date | $ | 31.66 | $ | 41.42 | $ | 36.9 | |||||||||||||||||||
Three-year performance period ended December 31 | 2016 | 2015 | 2014 | ||||||||||||||||||||||
Weighted-average award-date fair value | $ | 19.66 | $ | 24.97 | $ | 20.05 | |||||||||||||||||||
In October 2014, our Board of Directors approved a modification of certain PVRSU awards. The modification related to the composition of our peer groups for a portion of the 2013 and 2014 grants currently in place. The value of the modification was determined by taking the fair value of the modified award as compared to the fair value of the previous award immediately prior to modification, using a Monte Carlo Simulation Model to value both grants. In connection with this modification, we expect to incur approximately $0.5 million of related compensation cost over the life of the grant. | |||||||||||||||||||||||||
We award shares under the 1992 Plan. During the years ended December 31, 2014, 2013 and 2012, we awarded 50,796, 57,095 and 65,329 shares to non-employee directors, resulting in related compensation cost of $2 million in each of the three years. | |||||||||||||||||||||||||
A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below: | |||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
TVRSU’s | Award-Date | PVRSU’s | Award-Date | ||||||||||||||||||||||
Outstanding | Fair Value | Outstanding (1) | Fair Value | ||||||||||||||||||||||
Non-vested RSU’s at January 1, 2014 | 1,652,360 | $ | 39.4 | 1,397,137 | $ | 21.06 | |||||||||||||||||||
Awarded | 1,617,534 | 31.56 | 740,364 | 19.66 | |||||||||||||||||||||
Vested | (749,935 | ) | 38.76 | (180,975 | ) | 16.77 | |||||||||||||||||||
Forfeited | (149,006 | ) | 35.5 | (253,882 | ) | 17.66 | |||||||||||||||||||
Surrendered in connection with Spin-off | (816,627 | ) | 34.22 | (89,612 | ) | 20.95 | |||||||||||||||||||
Spin-off adjustment | 326,853 | N/A | 329,937 | N/A | |||||||||||||||||||||
Non-vested RSU’s at December 31, 2014 | 1,881,179 | $ | 34.66 | 1,942,969 | $ | 21.44 | |||||||||||||||||||
-1 | The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. | ||||||||||||||||||||||||
At December 31, 2014 there was $31 million of total unrecognized compensation cost related to the TVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total award-date fair value of TVRSU’s vested during the year ended December 31, 2014 was $29 million. | |||||||||||||||||||||||||
At December 31, 2014, there was $13 million of total unrecognized compensation cost related to the PVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total potential compensation for PVRSU’s is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. During the year ended December 31, 2014, 218,195 PVRSU’s for the 2011-2013 performance period were forfeited. In January 2015, 517,223 PVRSU’s for the 2012-2014 performance period were forfeited. | |||||||||||||||||||||||||
Share-based amortization recognized during the years ended December 31, 2014, 2013 and 2012 related to all restricted stock totaled $46 million ($37 million net of income tax), $44 million ($36 million net of income tax) and $36 million ($31 million net of income tax), respectively. Included in share-based amortization for the years ended December 31, 2014, 2013 and 2012 was approximately $7 million, $10 million and $8 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Capitalized share-based amortization totaled approximately $1 million per year in 2014, 2013 and 2012, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | Note 10- Accumulated Other Comprehensive Loss | ||||||||||||||||
The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2014 and 2013 and changes in AOCL by component for the year ended December 31, 2014. All amounts within the tables are shown net of tax. | |||||||||||||||||
Gains / | Defined | ||||||||||||||||
(Losses) on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges(1) | Items(2) | Items | Total | ||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,200 | ) | 29,861 | (3,188 | ) | 25,473 | |||||||||||
Amounts reclassified from AOCL | 1,200 | 6,612 | — | 7,812 | |||||||||||||
Net other comprehensive income (loss) | — | 36,473 | (3,188 | ) | 33,285 | ||||||||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (4,286 | ) | (30,952 | ) | (118 | ) | (35,356 | ) | |||||||||
Amounts reclassified from AOCL | 4,286 | 9,338 | — | 13,624 | |||||||||||||
Net other comprehensive income (loss) | — | (21,614 | ) | (118 | ) | (21,732 | ) | ||||||||||
Spin-off of Paragon Offshore(3) | — | 21,772 | 12,706 | 34,478 | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | (58,440 | ) | $ | (10,978 | ) | $ | (69,418 | ) | ||||||
-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 16 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 15 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. |
Loss_on_Impairment
Loss on Impairment | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Loss on Impairment | Note 11- Loss on Impairment |
Asset impairments | |
In connection with the preparation of the consolidated financial statements included in this Annual Report, consistent with our accounting policies discussed in Note 1, we evaluate our drilling fleet assets for impairment on an annual basis or whenever there are changes in facts which suggest that the value of the asset is not recoverable. | |
During the fourth quarter of 2014, in connection with our annual impairment analysis, we reviewed assumptions on the future marketability of the Noble Driller, the Noble Jim Thompson and the Noble Paul Wolff (together the “impaired rigs”) with consideration given to their years in service, limited technical features and anticipated capital requirements in light of the current market conditions and decided to discontinue marketing these units. We evaluated these units for impairment and recorded an impairment of approximately $685 million on these rigs for the year ended December 31, 2014. The total remaining book value at of $47 million at December 31, 2014 represented the equipment present on the rigs, which will be redeployed within our fleet. The remaining book value is a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs. | |
In 2012, we determined that our submersible rig fleet, consisting of two cold stacked rigs, was partially impaired due to the declining market outlook for drilling services for that rig type. We estimated the fair value of the rigs based on the salvage value of the rigs and a then recent transaction involving a similar unit owned by a peer company (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $13 million for the year ended December 31, 2012. During 2013, we recorded an additional impairment charge of approximately $4 million on these rigs arising from the potential disposition of these assets to an unrelated third party. In January 2014, we completed the sale of the submersibles for a total sales price of $7 million. | |
Also in 2012, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the assets based on a signed letter of intent to sell the assets (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $8 million for the year ended December 31, 2012. | |
Goodwill | |
In connection with our acquisition of Frontier in 2010, we recognized goodwill in our Contract Drilling Services reporting unit. In connection with the preparation of the consolidated financial statements included in this Annual Report, as discussed in Note 1, we conduct goodwill impairment testing annually in the fourth quarter of each year and when events occur that would potentially reduce the fair value of our reporting unit below its carrying amount. | |
As part of our annual test completed during the fourth quarter, we noted a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. These factors drove our fair value of the reporting unit below the book value, and we concluded that the goodwill in the Contract Drilling Services reporting unit was impaired. We deemed this to be a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs. During the fourth quarter, we fully impaired the $60 million of goodwill on our books. |
Gain_on_Disposal_of_Assets_net
Gain on Disposal of Assets, net | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Gain on Disposal of Assets, net | Note 12- Gain on Disposal of Assets, net |
During the third quarter of 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico. In connection with the sale, we recorded a pre-tax gain of approximately $36 million. |
Gain_on_Contract_SettlementsEx
Gain on Contract Settlements/Extinguishments, Net | 12 Months Ended |
Dec. 31, 2014 | |
Contractors [Abstract] | |
Gain on Contract Settlements/Extinguishments, Net | Note 13- Gain on Contract Settlements/Extinguishments, Net |
In 2013, we received $45 million related to the settlement of all claims against the former shareholders of FDR Holdings, Ltd., which we acquired in July 2010, relating to alleged breaches of various representations and warranties contained in the purchase agreement. A portion of the settlement, totaling approximately $14 million, was allocated to discontinued operations as it related to certain standard specification rigs. | |
In 2012, we received approximately $5 million from the settlement of a claim relating to the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009. We had originally recorded a $17 million charge during 2009 related to this incident. Additionally, during the second quarter of 2012, we settled an action against certain vendors for damages sustained during Hurricane Ike. We recognized a net gain of approximately $28 million related to this settlement. We also resolved all outstanding matters with Anadarko Petroleum Company (“Anadarko”) related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 14- Income Taxes | ||||||||||||
Noble-UK is a company which is tax resident in the UK and, as such, will be subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income of the non-UK subsidiaries is not expected to be subject to UK corporation tax. Prior to the redomiciliation, Noble-Swiss was the group holding company and was exempt from Swiss cantonal and communal income tax on its worldwide income, and was also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying participations. It is expected that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We do not expect the redomiciliation from Switzerland to the UK to have a material impact on our effective tax rate. | |||||||||||||
Consequently, we have taken account of those tax exemptions and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes. | |||||||||||||
The components of the net deferred taxes are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
United States | |||||||||||||
Deferred pension plan amounts | $ | 23,497 | $ | 8,859 | |||||||||
Accrued expenses not currently deductible | 14,250 | 31,769 | |||||||||||
Other | 11,267 | 14,542 | |||||||||||
Non-U.S. | |||||||||||||
Net operating loss carry forwards | 6,907 | 33,021 | |||||||||||
Deferred pension plan amounts | 3,096 | 2,130 | |||||||||||
Other | — | 300 | |||||||||||
Deferred tax assets | 59,017 | 90,621 | |||||||||||
Less: valuation allowance | (6,907 | ) | (16,847 | ) | |||||||||
Net deferred tax assets | $ | 52,110 | $ | 73,774 | |||||||||
Deferred tax liabilities | |||||||||||||
United States | |||||||||||||
Excess of net book basis over remaining tax basis | $ | (166,959 | ) | $ | (275,073 | ) | |||||||
Other | (4,969 | ) | (6,002 | ) | |||||||||
Non-U.S. | |||||||||||||
Excess of net book basis over remaining tax basis | (200 | ) | (1,034 | ) | |||||||||
Other | (397 | ) | (2,452 | ) | |||||||||
Deferred tax liabilities | $ | (172,525 | ) | $ | (284,561 | ) | |||||||
Net deferred tax liabilities | $ | (120,415 | ) | $ | (210,787 | ) | |||||||
Income (loss) from continuing operations before income taxes consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 38,206 | $ | 178,090 | $ | 135,618 | |||||||
Non-U.S. | (8,741 | ) | 460,331 | 407,747 | |||||||||
Total | $ | 29,465 | $ | 638,421 | $ | 543,365 | |||||||
The income tax provision for continuing operations consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current- United States | $ | 50,829 | $ | 83,302 | $ | 65,244 | |||||||
Current- Non-U.S. | 74,288 | 23,836 | 45,593 | ||||||||||
Deferred- United States | (18,655 | ) | (14,032 | ) | (16,256 | ) | |||||||
Deferred- Non-U.S. | 189 | (989 | ) | 602 | |||||||||
Total | $ | 106,651 | $ | 92,117 | $ | 95,183 | |||||||
The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross balance at January 1, | $ | 115,969 | $ | 115,009 | $ | 108,036 | |||||||
Additions based on tax positions related to current year | 16,880 | 2,318 | 3,704 | ||||||||||
Additions for tax positions of prior years | 12,928 | 18,906 | 16,432 | ||||||||||
Reductions for tax positions of prior years | (8 | ) | (7,910 | ) | (7,917 | ) | |||||||
Expiration of statutes | (2,852 | ) | (2,633 | ) | (1,903 | ) | |||||||
Reduction due to Spin-off | (26,870 | ) | — | — | |||||||||
Tax settlements | (7,235 | ) | (9,721 | ) | (3,343 | ) | |||||||
Gross balance at December 31, | 108,812 | 115,969 | 115,009 | ||||||||||
Related tax benefits | (1,064 | ) | (2,038 | ) | (9,981 | ) | |||||||
Net reserve at December 31, | $ | 107,748 | $ | 113,931 | $ | 105,028 | |||||||
The liabilities related to our reserve for uncertain tax positions are comprised of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Reserve for uncertain tax positions, excluding interest and penalties | $ | 107,748 | $ | 113,931 | |||||||||
Interest and penalties included in “Other liabilities” | 8,039 | 13,190 | |||||||||||
Reserve for uncertain tax positions, including interest and penalties | $ | 115,787 | $ | 127,121 | |||||||||
If these reserves of $116 million are not realized, the provision for income taxes will be reduced by $116 million. | |||||||||||||
We include, as a component of our “Income tax provision”, potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $1 million in 2014, an income tax benefit of $7 million in 2013 and an income tax expense of $5 million in 2012. | |||||||||||||
It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. | |||||||||||||
We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Brazil, India, Mexico, Nigeria, Norway, Qatar, Saudi Arabia, | |||||||||||||
Switzerland, the United Kingdom and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2010 and non-U.S. income tax examinations for years before 2000. | |||||||||||||
Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The income of our non-UK subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 21.5 percent. Ongoing consultative process in the United Kingdom and a possible change in law could materially impact our tax rate on operations in the United Kingdom continental shelf. A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Effect of: | |||||||||||||
Tax rates which are different than the UK and Cayman Island rates | 19.3 | % | 15.5 | % | 18.6 | % | |||||||
Tax impact of asset impairment | 344 | % | 0 | % | 0 | % | |||||||
Resolution of tax authority audits | -1.3 | % | -1.1 | % | -1.1 | % | |||||||
Total | 362 | % | 14.4 | % | 17.5 | % | |||||||
We generated and fully utilized U.S. foreign tax credits of $17 million, $15 million and $22 million in 2014, 2013 and 2012, respectively. | |||||||||||||
For the year ended December 31, 2013, deferred income taxes were not provided on approximately $80 million of undistributed earnings of our subsidiaries. We considered such earnings to be permanently reinvested. If such earnings would have been distributed, we may have been subject to additional income taxes of approximately $20 to $25 million. All aforementioned earnings were held by subsidiaries which, as a result of the Spin-off, are now subsidiaries of Paragon Offshore. Therefore, at December 31, 2014, we have no undistributed earnings of our subsidiaries for which deferred income taxes have not been provided. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Employee Benefit Plans | Note 15- Employee Benefit Plans | ||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||
Prior to the Spin-off, each of Noble Drilling (Land Support) Limited (“NDLS”), Noble Enterprises Limited (“NEL”) and Noble Drilling (Nederland) B.V. (“NDNBV”), all indirect, wholly-owned subsidiaries of Noble-UK, maintained a pension plan that covered all of its salaried, non-union employees. Benefits were based on credited service and employees’ compensation near retirement, as defined by the respective plan. | |||||||||||||||||||||||||||||
As a result of the Spin-off, employees of Paragon Offshore no longer participate in benefit plans sponsored or maintained by Noble. At the time of the Spin-off, NEL and NDNBV transferred all assets and obligations to Paragon Offshore. The benefits of retained Noble employees who participated in the NEL plan prior to the Spin-off were frozen in the NEL plan and their future benefits were replicated into a new plan maintained by an indirect, wholly-owned subsidiary of Noble-UK, Noble Resources Limited (“NRL”). | |||||||||||||||||||||||||||||
Subsequent to the Spin-off, Noble maintains the NDLS and NRL plans. Benefits are based on credited service and employees’ compensation near retirement, as defined by the respective plan. Reference to our “non-U.S. plans” included throughout this report relates to the Noble-maintained NDLS and NRL plans, as well as activity for the NEL and NDNBV plans prior to the Spin-off. | |||||||||||||||||||||||||||||
In addition to the non-U.S. plans discussed above, we have two U.S. noncontributory defined benefit pension plans: one which covers certain salaried employees and one which covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees’ compensation near retirement. These plans qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credit balances available to us under the plan, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans”. | |||||||||||||||||||||||||||||
Employees participating in the U.S. 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 for the year ended December 31, 2014. Additionally in 2014, we recognized a settlement expense of $10 million related to those terminated employees that elected to receive their accumulated benefits as a lump sum distribution. | |||||||||||||||||||||||||||||
A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 161,591 | $ | 223,938 | $ | 151,781 | $ | 225,885 | |||||||||||||||||||||
Service cost | 4,777 | 8,901 | 5,496 | 10,724 | |||||||||||||||||||||||||
Interest cost | 4,650 | 10,546 | 5,085 | 9,049 | |||||||||||||||||||||||||
Actuarial loss (gain) | 6,145 | 51,524 | (4,584 | ) | (17,652 | ) | |||||||||||||||||||||||
Plan amendments | 1,595 | — | (227 | ) | — | ||||||||||||||||||||||||
Benefits paid | (2,819 | ) | (4,262 | ) | (2,558 | ) | (4,068 | ) | |||||||||||||||||||||
Settlement | — | (34,397 | ) | — | — | ||||||||||||||||||||||||
Curtailment | — | (18,178 | ) | — | — | ||||||||||||||||||||||||
Plan participants’ contributions | 266 | — | 956 | — | |||||||||||||||||||||||||
Foreign exchange rate changes | (7,071 | ) | — | 5,642 | — | ||||||||||||||||||||||||
Spin-off adjustment | (96,581 | ) | — | — | — | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 72,553 | $ | 238,072 | $ | 161,591 | $ | 223,938 | |||||||||||||||||||||
A reconciliation of the changes in fair value of plan assets is as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 174,257 | $ | 201,011 | $ | 151,819 | $ | 167,170 | |||||||||||||||||||||
Actual return on plan assets | 6,717 | 7,750 | 8,470 | 31,518 | |||||||||||||||||||||||||
Employer contributions | 6,863 | 2,017 | 9,365 | 6,391 | |||||||||||||||||||||||||
Benefits and expenses paid | (2,819 | ) | (4,262 | ) | (2,558 | ) | (4,068 | ) | |||||||||||||||||||||
Settlement | — | (34,397 | ) | — | — | ||||||||||||||||||||||||
Plan participants’ contributions | 266 | — | 956 | — | |||||||||||||||||||||||||
Foreign exchange rate changes | (11,068 | ) | — | 6,205 | — | ||||||||||||||||||||||||
Spin-off adjustment | (96,502 | ) | — | — | — | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 77,714 | $ | 172,119 | $ | 174,257 | $ | 201,011 | |||||||||||||||||||||
The funded status of the plans is as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Funded status | $ | 5,161 | $ | (65,953 | ) | $ | 12,666 | $ | (22,927 | ) | |||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Other assets (noncurrent) | $ | 7,725 | $ | — | $ | 13,586 | $ | 6,132 | |||||||||||||||||||||
Other liabilities (current) | — | (3,037 | ) | — | (2,120 | ) | |||||||||||||||||||||||
Other liabilities (noncurrent) | (2,564 | ) | (62,916 | ) | (920 | ) | (26,939 | ) | |||||||||||||||||||||
Net amount recognized | $ | 5,161 | $ | (65,953 | ) | $ | 12,666 | $ | (22,927 | ) | |||||||||||||||||||
Amounts recognized in AOCL consist of: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Net actuarial loss | $ | 11,793 | $ | 73,705 | $ | 30,902 | $ | 45,338 | |||||||||||||||||||||
Prior service cost | 1,531 | 468 | (232 | ) | 905 | ||||||||||||||||||||||||
Deferred income tax asset | (3,096 | ) | (25,961 | ) | (2,130 | ) | (16,185 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | 10,228 | $ | 48,212 | $ | 28,540 | $ | 30,058 | |||||||||||||||||||||
Pension cost includes the following components: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||
Service Cost | $ | 4,777 | $ | 8,901 | $ | 5,496 | $ | 10,724 | $ | 4,461 | $ | 9,612 | |||||||||||||||||
Interest Cost | 4,650 | 10,546 | 5,085 | 9,049 | 5,372 | 8,719 | |||||||||||||||||||||||
Return on plan assets | (6,117 | ) | (15,499 | ) | (5,836 | ) | (13,102 | ) | (5,344 | ) | (11,171 | ) | |||||||||||||||||
Amortization of prior service cost | 46 | 196 | — | 227 | — | 227 | |||||||||||||||||||||||
Recognized net actuarial loss | 769 | 2,857 | 1,670 | 7,639 | 803 | 7,356 | |||||||||||||||||||||||
Curtailment expense | — | 241 | — | — | — | — | |||||||||||||||||||||||
Settlement expense | — | 9,872 | — | — | — | — | |||||||||||||||||||||||
Net pension expense | $ | 4,125 | $ | 17,114 | $ | 6,415 | $ | 14,537 | $ | 5,292 | $ | 14,743 | |||||||||||||||||
Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for non-U.S. plans was approximately $2 million, $4 million and $3 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for U.S. plans was approximately $11 million, $4 million and $4 million, respectively, related to Paragon Offshore that was classified as discontinued operations. | |||||||||||||||||||||||||||||
The estimated prior service cost and net actuarial loss that will be amortized from AOCL into net periodic pension cost in 2015 are $0.1 million and $0.3 million, respectively, for non-U.S. plans and $0.1 million and $6.2 million, respectively, for U.S. plans. | |||||||||||||||||||||||||||||
During 2014, we adopted the Retirement Plan (“RP”) 2014 mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries. The RP 2014 mortality tables represent the new standard for defined benefit mortality assumptions due to longer life expectancies. The adoption of the updated mortality tables and the mortality improvement scales increased our pension liability on our U.S. plans by approximately $14 million as of December 31, 2014. | |||||||||||||||||||||||||||||
Defined Benefit Plans—Disaggregated Plan Information | |||||||||||||||||||||||||||||
Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 72,553 | $ | 238,072 | $ | 161,591 | $ | 223,938 | |||||||||||||||||||||
Accumulated benefit obligation | 68,902 | 202,716 | 154,140 | 185,383 | |||||||||||||||||||||||||
Fair value of plan assets | 77,714 | 172,119 | 174,257 | 201,011 | |||||||||||||||||||||||||
The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2014 and 2013. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,157 | $ | 238,072 | $ | 6,740 | $ | 200,472 | |||||||||||||||||||||
Fair value of plan assets | 592 | 172,119 | 5,820 | 171,413 | |||||||||||||||||||||||||
The PBO for the unfunded excess benefit plan was $20 million at December 31, 2014 as compared to $13 million in 2013, and is included under “U.S.” in the above tables. | |||||||||||||||||||||||||||||
The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2014 and 2013. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,355 | $ | 202,716 | $ | 6,493 | $ | 11,997 | |||||||||||||||||||||
Fair value of plan assets | 592 | 172,119 | 5,820 | — | |||||||||||||||||||||||||
The ABO for the unfunded excess benefit plan was $13 million at December 31, 2014 as compared to $12 million in 2013, and is included under “U.S.” in the above tables. | |||||||||||||||||||||||||||||
Defined Benefit Plans—Key Assumptions | |||||||||||||||||||||||||||||
The key assumptions for the plans are summarized below: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||
Discount Rate | 2.6%-3.7% | 3.0%-4.1% | 3.9%-4.7% | 3.9%-5.1% | |||||||||||||||||||||||||
Rate of compensation increase | 3.6%-4.1% | 5.00% | 3.6%-4.5% | 5.00% | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||
Weighted-average assumptions used to determine periodic benefit cost: | |||||||||||||||||||||||||||||
Discount Rate | 2.7%-4.7% | 3.9%-5.1% | 2.5%-4.5% | 3.1%-4.2% | 4.7%-5.0% | 4.3%-4.7% | |||||||||||||||||||||||
Expected long-term return on assets | 2.3%-6.0% | 7.80% | 2.3%-5.7% | 7.80% | 3.9%-5.4% | 7.80% | |||||||||||||||||||||||
Rate of compensation increase | 3.6%-4.5% | 5.00% | 3.6%-4.1% | 5.00% | 2.3%-4.4% | 5.00% | |||||||||||||||||||||||
The discount rate used to calculate the net present value of future benefit obligations for our U.S. plan is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plan reasonably match this index. For non-U.S. plans, the discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities. | |||||||||||||||||||||||||||||
We employ third-party consultants for our U.S. and non-U.S. plans that use a portfolio return model to assess the initial reasonableness of the expected long-term rate of return on plan assets. To develop the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. | |||||||||||||||||||||||||||||
Defined Benefit Plans—Plan Assets | |||||||||||||||||||||||||||||
Non-U.S. Plans | |||||||||||||||||||||||||||||
Both the NEL and NDNBV pension plans assets and liabilities were transferred to Paragon Offshore as part of the Spin-off. | |||||||||||||||||||||||||||||
The NRL pension plan has a targeted asset allocation of 100 percent debt securities. The investment objective for the NRL Plan assets is to earn a favorable return against the Barclays Capital Euro-Treasury AAA index. We evaluate the performance of this plan on an annual basis. | |||||||||||||||||||||||||||||
The NDLS pension plan has a target asset allocation of 70 percent equity securities and 30 percent debt securities. The investment objective of the plan, as adopted by the plan’s trustees, is to achieve a favorable return against a benchmark of blended United Kingdom market indices. By achieving this objective, the trustees believe the plan will be able to avoid significant volatility in the contribution rate and provide sufficient plan assets to cover the plan’s benefit obligations were the plan to be liquidated. To achieve these objectives, the trustees have given the plan’s investment managers full discretion in the day-to-day management of the plan’s assets. The plan’s assets are invested with two investment managers. The performance objective communicated to one of these investment managers is to exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum. The performance objective communicated to the other investment manager is to exceed a blend of FTSE’s All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum. This investment manager is prohibited by the trustees from investing in real estate. The trustees meet with the investment managers periodically to review and discuss their investment performance. | |||||||||||||||||||||||||||||
The actual fair values of Non-U.S. pension plans as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 87 | $ | 87 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
International companies | $ | 53,261 | $ | 53,261 | $ | — | $ | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 23,774 | $ | — | $ | 23,774 | $ | — | |||||||||||||||||||||
Other | 592 | — | — | 592 | |||||||||||||||||||||||||
Total | $ | 77,714 | $ | 53,348 | $ | 23,774 | $ | 592 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 207 | $ | 207 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
International companies | $ | 54,722 | $ | 54,722 | $ | — | $ | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 41,767 | $ | — | $ | 41,767 | $ | — | |||||||||||||||||||||
Other | 77,561 | — | — | 77,561 | |||||||||||||||||||||||||
Total | $ | 174,257 | $ | 54,929 | $ | 41,767 | $ | 77,561 | |||||||||||||||||||||
At December 31, 2013, assets of both NEL and NDNBV were invested in instruments that are similar in form to a guaranteed insurance contract, which were transferred to Paragon Offshore in the Spin-off. At December 31, 2014, assets of NRL were invested in instruments that are similar in form to a guaranteed insurance contract. There are no observable market values for these assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations that were anticipated under the plans. Amounts were therefore calculated using actuarial assumptions completed by third-party consultants employed by Noble. The following table details the activity related to these investments during the year. | |||||||||||||||||||||||||||||
Market | |||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 77,561 | |||||||||||||||||||||||||||
Assets transferred out in Spin-off | (77,561 | ) | |||||||||||||||||||||||||||
Assets purchased | 749 | ||||||||||||||||||||||||||||
Assets sold/benefits paid | (157 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 592 | |||||||||||||||||||||||||||
U.S. Plans | |||||||||||||||||||||||||||||
The Trust invests in equity securities, fixed income debt securities, and cash equivalents and other short-term investments. The Trust may invest in these investments directly or through pooled vehicles, including mutual funds. | |||||||||||||||||||||||||||||
The Company’s overall investment strategy, or target range, is to achieve a mix of approximately 66.5 percent in equity securities, 32 percent in debt securities and 1.5 percent in cash holdings. Actual results may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee. | |||||||||||||||||||||||||||||
The performance objective of the Trust is to outperform the return of the Total Index Composite as constructed to reflect the target allocation weightings for each asset class. This objective should be met over a market cycle, which is defined as a period not less than three years or more than five years. U.S. equity securities (common stock, convertible preferred stock and convertible bonds) should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Non-U.S. equity securities (common stock, convertible preferred stock and convertible bonds), either from developed or emerging markets, should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Fixed income debt securities should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Cash equivalent and short-term investments should achieve relative performance better than the 90-day Treasury bills. When mutual funds are used by the Trust, those mutual funds should achieve a total return that equals or exceeds the total return of each fund’s appropriate Lipper or Morningstar peer category over a full market cycle of three to five years. Lipper and Morningstar are independent mutual fund rating and information services. | |||||||||||||||||||||||||||||
For investments in equity securities, no individual options or financial futures contracts are purchased unless approved in writing by the Trust’s governing committee. In addition, no private placements or purchases of venture capital are allowed. The target amount in international equities is 20 percent of plan assets and may not exceed 23 percent of plan assets. Of the international equities amount, no more than 30 percent can be related to any particular country. The Trust’s equity managers vote all proxies in the best interest of the Trust without regards to social issues. The Trust’s governing committee reserves the right to comment on and exercise control over the response to any individual proxy solicitation. | |||||||||||||||||||||||||||||
For fixed income debt securities, corporate bonds purchased are primarily limited to investment grade securities as established by Moody’s or Standard & Poor’s. The total fixed income exposure from any single non-government or government agency issuer shall not exceed 42 percent of the Trust’s fixed income holdings. The average duration of the total portfolio shall not exceed the Barclays Capital Aggregate Bond Index by 1.5 years. All interest and principal receipts are swept, as received, into an alternative cash management vehicle until reallocated in accordance with the Trust’s core allocation. | |||||||||||||||||||||||||||||
For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level. | |||||||||||||||||||||||||||||
For investments in cash equivalent and short-term investments, the Trust utilizes a money market mutual fund which invests in U.S. government and agency obligations, repurchase agreements collateralized by U.S. government or agency securities, commercial paper, bankers’ acceptances, certificate of deposits, delayed delivery transactions, reverse repurchase agreements, time deposits and Euro obligations. Bankers’ acceptances shall be made in larger banks (ranked by assets) rated “Aa” or better by Moody’s and in conformance with all FDIC regulations concerning capital requirements. | |||||||||||||||||||||||||||||
Equity securities include our shares in the amounts $4 million (2.1 percent of total U.S. plan assets) at December 31, 2013. No shares of Noble were included in equity securities at December 31, 2014. | |||||||||||||||||||||||||||||
The actual fair values of U.S. pension plan assets as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,998 | $ | — | $ | 5,998 | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
United States | $ | 80,823 | $ | 80,823 | $ | — | $ | — | |||||||||||||||||||||
International | 33,392 | 33,392 | — | — | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 51,906 | $ | 51,906 | $ | — | $ | — | |||||||||||||||||||||
Total | $ | 172,119 | $ | 166,121 | $ | 5,998 | $ | — | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,184 | $ | — | $ | 2,184 | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
United States | $ | 104,899 | $ | 80,714 | $ | 24,185 | $ | — | |||||||||||||||||||||
International | 33,012 | 33,012 | — | — | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 60,916 | $ | 60,916 | $ | — | $ | — | |||||||||||||||||||||
Total | $ | 201,011 | $ | 174,642 | $ | 26,369 | $ | — | |||||||||||||||||||||
While the underlying investments related to the equity securities are traded in active markets, which is a Level 1 measurement, the funds we own the investments through are not themselves actively traded, and therefore are being presented as a Level 2 measurement at December 31, 2013. | |||||||||||||||||||||||||||||
As of December 31, 2014, no single security made up more than 10 percent of total assets of either the U.S. or the Non-U.S. plans. | |||||||||||||||||||||||||||||
Defined Benefit Plans—Cash Flows | |||||||||||||||||||||||||||||
In 2014, we made total contributions of $7 million and $2 million to our non-U.S. and U.S. pension plans, respectively. In 2013, we made total contributions of $9 million and $6 million to our non-U.S. and U.S. pension plans, respectively. In 2012, we made total contributions of $6 million and $11 million to our non-U.S. and U.S. pension plans, respectively. We expect our aggregate minimum contributions to our non-U.S. and U.S. plans in 2015, subject to applicable law, to be $2 million and $3 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion. | |||||||||||||||||||||||||||||
The following table summarizes our estimated benefit payments at December 31, 2014: | |||||||||||||||||||||||||||||
Payments by Period | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Estimated benefit payments | |||||||||||||||||||||||||||||
Non U.S. plans | $ | 23,037 | $ | 1,630 | $ | 1,693 | $ | 1,882 | $ | 1,955 | $ | 2,207 | $ | 13,670 | |||||||||||||||
U.S. plans | 105,192 | 8,029 | 6,687 | 7,327 | 7,989 | 8,914 | 66,246 | ||||||||||||||||||||||
Total estimated benefit payments | $ | 128,229 | $ | 9,659 | $ | 8,380 | $ | 9,209 | $ | 9,944 | $ | 11,121 | $ | 79,916 | |||||||||||||||
Other Benefit Plans | |||||||||||||||||||||||||||||
We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2014 and 2013, our liability for the 401(k) Restoration Plan was $7 million and $8 million, respectively, and is included in “Accrued payroll and related costs.” | |||||||||||||||||||||||||||||
In 2005 we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined. Participants in the plan become fully vested in the plan after five years of service, or three years beginning in 2007. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $6 million, $5 million and $4 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
We sponsor a 401(k) savings plan and other retirement, health and welfare plans for the benefit of our employees. The cost of maintaining these plans for continuing operations aggregated approximately $70 million, $80 million and $69 million in 2014, 2013 and 2012, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Note 16- 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 | |||||||||||||||||||||||||
Several of our regional shorebases, including our North Sea and Brazilian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. During 2014 and 2013, we entered into forward contracts of approximately $195 million and $128 million, respectively, all of which settled during their respective years. At both December 31, 2014 and 2013, we had no outstanding derivative contracts. | |||||||||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||||||||
To supplement the fair value disclosures in Note 17, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain reclassified from | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drililng services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 4,286 | $ | 1,200 | $ | (4,286 | ) | $ | (1,200 | ) | $ | — | $ | — |
Financial_Instruments_and_Cred
Financial Instruments and Credit Risk | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Instruments and Credit Risk | Note 17- Financial Instruments and Credit Risk | ||||||||||||||||
The following tables present the carrying amount and estimated fair value as of December 31, 2014 and 2013 of our financial instruments recognized at fair value on a recurring basis: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets— | |||||||||||||||||
Marketable securities | $ | 6,175 | $ | 6,175 | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets— | |||||||||||||||||
Marketable securities | $ | 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. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
The market for our services is the offshore oil and gas industry, and our customers consist primarily of major integrated oil companies, government-owned oil companies and independent oil and gas producers. We perform ongoing credit evaluations of our customers and do not require material collateral. We maintain reserves for potential credit losses when necessary. Our results of operations and financial condition should be considered in light of the fluctuations in demand experienced by drilling contractors as changes in oil and gas producers’ expenditures and budgets occur. These fluctuations can impact our results of operations and financial condition as supply and demand factors directly affect utilization and dayrates, which are the primary determinants of our net cash provided by operating activities. | |||||||||||||||||
Revenues from Shell and its affiliates accounted for approximately 55 percent, 67 percent and 51 percent of our consolidated operating revenues in 2014, 2013 and 2012, respectively. Revenues from Saudi Arabian Oil Company (“Saudi Aramco”) accounted for approximately 10 percent of our consolidated operating revenues in both 2013 and 2012. Saudi Aramco did not account for more than 10 percent of our consolidated operating revenues in 2014. Revenues from Petróleo Brasileiro S.A. (“Petrobras”) accounted for approximately 11 percent of our consolidated operating revenues in 2012. Petrobras did not account for more than 10 percent of our consolidated operating revenues in either 2014 or 2013. No other customer accounted for more than 10 percent of our consolidated operating revenues in 2014, 2013 or 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18- 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. In December 2014, one of our subsidiaries reached a settlement with the DOJ regarding its investigation of the Noble Discoverer and the Kulluk. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk. The subsidiary paid $8.2 million in fines and $4 million in community service payments, and was placed on probation for four years, provided that we may petition the court for early dismissal of probation after three years. If during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan. | |
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 December 31, 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. 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 $66 million attributable to income, customs and other business taxes have been assessed against us. We have received tax assessments of approximately $141 million related to Paragon Offshore assets that operated through Noble-retained entities in Mexico, and Paragon Offshore has received tax assessments of approximately $165 million for Noble assets that operated through a Paragon Offshore-retained entity in Brazil. Of these tax assessments in Mexico and Brazil, approximately $20 million and $46 million, respectively, relate to Noble’s share of the tax liability. Under the TSA, Paragon Offshore has an obligation to indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $121 million, and we have an obligation to indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil assets, approximately $46 million, in each case, if and when such payments become due. 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. | |
On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling does not constitute mandatory jurisprudence in Mexico, and thus is only applicable to the Noble subsidiary named in the ruling. We will continue to contest future assessments received. Any claim by the tax authorities relating to this issue is subject to a full indemnification from Paragon Offshore under the TSA. | |
We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $30 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 certain aspects of 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 shorebased 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 $729 million at December 31, 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment and Related Information | Note 19- 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 December 31, 2014, our contract drilling services segment conducts contract drilling operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean, 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 years ended December 31, 2014, 2013 and 2012 is shown in the following tables. The “Other” column includes results of labor contract drilling services in Alaska for 2013 and 2012, 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. | |||||||||||||||||||||
Contract | |||||||||||||||||||||
Drilling | |||||||||||||||||||||
Services | Other | Total | |||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues from external customers | $ | 3,230,253 | $ | 2,251 | $ | 3,232,504 | |||||||||||||||
Depreciation and amortization | 608,590 | 18,883 | 627,473 | ||||||||||||||||||
Segment operating income (loss) | 204,365 | (18,423 | ) | 185,942 | |||||||||||||||||
Interest expense, net of amount capitalized | (164 | ) | (155,015 | ) | (155,179 | ) | |||||||||||||||
Income tax (provision) benefit | (130,654 | ) | 24,003 | (106,651 | ) | ||||||||||||||||
Segment profit (loss) | 216,659 | (208,168 | ) | 8,491 | |||||||||||||||||
Total assets (at end of period) | 13,019,089 | 267,733 | 13,286,822 | ||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues from external customers | $ | 2,520,064 | $ | 18,079 | $ | 2,538,143 | |||||||||||||||
Depreciation and amortization | 497,303 | 14,210 | 511,513 | ||||||||||||||||||
Segment operating income (loss) | 750,181 | (9,644 | ) | 740,537 | |||||||||||||||||
Interest expense, net of amount capitalized | (694 | ) | (105,606 | ) | (106,300 | ) | |||||||||||||||
Income tax provision | (90,468 | ) | (1,649 | ) | (92,117 | ) | |||||||||||||||
Segment profit (loss) | 874,816 | (92,119 | ) | 782,697 | |||||||||||||||||
Total assets (at end of period) | 15,495,071 | 722,886 | 16,217,957 | ||||||||||||||||||
2012 | |||||||||||||||||||||
Revenues from external customers | $ | 2,154,980 | $ | 45,719 | $ | 2,200,699 | |||||||||||||||
Depreciation and amortization | 427,234 | 13,072 | 440,306 | ||||||||||||||||||
Segment operating income (loss) | 626,012 | (448 | ) | 625,564 | |||||||||||||||||
Interest expense, net of amount capitalized | (394 | ) | (85,369 | ) | (85,763 | ) | |||||||||||||||
Income tax (provision) benefit | (110,373 | ) | 15,190 | (95,183 | ) | ||||||||||||||||
Segment profit (loss) | 645,560 | (123,216 | ) | 522,344 | |||||||||||||||||
The following table presents revenues and identifiable assets by country based on the location of the service provided: | |||||||||||||||||||||
Revenues | Identifiable Assets | ||||||||||||||||||||
Year Ended December 31, | As of December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 (3) | |||||||||||||||||
United States | $ | 1,639,509 | $ | 1,338,634 | $ | 1,061,254 | $ | 6,739,636 | $ | 5,525,839 | |||||||||||
Argentina | 97,743 | — | — | 304,131 | — | ||||||||||||||||
Australia | 146,474 | 133,214 | 42,353 | 541,655 | 624,238 | ||||||||||||||||
Benin | 66,077 | 41,251 | — | — | 803,788 | ||||||||||||||||
Brazil | 447,266 | 527,706 | 430,737 | 799,599 | 3,921,306 | ||||||||||||||||
Denmark | 28,980 | — | — | 272,788 | — | ||||||||||||||||
Egypt | 19,961 | 33,685 | 103,380 | — | — | ||||||||||||||||
Malaysia | 11,126 | — | — | 1,144,498 | 23,002 | ||||||||||||||||
Malta | 15,495 | 7,453 | 35,776 | — | 454,951 | ||||||||||||||||
Mexico | 127 | 14,529 | 40,218 | 35,994 | 439,098 | ||||||||||||||||
Morocco | 69,056 | — | — | — | — | ||||||||||||||||
New Zealand | 56,911 | 11,995 | 9,563 | — | 663,165 | ||||||||||||||||
Saudi Arabia | 260,544 | 246,083 | 220,657 | 479,525 | 584,230 | ||||||||||||||||
Singapore (1) | — | — | — | 982,731 | 618,341 | ||||||||||||||||
South Korea (1) | — | — | — | — | 894,347 | ||||||||||||||||
Switzerland (2) | — | — | — | 27,645 | 32,162 | ||||||||||||||||
The Netherlands | 82,026 | — | — | 249,074 | 339,560 | ||||||||||||||||
Turkey | 13,960 | — | — | 740,362 | — | ||||||||||||||||
United Arab Emirates | 108,044 | 71,896 | 59,321 | 331,812 | 443,166 | ||||||||||||||||
United Kingdom | 84,078 | 87,908 | 66,232 | 248,835 | 400,989 | ||||||||||||||||
Other | 85,127 | 23,789 | 131,208 | 388,537 | 449,775 | ||||||||||||||||
Total | $ | 3,232,504 | $ | 2,538,143 | $ | 2,200,699 | $ | 13,286,822 | $ | 16,217,957 | |||||||||||
-1 | Singapore and South Korea consist primarily of asset values for newbuild rigs under construction in shipyards. | ||||||||||||||||||||
-2 | Switzerland assets consist of general corporate assets, which generate no external revenue for the Company. | ||||||||||||||||||||
-3 | Amounts in 2013 include identifiable assets that were ultimately transferred to Paragon Offshore as part of the Spin-off. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Information | Note 20- Supplemental Cash Flow Information (Noble-UK) | ||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | 29,730 | $ | (165,233 | ) | $ | (143,010 | ) | |||||
Other current assets | (3,201 | ) | (47,848 | ) | (43,246 | ) | |||||||
Other assets | (96,941 | ) | 34,757 | (385 | ) | ||||||||
Accounts payable | 63,546 | 50,731 | 28,565 | ||||||||||
Other current liabilities | (28,644 | ) | 61,644 | 108,385 | |||||||||
Other liabilities | 86,037 | 2,731 | 80,431 | ||||||||||
$ | 50,527 | $ | (63,218 | ) | $ | 30,740 | |||||||
Additional cash flow information is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash paid during the period for: | |||||||||||||
Interest, net of amounts capitalized | $ | 159,835 | $ | 81,897 | $ | 56,144 | |||||||
Income taxes (net of refunds) | $ | 132,527 | $ | 219,088 | $ | 148,612 | |||||||
Non-cash activities during the period: | |||||||||||||
Spin-off of Paragon Offshore | $ | 1,409,400 | N/A | N/A | |||||||||
Noble-Cayman [Member] | |||||||||||||
Supplemental Cash Flow Information | Note 21- Supplemental Cash Flow Information (Noble-Cayman) | ||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | 29,730 | $ | (165,233 | ) | $ | (143,010 | ) | |||||
Other current assets | (12,670 | ) | (48,186 | ) | (44,632 | ) | |||||||
Other assets | (96,925 | ) | 35,103 | (385 | ) | ||||||||
Accounts payable | 60,488 | 49,980 | 28,289 | ||||||||||
Other current liabilities | (21,921 | ) | 62,516 | 108,425 | |||||||||
Other liabilities | 86,038 | 2,728 | 80,432 | ||||||||||
$ | 44,740 | $ | (63,092 | ) | $ | 29,119 | |||||||
Additional cash flow information is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash paid during the period for: | |||||||||||||
Interest, net of amounts capitalized | $ | 159,835 | $ | 81,897 | $ | 56,144 | |||||||
Income taxes (net of refunds) | $ | 130,356 | $ | 216,391 | $ | 148,612 | |||||||
Non-cash activities during the period: | |||||||||||||
Spin-off of Paragon Offshore | $ | 1,409,400 | N/A | N/A |
Information_about_NobleCayman
Information about Noble-Cayman | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||
Information about Noble-Cayman | Note 22- 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 removed NDC from the guarantor financial statements and NHC is no longer 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 existed at December 31, 2014. | |||||||||||||||||||||||||||||||||
Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2014 as follows: | |||||||||||||||||||||||||||||||||
Issuer | |||||||||||||||||||||||||||||||||
Notes | (Co-Issuer(s)) | Guarantor(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 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 | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
Accounts receivable | — | — | 37,655 | 2,336 | — | 529,105 | — | 569,096 | |||||||||||||||||||||||||
Taxes receivable | — | 63,373 | 752 | — | — | 43,164 | — | 107,289 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,449 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,305 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,019,319 | 374,012 | 192,771 | 157,164 | 125,834 | 4,191,406 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 14,274 | — | 1,764 | — | — | 123,631 | — | 139,669 | |||||||||||||||||||||||||
Total current assets | 2,157,047 | 437,385 | 1,311,161 | 159,500 | 459,800 | 5,124,752 | (8,767,811 | ) | 881,834 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,040,168 | — | — | 12,364,203 | — | 14,404,371 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (278,147 | ) | — | — | (2,040,073 | ) | — | (2,318,220 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,762,021 | — | — | 10,324,130 | — | 12,086,151 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,654 | — | 236,921 | 1,980,391 | 5,000 | 1,581,429 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,567,335 | 1,318,239 | 2,921,452 | 8,266,444 | 6,290,918 | — | (23,364,388 | ) | — | ||||||||||||||||||||||||
Other assets | 2,908 | — | 6,212 | 19,826 | 517 | 192,791 | — | 222,254 | |||||||||||||||||||||||||
Total assets | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,163,660 | $ | (1,707,305 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 10,130 | — | — | 250,282 | — | 261,012 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,738 | — | — | 83,749 | — | 91,487 | |||||||||||||||||||||||||
Accounts payable to affiliates | 606,224 | 63,602 | 3,513,705 | 61,982 | 16,869 | 2,798,124 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 91,471 | — | 91,471 | |||||||||||||||||||||||||
Other current liabilities | 16,150 | — | 13,409 | 57,053 | 4,412 | 110,890 | — | 201,914 | |||||||||||||||||||||||||
Total current liabilities | 622,974 | 235,527 | 3,544,982 | 119,035 | 393,001 | 4,498,176 | (8,767,811 | ) | 645,884 | ||||||||||||||||||||||||
Long-term debt | 1,123,495 | — | — | 3,543,830 | 201,695 | — | — | 4,869,020 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,068 | — | 598,715 | 1,169,180 | 192,216 | 3,379,216 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 120,589 | — | 120,589 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 29,093 | — | — | 286,942 | — | 335,964 | |||||||||||||||||||||||||
Total liabilities | 3,535,466 | 235,527 | 4,172,790 | 4,832,045 | 786,912 | 8,284,923 | (15,876,206 | ) | 5,971,457 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 7,812,656 | (22,961,169 | ) | 6,496,478 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,125,523 | (403,219 | ) | 722,304 | ||||||||||||||||||||||||
Total equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 8,938,179 | (23,364,388 | ) | 7,218,782 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 327,070 | $ | — | $ | — | $ | 3,067,195 | $ | (246,406 | ) | $ | 3,147,859 | ||||||||||||||||
Reimbursables | — | — | 6,239 | — | — | 78,405 | — | 84,644 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 333,309 | — | — | 3,145,601 | (246,406 | ) | 3,232,504 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 30,885 | 39,039 | 120,971 | 115,909 | — | 1,447,073 | (246,406 | ) | 1,507,471 | ||||||||||||||||||||||||
Reimbursables | — | — | 4,687 | — | — | 61,691 | — | 66,378 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 65,164 | — | — | 559,114 | — | 624,278 | |||||||||||||||||||||||||
General and administrative | 2,437 | 11,376 | — | 31,620 | 1 | 7,560 | — | 52,994 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 745,428 | — | 745,428 | |||||||||||||||||||||||||
Total operating costs and expenses | 33,322 | 50,415 | 190,822 | 147,529 | 1 | 2,820,866 | (246,406 | ) | 2,996,549 | ||||||||||||||||||||||||
Operating income (loss) | (33,322 | ) | (50,415 | ) | 142,487 | (147,529 | ) | (1 | ) | 324,735 | — | 235,955 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (2,885,628 | ) | 157,648 | (80,080 | ) | 604,419 | 448,785 | — | 1,754,856 | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 223,083 | 50,565 | 28,580 | 170,845 | 6,240 | — | (479,313 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,662,545 | ) | 208,213 | (51,500 | ) | 775,264 | 455,025 | — | 1,275,543 | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (93,536 | ) | (3,046 | ) | (24,974 | ) | (169,666 | ) | (33,671 | ) | (3,148,822 | ) | 3,318,536 | (155,179 | ) | ||||||||||||||||||
Interest income and other, net | 2,913,631 | — | 249,005 | 89,449 | 3,308 | 64,267 | (3,318,536 | ) | 1,124 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 124,228 | 154,752 | 315,018 | 547,518 | 424,661 | (2,759,820 | ) | 1,275,543 | 81,900 | ||||||||||||||||||||||||
Income tax provision | — | (68,805 | ) | (3,574 | ) | — | (1,546 | ) | (32,005 | ) | — | (105,930 | ) | ||||||||||||||||||||
Net income from continuing operations | 124,228 | 85,947 | 311,444 | 547,518 | 423,115 | (2,791,825 | ) | 1,275,543 | (24,030 | ) | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (18,655 | ) | 6,634 | — | — | 235,104 | — | 223,083 | ||||||||||||||||||||||||
Net Income | 124,228 | 67,292 | 318,078 | 547,518 | 423,115 | (2,556,721 | ) | 1,275,543 | 199,053 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (98,603 | ) | 23,778 | (74,825 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 124,228 | 67,292 | 318,078 | 547,518 | 423,115 | (2,655,324 | ) | 1,299,321 | 124,228 | ||||||||||||||||||||||||
Other comprehensive loss, net | (21,732 | ) | — | — | — | — | (21,732 | ) | 21,732 | (21,732 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 102,496 | $ | 67,292 | $ | 318,078 | $ | 547,518 | $ | 423,115 | $ | (2,677,056 | ) | $ | 1,321,053 | $ | 102,496 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 240,631 | $ | — | $ | — | $ | 2,291,475 | $ | (77,361 | ) | $ | 2,454,745 | ||||||||||||||||
Reimbursables | — | — | 8,498 | — | — | 57,794 | — | 66,292 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 17,095 | — | 17,095 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||
Total operating revenues | — | — | 249,129 | — | — | 2,366,375 | (77,361 | ) | 2,538,143 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 24,039 | 22,195 | 70,359 | 110,138 | — | 1,009,801 | (77,361 | ) | 1,159,171 | ||||||||||||||||||||||||
Reimbursables | — | — | 6,850 | — | — | 43,560 | — | 50,410 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 11,601 | — | 11,601 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 62,778 | — | — | 446,563 | — | 509,341 | |||||||||||||||||||||||||
General and administrative | 7,380 | 7,396 | — | 36,050 | 1 | 14,032 | — | 64,859 | |||||||||||||||||||||||||
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 | (13,581 | ) | 29,591 | 139,987 | 146,188 | 1 | 1,507,878 | (77,361 | ) | 1,732,703 | |||||||||||||||||||||||
Operating income (loss) | 13,581 | (29,591 | ) | 109,142 | (146,188 | ) | (1 | ) | 858,497 | — | 805,440 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 653,815 | 65,868 | (53,235 | ) | 641,155 | (1,136,831 | ) | — | (170,772 | ) | — | ||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 321,804 | 45,098 | 308,188 | 431,149 | 63,235 | — | (1,169,474 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 975,619 | 110,966 | 254,953 | 1,072,304 | (1,073,596 | ) | — | (1,340,246 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (127,995 | ) | (1,081 | ) | (23,156 | ) | (139,784 | ) | (45,897 | ) | (1,852,423 | ) | 2,084,036 | (106,300 | ) | ||||||||||||||||||
Interest income and other, net | 6,609 | — | 262,717 | 154,442 | 1,569,003 | 94,821 | (2,084,036 | ) | 3,556 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 867,814 | 80,294 | 603,656 | 940,774 | 449,509 | (899,105 | ) | (1,340,246 | ) | 702,696 | |||||||||||||||||||||||
Income tax provision | — | (24,592 | ) | 3,655 | — | — | (68,040 | ) | — | (88,977 | ) | ||||||||||||||||||||||
Net income from continuing operations | 867,814 | 55,702 | 607,311 | 940,774 | 449,509 | (967,145 | ) | (1,340,246 | ) | 613,719 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (16,569 | ) | 24,529 | (55 | ) | — | 313,899 | — | 321,804 | |||||||||||||||||||||||
Net Income | 867,814 | 39,133 | 631,840 | 940,719 | 449,509 | (653,246 | ) | (1,340,246 | ) | 935,523 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (114,314 | ) | 46,605 | (67,709 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 867,814 | 39,133 | 631,840 | 940,719 | 449,509 | (767,560 | ) | (1,293,641 | ) | 867,814 | |||||||||||||||||||||||
Other comprehensive income, net | 33,285 | — | — | — | — | 33,285 | (33,285 | ) | 33,285 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 901,099 | $ | 39,133 | $ | 631,840 | $ | 940,719 | $ | 449,509 | $ | (734,275 | ) | $ | (1,326,926 | ) | $ | 901,099 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 161,577 | $ | — | $ | — | $ | 2,006,624 | $ | (78,580 | ) | $ | 2,089,621 | ||||||||||||||||
Reimbursables | — | — | 6,637 | — | — | 59,130 | — | 65,767 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 45,299 | — | 45,299 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 943 | (931 | ) | 12 | ||||||||||||||||||||||||
Total operating revenues | — | — | 168,214 | — | — | 2,111,996 | (79,511 | ) | 2,200,699 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 2,646 | 17,551 | 45,474 | 82,736 | — | 891,941 | (79,511 | ) | 960,837 | ||||||||||||||||||||||||
Reimbursables | — | — | 5,886 | — | — | 49,538 | — | 55,424 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 23,129 | — | 23,129 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 60,738 | — | — | 377,636 | — | 438,374 | |||||||||||||||||||||||||
General and administrative | 3,036 | 7,786 | — | 35,606 | 1 | 12,937 | — | 59,366 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 20,384 | — | 20,384 | |||||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | — | — | (4,869 | ) | — | — | (28,386 | ) | — | (33,255 | ) | ||||||||||||||||||||||
Total operating costs and expenses | 5,682 | 25,337 | 107,229 | 118,342 | 1 | 1,347,179 | (79,511 | ) | 1,524,259 | ||||||||||||||||||||||||
Operating income (loss) | (5,682 | ) | (25,337 | ) | 60,985 | (118,342 | ) | (1 | ) | 764,817 | — | 676,440 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 569,295 | 82,257 | 168,972 | 527,469 | (244,644 | ) | — | (1,103,349 | ) | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 115,151 | 32,769 | 188,511 | 280,121 | 60,481 | — | (677,033 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 684,446 | 115,026 | 357,483 | 807,590 | (184,163 | ) | — | (1,780,382 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (105,147 | ) | (20,950 | ) | (23,105 | ) | (120,361 | ) | (43,090 | ) | (666,968 | ) | 893,858 | (85,763 | ) | ||||||||||||||||||
Interest income and other, net | 7,306 | — | 40,845 | 135,001 | 594,328 | 119,449 | (893,858 | ) | 3,071 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 580,923 | 68,739 | 436,208 | 703,888 | 367,074 | 217,298 | (1,780,382 | ) | 593,748 | ||||||||||||||||||||||||
Income tax provision | — | (18,446 | ) | (4,576 | ) | — | — | (71,161 | ) | — | (94,183 | ) | |||||||||||||||||||||
Net income from continuing operations | 580,923 | 50,293 | 431,632 | 703,888 | 367,074 | 146,137 | (1,780,382 | ) | 499,565 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (23,622 | ) | 10,160 | — | — | 128,613 | — | 115,151 | ||||||||||||||||||||||||
Net Income | 580,923 | 26,671 | 441,792 | 703,888 | 367,074 | 274,750 | (1,780,382 | ) | 614,716 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (68,969 | ) | 35,176 | (33,793 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 580,923 | 26,671 | 441,792 | 703,888 | 367,074 | 205,781 | (1,745,206 | ) | 580,923 | ||||||||||||||||||||||||
Other comprehensive loss, net | (41,128 | ) | — | — | — | — | (41,128 | ) | 41,128 | (41,128 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 539,795 | $ | 26,671 | $ | 441,792 | $ | 703,888 | $ | 367,074 | $ | 164,653 | $ | (1,704,078 | ) | $ | 539,795 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | 2,825,524 | $ | (151,987 | ) | $ | 366,583 | $ | (232,605 | ) | $ | (31,788 | ) | $ | (903,811 | ) | $ | — | $ | 1,871,916 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,404,560 | ) | — | — | (704,574 | ) | — | (2,109,134 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | 50 | — | — | 273,744 | — | — | (273,794 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | 50 | — | (1,404,560 | ) | 273,744 | — | (704,574 | ) | (273,794 | ) | (2,109,134 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (437,647 | ) | — | — | — | — | — | — | (437,647 | ) | |||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Long-term borrowings of Paragon Offshore | — | — | — | — | — | 1,710,550 | — | 1,710,550 | |||||||||||||||||||||||||
Financing costs on long-term borrowings of Paragon Offshore | — | — | — | — | — | (14,676 | ) | (14,676 | ) | ||||||||||||||||||||||||
Cash balances of Paragon Offshore in Spin-Off | — | — | — | — | — | (104,152 | ) | — | (104,152 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (79,966 | ) | — | (79,966 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (398 | ) | — | — | — | — | — | — | (398 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (631,095 | ) | — | — | — | — | — | — | (631,095 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (1,482,686 | ) | 151,987 | 1,037,829 | 208,857 | 31,788 | 52,225 | — | — | ||||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | (50 | ) | 273,794 | — | |||||||||||||||||||||||
Net cash from financing activities | (2,825,570 | ) | 151,987 | 1,037,829 | (41,143 | ) | 31,788 | 1,563,931 | 273,794 | 192,616 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (148 | ) | (4 | ) | — | (44,454 | ) | — | (44,602 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (117,993 | ) | $ | (133,595 | ) | $ | 424,147 | $ | (128,315 | ) | $ | 1,523,225 | $ | 201,161 | $ | — | $ | 1,768,630 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,594,449 | ) | — | — | (949,755 | ) | — | (2,544,204 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | — | — | 294,798 | (294,798 | ) | — | ||||||||||||||||||||||||
Proceeds from disposal of assets | — | — | — | — | — | 61,000 | — | 61,000 | |||||||||||||||||||||||||
Net cash from investing activities | — | — | (1,594,449 | ) | — | — | (593,957 | ) | (294,798 | ) | (2,483,204 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 1,221,333 | — | — | — | — | — | — | 1,221,333 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (105,388 | ) | — | (105,388 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (2,484 | ) | — | — | — | — | — | — | (2,484 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (265,880 | ) | — | — | — | — | — | — | (265,880 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (241,180 | ) | 133,595 | 1,169,800 | 128,317 | (1,523,225 | ) | 332,693 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (294,798 | ) | — | — | — | — | — | 294,798 | — | ||||||||||||||||||||||||
Net cash from financing activities | 116,991 | 133,595 | 1,169,800 | 128,317 | (1,523,225 | ) | 227,305 | 294,798 | 547,581 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (1,002 | ) | — | (502 | ) | 2 | — | (165,491 | ) | — | (166,993 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (86,784 | ) | $ | (99,193 | ) | $ | 134,370 | $ | (96,642 | ) | $ | 551,358 | $ | 1,017,518 | $ | — | $ | 1,420,627 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (682,477 | ) | — | — | (1,106,077 | ) | — | (1,788,554 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | (1,188,287 | ) | — | — | 1,188,287 | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (682,477 | ) | (1,188,287 | ) | — | (1,106,077 | ) | 1,188,287 | (1,788,554 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (635,192 | ) | — | — | — | — | — | — | (635,192 | ) | |||||||||||||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | — | 1,186,636 | — | — | — | 1,186,636 | |||||||||||||||||||||||||
Financing costs on credit facilities | (5,221 | ) | — | — | — | — | — | — | (5,221 | ) | |||||||||||||||||||||||
Contributions from joint venture partners | — | — | — | — | — | 40,000 | — | 40,000 | |||||||||||||||||||||||||
Distributions to parent company, net | (175,977 | ) | — | — | — | — | — | — | (175,977 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (284,256 | ) | 99,193 | 548,626 | 98,295 | (551,358 | ) | 89,500 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | 1,188,287 | — | — | — | — | — | (1,188,287 | ) | — | ||||||||||||||||||||||||
Net cash from financing activities | 87,641 | 99,193 | 548,626 | 1,284,931 | (551,358 | ) | 129,500 | (1,188,287 | ) | 410,246 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 857 | — | 519 | 2 | — | 40,941 | — | 42,319 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 146 | — | 385 | — | — | 234,525 | — | 235,056 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,003 | $ | — | $ | 904 | $ | 2 | $ | — | $ | 275,466 | $ | — | $ | 277,375 | |||||||||||||||||
Unaudited_Interim_Financial_Da
Unaudited Interim Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Unaudited Interim Financial Data | Note 23- Unaudited Interim Financial Data | ||||||||||||||||
Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 795,187 | $ | 803,781 | $ | 828,796 | $ | 804,740 | |||||||||
Operating income (loss) | 248,968 | 235,205 | 243,633 | (541,864 | ) | ||||||||||||
Net income (loss) from continuing operations attributable to Noble-UK | 154,814 | 140,325 | 147,389 | (594,539 | ) | ||||||||||||
Net income (loss) per share from continuning operations attributable to Noble-UK (1) | |||||||||||||||||
Basic | 0.6 | 0.54 | 0.57 | (2.38 | ) | ||||||||||||
Diluted | 0.6 | 0.54 | 0.57 | (2.38 | ) | ||||||||||||
Quarter Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 566,061 | $ | 606,480 | $ | 640,513 | $ | 725,089 | |||||||||
Operating income | 135,437 | 159,973 | 239,248 | 205,879 | |||||||||||||
Net income from continuing operations attributable to Noble-UK | 66,899 | 102,406 | 165,267 | 144,023 | |||||||||||||
Net income per share from continuning operations attributable to Noble-UK (1) | |||||||||||||||||
Basic | 0.26 | 0.4 | 0.64 | 0.56 | |||||||||||||
Diluted | 0.26 | 0.4 | 0.64 | 0.56 | |||||||||||||
-1 | Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. | ||||||||||||||||
The Consolidated Statements of Comprehensive Income included for both Noble-UK and Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 erroneously included an adjustment related to the Spin-off for the historical accumulated other comprehensive income of Paragon Offshore and omitted the line item “Total comprehensive income”. We concluded these errors were not material individually, or in the aggregate, to either Noble-UK or Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and we will revise these numbers accordingly in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. | |||||||||||||||||
The following chart presents the recast of Noble-UK for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||
Net income | $ | 147,646 | $ | 147,646 | $ | 678,350 | $ | 678,350 | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation adjustments | (1,577 | ) | (1,577 | ) | 1,143 | 1,143 | |||||||||||
Foreign currency forward contracts | (6,925 | ) | (6,925 | ) | (273 | ) | (273 | ) | |||||||||
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 | ) | (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 | 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 | 571 | 2,099 | 2,099 | |||||||||||||
Other comprehensive income (loss), net | (8,982 | ) | (8,982 | ) | 1,918 | 1,918 | |||||||||||
Spin-off of Paragon Offshore | 34,478 | — | 34,478 | — | |||||||||||||
Total comprehensive income | n/a | 138,664 | n/a | 680,268 | |||||||||||||
Net comprehensive income attributable to noncontrolling interests | (20,471 | ) | (20,471 | ) | (60,290 | ) | (60,290 | ) | |||||||||
Comprehensive income attributable to Noble Corporation plc | $ | 152,671 | $ | 118,193 | $ | 654,456 | $ | 619,978 | |||||||||
The following chart presents the recast of Noble-Cayman for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As | As | As | As | ||||||||||||||
Reported | Adjusted | Reported | Adjusted | ||||||||||||||
Net income | $ | 193,705 | $ | 193,705 | $ | 784,078 | $ | 784,078 | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation adjustments | (1,577 | ) | (1,577 | ) | 1,143 | 1,143 | |||||||||||
Foreign currency forward contracts | (6,925 | ) | (6,925 | ) | (273 | ) | (273 | ) | |||||||||
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 | ) | (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 | 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 | 571 | 2,099 | 2,099 | |||||||||||||
Other comprehensive income (loss), net | (8,982 | ) | (8,982 | ) | 1,918 | 1,918 | |||||||||||
Spin-off of Paragon Offshore | 34,478 | — | 34,478 | — | |||||||||||||
Total comprehensive income | n/a | 184,723 | n/a | 785,996 | |||||||||||||
Net comprehensive income attributable to noncontrolling interests | (20,471 | ) | (20,471 | ) | (60,290 | ) | (60,290 | ) | |||||||||
Comprehensive income attributable to Noble Corporation | $ | 198,730 | $ | 164,252 | $ | 760,184 | $ | 725,706 | |||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 24- Subsequent Event |
In January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. Including these items, the average price paid per share during January 2015 was $16.21. There can be no assurance as to the timing or amount of any additional repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize. |
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business |
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 mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff. | |
At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. | |
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 an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. | |
Foreign Currency Translation | Foreign Currency Translation |
Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income statement items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2014. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. | |
Property and Equipment | Property and Equipment |
Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years. Included in accounts payable were $70 million and $88 million of capital accruals as of December 31, 2014 and 2013, respectively. | |
Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction. | |
Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 7. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future. For additional information, see Note 11. | |
Goodwill | Goodwill |
We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value. | |
We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services. | |
Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required. | |
If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value. For additional information, see Note 11. | |
Deferred Costs | Deferred Costs |
Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities. | |
Insurance Reserves | Insurance Reserves |
We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. | |
Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets. | |
Revenue Recognition | Revenue Recognition |
Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. | |
In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. | |
Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. | |
We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. | |
Income Taxes | Income Taxes |
Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. | |
We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. | |
Earnings per Share | Earnings per Share |
Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. | |
Share-Based Compensation Plans | Share-Based Compensation Plans |
We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. | |
Certain Significant Estimates | Certain Significant Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. | |
Reclassifications | Reclassifications |
Certain amounts in prior periods have been reclassified to conform to the current year presentation. | |
Accounting Pronouncements | 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 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. | |
In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are 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 February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are 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. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Operation from Discontinued Operations | The following table provides the results of operations from discontinued operations: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenues | |||||||||||||
Contract drilling services | $ | 993,253 | $ | 1,615,325 | $ | 1,259,741 | |||||||
Reimbursables | 21,899 | 45,582 | 49,728 | ||||||||||
Labor contract drilling services | 19,304 | 35,146 | 36,591 | ||||||||||
Other | 2 | 94 | 253 | ||||||||||
Operating revenues from discontinued operations | $ | 1,034,458 | $ | 1,696,147 | $ | 1,346,313 | |||||||
Income from discontinued operations | |||||||||||||
Income from discontinued operations before income taxes | $ | 216,391 | $ | 379,591 | $ | 159,860 | |||||||
Income tax provision | (55,889 | ) | (75,489 | ) | (51,905 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 160,502 | $ | 304,102 | $ | 107,955 | |||||||
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 December 31, 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 | 5,609,119 | ||||||||||||
Accumulated depreciation | (2,640,943 | ) | |||||||||||
Property and equipment, net | 2,968,176 | ||||||||||||
Other assets | 84,894 | ||||||||||||
Total assets of discontinued operations | $ | 3,609,411 | |||||||||||
LIABILITIES | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 132,446 | |||||||||||
Accrued payroll and related costs | 64,580 | ||||||||||||
Other current liabilities | 103,768 | ||||||||||||
Total current liabilities of discontinued operations | 300,794 | ||||||||||||
Long-term debt | 1,726,750 | ||||||||||||
Other liabilities | 172,467 | ||||||||||||
Total liabilities of discontinued operations | $ | 2,200,011 | |||||||||||
Consolidated_Joint_Ventures_Ta
Consolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Schedule of Operational Results | Operational results for the years ended December 31, 2014 and 2013 are as follows: | ||||||||
Year Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Operating revenues | $ | 372,313 | $ | 355,115 | |||||
Net income | $ | 157,171 | $ | 145,447 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic | |||||||||||||
Income (loss) from continuing operations | $ | (152,011 | ) | $ | 478,595 | $ | 414,389 | ||||||
Earnings allocated to unvested share-based payment awards | — | (5,669 | ) | (4,212 | ) | ||||||||
Income (loss) from continuing operations to common shareholders | (152,011 | ) | 472,926 | 410,177 | |||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (3,602 | ) | (1,097 | ) | ||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,500 | 106,858 | ||||||||||
Net income attributable to Noble-UK | 8,491 | 782,697 | 522,344 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (9,271 | ) | (5,309 | ) | ||||||||
Net income to common shareholders—basic | $ | 8,491 | $ | 773,426 | $ | 517,035 | |||||||
Diluted | |||||||||||||
Income (loss) from continuing operations | $ | (152,011 | ) | $ | 478,595 | $ | 414,389 | ||||||
Earnings allocated to unvested share-based payment awards | — | (5,663 | ) | (4,206 | ) | ||||||||
Income (loss) from continuing operations to common shareholders | (152,011 | ) | 472,932 | 410,183 | |||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (3,598 | ) | (1,096 | ) | ||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,504 | 106,859 | ||||||||||
Net income attributable to Noble-UK | 8,491 | 782,697 | 522,344 | ||||||||||
Earnings allocated to unvested share-based payment awards | — | (9,261 | ) | (5,302 | ) | ||||||||
Net income to common shareholders—diluted | $ | 8,491 | $ | 773,436 | $ | 517,042 | |||||||
Weighted average shares outstanding—basic | 252,909 | 253,288 | 252,435 | ||||||||||
Incremental shares issuable from assumed exercise of stock options | — | 259 | 356 | ||||||||||
Weighted average shares outstanding—diluted | 252,909 | 253,547 | 252,791 | ||||||||||
Weighted average unvested share-based payment awards | — | 3,036 | 2,592 | ||||||||||
Earnings per share | |||||||||||||
Basic | |||||||||||||
Continuing operations | $ | (0.60 | ) | $ | 1.86 | $ | 1.63 | ||||||
Discontinued operations | 0.63 | 1.19 | 0.42 | ||||||||||
Net income attributable to Noble-UK | $ | 0.03 | $ | 3.05 | $ | 2.05 | |||||||
Diluted | |||||||||||||
Continuing operations | $ | (0.60 | ) | $ | 1.86 | $ | 1.63 | ||||||
Discontinued operations | 0.63 | 1.19 | 0.42 | ||||||||||
Net income attributable to Noble-UK | $ | 0.03 | $ | 3.05 | $ | 2.05 | |||||||
Dividends per share | $ | 1.5 | $ | 0.76 | $ | 0.54 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, at Cost | Property and equipment, at cost, as of December 31, 2014 and 2013 for Noble-UK consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 13,254,240 | $ | 17,130,986 | |||||
Construction in progress | 969,985 | 1,854,434 | |||||||
Other | 218,697 | 213,347 | |||||||
Property and equipment, at cost | $ | 14,442,922 | $ | 19,198,767 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Debt | Long-term debt consists of the following at December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Senior unsecured notes: | |||||||||||||||||||||||||
7.375% Senior Notes due 2014 | $ | — | $ | 249,964 | |||||||||||||||||||||
3.45% Senior Notes due 2015 | 350,000 | 350,000 | |||||||||||||||||||||||
3.05% Senior Notes due 2016 | 299,982 | 299,967 | |||||||||||||||||||||||
2.50% Senior Notes due 2017 | 299,920 | 299,886 | |||||||||||||||||||||||
7.50% Senior Notes due 2019 | 201,695 | 201,695 | |||||||||||||||||||||||
4.90% Senior Notes due 2020 | 499,151 | 499,022 | |||||||||||||||||||||||
4.625% Senior Notes due 2021 | 399,627 | 399,576 | |||||||||||||||||||||||
3.95% Senior Notes due 2022 | 399,264 | 399,178 | |||||||||||||||||||||||
6.20% Senior Notes due 2040 | 399,895 | 399,893 | |||||||||||||||||||||||
6.05% Senior Notes due 2041 | 397,681 | 397,646 | |||||||||||||||||||||||
5.25% Senior Notes due 2042 | 498,310 | 498,283 | |||||||||||||||||||||||
Total senior unsecured notes | 3,745,525 | 3,995,110 | |||||||||||||||||||||||
Credit facilities & commercial paper program | 1,123,495 | 1,561,141 | |||||||||||||||||||||||
Total long-term debt | $ | 4,869,020 | $ | 5,556,251 | |||||||||||||||||||||
Repayments of Total Debt | Aggregate principal repayments of total debt for the next five years and thereafter are as follows: | ||||||||||||||||||||||||
2015(1)(2) | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||
$1,473,495 | $ | 299,982 | $ | 299,920 | $ | — | $ | 201,695 | $ | 2,593,928 | $ | 4,869,020 | |||||||||||||
-1 | In August 2015, our $350 million 3.45% Senior Notes mature. We anticipate using availability on our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we have shown the entire balance as long-term on our Consolidated Balance Sheet at December 31, 2014. | ||||||||||||||||||||||||
-2 | Amounts outstanding under our credit facilities and commercial paper program mature during 2015. As amounts issued under the commercial paper program are supported by the unused committed capacity under our Credit Facilities, they are classified as long-term on our Consolidated Balance Sheet at December 31, 2014. | ||||||||||||||||||||||||
Estimated Fair Value of Our Long-Term Debt | The following table presents the estimated fair value of our long-term debt as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||||||||||
Senior unsecured notes: | |||||||||||||||||||||||||
7.375% Senior Notes due 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||||||||||
3.45% Senior Notes due 2015 | 350,000 | 354,992 | 350,000 | 363,019 | |||||||||||||||||||||
3.05% Senior Notes due 2016 | 299,982 | 302,515 | 299,967 | 309,878 | |||||||||||||||||||||
2.50% Senior Notes due 2017 | 299,920 | 287,014 | 299,886 | 302,891 | |||||||||||||||||||||
7.50% Senior Notes due 2019 | 201,695 | 212,068 | 201,695 | 232,839 | |||||||||||||||||||||
4.90% Senior Notes due 2020 | 499,151 | 471,095 | 499,022 | 528,597 | |||||||||||||||||||||
4.625% Senior Notes due 2021 | 399,627 | 363,837 | 399,576 | 413,868 | |||||||||||||||||||||
3.95% Senior Notes due 2022 | 399,264 | 346,425 | 399,178 | 390,520 | |||||||||||||||||||||
6.20% Senior Notes due 2040 | 399,895 | 350,351 | 399,893 | 421,720 | |||||||||||||||||||||
6.05% Senior Notes due 2041 | 397,681 | 343,653 | 397,646 | 417,312 | |||||||||||||||||||||
5.25% Senior Notes due 2042 | 498,310 | 385,181 | 498,283 | 476,873 | |||||||||||||||||||||
Total senior unsecured notes | 3,745,525 | 3,417,131 | 3,995,110 | 4,111,151 | |||||||||||||||||||||
Credit facilities and commercial paper program | 1,123,495 | 1,123,495 | 1,561,141 | 1,561,141 | |||||||||||||||||||||
Total long-term debt | $ | 4,869,020 | $ | 4,540,626 | $ | 5,556,251 | $ | 5,672,292 | |||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Share Repurchases | Share repurchases for each of the three years ended December 31 are as follows: | ||||||||||||||||||||||||
Total Number | Average | ||||||||||||||||||||||||
Year Ended | of Shares | Price Paid | |||||||||||||||||||||||
December 31, | Purchased | Total Cost(1) | per Share(1) | ||||||||||||||||||||||
2014 | 6,769,891 | $ | 154,145 | $ | 22.77 | ||||||||||||||||||||
2013 | 190,187 | 7,653 | 40.24 | ||||||||||||||||||||||
2012 | 302,150 | 10,516 | 34.8 | ||||||||||||||||||||||
-1 | The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market. | ||||||||||||||||||||||||
Summary of Stock Options Granted | A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||
Underlying | Exercise | Underlying | Exercise | Underlying | Exercise | ||||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||||||
Outstanding at beginning of year | 1,808,987 | $ | 33.13 | 2,027,089 | $ | 32.44 | 2,498,662 | $ | 29.22 | ||||||||||||||||
Granted | — | — | — | — | 358,772 | 36.04 | |||||||||||||||||||
Exercised (1) | (131,706 | ) | 20.08 | (212,017 | ) | 26.66 | (645,731 | ) | 20.97 | ||||||||||||||||
Forfeited | (57,871 | ) | 30.18 | (6,085 | ) | 31.35 | (184,614 | ) | 35.92 | ||||||||||||||||
Spin-off adjustment | 339,223 | N/A | — | — | — | — | |||||||||||||||||||
Outstanding at end of year (2) | 1,958,633 | 28.43 | 1,808,987 | 33.13 | 2,027,089 | 32.44 | |||||||||||||||||||
Exercisable at end of year (2) | 1,846,465 | $ | 28.35 | 1,510,929 | $ | 32.47 | 1,453,945 | $ | 30.7 | ||||||||||||||||
-1 | The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million. | ||||||||||||||||||||||||
-2 | The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0. | ||||||||||||||||||||||||
Additional Information about Stock Options Outstanding | The following table summarizes additional information about stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | ||||||||||||||||||||||
Shares | Average | Average | Average | ||||||||||||||||||||||
Underlying | Remaining | Exercise | Number | Exercise | |||||||||||||||||||||
Options | Life (Years) | Price | Exercisable | Price | |||||||||||||||||||||
$20.49 to $21.99 | 513,103 | 2.25 | $ | 21.24 | 513,103 | $ | 21.24 | ||||||||||||||||||
$22.00 to $29.74 | 312,531 | 2.71 | 27.13 | 294,553 | 27.24 | ||||||||||||||||||||
$29.75 to $35.73 | 1,132,999 | 5.37 | 32.04 | 1,038,809 | 32.17 | ||||||||||||||||||||
Total | 1,958,633 | 4.13 | $ | 28.43 | 1,846,465 | $ | 28.35 | ||||||||||||||||||
Valuation Assumptions for Stock Options Granted | Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows: | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted average fair value per option granted | $ | 13.41 | |||||||||||||||||||||||
Valuation assumptions: | |||||||||||||||||||||||||
Expected option term (years) | 6 | ||||||||||||||||||||||||
Expected volatility | 43 | % | |||||||||||||||||||||||
Historical dividend yield | 1.4 | % | |||||||||||||||||||||||
Risk-free interest rate | 1.1 | % | |||||||||||||||||||||||
Summary of Status of Non-Vested Stock Options | A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | ||||||||||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||||||||||
Under Outstanding | Grant-Date | ||||||||||||||||||||||||
Options | Fair Value | ||||||||||||||||||||||||
Non-Vested Options at January 1, 2014 | 298,058 | $ | 13.13 | ||||||||||||||||||||||
Vested | (204,877 | ) | 13.16 | ||||||||||||||||||||||
Spin-off adjustment | 18,987 | N/A | |||||||||||||||||||||||
Non-Vested Options at December 31, 2014 | 112,168 | $ | 13.05 | ||||||||||||||||||||||
Assumptions used to Value Performance-Vested Restricted Stock Awards | The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Valuation assumptions: | |||||||||||||||||||||||||
Expected volatility | 33 | % | 34.8 | % | 41.4 | % | |||||||||||||||||||
Expected dividend yield | 4.7 | % | 1.3 | % | 1.5 | % | |||||||||||||||||||
Risk-free interest rate | 0.7 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
Summary of Restricted Share Awards | A summary of the RSU awards for each of the years in the period ended December 31 is as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
TVRSU | |||||||||||||||||||||||||
Units awarded (maximum available) | 1,617,534 | 1,033,009 | 932,274 | ||||||||||||||||||||||
Weighted-average share price at award date | $ | 31.56 | $ | 41.32 | $ | 36.53 | |||||||||||||||||||
Weighted-average vesting period (years) | 3 | 3 | 3 | ||||||||||||||||||||||
PVRSU | |||||||||||||||||||||||||
Units awarded (maximum available) | 740,364 | 565,650 | 481,206 | ||||||||||||||||||||||
Weighted-average share price at award date | $ | 31.66 | $ | 41.42 | $ | 36.9 | |||||||||||||||||||
Three-year performance period ended December 31 | 2016 | 2015 | 2014 | ||||||||||||||||||||||
Weighted-average award-date fair value | $ | 19.66 | $ | 24.97 | $ | 20.05 | |||||||||||||||||||
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below: | ||||||||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
TVRSU’s | Award-Date | PVRSU’s | Award-Date | ||||||||||||||||||||||
Outstanding | Fair Value | Outstanding (1) | Fair Value | ||||||||||||||||||||||
Non-vested RSU’s at January 1, 2014 | 1,652,360 | $ | 39.4 | 1,397,137 | $ | 21.06 | |||||||||||||||||||
Awarded | 1,617,534 | 31.56 | 740,364 | 19.66 | |||||||||||||||||||||
Vested | (749,935 | ) | 38.76 | (180,975 | ) | 16.77 | |||||||||||||||||||
Forfeited | (149,006 | ) | 35.5 | (253,882 | ) | 17.66 | |||||||||||||||||||
Surrendered in connection with Spin-off | (816,627 | ) | 34.22 | (89,612 | ) | 20.95 | |||||||||||||||||||
Spin-off adjustment | 326,853 | N/A | 329,937 | N/A | |||||||||||||||||||||
Non-vested RSU’s at December 31, 2014 | 1,881,179 | $ | 34.66 | 1,942,969 | $ | 21.44 | |||||||||||||||||||
-1 | The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Changes in AOCL by Component | The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2014 and 2013 and changes in AOCL by component for the year ended December 31, 2014. All amounts within the tables are shown net of tax. | ||||||||||||||||
Gains / | Defined | ||||||||||||||||
(Losses) on | Benefit | Foreign | |||||||||||||||
Cash Flow | Pension | Currency | |||||||||||||||
Hedges(1) | Items(2) | Items | Total | ||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,200 | ) | 29,861 | (3,188 | ) | 25,473 | |||||||||||
Amounts reclassified from AOCL | 1,200 | 6,612 | — | 7,812 | |||||||||||||
Net other comprehensive income (loss) | — | 36,473 | (3,188 | ) | 33,285 | ||||||||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (4,286 | ) | (30,952 | ) | (118 | ) | (35,356 | ) | |||||||||
Amounts reclassified from AOCL | 4,286 | 9,338 | — | 13,624 | |||||||||||||
Net other comprehensive income (loss) | — | (21,614 | ) | (118 | ) | (21,732 | ) | ||||||||||
Spin-off of Paragon Offshore(3) | — | 21,772 | 12,706 | 34,478 | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | (58,440 | ) | $ | (10,978 | ) | $ | (69,418 | ) | ||||||
-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 16 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 15 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. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
United States | |||||||||||||
Deferred pension plan amounts | $ | 23,497 | $ | 8,859 | |||||||||
Accrued expenses not currently deductible | 14,250 | 31,769 | |||||||||||
Other | 11,267 | 14,542 | |||||||||||
Non-U.S. | |||||||||||||
Net operating loss carry forwards | 6,907 | 33,021 | |||||||||||
Deferred pension plan amounts | 3,096 | 2,130 | |||||||||||
Other | — | 300 | |||||||||||
Deferred tax assets | 59,017 | 90,621 | |||||||||||
Less: valuation allowance | (6,907 | ) | (16,847 | ) | |||||||||
Net deferred tax assets | $ | 52,110 | $ | 73,774 | |||||||||
Deferred tax liabilities | |||||||||||||
United States | |||||||||||||
Excess of net book basis over remaining tax basis | $ | (166,959 | ) | $ | (275,073 | ) | |||||||
Other | (4,969 | ) | (6,002 | ) | |||||||||
Non-U.S. | |||||||||||||
Excess of net book basis over remaining tax basis | (200 | ) | (1,034 | ) | |||||||||
Other | (397 | ) | (2,452 | ) | |||||||||
Deferred tax liabilities | $ | (172,525 | ) | $ | (284,561 | ) | |||||||
Net deferred tax liabilities | $ | (120,415 | ) | $ | (210,787 | ) | |||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes consists of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 38,206 | $ | 178,090 | $ | 135,618 | |||||||
Non-U.S. | (8,741 | ) | 460,331 | 407,747 | |||||||||
Total | $ | 29,465 | $ | 638,421 | $ | 543,365 | |||||||
Income Tax Provision for Continuing Operations | The income tax provision for continuing operations consists of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current- United States | $ | 50,829 | $ | 83,302 | $ | 65,244 | |||||||
Current- Non-U.S. | 74,288 | 23,836 | 45,593 | ||||||||||
Deferred- United States | (18,655 | ) | (14,032 | ) | (16,256 | ) | |||||||
Deferred- Non-U.S. | 189 | (989 | ) | 602 | |||||||||
Total | $ | 106,651 | $ | 92,117 | $ | 95,183 | |||||||
Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties | The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Gross balance at January 1, | $ | 115,969 | $ | 115,009 | $ | 108,036 | |||||||
Additions based on tax positions related to current year | 16,880 | 2,318 | 3,704 | ||||||||||
Additions for tax positions of prior years | 12,928 | 18,906 | 16,432 | ||||||||||
Reductions for tax positions of prior years | (8 | ) | (7,910 | ) | (7,917 | ) | |||||||
Expiration of statutes | (2,852 | ) | (2,633 | ) | (1,903 | ) | |||||||
Reduction due to Spin-off | (26,870 | ) | — | — | |||||||||
Tax settlements | (7,235 | ) | (9,721 | ) | (3,343 | ) | |||||||
Gross balance at December 31, | 108,812 | 115,969 | 115,009 | ||||||||||
Related tax benefits | (1,064 | ) | (2,038 | ) | (9,981 | ) | |||||||
Net reserve at December 31, | $ | 107,748 | $ | 113,931 | $ | 105,028 | |||||||
Summary of Liabilities Related to Reserve for Uncertain Tax Positions | The liabilities related to our reserve for uncertain tax positions are comprised of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
Reserve for uncertain tax positions, excluding interest and penalties | $ | 107,748 | $ | 113,931 | |||||||||
Interest and penalties included in “Other liabilities” | 8,039 | 13,190 | |||||||||||
Reserve for uncertain tax positions, including interest and penalties | $ | 115,787 | $ | 127,121 | |||||||||
Reconciliation of Statutory and Effective Income Tax Rate | A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Effect of: | |||||||||||||
Tax rates which are different than the UK and Cayman Island rates | 19.3 | % | 15.5 | % | 18.6 | % | |||||||
Tax impact of asset impairment | 344 | % | 0 | % | 0 | % | |||||||
Resolution of tax authority audits | -1.3 | % | -1.1 | % | -1.1 | % | |||||||
Total | 362 | % | 14.4 | % | 17.5 | % | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plan | A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 161,591 | $ | 223,938 | $ | 151,781 | $ | 225,885 | |||||||||||||||||||||
Service cost | 4,777 | 8,901 | 5,496 | 10,724 | |||||||||||||||||||||||||
Interest cost | 4,650 | 10,546 | 5,085 | 9,049 | |||||||||||||||||||||||||
Actuarial loss (gain) | 6,145 | 51,524 | (4,584 | ) | (17,652 | ) | |||||||||||||||||||||||
Plan amendments | 1,595 | — | (227 | ) | — | ||||||||||||||||||||||||
Benefits paid | (2,819 | ) | (4,262 | ) | (2,558 | ) | (4,068 | ) | |||||||||||||||||||||
Settlement | — | (34,397 | ) | — | — | ||||||||||||||||||||||||
Curtailment | — | (18,178 | ) | — | — | ||||||||||||||||||||||||
Plan participants’ contributions | 266 | — | 956 | — | |||||||||||||||||||||||||
Foreign exchange rate changes | (7,071 | ) | — | 5,642 | — | ||||||||||||||||||||||||
Spin-off adjustment | (96,581 | ) | — | — | — | ||||||||||||||||||||||||
Benefit obligation at end of year | $ | 72,553 | $ | 238,072 | $ | 161,591 | $ | 223,938 | |||||||||||||||||||||
Reconciliation of Changes in Fair Value of Plan Assets | A reconciliation of the changes in fair value of plan assets is as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 174,257 | $ | 201,011 | $ | 151,819 | $ | 167,170 | |||||||||||||||||||||
Actual return on plan assets | 6,717 | 7,750 | 8,470 | 31,518 | |||||||||||||||||||||||||
Employer contributions | 6,863 | 2,017 | 9,365 | 6,391 | |||||||||||||||||||||||||
Benefits and expenses paid | (2,819 | ) | (4,262 | ) | (2,558 | ) | (4,068 | ) | |||||||||||||||||||||
Settlement | — | (34,397 | ) | — | — | ||||||||||||||||||||||||
Plan participants’ contributions | 266 | — | 956 | — | |||||||||||||||||||||||||
Foreign exchange rate changes | (11,068 | ) | — | 6,205 | — | ||||||||||||||||||||||||
Spin-off adjustment | (96,502 | ) | — | — | — | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 77,714 | $ | 172,119 | $ | 174,257 | $ | 201,011 | |||||||||||||||||||||
Funded Status of Plans | The funded status of the plans is as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Funded status | $ | 5,161 | $ | (65,953 | ) | $ | 12,666 | $ | (22,927 | ) | |||||||||||||||||||
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Other assets (noncurrent) | $ | 7,725 | $ | — | $ | 13,586 | $ | 6,132 | |||||||||||||||||||||
Other liabilities (current) | — | (3,037 | ) | — | (2,120 | ) | |||||||||||||||||||||||
Other liabilities (noncurrent) | (2,564 | ) | (62,916 | ) | (920 | ) | (26,939 | ) | |||||||||||||||||||||
Net amount recognized | $ | 5,161 | $ | (65,953 | ) | $ | 12,666 | $ | (22,927 | ) | |||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCL consist of: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Net actuarial loss | $ | 11,793 | $ | 73,705 | $ | 30,902 | $ | 45,338 | |||||||||||||||||||||
Prior service cost | 1,531 | 468 | (232 | ) | 905 | ||||||||||||||||||||||||
Deferred income tax asset | (3,096 | ) | (25,961 | ) | (2,130 | ) | (16,185 | ) | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | 10,228 | $ | 48,212 | $ | 28,540 | $ | 30,058 | |||||||||||||||||||||
Pension Costs | Pension cost includes the following components: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||
Service Cost | $ | 4,777 | $ | 8,901 | $ | 5,496 | $ | 10,724 | $ | 4,461 | $ | 9,612 | |||||||||||||||||
Interest Cost | 4,650 | 10,546 | 5,085 | 9,049 | 5,372 | 8,719 | |||||||||||||||||||||||
Return on plan assets | (6,117 | ) | (15,499 | ) | (5,836 | ) | (13,102 | ) | (5,344 | ) | (11,171 | ) | |||||||||||||||||
Amortization of prior service cost | 46 | 196 | — | 227 | — | 227 | |||||||||||||||||||||||
Recognized net actuarial loss | 769 | 2,857 | 1,670 | 7,639 | 803 | 7,356 | |||||||||||||||||||||||
Curtailment expense | — | 241 | — | — | — | — | |||||||||||||||||||||||
Settlement expense | — | 9,872 | — | — | — | — | |||||||||||||||||||||||
Net pension expense | $ | 4,125 | $ | 17,114 | $ | 6,415 | $ | 14,537 | $ | 5,292 | $ | 14,743 | |||||||||||||||||
Disaggregated Plan Information | Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 72,553 | $ | 238,072 | $ | 161,591 | $ | 223,938 | |||||||||||||||||||||
Accumulated benefit obligation | 68,902 | 202,716 | 154,140 | 185,383 | |||||||||||||||||||||||||
Fair value of plan assets | 77,714 | 172,119 | 174,257 | 201,011 | |||||||||||||||||||||||||
Plans in which PBO Exceeded Fair Value | The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2014 and 2013. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 3,157 | $ | 238,072 | $ | 6,740 | $ | 200,472 | |||||||||||||||||||||
Fair value of plan assets | 592 | 172,119 | 5,820 | 171,413 | |||||||||||||||||||||||||
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets | The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2014 and 2013. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1,355 | $ | 202,716 | $ | 6,493 | $ | 11,997 | |||||||||||||||||||||
Fair value of plan assets | 592 | 172,119 | 5,820 | — | |||||||||||||||||||||||||
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||
Discount Rate | 2.6%-3.7% | 3.0%-4.1% | 3.9%-4.7% | 3.9%-5.1% | |||||||||||||||||||||||||
Rate of compensation increase | 3.6%-4.1% | 5.00% | 3.6%-4.5% | 5.00% | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||||||||||||
Weighted-average assumptions used to determine periodic benefit cost: | |||||||||||||||||||||||||||||
Discount Rate | 2.7%-4.7% | 3.9%-5.1% | 2.5%-4.5% | 3.1%-4.2% | 4.7%-5.0% | 4.3%-4.7% | |||||||||||||||||||||||
Expected long-term return on assets | 2.3%-6.0% | 7.80% | 2.3%-5.7% | 7.80% | 3.9%-5.4% | 7.80% | |||||||||||||||||||||||
Rate of compensation increase | 3.6%-4.5% | 5.00% | 3.6%-4.1% | 5.00% | 2.3%-4.4% | 5.00% | |||||||||||||||||||||||
Actual Fair Values of Non-U.S. Pension Plans | The actual fair values of Non-U.S. pension plans as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 87 | $ | 87 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
International companies | $ | 53,261 | $ | 53,261 | $ | — | $ | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 23,774 | $ | — | $ | 23,774 | $ | — | |||||||||||||||||||||
Other | 592 | — | — | 592 | |||||||||||||||||||||||||
Total | $ | 77,714 | $ | 53,348 | $ | 23,774 | $ | 592 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 207 | $ | 207 | $ | — | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
International companies | $ | 54,722 | $ | 54,722 | $ | — | $ | — | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 41,767 | $ | — | $ | 41,767 | $ | — | |||||||||||||||||||||
Other | 77,561 | — | — | 77,561 | |||||||||||||||||||||||||
Total | $ | 174,257 | $ | 54,929 | $ | 41,767 | $ | 77,561 | |||||||||||||||||||||
Schedule of Activity Related to Investments | third-party consultants employed by Noble. The following table details the activity related to these investments during the year. | ||||||||||||||||||||||||||||
Market | |||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 77,561 | |||||||||||||||||||||||||||
Assets transferred out in Spin-off | (77,561 | ) | |||||||||||||||||||||||||||
Assets purchased | 749 | ||||||||||||||||||||||||||||
Assets sold/benefits paid | (157 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 592 | |||||||||||||||||||||||||||
Actual Fair Values of U.S. Pension Plans | The actual fair values of U.S. pension plan assets as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,998 | $ | — | $ | 5,998 | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
United States | $ | 80,823 | $ | 80,823 | $ | — | $ | — | |||||||||||||||||||||
International | 33,392 | 33,392 | — | — | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 51,906 | $ | 51,906 | $ | — | $ | — | |||||||||||||||||||||
Total | $ | 172,119 | $ | 166,121 | $ | 5,998 | $ | — | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
Quoted | Significant | ||||||||||||||||||||||||||||
Prices in | Other | Significant | |||||||||||||||||||||||||||
Active | Observable | Unobservable | |||||||||||||||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,184 | $ | — | $ | 2,184 | $ | — | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
United States | $ | 104,899 | $ | 80,714 | $ | 24,185 | $ | — | |||||||||||||||||||||
International | 33,012 | 33,012 | — | — | |||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 60,916 | $ | 60,916 | $ | — | $ | — | |||||||||||||||||||||
Total | $ | 201,011 | $ | 174,642 | $ | 26,369 | $ | — | |||||||||||||||||||||
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2014: | ||||||||||||||||||||||||||||
Payments by Period | |||||||||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||||||
Estimated benefit payments | |||||||||||||||||||||||||||||
Non U.S. plans | $ | 23,037 | $ | 1,630 | $ | 1,693 | $ | 1,882 | $ | 1,955 | $ | 2,207 | $ | 13,670 | |||||||||||||||
U.S. plans | 105,192 | 8,029 | 6,687 | 7,327 | 7,989 | 8,914 | 66,246 | ||||||||||||||||||||||
Total estimated benefit payments | $ | 128,229 | $ | 9,659 | $ | 8,380 | $ | 9,209 | $ | 9,944 | $ | 11,121 | $ | 79,916 | |||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 17, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Gain/(loss) recognized | Gain reclassified from | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” | drililng services” expense | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 4,286 | $ | 1,200 | $ | (4,286 | ) | $ | (1,200 | ) | $ | — | $ | — |
Financial_Instruments_and_Cred1
Financial Instruments and Credit Risk (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 as of December 31, 2014 and 2013 of our financial instruments recognized at fair value on a recurring basis: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets— | |||||||||||||||||
Marketable securities | $ | 6,175 | $ | 6,175 | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets— | |||||||||||||||||
Marketable securities | $ | 7,230 | $ | 7,230 | $ | — | $ | — |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summarized Financial Information of Reportable Segment | subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK. | ||||||||||||||||||||
Contract | |||||||||||||||||||||
Drilling | |||||||||||||||||||||
Services | Other | Total | |||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues from external customers | $ | 3,230,253 | $ | 2,251 | $ | 3,232,504 | |||||||||||||||
Depreciation and amortization | 608,590 | 18,883 | 627,473 | ||||||||||||||||||
Segment operating income (loss) | 204,365 | (18,423 | ) | 185,942 | |||||||||||||||||
Interest expense, net of amount capitalized | (164 | ) | (155,015 | ) | (155,179 | ) | |||||||||||||||
Income tax (provision) benefit | (130,654 | ) | 24,003 | (106,651 | ) | ||||||||||||||||
Segment profit (loss) | 216,659 | (208,168 | ) | 8,491 | |||||||||||||||||
Total assets (at end of period) | 13,019,089 | 267,733 | 13,286,822 | ||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues from external customers | $ | 2,520,064 | $ | 18,079 | $ | 2,538,143 | |||||||||||||||
Depreciation and amortization | 497,303 | 14,210 | 511,513 | ||||||||||||||||||
Segment operating income (loss) | 750,181 | (9,644 | ) | 740,537 | |||||||||||||||||
Interest expense, net of amount capitalized | (694 | ) | (105,606 | ) | (106,300 | ) | |||||||||||||||
Income tax provision | (90,468 | ) | (1,649 | ) | (92,117 | ) | |||||||||||||||
Segment profit (loss) | 874,816 | (92,119 | ) | 782,697 | |||||||||||||||||
Total assets (at end of period) | 15,495,071 | 722,886 | 16,217,957 | ||||||||||||||||||
2012 | |||||||||||||||||||||
Revenues from external customers | $ | 2,154,980 | $ | 45,719 | $ | 2,200,699 | |||||||||||||||
Depreciation and amortization | 427,234 | 13,072 | 440,306 | ||||||||||||||||||
Segment operating income (loss) | 626,012 | (448 | ) | 625,564 | |||||||||||||||||
Interest expense, net of amount capitalized | (394 | ) | (85,369 | ) | (85,763 | ) | |||||||||||||||
Income tax (provision) benefit | (110,373 | ) | 15,190 | (95,183 | ) | ||||||||||||||||
Segment profit (loss) | 645,560 | (123,216 | ) | 522,344 | |||||||||||||||||
Revenues and Identifiable Assets by Country Based on the Location of the Service Provided | The following table presents revenues and identifiable assets by country based on the location of the service provided: | ||||||||||||||||||||
Revenues | Identifiable Assets | ||||||||||||||||||||
Year Ended December 31, | As of December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 (3) | |||||||||||||||||
United States | $ | 1,639,509 | $ | 1,338,634 | $ | 1,061,254 | $ | 6,739,636 | $ | 5,525,839 | |||||||||||
Argentina | 97,743 | — | — | 304,131 | — | ||||||||||||||||
Australia | 146,474 | 133,214 | 42,353 | 541,655 | 624,238 | ||||||||||||||||
Benin | 66,077 | 41,251 | — | — | 803,788 | ||||||||||||||||
Brazil | 447,266 | 527,706 | 430,737 | 799,599 | 3,921,306 | ||||||||||||||||
Denmark | 28,980 | — | — | 272,788 | — | ||||||||||||||||
Egypt | 19,961 | 33,685 | 103,380 | — | — | ||||||||||||||||
Malaysia | 11,126 | — | — | 1,144,498 | 23,002 | ||||||||||||||||
Malta | 15,495 | 7,453 | 35,776 | — | 454,951 | ||||||||||||||||
Mexico | 127 | 14,529 | 40,218 | 35,994 | 439,098 | ||||||||||||||||
Morocco | 69,056 | — | — | — | — | ||||||||||||||||
New Zealand | 56,911 | 11,995 | 9,563 | — | 663,165 | ||||||||||||||||
Saudi Arabia | 260,544 | 246,083 | 220,657 | 479,525 | 584,230 | ||||||||||||||||
Singapore (1) | — | — | — | 982,731 | 618,341 | ||||||||||||||||
South Korea (1) | — | — | — | — | 894,347 | ||||||||||||||||
Switzerland (2) | — | — | — | 27,645 | 32,162 | ||||||||||||||||
The Netherlands | 82,026 | — | — | 249,074 | 339,560 | ||||||||||||||||
Turkey | 13,960 | — | — | 740,362 | — | ||||||||||||||||
United Arab Emirates | 108,044 | 71,896 | 59,321 | 331,812 | 443,166 | ||||||||||||||||
United Kingdom | 84,078 | 87,908 | 66,232 | 248,835 | 400,989 | ||||||||||||||||
Other | 85,127 | 23,789 | 131,208 | 388,537 | 449,775 | ||||||||||||||||
Total | $ | 3,232,504 | $ | 2,538,143 | $ | 2,200,699 | $ | 13,286,822 | $ | 16,217,957 | |||||||||||
-1 | Singapore and South Korea consist primarily of asset values for newbuild rigs under construction in shipyards. | ||||||||||||||||||||
-2 | Switzerland assets consist of general corporate assets, which generate no external revenue for the Company. | ||||||||||||||||||||
-3 | Amounts in 2013 include identifiable assets that were ultimately transferred to Paragon Offshore as part of the Spin-off. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | 29,730 | $ | (165,233 | ) | $ | (143,010 | ) | |||||
Other current assets | (3,201 | ) | (47,848 | ) | (43,246 | ) | |||||||
Other assets | (96,941 | ) | 34,757 | (385 | ) | ||||||||
Accounts payable | 63,546 | 50,731 | 28,565 | ||||||||||
Other current liabilities | (28,644 | ) | 61,644 | 108,385 | |||||||||
Other liabilities | 86,037 | 2,731 | 80,431 | ||||||||||
$ | 50,527 | $ | (63,218 | ) | $ | 30,740 | |||||||
Additional Cash Flow Information | Additional cash flow information is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash paid during the period for: | |||||||||||||
Interest, net of amounts capitalized | $ | 159,835 | $ | 81,897 | $ | 56,144 | |||||||
Income taxes (net of refunds) | $ | 132,527 | $ | 219,088 | $ | 148,612 | |||||||
Non-cash activities during the period: | |||||||||||||
Spin-off of Paragon Offshore | $ | 1,409,400 | N/A | N/A | |||||||||
Noble-Cayman [Member] | |||||||||||||
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction. | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Accounts receivable | $ | 29,730 | $ | (165,233 | ) | $ | (143,010 | ) | |||||
Other current assets | (12,670 | ) | (48,186 | ) | (44,632 | ) | |||||||
Other assets | (96,925 | ) | 35,103 | (385 | ) | ||||||||
Accounts payable | 60,488 | 49,980 | 28,289 | ||||||||||
Other current liabilities | (21,921 | ) | 62,516 | 108,425 | |||||||||
Other liabilities | 86,038 | 2,728 | 80,432 | ||||||||||
$ | 44,740 | $ | (63,092 | ) | $ | 29,119 | |||||||
Additional Cash Flow Information | Additional cash flow information is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash paid during the period for: | |||||||||||||
Interest, net of amounts capitalized | $ | 159,835 | $ | 81,897 | $ | 56,144 | |||||||
Income taxes (net of refunds) | $ | 130,356 | $ | 216,391 | $ | 148,612 | |||||||
Non-cash activities during the period: | |||||||||||||
Spin-off of Paragon Offshore | $ | 1,409,400 | N/A | N/A |
Information_about_NobleCayman_
Information about Noble-Cayman (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||
Guarantor Obligations | Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2014 as follows: | ||||||||||||||||||||||||||||||||
Issuer | |||||||||||||||||||||||||||||||||
Notes | (Co-Issuer(s)) | Guarantor(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 | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
Accounts receivable | — | — | 37,655 | 2,336 | — | 529,105 | — | 569,096 | |||||||||||||||||||||||||
Taxes receivable | — | 63,373 | 752 | — | — | 43,164 | — | 107,289 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,449 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,305 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,019,319 | 374,012 | 192,771 | 157,164 | 125,834 | 4,191,406 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 14,274 | — | 1,764 | — | — | 123,631 | — | 139,669 | |||||||||||||||||||||||||
Total current assets | 2,157,047 | 437,385 | 1,311,161 | 159,500 | 459,800 | 5,124,752 | (8,767,811 | ) | 881,834 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,040,168 | — | — | 12,364,203 | — | 14,404,371 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (278,147 | ) | — | — | (2,040,073 | ) | — | (2,318,220 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,762,021 | — | — | 10,324,130 | — | 12,086,151 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,654 | — | 236,921 | 1,980,391 | 5,000 | 1,581,429 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,567,335 | 1,318,239 | 2,921,452 | 8,266,444 | 6,290,918 | — | (23,364,388 | ) | — | ||||||||||||||||||||||||
Other assets | 2,908 | — | 6,212 | 19,826 | 517 | 192,791 | — | 222,254 | |||||||||||||||||||||||||
Total assets | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,163,660 | $ | (1,707,305 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 10,130 | — | — | 250,282 | — | 261,012 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,738 | — | — | 83,749 | — | 91,487 | |||||||||||||||||||||||||
Accounts payable to affiliates | 606,224 | 63,602 | 3,513,705 | 61,982 | 16,869 | 2,798,124 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 91,471 | — | 91,471 | |||||||||||||||||||||||||
Other current liabilities | 16,150 | — | 13,409 | 57,053 | 4,412 | 110,890 | — | 201,914 | |||||||||||||||||||||||||
Total current liabilities | 622,974 | 235,527 | 3,544,982 | 119,035 | 393,001 | 4,498,176 | (8,767,811 | ) | 645,884 | ||||||||||||||||||||||||
Long-term debt | 1,123,495 | — | — | 3,543,830 | 201,695 | — | — | 4,869,020 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,068 | — | 598,715 | 1,169,180 | 192,216 | 3,379,216 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 120,589 | — | 120,589 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 29,093 | — | — | 286,942 | — | 335,964 | |||||||||||||||||||||||||
Total liabilities | 3,535,466 | 235,527 | 4,172,790 | 4,832,045 | 786,912 | 8,284,923 | (15,876,206 | ) | 5,971,457 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 7,812,656 | (22,961,169 | ) | 6,496,478 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,125,523 | (403,219 | ) | 722,304 | ||||||||||||||||||||||||
Total equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 8,938,179 | (23,364,388 | ) | 7,218,782 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 327,070 | $ | — | $ | — | $ | 3,067,195 | $ | (246,406 | ) | $ | 3,147,859 | ||||||||||||||||
Reimbursables | — | — | 6,239 | — | — | 78,405 | — | 84,644 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 333,309 | — | — | 3,145,601 | (246,406 | ) | 3,232,504 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 30,885 | 39,039 | 120,971 | 115,909 | — | 1,447,073 | (246,406 | ) | 1,507,471 | ||||||||||||||||||||||||
Reimbursables | — | — | 4,687 | — | — | 61,691 | — | 66,378 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 65,164 | — | — | 559,114 | — | 624,278 | |||||||||||||||||||||||||
General and administrative | 2,437 | 11,376 | — | 31,620 | 1 | 7,560 | — | 52,994 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 745,428 | — | 745,428 | |||||||||||||||||||||||||
Total operating costs and expenses | 33,322 | 50,415 | 190,822 | 147,529 | 1 | 2,820,866 | (246,406 | ) | 2,996,549 | ||||||||||||||||||||||||
Operating income (loss) | (33,322 | ) | (50,415 | ) | 142,487 | (147,529 | ) | (1 | ) | 324,735 | — | 235,955 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (2,885,628 | ) | 157,648 | (80,080 | ) | 604,419 | 448,785 | — | 1,754,856 | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 223,083 | 50,565 | 28,580 | 170,845 | 6,240 | — | (479,313 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | (2,662,545 | ) | 208,213 | (51,500 | ) | 775,264 | 455,025 | — | 1,275,543 | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (93,536 | ) | (3,046 | ) | (24,974 | ) | (169,666 | ) | (33,671 | ) | (3,148,822 | ) | 3,318,536 | (155,179 | ) | ||||||||||||||||||
Interest income and other, net | 2,913,631 | — | 249,005 | 89,449 | 3,308 | 64,267 | (3,318,536 | ) | 1,124 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 124,228 | 154,752 | 315,018 | 547,518 | 424,661 | (2,759,820 | ) | 1,275,543 | 81,900 | ||||||||||||||||||||||||
Income tax provision | — | (68,805 | ) | (3,574 | ) | — | (1,546 | ) | (32,005 | ) | — | (105,930 | ) | ||||||||||||||||||||
Net income from continuing operations | 124,228 | 85,947 | 311,444 | 547,518 | 423,115 | (2,791,825 | ) | 1,275,543 | (24,030 | ) | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (18,655 | ) | 6,634 | — | — | 235,104 | — | 223,083 | ||||||||||||||||||||||||
Net Income | 124,228 | 67,292 | 318,078 | 547,518 | 423,115 | (2,556,721 | ) | 1,275,543 | 199,053 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (98,603 | ) | 23,778 | (74,825 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 124,228 | 67,292 | 318,078 | 547,518 | 423,115 | (2,655,324 | ) | 1,299,321 | 124,228 | ||||||||||||||||||||||||
Other comprehensive loss, net | (21,732 | ) | — | — | — | — | (21,732 | ) | 21,732 | (21,732 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 102,496 | $ | 67,292 | $ | 318,078 | $ | 547,518 | $ | 423,115 | $ | (2,677,056 | ) | $ | 1,321,053 | $ | 102,496 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 240,631 | $ | — | $ | — | $ | 2,291,475 | $ | (77,361 | ) | $ | 2,454,745 | ||||||||||||||||
Reimbursables | — | — | 8,498 | — | — | 57,794 | — | 66,292 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 17,095 | — | 17,095 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||
Total operating revenues | — | — | 249,129 | — | — | 2,366,375 | (77,361 | ) | 2,538,143 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 24,039 | 22,195 | 70,359 | 110,138 | — | 1,009,801 | (77,361 | ) | 1,159,171 | ||||||||||||||||||||||||
Reimbursables | — | — | 6,850 | — | — | 43,560 | — | 50,410 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 11,601 | — | 11,601 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 62,778 | — | — | 446,563 | — | 509,341 | |||||||||||||||||||||||||
General and administrative | 7,380 | 7,396 | — | 36,050 | 1 | 14,032 | — | 64,859 | |||||||||||||||||||||||||
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 | (13,581 | ) | 29,591 | 139,987 | 146,188 | 1 | 1,507,878 | (77,361 | ) | 1,732,703 | |||||||||||||||||||||||
Operating income (loss) | 13,581 | (29,591 | ) | 109,142 | (146,188 | ) | (1 | ) | 858,497 | — | 805,440 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 653,815 | 65,868 | (53,235 | ) | 641,155 | (1,136,831 | ) | — | (170,772 | ) | — | ||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 321,804 | 45,098 | 308,188 | 431,149 | 63,235 | — | (1,169,474 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 975,619 | 110,966 | 254,953 | 1,072,304 | (1,073,596 | ) | — | (1,340,246 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (127,995 | ) | (1,081 | ) | (23,156 | ) | (139,784 | ) | (45,897 | ) | (1,852,423 | ) | 2,084,036 | (106,300 | ) | ||||||||||||||||||
Interest income and other, net | 6,609 | — | 262,717 | 154,442 | 1,569,003 | 94,821 | (2,084,036 | ) | 3,556 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 867,814 | 80,294 | 603,656 | 940,774 | 449,509 | (899,105 | ) | (1,340,246 | ) | 702,696 | |||||||||||||||||||||||
Income tax provision | — | (24,592 | ) | 3,655 | — | — | (68,040 | ) | — | (88,977 | ) | ||||||||||||||||||||||
Net income from continuing operations | 867,814 | 55,702 | 607,311 | 940,774 | 449,509 | (967,145 | ) | (1,340,246 | ) | 613,719 | |||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (16,569 | ) | 24,529 | (55 | ) | — | 313,899 | — | 321,804 | |||||||||||||||||||||||
Net Income | 867,814 | 39,133 | 631,840 | 940,719 | 449,509 | (653,246 | ) | (1,340,246 | ) | 935,523 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (114,314 | ) | 46,605 | (67,709 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 867,814 | 39,133 | 631,840 | 940,719 | 449,509 | (767,560 | ) | (1,293,641 | ) | 867,814 | |||||||||||||||||||||||
Other comprehensive income, net | 33,285 | — | — | — | — | 33,285 | (33,285 | ) | 33,285 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 901,099 | $ | 39,133 | $ | 631,840 | $ | 940,719 | $ | 449,509 | $ | (734,275 | ) | $ | (1,326,926 | ) | $ | 901,099 | |||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 161,577 | $ | — | $ | — | $ | 2,006,624 | $ | (78,580 | ) | $ | 2,089,621 | ||||||||||||||||
Reimbursables | — | — | 6,637 | — | — | 59,130 | — | 65,767 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 45,299 | — | 45,299 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 943 | (931 | ) | 12 | ||||||||||||||||||||||||
Total operating revenues | — | — | 168,214 | — | — | 2,111,996 | (79,511 | ) | 2,200,699 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 2,646 | 17,551 | 45,474 | 82,736 | — | 891,941 | (79,511 | ) | 960,837 | ||||||||||||||||||||||||
Reimbursables | — | — | 5,886 | — | — | 49,538 | — | 55,424 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 23,129 | — | 23,129 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 60,738 | — | — | 377,636 | — | 438,374 | |||||||||||||||||||||||||
General and administrative | 3,036 | 7,786 | — | 35,606 | 1 | 12,937 | — | 59,366 | |||||||||||||||||||||||||
Loss on impairment | — | — | — | — | — | 20,384 | — | 20,384 | |||||||||||||||||||||||||
Gain on contract settlements/extinguishments, net | — | — | (4,869 | ) | — | — | (28,386 | ) | — | (33,255 | ) | ||||||||||||||||||||||
Total operating costs and expenses | 5,682 | 25,337 | 107,229 | 118,342 | 1 | 1,347,179 | (79,511 | ) | 1,524,259 | ||||||||||||||||||||||||
Operating income (loss) | (5,682 | ) | (25,337 | ) | 60,985 | (118,342 | ) | (1 | ) | 764,817 | — | 676,440 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 569,295 | 82,257 | 168,972 | 527,469 | (244,644 | ) | — | (1,103,349 | ) | — | |||||||||||||||||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 115,151 | 32,769 | 188,511 | 280,121 | 60,481 | — | (677,033 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 684,446 | 115,026 | 357,483 | 807,590 | (184,163 | ) | — | (1,780,382 | ) | — | |||||||||||||||||||||||
Interest expense, net of amounts capitalized | (105,147 | ) | (20,950 | ) | (23,105 | ) | (120,361 | ) | (43,090 | ) | (666,968 | ) | 893,858 | (85,763 | ) | ||||||||||||||||||
Interest income and other, net | 7,306 | — | 40,845 | 135,001 | 594,328 | 119,449 | (893,858 | ) | 3,071 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 580,923 | 68,739 | 436,208 | 703,888 | 367,074 | 217,298 | (1,780,382 | ) | 593,748 | ||||||||||||||||||||||||
Income tax provision | — | (18,446 | ) | (4,576 | ) | — | — | (71,161 | ) | — | (94,183 | ) | |||||||||||||||||||||
Net income from continuing operations | 580,923 | 50,293 | 431,632 | 703,888 | 367,074 | 146,137 | (1,780,382 | ) | 499,565 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | (23,622 | ) | 10,160 | — | — | 128,613 | — | 115,151 | ||||||||||||||||||||||||
Net Income | 580,923 | 26,671 | 441,792 | 703,888 | 367,074 | 274,750 | (1,780,382 | ) | 614,716 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (68,969 | ) | 35,176 | (33,793 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 580,923 | 26,671 | 441,792 | 703,888 | 367,074 | 205,781 | (1,745,206 | ) | 580,923 | ||||||||||||||||||||||||
Other comprehensive loss, net | (41,128 | ) | — | — | — | — | (41,128 | ) | 41,128 | (41,128 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 539,795 | $ | 26,671 | $ | 441,792 | $ | 703,888 | $ | 367,074 | $ | 164,653 | $ | (1,704,078 | ) | $ | 539,795 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | 2,825,524 | $ | (151,987 | ) | $ | 366,583 | $ | (232,605 | ) | $ | (31,788 | ) | $ | (903,811 | ) | $ | — | $ | 1,871,916 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,404,560 | ) | — | — | (704,574 | ) | — | (2,109,134 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | 50 | — | — | 273,744 | — | — | (273,794 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | 50 | — | (1,404,560 | ) | 273,744 | — | (704,574 | ) | (273,794 | ) | (2,109,134 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (437,647 | ) | — | — | — | — | — | — | (437,647 | ) | |||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Long-term borrowings of Paragon Offshore | — | — | — | — | — | 1,710,550 | — | 1,710,550 | |||||||||||||||||||||||||
Financing costs on long-term borrowings of Paragon Offshore | — | — | — | — | — | (14,676 | ) | (14,676 | ) | ||||||||||||||||||||||||
Cash balances of Paragon Offshore in Spin-Off | — | — | — | — | — | (104,152 | ) | — | (104,152 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (79,966 | ) | — | (79,966 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (398 | ) | — | — | — | — | — | — | (398 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (631,095 | ) | — | — | — | — | — | — | (631,095 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (1,482,686 | ) | 151,987 | 1,037,829 | 208,857 | 31,788 | 52,225 | — | — | ||||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | (50 | ) | 273,794 | — | |||||||||||||||||||||||
Net cash from financing activities | (2,825,570 | ) | 151,987 | 1,037,829 | (41,143 | ) | 31,788 | 1,563,931 | 273,794 | 192,616 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (148 | ) | (4 | ) | — | (44,454 | ) | — | (44,602 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (117,993 | ) | $ | (133,595 | ) | $ | 424,147 | $ | (128,315 | ) | $ | 1,523,225 | $ | 201,161 | $ | — | $ | 1,768,630 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (1,594,449 | ) | — | — | (949,755 | ) | — | (2,544,204 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | — | — | 294,798 | (294,798 | ) | — | ||||||||||||||||||||||||
Proceeds from disposal of assets | — | — | — | — | — | 61,000 | — | 61,000 | |||||||||||||||||||||||||
Net cash from investing activities | — | — | (1,594,449 | ) | — | — | (593,957 | ) | (294,798 | ) | (2,483,204 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 1,221,333 | — | — | — | — | — | — | 1,221,333 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (105,388 | ) | — | (105,388 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (2,484 | ) | — | — | — | — | — | — | (2,484 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (265,880 | ) | — | — | — | — | — | — | (265,880 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (241,180 | ) | 133,595 | 1,169,800 | 128,317 | (1,523,225 | ) | 332,693 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (294,798 | ) | — | — | — | — | — | 294,798 | — | ||||||||||||||||||||||||
Net cash from financing activities | 116,991 | 133,595 | 1,169,800 | 128,317 | (1,523,225 | ) | 227,305 | 294,798 | 547,581 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (1,002 | ) | — | (502 | ) | 2 | — | (165,491 | ) | — | (166,993 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (86,784 | ) | $ | (99,193 | ) | $ | 134,370 | $ | (96,642 | ) | $ | 551,358 | $ | 1,017,518 | $ | — | $ | 1,420,627 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (682,477 | ) | — | — | (1,106,077 | ) | — | (1,788,554 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | (1,188,287 | ) | — | — | 1,188,287 | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (682,477 | ) | (1,188,287 | ) | — | (1,106,077 | ) | 1,188,287 | (1,788,554 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (635,192 | ) | — | — | — | — | — | — | (635,192 | ) | |||||||||||||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | — | — | — | 1,186,636 | — | — | — | 1,186,636 | |||||||||||||||||||||||||
Financing costs on credit facilities | (5,221 | ) | — | — | — | — | — | — | (5,221 | ) | |||||||||||||||||||||||
Contributions from joint venture partners | — | — | — | — | — | 40,000 | — | 40,000 | |||||||||||||||||||||||||
Distributions to parent company, net | (175,977 | ) | — | — | — | — | — | — | (175,977 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (284,256 | ) | 99,193 | 548,626 | 98,295 | (551,358 | ) | 89,500 | — | — | |||||||||||||||||||||||
Notes payable to affiliates | 1,188,287 | — | — | — | — | — | (1,188,287 | ) | — | ||||||||||||||||||||||||
Net cash from financing activities | 87,641 | 99,193 | 548,626 | 1,284,931 | (551,358 | ) | 129,500 | (1,188,287 | ) | 410,246 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 857 | — | 519 | 2 | — | 40,941 | — | 42,319 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 146 | — | 385 | — | — | 234,525 | — | 235,056 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,003 | $ | — | $ | 904 | $ | 2 | $ | — | $ | 275,466 | $ | — | $ | 277,375 | |||||||||||||||||
Unaudited_Interim_Financial_Da1
Unaudited Interim Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information | Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 795,187 | $ | 803,781 | $ | 828,796 | $ | 804,740 | |||||||||
Operating income (loss) | 248,968 | 235,205 | 243,633 | (541,864 | ) | ||||||||||||
Net income (loss) from continuing operations attributable to Noble-UK | 154,814 | 140,325 | 147,389 | (594,539 | ) | ||||||||||||
Net income (loss) per share from continuning operations attributable to Noble-UK (1) | |||||||||||||||||
Basic | 0.6 | 0.54 | 0.57 | (2.38 | ) | ||||||||||||
Diluted | 0.6 | 0.54 | 0.57 | (2.38 | ) | ||||||||||||
Quarter Ended | |||||||||||||||||
Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 566,061 | $ | 606,480 | $ | 640,513 | $ | 725,089 | |||||||||
Operating income | 135,437 | 159,973 | 239,248 | 205,879 | |||||||||||||
Net income from continuing operations attributable to Noble-UK | 66,899 | 102,406 | 165,267 | 144,023 | |||||||||||||
Net income per share from continuning operations attributable to Noble-UK (1) | |||||||||||||||||
Basic | 0.26 | 0.4 | 0.64 | 0.56 | |||||||||||||
Diluted | 0.26 | 0.4 | 0.64 | 0.56 | |||||||||||||
-1 | Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. | ||||||||||||||||
Consolidated Statements of Comprehensive Income Included in Quarterly Report | The following chart presents the recast of Noble-UK for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||
Net income | $ | 147,646 | $ | 147,646 | $ | 678,350 | $ | 678,350 | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation adjustments | (1,577 | ) | (1,577 | ) | 1,143 | 1,143 | |||||||||||
Foreign currency forward contracts | (6,925 | ) | (6,925 | ) | (273 | ) | (273 | ) | |||||||||
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 | ) | (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 | 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 | 571 | 2,099 | 2,099 | |||||||||||||
Other comprehensive income (loss), net | (8,982 | ) | (8,982 | ) | 1,918 | 1,918 | |||||||||||
Spin-off of Paragon Offshore | 34,478 | — | 34,478 | — | |||||||||||||
Total comprehensive income | n/a | 138,664 | n/a | 680,268 | |||||||||||||
Net comprehensive income attributable to noncontrolling interests | (20,471 | ) | (20,471 | ) | (60,290 | ) | (60,290 | ) | |||||||||
Comprehensive income attributable to Noble Corporation plc | $ | 152,671 | $ | 118,193 | $ | 654,456 | $ | 619,978 | |||||||||
Noble-Cayman [Member] | |||||||||||||||||
Consolidated Statements of Comprehensive Income Included in Quarterly Report | The following chart presents the recast of Noble-Cayman for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods: | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As | As | As | As | ||||||||||||||
Reported | Adjusted | Reported | Adjusted | ||||||||||||||
Net income | $ | 193,705 | $ | 193,705 | $ | 784,078 | $ | 784,078 | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||
Foreign currency translation adjustments | (1,577 | ) | (1,577 | ) | 1,143 | 1,143 | |||||||||||
Foreign currency forward contracts | (6,925 | ) | (6,925 | ) | (273 | ) | (273 | ) | |||||||||
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 | ) | (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 | 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 | 571 | 2,099 | 2,099 | |||||||||||||
Other comprehensive income (loss), net | (8,982 | ) | (8,982 | ) | 1,918 | 1,918 | |||||||||||
Spin-off of Paragon Offshore | 34,478 | — | 34,478 | — | |||||||||||||
Total comprehensive income | n/a | 184,723 | n/a | 785,996 | |||||||||||||
Net comprehensive income attributable to noncontrolling interests | (20,471 | ) | (20,471 | ) | (60,290 | ) | (60,290 | ) | |||||||||
Comprehensive income attributable to Noble Corporation | $ | 198,730 | $ | 164,252 | $ | 760,184 | $ | 725,706 | |||||||||
Organization_and_Significant_A2
Organization and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
JointVenture | |||
Rigs | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Number of semisubmersibles | 8 | ||
Number of drillships | 9 | ||
Number of jackups | 15 | ||
Number of harsh environment jackup rigs under construction | 1 | ||
Share exchanged for each ordinary shares | 1 | ||
Number of joint ventures, where the company hold the variable interest | 2 | ||
Percentage of variable interest in joint ventures | 50.00% | ||
Maturity period of highly liquid investments | Three months or less | ||
Capital accruals | $70 | $88 | |
Period for incurring maintenance costs, Minimum | 3 years | ||
Period for incurring maintenance costs, Maximum | 5 years | ||
Deferred costs for major maintenance projects, net of accumulated depreciation | 179 | 400 | |
Depreciation expense related to overhauls and asset replacement | 77 | 70 | 53 |
Loss reserves for personal injury and protection claims | 21 | 29 | |
Deferred revenues under drilling contracts | 263 | 303 | |
Deferred expenses under drilling contracts | $94 | $157 | |
Drilling Equipment [Member] | Minimum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Maximum useful life of property plant and equipment | 3 years | ||
Drilling Equipment [Member] | Maximum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Maximum useful life of property plant and equipment | 30 years | ||
Other [Member] | Minimum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Maximum useful life of property plant and equipment | 2 years | ||
Other [Member] | Maximum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Maximum useful life of property plant and equipment | 40 years |
Spinoff_of_Paragon_Offshore_pl1
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) (Paragon Offshore [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Billions, except Share data, unless otherwise specified | Aug. 01, 2014 | Dec. 31, 2014 |
Paragon Offshore [Member] | ||
Schedule Of Discontinued Operations [Line Items] | ||
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 $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term debt issued | $1,726,750,000 | $1,700,000,000 | ||
Non Recurring [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Non-recurring Spin-Off related costs totaled | 63,000,000 | 18,000,000 | 7,000,000 | |
Paragon Offshore [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate principal amount of senior notes | 1,080,000,000 | |||
Number of tranches | 2 | |||
Senior secured term credit agreement, Amount | 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 rate initial term | 7 years | |||
Interest expense related to related to Paragon issued debt to discontinued operations | 4,000,000 | 0 | 0 | |
Paragon Offshore [Member] | 6.75% Senior Notes Due 2022 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate principal amount of senior notes | 500,000,000 | |||
Senior Notes, Percentage | 6.75% | |||
Senior Notes, Maturity year | 2022 | |||
Paragon Offshore [Member] | 7.25% Senior Notes Due 2024 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate principal amount of senior notes | 580,000,000 | |||
Senior Notes, Percentage | 7.25% | |||
Senior Notes, Maturity year | 2024 | |||
FDR Holdings, Ltd. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill | $15,000,000 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Operation from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | |||
Operating revenues from discontinued operations | $1,034,458 | $1,696,147 | $1,346,313 |
Income from discontinued operations | |||
Income from discontinued operations before income taxes | 216,391 | 379,591 | 159,860 |
Income tax provision | -55,889 | -75,489 | -51,905 |
Net income from discontinued operations, net of tax | 160,502 | 304,102 | 107,955 |
Contract Drilling Services [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 993,253 | 1,615,325 | 1,259,741 |
Reimbursables [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 21,899 | 45,582 | 49,728 |
Labor Contract Drilling Services [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 19,304 | 35,146 | 36,591 |
Other [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | $2 | $94 | $253 |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Carrying Value of Major Categories of Assets and Liabilities (Detail) (USD $) | Dec. 31, 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 | 5,609,119 | |
Accumulated depreciation | -2,640,943 | |
Property and equipment, net | 2,968,176 | |
Other assets | 84,894 | |
Total assets of discontinued operations | 3,609,411 | |
Current liabilities | ||
Accounts payable | 132,446 | |
Accrued payroll and related costs | 64,580 | |
Other current liabilities | 103,768 | |
Total current liabilities of discontinued operations | 300,794 | |
Long-term debt | 1,726,750 | 1,700,000 |
Other liabilities | 172,467 | |
Total liabilities of discontinued operations | $2,200,011 |
Consolidated_Joint_Ventures_Ad
Consolidated Joint Ventures - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | $80,000,000 | $105,000,000 | ||
Carrying amount of the drillships | 1,400,000,000 | 1,400,000,000 | ||
Cash held by Bully joint venture | 68,510,000 | 114,458,000 | 282,092,000 | 239,196,000 |
Affiliated Entity [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash held by Bully joint venture | 47,000,000 | 50,000,000 | ||
Bully Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Dividend paid by Bully Joint Venture Partners | $160,000,000 | $211,000,000 |
Consolidated_Joint_Ventures_Sc
Consolidated Joint Ventures - Schedule of Operational Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Operating revenues | $804,740 | $828,796 | $803,781 | $795,187 | $725,089 | $640,513 | $606,480 | $566,061 | $3,232,504 | $2,538,143 | $2,200,699 |
Net income | 83,316 | 850,406 | 556,137 | ||||||||
Joint Ventures [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Operating revenues | 372,313 | 355,115 | |||||||||
Net income | $157,171 | $145,447 |
Earnings_per_Share_Computation
Earnings per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic | |||||||||||
Income (loss) from continuing operations | ($152,011) | $478,595 | $414,389 | ||||||||
Earnings allocated to unvested share-based payment awards | -5,669 | -4,212 | |||||||||
Income (loss) from continuing operations to common shareholders | -152,011 | 472,926 | 410,177 | ||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||
Earnings allocated to unvested share-based payment awards | -3,602 | -1,097 | |||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,500 | 106,858 | ||||||||
Net income attributable to Noble-UK | 8,491 | 782,697 | 522,344 | ||||||||
Earnings allocated to unvested share-based payment awards | -9,271 | -5,309 | |||||||||
Net income to common shareholders-basic | 8,491 | 773,426 | 517,035 | ||||||||
Diluted | |||||||||||
Income (loss) from continuing operations | -152,011 | 478,595 | 414,389 | ||||||||
Earnings allocated to unvested share-based payment awards | -5,663 | -4,206 | |||||||||
Income (loss) from continuing operations to common shareholders | -152,011 | 472,932 | 410,183 | ||||||||
Income from discontinued operations | 160,502 | 304,102 | 107,955 | ||||||||
Earnings allocated to unvested share-based payment awards | -3,598 | -1,096 | |||||||||
Income from discontinued operations, net of tax to common shareholders | 160,502 | 300,504 | 106,859 | ||||||||
Net income attributable to Noble Corporation plc | -594,539 | 147,389 | 140,325 | 154,814 | 144,023 | 165,267 | 102,406 | 66,899 | 8,491 | 782,697 | 522,344 |
Earnings allocated to unvested share-based payment awards | -9,261 | -5,302 | |||||||||
Net income to common shareholders-diluted | $8,491 | $773,436 | $517,042 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding-basic | 252,909 | 253,288 | 252,435 | ||||||||
Incremental shares issuable from assumed exercise of stock options | 259 | 356 | |||||||||
Weighted average shares outstanding-diluted | 252,909 | 253,547 | 252,791 | ||||||||
Weighted average unvested share-based payment awards | 3,036 | 2,592 | |||||||||
Basic | |||||||||||
Continuing operations | ($0.60) | $1.86 | $1.63 | ||||||||
Discontinued operations | $0.63 | $1.19 | $0.42 | ||||||||
Net income attributable to Noble-UK | ($2.38) | $0.57 | $0.54 | $0.60 | $0.56 | $0.64 | $0.40 | $0.26 | $0.03 | $3.05 | $2.05 |
Diluted | |||||||||||
Continuing operations | ($0.60) | $1.86 | $1.63 | ||||||||
Discontinued operations | $0.63 | $1.19 | $0.42 | ||||||||
Net income attributable to Noble-UK | ($2.38) | $0.57 | $0.54 | $0.60 | $0.56 | $0.64 | $0.40 | $0.26 | $0.03 | $3.05 | $2.05 |
Dividends per share | $1.50 | $0.76 | $0.54 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share | 2 | 0.9 | 1 |
Unvested Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share | 4 |
Receivables_from_Customers_Add
Receivables from Customers - Additional Information (Detail) (Petroleos Mexicanos [Member], USD $) | Dec. 31, 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $14,442,922 | $19,198,767 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 13,254,240 | 17,130,986 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 969,985 | 1,854,434 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $218,697 | $213,347 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | $2,100 | $2,500 | $1,700 |
Capitalized interest on construction-in-progress | 47 | 115 | 136 |
Paragon Offshore [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital expenditures | 150 | 359 | 525 |
Depreciation expense | $236 | $368 | $318 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $4,869,020 | $5,556,251 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 1,123,495 | 1,561,141 |
7.375% Senior Notes due 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 | 299,982 | 299,967 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 299,920 | 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 | 499,151 | 499,022 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,627 | 399,576 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,264 | 399,178 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,895 | 399,893 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 397,681 | 397,646 |
5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 498,310 | 498,283 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | $3,745,525 | $3,995,110 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | 2014 | |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.45% | |
Senior notes, maturity date | 2015 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | |
Senior notes, maturity date | 2016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2017 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.63% | |
Senior notes, maturity date | 2021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2022 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2041 | |
5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2042 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Number of credit facilities | 3 | |||
Maximum available letter of credit under credit facilities | 500,000,000 | |||
Borrowings outstanding | 0 | |||
Maximum debt to tangible capitalization covenant | 0.6 | |||
Line of credit facility debt to tangible capitalization ratio | 0.4 | |||
Letters of credit | 149,000,000 | |||
Interest payable related to long-term debt | 62,000,000 | 67,000,000 | ||
7.375% Senior Notes due 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.38% | 7.38% | ||
Repayment of senior notes using proceeds from commercial paper | 250,000,000 | |||
Senior notes maturity date | 2014 | |||
3.45% Senior Notes due August 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 3.45% | |||
Senior notes maturity date | 2015 | |||
Face value of senior notes | 350,000,000 | |||
Commercial Paper Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum amount to be issued under commercial paper | 2,700,000,000 | |||
Commercial Paper Program [Member] | New Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum amount to be issued under commercial paper | 2,400,000,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum available letter of credit under credit facilities | 2,900,000,000 | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of credit facilities | 2 | |||
Subsequent Event [Member] | Revolving Credit Facility Which Matures in 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum available letter of credit under credit facilities | 225,000,000 | |||
Senior unsecured Revolving Credit Facility Maturity date | 2016-01 | |||
Senior unsecured revolving credit facility maturity period | 364 days | |||
Subsequent Event [Member] | Unsecured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum available letter of credit under credit facilities | $2,400,000,000 | |||
Senior unsecured Revolving Credit Facility Maturity date | 2020-01 | |||
Senior unsecured revolving credit facility maturity period | 5 years |
Debt_Repayments_of_Total_Debt_
Debt - Repayments of Total Debt (Parenthetical) (Detail) (3.45% Senior Notes due August 2015 [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
3.45% Senior Notes due August 2015 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument maturity date | Aug-15 |
Face value of senior notes | $350 |
Interest rate on senior notes | 3.45% |
Debt_Estimated_Fair_Value_of_O
Debt - Estimated Fair Value of Our Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Estimated Fair Value | $4,540,626 | $5,672,292 |
Total long-term debt, Carrying Value | 4,869,020 | 5,556,251 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Estimated Fair Value | 1,123,495 | 1,561,141 |
Total long-term debt, Carrying Value | 1,123,495 | 1,561,141 |
7.375% Senior Notes due 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 | 354,992 | 363,019 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,982 | 299,967 |
Total long-term debt, Estimated Fair Value | 302,515 | 309,878 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,920 | 299,886 |
Total long-term debt, Estimated Fair Value | 287,014 | 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 | 212,068 | 232,839 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 499,151 | 499,022 |
Total long-term debt, Estimated Fair Value | 471,095 | 528,597 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,627 | 399,576 |
Total long-term debt, Estimated Fair Value | 363,837 | 413,868 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,264 | 399,178 |
Total long-term debt, Estimated Fair Value | 346,425 | 390,520 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,895 | 399,893 |
Total long-term debt, Estimated Fair Value | 350,351 | 421,720 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 397,681 | 397,646 |
Total long-term debt, Estimated Fair Value | 343,653 | 417,312 |
5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 498,310 | 498,283 |
Total long-term debt, Estimated Fair Value | 385,181 | 476,873 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 3,745,525 | 3,995,110 |
Total long-term debt, Estimated Fair Value | $3,417,131 | $4,111,151 |
Debt_Estimated_Fair_Value_of_O1
Debt - Estimated Fair Value of Our Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | 2014 | |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.45% | |
Senior notes, maturity date | 2015 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | |
Senior notes, maturity date | 2016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2017 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.63% | |
Senior notes, maturity date | 2021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2022 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2041 | |
5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2042 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding and trading | 247,500,000 | 253,400,000 | |||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | ||||
Current nominal value per share | $0.01 | ||||
Repurchased shares | 37,000,000 | ||||
Redomiciliation period | 5 years | ||||
Shares outstanding repurchased percentage | 15.00% | ||||
Stock repurchase expiration period | 16 months | ||||
Additional stock options issued | 339,223 | ||||
Incremental fair value awarded as a result of the issuance of awards | $0 | ||||
Compensation cost recognized | 500,000 | 46,000,000 | 44,000,000 | 36,000,000 | |
Incremental fair value awarded as a result of the issuance of awards | 0 | ||||
Unrestricted shares awarded | 50,796 | 57,095 | 65,329 | ||
Compensation cost recognized net of tax | 37,000,000 | 36,000,000 | 31,000,000 | ||
Capitalized compensation costs | 1,000,000 | 1,000,000 | 1,000,000 | ||
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 | ||||
1991 Stock Option and Restricted Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares issuable under stock option plan | 50,100,000 | ||||
1991 Stock Option and Restricted Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares issuable under stock option plan | 60,300,000 | ||||
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 | ||||
1992 Nonqualified Stock Option and Share Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares issuable under stock option plan | 2,000,000 | ||||
1992 Nonqualified Stock Option and Share Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares issuable under stock option plan | 2,300,000 | ||||
TVRSUs Outstanding [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of additional RSUs | 326,853 | ||||
PVRSUs Outstanding [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of additional RSUs | 329,937 | ||||
Restricted Stock [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost recognized | 2,000,000 | 2,000,000 | 2,000,000 | ||
TVRSU's Outstanding [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incremental fair value awarded as a result of the issuance of awards | 29,000,000 | ||||
Total unrecognized compensation cost | 31,000,000 | ||||
Performance shares forfeited in period | 149,006 | ||||
TVRSU's Outstanding [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognizing unrecognized compensation cost | 1 year 7 months 6 days | ||||
PVRSU's Outstanding [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 13,000,000 | ||||
Performance shares forfeited in period | 253,882 | ||||
PVRSU's Outstanding [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognizing unrecognized compensation cost | 1 year 7 months 6 days | ||||
Performance Vested Shares for 2011-2013 Performance Period [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance shares forfeited in period | 218,195 | ||||
Performance Vested Shares for 2012-2014 Performance Period [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance shares forfeited in period | 517,223 | ||||
Noble UK [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Repurchased shares | 6,769,891 | ||||
Paragon Offshore [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost recognized | 7,000,000 | 10,000,000 | 8,000,000 | ||
Equity Option [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized cost related to stock option | 100,000 | ||||
Period for recognizing unrecognized compensation cost | 29 days | ||||
Compensation cost recognized | 2,000,000 | 3,000,000 | 4,000,000 | ||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend to be paid, per share | $0.38 | ||||
Dividends payable outstanding | $93,000,000 | ||||
Dividend declaration, Date | 30-Jan-15 | ||||
Dividend paid, Date | 20-Feb-15 | ||||
Dividend record, Date | 10-Feb-15 |
Equity_Share_Repurchases_Detai
Equity - Share Repurchases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Total Number of Shares Purchased | 6,769,891 | 190,187 | 302,150 |
Total Cost | $154,145 | $7,653 | $10,516 |
Average Price Paid per Share | $22.77 | $40.24 | $34.80 |
Equity_Summary_of_Stock_Option
Equity - Summary of Stock Options Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Outstanding at beginning of year, Number of Shares Underlying Options | 1,808,987 | 2,027,089 | 2,498,662 |
Granted, Number of Shares Underlying Options | 358,772 | ||
Exercised, Number of Shares Underlying Options | -131,706 | -212,017 | -645,731 |
Forfeited, Number of Shares Underlying Options | -57,871 | -6,085 | -184,614 |
Spin-off adjustment, Number of Shares Underlying Options | 339,223 | ||
Outstanding at end of year, Number of Shares Underlying Options | 1,958,633 | 1,808,987 | 2,027,089 |
Exercisable at end of year, Number of Shares Underlying Options | 1,846,465 | 1,510,929 | 1,453,945 |
Outstanding at beginning of year, Weighted Average Exercise Price | $33.13 | $32.44 | $29.22 |
Granted, Weighted Average Exercise Price | $36.04 | ||
Exercised, Weighted Average Exercise Price | $20.08 | $26.66 | $20.97 |
Forfeited, Weighted Average Exercise Price | $30.18 | $31.35 | $35.92 |
Outstanding at end of year, Weighted Average Exercise Price | $28.43 | $33.13 | $32.44 |
Exercisable at end of year, Weighted Average Exercise Price | $28.35 | $32.47 | $30.70 |
Equity_Summary_of_Stock_Option1
Equity - Summary of Stock Options Granted (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Equity [Abstract] | |
Intrinsic value of options exercised | $3 |
Aggregate intrinsic value of options outstanding and exercisable | $0 |
Equity_Additional_Information_1
Equity - Additional Information About Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Underlying Options, Options Outstanding | 1,958,633 |
Weighted Average Remaining Life (Years), Options Outstanding | 4 years 1 month 17 days |
Weighted Average Exercise Price, Options Outstanding | $28.43 |
Number Exercisable, Options Exercisable | 1,846,465 |
Weighted Average Exercise Price, Options Exercisable | $28.35 |
$20.49 to $21.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Option Plans Exercise Price, lower range limit | $20.49 |
Stock Option Plans Exercise Price, upper range limit | $21.99 |
Number of Shares Underlying Options, Options Outstanding | 513,103 |
Weighted Average Remaining Life (Years), Options Outstanding | 2 years 3 months |
Weighted Average Exercise Price, Options Outstanding | $21.24 |
Number Exercisable, Options Exercisable | 513,103 |
Weighted Average Exercise Price, Options Exercisable | $21.24 |
$22.00 to $29.74 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Option Plans Exercise Price, lower range limit | $22 |
Stock Option Plans Exercise Price, upper range limit | $29.74 |
Number of Shares Underlying Options, Options Outstanding | 312,531 |
Weighted Average Remaining Life (Years), Options Outstanding | 2 years 8 months 16 days |
Weighted Average Exercise Price, Options Outstanding | $27.13 |
Number Exercisable, Options Exercisable | 294,553 |
Weighted Average Exercise Price, Options Exercisable | $27.24 |
$ 29.75 to $35.73 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Option Plans Exercise Price, lower range limit | $29.75 |
Stock Option Plans Exercise Price, upper range limit | $35.73 |
Number of Shares Underlying Options, Options Outstanding | 1,132,999 |
Weighted Average Remaining Life (Years), Options Outstanding | 5 years 4 months 13 days |
Weighted Average Exercise Price, Options Outstanding | $32.04 |
Number Exercisable, Options Exercisable | 1,038,809 |
Weighted Average Exercise Price, Options Exercisable | $32.17 |
Equity_Valuation_Assumptions_f
Equity - Valuation Assumptions for Stock Options Granted (Detail) (Stock Options Granted [Member], Stock Options [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Stock Options Granted [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per option granted | $13.41 |
Valuation assumptions: | |
Expected option term (years) | 6 years |
Expected volatility | 43.00% |
Historical dividend yield | 1.40% |
Risk-free interest rate | 1.10% |
Equity_Summary_of_Status_of_No
Equity - Summary of Status of Non-Vested Stock Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Spin-Off adjustment, Number of Shares Underlying Options | 339,223 |
Non-Vested Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares Underlying Options | 298,058 |
Shares Under Outstanding Options, Vested | -204,877 |
Spin-Off adjustment, Number of Shares Underlying Options | 18,987 |
Outstanding at end of year, Number of Shares Underlying Options | 112,168 |
Weighted-Average Grant-Date Fair Value, Beginning balance | 13.13 |
Weighted-Average Grant-Date Fair Value Vested | 13.16 |
Weighted-Average Grant-Date Fair Value, Ending balance | 13.05 |
Equity_Assumptions_used_to_Val
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Awards (Detail) (Restricted Stock Awards [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Awards [Member] | |||
Valuation assumptions: | |||
Expected volatility | 33.00% | 34.80% | 41.40% |
Expected dividend yield | 4.70% | 1.30% | 1.50% |
Risk-free interest rate | 0.70% | 0.40% | 0.30% |
Equity_Summary_of_Restricted_S
Equity - Summary of Restricted Share Awards (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Time-Vested Restricted Shares [Member] | |||
PVRSU | |||
Units awarded (maximum available) | 1,617,534 | 1,033,009 | 932,274 |
Weighted-average share price at award date | $31.56 | $41.32 | $36.53 |
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
Performance-Vested Restricted Shares [Member] | |||
PVRSU | |||
Units awarded (maximum available) | 740,364 | 565,650 | 481,206 |
Weighted-average share price at award date | $31.66 | $41.42 | $36.90 |
Three-year performance period ended December 31 | 2016 | 2015 | 2014 |
Weighted-average award-date fair value | $19.66 | $24.97 | $20.05 |
Equity_Summary_of_Status_of_No1
Equity - Summary of Status of Non-Vested Restricted Shares (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
TVRSU's Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted shares, Restricted Shares Outstanding, Beginning balance | 1,652,360 |
Awarded, Restricted Shares Outstanding | 1,617,534 |
Vested, Restricted Shares Outstanding | -749,935 |
Forfeited, Restricted Shares Outstanding | -149,006 |
Surrendered in connection with Spin-Off, Restricted Shares Outstanding | -816,627 |
Spin-Off adjustment, Restricted Shares Outstanding | 326,853 |
Non-vested restricted shares, Restricted Shares Outstanding, Ending balance | 1,881,179 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance | $39.40 |
Awarded, Weighted Average Award-Date Fair Value | $31.56 |
Vested, Weighted Average Award-Date Fair Value | $38.76 |
Forfeited, Weighted Average Award-Date Fair Value | $35.50 |
Surrendered in connection with Spin-off, Weighted Average Award-Date Fair Value | $34.22 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance | $34.66 |
PVRSU's Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted shares, 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 restricted shares, Restricted Shares Outstanding, Ending balance | 1,942,969 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance | $21.06 |
Awarded, Weighted Average Award-Date Fair Value | $19.66 |
Vested, Weighted Average Award-Date Fair Value | $16.77 |
Forfeited, Weighted Average Award-Date Fair Value | $17.66 |
Surrendered in connection with Spin-off, Weighted Average Award-Date Fair Value | $20.95 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance | $21.44 |
Equity_Summary_of_Status_of_No2
Equity - Summary of Status of Non-Vested Restricted Shares (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Minimum number of performance vested shares | 0 |
Target level of performance | 50.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | ($82,164) | ($115,449) | |
Other comprehensive income (loss) before reclassifications | -35,356 | 25,473 | |
Amounts reclassified from AOCL | 13,624 | 7,812 | |
Other comprehensive income (loss), net | -21,732 | 33,285 | -41,128 |
Spin-off of Paragon Offshore | 34,478 | ||
Ending balance | -69,418 | -82,164 | -115,449 |
Cash Flow Hedge Gain (Loss) Reclassified [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications | -4,286 | -1,200 | |
Amounts reclassified from AOCL | 4,286 | 1,200 | |
Other comprehensive income (loss), net | |||
Spin-off of Paragon Offshore | |||
Ending balance | |||
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -58,598 | -95,071 | |
Other comprehensive income (loss) before reclassifications | -30,952 | 29,861 | |
Amounts reclassified from AOCL | 9,338 | 6,612 | |
Other comprehensive income (loss), net | -21,614 | 36,473 | |
Spin-off of Paragon Offshore | 21,772 | ||
Ending balance | -58,440 | -58,598 | |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | -23,566 | -20,378 | |
Other comprehensive income (loss) before reclassifications | -118 | -3,188 | |
Amounts reclassified from AOCL | |||
Other comprehensive income (loss), net | -118 | -3,188 | |
Spin-off of Paragon Offshore | 12,706 | ||
Ending balance | ($10,978) | ($23,566) |
Loss_on_Impairment_Additional_
Loss on Impairment - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rigs | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Loss Contingencies [Line Items] | ||||
Total impairment charges | $47 | |||
Significant Unobservable Inputs (Level 3) [Member] | FDR Holdings, Ltd. [Member] | ||||
Loss Contingencies [Line Items] | ||||
Impairment of goodwill | 60 | |||
Submersible Rig Fleet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 4 | 13 | ||
Number of cold stack rigs | 2 | |||
Sales value of Rigs | 7 | |||
Corporate Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 8 | |||
Semisubmersible Rig Fleet [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | $685 |
Gain_on_Disposal_of_Assets_net1
Gain on Disposal of Assets, net - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Property Plant and Equipment Useful Life and Values [Abstract] | |
Sale of the Noble Lewis Dugger | $61 |
Gain on sale of assets | $36 |
Gain_on_Contract_SettlementsEx1
Gain on Contract Settlements/Extinguishments, net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Additional Expenditures by Other Contractual Commitments [Line Items] | ||||
Net gain recognized on contract settlements/ extinguishments, net line | $28 | |||
FDR Holdings, Ltd. [Member] | ||||
Additional Expenditures by Other Contractual Commitments [Line Items] | ||||
Net gain recognized on contract settlements/ extinguishments, net line | 45 | |||
Settlement amount allocated to discontinued operations | 14 | |||
Noble David Tinsley [Member] | ||||
Additional Expenditures by Other Contractual Commitments [Line Items] | ||||
Net gain recognized on contract settlements/ extinguishments, net line | 5 | |||
Incident charge | $17 |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Deferred tax assets | $59,017 | $90,621 |
Less: valuation allowance | -6,907 | -16,847 |
Net deferred tax assets | 52,110 | 73,774 |
Deferred tax liabilities | ||
Deferred tax liabilities | -172,525 | -284,561 |
Net deferred tax liabilities | -120,415 | -210,787 |
United States [Member] | ||
Deferred tax assets | ||
Deferred pension plan amounts | 23,497 | 8,859 |
Accrued expenses not currently deductible | 14,250 | 31,769 |
Other | 11,267 | 14,542 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | -166,959 | -275,073 |
Other | -4,969 | -6,002 |
Foreign Tax Authority [Member] | ||
Deferred tax assets | ||
Net operating loss carry forwards | 6,907 | 33,021 |
Deferred pension plan amounts | 3,096 | 2,130 |
Other | 300 | |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | -200 | -1,034 |
Other | ($397) | ($2,452) |
Income_Taxes_Income_Loss_from_
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $38,206 | $178,090 | $135,618 |
Non-U.S. | -8,741 | 460,331 | 407,747 |
Income from continuing operations before income taxes | $29,465 | $638,421 | $543,365 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current- United States | $50,829 | $83,302 | $65,244 |
Current- Non-U.S. | 74,288 | 23,836 | 45,593 |
Deferred- United States | -18,655 | -14,032 | -16,256 |
Deferred- Non-U.S. | 189 | -989 | 602 |
Total | $106,651 | $92,117 | $95,183 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Gross balance at January 1 | $115,969 | $115,009 | $108,036 |
Additions based on tax positions related to current year | 16,880 | 2,318 | 3,704 |
Additions for tax positions of prior years | 12,928 | 18,906 | 16,432 |
Reductions for tax positions of prior years | -8 | -7,910 | -7,917 |
Expiration of statutes | -2,852 | -2,633 | -1,903 |
Reduction due to Spin-off | -26,870 | ||
Tax settlements | -7,235 | -9,721 | -3,343 |
Gross balance at December 31 | 108,812 | 115,969 | 115,009 |
Related tax benefits | -1,064 | -2,038 | -9,981 |
Net reserve at December 31 | $107,748 | $113,931 | $105,028 |
Income_Taxes_Summary_of_Liabil
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Reserve for uncertain tax positions, excluding interest and penalties | $107,748 | $113,931 | $105,028 |
Interest and penalties included in "Other liabilities" | 8,039 | 13,190 | |
Reserve for uncertain tax positions, including interest and penalties | $115,787 | $127,121 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Reserves for uncertain tax positions net | $115,787,000 | $127,121,000 | |
Reduction in the provision for income taxes, if reserves not realized | 116,000,000 | ||
Interest and penalties resulted in an income tax benefit and (expense) | 1,000,000 | 7,000,000 | -5,000,000 |
Operational period | 12 months | ||
Federal statutory income tax rate | 21.50% | ||
Foreign tax credits | 17,000,000 | 15,000,000 | 22,000,000 |
Undistributed earnings of subsidiaries | 0 | 80,000,000 | |
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Expected additional Income tax liability on undistributed earning from subsidiary | 20,000,000 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Expected additional Income tax liability on undistributed earning from subsidiary | $25,000,000 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Tax rates which are different than the UK and Cayman Island rates | 19.30% | 15.50% | 18.60% |
Tax impact of asset impairment | 344.00% | 0.00% | 0.00% |
Resolution of tax authority audits | -1.30% | -1.10% | -1.10% |
Total | 362.00% | 14.40% | 17.50% |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
PBO for the unfunded excess benefit plan | $20,000,000 | $13,000,000 | |
ABO for the unfunded excess benefit plan | 13,000,000 | 12,000,000 | |
Percentage of company's overall investments | 100.00% | ||
Market cycle minimum period in which objective should be met over | 3 years | ||
Market cycle maximum period in which objective should be met over | 5 years | ||
Duration of Treasury bills | 90 days | ||
Cash equivalent and short-term investments should achieve relative performance | Better than the 90-day Treasury bills | ||
Percentage of total fixed income exposure from any single non-government or government agency issuer | 42.00% | ||
Total fixed income exposure from any single non-government or government agency issuer | Shall not exceed 42 percent of the Trust's fixed income holdings. | ||
Average duration of the portfolio | 1 year 6 months | ||
Investment equity securities | 0 | 4,000,000 | |
Investment equity securities, percentage of U.S. plan assets | 2.10% | ||
Percentage of no single security made up of total assets | 10.00% | ||
Percentage of no single security made up of total assets of either the U.S. or the Non-U.S. plans | More than 10 percent | ||
Number of years of service for the participants in the plan to become fully vested | 5 years | ||
Employee matching contributions | Three years beginning in 2007 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 66.50% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 32.00% | ||
Cash Holdings [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 1.50% | ||
401(K) Savings Plan, a Medical Plan and Other Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution recorded related to Noble Drilling Corporation profit sharing plan | 70,000,000 | 80,000,000 | 69,000,000 |
Minimum [Member] | International Countries [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target equities of plant equities in percentage | 20.00% | ||
Maximum [Member] | International Countries [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target equities of plant equities in percentage | 23.00% | ||
Maximum [Member] | Country One [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target equities of plant equities in percentage | 30.00% | ||
Investment Manager 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Performance objective communicated to investment managers | To exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum | ||
Interest rate range maximum | 1.25% | ||
Investment Manager 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Performance objective communicated to investment managers | To exceed a blend of FTSE's All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum | ||
Interest rate range maximum | 2.00% | ||
Interest rate range minimum | 1.00% | ||
Paragon Offshore [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment Expense | 200,000 | ||
Settlement Expense | 10,000,000 | ||
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment Expense | |||
Settlement Expense | |||
Net pension expense | 4,125,000 | 6,415,000 | 5,292,000 |
Estimated prior service cost | 100,000 | ||
Estimated net actuarial loss | 300,000 | ||
ABO for the unfunded excess benefit plan | 1,355,000 | 6,493,000 | |
Employer contributions | 6,863,000 | 9,365,000 | 6,000,000 |
Expected contribution to non-U.S. and U.S pension plans during 2014 | 2,000,000 | ||
Liability under the restoration plan | 72,553,000 | 161,591,000 | 151,781,000 |
Non-U.S. Plans [Member] | Paragon Offshore [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension expense | 2,000,000 | 4,000,000 | 3,000,000 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment Expense | 18,178,000 | ||
Settlement Expense | -34,397,000 | ||
Net pension expense | 17,114,000 | 14,537,000 | 14,743,000 |
Estimated prior service cost | 100,000 | ||
Estimated net actuarial loss | 6,200,000 | ||
Pension liability | 14,000,000 | ||
ABO for the unfunded excess benefit plan | 202,716,000 | 11,997,000 | |
Employer contributions | 2,017,000 | 6,391,000 | 11,000,000 |
Expected contribution to non-U.S. and U.S pension plans during 2014 | 3,000,000 | ||
Liability under the restoration plan | 238,072,000 | 223,938,000 | 225,885,000 |
U.S. Plans [Member] | Paragon Offshore [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension expense | 11,000,000 | 4,000,000 | 4,000,000 |
Noble Drilling (Land Support) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of targeted asset allocation | 70.00% | ||
Noble Drilling (Land Support) [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of targeted asset allocation | 30.00% | ||
Restoration Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability under the restoration plan | 7,000,000 | 8,000,000 | |
Noble Drilling Corporation Profit Sharing Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution recorded related to Noble Drilling Corporation profit sharing plan | $6,000,000 | $5,000,000 | $4,000,000 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $161,591 | $151,781 | |
Service Cost | 4,777 | 5,496 | 4,461 |
Interest cost | 4,650 | 5,085 | 5,372 |
Actuarial loss (gain) | 6,145 | -4,584 | |
Plan amendments | 1,595 | -227 | |
Benefits paid | -2,819 | -2,558 | |
Settlement | |||
Curtailment | |||
Plan participants' contributions | 266 | 956 | |
Foreign exchange rate changes | -7,071 | 5,642 | |
Spin-off adjustment | -96,581 | ||
Benefit obligation at end of year | 72,553 | 161,591 | 151,781 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 223,938 | 225,885 | |
Service Cost | 8,901 | 10,724 | 9,612 |
Interest cost | 10,546 | 9,049 | 8,719 |
Actuarial loss (gain) | 51,524 | -17,652 | |
Plan amendments | |||
Benefits paid | -4,262 | -4,068 | |
Settlement | -34,397 | ||
Curtailment | -18,178 | ||
Plan participants' contributions | |||
Foreign exchange rate changes | |||
Spin-off adjustment | |||
Benefit obligation at end of year | $238,072 | $223,938 | $225,885 |
Employee_Benefit_Plans_Reconci1
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $592 | $77,561 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 174,257 | 151,819 | |
Actual return on plan assets | 6,717 | 8,470 | |
Employer contributions | 6,863 | 9,365 | 6,000 |
Benefits and expenses paid | -2,819 | -2,558 | |
Settlement | |||
Plan participants' contributions | 266 | 956 | |
Foreign exchange rate changes | -11,068 | 6,205 | |
Spin-off adjustment | -96,502 | ||
Fair value of plan assets at end of year | 77,714 | 174,257 | 151,819 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 201,011 | 167,170 | |
Actual return on plan assets | 7,750 | 31,518 | |
Employer contributions | 2,017 | 6,391 | 11,000 |
Benefits and expenses paid | -4,262 | -4,068 | |
Settlement | -34,397 | ||
Plan participants' contributions | |||
Foreign exchange rate changes | |||
Spin-off adjustment | |||
Fair value of plan assets at end of year | $172,119 | $201,011 | $167,170 |
Employee_Benefit_Plans_Funded_
Employee Benefit Plans - Funded Status of Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $5,161 | $12,666 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | ($65,953) | ($22,927) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $7,725 | $13,586 |
Other liabilities (current) | ||
Other liabilities (noncurrent) | -2,564 | -920 |
Net amount recognized | 5,161 | 12,666 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 6,132 | |
Other liabilities (current) | -3,037 | -2,120 |
Other liabilities (noncurrent) | -62,916 | -26,939 |
Net amount recognized | ($65,953) | ($22,927) |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $11,793 | $30,902 |
Prior service cost | 1,531 | -232 |
Deferred income tax asset | -3,096 | -2,130 |
Accumulated other comprehensive loss | 10,228 | 28,540 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 73,705 | 45,338 |
Prior service cost | 468 | 905 |
Deferred income tax asset | -25,961 | -16,185 |
Accumulated other comprehensive loss | $48,212 | $30,058 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $4,777 | $5,496 | $4,461 |
Interest cost | 4,650 | 5,085 | 5,372 |
Return on plan assets | -6,117 | -5,836 | -5,344 |
Amortization of prior service cost | 46 | ||
Recognized net actuarial loss | 769 | 1,670 | 803 |
Curtailment expense | |||
Settlement expense | |||
Net pension expense | 4,125 | 6,415 | 5,292 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 8,901 | 10,724 | 9,612 |
Interest cost | 10,546 | 9,049 | 8,719 |
Return on plan assets | -15,499 | -13,102 | -11,171 |
Amortization of prior service cost | 196 | 227 | 227 |
Recognized net actuarial loss | 2,857 | 7,639 | 7,356 |
Curtailment expense | 241 | ||
Settlement expense | 9,872 | ||
Net pension expense | $17,114 | $14,537 | $14,743 |
Employee_Benefit_Plans_Disaggr
Employee Benefit Plans - Disaggregated Plan Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $592 | $77,561 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 72,553 | 161,591 | 151,781 |
Fair value of plan assets | 77,714 | 174,257 | 151,819 |
Non-U.S. Plans [Member] | Defined Benefit Plans - Disaggregated Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 72,553 | 161,591 | |
Accumulated benefit obligation | 68,902 | 154,140 | |
Fair value of plan assets | 77,714 | 174,257 | |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 238,072 | 223,938 | 225,885 |
Fair value of plan assets | 172,119 | 201,011 | 167,170 |
U.S. Plans [Member] | Defined Benefit Plans - Disaggregated Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 238,072 | 223,938 | |
Accumulated benefit obligation | 202,716 | 185,383 | |
Fair value of plan assets | $172,119 | $201,011 |
Employee_Benefit_Plans_Plans_i
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Detail) (Projected benefit obligation [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $3,157 | $6,740 |
Fair value of plan assets | 592 | 5,820 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 238,072 | 200,472 |
Fair value of plan assets | $172,119 | $171,413 |
Employee_Benefit_Plans_Plans_i1
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $13,000 | $12,000 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,355 | 6,493 |
Fair value of plan assets | 592 | 5,820 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 202,716 | 11,997 |
Fair value of plan assets | $172,119 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Non-U.S. Plans [Member] | Minimum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.60% | 3.90% | |
Rate of compensation increase | 3.60% | 3.60% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.70% | 2.50% | 4.70% |
Expected long-term return on assets | 2.30% | 2.30% | 3.90% |
Rate of compensation increase | 3.60% | 3.60% | 2.30% |
Non-U.S. Plans [Member] | Maximum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.70% | 4.70% | |
Rate of compensation increase | 4.10% | 4.50% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 4.70% | 4.50% | 5.00% |
Expected long-term return on assets | 6.00% | 5.70% | 5.40% |
Rate of compensation increase | 4.50% | 4.10% | 4.40% |
U.S. Plans [Member] | Minimum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.00% | 3.90% | |
Rate of compensation increase | 5.00% | 5.00% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.90% | 3.10% | 4.30% |
Expected long-term return on assets | 7.80% | 7.80% | 7.80% |
Rate of compensation increase | 5.00% | 5.00% | 5.00% |
U.S. Plans [Member] | Maximum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 4.10% | 5.10% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 5.10% | 4.20% | 4.70% |
Employee_Benefit_Plans_Actual_
Employee Benefit Plans - Actual Fair Values of Non-U.S. Pension Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $592 | $77,561 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 77,714 | 174,257 | |
Estimated Fair Value Measurements | 77,714 | 174,257 | 151,819 |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 87 | 207 | |
Non-U.S. Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 53,261 | 54,722 | |
Non-U.S. Plans [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 23,774 | 41,767 | |
Non-U.S. Plans [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 592 | 77,561 | |
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 53,348 | 54,929 | |
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 87 | 207 | |
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 53,261 | 54,722 | |
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 23,774 | 41,767 | |
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 23,774 | 41,767 | |
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 592 | 77,561 | |
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $592 | $77,561 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Activity Related to Investments (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Fair value of plan assets at beginning of year | $77,561 |
Assets transferred out in Spin-off | -77,561 |
Assets purchased | 749 |
Assets sold/benefits paid | -157 |
Fair value of plan assets at end of year | $592 |
Employee_Benefit_Plans_Actual_1
Employee Benefit Plans - Actual Fair Values of U.S. Pension Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $592 | $77,561 | |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 172,119 | ||
Estimated Fair Value Measurements | 172,119 | 201,011 | 167,170 |
U.S. Plans [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 5,998 | ||
U.S. Plans [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 51,906 | ||
U.S. Plans [Member] | United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 80,823 | ||
U.S. Plans [Member] | International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 33,392 | ||
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 166,121 | ||
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 51,906 | ||
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 80,823 | ||
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 33,392 | ||
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 5,998 | ||
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 5,998 | ||
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | |||
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $128,229 |
2015 | 9,659 |
2016 | 8,380 |
2017 | 9,209 |
2018 | 9,944 |
2019 | 11,121 |
Thereafter | 79,916 |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 23,037 |
2015 | 1,630 |
2016 | 1,693 |
2017 | 1,882 |
2018 | 1,955 |
2019 | 2,207 |
Thereafter | 13,670 |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 105,192 |
2015 | 8,029 |
2016 | 6,687 |
2017 | 7,327 |
2018 | 7,989 |
2019 | 8,914 |
Thereafter | $66,246 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Forward Contracts [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Instrument Settled | $195,000,000 | $128,000,000 |
Notional amount of forward contracts outstanding | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) (Foreign Currency Forward Contracts [Member], Cash Flow Hedges [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through AOCL | $4,286 | $1,200 |
Contract Drilling Services [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | -4,286 | -1,200 |
Gain/(loss) recognized through AOCL to "contract drilling services" expense |
Financial_Instruments_and_Cred2
Financial Instruments and Credit Risk - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets- | ||
Marketable securities | $6,175 | $7,230 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets- | ||
Marketable securities | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets- | ||
Marketable securities | ||
Carrying Amount [Member] | ||
Assets- | ||
Marketable securities | $6,175 | $7,230 |
Financial_Instruments_and_Cred3
Financial Instruments and Credit Risk - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Revenue [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Concentration risk benchmark description | Consolidated operating revenues | ||
Customer Concentration Risk [Member] | Royal Dutch Shell Plc [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Percent of operating revenues contributed by major customers | 55.00% | 67.00% | 51.00% |
Customer Concentration Risk [Member] | Saudi Aramco [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Percent of operating revenues contributed by major customers | 10.00% | 10.00% | |
Maximum percent of operating revenue accounted by other customers | 10.00% | ||
Customer Concentration Risk [Member] | Petroleo Brasileiro Sa [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Percent of operating revenues contributed by major customers | 11.00% | ||
Maximum percent of operating revenue accounted by other customers | 10.00% | 10.00% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | BRL | Customs and Other Business Taxes [Member] | Noble Discoverer And Kulluk [Member] | Noble Discoverer And Kulluk [Member] | Minimum [Member] | Asbestos Cases [Member] | Libya [Member] | Mexico [Member] | Mexico [Member] | Mexico [Member] | Brazil [Member] | Brazil [Member] | Brazil [Member] | |
USD ($) | USD ($) | Community Service Payment [Member] | USD ($) | Lawsuits | USD ($) | USD ($) | Aforementioned tax assessments[Member] | Noble-Cayman [Member] | USD ($) | Aforementioned tax assessments[Member] | Noble-Cayman [Member] | |||
USD ($) | Rigs | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Other Commitments [Line Items] | ||||||||||||||
Number of wells | 2 | |||||||||||||
Operating dayrate (per day) | $538,000 | |||||||||||||
Community service payments | 8,200,000 | 4,000,000 | ||||||||||||
Environmental Compliance Plan, probationary period | 4 years | |||||||||||||
Number of Lawsuits filed | 42 | |||||||||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | |||||||||||||
Audit claims, additional attributable to other business tax returns | 66,000,000 | |||||||||||||
Aforementioned tax assessments | 141,000,000 | 121,000,000 | 20,000,000 | 165,000,000 | 46,000,000 | 46,000,000 | ||||||||
Amount of withholding after spin-off | 30,000,000 | 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 | $729,000,000 | |||||||||||||
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues from external customers | $804,740 | $828,796 | $803,781 | $795,187 | $725,089 | $640,513 | $606,480 | $566,061 | $3,232,504 | $2,538,143 | $2,200,699 |
Depreciation and amortization | 627,473 | 511,513 | 440,306 | ||||||||
Segment operating income (loss) | -541,864 | 243,633 | 235,205 | 248,968 | 205,879 | 239,248 | 159,973 | 135,437 | 185,942 | 740,537 | 625,564 |
Interest expense, net of amount capitalized | -155,179 | -106,300 | -85,763 | ||||||||
Income tax (provision) benefit | -106,651 | -92,117 | -95,183 | ||||||||
Segment profit (loss) | -594,539 | 147,389 | 140,325 | 154,814 | 144,023 | 165,267 | 102,406 | 66,899 | 8,491 | 782,697 | 522,344 |
Total assets (at end of period) | 13,286,822 | 16,217,957 | 13,286,822 | 16,217,957 | |||||||
Contract Drilling Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from external customers | 3,230,253 | 2,520,064 | 2,154,980 | ||||||||
Depreciation and amortization | 608,590 | 497,303 | 427,234 | ||||||||
Segment operating income (loss) | 204,365 | 750,181 | 626,012 | ||||||||
Interest expense, net of amount capitalized | -164 | -694 | -394 | ||||||||
Income tax (provision) benefit | -130,654 | -90,468 | -110,373 | ||||||||
Segment profit (loss) | 216,659 | 874,816 | 645,560 | ||||||||
Total assets (at end of period) | 13,019,089 | 15,495,071 | 13,019,089 | 15,495,071 | |||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from external customers | 2,251 | 18,079 | 45,719 | ||||||||
Depreciation and amortization | 18,883 | 14,210 | 13,072 | ||||||||
Segment operating income (loss) | -18,423 | -9,644 | -448 | ||||||||
Interest expense, net of amount capitalized | -155,015 | -105,606 | -85,369 | ||||||||
Income tax (provision) benefit | 24,003 | -1,649 | 15,190 | ||||||||
Segment profit (loss) | -208,168 | -92,119 | -123,216 | ||||||||
Total assets (at end of period) | $267,733 | $722,886 | $267,733 | $722,886 |
Segment_and_Related_Informatio3
Segment and Related Information - Revenues and Identifiable Assets by Country Based on the Location of the Service Provided (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $804,740,000 | $828,796,000 | $803,781,000 | $795,187,000 | $725,089,000 | $640,513,000 | $606,480,000 | $566,061,000 | $3,232,504,000 | $2,538,143,000 | $2,200,699,000 |
Identifiable Assets | 13,286,822,000 | 16,217,957,000 | 13,286,822,000 | 16,217,957,000 | |||||||
Revenue earned by jackup rigs | 0 | ||||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,639,509,000 | 1,338,634,000 | 1,061,254,000 | ||||||||
Identifiable Assets | 6,739,636,000 | 5,525,839,000 | 6,739,636,000 | 5,525,839,000 | |||||||
Argentina [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 97,743,000 | ||||||||||
Identifiable Assets | 304,131,000 | 304,131,000 | |||||||||
Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 146,474,000 | 133,214,000 | 42,353,000 | ||||||||
Identifiable Assets | 541,655,000 | 624,238,000 | 541,655,000 | 624,238,000 | |||||||
Benin [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 66,077,000 | 41,251,000 | |||||||||
Identifiable Assets | 803,788,000 | 803,788,000 | |||||||||
Brazil [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 447,266,000 | 527,706,000 | 430,737,000 | ||||||||
Identifiable Assets | 799,599,000 | 3,921,306,000 | 799,599,000 | 3,921,306,000 | |||||||
Denmark [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 28,980,000 | ||||||||||
Identifiable Assets | 272,788,000 | 272,788,000 | |||||||||
Egypt [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 19,961,000 | 33,685,000 | 103,380,000 | ||||||||
Malaysia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,126,000 | ||||||||||
Identifiable Assets | 1,144,498,000 | 23,002,000 | 1,144,498,000 | 23,002,000 | |||||||
Malta [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 15,495,000 | 7,453,000 | 35,776,000 | ||||||||
Identifiable Assets | 454,951,000 | 454,951,000 | |||||||||
Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 127,000 | 14,529,000 | 40,218,000 | ||||||||
Identifiable Assets | 35,994,000 | 439,098,000 | 35,994,000 | 439,098,000 | |||||||
Morocco [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 69,056,000 | ||||||||||
New Zealand [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 56,911,000 | 11,995,000 | 9,563,000 | ||||||||
Identifiable Assets | 663,165,000 | 663,165,000 | |||||||||
Saudi Arabia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 260,544,000 | 246,083,000 | 220,657,000 | ||||||||
Identifiable Assets | 479,525,000 | 584,230,000 | 479,525,000 | 584,230,000 | |||||||
Singapore [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable Assets | 982,731,000 | 618,341,000 | 982,731,000 | 618,341,000 | |||||||
South Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable Assets | 894,347,000 | 894,347,000 | |||||||||
Switzerland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable Assets | 27,645,000 | 32,162,000 | 27,645,000 | 32,162,000 | |||||||
The Netherlands [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 82,026,000 | ||||||||||
Identifiable Assets | 249,074,000 | 339,560,000 | 249,074,000 | 339,560,000 | |||||||
Turkey [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 13,960,000 | ||||||||||
Identifiable Assets | 740,362,000 | 740,362,000 | |||||||||
United Arab Emirates [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 108,044,000 | 71,896,000 | 59,321,000 | ||||||||
Identifiable Assets | 331,812,000 | 443,166,000 | 331,812,000 | 443,166,000 | |||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 84,078,000 | 87,908,000 | 66,232,000 | ||||||||
Identifiable Assets | 248,835,000 | 400,989,000 | 248,835,000 | 400,989,000 | |||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 85,127,000 | 23,789,000 | 131,208,000 | ||||||||
Identifiable Assets | $388,537,000 | $449,775,000 | $388,537,000 | $449,775,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Capital [Line Items] | |||
Accounts receivable | $29,730 | ($165,233) | ($143,010) |
Other current assets | -3,201 | -47,848 | -43,246 |
Other assets | -96,941 | 34,757 | -385 |
Accounts payable | 63,546 | 50,731 | 28,565 |
Other current liabilities | -28,644 | 61,644 | 108,385 |
Other liabilities | 86,037 | 2,731 | 80,431 |
Net change in other assets and liabilities | 50,527 | -63,218 | 30,740 |
Noble-Cayman [Member] | |||
Operating Capital [Line Items] | |||
Accounts receivable | 29,730 | -165,233 | -143,010 |
Other current assets | -12,670 | -48,186 | -44,632 |
Other assets | -96,925 | 35,103 | -385 |
Accounts payable | 60,488 | 49,980 | 28,289 |
Other current liabilities | -21,921 | 62,516 | 108,425 |
Other liabilities | 86,038 | 2,728 | 80,432 |
Net change in other assets and liabilities | $44,740 | ($63,092) | $29,119 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | $159,835 | $81,897 | $56,144 |
Income taxes (net of refunds) | 132,527 | 219,088 | 148,612 |
Non-cash activities during the period: | |||
Spin-off of Paragon Offshore | 1,409,400 | ||
Noble-Cayman [Member] | |||
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 159,835 | 81,897 | 56,144 |
Income taxes (net of refunds) | 130,356 | 216,391 | 148,612 |
Non-cash activities during the period: | |||
Spin-off of Paragon Offshore | $1,409,400 |
Information_about_NobleCayman_1
Information about Noble-Cayman - Guarantor Obligations (Detail) (Noble-Cayman [Member]) | 12 Months Ended |
Dec. 31, 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 |
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 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 $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
3.45% Senior Notes due August 2015 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on the notes | 3.45% |
Senior notes, maturity date | 2015 |
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% |
Senior notes, maturity date | 2016 |
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% |
Senior notes, maturity date | 2017 |
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% |
Senior notes, maturity date | 2019 |
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% |
Senior notes, maturity date | 2020 |
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% |
Senior notes, maturity date | 2021 |
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% |
Senior notes, maturity date | 2022 |
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% |
Senior notes, maturity date | 2040 |
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% |
Senior notes, maturity date | 2041 |
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 2042 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on the notes | 5.25% |
Senior notes, maturity date | 2042 |
5.25% Senior Notes due 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $68,510 | $114,458 | $282,092 | $239,196 |
Accounts receivable | 569,096 | 949,069 | ||
Taxes receivable | 107,490 | 140,269 | ||
Prepaid expenses and other current assets | 183,466 | 187,139 | ||
Total current assets | 928,562 | 1,390,935 | ||
Property and equipment, at cost | 14,442,922 | 19,198,767 | ||
Accumulated depreciation | -2,330,413 | -4,640,677 | ||
Property and equipment, net | 12,112,509 | 14,558,090 | ||
Other assets | 245,751 | 268,932 | ||
Total assets | 13,286,822 | 16,217,957 | ||
Current liabilities | ||||
Accounts payable | 265,389 | 347,214 | ||
Accrued payroll and related costs | 102,520 | 151,161 | ||
Taxes payable | 94,230 | 125,119 | ||
Other current liabilities | 206,535 | 300,172 | ||
Total current liabilities | 668,674 | 1,051,915 | ||
Long-term debt | 4,869,020 | 5,556,251 | ||
Deferred income taxes | 120,589 | 225,455 | ||
Other liabilities | 341,505 | 334,308 | ||
Total liabilities | 5,999,788 | 7,167,929 | ||
Total shareholder equity | 6,564,730 | 8,322,583 | ||
Noncontrolling interests | 722,304 | 727,445 | ||
Total equity | 7,287,034 | 9,050,028 | 8,488,290 | 8,097,852 |
Total liabilities and equity | 13,286,822 | 16,217,957 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | -1,707,305 | -1,667,551 | ||
Accounts receivable from affiliates | -7,060,506 | -7,601,062 | ||
Total current assets | -8,767,811 | -9,268,613 | ||
Notes receivable from affiliates | -7,108,395 | -7,192,024 | ||
Investments in affiliates | -23,364,388 | -33,001,421 | ||
Total assets | -39,240,594 | -49,462,058 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | -1,707,305 | -1,667,551 | ||
Accounts payable to affiliates | -7,060,506 | -7,601,062 | ||
Total current liabilities | -8,767,811 | -9,268,613 | ||
Notes payable to affiliates | -7,108,395 | -7,192,024 | ||
Total liabilities | -15,876,206 | -16,460,637 | ||
Commitments and contingencies | ||||
Total shareholder equity | -22,961,169 | -32,490,624 | ||
Noncontrolling interests | -403,219 | -510,797 | ||
Total equity | -23,364,388 | -33,001,421 | ||
Total liabilities and equity | -39,240,594 | -49,462,058 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5 | 1 | 1,003 | 146 |
Short-term notes receivable from affiliates | 123,449 | |||
Accounts receivable from affiliates | 2,019,319 | 1,244,019 | ||
Prepaid expenses and other current assets | 14,274 | |||
Total current assets | 2,157,047 | 1,244,020 | ||
Notes receivable from affiliates | 3,304,654 | 3,304,753 | ||
Investments in affiliates | 4,567,335 | 8,601,712 | ||
Other assets | 2,908 | 6,256 | ||
Total assets | 10,031,944 | 13,156,741 | ||
Current liabilities | ||||
Accounts payable | 600 | |||
Accounts payable to affiliates | 606,224 | 1,104,410 | ||
Other current liabilities | 16,150 | 412 | ||
Total current liabilities | 622,974 | 1,104,822 | ||
Long-term debt | 1,123,495 | 1,561,141 | ||
Notes payable to affiliates | 1,769,068 | 2,042,808 | ||
Other liabilities | 19,929 | 19,931 | ||
Total liabilities | 3,535,466 | 4,728,702 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,496,478 | 8,428,039 | ||
Total equity | 6,496,478 | 8,428,039 | ||
Total liabilities and equity | 10,031,944 | 13,156,741 | ||
NHC [Member] | ||||
Current assets | ||||
Taxes receivable | 63,373 | 52,307 | ||
Accounts receivable from affiliates | 374,012 | |||
Total current assets | 437,385 | 52,307 | ||
Investments in affiliates | 1,318,239 | 2,907,379 | ||
Total assets | 1,755,624 | 2,959,686 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 52,611 | ||
Accounts payable to affiliates | 63,602 | 653,049 | ||
Total current liabilities | 235,527 | 705,660 | ||
Total liabilities | 235,527 | 705,660 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,520,097 | 2,254,026 | ||
Total equity | 1,520,097 | 2,254,026 | ||
Total liabilities and equity | 1,755,624 | 2,959,686 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 254 | 402 | 904 | 385 |
Accounts receivable | 37,655 | 34,038 | ||
Taxes receivable | 752 | |||
Short-term notes receivable from affiliates | 1,077,965 | 1,456,245 | ||
Accounts receivable from affiliates | 192,771 | 108,208 | ||
Prepaid expenses and other current assets | 1,764 | 6,336 | ||
Total current assets | 1,311,161 | 1,605,229 | ||
Property and equipment, at cost | 2,040,168 | 2,340,216 | ||
Accumulated depreciation | -278,147 | -310,171 | ||
Property and equipment, net | 1,762,021 | 2,030,045 | ||
Notes receivable from affiliates | 236,921 | 124,216 | ||
Investments in affiliates | 2,921,452 | 6,595,591 | ||
Other assets | 6,212 | 6,332 | ||
Total assets | 6,237,767 | 10,361,413 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 139,195 | |||
Accounts payable | 10,130 | 5,310 | ||
Accrued payroll and related costs | 7,738 | 8,582 | ||
Accounts payable to affiliates | 3,513,705 | 4,032,776 | ||
Taxes payable | 827 | |||
Other current liabilities | 13,409 | 22,106 | ||
Total current liabilities | 3,544,982 | 4,208,796 | ||
Notes payable to affiliates | 598,715 | 534,683 | ||
Other liabilities | 29,093 | 24,502 | ||
Total liabilities | 4,172,790 | 4,767,981 | ||
Commitments and contingencies | ||||
Total shareholder equity | 2,064,977 | 5,593,432 | ||
Total equity | 2,064,977 | 5,593,432 | ||
Total liabilities and equity | 6,237,767 | 10,361,413 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 4 | 2 | ||
Accounts receivable | 2,336 | |||
Short-term notes receivable from affiliates | 139,195 | |||
Accounts receivable from affiliates | 157,164 | 210,868 | ||
Total current assets | 159,500 | 350,067 | ||
Notes receivable from affiliates | 1,980,391 | 2,367,555 | ||
Investments in affiliates | 8,266,444 | 9,456,735 | ||
Other assets | 19,826 | 22,681 | ||
Total assets | 10,426,161 | 12,197,038 | ||
Current liabilities | ||||
Accounts payable to affiliates | 61,982 | 216,866 | ||
Other current liabilities | 57,053 | 62,431 | ||
Total current liabilities | 119,035 | 279,297 | ||
Long-term debt | 3,543,830 | 3,793,414 | ||
Notes payable to affiliates | 1,169,180 | 975,000 | ||
Total liabilities | 4,832,045 | 5,047,711 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,594,116 | 7,149,327 | ||
Total equity | 5,594,116 | 7,149,327 | ||
Total liabilities and equity | 10,426,161 | 12,197,038 | ||
NDS6 [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | 333,966 | 19,500 | ||
Accounts receivable from affiliates | 125,834 | 27,537 | ||
Total current assets | 459,800 | 47,037 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 6,290,918 | 5,440,004 | ||
Other assets | 517 | 639 | ||
Total assets | 6,756,235 | 5,492,680 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 371,720 | 750,000 | ||
Accounts payable to affiliates | 16,869 | 21,173 | ||
Other current liabilities | 4,412 | 4,412 | ||
Total current liabilities | 393,001 | 775,585 | ||
Long-term debt | 201,695 | 201,696 | ||
Notes payable to affiliates | 192,216 | 260,216 | ||
Total liabilities | 786,912 | 1,237,497 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,969,323 | 4,255,183 | ||
Total equity | 5,969,323 | 4,255,183 | ||
Total liabilities and equity | 6,756,235 | 5,492,680 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 65,521 | 109,975 | 275,466 | 234,525 |
Accounts receivable | 529,105 | 915,031 | ||
Taxes receivable | 43,164 | 87,722 | ||
Short-term notes receivable from affiliates | 171,925 | 52,611 | ||
Accounts receivable from affiliates | 4,191,406 | 6,010,430 | ||
Prepaid expenses and other current assets | 123,631 | 178,012 | ||
Total current assets | 5,124,752 | 7,353,781 | ||
Property and equipment, at cost | 12,364,203 | 16,820,134 | ||
Accumulated depreciation | -2,040,073 | -4,321,507 | ||
Property and equipment, net | 10,324,130 | 12,498,627 | ||
Notes receivable from affiliates | 1,581,429 | 1,390,500 | ||
Other assets | 192,791 | 233,106 | ||
Total assets | 17,223,102 | 21,476,014 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 1,163,660 | 725,745 | ||
Accounts payable | 250,282 | 340,600 | ||
Accrued payroll and related costs | 83,749 | 134,764 | ||
Accounts payable to affiliates | 2,798,124 | 1,572,788 | ||
Taxes payable | 91,471 | 119,761 | ||
Other current liabilities | 110,890 | 210,811 | ||
Total current liabilities | 4,498,176 | 3,104,469 | ||
Notes payable to affiliates | 3,379,216 | 3,379,317 | ||
Deferred income taxes | 120,589 | 225,455 | ||
Other liabilities | 286,942 | 289,875 | ||
Total liabilities | 8,284,923 | 6,999,116 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,812,656 | 13,238,656 | ||
Noncontrolling interests | 1,125,523 | 1,238,242 | ||
Total equity | 8,938,179 | 14,476,898 | ||
Total liabilities and equity | 17,223,102 | 21,476,014 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 65,780 | 110,382 | 277,375 | 235,056 |
Accounts receivable | 569,096 | 949,069 | ||
Taxes receivable | 107,289 | 140,029 | ||
Prepaid expenses and other current assets | 139,669 | 184,348 | ||
Total current assets | 881,834 | 1,383,828 | ||
Property and equipment, at cost | 14,404,371 | 19,160,350 | ||
Accumulated depreciation | -2,318,220 | -4,631,678 | ||
Property and equipment, net | 12,086,151 | 14,528,672 | ||
Other assets | 222,254 | 269,014 | ||
Total assets | 13,190,239 | 16,181,514 | ||
Current liabilities | ||||
Accounts payable | 261,012 | 345,910 | ||
Accrued payroll and related costs | 91,487 | 143,346 | ||
Taxes payable | 91,471 | 120,588 | ||
Other current liabilities | 201,914 | 300,172 | ||
Total current liabilities | 645,884 | 910,016 | ||
Long-term debt | 4,869,020 | 5,556,251 | ||
Deferred income taxes | 120,589 | 225,455 | ||
Other liabilities | 335,964 | 334,308 | ||
Total liabilities | 5,971,457 | 7,026,030 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,496,478 | 8,428,039 | ||
Noncontrolling interests | 722,304 | 727,445 | ||
Total equity | 7,218,782 | 9,155,484 | 8,531,082 | 8,073,633 |
Total liabilities and equity | $13,190,239 | $16,181,514 |
Information_about_NobleCayman_4
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenues | |||||||||||
Contract drilling services | $3,147,859 | $2,454,745 | $2,089,621 | ||||||||
Reimbursables | 84,644 | 66,292 | 65,767 | ||||||||
Labor contract drilling services | 17,095 | 45,299 | |||||||||
Total operating revenues | 804,740 | 828,796 | 803,781 | 795,187 | 725,089 | 640,513 | 606,480 | 566,061 | 3,232,504 | 2,538,143 | 2,200,699 |
Operating costs and expenses | |||||||||||
Contract drilling services | 1,500,512 | 1,168,764 | 969,310 | ||||||||
Reimbursables | 66,378 | 50,410 | 55,424 | ||||||||
Labor contract drilling services | 11,601 | 22,976 | |||||||||
Depreciation and amortization | 627,473 | 511,513 | 440,306 | ||||||||
General and administrative | 106,771 | 117,997 | 99,990 | ||||||||
Loss on impairment | 745,428 | 3,585 | 20,384 | ||||||||
Gain on disposal of assets, net | -35,646 | ||||||||||
Gain on contract settlements/extinguishments, net | -30,618 | -33,255 | |||||||||
Total operating costs and expenses | 3,046,562 | 1,797,606 | 1,575,135 | ||||||||
Operating income (loss) | -541,864 | 243,633 | 235,205 | 248,968 | 205,879 | 239,248 | 159,973 | 135,437 | 185,942 | 740,537 | 625,564 |
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | -155,179 | -106,300 | -85,763 | ||||||||
Interest income and other, net | -1,298 | 4,184 | 3,564 | ||||||||
Income from continuing operations before income taxes | 29,465 | 638,421 | 543,365 | ||||||||
Income tax provision | -106,651 | -92,117 | -95,183 | ||||||||
Net income from continuing operations | -77,186 | 546,304 | 448,182 | ||||||||
Net income from discontinued operations, net of tax | 160,502 | 304,102 | 107,955 | ||||||||
Net income | 83,316 | 850,406 | 556,137 | ||||||||
Net income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 | ||||||||
Net income attributable to Noble Corporation | -594,539 | 147,389 | 140,325 | 154,814 | 144,023 | 165,267 | 102,406 | 66,899 | 8,491 | 782,697 | 522,344 |
Other comprehensive income, net | -21,732 | 33,285 | -41,128 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | -13,241 | 815,982 | 481,216 | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | -246,406 | -77,361 | -78,580 | ||||||||
Other | -931 | ||||||||||
Total operating revenues | -246,406 | -77,361 | -79,511 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | -246,406 | -77,361 | -79,511 | ||||||||
Total operating costs and expenses | -246,406 | -77,361 | -79,511 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | 1,754,856 | -170,772 | -1,103,349 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | -479,313 | -1,169,474 | -677,033 | ||||||||
Total income (loss) of unconsolidated affiliates | 1,275,543 | -1,340,246 | -1,780,382 | ||||||||
Interest expense, net of amounts capitalized | 3,318,536 | 2,084,036 | 893,858 | ||||||||
Interest income and other, net | -3,318,536 | -2,084,036 | -893,858 | ||||||||
Income from continuing operations before income taxes | 1,275,543 | -1,340,246 | -1,780,382 | ||||||||
Net income from continuing operations | 1,275,543 | -1,340,246 | -1,780,382 | ||||||||
Net income | 1,275,543 | -1,340,246 | -1,780,382 | ||||||||
Net income attributable to noncontrolling interests | 23,778 | 46,605 | 35,176 | ||||||||
Net income attributable to Noble Corporation | 1,299,321 | -1,293,641 | -1,745,206 | ||||||||
Other comprehensive income, net | 21,732 | -33,285 | 41,128 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 1,321,053 | -1,326,926 | -1,704,078 | ||||||||
Noble-Cayman [Member] | |||||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 30,885 | 24,039 | 2,646 | ||||||||
General and administrative | 2,437 | 7,380 | 3,036 | ||||||||
Gain on contract settlements/extinguishments, net | -45,000 | ||||||||||
Total operating costs and expenses | 33,322 | -13,581 | 5,682 | ||||||||
Operating income (loss) | -33,322 | 13,581 | -5,682 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | -2,885,628 | 653,815 | 569,295 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | 223,083 | 321,804 | 115,151 | ||||||||
Total income (loss) of unconsolidated affiliates | -2,662,545 | 975,619 | 684,446 | ||||||||
Interest expense, net of amounts capitalized | -93,536 | -127,995 | -105,147 | ||||||||
Interest income and other, net | 2,913,631 | 6,609 | 7,306 | ||||||||
Income from continuing operations before income taxes | 124,228 | 867,814 | 580,923 | ||||||||
Net income from continuing operations | 124,228 | 867,814 | 580,923 | ||||||||
Net income | 124,228 | 867,814 | 580,923 | ||||||||
Net income attributable to Noble Corporation | 124,228 | 867,814 | 580,923 | ||||||||
Other comprehensive income, net | -21,732 | 33,285 | -41,128 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 102,496 | 901,099 | 539,795 | ||||||||
NHC [Member] | |||||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 39,039 | 22,195 | 17,551 | ||||||||
General and administrative | 11,376 | 7,396 | 7,786 | ||||||||
Total operating costs and expenses | 50,415 | 29,591 | 25,337 | ||||||||
Operating income (loss) | -50,415 | -29,591 | -25,337 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | 157,648 | 65,868 | 82,257 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | 50,565 | 45,098 | 32,769 | ||||||||
Total income (loss) of unconsolidated affiliates | 208,213 | 110,966 | 115,026 | ||||||||
Interest expense, net of amounts capitalized | -3,046 | -1,081 | -20,950 | ||||||||
Income from continuing operations before income taxes | 154,752 | 80,294 | 68,739 | ||||||||
Income tax provision | -68,805 | -24,592 | -18,446 | ||||||||
Net income from continuing operations | 85,947 | 55,702 | 50,293 | ||||||||
Net income from discontinued operations, net of tax | -18,655 | -16,569 | -23,622 | ||||||||
Net income | 67,292 | 39,133 | 26,671 | ||||||||
Net income attributable to Noble Corporation | 67,292 | 39,133 | 26,671 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 67,292 | 39,133 | 26,671 | ||||||||
NDH [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 327,070 | 240,631 | 161,577 | ||||||||
Reimbursables | 6,239 | 8,498 | 6,637 | ||||||||
Total operating revenues | 333,309 | 249,129 | 168,214 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 120,971 | 70,359 | 45,474 | ||||||||
Reimbursables | 4,687 | 6,850 | 5,886 | ||||||||
Depreciation and amortization | 65,164 | 62,778 | 60,738 | ||||||||
Gain on contract settlements/extinguishments, net | -4,869 | ||||||||||
Total operating costs and expenses | 190,822 | 139,987 | 107,229 | ||||||||
Operating income (loss) | 142,487 | 109,142 | 60,985 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | -80,080 | -53,235 | 168,972 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | 28,580 | 308,188 | 188,511 | ||||||||
Total income (loss) of unconsolidated affiliates | -51,500 | 254,953 | 357,483 | ||||||||
Interest expense, net of amounts capitalized | -24,974 | -23,156 | -23,105 | ||||||||
Interest income and other, net | 249,005 | 262,717 | 40,845 | ||||||||
Income from continuing operations before income taxes | 315,018 | 603,656 | 436,208 | ||||||||
Income tax provision | -3,574 | 3,655 | -4,576 | ||||||||
Net income from continuing operations | 311,444 | 607,311 | 431,632 | ||||||||
Net income from discontinued operations, net of tax | 6,634 | 24,529 | 10,160 | ||||||||
Net income | 318,078 | 631,840 | 441,792 | ||||||||
Net income attributable to Noble Corporation | 318,078 | 631,840 | 441,792 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 318,078 | 631,840 | 441,792 | ||||||||
NHIL [Member] | |||||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 115,909 | 110,138 | 82,736 | ||||||||
General and administrative | 31,620 | 36,050 | 35,606 | ||||||||
Total operating costs and expenses | 147,529 | 146,188 | 118,342 | ||||||||
Operating income (loss) | -147,529 | -146,188 | -118,342 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | 604,419 | 641,155 | 527,469 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | 170,845 | 431,149 | 280,121 | ||||||||
Total income (loss) of unconsolidated affiliates | 775,264 | 1,072,304 | 807,590 | ||||||||
Interest expense, net of amounts capitalized | -169,666 | -139,784 | -120,361 | ||||||||
Interest income and other, net | 89,449 | 154,442 | 135,001 | ||||||||
Income from continuing operations before income taxes | 547,518 | 940,774 | 703,888 | ||||||||
Net income from continuing operations | 547,518 | 940,774 | 703,888 | ||||||||
Net income from discontinued operations, net of tax | -55 | ||||||||||
Net income | 547,518 | 940,719 | 703,888 | ||||||||
Net income attributable to Noble Corporation | 547,518 | 940,719 | 703,888 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 547,518 | 940,719 | 703,888 | ||||||||
NDS6 [Member] | |||||||||||
Operating costs and expenses | |||||||||||
General and administrative | 1 | 1 | 1 | ||||||||
Total operating costs and expenses | 1 | 1 | 1 | ||||||||
Operating income (loss) | -1 | -1 | -1 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates-continuing operations | 448,785 | -1,136,831 | -244,644 | ||||||||
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax | 6,240 | 63,235 | 60,481 | ||||||||
Total income (loss) of unconsolidated affiliates | 455,025 | -1,073,596 | -184,163 | ||||||||
Interest expense, net of amounts capitalized | -33,671 | -45,897 | -43,090 | ||||||||
Interest income and other, net | 3,308 | 1,569,003 | 594,328 | ||||||||
Income from continuing operations before income taxes | 424,661 | 449,509 | 367,074 | ||||||||
Income tax provision | -1,546 | ||||||||||
Net income from continuing operations | 423,115 | 449,509 | 367,074 | ||||||||
Net income | 423,115 | 449,509 | 367,074 | ||||||||
Net income attributable to Noble Corporation | 423,115 | 449,509 | 367,074 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | 423,115 | 449,509 | 367,074 | ||||||||
Other Non-guarantor Subsidiaries of Noble [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 3,067,195 | 2,291,475 | 2,006,624 | ||||||||
Reimbursables | 78,405 | 57,794 | 59,130 | ||||||||
Labor contract drilling services | 17,095 | 45,299 | |||||||||
Other | 1 | 11 | 943 | ||||||||
Total operating revenues | 3,145,601 | 2,366,375 | 2,111,996 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 1,447,073 | 1,009,801 | 891,941 | ||||||||
Reimbursables | 61,691 | 43,560 | 49,538 | ||||||||
Labor contract drilling services | 11,601 | 23,129 | |||||||||
Depreciation and amortization | 559,114 | 446,563 | 377,636 | ||||||||
General and administrative | 7,560 | 14,032 | 12,937 | ||||||||
Loss on impairment | 745,428 | 3,585 | 20,384 | ||||||||
Gain on disposal of assets, net | -35,646 | ||||||||||
Gain on contract settlements/extinguishments, net | 14,382 | -28,386 | |||||||||
Total operating costs and expenses | 2,820,866 | 1,507,878 | 1,347,179 | ||||||||
Operating income (loss) | 324,735 | 858,497 | 764,817 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | -3,148,822 | -1,852,423 | -666,968 | ||||||||
Interest income and other, net | 64,267 | 94,821 | 119,449 | ||||||||
Income from continuing operations before income taxes | -2,759,820 | -899,105 | 217,298 | ||||||||
Income tax provision | -32,005 | -68,040 | -71,161 | ||||||||
Net income from continuing operations | -2,791,825 | -967,145 | 146,137 | ||||||||
Net income from discontinued operations, net of tax | 235,104 | 313,899 | 128,613 | ||||||||
Net income | -2,556,721 | -653,246 | 274,750 | ||||||||
Net income attributable to noncontrolling interests | -98,603 | -114,314 | -68,969 | ||||||||
Net income attributable to Noble Corporation | -2,655,324 | -767,560 | 205,781 | ||||||||
Other comprehensive income, net | -21,732 | 33,285 | -41,128 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | -2,677,056 | -734,275 | 164,653 | ||||||||
Noble-Cayman [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 3,147,859 | 2,454,745 | 2,089,621 | ||||||||
Reimbursables | 84,644 | 66,292 | 65,767 | ||||||||
Labor contract drilling services | 17,095 | 45,299 | |||||||||
Other | 1 | 11 | 12 | ||||||||
Total operating revenues | 3,232,504 | 2,538,143 | 2,200,699 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 1,507,471 | 1,159,171 | 960,837 | ||||||||
Reimbursables | 66,378 | 50,410 | 55,424 | ||||||||
Labor contract drilling services | 11,601 | 23,129 | |||||||||
Depreciation and amortization | 624,278 | 509,341 | 438,374 | ||||||||
General and administrative | 52,994 | 64,859 | 59,366 | ||||||||
Loss on impairment | 745,428 | 3,585 | 20,384 | ||||||||
Gain on disposal of assets, net | -35,646 | ||||||||||
Gain on contract settlements/extinguishments, net | -30,618 | -33,255 | |||||||||
Total operating costs and expenses | 2,996,549 | 1,732,703 | 1,524,259 | ||||||||
Operating income (loss) | 235,955 | 805,440 | 676,440 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | -155,179 | -106,300 | -85,763 | ||||||||
Interest income and other, net | 1,124 | 3,556 | 3,071 | ||||||||
Income from continuing operations before income taxes | 81,900 | 702,696 | 593,748 | ||||||||
Income tax provision | -105,930 | -88,977 | -94,183 | ||||||||
Net income from continuing operations | -24,030 | 613,719 | 499,565 | ||||||||
Net income from discontinued operations, net of tax | 223,083 | 321,804 | 115,151 | ||||||||
Net income | 199,053 | 935,523 | 614,716 | ||||||||
Net income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 | ||||||||
Net income attributable to Noble Corporation | 124,228 | 867,814 | 580,923 | ||||||||
Other comprehensive income, net | -21,732 | 33,285 | -41,128 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation plc | $102,496 | $901,099 | $539,795 |
Information_about_NobleCayman_5
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net cash from operating activities | $1,778,208 | $1,702,317 | $1,381,693 |
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 | -437,647 | 1,221,333 | -635,192 |
Repayment of long-term debt | -250,000 | -300,000 | |
Proceeds from issuance of senior notes, net of debt issuance costs | 1,186,636 | ||
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Financing costs on long-term borrowings of Paragon Offshore | -14,676 | ||
Cash balances of Paragon Offshore in Spin-off | -104,152 | ||
Dividends paid to noncontrolling interests | -79,966 | -105,388 | |
Financing costs on credit facilities | -398 | -2,484 | -5,221 |
Contributions from joint venture partners | 40,000 | ||
Net change in cash and cash equivalents | -45,948 | -167,634 | 42,896 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 | 239,196 |
Cash and cash equivalents, end of period | 68,510 | 114,458 | 282,092 |
Consolidating Adjustments [Member] | |||
Cash flows from investing activities | |||
Notes receivable from affiliates | -273,794 | -294,798 | 1,188,287 |
Net cash from investing activities | -273,794 | -294,798 | 1,188,287 |
Cash flows from financing activities | |||
Notes payable to affiliates | 273,794 | 294,798 | -1,188,287 |
Net cash from financing activities | 273,794 | 294,798 | -1,188,287 |
Noble-Cayman [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 2,825,524 | -117,993 | -86,784 |
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 | -437,647 | 1,221,333 | -635,192 |
Repayment of long-term debt | -300,000 | ||
Financing costs on credit facilities | -398 | -2,484 | -5,221 |
Distributions to parent company, net | -631,095 | -265,880 | -175,977 |
Advances (to) from affiliates | -1,482,686 | -241,180 | -284,256 |
Notes payable to affiliates | -273,744 | -294,798 | 1,188,287 |
Net cash from financing activities | -2,825,570 | 116,991 | 87,641 |
Net change in cash and cash equivalents | 4 | -1,002 | 857 |
Cash and cash equivalents, beginning of period | 1 | 1,003 | 146 |
Cash and cash equivalents, end of period | 5 | 1 | 1,003 |
NHC [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | -151,987 | -133,595 | -99,193 |
Cash flows from financing activities | |||
Advances (to) from affiliates | 151,987 | 133,595 | 99,193 |
Net cash from financing activities | 151,987 | 133,595 | 99,193 |
NDH [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 366,583 | 424,147 | 134,370 |
Cash flows from investing activities | |||
New construction and capital expenditures | -1,404,560 | -1,594,449 | -682,477 |
Net cash from investing activities | -1,404,560 | -1,594,449 | -682,477 |
Cash flows from financing activities | |||
Advances (to) from affiliates | 1,037,829 | 1,169,800 | 548,626 |
Net cash from financing activities | 1,037,829 | 1,169,800 | 548,626 |
Net change in cash and cash equivalents | -148 | -502 | 519 |
Cash and cash equivalents, beginning of period | 402 | 904 | 385 |
Cash and cash equivalents, end of period | 254 | 402 | 904 |
NHIL [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | -232,605 | -128,315 | -96,642 |
Cash flows from investing activities | |||
Notes receivable from affiliates | 273,744 | -1,188,287 | |
Net cash from investing activities | 273,744 | -1,188,287 | |
Cash flows from financing activities | |||
Repayment of long-term debt | -250,000 | ||
Proceeds from issuance of senior notes, net of debt issuance costs | 1,186,636 | ||
Advances (to) from affiliates | 208,857 | 128,317 | 98,295 |
Net cash from financing activities | -41,143 | 128,317 | 1,284,931 |
Net change in cash and cash equivalents | -4 | 2 | 2 |
Cash and cash equivalents, beginning of period | 4 | 2 | |
Cash and cash equivalents, end of period | 4 | 2 | |
NDS6 [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | -31,788 | 1,523,225 | 551,358 |
Cash flows from financing activities | |||
Advances (to) from affiliates | 31,788 | -1,523,225 | -551,358 |
Net cash from financing activities | 31,788 | -1,523,225 | -551,358 |
Other Non-guarantor Subsidiaries of Noble [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | -903,811 | 201,161 | 1,017,518 |
Cash flows from investing activities | |||
New construction and capital expenditures | -704,574 | -949,755 | -1,106,077 |
Notes receivable from affiliates | 294,798 | ||
Proceeds from disposal of assets | 61,000 | ||
Net cash from investing activities | -704,574 | -593,957 | -1,106,077 |
Cash flows from financing activities | |||
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Financing costs on long-term borrowings of Paragon Offshore | -14,676 | ||
Cash balances of Paragon Offshore in Spin-off | -104,152 | ||
Dividends paid to noncontrolling interests | -79,966 | -105,388 | |
Contributions from joint venture partners | 40,000 | ||
Advances (to) from affiliates | 52,225 | 332,693 | 89,500 |
Notes payable to affiliates | -50 | ||
Net cash from financing activities | 1,563,931 | 227,305 | 129,500 |
Net change in cash and cash equivalents | -44,454 | -165,491 | 40,941 |
Cash and cash equivalents, beginning of period | 109,975 | 275,466 | 234,525 |
Cash and cash equivalents, end of period | 65,521 | 109,975 | 275,466 |
Noble-Cayman [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 1,871,916 | 1,768,630 | 1,420,627 |
Cash flows from investing activities | |||
New construction and capital expenditures | -2,109,134 | -2,544,204 | -1,788,554 |
Proceeds from disposal of assets | 61,000 | ||
Net cash from investing activities | -2,109,134 | -2,483,204 | -1,788,554 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | -437,647 | 1,221,333 | -635,192 |
Repayment of long-term debt | -250,000 | -300,000 | |
Proceeds from issuance of senior notes, net of debt issuance costs | 1,186,636 | ||
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Financing costs on long-term borrowings of Paragon Offshore | -14,676 | ||
Cash balances of Paragon Offshore in Spin-off | -104,152 | ||
Dividends paid to noncontrolling interests | -79,966 | -105,388 | |
Financing costs on credit facilities | -398 | -2,484 | -5,221 |
Contributions from joint venture partners | 40,000 | ||
Distributions to parent company, net | -631,095 | -265,880 | -175,977 |
Net cash from financing activities | 192,616 | 547,581 | 410,246 |
Net change in cash and cash equivalents | -44,602 | -166,993 | 42,319 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 | 235,056 |
Cash and cash equivalents, end of period | $65,780 | $110,382 | $277,375 |
Unaudited_Interim_Financial_Da2
Unaudited Interim Financial Data - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $804,740 | $828,796 | $803,781 | $795,187 | $725,089 | $640,513 | $606,480 | $566,061 | $3,232,504 | $2,538,143 | $2,200,699 |
Operating income (loss) | -541,864 | 243,633 | 235,205 | 248,968 | 205,879 | 239,248 | 159,973 | 135,437 | 185,942 | 740,537 | 625,564 |
Net income (loss) from continuing operations attributable to Noble-UK | -594,539 | 147,389 | 140,325 | 154,814 | 144,023 | 165,267 | 102,406 | 66,899 | 8,491 | 782,697 | 522,344 |
Net income (loss) per share from continuing operations attributable to Noble-UK | |||||||||||
Operating revenues | 804,740 | 828,796 | 803,781 | 795,187 | 725,089 | 640,513 | 606,480 | 566,061 | 3,232,504 | 2,538,143 | 2,200,699 |
Operating income | -541,864 | 243,633 | 235,205 | 248,968 | 205,879 | 239,248 | 159,973 | 135,437 | 185,942 | 740,537 | 625,564 |
Net income from continuing operations attributable to Noble-UK | ($594,539) | $147,389 | $140,325 | $154,814 | $144,023 | $165,267 | $102,406 | $66,899 | $8,491 | $782,697 | $522,344 |
Basic | ($2.38) | $0.57 | $0.54 | $0.60 | $0.56 | $0.64 | $0.40 | $0.26 | $0.03 | $3.05 | $2.05 |
Diluted | ($2.38) | $0.57 | $0.54 | $0.60 | $0.56 | $0.64 | $0.40 | $0.26 | $0.03 | $3.05 | $2.05 |
Unaudited_Interim_Financial_Da3
Unaudited Interim Financial Data - Consolidated Statements of Comprehensive Income Included in Quarterly Report (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | $83,316 | $850,406 | $556,137 | ||
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | -118 | -3,188 | -8,076 | ||
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -41,608 | 29,861 | -41,658 | ||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 18,389 | ||||
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) | 2,764 | 6,612 | 5,545 | ||
Other comprehensive income (loss), net | -21,732 | 33,285 | -41,128 | ||
Spin-off of Paragon Offshore | 1,409,400 | ||||
Total comprehensive income | 61,584 | 883,691 | 515,009 | ||
Net comprehensive income attributable to noncontrolling interests | -74,825 | -67,709 | -33,793 | ||
Comprehensive income (loss) attributable to Noble Corporation plc | -13,241 | 815,982 | 481,216 | ||
Noble-Cayman [Member] | |||||
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | 124,228 | 867,814 | 580,923 | ||
Other comprehensive income (loss), net of tax | |||||
Other comprehensive income (loss), net | -21,732 | 33,285 | -41,128 | ||
Comprehensive income (loss) attributable to Noble Corporation plc | 102,496 | 901,099 | 539,795 | ||
Foreign Currency Forward Contracts [Member] | |||||
Other comprehensive income (loss), net of tax | |||||
Gain (loss) from derivatives instruments designated | 3,061 | ||||
As Reported [Member] | |||||
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | 147,646 | 678,350 | |||
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | -1,577 | 1,143 | |||
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | -1,409 | |||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | |||
Amortization of deferred pension plan amounts (net of tax provision of $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 | 2,099 | |||
Other comprehensive income (loss), net | -8,982 | 1,918 | |||
Spin-off of Paragon Offshore | 34,478 | 34,478 | |||
Net comprehensive income attributable to noncontrolling interests | -20,471 | -60,290 | |||
Comprehensive income (loss) attributable to Noble Corporation plc | 152,671 | 654,456 | |||
As Reported [Member] | Noble-Cayman [Member] | |||||
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | 193,705 | 784,078 | |||
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | -1,577 | 1,143 | |||
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | -1,409 | |||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | |||
Amortization of deferred pension plan amounts (net of tax provision of $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 | 2,099 | |||
Other comprehensive income (loss), net | -8,982 | 1,918 | |||
Spin-off of Paragon Offshore | 34,478 | 34,478 | |||
Net comprehensive income attributable to noncontrolling interests | -20,471 | -60,290 | |||
Comprehensive income (loss) attributable to Noble Corporation plc | 198,730 | 760,184 | |||
As Reported [Member] | Foreign Currency Forward Contracts [Member] | |||||
Other comprehensive income (loss), net of tax | |||||
Gain (loss) from derivatives instruments designated | -6,925 | -273 | |||
As Reported [Member] | Foreign Currency Forward Contracts [Member] | Noble-Cayman [Member] | |||||
Other comprehensive income (loss), net of tax | |||||
Gain (loss) from derivatives instruments designated | -6,925 | -273 | |||
As Adjusted [Member] | |||||
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | 147,646 | 678,350 | |||
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | -1,577 | 1,143 | |||
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | -1,409 | |||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | |||
Amortization of deferred pension plan amounts (net of tax provision of $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 | 2,099 | |||
Other comprehensive income (loss), net | -8,982 | 1,918 | |||
Total comprehensive income | 138,664 | 680,268 | |||
Net comprehensive income attributable to noncontrolling interests | -20,471 | -60,290 | |||
Comprehensive income (loss) attributable to Noble Corporation plc | 118,193 | 619,978 | |||
As Adjusted [Member] | Noble-Cayman [Member] | |||||
Schedule Of Quarterly Financial Data [Line Items] | |||||
Net income | 193,705 | 784,078 | |||
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | -1,577 | 1,143 | |||
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014) | -1,409 | -1,409 | |||
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014) | 358 | 358 | |||
Amortization of deferred pension plan amounts (net of tax provision of $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 | 2,099 | |||
Other comprehensive income (loss), net | -8,982 | 1,918 | |||
Total comprehensive income | 184,723 | 785,996 | |||
Net comprehensive income attributable to noncontrolling interests | -20,471 | -60,290 | |||
Comprehensive income (loss) attributable to Noble Corporation plc | 164,252 | 725,706 | |||
As Adjusted [Member] | Foreign Currency Forward Contracts [Member] | |||||
Other comprehensive income (loss), net of tax | |||||
Gain (loss) from derivatives instruments designated | -6,925 | -273 | |||
As Adjusted [Member] | Foreign Currency Forward Contracts [Member] | Noble-Cayman [Member] | |||||
Other comprehensive income (loss), net of tax | |||||
Gain (loss) from derivatives instruments designated | ($6,925) | ($273) |
Unaudited_Interim_Financial_Da4
Unaudited Interim Financial Data - Consolidated Statements of Comprehensive Income Included in Quarterly Report (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Quarterly Financial Data [Line Items] | |||||||
Net pension plan gain loss, tax provision (benefit) | $386 | $386 | ($21,429) | $14,155 | ($3,777) | ||
Net pension plan curtailment and settlement expense, tax provision | 193 | 193 | 9,902 | ||||
Amortization of deferred pension plan, tax provision | 253 | 732 | 758 | 2,192 | 1,102 | 2,924 | 2,841 |
Noble-Cayman [Member] | |||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||
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 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 |
Subsequent Event [Member] | |
Schedule of Reverse Stock Split [Line Items] | |
Repurchase of ordinary shares | 6,200 |
Average price per share | $16.10 |
Average price per share including commissions and stamp tax | $16.21 |