Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NE | |
Entity Registrant Name | Noble Corp plc | |
Entity Central Index Key | 1,458,891 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 243,213,745 | |
Noble Corp [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | Noble Corporation | |
Entity Central Index Key | 1,169,055 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 236,198 | $ 512,245 |
Accounts receivable | 506,017 | 498,931 |
Taxes receivable | 55,326 | 55,525 |
Prepaid expenses and other current assets | 154,478 | 173,917 |
Total current assets | 952,019 | 1,240,618 |
Property and equipment, at cost | 14,100,263 | 14,056,323 |
Accumulated depreciation | (2,712,587) | (2,572,700) |
Property and equipment, net | 11,387,676 | 11,483,623 |
Other assets | 115,217 | 141,404 |
Total assets | 12,454,912 | 12,865,645 |
Current liabilities | ||
Current maturities of long-term debt | 299,523 | 299,924 |
Accounts payable | 142,955 | 223,221 |
Accrued payroll and related costs | 53,278 | 81,464 |
Taxes payable | 92,694 | 87,940 |
Interest payable | 42,033 | 72,961 |
Other current liabilities | 98,469 | 98,074 |
Total current liabilities | 728,952 | 863,584 |
Long-term debt | 3,864,060 | 4,162,638 |
Deferred income taxes | 70,750 | 92,797 |
Other liabilities | 299,737 | 324,396 |
Total liabilities | $ 4,963,499 | $ 5,443,415 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | $ 2,432 | $ 2,420 |
Additional paid-in capital | 630,371 | 628,483 |
Retained earnings | 6,199,112 | 6,131,501 |
Accumulated other comprehensive loss | (60,638) | (63,175) |
Total shareholders' equity | 6,771,277 | 6,699,229 |
Noncontrolling interests | 720,136 | 723,001 |
Total equity | 7,491,413 | 7,422,230 |
Total liabilities and equity | 12,454,912 | 12,865,645 |
Noble Corp [Member] | ||
Current assets | ||
Cash and cash equivalents | 235,423 | 511,795 |
Accounts receivable | 506,017 | 498,931 |
Taxes receivable | 55,317 | 55,442 |
Prepaid expenses and other current assets | 150,967 | 168,469 |
Total current assets | 947,724 | 1,234,637 |
Property and equipment, at cost | 14,098,497 | 14,054,558 |
Accumulated depreciation | (2,712,173) | (2,572,331) |
Property and equipment, net | 11,386,324 | 11,482,227 |
Other assets | 106,134 | 132,319 |
Total assets | 12,440,182 | 12,849,183 |
Current liabilities | ||
Current maturities of long-term debt | 299,523 | 299,924 |
Accounts payable | 141,117 | 221,077 |
Accrued payroll and related costs | 52,954 | 81,364 |
Taxes payable | 92,845 | 88,108 |
Interest payable | 42,033 | 72,961 |
Other current liabilities | 98,081 | 96,331 |
Total current liabilities | 726,553 | 859,765 |
Long-term debt | 3,864,060 | 4,162,638 |
Deferred income taxes | 70,750 | 92,797 |
Other liabilities | 294,852 | 319,512 |
Total liabilities | $ 4,956,215 | $ 5,434,712 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | $ 26,125 | $ 26,125 |
Additional paid-in capital | 570,428 | 561,309 |
Retained earnings | 6,227,916 | 6,167,211 |
Accumulated other comprehensive loss | (60,638) | (63,175) |
Total shareholders' equity | 6,763,831 | 6,691,470 |
Noncontrolling interests | 720,136 | 723,001 |
Total equity | 7,483,967 | 7,414,471 |
Total liabilities and equity | $ 12,440,182 | $ 12,849,183 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares shares in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Ordinary shares, shares outstanding | 243,212 | 241,977 |
Noble Corp [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating revenues | ||
Contract drilling services | $ 591,367 | $ 779,361 |
Reimbursables | 20,606 | 24,981 |
Total operating revenues | 611,973 | 804,342 |
Operating costs and expenses | ||
Contract drilling services | 251,248 | 321,750 |
Reimbursables | 16,006 | 20,157 |
Depreciation and amortization | 149,719 | 154,138 |
General and administrative | 19,540 | 23,938 |
Total operating costs and expenses | 436,513 | 519,983 |
Operating income | 175,460 | 284,359 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (57,100) | (49,044) |
Interest income and other, net | (730) | 6,582 |
Income before income taxes | 117,630 | 241,897 |
Income tax benefit (provision) | 6,503 | (43,447) |
Net income | 124,133 | 198,450 |
Net income attributable to noncontrolling interests | (18,648) | (20,047) |
Net income attributable to the company | $ 105,485 | $ 178,403 |
Per share data: | ||
Basic: | $ 0.42 | $ 0.72 |
Diluted: | $ 0.42 | $ 0.72 |
Noble Corp [Member] | ||
Operating revenues | ||
Contract drilling services | $ 591,367 | $ 779,361 |
Reimbursables | 20,606 | 24,981 |
Total operating revenues | 612,573 | 804,342 |
Other | 600 | |
Operating costs and expenses | ||
Contract drilling services | 249,290 | 319,479 |
Reimbursables | 16,006 | 20,157 |
Depreciation and amortization | 149,673 | 153,866 |
General and administrative | 10,605 | 12,208 |
Total operating costs and expenses | 425,574 | 505,710 |
Operating income | 186,999 | 298,632 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (57,100) | (49,044) |
Interest income and other, net | (733) | 6,448 |
Income before income taxes | 129,166 | 256,036 |
Income tax benefit (provision) | 6,503 | (43,558) |
Net income | 135,669 | 212,478 |
Net income attributable to noncontrolling interests | (18,648) | (20,047) |
Net income attributable to the company | $ 117,021 | $ 192,431 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 124,133 | $ 198,450 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | 768 | (3,299) |
Amortization of deferred pension plan amounts (net of tax provision of $409 and $566 for the three months ended March 31, 2016 and 2015) | 783 | 1,081 |
Other comprehensive income (loss), net | 2,537 | (5,363) |
Net comprehensive income attributable to noncontrolling interests | (18,648) | (20,047) |
Comprehensive income attributable to Noble Corporation plc | 108,022 | 173,040 |
Noble Corp [Member] | ||
Net income | 135,669 | 212,478 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | 768 | (3,299) |
Amortization of deferred pension plan amounts (net of tax provision of $409 and $566 for the three months ended March 31, 2016 and 2015) | 783 | 1,081 |
Other comprehensive income (loss), net | 2,537 | (5,363) |
Net comprehensive income attributable to noncontrolling interests | (18,648) | (20,047) |
Comprehensive income attributable to Noble Corporation plc | 119,558 | 187,068 |
Foreign Currency Forward Contracts [Member] | ||
Other comprehensive income (loss), net of tax | ||
Gain (loss) from derivatives instruments designated | 986 | (3,145) |
Foreign Currency Forward Contracts [Member] | Noble Corp [Member] | ||
Other comprehensive income (loss), net of tax | ||
Gain (loss) from derivatives instruments designated | $ 986 | $ (3,145) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amortization of deferred pension plan, tax provision | $ 409 | $ 566 |
Noble Corp [Member] | ||
Amortization of deferred pension plan, tax provision | $ 409 | $ 566 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 124,133 | $ 198,450 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 149,719 | 154,138 |
Deferred income taxes | (22,513) | (10,164) |
Amortization of share-based compensation | 10,958 | 11,400 |
Net change in other assets and liabilities | (87,496) | 14,758 |
Net cash from operating activities | 174,801 | 368,582 |
Cash flows from investing activities | ||
Capital expenditures | (51,357) | (89,307) |
Change in accrued capital expenditures | (37,967) | (29,010) |
Proceeds from disposal of assets | 3,031 | |
Net cash from investing activities | (86,293) | (118,317) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,099,497) | |
Repayment of long-term debt | (300,000) | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (14,775) | |
Dividends paid to noncontrolling interests | (21,513) | (19,369) |
Repurchases of shares | (100,630) | |
Dividend payments | (37,546) | (92,855) |
Employee stock transactions | (5,496) | (2,174) |
Net cash from financing activities | (364,555) | (236,572) |
Net change in cash and cash equivalents | (276,047) | 13,693 |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 236,198 | 82,203 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net income | 135,669 | 212,478 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 149,673 | 153,866 |
Deferred income taxes | (22,513) | (10,164) |
Net change in other assets and liabilities | (84,198) | (4,505) |
Capital contribution by parent - share-based compensation | 9,119 | 7,348 |
Net cash from operating activities | 187,750 | 359,023 |
Cash flows from investing activities | ||
Capital expenditures | (51,357) | (89,307) |
Change in accrued capital expenditures | (37,967) | (29,010) |
Proceeds from disposal of assets | 3,031 | |
Net cash from investing activities | (86,293) | (118,317) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,099,497) | |
Repayment of long-term debt | (300,000) | 1,092,728 |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (14,775) | |
Dividends paid to noncontrolling interests | (21,513) | (19,369) |
Distributions to parent company, net | (56,316) | (186,597) |
Net cash from financing activities | (377,829) | (227,510) |
Net change in cash and cash equivalents | (276,372) | 13,196 |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 235,423 | $ 78,976 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Noble Corp [Member] | Shares [Member] | Shares [Member]Noble Corp [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Noble Corp [Member] | Retained Earnings [Member] | Retained Earnings [Member]Noble Corp [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Noble Corp [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Noble Corp [Member] |
Beginning Balance at Dec. 31, 2014 | $ 7,287,034 | $ 7,218,782 | $ 2,475 | $ 26,125 | $ 695,638 | $ 530,657 | $ 5,936,035 | $ 6,009,114 | $ (69,418) | $ (69,418) | $ 722,304 | $ 722,304 |
Beginning Balance, Shares at Dec. 31, 2014 | 247,501 | 261,246 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 11,400 | 11,400 | ||||||||||
Issuance of share-based compensation shares | (4,088) | $ 7 | (4,095) | |||||||||
Issuance of share-based compensation shares, Shares | 670 | |||||||||||
Tax benefit of equity transactions | (2,181) | (2,181) | ||||||||||
Repurchases of shares | (100,630) | $ (62) | (100,568) | |||||||||
Repurchases of shares, Shares | (6,209) | |||||||||||
Net income | 198,450 | 212,478 | 178,403 | 192,431 | 20,047 | 20,047 | ||||||
Dividends paid to noncontrolling interests | (19,369) | (19,369) | (19,369) | (19,369) | ||||||||
Dividends | (92,855) | (186,597) | (92,855) | (186,597) | ||||||||
Capital contribution by parent - share- based compensation | 7,348 | 7,348 | ||||||||||
Other comprehensive income (loss), net | (5,363) | (5,363) | (5,363) | (5,363) | ||||||||
Ending Balance at Mar. 31, 2015 | 7,272,398 | 7,227,279 | $ 2,420 | $ 26,125 | 600,194 | 538,005 | 6,021,583 | 6,014,948 | (74,781) | (74,781) | 722,982 | 722,982 |
Ending Balance, Shares at Mar. 31, 2015 | 241,962 | 261,246 | ||||||||||
Beginning Balance at Dec. 31, 2014 | 7,287,034 | 7,218,782 | $ 2,475 | $ 26,125 | 695,638 | 530,657 | 5,936,035 | 6,009,114 | (69,418) | (69,418) | 722,304 | 722,304 |
Beginning Balance, Shares at Dec. 31, 2014 | 247,501 | 261,246 | ||||||||||
Employee related equity activity | ||||||||||||
Repurchases of shares | $ (101,000) | |||||||||||
Repurchases of shares, Shares | (6,200) | |||||||||||
Ending Balance at Dec. 31, 2015 | $ 7,422,230 | $ 7,414,471 | $ 2,420 | $ 26,125 | 628,483 | 561,309 | 6,131,501 | 6,167,211 | (63,175) | (63,175) | 723,001 | 723,001 |
Ending Balance, Shares at Dec. 31, 2015 | 241,977 | 261,246 | 241,977 | 261,246 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 10,958 | 10,958 | ||||||||||
Issuance of share-based compensation shares | (3,550) | $ 12 | (3,562) | |||||||||
Issuance of share-based compensation shares, Shares | 1,235 | |||||||||||
Tax benefit of equity transactions | (5,508) | (5,508) | ||||||||||
Net income | 124,133 | $ 135,669 | 105,485 | 117,021 | 18,648 | 18,648 | ||||||
Dividends paid to noncontrolling interests | (21,513) | (21,513) | (21,513) | (21,513) | ||||||||
Dividends | (37,874) | (56,316) | (37,874) | (56,316) | ||||||||
Capital contribution by parent - share- based compensation | 9,119 | 9,119 | ||||||||||
Other comprehensive income (loss), net | 2,537 | 2,537 | 2,537 | 2,537 | ||||||||
Ending Balance at Mar. 31, 2016 | $ 7,491,413 | $ 7,483,967 | $ 2,432 | $ 26,125 | $ 630,371 | $ 570,428 | $ 6,199,112 | $ 6,227,916 | $ (60,638) | $ (60,638) | $ 720,136 | $ 720,136 |
Ending Balance, Shares at Mar. 31, 2016 | 243,212 | 261,246 | 243,212 | 261,246 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 — Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of the filing date of this Quarterly Report on Form 10-Q, our fleet consisted of 14 jackups, eight drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist largely of major independent and government owned/controlled oil and gas companies throughout the world. As of March 31, 2016, our contract drilling services segment conducted operations 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. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The accompanying unaudited consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2015 Consolidated Balance Sheets presented herein are derived from the December 31, 2015 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Certain amounts in prior periods have been reclassified to conform to the current year presentation. In accordance with our adoption of Accounting Standards Update (“ASU”) No. 2015-03, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015, which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. |
Spin-off of Paragon Offshore pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 3 Months Ended |
Mar. 31, 2016 | |
Spin-off [Member] | |
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. In February 2016, we entered into an agreement in principle for a settlement with Paragon Offshore under which, in exchange for a full and unconditional release of any claims by Paragon Offshore in connection with the Spin-off (including certain claims that could be brought on behalf of Paragon Offshore’s creditors), we agreed to assume the administration of Mexican tax claims for specified years up to and including 2010, as well as the related bonding obligations and certain of the related tax liabilities. The final agreement with Paragon Offshore, which was signed by the parties on April 29, 2016, is subject to the approval of Paragon Offshore’s bankruptcy plan by a bankruptcy court. A hearing to confirm the plan is set for late June 2016 (see Note 13 for additional information). Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off. Master Separation Agreement (“MSA”) The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore. Employee Matters Agreement (“EMA”) The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters. Tax Sharing Agreement (“TSA”) The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. Transition Services Agreements Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 3 — Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully During the three months ended March 31, 2016 and 2015, the Bully joint ventures approved and paid dividends totaling $43 million and $39 million, respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully |
Share Data
Share Data | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Share Data | Note 4 — Share Data Earnings per share The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three months ended March 31, 2016 2015 Numerator: Basic Net income attributable to Noble-UK $ 105,485 $ 178,403 Earnings allocated to unvested share-based payment awards (3,822 ) (3,931 ) Net income to common shareholders - basic $ 101,663 $ 174,472 Diluted Net income attributable to Noble-UK $ 105,485 $ 178,403 Earnings allocated to unvested share-based payment awards (3,822 ) (3,931 ) Net income to common shareholders - diluted $ 101,663 $ 174,472 Denominator: Weighted average shares outstanding - basic 242,826 242,685 Incremental shares issuable from assumed exercise of stock options — — Weighted average shares outstanding - diluted 242,826 242,685 Weighted average unvested share-based payment awards 9,129 5,468 Earnings per share Basic $ 0.42 $ 0.72 Diluted $ 0.42 $ 0.72 Dividends per share $ 0.150 $ 0.375 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended March 31, 2016 and 2015, approximately 1.6 million and 2.0 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. Share capital As of March 31, 2016, Noble-UK had approximately 243.2 million shares outstanding and trading as compared to approximately 242.0 million shares outstanding and trading at December 31, 2015. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. Our most recent quarterly dividend payment to shareholders, totaling approximately $38 million (or $0.15 per share), was declared on January 29, 2016 and paid on February 16, 2016 to holders of record on February 8, 2016. On April 22, 2016, our Board of Directors approved the payment of a quarterly dividend to shareholders of $0.02 per share. The payment is expected to total approximately $5 million, based on the number of shares currently outstanding. 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 payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors. Share repurchases Under UK law, the Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. In December 2014, we received shareholder approval to repurchase up to 37 million ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. The authority to make such repurchases expired at the end of the Company’s 2016 annual general meeting of shareholders, which was held on April 22, 2016. During 2015, we repurchased 6.2 million of our ordinary shares covered by this authorization for a total cost of approximately $101 million. During the three months ended March 31, 2016, we did not repurchase any of our shares. |
Receivables from Customers
Receivables from Customers | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Receivables from Customers | Note 5 — Receivables from Customers At March 31, 2016, we had receivables of approximately $14 million related to the Noble Max Smith, |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 6 — Property and Equipment Property and equipment, at cost, as of March 31, 2016 and December 31, 2015 for Noble-UK consisted of the following: March 31, December 31, 2016 2015 Drilling equipment and facilities $ 13,443,211 $ 13,074,804 Construction in progress 443,843 761,347 Other 213,209 220,172 Property and equipment, at cost $ 14,100,263 $ 14,056,323 Capital expenditures, including capitalized interest, totaled $51 million and $89 million for the three months ended March 31, 2016 and 2015, respectively. Capitalized interest was $4 million and $5 million for the three months ended March 31, 2016 and 2015, respectively. During the three months ended March 31, 2016, we completed the sale of the previously retired drillship, the Noble Discoverer |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 — Debt Our total debt consisted of the following at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Current Current maturities of long-term debt $ 299,965 $ 299,997 Less: Unamortized debt issuance costs (442 ) (73 ) Current maturities of long-term debt, net of debt issuance costs $ 299,523 $ 299,924 Long-term 3.05% Senior Notes due March 2016 $ — $ 299,997 2.50% Senior Notes due March 2017 299,965 299,956 5.00% Senior Notes due March 2018 249,645 249,602 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 499,322 499,287 4.625% Senior Notes due March 2021 399,694 399,680 3.95% Senior Notes due March 2022 399,377 399,354 6.95% Senior Notes due April 2025 448,838 448,814 6.20% Senior Notes due August 2040 399,897 399,896 6.05% Senior Notes due March 2041 397,728 397,719 5.25% Senior Notes due March 2042 498,346 498,338 7.95% Senior Notes due April 2045 394,577 394,563 Total senior unsecured notes 4,189,084 4,488,901 Credit facility & commercial paper program — — Total debt 4,189,084 4,488,901 Less: Unamortized debt issuance costs (25,059 ) (26,266 ) Less: Current maturities of long-term debt (299,965 ) (299,997 ) Long-term debt, net of debt issuance costs $ 3,864,060 $ 4,162,638 In accordance with our adoption of ASU No. 2015-03, unamortized debt issuance costs related to our senior notes are shown as a direct reduction of the carrying amount of the related debt. The debt issuance costs previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. Credit Facility and Commercial Paper Program We currently have a five-year $2.4 billion senior unsecured credit facility that matures in January 2020. The credit facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At March 31, 2016, we had no letters of credit issued under the facility. We also have a commercial paper program that allows us to issue up to $2.4 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our credit facility and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our credit facility. Access to our commercial paper program is dependent upon our credit ratings. As our credit ratings are below investment grade, we are currently prohibited from accessing the commercial paper market. As of March 31, 2016, we had no amounts drawn on our credit facility. Our credit facility and certain of our senior notes, as discussed below, have provisions which vary the applicable interest rates based upon our credit ratings. Senior Unsecured Notes In March 2015, our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), issued $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprised of $250 million of 4.00% Senior Notes due 2018, $450 million of 5.95% Senior Notes due 2025, and $400 million of 6.95% Senior Notes due 2045. The interest rates for these Senior Notes are subject to adjustment from time to time upon a change to our debt rating, pursuant to the terms of these Senior Notes. In February 2016, as a result of a reduction in our debt rating below investment grade, the interest rates on these Senior Notes were increased to 5.00%, 6.95% and 7.95%, respectively, effective the first day of each interest period after which the downgrade occurred. The interest rates on these Senior Notes may be further increased if our debt rating were to be downgraded further (up to a maximum of an additional 100 basis points). In March 2016, we repaid our $300 million 3.05% Senior Notes using cash on hand. In March 2016, we commenced cash tender offers for our 4.90% Senior Notes due 2020, of which $500 million principal amount was outstanding, and our 4.625% Senior Notes due 2021, of which $400 million principal amount was outstanding. On April 1, 2016, we purchased $36 million of these Senior Notes using cash on hand. Our $300 million 2.50% Senior Notes mature during the first quarter of 2017. We anticipate using cash on hand to repay the outstanding balances. Covenants The credit facility is guaranteed by NHIL and Noble Holding Corporation (“NHC”). The credit facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the credit facility, to 0.60. At March 31, 2016, our ratio of debt to total tangible capitalization was approximately 0.36. We were in compliance with all covenants under the credit facility as of March 31, 2016. In addition to the covenants from the credit facility noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At March 31, 2016, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during the remainder of 2016. Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 11. The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of March 31, 2016 and December 31, 2015, respectively: March 31, 2016 December 31, 2015 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Senior unsecured notes: 3.05% Senior Notes due March 2016 $ — $ — $ 299,997 $ 299,340 2.50% Senior Notes due March 2017 299,965 283,313 299,956 284,334 5.00% Senior Notes due March 2018 249,645 232,369 249,602 227,285 7.50% Senior Notes due March 2019 201,695 172,323 201,695 194,273 4.90% Senior Notes due August 2020 499,322 369,375 499,287 378,761 4.625% Senior Notes due March 2021 399,694 276,500 399,680 289,450 3.95% Senior Notes due March 2022 399,377 242,500 399,354 265,643 6.95% Senior Notes due April 2025 448,838 288,984 448,814 308,870 6.20% Senior Notes due August 2040 399,897 195,500 399,896 237,005 6.05% Senior Notes due March 2041 397,728 195,000 397,719 239,464 5.25% Senior Notes due March 2042 498,346 235,625 498,338 279,919 7.95% Senior Notes due April 2045 394,577 220,500 394,563 255,887 Total senior unsecured notes 4,189,084 2,711,989 4,488,901 3,260,231 Credit facility & commercial paper program — — — — Total debt $ 4,189,084 $ 2,711,989 $ 4,488,901 $ 3,260,231 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — Income Taxes Our income tax benefit (provision) decreased $50 million for the three months ended March 31, 2016 as compared to the three months ended March 31, 2015, which is primarily the result of the recognition of a favorable discrete item in the current quarter of $27 million coupled with a decrease in pre-tax earnings. At March 31, 2016, the reserves for uncertain tax positions totaled $144 million (net of related tax benefits of $1 million). If the March 31, 2016 reserves are not realized, the provision for income taxes would be reduced by $144 million. At December 31, 2015, the reserves for uncertain tax positions totaled $166 million (net of related tax benefits of $14 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 9 — Employee Benefit Plans Pension costs include the following components for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 775 $ 1,662 $ 874 $ 2,149 Interest cost 634 2,389 642 2,300 Return on plan assets (895 ) (3,097 ) (926 ) (3,286 ) Amortization of prior service cost 26 29 27 36 Recognized net actuarial loss 37 1,100 45 1,539 Net pension expense $ 577 $ 2,083 $ 662 $ 2,738 During the three months ended March 31, 2016 and 2015, we made contributions to our pension plans totaling approximately $0.1 million and $0.2 million, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 10 — Derivative Instruments and Hedging Activities We periodically enter into derivative instruments to manage our exposure to fluctuations in foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Cash Flow Hedges Several of our regional shorebases, including our North Sea and Australian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. The forward contract settlements in the remainder of 2016 represent approximately 60 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $36 million at March 31, 2016. Total unrealized gains related to these forward contracts were approximately $1 million as of March 31, 2016 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). Financial Statement Presentation The following table, together with Note 11, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2016 and December 31, 2015: Estimated fair value Balance sheet classification March 31, 2016 Decembe r 2015 Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 1,112 $ — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 126 $ — To supplement the fair value disclosures in Note 11, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended March 31, 2016 and 2015: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ 894 $ (3,111 ) $ 92 $ (34 ) $ — $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11 — Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2016 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 $ 6,492 $ 6,492 $ — $ — Foreign currency forward contracts 1,112 — 1,112 — Liabilities - Foreign currency forward contracts $ 126 $ — $ 126 $ — December 31, 2015 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,352 $ 6,352 $ — $ — The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12 — Accumulated Other Comprehensive Loss The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the three months ended March 31, 2016 and 2015. 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, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive loss before reclassifications (3,111 ) — (3,299 ) (6,410 ) Amounts reclassified from AOCL (34 ) 1,081 — 1,047 Net other comprehensive (loss)/income (3,145 ) 1,081 (3,299 ) (5,363 ) Balance at March 31, 2015 $ (3,145 ) $ (57,359 ) $ (14,277 ) $ (74,781 ) Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income before reclassifications 894 — 768 1,662 Amounts reclassified from AOCL 92 783 — 875 Net other comprehensive income 986 783 768 2,537 Balance at March 31, 2016 $ 986 $ (46,136 ) $ (15,488 ) $ (60,638 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 10 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “Contract drilling services” or “General and administrative.” See Note 9 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 — Commitments and Contingencies In December 2014, one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our former drillship, the Noble Discoverer, Kulluk, Noble Discoverer Kulluk We have used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. We understand that this agent has represented a number of different companies in Brazil over many years, including several offshore drilling contractors. In November 2015, this agent pled guilty in Brazil in connection with the award of a drilling contract to a competitor and implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. Following news reports relating to the agent’s involvement in the Brazil investigation in connection with his activities with other companies, we have been conducting a review of our relationship with the agent and with Petrobras. We are in contact with the SEC, the Brazilian federal prosecutor’s office and the DOJ about this matter. We are cooperating with these agencies and they are aware of our internal review. To our knowledge, neither the agent, nor the government authorities investigating the matter, has alleged that the agent or Noble acted improperly in connection with our contracts with Petrobras. We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At March 31, 2016, there were 42 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana and Mississippi. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. During 2014, the IRS began its examination of our tax reporting in the U.S. for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the IRS examination will not have a material adverse effect on our consolidated financial statements. Under the TSA entered into at the time of the Spin-off, Noble and Paragon Offshore are each responsible for the taxes that relate to their respective business (whether such taxes were incurred through a Noble-retained or a Paragon-retained entity) and provide a corresponding indemnity. In addition, in February 2016, we entered into an agreement in principle with Paragon Offshore relating to tax matters in Mexico described below in exchange for a full and unconditional release of any claims by Paragon Offshore in connection with the Spin-off (including any claims that could be brought on behalf of its creditors). The final agreement with Paragon Offshore, which was signed by the parties on April 29, 2016, is subject to the approval of Paragon Offshore’s bankruptcy plan by a bankruptcy court. A hearing to confirm the plan is set for late June 2016 (see Note 2 for additional information). Audit claims of approximately $168 million attributable to income and other business taxes have been assessed against us in Mexico, as detailed below. Under our recent agreement with Paragon Offshore, we agreed to assume the administration of Paragon Offshore’s Mexican income and value-added taxes for the years 2005 through 2010 and for Paragon Offshore’s Mexican customs taxes through 2010, as well as the related bonding obligations and certain of the tax related liabilities. In addition, under the recent agreement with Paragon Offshore, we agreed to (i) pay all of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Noble-retained entity, (ii) pay 50 percent of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Paragon Offshore-retained entity, (iii) pay 50 percent of the ultimate resolved amount of Mexican custom taxes related to Paragon Offshore’s business, and (iv) be required to post any tax appeal bond that may be required to challenge a final assessment. Tax assessments of approximately $48 million for income and value-added taxes have been made against Noble entities in Mexico. Tax assessments for income and value-added taxes of approximately $196 million have been made against Paragon Offshore entities in Mexico, of which approximately $45 million relates to Noble’s business that operated through Paragon Offshore-retained entities in Mexico prior to the Spin-off. We will only be obligated to post a tax appeal bond in the event a final assessment is made by Mexican authorities. As of April 15, 2016, there have been $3 million in final assessments that have been bonded. In January 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law applicable to the activities of that subsidiary. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling is only applicable to the Noble subsidiary named in the ruling and, therefore, does not establish the depreciation rate applicable to the assets of other Noble subsidiaries. Under the recent agreement with Paragon Offshore, we agreed to be responsible for any tax liability ultimately incurred because these depreciation liabilities would be incurred by Noble-retained entities, and such amounts are reflected in the discussion of Mexican audit claims in the preceding paragraph. We will continue to contest future assessments received, and do not believe we are liable for additional tax. Paragon Offshore has received tax assessments of approximately $134 million attributable to income, customs and other business taxes in Brazil, of which $36 million relates to Noble’s business that operated through a Paragon Offshore-retained entity in Brazil prior to the Spin-off. Under the TSA, we must indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil business, approximately $36 million, if and when such payments become due. We have contested, or intend to contest or cooperate with Paragon Offshore in Brazil where it is contesting, the assessments described above, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions or our ability to collect indemnities from Paragon Offshore under the TSA or the recent agreement with Paragon Offshore. We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $22 million). We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights. We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire to our drilling rigs along with other associated coverage common in our industry. We maintain a physical damage deductible on our rigs of $25 million per occurrence. With respect to the U.S. Gulf of Mexico, hurricane risk has generally resulted in more restrictive and expensive coverage for U.S. named windstorm perils, and we have opted in certain years to maintain limited or no windstorm coverage. Our current program provides for $500 million in named windstorm coverage in the U.S. Gulf of Mexico. For the Noble Bully I Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts, strikes or cyber risks. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million. In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $570 million at March 31, 2016. We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Pronouncements | Note 14 — Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-09 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. In March 2016 and April 2016, the FASB issued ASU No. 2016-08 and ASU No. 2016-10, respectively. The amendments in ASU No. 2016-08 and ASU No. 2016-10 do not change the core principle of ASU No. 2014-09, but instead clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and have not made any decision on the method of adoption. In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this guidance is not anticipated to have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-01, 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-02, 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 variable interest entities (“VIEs”) or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-03, which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-03, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015, which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-04, which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12, which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-04, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the income statement, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-05, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-09, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Financial Information | Note 15 — Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $173 million and $180 million at March 31, 2016 and December 31, 2015, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $69 million at March 31, 2016 as compared to $78 million at December 31, 2015, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. In April 2015, we agreed to contract dayrate reductions for five rigs working for Saudi Arabian Oil Company (“Saudi Aramco”), which were effective from January 1, 2015 through December 31, 2015. During the first quarter of 2016, we agreed to further contract dayrate reductions for the remaining four contracted rigs through the end of 2016. Given current market conditions and based on discussions with the customer, we do not expect the rates to return to the original contract rates. In accordance with accounting guidance, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Saudi Aramco contracts. At March 31, 2016 and December 31, 2015, revenues recorded in excess of billings as a result of this recognition totaled $45 million and $53 million, respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Noble-UK Noble-Cayman Three months ended Three months ended March 31, March 31, 2016 2015 2016 2015 Accounts receivable $ (7,086 ) $ (24,890 ) $ (7,086 ) $ (24,890 ) Other current assets 20,750 102,206 18,739 76,635 Other assets 23,845 13,827 23,845 13,825 Accounts payable (48,925 ) 676 (48,619 ) 1,284 Other current liabilities (50,889 ) (58,682 ) (45,885 ) (52,979 ) Other liabilities (25,191 ) (18,379 ) (25,192 ) (18,380 ) $ (87,496 ) $ 14,758 $ (84,198 ) $ (4,505 ) |
Information about Noble-Cayman
Information about Noble-Cayman | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Information about Noble-Cayman | Note 16 — Information about Noble-Cayman Guarantees of Registered Securities Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.00% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman Noble Drilling Holding, LLC ("NDH") Noble Drilling Services 6 LLC ("NDS6") $500 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $400 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 6.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 7.95% Senior Notes due 2045 NHIL Noble-Cayman The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 (in thousands) Other Non-guarantor Noble - Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 Accounts receivable — — 21,702 — — 484,315 — 506,017 Taxes receivable — 12,124 — — — 43,193 — 55,317 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 930,359 471,793 138,267 92,764 60,439 3,443,616 (5,137,238 ) — Prepaid expenses and other current assets 105 — 1,799 — — 149,063 — 150,967 Total current assets 930,472 483,917 281,315 92,764 60,439 4,527,456 (5,428,639 ) 947,724 Property and equipment, at cost — — 1,900,406 — — 12,198,091 — 14,098,497 Accumulated depreciation — — (365,767 ) — — (2,346,406 ) — (2,712,173 ) Property and equipment, net — — 1,534,639 — — 9,851,685 — 11,386,324 Notes receivable from affiliates 3,304,798 — 236,921 1,587,927 5,000 1,762,825 (6,897,471 ) — Investments in affiliates 5,294,156 1,949,551 2,340,680 9,557,179 7,975,626 — (27,117,192 ) — Other assets 5,539 — 7,697 — — 92,898 — 106,134 Total assets $ 9,534,965 $ 2,433,468 $ 4,401,252 $ 11,237,870 $ 8,041,065 $ 16,234,864 $ (39,443,302 ) $ 12,440,182 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,523 — — — 299,523 Accounts payable — — 5,524 — — 135,593 — 141,117 Accrued payroll and related costs — — 4,965 — — 47,989 — 52,954 Accounts payable to affiliates 1,232,826 61,428 2,088,145 96,868 7,139 1,650,832 (5,137,238 ) — Taxes payable — 10,850 — — — 81,995 — 92,845 Interest payable — — — 41,403 630 — — 42,033 Other current liabilities 16 — 4,223 — — 93,842 — 98,081 Total current liabilities 1,232,842 244,203 2,102,857 437,794 7,769 2,129,727 (5,428,639 ) 726,553 Long-term debt — — — 3,662,729 201,331 — — 3,864,060 Notes payable to affiliates 1,518,363 — 461,380 1,414,151 124,215 3,379,362 (6,897,471 ) — Deferred income taxes — — 1,314 — — 69,436 — 70,750 Other liabilities 19,929 — 27,214 — — 247,709 — 294,852 Total liabilities 2,771,134 244,203 2,592,765 5,514,674 333,315 5,826,234 (12,326,110 ) 4,956,215 Commitments and contingencies — — — — — — — — Total shareholder equity 6,763,831 2,189,265 1,808,487 5,723,196 7,707,750 9,248,066 (26,676,764 ) 6,763,831 Noncontrolling interests — — — — — 1,160,564 (440,428 ) 720,136 Total equity 6,763,831 2,189,265 1,808,487 5,723,196 7,707,750 10,408,630 (27,117,192 ) 7,483,967 Total liabilities and equity $ 9,534,965 $ 2,433,468 $ 4,401,252 $ 11,237,870 $ 8,041,065 $ 16,234,864 $ (39,443,302 ) $ 12,440,182 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2016 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 52,207 $ — $ — $ 557,474 $ (18,314 ) $ 591,367 Reimbursables — — 746 — — 19,860 — 20,606 Other — — — — — 600 — 600 Total operating revenues — — 52,953 — — 577,934 (18,314 ) 612,573 Operating costs and expenses Contract drilling services 1,745 7,395 14,558 32,314 — 211,592 (18,314 ) 249,290 Reimbursables — — 542 — — 15,464 — 16,006 Depreciation and amortization — — 21,461 — — 128,212 — 149,673 General and administrative 419 3,315 — 14,545 — (7,674 ) — 10,605 Total operating costs and expenses 2,164 10,710 36,561 46,859 — 347,594 (18,314 ) 425,574 Operating income (loss) (2,164 ) (10,710 ) 16,392 (46,859 ) — 230,340 — 186,999 Other income (expense) Income (loss) of unconsolidated affiliates 135,092 53,855 (13,583 ) 176,354 137,371 — (489,089 ) — Interest expense, net of amounts capitalized (17,556 ) (1,327 ) (2,748 ) (61,409 ) (4,275 ) (4,399 ) 34,614 (57,100 ) Interest income and other, net 1,649 (4 ) 3,476 15,321 69 13,370 (34,614 ) (733 ) Income before income taxes 117,021 41,814 3,537 83,407 133,165 239,311 (489,089 ) 129,166 Income tax provision — (10,082 ) (205 ) — — 16,790 — 6,503 Net income 117,021 31,732 3,332 83,407 133,165 256,101 (489,089 ) 135,669 Net income attributable to noncontrolling interests — — — — — (22,816 ) 4,168 (18,648 ) Net income attributable to Noble Corporation 117,021 31,732 3,332 83,407 133,165 233,285 (484,921 ) 117,021 Other comprehensive income, net 2,537 — — — — 2,537 (2,537 ) 2,537 Comprehensive income attributable to Noble Corporation $ 119,558 $ 31,732 $ 3,332 $ 83,407 $ 133,165 $ 235,822 $ (487,458 ) $ 119,558 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months Ended March 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 75,059 $ — $ — $ 737,807 $ (33,505 ) $ 779,361 Reimbursables — — 2,379 — — 22,602 — 24,981 Total operating revenues — — 77,438 — — 760,409 (33,505 ) 804,342 Operating costs and expenses Contract drilling services 1,815 8,291 29,378 22,839 — 290,661 (33,505 ) 319,479 Reimbursables — — 1,482 — — 18,675 — 20,157 Depreciation and amortization — — 17,368 — — 136,498 — 153,866 General and administrative 457 3,388 — 8,349 — 14 — 12,208 Total operating costs and expenses 2,272 11,679 48,228 31,188 — 445,848 (33,505 ) 505,710 Operating income (loss) (2,272 ) (11,679 ) 29,210 (31,188 ) — 314,561 — 298,632 Other income (expense) Income (loss) of unconsolidated affiliates 216,726 32,081 55,024 289,758 179,050 — (772,639 ) — Interest expense, net of amounts capitalized (24,753 ) (1,019 ) (3,255 ) (48,336 ) (6,216 ) (13,727 ) 48,262 (49,044 ) Interest income and other, net 2,730 4,832 12,712 20,779 1,399 12,258 (48,262 ) 6,448 Income before income taxes 192,431 24,215 93,691 231,013 174,233 313,092 (772,639 ) 256,036 Income tax provision — (16,093 ) (379 ) — — (27,086 ) — (43,558 ) Net income 192,431 8,122 93,312 231,013 174,233 286,006 (772,639 ) 212,478 Net income attributable to noncontrolling interests — — — — — (30,464 ) 10,417 (20,047 ) Net income attributable to Noble Corporation 192,431 8,122 93,312 231,013 174,233 255,542 (762,222 ) 192,431 Other comprehensive loss, net (5,363 ) — — — — (5,363 ) 5,363 (5,363 ) Comprehensive income attributable to Noble Corporation $ 187,068 $ 8,122 $ 93,312 $ 231,013 $ 174,233 $ 250,179 $ (756,859 ) $ 187,068 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months Ended March 31, 2016 (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 $ (8,420 ) $ (12,190 ) $ 20,809 $ (120,093 ) $ (7,988 ) $ 315,632 $ — $ 187,750 Cash flows from investing activities Capital expenditures — — (14,575 ) — — (74,749 ) — (89,324 ) Proceeds from disposal of assets — — — — — 3,031 — 3,031 Net cash from investing activities — — (14,575 ) — — (71,718 ) — (86,293 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (21,513 ) — (21,513 ) Distributions to parent company, net (56,316 ) — — — — — — (56,316 ) Advances (to) from affiliates 63,117 12,190 (8,264 ) 420,093 7,988 (495,124 ) — — Net cash from financing activities 6,801 12,190 (8,264 ) 120,093 7,988 (516,637 ) — (377,829 ) Net change in cash and cash equivalents (1,619 ) — (2,030 ) — — (272,723 ) — (276,372 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months Ended March 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ (27,097 ) $ 36,360 $ 33,705 $ (102,007 ) $ (8,568 ) $ 426,630 $ — $ 359,023 Cash flows from investing activities Capital expenditures — — (27,344 ) — — (90,973 ) — (118,317 ) Net cash from investing activities — — (27,344 ) — — (90,973 ) — (118,317 ) Cash flows from financing activities Net change in borrowings outstanding on bank facilities (1,099,497 ) — — — — — — (1,099,497 ) Repayment of long-term debt — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,392 ) — — (8,383 ) — — — (14,775 ) Dividends paid to noncontrolling interests — — — — — (19,369 ) — (19,369 ) Distributions to parent company, net (186,597 ) — — — — — — (186,597 ) Advances (to) from affiliates 1,319,583 (36,360 ) (6,344 ) (982,338 ) 8,568 (303,109 ) — — Net cash from financing activities 27,097 (36,360 ) (6,344 ) 102,007 8,568 (322,478 ) — (227,510 ) Net change in cash and cash equivalents — — 17 — — 13,179 — 13,196 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 5 $ — $ 271 $ — $ — $ 78,700 $ — $ 78,976 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-09 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. In March 2016 and April 2016, the FASB issued ASU No. 2016-08 and ASU No. 2016-10, respectively. The amendments in ASU No. 2016-08 and ASU No. 2016-10 do not change the core principle of ASU No. 2014-09, but instead clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements and have not made any decision on the method of adoption. In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this guidance is not anticipated to have a material impact on our financial condition, results of operations, cash flows or financial disclosures. In January 2015, the FASB issued ASU No. 2015-01, 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. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-02, 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 variable interest entities (“VIEs”) or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-03, which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-03, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015, which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-04, which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12, which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-04, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the income statement, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-05, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-09, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Share Data (Tables)
Share Data (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three months ended March 31, 2016 2015 Numerator: Basic Net income attributable to Noble-UK $ 105,485 $ 178,403 Earnings allocated to unvested share-based payment awards (3,822 ) (3,931 ) Net income to common shareholders - basic $ 101,663 $ 174,472 Diluted Net income attributable to Noble-UK $ 105,485 $ 178,403 Earnings allocated to unvested share-based payment awards (3,822 ) (3,931 ) Net income to common shareholders - diluted $ 101,663 $ 174,472 Denominator: Weighted average shares outstanding - basic 242,826 242,685 Incremental shares issuable from assumed exercise of stock options — — Weighted average shares outstanding - diluted 242,826 242,685 Weighted average unvested share-based payment awards 9,129 5,468 Earnings per share Basic $ 0.42 $ 0.72 Diluted $ 0.42 $ 0.72 Dividends per share $ 0.150 $ 0.375 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of March 31, 2016 and December 31, 2015 for Noble-UK consisted of the following: March 31, December 31, 2016 2015 Drilling equipment and facilities $ 13,443,211 $ 13,074,804 Construction in progress 443,843 761,347 Other 213,209 220,172 Property and equipment, at cost $ 14,100,263 $ 14,056,323 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our total debt consisted of the following at March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 Current Current maturities of long-term debt $ 299,965 $ 299,997 Less: Unamortized debt issuance costs (442 ) (73 ) Current maturities of long-term debt, net of debt issuance costs $ 299,523 $ 299,924 Long-term 3.05% Senior Notes due March 2016 $ — $ 299,997 2.50% Senior Notes due March 2017 299,965 299,956 5.00% Senior Notes due March 2018 249,645 249,602 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 499,322 499,287 4.625% Senior Notes due March 2021 399,694 399,680 3.95% Senior Notes due March 2022 399,377 399,354 6.95% Senior Notes due April 2025 448,838 448,814 6.20% Senior Notes due August 2040 399,897 399,896 6.05% Senior Notes due March 2041 397,728 397,719 5.25% Senior Notes due March 2042 498,346 498,338 7.95% Senior Notes due April 2045 394,577 394,563 Total senior unsecured notes 4,189,084 4,488,901 Credit facility & commercial paper program — — Total debt 4,189,084 4,488,901 Less: Unamortized debt issuance costs (25,059 ) (26,266 ) Less: Current maturities of long-term debt (299,965 ) (299,997 ) Long-term debt, net of debt issuance costs $ 3,864,060 $ 4,162,638 |
Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs | The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of March 31, 2016 and December 31, 2015, respectively: March 31, 2016 December 31, 2015 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Senior unsecured notes: 3.05% Senior Notes due March 2016 $ — $ — $ 299,997 $ 299,340 2.50% Senior Notes due March 2017 299,965 283,313 299,956 284,334 5.00% Senior Notes due March 2018 249,645 232,369 249,602 227,285 7.50% Senior Notes due March 2019 201,695 172,323 201,695 194,273 4.90% Senior Notes due August 2020 499,322 369,375 499,287 378,761 4.625% Senior Notes due March 2021 399,694 276,500 399,680 289,450 3.95% Senior Notes due March 2022 399,377 242,500 399,354 265,643 6.95% Senior Notes due April 2025 448,838 288,984 448,814 308,870 6.20% Senior Notes due August 2040 399,897 195,500 399,896 237,005 6.05% Senior Notes due March 2041 397,728 195,000 397,719 239,464 5.25% Senior Notes due March 2042 498,346 235,625 498,338 279,919 7.95% Senior Notes due April 2045 394,577 220,500 394,563 255,887 Total senior unsecured notes 4,189,084 2,711,989 4,488,901 3,260,231 Credit facility & commercial paper program — — — — Total debt $ 4,189,084 $ 2,711,989 $ 4,488,901 $ 3,260,231 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Costs | Pension costs include the following components for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Service cost $ 775 $ 1,662 $ 874 $ 2,149 Interest cost 634 2,389 642 2,300 Return on plan assets (895 ) (3,097 ) (926 ) (3,286 ) Amortization of prior service cost 26 29 27 36 Recognized net actuarial loss 37 1,100 45 1,539 Net pension expense $ 577 $ 2,083 $ 662 $ 2,738 |
Derivative Instruments and He30
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summarization of Financial Statement Presentation and Fair Value of Derivative Positions | The following table, together with Note 11, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2016 and December 31, 2015: Estimated fair value Balance sheet classification March 31, 2016 Decembe r 2015 Asset derivatives Cash flow hedges Short-term foreign currency forward contracts Prepaid expenses and other current assets $ 1,112 $ — Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 126 $ — |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 11, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended March 31, 2016 and 2015: Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" expense 2016 2015 2016 2015 2016 2015 Cash flow hedges Foreign currency forward contracts $ 894 $ (3,111 ) $ 92 $ (34 ) $ — $ — |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2016 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 $ 6,492 $ 6,492 $ — $ — Foreign currency forward contracts 1,112 — 1,112 — Liabilities - Foreign currency forward contracts $ 126 $ — $ 126 $ — December 31, 2015 Estimated Fair Value Measurements Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) Assets - Marketable securities $ 6,352 $ 6,352 $ — $ — |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Comprehensive Income Net Of Tax [Abstract] | |
Changes in AOCL by Component | The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the three months ended March 31, 2016 and 2015. 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, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive loss before reclassifications (3,111 ) — (3,299 ) (6,410 ) Amounts reclassified from AOCL (34 ) 1,081 — 1,047 Net other comprehensive (loss)/income (3,145 ) 1,081 (3,299 ) (5,363 ) Balance at March 31, 2015 $ (3,145 ) $ (57,359 ) $ (14,277 ) $ (74,781 ) Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income before reclassifications 894 — 768 1,662 Amounts reclassified from AOCL 92 783 — 875 Net other comprehensive income 986 783 768 2,537 Balance at March 31, 2016 $ 986 $ (46,136 ) $ (15,488 ) $ (60,638 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 10 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “Contract drilling services” or “General and administrative.” See Note 9 for additional information. |
Supplemental Financial Inform33
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Noble-UK Noble-Cayman Three months ended Three months ended March 31, March 31, 2016 2015 2016 2015 Accounts receivable $ (7,086 ) $ (24,890 ) $ (7,086 ) $ (24,890 ) Other current assets 20,750 102,206 18,739 76,635 Other assets 23,845 13,827 23,845 13,825 Accounts payable (48,925 ) 676 (48,619 ) 1,284 Other current liabilities (50,889 ) (58,682 ) (45,885 ) (52,979 ) Other liabilities (25,191 ) (18,379 ) (25,192 ) (18,380 ) $ (87,496 ) $ 14,758 $ (84,198 ) $ (4,505 ) |
Information about Noble-Cayman
Information about Noble-Cayman (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Guarantor Obligations | Guarantees of Registered Securities Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.00% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman Noble Drilling Holding, LLC ("NDH") Noble Drilling Services 6 LLC ("NDS6") $500 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $400 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $400 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $450 million 6.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 7.95% Senior Notes due 2045 NHIL Noble-Cayman |
Condensed Consolidating Balance Sheet | The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 (in thousands) Other Non-guarantor Noble - Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 Accounts receivable — — 21,702 — — 484,315 — 506,017 Taxes receivable — 12,124 — — — 43,193 — 55,317 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 930,359 471,793 138,267 92,764 60,439 3,443,616 (5,137,238 ) — Prepaid expenses and other current assets 105 — 1,799 — — 149,063 — 150,967 Total current assets 930,472 483,917 281,315 92,764 60,439 4,527,456 (5,428,639 ) 947,724 Property and equipment, at cost — — 1,900,406 — — 12,198,091 — 14,098,497 Accumulated depreciation — — (365,767 ) — — (2,346,406 ) — (2,712,173 ) Property and equipment, net — — 1,534,639 — — 9,851,685 — 11,386,324 Notes receivable from affiliates 3,304,798 — 236,921 1,587,927 5,000 1,762,825 (6,897,471 ) — Investments in affiliates 5,294,156 1,949,551 2,340,680 9,557,179 7,975,626 — (27,117,192 ) — Other assets 5,539 — 7,697 — — 92,898 — 106,134 Total assets $ 9,534,965 $ 2,433,468 $ 4,401,252 $ 11,237,870 $ 8,041,065 $ 16,234,864 $ (39,443,302 ) $ 12,440,182 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,523 — — — 299,523 Accounts payable — — 5,524 — — 135,593 — 141,117 Accrued payroll and related costs — — 4,965 — — 47,989 — 52,954 Accounts payable to affiliates 1,232,826 61,428 2,088,145 96,868 7,139 1,650,832 (5,137,238 ) — Taxes payable — 10,850 — — — 81,995 — 92,845 Interest payable — — — 41,403 630 — — 42,033 Other current liabilities 16 — 4,223 — — 93,842 — 98,081 Total current liabilities 1,232,842 244,203 2,102,857 437,794 7,769 2,129,727 (5,428,639 ) 726,553 Long-term debt — — — 3,662,729 201,331 — — 3,864,060 Notes payable to affiliates 1,518,363 — 461,380 1,414,151 124,215 3,379,362 (6,897,471 ) — Deferred income taxes — — 1,314 — — 69,436 — 70,750 Other liabilities 19,929 — 27,214 — — 247,709 — 294,852 Total liabilities 2,771,134 244,203 2,592,765 5,514,674 333,315 5,826,234 (12,326,110 ) 4,956,215 Commitments and contingencies — — — — — — — — Total shareholder equity 6,763,831 2,189,265 1,808,487 5,723,196 7,707,750 9,248,066 (26,676,764 ) 6,763,831 Noncontrolling interests — — — — — 1,160,564 (440,428 ) 720,136 Total equity 6,763,831 2,189,265 1,808,487 5,723,196 7,707,750 10,408,630 (27,117,192 ) 7,483,967 Total liabilities and equity $ 9,534,965 $ 2,433,468 $ 4,401,252 $ 11,237,870 $ 8,041,065 $ 16,234,864 $ (39,443,302 ) $ 12,440,182 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2016 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 52,207 $ — $ — $ 557,474 $ (18,314 ) $ 591,367 Reimbursables — — 746 — — 19,860 — 20,606 Other — — — — — 600 — 600 Total operating revenues — — 52,953 — — 577,934 (18,314 ) 612,573 Operating costs and expenses Contract drilling services 1,745 7,395 14,558 32,314 — 211,592 (18,314 ) 249,290 Reimbursables — — 542 — — 15,464 — 16,006 Depreciation and amortization — — 21,461 — — 128,212 — 149,673 General and administrative 419 3,315 — 14,545 — (7,674 ) — 10,605 Total operating costs and expenses 2,164 10,710 36,561 46,859 — 347,594 (18,314 ) 425,574 Operating income (loss) (2,164 ) (10,710 ) 16,392 (46,859 ) — 230,340 — 186,999 Other income (expense) Income (loss) of unconsolidated affiliates 135,092 53,855 (13,583 ) 176,354 137,371 — (489,089 ) — Interest expense, net of amounts capitalized (17,556 ) (1,327 ) (2,748 ) (61,409 ) (4,275 ) (4,399 ) 34,614 (57,100 ) Interest income and other, net 1,649 (4 ) 3,476 15,321 69 13,370 (34,614 ) (733 ) Income before income taxes 117,021 41,814 3,537 83,407 133,165 239,311 (489,089 ) 129,166 Income tax provision — (10,082 ) (205 ) — — 16,790 — 6,503 Net income 117,021 31,732 3,332 83,407 133,165 256,101 (489,089 ) 135,669 Net income attributable to noncontrolling interests — — — — — (22,816 ) 4,168 (18,648 ) Net income attributable to Noble Corporation 117,021 31,732 3,332 83,407 133,165 233,285 (484,921 ) 117,021 Other comprehensive income, net 2,537 — — — — 2,537 (2,537 ) 2,537 Comprehensive income attributable to Noble Corporation $ 119,558 $ 31,732 $ 3,332 $ 83,407 $ 133,165 $ 235,822 $ (487,458 ) $ 119,558 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME Three months Ended March 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Operating revenues Contract drilling services $ — $ — $ 75,059 $ — $ — $ 737,807 $ (33,505 ) $ 779,361 Reimbursables — — 2,379 — — 22,602 — 24,981 Total operating revenues — — 77,438 — — 760,409 (33,505 ) 804,342 Operating costs and expenses Contract drilling services 1,815 8,291 29,378 22,839 — 290,661 (33,505 ) 319,479 Reimbursables — — 1,482 — — 18,675 — 20,157 Depreciation and amortization — — 17,368 — — 136,498 — 153,866 General and administrative 457 3,388 — 8,349 — 14 — 12,208 Total operating costs and expenses 2,272 11,679 48,228 31,188 — 445,848 (33,505 ) 505,710 Operating income (loss) (2,272 ) (11,679 ) 29,210 (31,188 ) — 314,561 — 298,632 Other income (expense) Income (loss) of unconsolidated affiliates 216,726 32,081 55,024 289,758 179,050 — (772,639 ) — Interest expense, net of amounts capitalized (24,753 ) (1,019 ) (3,255 ) (48,336 ) (6,216 ) (13,727 ) 48,262 (49,044 ) Interest income and other, net 2,730 4,832 12,712 20,779 1,399 12,258 (48,262 ) 6,448 Income before income taxes 192,431 24,215 93,691 231,013 174,233 313,092 (772,639 ) 256,036 Income tax provision — (16,093 ) (379 ) — — (27,086 ) — (43,558 ) Net income 192,431 8,122 93,312 231,013 174,233 286,006 (772,639 ) 212,478 Net income attributable to noncontrolling interests — — — — — (30,464 ) 10,417 (20,047 ) Net income attributable to Noble Corporation 192,431 8,122 93,312 231,013 174,233 255,542 (762,222 ) 192,431 Other comprehensive loss, net (5,363 ) — — — — (5,363 ) 5,363 (5,363 ) Comprehensive income attributable to Noble Corporation $ 187,068 $ 8,122 $ 93,312 $ 231,013 $ 174,233 $ 250,179 $ (756,859 ) $ 187,068 |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months Ended March 31, 2016 (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 $ (8,420 ) $ (12,190 ) $ 20,809 $ (120,093 ) $ (7,988 ) $ 315,632 $ — $ 187,750 Cash flows from investing activities Capital expenditures — — (14,575 ) — — (74,749 ) — (89,324 ) Proceeds from disposal of assets — — — — — 3,031 — 3,031 Net cash from investing activities — — (14,575 ) — — (71,718 ) — (86,293 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (21,513 ) — (21,513 ) Distributions to parent company, net (56,316 ) — — — — — — (56,316 ) Advances (to) from affiliates 63,117 12,190 (8,264 ) 420,093 7,988 (495,124 ) — — Net cash from financing activities 6,801 12,190 (8,264 ) 120,093 7,988 (516,637 ) — (377,829 ) Net change in cash and cash equivalents (1,619 ) — (2,030 ) — — (272,723 ) — (276,372 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three months Ended March 31, 2015 (in thousands) Other Non-guarantor Noble- Subsidiaries Consolidating Cayman NHC NDH NHIL NDS6 of Noble Adjustments Total Cash flows from operating activities Net cash from operating activities $ (27,097 ) $ 36,360 $ 33,705 $ (102,007 ) $ (8,568 ) $ 426,630 $ — $ 359,023 Cash flows from investing activities Capital expenditures — — (27,344 ) — — (90,973 ) — (118,317 ) Net cash from investing activities — — (27,344 ) — — (90,973 ) — (118,317 ) Cash flows from financing activities Net change in borrowings outstanding on bank facilities (1,099,497 ) — — — — — — (1,099,497 ) Repayment of long-term debt — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,392 ) — — (8,383 ) — — — (14,775 ) Dividends paid to noncontrolling interests — — — — — (19,369 ) — (19,369 ) Distributions to parent company, net (186,597 ) — — — — — — (186,597 ) Advances (to) from affiliates 1,319,583 (36,360 ) (6,344 ) (982,338 ) 8,568 (303,109 ) — — Net cash from financing activities 27,097 (36,360 ) (6,344 ) 102,007 8,568 (322,478 ) — (227,510 ) Net change in cash and cash equivalents — — 17 — — 13,179 — 13,196 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 5 $ — $ 271 $ — $ — $ 78,700 $ — $ 78,976 |
Organization and Basis of Pre35
Organization and Basis of Presentation - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Mar. 31, 2016Vessel | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of semisubmersibles | 8 | |
Number of drillships | 8 | |
Number of jackups | 14 | |
Number of harsh environment jackup rigs under construction | 1 | |
Prior Period Reclassification Adjustment | $ | $ 26 |
Spin-off of Paragon Offshore 36
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Agreement | |
Discontinued Operations And Disposal Groups [Abstract] | |
Number of transition services agreements | 2 |
Consolidated Joint Ventures - A
Consolidated Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)JointVentureRig | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures acquired | JointVenture | 2 | |||
Number of bully class drillships | Rig | 2 | |||
Carrying amount of the drillships | $ 1,400,000 | $ 1,400,000 | ||
Cash held by Bully joint venture | 236,198 | $ 82,203 | 512,245 | $ 68,510 |
Bully Joint Venture [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Dividend paid by Bully Joint Venture Partners | 43,000 | $ 39,000 | ||
Cash held by Bully joint venture | $ 41,000 | $ 50,000 |
Share Data - Computation of Bas
Share Data - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic | ||
Net income attributable to Noble-UK | $ 105,485 | $ 178,403 |
Earnings allocated to unvested share-based payment awards | (3,822) | (3,931) |
Net income to common shareholders - basic | 101,663 | 174,472 |
Diluted | ||
Net income attributable to Noble-UK | 105,485 | 178,403 |
Earnings allocated to unvested share-based payment awards | (3,822) | (3,931) |
Net income to common shareholders - diluted | $ 101,663 | $ 174,472 |
Denominator: | ||
Weighted average shares outstanding - basic | 242,826 | 242,685 |
Weighted average shares outstanding - diluted | 242,826 | 242,685 |
Weighted average unvested share-based payment awards | 9,129 | 5,468 |
Basic | $ 0.42 | $ 0.72 |
Diluted | 0.42 | 0.72 |
Dividends per share | $ 0.150 | $ 0.375 |
Share Data - Additional Informa
Share Data - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 22, 2016 | Feb. 16, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Shares outstanding and trading | 243,212,000 | 241,977,000 | ||||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | |||||
Current nominal value per share | $ 0.01 | |||||
Dividends per share | $ 0.150 | $ 0.375 | ||||
Dividends paid | $ 38,000 | |||||
Dividend declaration, Date | Jan. 29, 2016 | |||||
Dividend paid, Date | Feb. 16, 2016 | |||||
Dividend record, Date | Feb. 8, 2016 | |||||
Repurchased shares | 37,000,000 | |||||
Shares outstanding repurchased percentage | 15.00% | |||||
Stock repurchase expiration date | Apr. 22, 2016 | |||||
Repurchase of shares related to share repurchase program | 6,200,000 | |||||
Payments under share repurchase program | $ 100,630 | $ 101,000 | ||||
Subsequent Event [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Dividends per share | $ 0.02 | |||||
Dividends payable outstanding | $ 5,000 | |||||
Equity Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Shares excluded from the diluted net income per share | 1,600,000 | 2,000,000 |
Receivables from Customers - Ad
Receivables from Customers - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($) |
Petroleos Mexicanos [Member] | Other Assets [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Approximate receivable | $ 14 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment, at Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 14,100,263 | $ 14,056,323 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 13,443,211 | 13,074,804 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 443,843 | 761,347 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 213,209 | $ 220,172 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property Plant And Equipment [Abstract] | ||
Capital expenditures | $ 51,357 | $ 89,307 |
Capitalized interest on construction-in-progress | 4,000 | $ 5,000 |
Proceeds from sale of rigs | $ 3,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 299,965 | $ 299,997 |
Less: Unamortized debt issuance costs | (442) | (73) |
Current maturities of long-term debt, net of debt issuance costs | 299,523 | 299,924 |
Total debt | 4,189,084 | 4,488,901 |
Less: Unamortized debt issuance costs | (25,059) | (26,266) |
Less: Current maturities of long-term debt | (299,965) | (299,997) |
Long-term debt | 3,864,060 | 4,162,638 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,997 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,965 | 299,956 |
5.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,645 | 249,602 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 499,322 | 499,287 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,694 | 399,680 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,377 | 399,354 |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,838 | 448,814 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,897 | 399,896 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,728 | 397,719 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,346 | 498,338 |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,577 | 394,563 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 4,189,084 | $ 4,488,901 |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2,016 |
2.50% Senior Notes due March 2017 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2,017 |
5.00% Senior Notes due March 2018 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.00% |
Senior notes, maturity date | 2,018 |
7.50% Senior Notes due March 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2,019 |
4.90% Senior Notes due August 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2,020 |
4.625% Senior Notes due March 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.625% |
Senior notes, maturity date | 2,021 |
3.95% Senior Notes due March 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2,022 |
6.95% Senior Notes due April 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2,025 |
6.20% Senior Notes due August 2040 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2,040 |
6.05% Senior Notes due March 2041 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2,041 |
5.25% Senior Notes due March 2042 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2,042 |
7.95% Senior Notes due April 2045 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.95% |
Senior notes, maturity date | 2,045 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Apr. 01, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Letters of credit issued | $ 0 | ||||
Amount drawn on credit facility | $ 0 | ||||
Maximum debt to tangible capitalization covenant | 60.00% | ||||
Line of credit facility debt to tangible capitalization ratio | 36.00% | ||||
Senior Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 1,100,000,000 | ||||
4.00% Senior Notes due March 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 250,000,000 | ||||
Interest rate on senior notes | 4.00% | ||||
Senior notes, maturity date | 2,018 | ||||
5.95% Senior Notes due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 450,000,000 | ||||
Interest rate on senior notes | 5.95% | ||||
Senior notes, maturity date | 2,025 | ||||
6.95% Senior Notes due April 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 400,000,000 | ||||
Interest rate on senior notes | 6.95% | ||||
Senior notes, maturity date | 2,045 | ||||
5.00% Senior Unsecured Notes due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 5.00% | ||||
6.95% Senior Unsecured Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 6.95% | ||||
7.95% Senior Unsecured Notes due 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 7.95% | ||||
3.05% Senior Notes due March 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 300,000,000 | ||||
Interest rate on senior notes | 3.05% | ||||
Senior notes, maturity date | 2,016 | ||||
Senior unsecured notes | $ 299,997,000 | ||||
4.90% Senior Notes due August 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 500,000,000 | ||||
Interest rate on senior notes | 4.90% | ||||
Senior notes, maturity date | 2,020 | ||||
Senior unsecured notes | $ 499,322,000 | 499,287,000 | |||
4.625% Senior Notes due March 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 400,000,000 | ||||
Interest rate on senior notes | 4.625% | ||||
Senior notes, maturity date | 2,021 | ||||
Senior unsecured notes | $ 399,694,000 | 399,680,000 | |||
4.90% Senior Notes and 4.625% Senior Notes due in August 2020 and March 2021 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 36,000,000 | ||||
2.50% Senior Notes due March 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of senior notes | $ 300,000,000 | ||||
Interest rate on senior notes | 2.50% | ||||
Senior notes, maturity date | 2,017 | ||||
Senior unsecured notes | $ 299,965,000 | $ 299,956,000 | |||
Maximum [Member] | Senior Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||||
Commercial Paper Program [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured revolving credit facility maturity period | 5 years | ||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||||
Senior unsecured Revolving Credit Facility Maturity date | 2020-01 | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Senior unsecured notes, Estimated Fair Value | $ 2,711,989 | $ 3,260,231 |
Total debt | 4,189,084 | 4,488,901 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,997 | |
Senior unsecured notes, Estimated Fair Value | 299,340 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,965 | 299,956 |
Senior unsecured notes, Estimated Fair Value | 283,313 | 284,334 |
5.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,645 | 249,602 |
Senior unsecured notes, Estimated Fair Value | 232,369 | 227,285 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
Senior unsecured notes, Estimated Fair Value | 172,323 | 194,273 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 499,322 | 499,287 |
Senior unsecured notes, Estimated Fair Value | 369,375 | 378,761 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,694 | 399,680 |
Senior unsecured notes, Estimated Fair Value | 276,500 | 289,450 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,377 | 399,354 |
Senior unsecured notes, Estimated Fair Value | 242,500 | 265,643 |
6.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,838 | 448,814 |
Senior unsecured notes, Estimated Fair Value | 288,984 | 308,870 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,897 | 399,896 |
Senior unsecured notes, Estimated Fair Value | 195,500 | 237,005 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,728 | 397,719 |
Senior unsecured notes, Estimated Fair Value | 195,000 | 239,464 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,346 | 498,338 |
Senior unsecured notes, Estimated Fair Value | 235,625 | 279,919 |
7.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,577 | 394,563 |
Senior unsecured notes, Estimated Fair Value | 220,500 | 255,887 |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 4,189,084 | 4,488,901 |
Senior unsecured notes, Estimated Fair Value | $ 2,711,989 | $ 3,260,231 |
Debt - Estimated Fair Value o47
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2,016 |
2.50% Senior Notes due March 2017 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2,017 |
5.00% Senior Notes due March 2018 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.00% |
Senior notes, maturity date | 2,018 |
7.50% Senior Notes due March 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2,019 |
4.90% Senior Notes due August 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2,020 |
4.625% Senior Notes due March 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.625% |
Senior notes, maturity date | 2,021 |
3.95% Senior Notes due March 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2,022 |
6.95% Senior Notes due April 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2,025 |
6.20% Senior Notes due August 2040 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2,040 |
6.05% Senior Notes due March 2041 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2,041 |
5.25% Senior Notes due March 2042 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2,042 |
7.95% Senior Notes due April 2045 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.95% |
Senior notes, maturity date | 2,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Decrease in Income tax benefit (provision) | $ (50) | |
Favorable discrete item with decrease in pre-tax earnings | 27 | |
Reserves for uncertain tax positions net | 144 | $ 166 |
Related tax benefits | 1 | $ 14 |
Reduction in the provision for income taxes, if reserves not realized | $ 144 | |
Operational period | 12 months |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 775 | $ 874 |
Interest cost | 634 | 642 |
Return on plan assets | (895) | (926) |
Amortization of prior service cost | 26 | 27 |
Recognized net actuarial loss | 37 | 45 |
Net pension expense | 577 | 662 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1,662 | 2,149 |
Interest cost | 2,389 | 2,300 |
Return on plan assets | (3,097) | (3,286) |
Amortization of prior service cost | 29 | 36 |
Recognized net actuarial loss | 1,100 | 1,539 |
Net pension expense | $ 2,083 | $ 2,738 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | ||
Employer contributions | $ 0.1 | $ 0.2 |
Derivative Instruments and He51
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative [Line Items] | |
Percentage of forecasted local currency requirements of forward contract, remainder of 2016 | 60.00% |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Total unrealized gain related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | $ 1 |
Price Risk Derivative [Member] | |
Derivative [Line Items] | |
Notional amount of forward contracts outstanding | $ 36 |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) - Short-Term Foreign Currency Forward Contracts [Member] $ in Thousands | Mar. 31, 2016USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Asset derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $ 1,112 |
Other Current Liabilities [Member] | |
Liability derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $ 126 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - Foreign Currency Forward Contracts [Member] - Cash Flow Hedges [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through AOCL | $ 894 | $ (3,111) |
Contract Drilling Services [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | $ 92 | $ (34) |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 6,492 | $ 6,352 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets - | ||
Foreign currency forward contracts | 1,112 | |
Liabilities - | ||
Foreign currency forward contracts | 126 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,492 | $ 6,352 |
Foreign currency forward contracts | 1,112 | |
Liabilities - | ||
Foreign currency forward contracts | $ 126 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ (63,175) | $ (69,418) |
Other comprehensive income/(loss) before reclassifications | 1,662 | (6,410) |
Amounts reclassified from AOCL | 875 | 1,047 |
Other comprehensive income (loss), net | 2,537 | (5,363) |
Ending balance | (60,638) | (74,781) |
Gains / (Losses) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income/(loss) before reclassifications | 894 | (3,111) |
Amounts reclassified from AOCL | 92 | (34) |
Other comprehensive income (loss), net | 986 | (3,145) |
Ending balance | 986 | (3,145) |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (46,919) | (58,440) |
Amounts reclassified from AOCL | 783 | 1,081 |
Other comprehensive income (loss), net | 783 | 1,081 |
Ending balance | (46,136) | (57,359) |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (16,256) | (10,978) |
Other comprehensive income/(loss) before reclassifications | 768 | (3,299) |
Other comprehensive income (loss), net | 768 | (3,299) |
Ending balance | $ (15,488) | $ (14,277) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) BRL in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)Lawsuit$ / Occurrence_Per_Year | Mar. 31, 2016BRLLawsuit$ / Occurrence_Per_Year | Dec. 31, 2014USD ($) | Apr. 15, 2016USD ($) | |
Other Commitments [Line Items] | ||||
Amount of withholding after spin-off | $ 22,000,000 | BRL 79 | ||
Physical damage deductible per occurrence on rigs range maximum | $ / Occurrence_Per_Year | 25,000,000 | 25,000,000 | ||
Number of days waiting period | 45 days | 45 days | ||
Protection and indemnity policy, standard deductible (per occurrence) | $ 10,000,000 | |||
Maximum liability coverage under protection and indemnity policy | 750,000,000 | |||
Outstanding commitments including shipyard and purchase commitments | $ 570,000,000 | |||
Years of effectiveness of employment agreements after the termination of employment | 3 years | 3 years | ||
Subsequent Event [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | $ 3,000,000 | |||
Mexico [Member] | ||||
Other Commitments [Line Items] | ||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | 50.00% | ||
Mexico [Member] | Paragon Retained Entity [Member] | ||||
Other Commitments [Line Items] | ||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | 50.00% | ||
Mexico [Member] | Noble-Cayman [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | $ 48,000,000 | |||
Mexico [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 45,000,000 | |||
Mexico [Member] | Paragon Offshore [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 196,000,000 | |||
Brazil [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 36,000,000 | |||
Brazil [Member] | Paragon Offshore [Member] | ||||
Other Commitments [Line Items] | ||||
Aforementioned tax assessments | 134,000,000 | |||
U.S. Gulf of Mexico [Member] | ||||
Other Commitments [Line Items] | ||||
Windstorm coverage amount | $ 500,000,000 | |||
Minimum [Member] | ||||
Other Commitments [Line Items] | ||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | 50.00% | ||
Loss of hire coverage applies only to rigs operating under dayrate | $ 200,000 | |||
Asbestos Issue [Member] | ||||
Other Commitments [Line Items] | ||||
Number of Lawsuits filed | Lawsuit | 42 | 42 | ||
Customs and Other Business Taxes [Member] | Foreign Country [Member] | ||||
Other Commitments [Line Items] | ||||
Audit claims, attributable to income, customs and other business taxes | $ 168,000,000 | |||
Noble Discoverer And Kulluk [Member] | ||||
Other Commitments [Line Items] | ||||
Loss contingencies payments | $ 8,200,000 | |||
Environmental Compliance Plan, probationary period | 4 years | |||
Possible early probation period | 3 years | |||
Noble Discoverer And Kulluk [Member] | Community Service Payment [Member] | ||||
Other Commitments [Line Items] | ||||
Loss contingencies payments | $ 4,000,000 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Prior Period Reclassification Adjustment | $ 26 |
Supplemental Financial Inform58
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($)Rig | Dec. 31, 2015USD ($) | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | |||
Deferred revenues under drilling contracts | $ 173 | $ 180 | |
Deferred expenses under drilling contracts | $ 69 | 78 | |
Aramco [Member] | |||
Schedule Of Supplemental Financial Information [Line Items] | |||
Number of rigs | Rig | 4 | 5 | |
Aramco [Member] | Prepaid Expenses and Other Current Assets or Other Assets [Member] | |||
Schedule Of Supplemental Financial Information [Line Items] | |||
Revenues recorded in excess of billings | $ 45 | $ 53 |
Supplemental Financial Inform59
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Capital [Line Items] | ||
Accounts receivable | $ (7,086) | $ (24,890) |
Other current assets | 20,750 | 102,206 |
Other assets | 23,845 | 13,827 |
Accounts payable | (48,925) | 676 |
Other current liabilities | (50,889) | (58,682) |
Other liabilities | (25,191) | (18,379) |
Net change in other assets and liabilities | (87,496) | 14,758 |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | (7,086) | (24,890) |
Other current assets | 18,739 | 76,635 |
Other assets | 23,845 | 13,825 |
Accounts payable | (48,619) | 1,284 |
Other current liabilities | (45,885) | (52,979) |
Other liabilities | (25,192) | (18,380) |
Net change in other assets and liabilities | $ (84,198) | $ (4,505) |
Information about Noble-Cayma60
Information about Noble-Cayman - Guarantor Obligations (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.00% Senior Notes due March 2018 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHC |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | NDH [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Holding, LLC ("NDH") |
7.50% Senior Notes due March 2019 [Member] | NDS6 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Services 6 LLC ("NDS6") |
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.95% Senior Notes due April 2025 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.95% Senior Notes due April 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
Information about Noble-Cayma61
Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
2.50% Senior Notes due March 2017 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 300,000,000 |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2,017 |
5.00% Senior Notes due March 2018 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 250,000,000 |
Interest rate on senior notes | 5.00% |
Senior notes, maturity date | 2,018 |
7.50% Senior Notes due March 2019 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 202,000,000 |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2,019 |
4.90% Senior Notes due August 2020 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 500,000,000 |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2,020 |
4.625% Senior Notes due March 2021 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 4.625% |
Senior notes, maturity date | 2,021 |
3.95% Senior Notes due March 2022 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2,022 |
6.95% Senior Notes due April 2025 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 450,000,000 |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2,025 |
6.20% Senior Notes due August 2040 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2,040 |
6.05% Senior Notes due March 2041 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2,041 |
5.25% Senior Notes due March 2042 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 500,000,000 |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2,042 |
7.95% Senior Notes due April 2045 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 7.95% |
Senior notes, maturity date | 2,045 |
Information about Noble-Cayma62
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 236,198 | $ 512,245 | $ 82,203 | $ 68,510 |
Accounts receivable | 506,017 | 498,931 | ||
Taxes receivable | 55,326 | 55,525 | ||
Prepaid expenses and other current assets | 154,478 | 173,917 | ||
Total current assets | 952,019 | 1,240,618 | ||
Property and equipment, at cost | 14,100,263 | 14,056,323 | ||
Accumulated depreciation | (2,712,587) | (2,572,700) | ||
Property and equipment, net | 11,387,676 | 11,483,623 | ||
Other assets | 115,217 | 141,404 | ||
Total assets | 12,454,912 | 12,865,645 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,523 | 299,924 | ||
Accounts payable | 142,955 | 223,221 | ||
Accrued payroll and related costs | 53,278 | 81,464 | ||
Taxes payable | 92,694 | 87,940 | ||
Interest payable | 42,033 | 72,961 | ||
Other current liabilities | 98,469 | 98,074 | ||
Total current liabilities | 728,952 | 863,584 | ||
Long-term debt | 3,864,060 | 4,162,638 | ||
Deferred income taxes | 70,750 | 92,797 | ||
Other liabilities | 299,737 | 324,396 | ||
Total liabilities | $ 4,963,499 | $ 5,443,415 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,771,277 | $ 6,699,229 | ||
Noncontrolling interests | 720,136 | 723,001 | ||
Total equity | 7,491,413 | 7,422,230 | 7,272,398 | 7,287,034 |
Total liabilities and equity | 12,454,912 | 12,865,645 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 8 | 1,627 | 5 | 5 |
Accounts receivable from affiliates | 930,359 | 626,305 | ||
Prepaid expenses and other current assets | 105 | 246 | ||
Total current assets | 930,472 | 628,178 | ||
Notes receivable from affiliates | 3,304,798 | 3,304,652 | ||
Investments in affiliates | 5,294,156 | 5,159,064 | ||
Other assets | 5,539 | 5,954 | ||
Total assets | 9,534,965 | 9,097,848 | ||
Current liabilities | ||||
Accounts payable to affiliates | 1,232,826 | 868,046 | ||
Other current liabilities | 16 | 40 | ||
Total current liabilities | 1,232,842 | 868,086 | ||
Notes payable to affiliates | 1,518,363 | 1,518,363 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | $ 2,771,134 | $ 2,406,378 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,763,831 | $ 6,691,470 | ||
Total equity | 6,763,831 | 6,691,470 | ||
Total liabilities and equity | 9,534,965 | 9,097,848 | ||
NHC [Member] | ||||
Current assets | ||||
Taxes receivable | 12,124 | 12,124 | ||
Accounts receivable from affiliates | 471,793 | 451,201 | ||
Total current assets | 483,917 | 463,325 | ||
Investments in affiliates | 1,949,551 | 2,174,480 | ||
Total assets | 2,433,468 | 2,637,805 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 171,925 | ||
Accounts payable to affiliates | 61,428 | 60,100 | ||
Taxes payable | 10,850 | 917 | ||
Total current liabilities | 244,203 | 232,942 | ||
Total liabilities | $ 244,203 | $ 232,942 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 2,189,265 | $ 2,404,863 | ||
Total equity | 2,189,265 | 2,404,863 | ||
Total liabilities and equity | 2,433,468 | 2,637,805 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 71 | 2,101 | 271 | 254 |
Accounts receivable | 21,702 | 9,381 | ||
Taxes receivable | 27 | |||
Short-term notes receivable from affiliates | 119,476 | 119,476 | ||
Accounts receivable from affiliates | 138,267 | 128,457 | ||
Prepaid expenses and other current assets | 1,799 | 1,696 | ||
Total current assets | 281,315 | 261,138 | ||
Property and equipment, at cost | 1,900,406 | 1,877,520 | ||
Accumulated depreciation | (365,767) | (344,591) | ||
Property and equipment, net | 1,534,639 | 1,532,929 | ||
Notes receivable from affiliates | 236,921 | 236,921 | ||
Investments in affiliates | 2,340,680 | 3,001,327 | ||
Other assets | 7,697 | 7,496 | ||
Total assets | 4,401,252 | 5,039,811 | ||
Current liabilities | ||||
Accounts payable | 5,524 | 10,676 | ||
Accrued payroll and related costs | 4,965 | 6,584 | ||
Accounts payable to affiliates | 2,088,145 | 2,440,965 | ||
Other current liabilities | 4,223 | 4,108 | ||
Total current liabilities | 2,102,857 | 2,462,333 | ||
Notes payable to affiliates | 461,380 | 461,379 | ||
Deferred income taxes | 1,314 | 1,529 | ||
Other liabilities | 27,214 | 25,312 | ||
Total liabilities | $ 2,592,765 | $ 2,950,553 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 1,808,487 | $ 2,089,258 | ||
Total equity | 1,808,487 | 2,089,258 | ||
Total liabilities and equity | 4,401,252 | 5,039,811 | ||
NHIL [Member] | ||||
Current assets | ||||
Accounts receivable from affiliates | 92,764 | 811,785 | ||
Total current assets | 92,764 | 811,785 | ||
Notes receivable from affiliates | 1,587,927 | 1,587,927 | ||
Investments in affiliates | 9,557,179 | 9,752,912 | ||
Total assets | 11,237,870 | 12,152,624 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,523 | 299,924 | ||
Accounts payable to affiliates | 96,868 | 96,543 | ||
Interest payable | 41,403 | 68,549 | ||
Total current liabilities | 437,794 | 465,016 | ||
Long-term debt | 3,662,729 | 3,961,338 | ||
Notes payable to affiliates | 1,414,151 | 2,086,480 | ||
Total liabilities | $ 5,514,674 | $ 6,512,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 5,723,196 | $ 5,639,790 | ||
Total equity | 5,723,196 | 5,639,790 | ||
Total liabilities and equity | 11,237,870 | 12,152,624 | ||
NDS6 [Member] | ||||
Current assets | ||||
Accounts receivable from affiliates | 60,439 | 67,684 | ||
Total current assets | 60,439 | 67,684 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 7,975,626 | 7,438,397 | ||
Total assets | 8,041,065 | 7,511,081 | ||
Current liabilities | ||||
Accounts payable to affiliates | 7,139 | 6,426 | ||
Interest payable | 630 | 4,412 | ||
Total current liabilities | 7,769 | 10,838 | ||
Long-term debt | 201,331 | 201,300 | ||
Notes payable to affiliates | 124,215 | 124,216 | ||
Total liabilities | $ 333,315 | $ 336,354 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 7,707,750 | $ 7,174,727 | ||
Total equity | 7,707,750 | 7,174,727 | ||
Total liabilities and equity | 8,041,065 | 7,511,081 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 235,344 | 508,067 | 78,700 | 65,521 |
Accounts receivable | 484,315 | 489,550 | ||
Taxes receivable | 43,193 | 43,291 | ||
Short-term notes receivable from affiliates | 171,925 | 171,925 | ||
Accounts receivable from affiliates | 3,443,616 | 3,445,590 | ||
Prepaid expenses and other current assets | 149,063 | 166,527 | ||
Total current assets | 4,527,456 | 4,824,950 | ||
Property and equipment, at cost | 12,198,091 | 12,177,038 | ||
Accumulated depreciation | (2,346,406) | (2,227,740) | ||
Property and equipment, net | 9,851,685 | 9,949,298 | ||
Notes receivable from affiliates | 1,762,825 | 2,435,154 | ||
Other assets | 92,898 | 118,869 | ||
Total assets | 16,234,864 | 17,328,271 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 119,476 | 119,476 | ||
Accounts payable | 135,593 | 210,401 | ||
Accrued payroll and related costs | 47,989 | 74,780 | ||
Accounts payable to affiliates | 1,650,832 | 2,058,942 | ||
Taxes payable | 81,995 | 87,191 | ||
Other current liabilities | 93,842 | 92,183 | ||
Total current liabilities | 2,129,727 | 2,642,973 | ||
Notes payable to affiliates | 3,379,362 | 3,379,216 | ||
Deferred income taxes | 69,436 | 91,268 | ||
Other liabilities | 247,709 | 274,271 | ||
Total liabilities | $ 5,826,234 | $ 6,387,728 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 9,248,066 | $ 9,781,284 | ||
Noncontrolling interests | 1,160,564 | 1,159,259 | ||
Total equity | 10,408,630 | 10,940,543 | ||
Total liabilities and equity | 16,234,864 | 17,328,271 | ||
Noble Corp [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 235,423 | 511,795 | 78,976 | 65,780 |
Accounts receivable | 506,017 | 498,931 | ||
Taxes receivable | 55,317 | 55,442 | ||
Prepaid expenses and other current assets | 150,967 | 168,469 | ||
Total current assets | 947,724 | 1,234,637 | ||
Property and equipment, at cost | 14,098,497 | 14,054,558 | ||
Accumulated depreciation | (2,712,173) | (2,572,331) | ||
Property and equipment, net | 11,386,324 | 11,482,227 | ||
Other assets | 106,134 | 132,319 | ||
Total assets | 12,440,182 | 12,849,183 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,523 | 299,924 | ||
Accounts payable | 141,117 | 221,077 | ||
Accrued payroll and related costs | 52,954 | 81,364 | ||
Taxes payable | 92,845 | 88,108 | ||
Interest payable | 42,033 | 72,961 | ||
Other current liabilities | 98,081 | 96,331 | ||
Total current liabilities | 726,553 | 859,765 | ||
Long-term debt | 3,864,060 | 4,162,638 | ||
Deferred income taxes | 70,750 | 92,797 | ||
Other liabilities | 294,852 | 319,512 | ||
Total liabilities | $ 4,956,215 | $ 5,434,712 | ||
Commitments and contingencies | ||||
Total shareholder equity | $ 6,763,831 | $ 6,691,470 | ||
Noncontrolling interests | 720,136 | 723,001 | ||
Total equity | 7,483,967 | 7,414,471 | $ 7,227,279 | $ 7,218,782 |
Total liabilities and equity | 12,440,182 | 12,849,183 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | (291,401) | (291,401) | ||
Accounts receivable from affiliates | (5,137,238) | (5,531,022) | ||
Total current assets | (5,428,639) | (5,822,423) | ||
Notes receivable from affiliates | (6,897,471) | (7,569,654) | ||
Investments in affiliates | (27,117,192) | (27,526,180) | ||
Total assets | (39,443,302) | (40,918,257) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (291,401) | (291,401) | ||
Accounts payable to affiliates | (5,137,238) | (5,531,022) | ||
Total current liabilities | (5,428,639) | (5,822,423) | ||
Notes payable to affiliates | (6,897,471) | (7,569,654) | ||
Total liabilities | $ (12,326,110) | $ (13,392,077) | ||
Commitments and contingencies | ||||
Total shareholder equity | $ (26,676,764) | $ (27,089,922) | ||
Noncontrolling interests | (440,428) | (436,258) | ||
Total equity | (27,117,192) | (27,526,180) | ||
Total liabilities and equity | $ (39,443,302) | $ (40,918,257) |
Information about Noble-Cayma63
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating revenues | ||
Contract drilling services | $ 591,367 | $ 779,361 |
Reimbursables | 20,606 | 24,981 |
Total operating revenues | 611,973 | 804,342 |
Operating costs and expenses | ||
Contract drilling services | 251,248 | 321,750 |
Reimbursables | 16,006 | 20,157 |
Depreciation and amortization | 149,719 | 154,138 |
General and administrative | 19,540 | 23,938 |
Total operating costs and expenses | 436,513 | 519,983 |
Operating income | 175,460 | 284,359 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (57,100) | (49,044) |
Interest income and other, net | (730) | 6,582 |
Income before income taxes | 117,630 | 241,897 |
Income tax benefit (provision) | 6,503 | (43,447) |
Net income | 124,133 | 198,450 |
Net income attributable to noncontrolling interests | (18,648) | (20,047) |
Net income attributable to the company | 105,485 | 178,403 |
Other comprehensive income, net | 2,537 | (5,363) |
Comprehensive income attributable to Noble Corporation plc | 108,022 | 173,040 |
Noble-Cayman [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 1,745 | 1,815 |
General and administrative | 419 | 457 |
Total operating costs and expenses | 2,164 | 2,272 |
Operating income | (2,164) | (2,272) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 135,092 | 216,726 |
Interest expense, net of amount capitalized | (17,556) | (24,753) |
Interest income and other, net | 1,649 | 2,730 |
Income before income taxes | 117,021 | 192,431 |
Net income | 117,021 | 192,431 |
Net income attributable to the company | 117,021 | 192,431 |
Other comprehensive income, net | 2,537 | (5,363) |
Comprehensive income attributable to Noble Corporation plc | 119,558 | 187,068 |
NHC [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 7,395 | 8,291 |
General and administrative | 3,315 | 3,388 |
Total operating costs and expenses | 10,710 | 11,679 |
Operating income | (10,710) | (11,679) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 53,855 | 32,081 |
Interest expense, net of amount capitalized | (1,327) | (1,019) |
Interest income and other, net | (4) | 4,832 |
Income before income taxes | 41,814 | 24,215 |
Income tax benefit (provision) | (10,082) | (16,093) |
Net income | 31,732 | 8,122 |
Net income attributable to the company | 31,732 | 8,122 |
Comprehensive income attributable to Noble Corporation plc | 31,732 | 8,122 |
NDH [Member] | ||
Operating revenues | ||
Contract drilling services | 52,207 | 75,059 |
Reimbursables | 746 | 2,379 |
Total operating revenues | 52,953 | 77,438 |
Operating costs and expenses | ||
Contract drilling services | 14,558 | 29,378 |
Reimbursables | 542 | 1,482 |
Depreciation and amortization | 21,461 | 17,368 |
Total operating costs and expenses | 36,561 | 48,228 |
Operating income | 16,392 | 29,210 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | (13,583) | 55,024 |
Interest expense, net of amount capitalized | (2,748) | (3,255) |
Interest income and other, net | 3,476 | 12,712 |
Income before income taxes | 3,537 | 93,691 |
Income tax benefit (provision) | (205) | (379) |
Net income | 3,332 | 93,312 |
Net income attributable to the company | 3,332 | 93,312 |
Comprehensive income attributable to Noble Corporation plc | 3,332 | 93,312 |
NHIL [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 32,314 | 22,839 |
General and administrative | 14,545 | 8,349 |
Total operating costs and expenses | 46,859 | 31,188 |
Operating income | (46,859) | (31,188) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 176,354 | 289,758 |
Interest expense, net of amount capitalized | (61,409) | (48,336) |
Interest income and other, net | 15,321 | 20,779 |
Income before income taxes | 83,407 | 231,013 |
Net income | 83,407 | 231,013 |
Net income attributable to the company | 83,407 | 231,013 |
Comprehensive income attributable to Noble Corporation plc | 83,407 | 231,013 |
NDS6 [Member] | ||
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 137,371 | 179,050 |
Interest expense, net of amount capitalized | (4,275) | (6,216) |
Interest income and other, net | 69 | 1,399 |
Income before income taxes | 133,165 | 174,233 |
Net income | 133,165 | 174,233 |
Net income attributable to the company | 133,165 | 174,233 |
Comprehensive income attributable to Noble Corporation plc | 133,165 | 174,233 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Operating revenues | ||
Contract drilling services | 557,474 | 737,807 |
Reimbursables | 19,860 | 22,602 |
Other | 600 | |
Total operating revenues | 577,934 | 760,409 |
Operating costs and expenses | ||
Contract drilling services | 211,592 | 290,661 |
Reimbursables | 15,464 | 18,675 |
Depreciation and amortization | 128,212 | 136,498 |
General and administrative | (7,674) | 14 |
Total operating costs and expenses | 347,594 | 445,848 |
Operating income | 230,340 | 314,561 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (4,399) | (13,727) |
Interest income and other, net | 13,370 | 12,258 |
Income before income taxes | 239,311 | 313,092 |
Income tax benefit (provision) | 16,790 | (27,086) |
Net income | 256,101 | 286,006 |
Net income attributable to noncontrolling interests | (22,816) | (30,464) |
Net income attributable to the company | 233,285 | 255,542 |
Other comprehensive income, net | 2,537 | (5,363) |
Comprehensive income attributable to Noble Corporation plc | 235,822 | 250,179 |
Noble Corp [Member] | ||
Operating revenues | ||
Contract drilling services | 591,367 | 779,361 |
Reimbursables | 20,606 | 24,981 |
Other | 600 | |
Total operating revenues | 612,573 | 804,342 |
Operating costs and expenses | ||
Contract drilling services | 249,290 | 319,479 |
Reimbursables | 16,006 | 20,157 |
Depreciation and amortization | 149,673 | 153,866 |
General and administrative | 10,605 | 12,208 |
Total operating costs and expenses | 425,574 | 505,710 |
Operating income | 186,999 | 298,632 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (57,100) | (49,044) |
Interest income and other, net | (733) | 6,448 |
Income before income taxes | 129,166 | 256,036 |
Income tax benefit (provision) | 6,503 | (43,558) |
Net income | 135,669 | 212,478 |
Net income attributable to noncontrolling interests | (18,648) | (20,047) |
Net income attributable to the company | 117,021 | 192,431 |
Other comprehensive income, net | 2,537 | (5,363) |
Comprehensive income attributable to Noble Corporation plc | 119,558 | 187,068 |
Consolidating Adjustments [Member] | ||
Operating revenues | ||
Contract drilling services | (18,314) | (33,505) |
Total operating revenues | (18,314) | (33,505) |
Operating costs and expenses | ||
Contract drilling services | (18,314) | (33,505) |
Total operating costs and expenses | (18,314) | (33,505) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | (489,089) | (772,639) |
Interest expense, net of amount capitalized | 34,614 | 48,262 |
Interest income and other, net | (34,614) | (48,262) |
Income before income taxes | (489,089) | (772,639) |
Net income | (489,089) | (772,639) |
Net income attributable to noncontrolling interests | 4,168 | 10,417 |
Net income attributable to the company | (484,921) | (762,222) |
Other comprehensive income, net | (2,537) | 5,363 |
Comprehensive income attributable to Noble Corporation plc | $ (487,458) | $ (756,859) |
Information about Noble-Cayma64
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net cash from operating activities | $ 174,801 | $ 368,582 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 3,031 | |
Net cash from investing activities | (86,293) | (118,317) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,099,497) | |
Repayment of long-term debt | (300,000) | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (14,775) | |
Dividends paid to noncontrolling interests | (21,513) | (19,369) |
Net cash from financing activities | (364,555) | (236,572) |
Net change in cash and cash equivalents | (276,047) | 13,693 |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 236,198 | 82,203 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (8,420) | (27,097) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,099,497) | |
Debt issuance costs on senior notes and credit facilities | (6,392) | |
Distributions to parent company, net | (56,316) | (186,597) |
Advances (to) from affiliates | 63,117 | 1,319,583 |
Net cash from financing activities | 6,801 | 27,097 |
Net change in cash and cash equivalents | (1,619) | |
Cash and cash equivalents, beginning of period | 1,627 | 5 |
Cash and cash equivalents, end of period | 8 | 5 |
NHC [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (12,190) | 36,360 |
Cash flows from financing activities | ||
Advances (to) from affiliates | 12,190 | (36,360) |
Net cash from financing activities | 12,190 | (36,360) |
NDH [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 20,809 | 33,705 |
Cash flows from investing activities | ||
Capital expenditures | (14,575) | (27,344) |
Net cash from investing activities | (14,575) | (27,344) |
Cash flows from financing activities | ||
Advances (to) from affiliates | (8,264) | (6,344) |
Net cash from financing activities | (8,264) | (6,344) |
Net change in cash and cash equivalents | (2,030) | 17 |
Cash and cash equivalents, beginning of period | 2,101 | 254 |
Cash and cash equivalents, end of period | 71 | 271 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (120,093) | (102,007) |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | 1,092,728 |
Debt issuance costs on senior notes and credit facilities | (8,383) | |
Advances (to) from affiliates | 420,093 | (982,338) |
Net cash from financing activities | 120,093 | 102,007 |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | (7,988) | (8,568) |
Cash flows from financing activities | ||
Advances (to) from affiliates | 7,988 | 8,568 |
Net cash from financing activities | 7,988 | 8,568 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 315,632 | 426,630 |
Cash flows from investing activities | ||
Capital expenditures | (74,749) | (90,973) |
Proceeds from disposal of assets | 3,031 | |
Net cash from investing activities | (71,718) | (90,973) |
Cash flows from financing activities | ||
Dividends paid to noncontrolling interests | (21,513) | (19,369) |
Advances (to) from affiliates | (495,124) | (303,109) |
Net cash from financing activities | (516,637) | (322,478) |
Net change in cash and cash equivalents | (272,723) | 13,179 |
Cash and cash equivalents, beginning of period | 508,067 | 65,521 |
Cash and cash equivalents, end of period | 235,344 | 78,700 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 187,750 | 359,023 |
Cash flows from investing activities | ||
Capital expenditures | (89,324) | (118,317) |
Proceeds from disposal of assets | 3,031 | |
Net cash from investing activities | (86,293) | (118,317) |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | (1,099,497) | |
Repayment of long-term debt | (300,000) | 1,092,728 |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (14,775) | |
Dividends paid to noncontrolling interests | (21,513) | (19,369) |
Distributions to parent company, net | (56,316) | (186,597) |
Net cash from financing activities | (377,829) | (227,510) |
Net change in cash and cash equivalents | (276,372) | 13,196 |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 235,423 | $ 78,976 |