Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
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 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Trading Symbol | NE | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 244,676,954 | ||
Entity Public Float | $ 2 | ||
Noble Corp [Member] | |||
Document Information [Line Items] | |||
Entity Registrant Name | Noble Corporation | ||
Entity Central Index Key | 1,169,055 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 725,722 | $ 512,245 |
Accounts receivable, net | 319,152 | 498,931 |
Taxes receivable | 55,480 | 55,525 |
Prepaid expenses and other current assets | 92,260 | 173,917 |
Total current assets | 1,192,614 | 1,240,618 |
Property and equipment, at cost | 12,364,888 | 14,056,323 |
Accumulated depreciation | (2,302,940) | (2,572,700) |
Property and equipment, net | 10,061,948 | 11,483,623 |
Other assets | 185,555 | 141,404 |
Total assets | 11,440,117 | 12,865,645 |
Current liabilities | ||
Current maturities of long-term debt | 299,882 | 299,924 |
Accounts payable | 108,224 | 223,221 |
Accrued payroll and related costs | 48,383 | 81,464 |
Taxes payable | 46,561 | 87,940 |
Interest payable | 61,299 | 72,961 |
Other current liabilities | 68,944 | 98,074 |
Total current liabilities | 633,293 | 863,584 |
Long-term debt | 4,040,229 | 4,162,638 |
Deferred income taxes | 2,084 | 92,797 |
Other liabilities | 297,066 | 324,396 |
Total liabilities | 4,972,672 | 5,443,415 |
Commitments and contingencies | ||
Equity | ||
Shares; 243,239 and 241,977 shares outstanding | 2,432 | 2,420 |
Additional paid-in capital | 654,168 | 628,483 |
Retained earnings | 5,154,221 | 6,131,501 |
Accumulated other comprehensive loss | (52,140) | (63,175) |
Total shareholders’ equity | 5,758,681 | 6,699,229 |
Noncontrolling interests | 708,764 | 723,001 |
Total equity | 6,467,445 | 7,422,230 |
Total liabilities and equity | 11,440,117 | 12,865,645 |
Noble Corp [Member] | ||
Current assets | ||
Cash and cash equivalents | 653,833 | 511,795 |
Accounts receivable, net | 319,152 | 498,931 |
Taxes receivable | 55,480 | 55,442 |
Prepaid expenses and other current assets | 88,749 | 168,469 |
Total current assets | 1,117,214 | 1,234,637 |
Property and equipment, at cost | 12,364,888 | 14,054,558 |
Accumulated depreciation | (2,302,940) | (2,572,331) |
Property and equipment, net | 10,061,948 | 11,482,227 |
Other assets | 178,552 | 132,319 |
Total assets | 11,357,714 | 12,849,183 |
Current liabilities | ||
Current maturities of long-term debt | 299,882 | 299,924 |
Accounts payable | 107,868 | 221,077 |
Accrued payroll and related costs | 48,319 | 81,364 |
Taxes payable | 46,561 | 88,108 |
Interest payable | 61,299 | 72,961 |
Other current liabilities | 67,312 | 96,331 |
Total current liabilities | 631,241 | 859,765 |
Long-term debt | 4,040,229 | 4,162,638 |
Deferred income taxes | 2,084 | 92,797 |
Other liabilities | 292,183 | 319,512 |
Total liabilities | 4,965,737 | 5,434,712 |
Commitments and contingencies | ||
Equity | ||
Shares; 243,239 and 241,977 shares outstanding | 26,125 | 26,125 |
Additional paid-in capital | 594,091 | 561,309 |
Retained earnings | 5,115,137 | 6,167,211 |
Accumulated other comprehensive loss | (52,140) | (63,175) |
Total shareholders’ equity | 5,683,213 | 6,691,470 |
Noncontrolling interests | 708,764 | 723,001 |
Total equity | 6,391,977 | 7,414,471 |
Total liabilities and equity | $ 11,357,714 | $ 12,849,183 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Ordinary shares, shares outstanding | 243,239 | 241,977 |
Noble Corp [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | |||||||||||
Contract drilling services | $ 2,242,200 | $ 3,261,610 | $ 3,147,859 | ||||||||
Reimbursables | 59,432 | 90,642 | 84,644 | ||||||||
Other | 433 | 0 | 1 | ||||||||
Total operating revenues | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 857,684 | $ 896,671 | $ 793,555 | $ 804,342 | 2,302,065 | 3,352,252 | 3,232,504 |
Operating costs and expenses | |||||||||||
Contract drilling services | 879,438 | 1,232,529 | 1,500,512 | ||||||||
Reimbursables | 45,499 | 70,276 | 66,378 | ||||||||
Depreciation and amortization | 611,067 | 634,305 | 627,473 | ||||||||
General and administrative | 69,258 | 76,843 | 106,771 | ||||||||
Loss on impairment | 1,458,749 | 418,298 | 745,428 | ||||||||
Total operating costs and expenses | 3,064,011 | 2,432,251 | 3,046,562 | ||||||||
Operating income (loss) | (1,384,912) | (2,208) | 449,714 | 175,460 | (49,480) | 409,973 | 275,149 | 284,359 | (761,946) | 920,001 | 185,942 |
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (222,915) | (213,854) | (155,179) | ||||||||
Gain on extinguishment of debt, net | 17,814 | 0 | 0 | ||||||||
Interest income and other, net | 18 | 36,286 | (1,298) | ||||||||
Income (loss) before income taxes | (967,029) | 742,433 | 29,465 | ||||||||
Income tax benefit (provision) | 109,156 | (159,232) | (106,651) | ||||||||
Net income (loss) from continuing operations | (857,873) | 583,201 | (77,186) | ||||||||
Net income (loss) from discontinued operations, net of tax | 0 | 0 | 160,502 | ||||||||
Net income (loss) | (857,873) | 583,201 | 83,316 | ||||||||
Net income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) | ||||||||
Net income (loss) attributable to Noble Corporation | (1,302,850) | (55,081) | 322,866 | 105,485 | (152,241) | 325,807 | 159,031 | 178,403 | (929,580) | 511,000 | 8,491 |
Net income attributable to Noble Corporation plc | |||||||||||
Income (loss) from continuing operations | (929,580) | 511,000 | (152,011) | ||||||||
Income from discontinued operations | 0 | 0 | 160,502 | ||||||||
Net income (loss) attributable to Noble Corporation | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | $ (152,241) | $ 325,807 | $ 159,031 | $ 178,403 | $ (929,580) | $ 511,000 | $ 8,491 |
Basic: | |||||||||||
Income (loss) from continuing operations (usd per share) | $ (3.82) | $ 2.06 | $ (0.60) | ||||||||
Income from discontinued operations (usd per share) | 0 | 0 | 0.63 | ||||||||
Net income attributable to Noble Corporation plc (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | (3.82) | 2.06 | 0.03 |
Diluted: | |||||||||||
Income (loss) from continuing operations (usd per share) | (3.82) | 2.06 | (0.60) | ||||||||
Income from discontinued operations (usd per share) | 0 | 0 | 0.63 | ||||||||
Net income attributable to Noble Corporation plc (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | $ (3.82) | $ 2.06 | $ 0.03 |
Weighted- Average Shares Outstanding | |||||||||||
Basic (in shares) | 243,127 | 242,146 | 252,909 | ||||||||
Diluted (in shares) | 243,127 | 242,146 | 252,909 | ||||||||
Noble Corp [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | $ 2,242,200 | $ 3,261,610 | $ 3,147,859 | ||||||||
Reimbursables | 59,432 | 90,642 | 84,644 | ||||||||
Revenue from affiliates | 0 | 200 | 0 | ||||||||
Other | 1,133 | 0 | 1 | ||||||||
Total operating revenues | 2,302,765 | 3,352,452 | 3,232,504 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 873,661 | 1,226,377 | 1,507,471 | ||||||||
Reimbursables | 45,499 | 70,276 | 66,378 | ||||||||
Depreciation and amortization | 611,013 | 633,244 | 624,278 | ||||||||
General and administrative | 46,045 | 55,435 | 52,994 | ||||||||
Loss on impairment | 1,458,749 | 418,298 | 745,428 | ||||||||
Total operating costs and expenses | 3,034,967 | 2,403,630 | 2,996,549 | ||||||||
Operating income (loss) | (732,202) | 948,822 | 235,955 | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (222,915) | (213,854) | (155,179) | ||||||||
Gain on extinguishment of debt, net | 17,814 | 0 | 0 | ||||||||
Interest income and other, net | 133 | 34,664 | 1,124 | ||||||||
Income (loss) before income taxes | (937,170) | 769,632 | 81,900 | ||||||||
Income tax benefit (provision) | 109,163 | (162,620) | (105,930) | ||||||||
Net income (loss) from continuing operations | (828,007) | 607,012 | (24,030) | ||||||||
Net income (loss) from discontinued operations, net of tax | 0 | 0 | 223,083 | ||||||||
Net income (loss) | (828,007) | 607,012 | 199,053 | ||||||||
Net income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) | ||||||||
Net income (loss) attributable to Noble Corporation | (899,714) | 534,811 | 124,228 | ||||||||
Net income attributable to Noble Corporation plc | |||||||||||
Net income (loss) attributable to Noble Corporation | $ (899,714) | $ 534,811 | $ 124,228 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ (857,873) | $ 583,201 | $ 83,316 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (19) | (5,278) | (118) |
Net pension plan gain (loss) (net of tax provision (benefit) of ($1,828) in 2016, $4,021 in 2015 and ($21,429) in 2014) | (8,237) | 7,099 | (41,608) |
Amortization of deferred pension plan amounts (net of tax provision of $1,635 in 2016, $2,297 in 2015 and $1,102 in 2014) | 3,127 | 4,422 | 2,764 |
Net pension plan curtailment and settlement expense (net of tax provision of $7,218 in 2016 and $9,902 in 2014) | 15,216 | 0 | 18,389 |
Prior service cost arising during the period (net of tax provision of $344 in 2016 and net of tax benefit of $317 in 2014) | 948 | 0 | (1,159) |
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) |
Total comprehensive income (loss) | (846,838) | 589,444 | 61,584 |
Comprehensive income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) |
Comprehensive income (loss) attributable to Noble Corporation | (918,545) | 517,243 | (13,241) |
Noble Corp [Member] | |||
Net income (loss) | (828,007) | 607,012 | 199,053 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (19) | (5,278) | (118) |
Net pension plan gain (loss) (net of tax provision (benefit) of ($1,828) in 2016, $4,021 in 2015 and ($21,429) in 2014) | (8,237) | 7,099 | (41,608) |
Amortization of deferred pension plan amounts (net of tax provision of $1,635 in 2016, $2,297 in 2015 and $1,102 in 2014) | 3,127 | 4,422 | 2,764 |
Net pension plan curtailment and settlement expense (net of tax provision of $7,218 in 2016 and $9,902 in 2014) | 15,216 | 0 | 18,389 |
Prior service cost arising during the period (net of tax provision of $344 in 2016 and net of tax benefit of $317 in 2014) | 948 | 0 | (1,159) |
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) |
Total comprehensive income (loss) | (816,972) | 613,255 | 177,321 |
Comprehensive income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) |
Comprehensive income (loss) attributable to Noble Corporation | $ (888,679) | $ 541,054 | $ 102,496 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net pension plan gain (loss), tax provision (benefit) | $ (1,828) | $ 4,021 | $ (21,429) |
Amortization of deferred pension plan, tax provision | 1,635 | 2,297 | 1,102 |
Net pension plan curtailment and settlement expense, tax provision | 7,218 | 0 | 9,902 |
Prior service cost arising during the period, tax benefit | 344 | 0 | 317 |
Noble Corp [Member] | |||
Net pension plan gain (loss), tax provision (benefit) | (1,828) | 4,021 | (21,429) |
Amortization of deferred pension plan, tax provision | 1,635 | 2,297 | 1,102 |
Net pension plan curtailment and settlement expense, tax provision | 7,562 | 0 | 9,902 |
Prior service cost arising during the period, tax benefit | $ 0 | $ 0 | $ 317 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income (loss) | $ (857,873) | $ 583,201 | $ 83,316 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 611,067 | 634,305 | 863,547 |
Loss on impairment | 1,458,749 | 418,298 | 745,428 |
Gain on extinguishment of debt | (17,814) | 0 | 0 |
Deferred income taxes | (189,897) | (36,172) | (10,999) |
Amortization of share-based compensation | 34,720 | 39,172 | 46,389 |
Net change in other assets and liabilities | 89,330 | 123,547 | 50,527 |
Net cash from operating activities | 1,128,282 | 1,762,351 | 1,778,208 |
Cash flows from investing activities | |||
Capital expenditures | (659,925) | (422,544) | (2,072,885) |
Change in accrued capital expenditures | (34,814) | (14,607) | (36,383) |
Proceeds from disposal of assets | 24,808 | 4,614 | 0 |
Net cash from investing activities | (669,931) | (432,537) | (2,109,268) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) | (437,647) |
Repayment of long-term debt | (1,049,338) | (350,000) | (250,000) |
Issuance of senior notes | 980,100 | 1,092,728 | 0 |
Debt issuance costs on senior notes and credit facilities | (12,111) | (16,070) | (398) |
Long-term borrowings of Paragon Offshore | 0 | 0 | 1,710,550 |
Financing costs on long-term borrowings of Paragon Offshore | 0 | 0 | (14,676) |
Cash balances of Paragon Offshore in Spin-off | 0 | 0 | (104,152) |
Dividends paid to noncontrolling interests | (85,944) | (71,504) | (79,966) |
Repurchases of shares | 0 | (100,630) | (154,145) |
Tender offer premium | (24,649) | 0 | 0 |
Employee stock transactions | (5,398) | (1,574) | 2,125 |
Dividend payments | (47,534) | (315,534) | (386,579) |
Net cash from financing activities | (244,874) | (886,079) | 285,112 |
Net change in cash and cash equivalents | 213,477 | 443,735 | (45,948) |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 725,722 | 512,245 | 68,510 |
Noble Corp [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (828,007) | 607,012 | 199,053 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 611,013 | 633,244 | 860,353 |
Loss on impairment | 1,458,749 | 418,298 | 745,428 |
Gain on extinguishment of debt | (17,814) | 0 | 0 |
Deferred income taxes | (189,897) | (34,108) | (10,999) |
Capital contribution by parent—share-based compensation | 32,782 | 30,652 | 33,341 |
Net change in other assets and liabilities | 89,445 | 92,409 | 44,740 |
Net cash from operating activities | 1,156,271 | 1,747,507 | 1,871,916 |
Cash flows from investing activities | |||
Capital expenditures | (659,925) | (422,544) | (2,072,751) |
Change in accrued capital expenditures | (34,814) | (14,607) | (36,383) |
Proceeds from disposal of assets | 24,808 | 4,614 | 0 |
Net cash from investing activities | (669,931) | (432,537) | (2,109,134) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) | (437,647) |
Repayment of long-term debt | (1,049,338) | (350,000) | (250,000) |
Issuance of senior notes | 980,100 | 1,092,728 | 0 |
Debt issuance costs on senior notes and credit facilities | (12,111) | (16,070) | (398) |
Long-term borrowings of Paragon Offshore | 0 | 0 | 1,710,550 |
Financing costs on long-term borrowings of Paragon Offshore | 0 | 0 | (14,676) |
Cash balances of Paragon Offshore in Spin-off | 0 | 0 | (104,152) |
Dividends paid to noncontrolling interests | (85,944) | (71,504) | (79,966) |
Tender offer premium | (24,649) | 0 | 0 |
Distributions to parent company, net | (152,360) | (400,614) | (631,095) |
Net cash from financing activities | (344,302) | (868,955) | 192,616 |
Net change in cash and cash equivalents | 142,038 | 446,015 | (44,602) |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 | 110,382 |
Cash and cash equivalents, end of period | $ 653,833 | $ 511,795 | $ 65,780 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ 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] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Noble Corp [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Noble Corp [Member] |
Beginning Balance at Dec. 31, 2013 | $ 9,050,028 | $ 9,155,484 | $ 2,534 | $ 26,125 | $ 810,286 | $ 497,316 | $ 7,591,927 | $ 7,986,762 | $ 727,445 | $ 727,445 | $ (82,164) | $ (82,164) |
Beginning Balance, Shares at Dec. 31, 2013 | 253,448,000 | 261,246,000 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 46,389 | 46,389 | ||||||||||
Issuance of share-based compensation shares | (9,070) | $ 6 | (9,076) | |||||||||
Issuance of share-based compensation shares, Shares | 692,000 | |||||||||||
Exercise of stock options | $ 2,647 | $ 3 | 2,644 | |||||||||
Exercise of stock options, Shares | 131,706 | 131,000 | ||||||||||
Tax benefit of equity transactions | $ (528) | (528) | ||||||||||
Repurchases of shares | (154,145) | $ (68) | (154,077) | |||||||||
Repurchases of shares, Shares | (6,770,000) | |||||||||||
Net income (loss) | 83,316 | 199,053 | 0 | 8,491 | 124,228 | 74,825 | 74,825 | |||||
Dividends paid to noncontrolling interests | (79,966) | (79,966) | (79,966) | (79,966) | ||||||||
Dividends / Distributions to parent | (258,330) | (631,095) | (258,330) | (631,095) | ||||||||
Spin-off of Paragon Offshore | (1,371,575) | (1,436,303) | (1,406,053) | (1,470,781) | 34,478 | 34,478 | ||||||
Capital contributions by parent- Share-based compensation | 33,341 | 33,341 | ||||||||||
Other comprehensive income (loss), net | (21,732) | (21,732) | (21,732) | (21,732) | ||||||||
Ending Balance at Dec. 31, 2014 | 7,287,034 | 7,218,782 | $ 2,475 | $ 26,125 | 695,638 | 530,657 | 5,936,035 | 6,009,114 | 722,304 | 722,304 | (69,418) | (69,418) |
Ending Balance, Shares at Dec. 31, 2014 | 247,501,000 | 261,246,000 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 39,172 | 39,172 | ||||||||||
Issuance of share-based compensation shares | $ (4,171) | $ 7 | (4,178) | |||||||||
Issuance of share-based compensation shares, Shares | 685,000 | |||||||||||
Exercise of stock options, Shares | 0 | |||||||||||
Tax benefit of equity transactions | $ (1,581) | (1,581) | ||||||||||
Repurchases of shares | (100,630) | $ (62) | (100,568) | |||||||||
Repurchases of shares, Shares | (6,209,000) | |||||||||||
Net income (loss) | 583,201 | 607,012 | 511,000 | 534,811 | 72,201 | 72,201 | ||||||
Dividends paid to noncontrolling interests | (71,504) | (71,504) | (71,504) | (71,504) | ||||||||
Dividends / Distributions to parent | (315,534) | (376,714) | (315,534) | (376,714) | ||||||||
Capital contributions by parent- Share-based compensation | 30,652 | 30,652 | ||||||||||
Other comprehensive income (loss), net | 6,243 | 6,243 | 6,243 | 6,243 | ||||||||
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 | 723,001 | 723,001 | (63,175) | (63,175) |
Ending Balance, Shares at Dec. 31, 2015 | 241,977,000 | 261,246,000 | 241,977,000 | 261,246,000 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 34,720 | 34,720 | ||||||||||
Issuance of share-based compensation shares | $ (3,613) | $ 12 | (3,625) | |||||||||
Issuance of share-based compensation shares, Shares | 1,262,000 | |||||||||||
Exercise of stock options, Shares | 0 | |||||||||||
Tax benefit of equity transactions | $ (5,410) | (5,410) | ||||||||||
Net income (loss) | (857,873) | $ (828,007) | (929,580) | (899,714) | 71,707 | 71,707 | ||||||
Dividends paid to noncontrolling interests | (85,944) | (85,944) | (85,944) | (85,944) | ||||||||
Dividends / Distributions to parent | (47,700) | (152,360) | (47,700) | (152,360) | ||||||||
Capital contributions by parent- Share-based compensation | 32,782 | 32,782 | ||||||||||
Other comprehensive income (loss), net | 11,035 | 11,035 | 11,035 | 11,035 | ||||||||
Ending Balance at Dec. 31, 2016 | $ 6,467,445 | $ 6,391,977 | $ 2,432 | $ 26,125 | $ 654,168 | $ 594,091 | $ 5,154,221 | $ 5,115,137 | $ 708,764 | $ 708,764 | $ (52,140) | $ (52,140) |
Ending Balance, Shares at Dec. 31, 2016 | 243,239,000 | 261,246,000 | 243,239,000 | 261,246,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Significant Accounting Policies | Organization and Significant Accounting Policies Organization and Business Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of the filing date of this Annual Report on Form 10-K, our fleet of 28 drilling rigs consisted of 14 jackups, eight drillships and six semisubmersibles. At December 31, 2016 , our fleet was located in the United States, the North Sea, South Africa, the Middle East and Asia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were canceled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. Prior Period Reclassification Certain amounts in prior periods have been reclassified to conform to the current year presentation. In accordance with our adoption of Accounting Standards Update (“ASU”) No. 2015-3 on January 1, 2016, unamortized debt issuance costs related to our senior notes of approximately $ 33 million and $26 million as of December 31, 2016 and 2015, respectively, 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. Foreign Currency Translation Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while statement of operations items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2016 . Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. Accounts Receivable We record accounts receivable at the amount we invoice our clients, net of allowance for doubtful accounts. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts as of December 31, 2016 and 2015 was $21 million and $14 million , respectively. Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years . Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years . Included in accounts payable were $26 million and $58 million of capital accruals as of December 31, 2016 and 2015 , respectively. Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 8 . Such amounts, net of accumulated depreciation, totaled $187 million and $202 million at December 31, 2016 and 2015 , respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $86 million , $75 million and $77 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment may exist when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig or piece of equipment , we may take an impairment loss in the future. For additional information, see Note 12 . Deferred Costs Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities. Revenue Recognition Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income or loss over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $134 million and $180 million at December 31, 2016 and 2015 , respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $54 million at December 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. However, 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 December 31, 2016 and 2015 , four of the five original rigs had revenues recorded in excess of billings as a result of this recognition which totaled $18 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. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2016 and 2015 , loss reserves for personal injury and protection claims totaled $22 million and $21 million , respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets. Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. Certain Significant Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. A number of amendments have been issued in connection with ASU No. 2014-9, all of which are effective upon adoption of Topic 606. In March 2016 and April 2016, the FASB issued clarification amendments ASU No. 2016-8 and ASU No. 2016-10 which clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. In May 2016, the FASB issued ASU No. 2016-11 and ASU No. 2016-12 which rescind certain SEC Staff Observer comments that are codified in Topic 605, “Revenue Recognition,” and Topic 932, “Extractive Activities—Oil and Gas” and provide improvements to narrow aspects of ASU No. 2014-9, respectively. In December 2016, the FASB issued ASU No. 2016-20, which issues technical corrections and improvements to Topic 606. As part of our assessment work to-date, we have formed an implementation work team, completed training on the new ASU's revenue recognition model and begun contract review. We plan on adopting the new standard effective January 1, 2018 and apply it retrospectively to all comparative periods presented. 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 did not require any additional disclosures. In January 2015, the FASB issued ASU No. 2015-1, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-2, which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-3, which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-3, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015, which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-4, which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12, which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-4, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the statement of operations, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements , requires deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets be offset and presented as a single amount is not affected by the amendments in this update. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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 February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-5, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Under the new provision, excess tax benefits related to stock compensation will be recognized in the "Provision for income taxes" in the results of operations, rather than in "Additional paid-in capital" in the consolidated balance sheets and will be applied on a prospective basis. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. The adoption of this standard will result in the cumulative adjustment to equity as of January 1, 2017 of approximately $6 million . In August 2016, the FASB issued ASU No. 2016-15 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The update outlines the classification of specific transactions as either cash inflows or outflows from financing activities, operating activities, investing activities or non-cash activities. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In October 2016, the FASB issued ASU No. 2016-16 which amends ASC Topic 740, “Income Taxes.” The amendments in this update improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In November 2016, the FASB issued ASU No. 2016-18 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Spin-off of Paragon Offshore pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Spin-off of Paragon Offshore plc (“Paragon Offshore”) | Discontinued Operations Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for 2014 includes the historical results of Paragon Offshore through the Spin-off date, including costs incurred by Noble to complete the Spin-off. Non-recurring Spin-off related costs totaled $63 million for the year ended December 31, 2014. There was no activity related to discontinued operations during the year ended December 31, 2016 and 2015 . Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of debt consisting of: • $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024 ; and • $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75% , subject to a LIBOR floor of 1% , which has an initial term of seven years . We allocated interest expense on the above debt, which is directly related to Paragon Offshore, to discontinued operations. For the year ended December 31, 2014, we allocated approximately $4 million of interest expense related to such debt. The following table provides the results of operations from discontinued operations: 2014 Operating revenues Contract drilling services $ 993,253 Reimbursables 21,899 Labor contract drilling services 19,304 Other 2 Operating revenues from discontinued operations $ 1,034,458 Income from discontinued operations Income from discontinued operations before income taxes $ 216,391 Income tax provision (55,889 ) Net income from discontinued operations, net of tax $ 160,502 |
Spin-off [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Spin-off of Paragon Offshore plc (“Paragon Offshore”) | Spin-off of Paragon Offshore plc ("Paragon Offshore") On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. In April 2016, we entered into a settlement agreement (following an agreement in principle entered into in February 2016)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 fraudulent conveyance claims that could be brought on behalf of Paragon Offshore’s creditors), we agreed to assume the administration of Mexican tax claims for specified years up to and including 2010, as well as the related bonding obligations and certain of the related tax liabilities. The settlement agreement is subject to the approval of Paragon Offshore's bankruptcy plan by the bankruptcy court. On October 28, 2016, the bankruptcy court having jurisdiction over the Paragon Offshore bankruptcy denied confirmation of Paragon Offshore’s bankruptcy plan. On January 18, 2017, Paragon Offshore announced that it had reached an agreement in principle with an ad hoc committee of secured debt holders on a term sheet to support a new bankruptcy plan. The term sheet contemplates that the existing settlement agreement between Noble and Paragon Offshore will be adopted under the new bankruptcy plan. Paragon Offshore also stated that it will seek to obtain court approval of the new bankruptcy plan as soon as possible in the first half of 2017. Paragon Offshore’s unsecured creditors are not parties to the agreement in principle, and have formed an ad hoc committee which we expect to oppose Paragon's new bankruptcy plan and our settlement. There can be no assurance that the bankruptcy court will ultimately approve our settlement agreement with Paragon Offshore or Paragon Offshore’s bankruptcy plan or that our settlement will remain a part of their plan. If for any reason the agreement is not approved by the bankruptcy court, or included as part of their plan or Paragon Offshore fails to exit bankruptcy, Paragon Offshore or its creditors could become adverse to us in any potential litigation relating to the Spin-off, including any alleged fraudulent conveyance claim in connection with the creation of Paragon Offshore as a stand-alone entity. See Note 17 . 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. As of May 2016, we no longer had any rigs operating in Brazil. |
Contract Settlement and Termina
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. | 12 Months Ended |
Dec. 31, 2016 | |
Contract Settlement And Termination Agreement [Abstract] | |
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. | Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. On May 10, 2016, Freeport-McMoRan Inc. (“Freeport”), Freeport-McMoRan Oil & Gas LLC and one of our subsidiaries entered into an agreement terminating the contracts on the Noble Sam Croft and the Noble Tom Madden (“FCX Settlement”), which were scheduled to end in July 2017 and November 2017, respectively. During 2016, Noble recognized approximately $379 million in “Contract drilling services revenue” associated with the FCX Settlement, which included $348 million recorded as a termination fee and $31 million for the accelerated recognition of other deferred contractual items. During 2016, $11 million was recognized in “Contract drilling services expense” for the accelerated recognition of deferred mobilization and other expenses. Pursuant to the FCX Settlement, Noble may receive payments based upon the average price of oil over a 12 month period from June 30, 2016 through June 30, 2017. These contingent payments were not designated for hedge accounting treatment under FASB standards, and therefore, changes in fair value are recognized as either income or loss in the accompanying Consolidated Statements of Operations. During 2016 , we recognized approximately $14.4 million in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of December 31, 2016 , the estimated fair value of these contingent payments was $14.4 million which is included in “Prepaid expenses and other current assets” (see Note 15 for additional information). |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for 2014 includes the historical results of Paragon Offshore through the Spin-off date, including costs incurred by Noble to complete the Spin-off. Non-recurring Spin-off related costs totaled $63 million for the year ended December 31, 2014. There was no activity related to discontinued operations during the year ended December 31, 2016 and 2015 . Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of debt consisting of: • $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024 ; and • $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75% , subject to a LIBOR floor of 1% , which has an initial term of seven years . We allocated interest expense on the above debt, which is directly related to Paragon Offshore, to discontinued operations. For the year ended December 31, 2014, we allocated approximately $4 million of interest expense related to such debt. The following table provides the results of operations from discontinued operations: 2014 Operating revenues Contract drilling services $ 993,253 Reimbursables 21,899 Labor contract drilling services 19,304 Other 2 Operating revenues from discontinued operations $ 1,034,458 Income from discontinued operations Income from discontinued operations before income taxes $ 216,391 Income tax provision (55,889 ) Net income from discontinued operations, net of tax $ 160,502 |
Consolidated Joint Ventures
Consolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets. During the years ended December 31, 2016 , 2015 and 2014 , the Bully joint ventures approved and paid dividends totaling $172 million , $143 million and $160 million , respectively. Of these amounts, approximately $86 million , $72 million and $80 million , respectively, were paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at both December 31, 2016 and 2015 totaled $1.4 billion for both years. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $35 million at December 31, 2016 as compared to approximately $50 million at December 31, 2015 . Operating revenues were $332 million , $334 million and $372 million in 2016 , 2015 and 2014 , respectively. Net income totaled $151 million , $154 million and $157 million in 2016 , 2015 and 2014 , respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Year Ended December 31, 2016 2015 2014 Basic Income (loss) from continuing operations $ (929,580 ) $ 511,000 $ (152,011 ) Earnings allocated to unvested share-based payment awards — (11,208 ) — Income (loss) from continuing operations to common shareholders (929,580 ) 499,792 (152,011 ) Income from discontinued operations — — 160,502 Income from discontinued operations, net of tax to common shareholders — — 160,502 Net income (loss) attributable to Noble-UK (929,580 ) 511,000 8,491 Earnings allocated to unvested share-based payment awards — (11,208 ) — Net income (loss) to common shareholders—basic $ (929,580 ) $ 499,792 $ 8,491 Diluted Income (loss) from continuing operations $ (929,580 ) $ 511,000 $ (152,011 ) Earnings allocated to unvested share-based payment awards — (11,208 ) — Income (loss) from continuing operations to common shareholders (929,580 ) 499,792 (152,011 ) Income from discontinued operations — — 160,502 Income from discontinued operations, net of tax to common shareholders — — 160,502 Net income (loss) attributable to Noble-UK (929,580 ) 511,000 8,491 Earnings allocated to unvested share-based payment awards — (11,208 ) — Net income (loss) to common shareholders—diluted $ (929,580 ) $ 499,792 $ 8,491 Weighted average shares outstanding—basic 243,127 242,146 252,909 Weighted average shares outstanding—diluted 243,127 242,146 252,909 Weighted average unvested share-based payment awards — 5,430 — Earnings per share Basic Continuing operations $ (3.82 ) $ 2.06 $ (0.60 ) Discontinued operations — — 0.63 Net income attributable to Noble-UK $ (3.82 ) $ 2.06 $ 0.03 Diluted Continuing operations $ (3.82 ) $ 2.06 $ (0.60 ) Discontinued operations — — 0.63 Net income attributable to Noble-UK $ (3.82 ) $ 2.06 $ 0.03 Dividends per share $ 0.20 $ 1.28 $ 1.50 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. The effect of stock options and unvested share-based payment awards is not included in the computation for periods in which a net loss from continuing operations occurs because to do so would be anti-dilutive. For the years ended December 31, 2016 , 2015 and 2014 , 1.4 million , 1.7 million shares and 2.0 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the year ended December 31, 2016 and 2014, we experienced a net loss from continuing operations. As such, approximately 9 million and 4 million unvested share-based payment awards were excluded from the diluted earnings per share calculation at December 31, 2016 and 2014, respectively, as such awards were not dilutive. |
Receivables from Customers
Receivables from Customers | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables from Customers | Receivables from Customers At December 31, 2016 , we had receivables of approximately $14 million related to the Noble Max Smith , which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheets. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, at cost, as of December 31, 2016 and 2015 for Noble-UK consisted of the following: 2016 2015 Drilling equipment and facilities $ 12,048,571 $ 13,074,804 Construction in progress 112,103 761,347 Other 204,214 220,172 Property and equipment, at cost $ 12,364,888 $ 14,056,323 Capital expenditures, including capitalized interest, totaled $660 million , $423 million and $2.1 billion for the years ended December 31, 2016 , 2015 and 2014 , respectively. Capitalized interest was $22 million , $25 million and $47 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Capital expenditures related to Paragon Offshore for the year ended December 31, 2014 totaled $150 million . Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $236 million for the year ended December 31, 2014. We took delivery of our remaining newbuild project, the heavy-duty, harsh environment jackup, the Noble Lloyd Noble , in July 2016, which commenced operations in November 2016 under a four -year contract in the North Sea. The Noble Sam Hartley commenced operations in January 2016. During the year-ended December 31, 2016, we completed the sale of certain corporate assets, certain capital spare equipment and the previously retired rigs, including the jackup Noble Charles Copeland, the drillship Noble Discoverer and the semisubmersible Noble Max Smith. In connection with the sale of these assets, we received proceeds of approximately $25 million . During 2015, we sold the previously retired semisubmersible rigs, the Noble Paul Wolff , the Noble Driller and the Noble Jim Thompson for proceeds of approximately $5 million . During the years ended December 31, 2016, 2015, and 2014 we recognized a non-cash loss on impairment of $1.5 billion , $418 million and $745 million , respectively, related to our long-lived assets. See Note 12 for additional information. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consisted of the following at December 31, 2016 and 2015 : December 31, December 31, Senior unsecured senior notes 3.05% Senior Notes due 2016 $ — $ 299,997 2.50% Senior Notes due 2017 299,992 299,956 5.25% Senior Notes due 2018 249,771 249,602 7.50% Senior Notes due 2019 201,695 201,695 4.90% Senior Notes due 2020 167,576 499,287 4.625% Senior Notes due 2021 208,538 399,680 3.95% Senior Notes due 2022 125,488 399,354 7.75% Senior Notes due 2024 980,117 — 7.20% Senior Notes due 2025 448,909 448,814 6.20% Senior Notes due 2040 399,898 399,896 6.05% Senior Notes due 2041 397,758 397,719 5.25% Senior Notes due 2042 498,369 498,338 8.20% Senior Notes due 2045 394,613 394,563 Total debt 4,372,724 4,488,901 Less: Unamortized debt issuance costs (32,613 ) (26,339 ) Less: Current maturities of long-term debt (1) (299,882 ) (299,924 ) Total long-term debt $ 4,040,229 $ 4,162,638 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million and $0.07 million at December 31, 2016 and 2015, respectively. Credit Facility and Commercial Paper Program We currently have a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and is guaranteed by our indirect, wholly owned subsidiary, NHIL and NHC. 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. Throughout the term of the Five-Year Revolving Credit Facility, we pay a facility fee on the daily unused amount of the underlying commitment which ranges from 0.1 percent to 0.35 percent depending on our debt ratings. Effective February 2016, as a result of a reduction of our debt ratings, the facility fee increased to 0.275 percent from 0.15 percent . Effective July 2016, as a result of a reduction of our debt ratings, the facility fee increased to 0.35 percent from 0.275 percent . At December 31, 2016, based on our debt ratings on that date, the facility fee was 0.35 percent . At December 31, 2016, we had no borrowings outstanding or letters of credit issued. In addition, our credit facility has provisions which vary the applicable interest rates based upon our debt ratings. Currently, the interest rate in effect is the highest permitted interest rate under the credit facility. During 2016, we terminated our commercial paper program, which had allowed us to issue up to $2.4 billion in unsecured commercial paper notes. This termination does not reduce the capacity under our credit facility. Debt Issuances In December 2016, we issued $1.0 billion aggregate principal amount of 7.75% Senior Notes, which we issued through our indirect wholly-owned subsidiary, NHIL. The net proceeds of approximately $968 million , after estimated expenses, were primarily used to retire debt related to our tender offer and the remaining portion will be used for general corporate purposes. In March 2015, we issued $1.1 billion aggregate principal amount of Senior Notes, which we issued through our indirect wholly-owned subsidiary, NHIL. These Senior Notes were issued in three separate tranches, consisting 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 net proceeds of approximately $1.08 billion , after estimated expenses, were used to repay indebtedness outstanding under our Credit Facilities and commercial paper program. Interest Rate Adjustments In February 2016 Moody’s Investors Service downgraded our debt rating below investment grade, resulting in an interest rate increase of 1.00% on each of certain notes. Effective March 16, 2016, the interest rate on our Senior Notes due 2018 increased to 5.00% as a result of the downgrade. Effective April 1, 2016, the interest rates on our Senior Notes due 2025 and Senior Notes due 2045 increased to 6.95% and 7.95% , respectively, as a result of the downgrade. In July 2016, S&P Global Ratings issued an additional downgrade, resulting in an interest rate increase of 0.25% each, of the same notes. Effective September 16, 2016, the interest rate on our Senior Notes due 2018 increased to 5.25% . Effective October 1, 2016, the interest rates on our Senior Notes due 2025 and Senior Notes due 2045 increased to 7.20% and 8.20% , respectively. The weighted average coupon of all three tranches is now 7.12% . In December 2016, S&P Global Ratings issued an additional downgrade, resulting in an interest rate increase of 0.5% each, of the same notes. Effective March 16, 2017, the interest rate on our Senior Notes due 2018 is scheduled to increase to 5.75% as a result of the downgrade. Effective April 1, 2017, the interest rates on our Senior Notes due 2025 and Senior Notes due 2045 are scheduled to increase to 7.70% and 8.70% , respectively, as a result of this downgrade. The interest rates on these Senior Notes may be further increased if our debt ratings were to be downgraded further (up to a maximum of an additional 25 basis points) or decreased if our debt ratings were to be raised. Our other outstanding senior notes, including the Senior Notes due 2024 issued in December 2016, do not contain provisions varying applicable interest rates based upon our credit rating. Please see discussion on the credit facility above as it relates to the interest rate adjustments on our five year senior unsecured credit facility. Debt Tender Offers and Repayments In December 2016, we commenced cash tender offers for our 4.90% Senior Notes due 2020, of which $468 million principal amount was outstanding, our 4.625% Senior Notes due 2021, of which $397 million principal amount was outstanding and our 3.95% Senior Notes due 2022, of which $400 million principal amount was outstanding. On December 28, 2016, we purchased $762 million of these Senior Notes for $750 million , plus accrued interest, using the net proceeds of the $1.0 billion Senior Notes due 2024 issuance in December 2016. As a result of this transaction, we recognized a net gain of approximately $7 million . In March 2016, we commenced cash tender offers for our 4.90% Senior Notes due 2020, of which $500 million principal amount was outstanding, and our 4.625% Senior Notes due 2021, of which $400 million principal amount was outstanding. On April 1, 2016, we purchased $36 million of these Senior Notes for $24 million , plus accrued interest, using cash on hand. As a result of this transaction, we recognized a net gain of approximately $11 million during the current year. In March 2016, we repaid our $300 million 3.05% Senior Notes using cash on hand. In August 2015, we repaid our $350 million 3.45% Senior Notes using cash on hand. We anticipate using cash on hand to repay the outstanding balance of our $300 million 2.50% Senior Notes, maturing in March 2017. Covenants 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 December 31, 2016 , our ratio of debt to total tangible capitalization was approximately 0.41 . We were in compliance with all covenants under the credit facility as of December 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 December 31, 2016 , we were in compliance with all of our debt covenants. Other At December 31, 2016, aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2017 2018 2019 2020 2021 Thereafter Total $ 299,992 $ 249,771 $ 201,695 $ 167,576 $ 208,538 $ 3,245,152 $ 4,372,724 Fair Value of Financial Instruments Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 14 and Note 16 . The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 3.05% Senior Notes due 2016 — — 299,997 299,340 2.50% Senior Notes due 2017 299,992 299,128 299,956 284,334 5.25% Senior Notes due 2018 249,771 249,808 249,602 227,285 7.50% Senior Notes due 2019 201,695 209,524 201,695 194,273 4.90% Senior Notes due 2020 167,576 167,329 499,287 378,761 4.625% Senior Notes due 2021 208,538 196,416 399,680 289,450 3.95% Senior Notes due 2022 125,488 112,791 399,354 265,643 7.75% Senior Notes due 2024 980,117 945,317 — — 7.20% Senior Notes due 2025 448,909 423,267 448,814 308,870 6.20% Senior Notes due 2040 399,898 280,221 399,896 237,005 6.05% Senior Notes due 2041 397,758 273,854 397,719 239,464 5.25% Senior Notes due 2042 498,369 325,814 498,338 279,919 8.20% Senior Notes due 2045 394,613 328,608 394,563 255,887 Total debt $ 4,372,724 $ 3,812,077 $ 4,488,901 $ 3,260,231 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity Share Capital As of December 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 . Repurchased shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. Our Board of Directors eliminated our fourth quarter 2016 cash dividend of $0.02 per share, to further support our liquidity position during 2016. The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The resumption of the payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors. Share Repurchases Under UK law, the Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. In December 2014, we received shareholder approval to repurchase up to 37 million ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. The authority to make such repurchases expired at the end of the Company’s 2016 annual general meeting of shareholders, which was held on April 22, 2016. During 2015, we repurchased 6.2 million of our ordinary shares covered by this authorization for a total cost of approximately $101 million . All share repurchases were made in the open market and were pursuant to the share repurchase program discussed above. All shares repurchased during 2015 were immediately cancelled. During the year ended December 31, 2016 , we did not repurchase any of our shares. Share repurchases for each of the three years ended December 31, are as follows: Year Ended Total Number of Shares Purchased Average Price Paid per Share (1) December 31, Total Cost (1) 2016 — $ — $ — 2015 6,209,400 100,630 16.21 2014 6,769,891 154,145 22.77 (1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market. Share-Based Compensation Plans Stock Plans On April 24, 2015 Noble Corporation plc shareholders approved a new equity plan, the Noble Corporation 2015 Omnibus Incentive Plan (the “2015 Incentive Plan”), which permits grants of options, stock appreciation rights (“SARs”), stock or stock unit awards or cash awards, any of which may be structured as a performance award, from time to time to employees who are to be granted awards under the 2015 Incentive Plan. Neither consultants nor non-employee directors are eligible for awards under the 2015 Incentive Plan. During 2016, an additional 9.5 million ordinary shares were authorized under the 2015 Incentive plan. The maximum aggregate number of ordinary shares that may be granted for any and all awards under the 2015 Incentive Plan will not exceed 16.8 million shares. As of December 31, 2016 , we had 11.3 million shares remaining available for grants to employees under the 2015 Incentive Plan. The Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended (the “1991 Plan”), provides for the granting of options to purchase our shares, with or without stock appreciation rights, and the awarding of restricted shares or units to selected employees. Upon shareholder approval of the 2015 Incentive Plan, the 1991 Plan was terminated and equity based awards to employees are now made only through the 2015 Incentive Plan. Equity based awards previously granted under the 1991 Plan remain outstanding in accordance with their terms, which include the 1991 Plan. Prior to October 25, 2007, the Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “1992 Plan”) provided for the granting of nonqualified stock options to our non-employee directors. On October 25, 2007, the 1992 Plan was amended and restated to, among other things, eliminate grants of stock options to non-employee directors and modify the annual award of restricted shares from a fixed number of restricted shares to an annually-determined variable number of restricted or unrestricted shares. In connection with the Spin-off, the total number of shares subject to issue under existing awards under the 1992 Plan was increased from 2.0 million to 2.3 million . As of December 31, 2016 , we had 0.3 million shares remaining available for award to non-employee directors under the 1992 Plan. Stock Options Pursuant to the EMA (see Note 2 ), we modified the outstanding stock options for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the exercise price and number of our stock options to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by a current or former Noble employee was adjusted such that the holder received an additional number of stock options of Noble based on a price ratio. The exercise price was adjusted by a factor equal to exercise price of the option prior to the Spin-off divided by the price ratio. The price ratio was calculated by dividing the average closing price of our stock during the 10 trading-day period prior to the Spin-off by the average closing price of our stock during the 10 trading-day period subsequent to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by an employee transferring to Paragon Offshore was vested at the Spin-off date and the exercise price and number of awards were adjusted in the same manner as explained above for Noble employees. At the Spin-off, we recognized the remaining expense for the accelerated vesting of stock options held by Paragon Offshore employees. As a result of the Spin-off, an additional 339,223 stock options were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense. Options have a term of 10 years , an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three -year period. A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2016 , 2015 and 2014 and the changes during the year ended on those dates is presented below: 2016 2015 2014 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 1,677,154 $ 29.48 1,958,633 $ 28.43 1,808,987 $ 33.13 Exercised — — — — (131,706 ) 20.08 Expired (256,979 ) 29.22 (281,479 ) 22.17 (57,871 ) 30.18 Spin-off adjustment — — — — 339,223 N/A Outstanding at end of year (1) 1,420,175 29.52 1,677,154 29.48 1,958,633 28.43 Exercisable at end of year (1) 1,420,175 $ 29.52 1,677,154 $ 29.48 1,846,465 $ 28.35 (1) Options outstanding and exercisable at December 31, 2016 had no intrinsic value. The following table summarizes additional information about stock options outstanding at December 31, 2016 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $26.18 302,854 2.67 $ 21.37 $26.19 to $31.51 467,956 3.96 30.40 $31.52 to $35.73 649,365 3.16 32.70 Total 1,420,175 3.32 $ 29.52 Besides the stock options issued as a result of the Spin-off, as discussed above, no stock options were granted during the years ended December 31, 2016 , 2015 and 2014 . The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. There were no non-vested stock option balances at December 31, 2016 or any changes during the year ended December 31, 2016 . No new stock options were issued during the current year. There was no compensation cost recognized during the year ended December 31, 2016 related to stock options. Compensation cost recognized during the years ended December 31, 2015 and 2014 related to stock options totaled $0.1 million and $2 million , respectively. Restricted Stock Units (“RSU’s”) Pursuant to the EMA (see Note 2 ), we modified the outstanding RSU awards, both time-vested restricted stock units (“TVRSUs”) and market-based performance-vested restricted stock units (“PVRSUs”), for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the number of our share-based compensation awards to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding and unvested RSU of Noble that was held by a current or former Noble employee was adjusted such that the holder received an additional number of RSUs of Noble based on a price ratio, which was calculated as noted above in “Stock Options.” As a result of the Spin-off, an additional 326,853 TVRSUs and 329,937 PVRSUs were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense. We have awarded both TVRSU’s and PVRSU’s under the 1991 Plan and TVRSU’s under the 2015 Incentive Plan. The TVRSU’s generally vest over a three year period. The number of PVRSU’s which vest will depend on the degree of achievement of specified corporate performance criteria over a three -year performance period. These criteria are strictly market based criteria as defined by FASB standards. The TVRSU’s are valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes. The market-based PVRSU’s are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSU’s include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2016 2015 2014 Valuation assumptions: Expected volatility 40.7 % 34.0 % 33.0 % Risk-free interest rate 0.97 % 0.8 % 0.7 % Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. A summary of the RSU awards for each of the years in the period ended December 31, is as follows: 2016 2015 2014 TVRSU Units awarded (maximum available) 3,624,182 2,004,311 1,617,534 Weighted-average share price at award date $ 7.78 $ 15.90 $ 31.56 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded (maximum available) 2,914,044 1,205,130 740,364 Weighted-average share price at award date $ 7.79 $ 15.94 $ 31.66 Three-year performance period ended December 31 2018 2017 2016 Weighted-average award-date fair value $ 3.81 $ 9.12 $ 19.66 In October 2014, our Board of Directors approved a modification of certain PVRSU awards. The modification related to the composition of our peer groups for a portion of the 2013 and 2014 grants currently in place. The value of the modification was determined by taking the fair value of the modified award as compared to the fair value of the previous award immediately prior to modification, using a Monte Carlo Simulation Model to value both grants. We award shares under the 1992 Plan. During the years ended December 31, 2016 , 2015 and 2014 , we awarded 227,937 , 99,063 and 50,796 shares to non-employee directors, resulting in related compensation cost of $2 million in each of the three years. A summary of the status of non-vested RSU’s at December 31, 2016 and changes during the year ended December 31, 2016 is presented below: TVRSU’s Outstanding Weighted Average Award-Date Fair Value PVRSU’s Outstanding (1) Weighted Average Award-Date Fair Value Non-vested RSU’s at January 1, 2016 2,709,675 $ 21.97 2,546,137 $ 16.06 Awarded 3,624,182 7.78 2,914,044 3.81 Vested (1,188,240 ) 25.16 (321,440 ) 24.97 Forfeited (1,056,450 ) 11.49 (759,916 ) 12.63 Non-vested RSU’s at December 31, 2016 4,089,167 $ 11.18 4,378,825 $ 7.85 (1) The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. At December 31, 2016 , there was $24 million of total unrecognized compensation cost related to the TVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.7 years . The total award-date fair value of TVRSU’s vested during the year ended December 31, 2016 , was $30 million . At December 31, 2016 , there was $9 million of total unrecognized compensation cost related to the PVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.7 years . The total potential compensation for PVRSU’s is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. During the year ended December 31, 2016 , 273,357 PVRSU’s for the 2013-2015 performance period were forfeited. In February 2017, 387,392 PVRSU’s for the 2014-2016 performance period were forfeited. Share-based amortization recognized during the years ended December 31, 2016 , 2015 and 2014 related to all restricted stock totaled $35 million ( $31 million net of income tax), $39 million ( $31 million net of income tax) and $46 million ( $37 million net of income tax), respectively. Included in share-based amortization for the years ended December 31, 2014 was approximately $7 million related to Paragon Offshore that was classified as discontinued operations. Capitalized share-based amortization totaled approximately $0.2 million per year in 2016 and $1 million per year in both 2015 and 2014 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2016 and 2015 and changes in AOCL by component for the year ended December 31, 2016 . All amounts within the tables are shown net of tax. Gains / (Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive income (loss) before reclassifications 2,414 7,099 (5,278 ) 4,235 Amounts reclassified from AOCL (2,414 ) 4,422 — 2,008 Net other comprehensive income (loss) — 11,521 (5,278 ) 6,243 Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications 1,187 (8,237 ) (19 ) (7,069 ) Amounts reclassified from AOCL (1,187 ) 19,291 — 18,104 Net other comprehensive income (loss) — 11,054 (19 ) 11,035 Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) (1) Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 15 for additional information. (2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative.” See Note 14 for additional information. |
Loss on Impairment
Loss on Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Loss on Impairment | Loss on Impairment Asset impairments In connection with the preparation of the consolidated financial statements included in this Annual Report, consistent with our accounting policies discussed in Note 1, we evaluate our drilling fleet assets for impairment on an annual basis or whenever there are changes in facts which suggest that the value of the asset is not recoverable. In the fourth quarter of 2016, in connection with our annual impairment analysis, we identified indicators that certain assets in our fleet might not be recoverable. Such indicators included additional customer suspensions of drilling programs, contract cancellations and a further reduction in the number of new contract opportunities, resulting in reduced drilling contracts. As a result of our year-end testing, we determined that the carrying amounts of certain drilling units were impaired. We estimated the fair values of these units by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. Assumptions used in our assessment included, but were not limited to, timing of future contract awards and expected operating day rates, operating costs, utilization rates, capital expenditures, reactivation costs and estimated economic useful lives. Based upon our annual impairment analysis, we impaired the carrying values to estimated fair values for the Noble Amos Runner , the Noble Clyde Boudreaux and the Noble Dave Beard . The impairment charge related to these units was approximately $1 billion . If we believe that one of our drilling units is no longer marketable or is otherwise unlikely to return to active service, we may elect to retire the unit and/or sell the unit at a value that may be substantially below its book value, and recognize an impairment charge that reduces the asset’s carrying value to the estimated fair value. In late December 2016, we decided to retire from service our semisubmersible, the Noble Max Smith , which we sold in December 2016 for approximately $1 million , and we recognized an impairment charge of approximately $165 million . We will continue to analyze the market and our expectations for our fleet, and we may retire and/or sell other units (which may be at a substantial loss compared to book value) if we conclude that it is appropriate to do so. Also in the fourth quarter of 2016, in connection with our annual impairment analysis, we concluded that the semisubmersible, the Noble Homer Ferrington and certain capital spare equipment would not be utilized in the foreseeable future and we recognized an impairment charge of approximately $120 million and $154 million , respectively. In the second quarter of 2016, we recognized a charge of approximately $17 million for the impairment of certain capital spare equipment based upon our decision to dispose of this equipment. In connection with our 2015 annual impairment analysis, we decided that we would no longer market one of our drillships, the Noble Discoverer . The decision was a result of the termination of the contract for this rig by Shell in December 2015 and the decreased opportunities for rigs of this type in the current marketplace. We also reviewed assumptions on the future marketability of one of our jackups, the Noble Charles Copeland , after its contract completion in late September 2015, with consideration given to its years in service, limited technical features and anticipated capital requirements in light of the current market conditions. As a result of this analysis, we decided to discontinue marketing this unit. Additionally, as a result of a year-end 2015 review of capital spare equipment, we elected to retire certain capital spare equipment. We evaluated these units and capital spare equipment for impairment and recorded an impairment charge of $406 million for the year ended December 31, 2015. Also in 2015, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the assets based on quotes from brokers of similar assets (Level 2). Based on these estimates, we recorded an impairment charge of approximately $13 million for the year ended December 31, 2015. In connection with our 2014 annual impairment analysis, we reviewed assumptions on the future marketability of the Noble Driller , the Noble Jim Thompson and the Noble Paul Wolff because of then current market conditions. We evaluated these units for impairments and recorded an impairment charge of $685 million on these rigs for the year ended December 31, 2014. The total remaining book value of $47 million at December 31, 2014 represented the equipment present on the rigs, which was available for redeployment within our fleet. The remaining book value was a Level 3 fair value measurement under accounting literature as it contained significant estimation and non-observable inputs. Goodwill In connection with our acquisition of FDR Holdings Limited (“Frontier”) in 2010, we recognized goodwill in our Contract Drilling Services reporting unit. In connection with the preparation of the consolidated financial statements included in this Annual Report, as discussed in Note 1, we conduct goodwill impairment testing annually in the fourth quarter of each year and when events occur that would potentially reduce the fair value of our reporting unit below its carrying amount. As part of our annual test completed in 2014, we noted a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. These factors drove our fair value of the reporting unit below the book value, and we concluded that the goodwill in the Contract Drilling Services reporting unit was impaired. We deemed this to be a Level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs. During 2014, we fully impaired the $60 million of goodwill. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Noble-UK is a company which is tax resident in the UK and, as such, will be subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK subsidiaries is not expected to be subject to UK corporation tax. Prior to the redomiciliation, Noble-Swiss was the group holding company and was exempt from Swiss cantonal and communal income tax on its worldwide income or loss, and was also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying participations. It is expected that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We do not expect the redomiciliation from Switzerland to the UK to have a material impact on our effective tax rate. Consequently, we have taken account of those tax exemptions and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes. The components of the net deferred taxes are as follows: 2016 2015 Deferred tax assets United States Excess of net tax basis over remaining book basis $ 56,351 $ — Deferred pension plan amounts 16,797 22,858 Accrued expenses not currently deductible 19,012 20,041 Other 6,803 3,069 Non-U.S. Net operating loss carry forwards 3,800 3,800 Deferred pension plan amounts 3,120 2,347 Other 2,064 2,064 Deferred tax assets 107,947 54,179 Less: valuation allowance (3,800 ) (3,800 ) Net deferred tax assets $ 104,147 $ 50,379 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ — $ (126,096 ) Other (7,672 ) (10,277 ) Non-U.S. Excess of net book basis over remaining tax basis (200 ) (200 ) Other (4,305 ) (4,366 ) Deferred tax liabilities (12,177 ) (140,939 ) Net deferred tax assets (liabilities) $ 91,970 $ (90,560 ) Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2016 2015 2014 United States $ (428,087 ) $ 4,031 $ 38,206 Non-U.S. (538,942 ) 738,402 (8,741 ) Total $ (967,029 ) $ 742,433 $ 29,465 The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2016 2015 2014 Current- United States $ 61,928 $ 113,648 $ 50,829 Current- Non-U.S. 18,813 81,756 74,288 Deferred- United States (189,880 ) (38,103 ) (18,655 ) Deferred- Non-U.S. (17 ) 1,931 189 Total $ (109,156 ) $ 159,232 $ 106,651 The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. In 2016, we released an uncertain tax position in Libya in the gross amount of $40 million coupled with a related tax benefit of $13 million . 2016 2015 2014 Gross balance at January 1, $ 169,687 $ 108,812 $ 115,969 Additions based on tax positions related to current year 15,665 31,022 16,880 Additions for tax positions of prior years 18,662 47,561 12,928 Reductions for tax positions of prior years (43,701 ) (11,945 ) (8 ) Expiration of statutes (487 ) (1,237 ) (2,852 ) Reduction due to Spin-off — — (26,870 ) Tax settlements — (4,526 ) (7,235 ) Gross balance at December 31, 159,826 169,687 108,812 Related tax benefits (1,008 ) (14,369 ) (1,064 ) Net reserve at December 31, $ 158,818 $ 155,318 $ 107,748 The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2016 2015 Reserve for uncertain tax positions, excluding interest and penalties $ 158,818 $ 155,318 Interest and penalties included in “Other liabilities” 13,702 10,961 Reserve for uncertain tax positions, including interest and penalties $ 172,520 $ 166,279 If these reserves of $173 million are not realized, the provision for income taxes will be reduced by $173 million . We include, as a component of our “Income tax provision,” potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax expense of $3 million in 2016 , an income tax expense of $3 million in 2015 and an income tax benefit of $1 million in 2014 . It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Brazil, Brunei, Bulgaria, Cyprus, Mexico, Norway, Saudi Arabia, Argentina, Australia, Denmark, Gabon, Luxembourg, Malaysia, the Netherlands, Tanzania, Singapore, Switzerland, the United Kingdom and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2010 and non-U.S. income tax examinations for years before 2000. Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The income or loss of our non-UK subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 20 percent . Ongoing consultative process in the United Kingdom and a possible change in law could materially impact our tax rate on operations in the United Kingdom continental shelf. A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: Year Ended December 31, 2016 2015 2014 Effect of: Tax rates which are different than the UK and Cayman Island rates 8.4 % 14.4 % 19.3 % Tax impact of asset impairment 3.9 % 5.3 % 344.0 % Reserve for (resolution of) tax authority audits (1.0 )% 1.7 % (1.3 )% Total 11.3 % 21.4 % 362.0 % We generated and fully utilized U.S. foreign tax credits of $15 million and $17 million in 2015 and 2014 , respectively. Due to foreign tax credit limitation constraints, in 2016 the Company has made the determination to take foreign tax expense as a deduction against U.S. taxable income. At December 31, 2016 and December 31, 2015 , we have no undistributed earnings of our subsidiaries for which deferred income taxes have not been provided. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plans Noble maintains two pension plans for certain of our employees whose most recent date of employment is prior to April 1, 2014 operating in the North Sea, the Noble Drilling (Land Support) Limited (“NDLS”) and the Noble Resources Limited (“NRL”), both indirect, wholly-owned subsidiaries of Noble-UK. Prior to the Spin-off of Paragon Offshore, Noble also maintained two benefit plans whose assets and liabilities were assumed by Paragon Offshore as part of our MSA (see Note 2 ). Reference to our “non-U.S. plans” included throughout this report relates to both the NDLS and NRL plans, as well as the activity for the two legacy plans for the periods prior to the Spin-off. In addition to the non-U.S. plans discussed above, we have two U.S. noncontributory defined benefit pension plans: one which covers certain salaried employees and one which covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). These plans qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credit balances available to us under the plan, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans.” During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016 , to our non-U.S. and U.S. defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016 . However, these amendments will not affect any benefits earned through that date. Benefits for the affected plans are primarily based on years of service and employees' compensation near December 31, 2016. We incurred a net curtailment charge of $0.8 million in the fourth quarter of 2016, and will reduce our net pension expense from approximately $11 million in 2016 to an estimated net pension gain of approximately $1 million in 2017. A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Benefit obligation at beginning of year $ 69,372 $ 228,390 $ 72,553 $ 238,072 Service cost 2,914 6,647 3,344 8,596 Interest cost 2,412 9,557 2,546 9,198 Actuarial loss (gain) 19,296 (5,178 ) (2,778 ) (21,631 ) Benefits paid (3,515 ) (5,747 ) (2,971 ) (5,845 ) Curtailment (5,735 ) (17,092 ) — — Plan participants’ contributions 307 — 363 — Foreign exchange rate changes (12,704 ) — (3,685 ) — Benefit obligation at end of year $ 72,347 $ 216,577 $ 69,372 $ 228,390 A reconciliation of the changes in fair value of plan assets is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Fair value of plan assets at beginning of year $ 75,855 $ 167,947 $ 77,714 $ 172,119 Actual return on plan assets 9,371 8,657 2,270 1,125 Employer contributions 2,832 383 2,182 548 Benefits and expenses paid (3,515 ) (5,747 ) (2,971 ) (5,845 ) Plan participants’ contributions 307 — 363 — Foreign exchange rate changes (13,564 ) — (3,703 ) — Fair value of plan assets at end of year $ 71,286 $ 171,240 $ 75,855 $ 167,947 The funded status of the plans is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Funded status $ (1,061 ) $ (45,337 ) $ 6,483 $ (60,443 ) Amounts recognized in the Consolidated Balance Sheets consist of: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Other assets (noncurrent) $ 313 $ 229 $ 9,121 $ 1,134 Other liabilities (current) — (3,857 ) — (3,441 ) Other liabilities (noncurrent) (1,374 ) (41,709 ) (2,638 ) (58,136 ) Net amount recognized $ (1,061 ) $ (45,337 ) $ 6,483 $ (60,443 ) Amounts recognized in AOCL consist of: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Net actuarial loss $ 17,035 $ 34,200 $ 10,017 $ 57,937 Prior service cost — — 1,378 326 Deferred income tax asset (3,120 ) (12,250 ) (2,347 ) (20,392 ) Accumulated other comprehensive loss $ 13,915 $ 21,950 $ 9,048 $ 37,871 Pension cost includes the following components: Year Ended December 31, 2016 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Service Cost $ 2,914 $ 6,647 $ 3,344 $ 8,596 $ 4,777 $ 8,901 Interest Cost 2,412 9,557 2,546 9,198 4,650 10,546 Return on plan assets (3,393 ) (12,389 ) (3,673 ) (13,146 ) (6,117 ) (15,499 ) Amortization of prior service cost 104 118 104 142 46 196 Recognized net actuarial loss 142 4,398 315 6,158 769 2,857 Curtailment expense 600 200 — — — 241 Settlement expense — — — — — 9,872 Net pension expense $ 2,779 $ 8,531 $ 2,636 $ 10,948 $ 4,125 $ 17,114 Employees participating in the U.S. plans that transferred to Paragon Offshore at the time of the Spin-off terminated under these plans as of July 31, 2014. In connection with the termination of these employees, we recognized a curtailment expense of $0.2 million for the year ended December 31, 2014. Additionally in 2014, we recognized a settlement expense of $10 million related to those terminated employees that elected to receive their accumulated benefits as a lump sum distribution. Included in net pension expense for the year ended December 31, 2014 for non-U.S. plans was approximately $2 million related to Paragon Offshore that was classified as discontinued operations. Included in net pension expense for the year ended December 31, 2014 for U.S. plans was approximately $11 million related to Paragon Offshore that was classified as discontinued operations. The estimated net actuarial losses that will be amortized from AOCL into net periodic pension cost in 2017 are $0.7 million and $1.5 million , respectively, for the non-U.S. plans and U.S. plans. There is no estimated prior service cost for either of the non-U.S. plans or U.S. plans that will be amortized from AOCL into net periodic pension cost in 2017 . During 2016, we adopted the Retirement Plan (“RP”) 2016 mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries. The RP 2016 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. The adoption of the updated mortality tables and the mortality improvement scales decreased our pension liability on our U.S. plans by approximately $3 million as of December 31, 2016. During 2015, we adopted the Retirement Plan 2015 mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries. The RP 2015 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. The adoption of the updated mortality tables and the mortality improvement scales decreased our pension liability on our U.S. plans by approximately $3 million as of December 31, 2015. During 2014, we adopted the RP 2014 mortality tables with the MP scale as issued by the Society of Actuaries. The RP 2014 mortality tables represent the new standard for defined benefit mortality assumptions due to longer life expectancies. The adoption of the updated mortality tables and the mortality improvement scales increased our pension liability on our U.S. plans by approximately $14 million as of December 31, 2014. Defined Benefit Plans—Disaggregated Plan Information Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 72,347 $ 216,577 $ 69,372 $ 228,390 Accumulated benefit obligation 72,347 216,577 65,136 199,928 Fair value of plan assets 71,286 171,240 75,855 167,947 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2016 and 2015 . The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 5,015 $ 189,244 $ 4,317 $ 202,566 Fair value of plan assets 3,642 143,678 1,679 140,988 The PBO for the unfunded excess benefit plan was $17 million at December 31, 2016 as compared to $23 million in 2015 , and is included under “U.S.” in the above tables. The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2016 and 2015 . The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Accumulated benefit obligation $ 5,015 $ 189,244 $ 1,853 $ 174,105 Fair value of plan assets 3,642 143,678 1,679 140,988 The ABO for the unfunded excess benefit plan was $17 million at December 31, 2016 as compared to $15 million in 2015 , and is included under “U.S.” in the above tables. Defined Benefit Plans—Key Assumptions The key assumptions for the plans are summarized below: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.15%-2.70% 3.00%-4.24% 2.93%-3.90% 3.09%-4.48% Rate of compensation increase 3.6 % N/A 3.60%-4.20% 2.00%-5.00% Year Ended December 31, 2016 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.93%-3.90% 3.09%-4.48% 2.60%-3.70% 2.98%-4.38% 2.70%-4.70% 3.90%-5.10% Expected long-term return on assets 1.60%-5.00% 7.00 % 1.60%-4.90% 7.50 % 2.30%-6.00% 7.80 % Rate of compensation increase 3.60%-4.20% N/A 3.60%-4.10% 2.00%-5.00% 3.60%-4.50% 5.00 % The discount rate used to calculate the net present value of future benefit obligations for our U.S. plan is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plan reasonably match this index. For non-U.S. plans, the discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities. In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our U.S. and non-U.S. plans that use a portfolio return model. Defined Benefit Plans—Plan Assets Non-U.S. Plans The NRL pension plan has a targeted asset allocation of 100 percent debt securities. The investment objective for the NRL plan assets is to earn a favorable return against the Barclays Capital Euro Treasury AAA index. We evaluate the performance of this plan on an annual basis. The NDLS pension plan has a target asset allocation of 70 percent equity securities and 30 percent debt securities. The investment objective of the plan, as adopted by the plan’s trustees, is to achieve a favorable return against a benchmark of blended United Kingdom market indices. By achieving this objective, the trustees believe the plan will be able to avoid significant volatility in the contribution rate and provide sufficient plan assets to cover the plan’s benefit obligations were the plan to be liquidated. To achieve these objectives, the trustees have given the plan’s investment managers full discretion in the day-to-day management of the plan’s assets. The plan’s assets are invested with two investment managers. The performance objective communicated to one of these investment managers is to exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts All Stocks index by 1.25 percent per annum gross of fees over rolling three year periods. The performance objective communicated to the other investment manager is to exceed a blend of FTSE’s All Share index, All World North America index, All World Europe index and All World Asia Pacific index by 1.00 to 2.00 percent per annum gross of fees over rolling five year periods. This investment manager is prohibited by the trustees from investing in real estate. The trustees meet with the investment managers periodically to review and discuss their investment performance. The actual fair values of Non-U.S. pension plans as of December 31, 2016 and 2015 are as follows: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 337 $ 337 $ — $ — Equity securities: International companies 46,845 46,845 — — Fixed income securities: Corporate bonds 20,462 — 20,462 — Other 3,642 — — 3,642 Total $ 71,286 $ 47,182 $ 20,462 $ 3,642 December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 893 $ 893 $ — $ — Equity securities: International companies 56,926 56,926 — — Fixed income securities: Corporate bonds 16,357 — 16,357 — Other 1,679 — — 1,679 Total $ 75,855 $ 57,819 $ 16,357 $ 1,679 At December 31, 2016 , assets of NRL were invested in instruments that are similar in form to a guaranteed insurance contract. There are no observable market values for these assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations that were anticipated under the plans. Amounts were therefore calculated using actuarial assumptions completed by third-party consultants employed by Noble. The following table details the activity related to these investments during the year. Market Value Balance as of December 31, 2015 $ 1,679 Assets purchased 2,685 Assets sold/benefits paid (411 ) Return on plan assets 92 Loss on exchange rate (403 ) Balance as of December 31, 2016 $ 3,642 U.S. Plans The Trust invests in equity securities, fixed income debt securities, and cash equivalents and other short-term investments. The Trust may invest in these investments directly or through pooled vehicles, including mutual funds. The Company’s overall investment strategy, or target range, is to achieve a mix of approximately 66.5 percent in equity securities, 32 percent in debt securities and 1.5 percent in cash holdings. Actual results may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee. The performance objective of the Trust is to outperform the return of the Total Index Composite as constructed to reflect the target allocation weightings for each asset class. This objective should be met over a market cycle, which is defined as a period not less than three years or more than five years . U.S. equity securities (common stock, convertible preferred stock and convertible bonds) should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Non-U.S. equity securities (common stock, convertible preferred stock and convertible bonds), either from developed or emerging markets, should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Fixed income debt securities should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level. No shares of Noble were included in equity securities at either December 31, 2016 or 2015 . The actual fair values of U.S. pension plan assets as of December 31, 2016 and 2015 are as follows: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,524 $ 2,524 $ — $ — Equity securities: United States 80,264 80,264 — — International 34,049 34,049 — — Fixed income securities: Corporate bonds 54,403 54,403 — — Total $ 171,240 $ 171,240 $ — $ — December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,097 $ 2,097 $ — $ — Equity securities: United States 77,611 77,611 — — International 33,517 33,517 — — Fixed income securities: Corporate bonds 54,722 54,722 — — Total $ 167,947 $ 167,947 $ — $ — As of December 31, 2016 , no single security made up more than 10 percent of total assets of either the U.S. or the Non-U.S. plans. Defined Benefit Plans—Cash Flows In 2016 , we made total contributions of $2.8 million and $0.4 million to our non-U.S. and U.S. pension plans, respectively. In 2015 , we made total contributions of $2.2 million and $0.5 million to our non-U.S. and U.S. pension plans, respectively. In 2014 , we made total contributions of $7 million and $2 million to our non-U.S. and U.S. pension plans, respectively. We expect our aggregate minimum contributions to our non-U.S. and U.S. plans in 2017 , subject to applicable law, to be $0.08 million and $3.8 million , respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion. The following table summarizes our estimated benefit payments at December 31, 2016 : Payments by Period Total 2017 2018 2019 2020 2021 Thereafter Estimated benefit payments Non U.S. plans $ 28,648 $ 2,393 $ 2,485 $ 2,582 $ 2,684 $ 2,788 $ 15,716 U.S. plans 103,887 10,236 7,993 8,329 8,773 12,487 56,069 Total estimated benefit payments $ 132,535 $ 12,629 $ 10,478 $ 10,911 $ 11,457 $ 15,275 $ 71,785 Other Benefit Plans We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At both December 31, 2016 and 2015 , our liability for the 401(k) Restoration Plan was $8 million and is included in “Accrued payroll and related costs.” In 2005 we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined. Participants in the plan become fully vested in the plan after three years of service. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $6 million in each of the three years ended December 31, 2016 , 2015 and 2014 . We sponsor other retirement, health and welfare plans and a 401(k) savings plan for the benefit of our employees. The cost of maintaining these plans for continuing operations aggregated approximately $37 million , $55 million and $70 million in 2016 , 2015 and 2014 , respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging | Derivative Instruments and Hedging We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. The FCX Settlement includes two contingent payments, which are further discussed below. We are accounting for these contingent payments as derivative instruments that do not qualify under the Financial Accounting Standards Board (“FASB”) standards for hedge accounting treatment, and therefore, changes in fair values are recognized as either income or loss in the accompanying Consolidated Statements of Operations. For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Cash Flow Hedges Several of our regional shorebases, primarily our operations in the North Sea, Australia and Brazil have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. During 2016 and 2015 , we entered into forward contracts of approximately $53 million and $88 million , respectively, all of which settled during their respective years. At both December 31, 2016 and 2015 , we had no outstanding derivative contracts. FCX Settlement As discussed in Note 3 , pursuant to the FCX Settlement, Noble may receive contingent payments from the FCX Settlement on September 30, 2017, depending on the average price of oil over a 12 month period from June 30, 2016 through June 30, 2017. The average price of oil will be calculated using the daily closing price of West Texas Intermediate crude oil (“WTI”) (CL1) on the New York Mercantile Exchange for the period of June 30, 2016 through June 30, 2017. If the price of WTI averages more than $50 per barrel during such period, Freeport will pay $25 million to Noble. In addition to the $25 million contingent payment, if the price of WTI averages more than $65 per barrel during such period, Freeport will pay an additional $50 million to Noble. These contingent payments do not qualify for hedge accounting treatment under FASB standards, and therefore, changes in fair values are recognized as either income or loss in the accompanying Consolidated Statements of Operations. These contingent payments are referred to as non-designated derivatives in the following tables. During 2016 , we recognized approximately $14.4 million in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of December 31, 2016 , the estimated fair value of these contingent payments was $14.4 million which is included in “Prepaid expenses and other current assets”. Financial Statement Presentation The following table, together with Note 16 , summarizes the financial statement presentation and fair value of our derivative positions as of December 31, 2016 and 2015 : Estimated fair value Balance sheet classification December 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets 14,400 — To supplement the fair value disclosures in Note 16 , the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as "contract drilling services" expense for the years ended December 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 $ (1,187 ) $ (2,414 ) $ 1,187 $ 2,414 $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ 14,400 $ — |
Financial Instruments and Credi
Financial Instruments and Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Credit Risk | Financial Instruments and Credit Risk The FASB guidance establishes a fair value hierarchy that distinguishes between assumptions based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). The fair value hierarchy under FASB guidance prioritizes inputs within three levels: Level 1: Valuations based on quoted prices in active markets for identical assets; Level 2: Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3: Valuations based on unobservable inputs. The following tables present the carrying amount and estimated fair value as of December 31, 2016 and 2015 of our financial instruments recognized at fair value on a recurring basis: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets— Marketable securities $ 6,246 $ 6,246 $ — $ — FCX Settlement $ 14,400 $ — $ — $ 14,400 December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets— Marketable securities $ 6,352 $ 6,352 $ — $ — Our cash and cash equivalents, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. The FCX Settlement has been valued using a Monte Carlo Simulation Model based on the following assumptions as of December 31, 2016 : Valuation assumptions: Expected volatility 47.08 % Mean-reversion rate 2.80 Discount rate (1) 2.5 % Underlying spot price (2) $ 53.72 (1) Based on the cost of debt of Freeport. (2) Based on the last trading price of the WTI spot contract from Bloomberg as of December 31, 2016 . The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (3,200 ) December 31, 2016 $ 14,400 Concentration of Credit Risk The market for our services is the offshore oil and gas industry, and our customers consist primarily of major integrated oil companies, government-owned oil companies and independent oil and gas producers. We perform ongoing credit evaluations of our customers and do not require material collateral. We maintain reserves for potential credit losses when necessary. Our results of operations and financial condition should be considered in light of the fluctuations in demand experienced by drilling contractors as changes in oil and gas producers’ expenditures and budgets occur. These fluctuations can impact our results of operations and financial condition as supply and demand factors directly affect utilization and dayrates, which are the primary determinants of our net cash provided by operating activities. Revenues from Shell and its affiliates accounted for approximately 38 percent , 49 percent and 55 percent of our consolidated operating revenues in 2016 , 2015 and 2014 , respectively. Revenues from Freeport accounted for approximately 25 percent of our consolidated operating revenues in 2016 , inclusive of the FCX Settlement, and 14 percent of our consolidated operating revenues during 2015 . Freeport did not account for more than 10 percent of our consolidated operating revenues in 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In January 2017, a subsidiary of Transocean Ltd. filed suit against us and certain of our subsidiaries for patent infringement in a Texas Federal court. The suit claims that five of our newbuild rigs that operated in the U.S. Gulf of Mexico violated Transocean patents relating to what is generally referred to as dual-activity drilling. We were aware of the patents when we constructed the rigs, and we do not believe that our rigs infringe the Transocean patents, which are now expired. We intend to defend ourselves vigorously against this claim. The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with British Petroleum plc (“BP”) for a two -well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against the Libyan operating subsidiaries of both BP and Exxon (the “Defendants”). The arbitration panel issued an award in our favor for dayrate revenues plus interest and fees. During 2015, BP paid us $150 million and Exxon paid us $27 million under the award, of which approximately $137 million was recognized as contract drilling services revenues, $30 million as interest income, and $10 million for the reimbursement of costs and fees as a reduction of contract drilling services costs. In December 2014, one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our former drillship, the Noble Discoverer, and the Kulluk, a rig we were providing contract labor services for, in respect of violations of applicable law discovered in connection with a 2012 Coast Guard inspection in Alaska and our own subsequent internal investigation. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk . The subsidiary paid $8.2 million in fines and $4 million in community service payments, and was placed on probation for four years , provided that we may petition the court for early dismissal of probation after three years . If, during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan in connection with the settlement. We have used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. We understand that this agent has represented a number of different companies in Brazil over many years, including several offshore drilling contractors. In November 2015, this agent pled guilty in Brazil in connection with the award of a drilling contract to a competitor and implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. Following news reports relating to the agent’s involvement in the Brazil investigation in connection with his activities with other companies, we have been conducting a review, which is now substantially complete, of our relationship with the agent and with Petrobras. We are in contact with the SEC, the Brazilian federal prosecutor’s office and the DOJ about this matter. We are cooperating with these agencies and they are aware of our internal review. To our knowledge, neither the agent, nor the government authorities investigating the matter, has alleged that the agent or Noble acted improperly in connection with our contracts with Petrobras. We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At December 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. The IRS examination team has completed its examination of our 2010 and 2011 U.S. tax returns and proposed adjustments and deficiencies with respect to certain items that were reported by us for the 2010 and 2011 tax year. On December 19, 2016, we received the Revenue Agent Report ("RAR") from the IRS. We believe that we have accurately reported all amounts in our tax returns, and we will submit administrative protests with the IRS Office of Appeals contesting the examination team’s proposed adjustments. We intend to vigorously defend our reported positions, and believe the ultimate resolution of the adjustments proposed by the IRS examination team will not have a material adverse effect on our consolidated financial statements. We have also been informed by the IRS that our 2012 and 2013 tax returns will be examined, and we anticipate that examination beginning during 2017. The IRS examination team also completed its examination of two U.S. subsidiaries of Frontier Drilling for 2011, and proposed no changes to those returns. 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 April 2016, we entered into a settlement (following an agreement in principle entered into in February 2016) 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 fraudulent conveyance claims that could be brought on behalf of its creditors). The settlement agreement with Paragon Offshore, which was signed by the parties on April 29, 2016, is subject to the approval of Paragon Offshore's bankruptcy plan by the bankruptcy court. On October 28, 2016, the bankruptcy court having jurisdiction over the Paragon Offshore bankruptcy denied confirmation of Paragon Offshore’s bankruptcy plan. On January 18, 2017, Paragon Offshore announced that it had reached an agreement in principle with an ad hoc committee of secured debt holders on a term sheet to support a new bankruptcy plan. The term sheet contemplates that the existing settlement agreement between Noble and Paragon Offshore will be adopted under the new bankruptcy plan. Paragon Offshore also stated that it will seek to obtain court approval of the new bankruptcy plan as soon as possible in the first half of 2017. Paragon Offshore’s unsecured creditors are not parties to the agreement in principle, and have formed an ad hoc committee which we expect to oppose Paragon's new bankruptcy plan, including our settlement agreement. There can be no assurance that the bankruptcy court will ultimately approve our settlement agreement with Paragon Offshore or Paragon Offshore’s bankruptcy plan or that our settlement agreement will continue to be a part of their bankruptcy plan. If for any reason the agreement is not approved by the bankruptcy court or Paragon Offshore fails to exit bankruptcy, Paragon Offshore or its creditors could become adverse to us in any potential litigation relating to the Spin-off, including any alleged fraudulent conveyance claim in connection with the creation of Paragon Offshore as a stand-alone entity. Audit claims of approximately $151 million attributable to income and other business taxes have been assessed against us in Mexico, as detailed below. Under our settlement agreement with Paragon Offshore, we agreed to assume the administration of Paragon Offshore’s Mexican income and value-added taxes for the years 2005 through 2010 and for Paragon Offshore’s Mexican customs taxes through 2010, as well as the related bonding obligations and certain of the tax related liabilities. In addition, under the agreement with Paragon Offshore, we agreed to (i) pay all of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Noble-retained entity, (ii) pay 50 percent of the ultimate resolved amount of Mexican income and value-added taxes related to Paragon Offshore’s business that were incurred through a Paragon Offshore-retained entity, (iii) pay 50 percent of the ultimate resolved amount of Mexican custom taxes related to Paragon Offshore’s business, and (iv) post any tax appeal bond that may be required to challenge a final assessment. Paragon Offshore also agreed to pay 50 percent of the third party costs incurred by us in the administration of the tax claims. Pursuant to an amendment agreed to on August 5, 2016 we have also agreed to allow Paragon Offshore to pay up to $5 million of the Mexican tax and administrative costs described above that become owed to us in the form of an interest bearing note, which will be due at the end of the four year period following the date of approval of Paragon Offshore's bankruptcy plan. Tax assessments of approximately $43 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 $176 million have been made against Paragon Offshore entities in Mexico, of which approximately $40 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 February 15, 2017, 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 can make no assurances regarding the ultimate outcome of these tax claims or our obligations to pay additional taxes in respect of these tax claims. Paragon Offshore has received tax assessments of approximately $154 million attributable to income, customs and other business taxes in Brazil, of which $44 million relates to Noble’s business that operated through a Paragon Offshore-retained entity in Brazil prior to the Spin-off. Under the TSA, we must indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil business, approximately $44 million , if and when such payments become due. We have contested, or intend to contest or cooperate with Paragon Offshore in Brazil where it is contesting, the assessments described above, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions or our ability to collect indemnities from Paragon Offshore under the TSA or the recent agreement with Paragon Offshore. We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is approximately $24 million . We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights. We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire to our drilling rigs along with other associated coverage common in our industry. We maintain a physical damage deductible on our rigs of $25 million per occurrence. With respect to the U.S. Gulf of Mexico, hurricane risk has generally resulted in more restrictive and expensive coverage for U.S. named windstorm perils, and we have opted in certain years to maintain limited or no windstorm coverage. Our current program provides for $500 million in named windstorm coverage in the U.S. Gulf of Mexico. For the Noble Bully I , our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45 -day waiting period for each unit and each occurrence. Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, cyber risks, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million . 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. We lease certain office space and warehouse facilities under cancelable and non-cancelable leases. Rent expense under these arrangements totaled $8 million , $9 million and $18 million for the years ended December 31, 2016, 2015 and 2014, respectively. The table below depicts future minimum rental commitments under our operating leases as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total $ 15,718 $ 7,750 $ 6,542 $ 1,892 $ 1,632 $ 4,889 $ 38,423 |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally due to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. As of December 31, 2016 , our contract drilling services segment conducts contract drilling operations in the United States, the North Sea, South Africa, the Middle East and Asia. The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues Year Ended December 31, Identifiable Assets As of December 31, 2016 2015 2014 2016 2015 United States $ 1,404,365 $ 1,941,485 $ 1,639,509 $ 6,399,119 $ 6,642,540 Argentina 51,627 111,589 97,743 — 273,397 Australia 89,847 204,822 146,474 — 944,277 Benin — — 66,077 — — Brazil 27,640 78,683 447,266 25,474 697,638 Brunei 42,710 — — 312,494 — Bulgaria 78,985 — — — — Denmark 46,342 77,934 28,980 250,776 501,747 Gabon 23,385 90,082 72,562 — 684,243 Libya — 136,406 — — — Malaysia 168,826 149,597 11,126 747,059 890,991 New Zealand — — 56,911 — — Qatar 608 — — 263,108 — Saudi Arabia 120,132 226,251 260,544 443,965 495,501 Singapore — — — 230,897 775,962 South Africa 1,803 — — 673,486 — Tanzania 48,394 — — — — The Netherlands 42 67,765 82,026 — — Turkey — 97,065 13,960 — — United Arab Emirates 86,446 67,117 108,044 591,306 352,546 United Kingdom 95,621 87,896 84,078 1,475,651 430,058 Other 15,292 15,560 117,204 26,782 176,745 Total $ 2,302,065 $ 3,352,252 $ 3,232,504 $ 11,440,117 $ 12,865,645 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information (Noble-UK) The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: December 31, 2016 2015 2014 Accounts receivable 179,779 $ 70,165 $ 29,730 Other current assets 81,702 61,514 (3,201 ) Other assets 139,872 106,354 (96,941 ) Accounts payable (84,873 ) (30,771 ) 63,546 Other current liabilities (207,533 ) (57,496 ) (28,644 ) Other liabilities (19,617 ) (26,219 ) 86,037 $ 89,330 $ 123,547 $ 50,527 Additional cash flow information is as follows: Year Ended December 31, 2016 2015 2014 Cash paid during the period for: Interest, net of amounts capitalized $ 232,907 $ 190,917 $ 159,835 Income taxes (net of refunds) $ 100,544 $ 89,292 $ 132,527 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A $ 1,409,400 |
Noble Corp [Member] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information (Noble-Cayman) The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: December 31, 2016 2015 2014 Accounts receivable 179,779 $ 70,165 $ 29,730 Other current assets 79,682 23,047 (12,670 ) Other assets 137,792 89,877 (96,925 ) Accounts payable (83,085 ) (28,538 ) 60,488 Other current liabilities (203,763 ) (36,580 ) (21,921 ) Other liabilities (20,960 ) (25,562 ) 86,038 $ 89,445 $ 92,409 $ 44,740 Additional cash flow information is as follows: Year Ended December 31, 2016 2015 2014 Cash paid during the period for: Interest, net of amounts capitalized $ 232,907 $ 190,917 $ 159,835 Income taxes (net of refunds) $ 100,717 $ 88,948 $ 130,356 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A $ 1,409,400 |
Information about Noble-Cayman
Information about Noble-Cayman | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Information about Noble-Cayman | Information about Noble-Cayman Guarantees of Registered Securities In May 2014, as part of the separation of Paragon Offshore, NHC assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from all obligations under the Senior Notes due 2019. As such, we removed NDC from the guarantor financial statements and NHC is no longer combined with Noble Drilling Holding, LLC (“NDH”), as they are now issuers and guarantors on separate debt instruments. We have recast prior periods presented to conform to the guarantor structure as it existed at December 31, 2016 . Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor(s) $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.25% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman NDH Noble Drilling Services 6 LLC (“NDS6”) $168 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $209 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $126 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $1 billion 7.75% Senior Notes due 2024 NHIL Noble-Cayman $450 million 7.20% 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 8.20% Senior Notes due 2045 NHIL Noble-Cayman The following consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 Accounts receivable — — 33,162 — — 285,990 — 319,152 Taxes receivable — 21,428 — — — 34,052 — 55,480 Short-term notes receivable from affiliates — — 243,915 — 1,349,708 52,611 (1,646,234 ) — Accounts receivable from affiliates 361,313 — 137,476 67,560 85,274 3,038,658 (3,690,281 ) — Prepaid expenses and other current assets 270 — 1,611 — — 86,868 88,749 Total current assets 364,120 21,428 427,019 67,560 1,434,982 4,138,620 (5,336,515 ) 1,117,214 Property and equipment, at cost — — 2,376,862 — — 9,988,026 — 12,364,888 Accumulated depreciation — — (428,308 ) — — (1,874,632 ) — (2,302,940 ) Property and equipment, net — — 1,948,554 — — 8,113,394 — 10,061,948 Notes receivable from affiliates 3,304,672 — 112,706 69,564 5,000 1,798,614 (5,290,556 ) — Investments in affiliates 2,848,855 2,007,016 1,411,874 8,369,728 6,129,082 — (20,766,555 ) — Other assets 4,292 — 5,687 — — 168,573 — 178,552 Total assets $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 1,474,309 $ (1,646,234 ) $ — Current maturities of long-term debt — — — 299,882 — — — 299,882 Accounts payable — — 4,228 — — 103,640 — 107,868 Accrued payroll and related costs — — 4,882 — — 43,437 — 48,319 Accounts payable to affiliates 818,737 111,801 1,995,788 123,642 — 640,313 (3,690,281 ) — Taxes payable — — — — — 46,561 — 46,561 Interest payable 48 — — 56,839 4,412 — — 61,299 Other current liabilities 12 — 4,296 — — 63,004 — 67,312 Total current liabilities 818,797 283,726 2,009,194 480,363 4,412 2,371,264 (5,336,515 ) 631,241 Long-term debt — — — 3,838,807 201,422 — — 4,040,229 Notes payable to affiliates — 700,000 467,139 744,181 — 3,379,236 (5,290,556 ) — Deferred income taxes — — 534 — — 1,550 — 2,084 Other liabilities 19,929 — 24,035 — — 248,219 — 292,183 Total liabilities 838,726 983,726 2,500,902 5,063,351 205,834 6,000,269 (10,627,071 ) 4,965,737 Commitments and contingencies Total shareholder equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 7,106,323 (20,362,710 ) 5,683,213 Noncontrolling interests — — — — — 1,112,609 (403,845 ) 708,764 Total equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 8,218,932 (20,766,555 ) 6,391,977 Total liabilities and equity $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 250,049 $ — $ — $ 2,086,848 $ (94,697 ) $ 2,242,200 Reimbursables — — 9,190 — — 50,242 — 59,432 Other — — — — — 1,133 — 1,133 Total operating revenues — — 259,239 — — 2,138,223 (94,697 ) 2,302,765 Operating costs and expenses Contract drilling services 4,532 18,902 70,801 84,309 — 789,814 (94,697 ) 873,661 Reimbursables — — 8,231 — — 37,268 — 45,499 Depreciation and amortization — — 91,802 — — 519,211 — 611,013 General and administrative 1,264 8,716 — 40,082 1 (4,018 ) — 46,045 Loss on impairment — — — — — 1,458,749 — 1,458,749 Total operating costs and expenses 5,796 27,618 170,834 124,391 1 2,801,024 (94,697 ) 3,034,967 Operating income (loss) (5,796 ) (27,618 ) 88,405 (124,391 ) (1 ) (662,801 ) — (732,202 ) Other income (expense) Income (loss) of unconsolidated affiliates (962,662 ) (257,142 ) (980,099 ) (333,446 ) 515,518 — 2,017,831 — Interest expense, net of amounts capitalized (27,891 ) (70,494 ) (11,461 ) (228,423 ) (15,117 ) (122,345 ) 252,816 (222,915 ) Gain on extinguishment of debt, net — — — 17,814 — — — 17,814 Interest income and other, net 96,635 120 12,616 20,412 15,058 108,108 (252,816 ) 133 Income (loss) before income taxes (899,714 ) (355,134 ) (890,539 ) (648,034 ) 515,458 (677,038 ) 2,017,831 (937,170 ) Income tax benefit (provision) — (42,522 ) 163 — — 151,522 — 109,163 Net income (loss) (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (525,516 ) 2,017,831 (828,007 ) Net income attributable to noncontrolling interests — — — — — (39,294 ) (32,413 ) (71,707 ) Net income (loss) attributable to Noble Corporation (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (564,810 ) 1,985,418 (899,714 ) Other comprehensive income (loss), net 11,035 — — — — 11,035 (11,035 ) 11,035 Comprehensive income (loss) attributable to Noble Corporation $ (888,679 ) $ (397,656 ) $ (890,376 ) $ (648,034 ) $ 515,458 $ (553,775 ) $ 1,974,383 $ (888,679 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 354,657 $ — $ — $ 3,325,608 $ (418,655 ) $ 3,261,610 Reimbursables — — 18,529 — — 72,113 — 90,642 Revenue from affiliates — — — — — 200 — 200 Total operating revenues — — 373,186 — — 3,397,921 (418,655 ) 3,352,452 Operating costs and expenses Contract drilling services 3,611 19,160 395,365 84,005 — 1,142,891 (418,655 ) 1,226,377 Reimbursables — — 13,686 — — 56,590 — 70,276 Depreciation and amortization — — 77,187 — — 556,057 — 633,244 General and administrative 1,138 8,683 — 38,167 1 7,446 — 55,435 Loss on impairment — — 13 — — 418,285 — 418,298 Total operating costs and expenses 4,749 27,843 486,251 122,172 1 2,181,269 (418,655 ) 2,403,630 Operating income (loss) (4,749 ) (27,843 ) (113,065 ) (122,172 ) (1 ) 1,216,652 — 948,822 Other income (expense) Income (loss) of unconsolidated affiliates—continuing operations 591,297 73,319 190,335 936,429 647,856 — (2,439,236 ) — Interest expense, net of amounts capitalized (75,925 ) (4,932 ) (12,110 ) (224,894 ) (25,578 ) (68,670 ) 198,255 (213,854 ) Interest income and other, net 24,188 4,852 52,026 71,617 5,165 75,071 (198,255 ) 34,664 Income before income taxes 534,811 45,396 117,186 660,980 627,442 1,223,053 (2,439,236 ) 769,632 Income tax provision — (77,929 ) (4,466 ) — — (80,225 ) — (162,620 ) Net Income 534,811 (32,533 ) 112,720 660,980 627,442 1,142,828 (2,439,236 ) 607,012 Net income attributable to noncontrolling interests — — — — — (105,240 ) 33,039 (72,201 ) Net income attributable to Noble Corporation 534,811 (32,533 ) 112,720 660,980 627,442 1,037,588 (2,406,197 ) 534,811 Other comprehensive income, net 6,243 — — — — 6,243 (6,243 ) 6,243 Comprehensive income attributable to Noble Corporation $ 541,054 $ (32,533 ) $ 112,720 $ 660,980 $ 627,442 $ 1,043,831 $ (2,412,440 ) $ 541,054 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2014 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 327,070 $ — $ — $ 3,067,195 $ (246,406 ) $ 3,147,859 Reimbursables — — 6,239 — — 78,405 — 84,644 Other — — — — — 1 — 1 Total operating revenues — — 333,309 — — 3,145,601 (246,406 ) 3,232,504 Operating costs and expenses Contract drilling services 30,885 39,039 120,971 115,909 — 1,447,073 (246,406 ) 1,507,471 Reimbursables — — 4,687 — — 61,691 — 66,378 Depreciation and amortization — — 65,164 — — 559,114 — 624,278 General and administrative 2,437 11,376 — 31,620 1 7,560 — 52,994 Loss on impairment — — — — — 745,428 — 745,428 Total operating costs and expenses 33,322 50,415 190,822 147,529 1 2,820,866 (246,406 ) 2,996,549 Operating income (loss) (33,322 ) (50,415 ) 142,487 (147,529 ) (1 ) 324,735 — 235,955 Other income (expense) Income (loss) of unconsolidated affiliates—continuing operations (2,885,628 ) 157,648 (80,080 ) 604,419 448,785 — 1,754,856 — Income (loss) of unconsolidated affiliates—discontinued operations, net of tax 223,083 50,565 28,580 170,845 6,240 — (479,313 ) — Total income (loss) of unconsolidated affiliates (2,662,545 ) 208,213 (51,500 ) 775,264 455,025 — 1,275,543 — Interest expense, net of amounts capitalized (93,536 ) (3,046 ) (24,974 ) (169,666 ) (33,671 ) (3,148,822 ) 3,318,536 (155,179 ) Interest income and other, net 2,913,631 — 249,005 89,449 3,308 64,267 (3,318,536 ) 1,124 Income from continuing operations before income taxes 124,228 154,752 315,018 547,518 424,661 (2,759,820 ) 1,275,543 81,900 Income tax provision — (68,805 ) (3,574 ) — (1,546 ) (32,005 ) — (105,930 ) Net income (loss) from continuing operations 124,228 85,947 311,444 547,518 423,115 (2,791,825 ) 1,275,543 (24,030 ) Net income (loss) from discontinued operations, net of tax — (18,655 ) 6,634 — — 235,104 — 223,083 Net Income 124,228 67,292 318,078 547,518 423,115 (2,556,721 ) 1,275,543 199,053 Net income attributable to noncontrolling interests — — — — — (98,603 ) 23,778 (74,825 ) Net income attributable to Noble Corporation 124,228 67,292 318,078 547,518 423,115 (2,655,324 ) 1,299,321 124,228 Other comprehensive loss, net (21,732 ) — — — — (21,732 ) 21,732 (21,732 ) Comprehensive income attributable to Noble Corporation $ 102,496 $ 67,292 $ 318,078 $ 547,518 $ 423,115 $ (2,677,056 ) $ 1,321,053 $ 102,496 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 97,388 $ (150,735 ) $ 149,431 $ (344,112 ) $ (60 ) $ 1,404,359 $ — $ 1,156,271 Cash flows from investing activities Capital expenditures — — (492,985 ) — — (201,754 ) — (694,739 ) Proceeds from disposal of assets — — — — — 24,808 — 24,808 Notes receivable from affiliates — — — — — — — — Net cash from investing activities — — (492,985 ) — — (176,946 ) — (669,931 ) Cash flows from financing activities Repayment of long-term debt — — — (1,049,338 ) — — — (1,049,338 ) Issuance of senior notes — — — 980,100 — — — 980,100 Debt issuance costs on senior notes — — — (12,111 ) — — — (12,111 ) Tender offer premium — — — (24,649 ) — — — (24,649 ) Dividends paid to noncontrolling interests — — — — — (85,944 ) — (85,944 ) Distributions to parent company, net (152,360 ) — — — — — — (152,360 ) Advances (to) from affiliates 55,882 150,735 352,308 450,110 60 (1,009,095 ) — — Notes payable to affiliates — — — — — — — — Net cash from financing activities (96,478 ) 150,735 352,308 344,112 60 (1,095,039 ) — (344,302 ) Net change in cash and cash equivalents 910 — 8,754 — — 132,374 — 142,038 Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ (31,562 ) $ (53,686 ) $ 15,207 $ (267,735 ) $ (20,292 ) $ 2,105,575 $ — $ 1,747,507 Cash flows from investing activities Capital expenditures — — (116,594 ) — — (320,557 ) — (437,151 ) Proceeds from disposal of assets — — — — — 4,614 — 4,614 Notes receivable from affiliates 124,951 — — 608,771 — — (733,722 ) — Net cash from investing activities 124,951 — (116,594 ) 608,771 — (315,943 ) (733,722 ) (432,537 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (71,504 ) — (71,504 ) Distributions to parent company, net (400,614 ) — — — — — — (400,614 ) Advances (to) from affiliates 2,047,563 53,686 103,234 (1,074,144 ) 20,292 (1,150,631 ) — — Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Net cash from financing activities (91,767 ) 53,686 103,234 (341,036 ) 20,292 (1,347,086 ) 733,722 (868,955 ) Net change in cash and cash equivalents 1,622 — 1,847 — — 442,546 — 446,015 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2014 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 2,825,524 $ (151,987 ) $ 366,583 $ (232,605 ) $ (31,788 ) $ (903,811 ) $ — $ 1,871,916 Cash flows from investing activities Capital expenditures — — (1,404,560 ) — — (704,574 ) — (2,109,134 ) Notes receivable from affiliates 50 — — 273,744 — — (273,794 ) — Net cash from investing activities 50 — (1,404,560 ) 273,744 — (704,574 ) (273,794 ) (2,109,134 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (437,647 ) — — — — — — (437,647 ) Repayment of long-term debt — — — (250,000 ) — — — (250,000 ) Long-term borrowings of Paragon Offshore — — — — — 1,710,550 — 1,710,550 Financing costs on long-term borrowings of Paragon Offshore — — — — — (14,676 ) — (14,676 ) Cash balances of Paragon Offshore in Spin-Off — — — — — (104,152 ) — (104,152 ) Dividends paid to noncontrolling interests — — — — — (79,966 ) — (79,966 ) Debt issuance costs on senior notes and credit facilities (398 ) — — — — — — (398 ) Distributions to parent company, net (631,095 ) — — — — — — (631,095 ) Advances (to) from affiliates (1,482,686 ) 151,987 1,037,829 208,857 31,788 52,225 — — Notes payable to affiliates (273,744 ) — — — — (50 ) 273,794 — Net cash from financing activities (2,825,570 ) 151,987 1,037,829 (41,143 ) 31,788 1,563,931 273,794 192,616 Net change in cash and cash equivalents 4 — (148 ) (4 ) — (44,454 ) — (44,602 ) Cash and cash equivalents, beginning of period 1 — 402 4 — 109,975 — 110,382 Cash and cash equivalents, end of period $ 5 $ — $ 254 $ — $ — $ 65,521 $ — $ 65,780 |
Unaudited Interim Financial Dat
Unaudited Interim Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Data | Unaudited Interim Financial Data Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2016 and 2015 is as follows: Quarter Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 2016 Operating revenues $ 611,973 $ 894,783 $ 385,153 $ 410,156 Operating income (loss) 175,460 449,714 (2,208 ) (1,384,912 ) Net income (loss) from continuing operations attributable to Noble-UK 105,485 322,866 (55,081 ) (1,302,850 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic 0.42 1.28 (0.23 ) (5.36 ) Diluted 0.42 1.28 (0.23 ) (5.36 ) Quarter Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 2015 Operating revenues $ 804,342 $ 793,555 $ 896,671 $ 857,684 Operating income (loss) 284,359 275,149 409,973 (49,480 ) Net income (loss) from continuing operations attributable to Noble-UK 178,403 159,031 325,807 (152,241 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic 0.72 0.64 1.32 (0.63 ) Diluted 0.72 0.64 1.32 (0.63 ) (1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event None. |
Organization and Significant 31
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of the filing date of this Annual Report on Form 10-K, our fleet of 28 drilling rigs consisted of 14 jackups, eight drillships and six semisubmersibles. At December 31, 2016 , our fleet was located in the United States, the North Sea, South Africa, the Middle East and Asia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were canceled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while statement of operations items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2016 . |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years . Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years . Included in accounts payable were $26 million and $58 million of capital accruals as of December 31, 2016 and 2015 , respectively. Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 8 . Such amounts, net of accumulated depreciation, totaled $187 million and $202 million at December 31, 2016 and 2015 , respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $86 million , $75 million and $77 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment may exist when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig or piece of equipment , we may take an impairment loss in the future. For additional information, see Note 12 . |
Deferred Costs | Deferred Costs Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities. |
Revenue Recognition | Revenue Recognition Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income or loss over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $134 million and $180 million at December 31, 2016 and 2015 , respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $54 million at December 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. However, 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 December 31, 2016 and 2015 , four of the five original rigs had revenues recorded in excess of billings as a result of this recognition which totaled $18 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. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. |
Income Taxes | Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. |
Insurance Reserves | Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. |
Earnings per Share | Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. |
Share-Based Compensation Plans | Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. |
Certain Significant Estimates | Certain Significant Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. A number of amendments have been issued in connection with ASU No. 2014-9, all of which are effective upon adoption of Topic 606. In March 2016 and April 2016, the FASB issued clarification amendments ASU No. 2016-8 and ASU No. 2016-10 which clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. In May 2016, the FASB issued ASU No. 2016-11 and ASU No. 2016-12 which rescind certain SEC Staff Observer comments that are codified in Topic 605, “Revenue Recognition,” and Topic 932, “Extractive Activities—Oil and Gas” and provide improvements to narrow aspects of ASU No. 2014-9, respectively. In December 2016, the FASB issued ASU No. 2016-20, which issues technical corrections and improvements to Topic 606. As part of our assessment work to-date, we have formed an implementation work team, completed training on the new ASU's revenue recognition model and begun contract review. We plan on adopting the new standard effective January 1, 2018 and apply it retrospectively to all comparative periods presented. 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 did not require any additional disclosures. In January 2015, the FASB issued ASU No. 2015-1, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In February 2015, the FASB issued ASU No. 2015-2, which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In April 2015, the FASB issued ASU No. 2015-3, which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. In August 2015, the FASB issued ASU No. 2015-15 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance allows a debt issuance cost related to a line-of-credit to be presented in the balance sheet as an asset and subsequently amortized ratably over the term of the line-of credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is applied on a retrospective basis. In accordance with our adoption of ASU No. 2015-3, unamortized debt issuance costs related to our senior notes of approximately $26 million as of December 31, 2015, which were previously included in “Other assets,” are included in either “Current maturities of long-term debt” or “Long-term debt” in the accompanying Consolidated Balance Sheets, based upon the maturity date of the respective senior notes. In April 2015, the FASB issued ASU No. 2015-4, which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In July 2015, the FASB issued ASU No. 2015-12, which amends ASC Topic 960, “Plan Accounting-Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-4, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In September 2015, the FASB issued ASU 2015-16, which amends Topic 805, “Business Combinations.” This amendment eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination at the acquisition date with a corresponding adjustment to goodwill, and revise comparative information for prior periods presented in financial statements. Those adjustments are required when new information about circumstances that existed as of the acquisition date would have affected the measurement of the amount initially recognized. This update requires an entity to recognize these adjustments in the reporting period in which the adjustment amounts are determined. An acquirer must record the effect on earnings of changes in depreciation, amortization, or other income effects, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the statement of operations, or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In November 2015, the FASB issued ASU No. 2015-17, which amends ASC Topic 740, “Income Taxes.” This amendment aligns the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards. International Accounting Standard 1, Presentation of Financial Statements , requires deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets be offset and presented as a single amount is not affected by the amendments in this update. The standard is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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 February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-5, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures. In March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Under the new provision, excess tax benefits related to stock compensation will be recognized in the "Provision for income taxes" in the results of operations, rather than in "Additional paid-in capital" in the consolidated balance sheets and will be applied on a prospective basis. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. The adoption of this standard will result in the cumulative adjustment to equity as of January 1, 2017 of approximately $6 million . In August 2016, the FASB issued ASU No. 2016-15 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The update outlines the classification of specific transactions as either cash inflows or outflows from financing activities, operating activities, investing activities or non-cash activities. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In October 2016, the FASB issued ASU No. 2016-16 which amends ASC Topic 740, “Income Taxes.” The amendments in this update improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In November 2016, the FASB issued ASU No. 2016-18 which amends ASC Topic 230, “Classification of Certain Cash Receipts and Cash Payments.” The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Operation from Discontinued Operations | The following table provides the results of operations from discontinued operations: 2014 Operating revenues Contract drilling services $ 993,253 Reimbursables 21,899 Labor contract drilling services 19,304 Other 2 Operating revenues from discontinued operations $ 1,034,458 Income from discontinued operations Income from discontinued operations before income taxes $ 216,391 Income tax provision (55,889 ) Net income from discontinued operations, net of tax $ 160,502 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 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: Year Ended December 31, 2016 2015 2014 Basic Income (loss) from continuing operations $ (929,580 ) $ 511,000 $ (152,011 ) Earnings allocated to unvested share-based payment awards — (11,208 ) — Income (loss) from continuing operations to common shareholders (929,580 ) 499,792 (152,011 ) Income from discontinued operations — — 160,502 Income from discontinued operations, net of tax to common shareholders — — 160,502 Net income (loss) attributable to Noble-UK (929,580 ) 511,000 8,491 Earnings allocated to unvested share-based payment awards — (11,208 ) — Net income (loss) to common shareholders—basic $ (929,580 ) $ 499,792 $ 8,491 Diluted Income (loss) from continuing operations $ (929,580 ) $ 511,000 $ (152,011 ) Earnings allocated to unvested share-based payment awards — (11,208 ) — Income (loss) from continuing operations to common shareholders (929,580 ) 499,792 (152,011 ) Income from discontinued operations — — 160,502 Income from discontinued operations, net of tax to common shareholders — — 160,502 Net income (loss) attributable to Noble-UK (929,580 ) 511,000 8,491 Earnings allocated to unvested share-based payment awards — (11,208 ) — Net income (loss) to common shareholders—diluted $ (929,580 ) $ 499,792 $ 8,491 Weighted average shares outstanding—basic 243,127 242,146 252,909 Weighted average shares outstanding—diluted 243,127 242,146 252,909 Weighted average unvested share-based payment awards — 5,430 — Earnings per share Basic Continuing operations $ (3.82 ) $ 2.06 $ (0.60 ) Discontinued operations — — 0.63 Net income attributable to Noble-UK $ (3.82 ) $ 2.06 $ 0.03 Diluted Continuing operations $ (3.82 ) $ 2.06 $ (0.60 ) Discontinued operations — — 0.63 Net income attributable to Noble-UK $ (3.82 ) $ 2.06 $ 0.03 Dividends per share $ 0.20 $ 1.28 $ 1.50 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of December 31, 2016 and 2015 for Noble-UK consisted of the following: 2016 2015 Drilling equipment and facilities $ 12,048,571 $ 13,074,804 Construction in progress 112,103 761,347 Other 204,214 220,172 Property and equipment, at cost $ 12,364,888 $ 14,056,323 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consisted of the following at December 31, 2016 and 2015 : December 31, December 31, Senior unsecured senior notes 3.05% Senior Notes due 2016 $ — $ 299,997 2.50% Senior Notes due 2017 299,992 299,956 5.25% Senior Notes due 2018 249,771 249,602 7.50% Senior Notes due 2019 201,695 201,695 4.90% Senior Notes due 2020 167,576 499,287 4.625% Senior Notes due 2021 208,538 399,680 3.95% Senior Notes due 2022 125,488 399,354 7.75% Senior Notes due 2024 980,117 — 7.20% Senior Notes due 2025 448,909 448,814 6.20% Senior Notes due 2040 399,898 399,896 6.05% Senior Notes due 2041 397,758 397,719 5.25% Senior Notes due 2042 498,369 498,338 8.20% Senior Notes due 2045 394,613 394,563 Total debt 4,372,724 4,488,901 Less: Unamortized debt issuance costs (32,613 ) (26,339 ) Less: Current maturities of long-term debt (1) (299,882 ) (299,924 ) Total long-term debt $ 4,040,229 $ 4,162,638 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million and $0.07 million at December 31, 2016 and 2015, respectively. |
Schedule of Aggregate Principal Repayments of Total Debt | At December 31, 2016, aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2017 2018 2019 2020 2021 Thereafter Total $ 299,992 $ 249,771 $ 201,695 $ 167,576 $ 208,538 $ 3,245,152 $ 4,372,724 |
Estimated Fair Value of Our Long-Term Debt | The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 3.05% Senior Notes due 2016 — — 299,997 299,340 2.50% Senior Notes due 2017 299,992 299,128 299,956 284,334 5.25% Senior Notes due 2018 249,771 249,808 249,602 227,285 7.50% Senior Notes due 2019 201,695 209,524 201,695 194,273 4.90% Senior Notes due 2020 167,576 167,329 499,287 378,761 4.625% Senior Notes due 2021 208,538 196,416 399,680 289,450 3.95% Senior Notes due 2022 125,488 112,791 399,354 265,643 7.75% Senior Notes due 2024 980,117 945,317 — — 7.20% Senior Notes due 2025 448,909 423,267 448,814 308,870 6.20% Senior Notes due 2040 399,898 280,221 399,896 237,005 6.05% Senior Notes due 2041 397,758 273,854 397,719 239,464 5.25% Senior Notes due 2042 498,369 325,814 498,338 279,919 8.20% Senior Notes due 2045 394,613 328,608 394,563 255,887 Total debt $ 4,372,724 $ 3,812,077 $ 4,488,901 $ 3,260,231 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Share Repurchases | Share repurchases for each of the three years ended December 31, are as follows: Year Ended Total Number of Shares Purchased Average Price Paid per Share (1) December 31, Total Cost (1) 2016 — $ — $ — 2015 6,209,400 100,630 16.21 2014 6,769,891 154,145 22.77 (1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market. |
Summary of Stock Options Granted | A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2016 , 2015 and 2014 and the changes during the year ended on those dates is presented below: 2016 2015 2014 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 1,677,154 $ 29.48 1,958,633 $ 28.43 1,808,987 $ 33.13 Exercised — — — — (131,706 ) 20.08 Expired (256,979 ) 29.22 (281,479 ) 22.17 (57,871 ) 30.18 Spin-off adjustment — — — — 339,223 N/A Outstanding at end of year (1) 1,420,175 29.52 1,677,154 29.48 1,958,633 28.43 Exercisable at end of year (1) 1,420,175 $ 29.52 1,677,154 $ 29.48 1,846,465 $ 28.35 (1) Options outstanding and exercisable at December 31, 2016 had no intrinsic value. |
Additional Information about Stock Options Outstanding | The following table summarizes additional information about stock options outstanding at December 31, 2016 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $26.18 302,854 2.67 $ 21.37 $26.19 to $31.51 467,956 3.96 30.40 $31.52 to $35.73 649,365 3.16 32.70 Total 1,420,175 3.32 $ 29.52 |
Assumptions used to Value Performance-Vested Restricted Stock Awards | The assumptions used to value the PVRSU’s include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2016 2015 2014 Valuation assumptions: Expected volatility 40.7 % 34.0 % 33.0 % Risk-free interest rate 0.97 % 0.8 % 0.7 % |
Summary of Restricted Share Awards | A summary of the RSU awards for each of the years in the period ended December 31, is as follows: 2016 2015 2014 TVRSU Units awarded (maximum available) 3,624,182 2,004,311 1,617,534 Weighted-average share price at award date $ 7.78 $ 15.90 $ 31.56 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded (maximum available) 2,914,044 1,205,130 740,364 Weighted-average share price at award date $ 7.79 $ 15.94 $ 31.66 Three-year performance period ended December 31 2018 2017 2016 Weighted-average award-date fair value $ 3.81 $ 9.12 $ 19.66 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested RSU’s at December 31, 2016 and changes during the year ended December 31, 2016 is presented below: TVRSU’s Outstanding Weighted Average Award-Date Fair Value PVRSU’s Outstanding (1) Weighted Average Award-Date Fair Value Non-vested RSU’s at January 1, 2016 2,709,675 $ 21.97 2,546,137 $ 16.06 Awarded 3,624,182 7.78 2,914,044 3.81 Vested (1,188,240 ) 25.16 (321,440 ) 24.97 Forfeited (1,056,450 ) 11.49 (759,916 ) 12.63 Non-vested RSU’s at December 31, 2016 4,089,167 $ 11.18 4,378,825 $ 7.85 (1) The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in AOCL by Component | The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2016 and 2015 and changes in AOCL by component for the year ended December 31, 2016 . All amounts within the tables are shown net of tax. Gains / (Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2014 $ — $ (58,440 ) $ (10,978 ) $ (69,418 ) Activity during period: Other comprehensive income (loss) before reclassifications 2,414 7,099 (5,278 ) 4,235 Amounts reclassified from AOCL (2,414 ) 4,422 — 2,008 Net other comprehensive income (loss) — 11,521 (5,278 ) 6,243 Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications 1,187 (8,237 ) (19 ) (7,069 ) Amounts reclassified from AOCL (1,187 ) 19,291 — 18,104 Net other comprehensive income (loss) — 11,054 (19 ) 11,035 Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) (1) Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 15 for additional information. (2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative.” See Note 14 for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: 2016 2015 Deferred tax assets United States Excess of net tax basis over remaining book basis $ 56,351 $ — Deferred pension plan amounts 16,797 22,858 Accrued expenses not currently deductible 19,012 20,041 Other 6,803 3,069 Non-U.S. Net operating loss carry forwards 3,800 3,800 Deferred pension plan amounts 3,120 2,347 Other 2,064 2,064 Deferred tax assets 107,947 54,179 Less: valuation allowance (3,800 ) (3,800 ) Net deferred tax assets $ 104,147 $ 50,379 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ — $ (126,096 ) Other (7,672 ) (10,277 ) Non-U.S. Excess of net book basis over remaining tax basis (200 ) (200 ) Other (4,305 ) (4,366 ) Deferred tax liabilities (12,177 ) (140,939 ) Net deferred tax assets (liabilities) $ 91,970 $ (90,560 ) |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2016 2015 2014 United States $ (428,087 ) $ 4,031 $ 38,206 Non-U.S. (538,942 ) 738,402 (8,741 ) Total $ (967,029 ) $ 742,433 $ 29,465 |
Income Tax Provision for Continuing Operations | The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2016 2015 2014 Current- United States $ 61,928 $ 113,648 $ 50,829 Current- Non-U.S. 18,813 81,756 74,288 Deferred- United States (189,880 ) (38,103 ) (18,655 ) Deferred- Non-U.S. (17 ) 1,931 189 Total $ (109,156 ) $ 159,232 $ 106,651 |
Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties | The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. In 2016, we released an uncertain tax position in Libya in the gross amount of $40 million coupled with a related tax benefit of $13 million . 2016 2015 2014 Gross balance at January 1, $ 169,687 $ 108,812 $ 115,969 Additions based on tax positions related to current year 15,665 31,022 16,880 Additions for tax positions of prior years 18,662 47,561 12,928 Reductions for tax positions of prior years (43,701 ) (11,945 ) (8 ) Expiration of statutes (487 ) (1,237 ) (2,852 ) Reduction due to Spin-off — — (26,870 ) Tax settlements — (4,526 ) (7,235 ) Gross balance at December 31, 159,826 169,687 108,812 Related tax benefits (1,008 ) (14,369 ) (1,064 ) Net reserve at December 31, $ 158,818 $ 155,318 $ 107,748 |
Summary of Liabilities Related to Reserve for Uncertain Tax Positions | The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2016 2015 Reserve for uncertain tax positions, excluding interest and penalties $ 158,818 $ 155,318 Interest and penalties included in “Other liabilities” 13,702 10,961 Reserve for uncertain tax positions, including interest and penalties $ 172,520 $ 166,279 |
Reconciliation of Statutory and Effective Income Tax Rate | A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: Year Ended December 31, 2016 2015 2014 Effect of: Tax rates which are different than the UK and Cayman Island rates 8.4 % 14.4 % 19.3 % Tax impact of asset impairment 3.9 % 5.3 % 344.0 % Reserve for (resolution of) tax authority audits (1.0 )% 1.7 % (1.3 )% Total 11.3 % 21.4 % 362.0 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans | A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Benefit obligation at beginning of year $ 69,372 $ 228,390 $ 72,553 $ 238,072 Service cost 2,914 6,647 3,344 8,596 Interest cost 2,412 9,557 2,546 9,198 Actuarial loss (gain) 19,296 (5,178 ) (2,778 ) (21,631 ) Benefits paid (3,515 ) (5,747 ) (2,971 ) (5,845 ) Curtailment (5,735 ) (17,092 ) — — Plan participants’ contributions 307 — 363 — Foreign exchange rate changes (12,704 ) — (3,685 ) — Benefit obligation at end of year $ 72,347 $ 216,577 $ 69,372 $ 228,390 |
Reconciliation of Changes in Fair Value of Plan Assets | A reconciliation of the changes in fair value of plan assets is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Fair value of plan assets at beginning of year $ 75,855 $ 167,947 $ 77,714 $ 172,119 Actual return on plan assets 9,371 8,657 2,270 1,125 Employer contributions 2,832 383 2,182 548 Benefits and expenses paid (3,515 ) (5,747 ) (2,971 ) (5,845 ) Plan participants’ contributions 307 — 363 — Foreign exchange rate changes (13,564 ) — (3,703 ) — Fair value of plan assets at end of year $ 71,286 $ 171,240 $ 75,855 $ 167,947 |
Funded Status of Plans | The funded status of the plans is as follows: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Funded status $ (1,061 ) $ (45,337 ) $ 6,483 $ (60,443 ) |
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consist of: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Other assets (noncurrent) $ 313 $ 229 $ 9,121 $ 1,134 Other liabilities (current) — (3,857 ) — (3,441 ) Other liabilities (noncurrent) (1,374 ) (41,709 ) (2,638 ) (58,136 ) Net amount recognized $ (1,061 ) $ (45,337 ) $ 6,483 $ (60,443 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCL consist of: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Net actuarial loss $ 17,035 $ 34,200 $ 10,017 $ 57,937 Prior service cost — — 1,378 326 Deferred income tax asset (3,120 ) (12,250 ) (2,347 ) (20,392 ) Accumulated other comprehensive loss $ 13,915 $ 21,950 $ 9,048 $ 37,871 |
Pension Costs | Pension cost includes the following components: Year Ended December 31, 2016 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Service Cost $ 2,914 $ 6,647 $ 3,344 $ 8,596 $ 4,777 $ 8,901 Interest Cost 2,412 9,557 2,546 9,198 4,650 10,546 Return on plan assets (3,393 ) (12,389 ) (3,673 ) (13,146 ) (6,117 ) (15,499 ) Amortization of prior service cost 104 118 104 142 46 196 Recognized net actuarial loss 142 4,398 315 6,158 769 2,857 Curtailment expense 600 200 — — — 241 Settlement expense — — — — — 9,872 Net pension expense $ 2,779 $ 8,531 $ 2,636 $ 10,948 $ 4,125 $ 17,114 |
Disaggregated Plan Information | Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 72,347 $ 216,577 $ 69,372 $ 228,390 Accumulated benefit obligation 72,347 216,577 65,136 199,928 Fair value of plan assets 71,286 171,240 75,855 167,947 |
Plans in which PBO Exceeded Fair Value | The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2016 and 2015 . The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 5,015 $ 189,244 $ 4,317 $ 202,566 Fair value of plan assets 3,642 143,678 1,679 140,988 |
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets | The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2016 and 2015 . The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Accumulated benefit obligation $ 5,015 $ 189,244 $ 1,853 $ 174,105 Fair value of plan assets 3,642 143,678 1,679 140,988 |
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: Year Ended December 31, 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.15%-2.70% 3.00%-4.24% 2.93%-3.90% 3.09%-4.48% Rate of compensation increase 3.6 % N/A 3.60%-4.20% 2.00%-5.00% Year Ended December 31, 2016 2015 2014 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.93%-3.90% 3.09%-4.48% 2.60%-3.70% 2.98%-4.38% 2.70%-4.70% 3.90%-5.10% Expected long-term return on assets 1.60%-5.00% 7.00 % 1.60%-4.90% 7.50 % 2.30%-6.00% 7.80 % Rate of compensation increase 3.60%-4.20% N/A 3.60%-4.10% 2.00%-5.00% 3.60%-4.50% 5.00 % |
Schedule of Activity Related to Investments | The following table details the activity related to these investments during the year. Market Value Balance as of December 31, 2015 $ 1,679 Assets purchased 2,685 Assets sold/benefits paid (411 ) Return on plan assets 92 Loss on exchange rate (403 ) Balance as of December 31, 2016 $ 3,642 |
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2016 : Payments by Period Total 2017 2018 2019 2020 2021 Thereafter Estimated benefit payments Non U.S. plans $ 28,648 $ 2,393 $ 2,485 $ 2,582 $ 2,684 $ 2,788 $ 15,716 U.S. plans 103,887 10,236 7,993 8,329 8,773 12,487 56,069 Total estimated benefit payments $ 132,535 $ 12,629 $ 10,478 $ 10,911 $ 11,457 $ 15,275 $ 71,785 |
Non-U.S. Plans [Member] | |
Actual Fair Values of Defined Benefit Plans | The actual fair values of Non-U.S. pension plans as of December 31, 2016 and 2015 are as follows: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 337 $ 337 $ — $ — Equity securities: International companies 46,845 46,845 — — Fixed income securities: Corporate bonds 20,462 — 20,462 — Other 3,642 — — 3,642 Total $ 71,286 $ 47,182 $ 20,462 $ 3,642 December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 893 $ 893 $ — $ — Equity securities: International companies 56,926 56,926 — — Fixed income securities: Corporate bonds 16,357 — 16,357 — Other 1,679 — — 1,679 Total $ 75,855 $ 57,819 $ 16,357 $ 1,679 |
U.S. Plans [Member] | |
Actual Fair Values of Defined Benefit Plans | The actual fair values of U.S. pension plan assets as of December 31, 2016 and 2015 are as follows: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,524 $ 2,524 $ — $ — Equity securities: United States 80,264 80,264 — — International 34,049 34,049 — — Fixed income securities: Corporate bonds 54,403 54,403 — — Total $ 171,240 $ 171,240 $ — $ — December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,097 $ 2,097 $ — $ — Equity securities: United States 77,611 77,611 — — International 33,517 33,517 — — Fixed income securities: Corporate bonds 54,722 54,722 — — Total $ 167,947 $ 167,947 $ — $ — |
Derivative Instruments and He40
Derivative Instruments and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table, together with Note 16 , summarizes the financial statement presentation and fair value of our derivative positions as of December 31, 2016 and 2015 : Estimated fair value Balance sheet classification December 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets 14,400 — |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 16 , the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as "contract drilling services" expense for the years ended December 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 $ (1,187 ) $ (2,414 ) $ 1,187 $ 2,414 $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ 14,400 $ — |
Financial Instruments and Cre41
Financial Instruments and Credit Risk (Tables) | 12 Months Ended |
Dec. 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 as of December 31, 2016 and 2015 of our financial instruments recognized at fair value on a recurring basis: December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets— Marketable securities $ 6,246 $ 6,246 $ — $ — FCX Settlement $ 14,400 $ — $ — $ 14,400 December 31, 2015 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets— Marketable securities $ 6,352 $ 6,352 $ — $ — |
Valuation Assumptions Using Carlo Simulation Model | The FCX Settlement has been valued using a Monte Carlo Simulation Model based on the following assumptions as of December 31, 2016 : Valuation assumptions: Expected volatility 47.08 % Mean-reversion rate 2.80 Discount rate (1) 2.5 % Underlying spot price (2) $ 53.72 (1) Based on the cost of debt of Freeport. (2) Based on the last trading price of the WTI spot contract from Bloomberg as of December 31, 2016 . |
Schedule of Activity Related to FCX Settlement Asset | The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (3,200 ) December 31, 2016 $ 14,400 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The table below depicts future minimum rental commitments under our operating leases as of December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total $ 15,718 $ 7,750 $ 6,542 $ 1,892 $ 1,632 $ 4,889 $ 38,423 |
Segment and Related Informati43
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenues and Identifiable Assets by Country Based on the Location of the Service Provided | The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues Year Ended December 31, Identifiable Assets As of December 31, 2016 2015 2014 2016 2015 United States $ 1,404,365 $ 1,941,485 $ 1,639,509 $ 6,399,119 $ 6,642,540 Argentina 51,627 111,589 97,743 — 273,397 Australia 89,847 204,822 146,474 — 944,277 Benin — — 66,077 — — Brazil 27,640 78,683 447,266 25,474 697,638 Brunei 42,710 — — 312,494 — Bulgaria 78,985 — — — — Denmark 46,342 77,934 28,980 250,776 501,747 Gabon 23,385 90,082 72,562 — 684,243 Libya — 136,406 — — — Malaysia 168,826 149,597 11,126 747,059 890,991 New Zealand — — 56,911 — — Qatar 608 — — 263,108 — Saudi Arabia 120,132 226,251 260,544 443,965 495,501 Singapore — — — 230,897 775,962 South Africa 1,803 — — 673,486 — Tanzania 48,394 — — — — The Netherlands 42 67,765 82,026 — — Turkey — 97,065 13,960 — — United Arab Emirates 86,446 67,117 108,044 591,306 352,546 United Kingdom 95,621 87,896 84,078 1,475,651 430,058 Other 15,292 15,560 117,204 26,782 176,745 Total $ 2,302,065 $ 3,352,252 $ 3,232,504 $ 11,440,117 $ 12,865,645 |
Supplemental Cash Flow Inform44
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 2015 2014 Accounts receivable 179,779 $ 70,165 $ 29,730 Other current assets 81,702 61,514 (3,201 ) Other assets 139,872 106,354 (96,941 ) Accounts payable (84,873 ) (30,771 ) 63,546 Other current liabilities (207,533 ) (57,496 ) (28,644 ) Other liabilities (19,617 ) (26,219 ) 86,037 $ 89,330 $ 123,547 $ 50,527 |
Additional Cash Flow Information | Additional cash flow information is as follows: Year Ended December 31, 2016 2015 2014 Cash paid during the period for: Interest, net of amounts capitalized $ 232,907 $ 190,917 $ 159,835 Income taxes (net of refunds) $ 100,544 $ 89,292 $ 132,527 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A $ 1,409,400 |
Noble Corp [Member] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: December 31, 2016 2015 2014 Accounts receivable 179,779 $ 70,165 $ 29,730 Other current assets 79,682 23,047 (12,670 ) Other assets 137,792 89,877 (96,925 ) Accounts payable (83,085 ) (28,538 ) 60,488 Other current liabilities (203,763 ) (36,580 ) (21,921 ) Other liabilities (20,960 ) (25,562 ) 86,038 $ 89,445 $ 92,409 $ 44,740 |
Additional Cash Flow Information | Additional cash flow information is as follows: Year Ended December 31, 2016 2015 2014 Cash paid during the period for: Interest, net of amounts capitalized $ 232,907 $ 190,917 $ 159,835 Income taxes (net of refunds) $ 100,717 $ 88,948 $ 130,356 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A $ 1,409,400 |
Information about Noble-Cayman
Information about Noble-Cayman (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2016 as follows: Issuer Notes (Co-Issuer(s)) Guarantor(s) $300 million 2.50% Senior Notes due 2017 NHIL Noble-Cayman $250 million 5.25% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHC Noble-Cayman NDH Noble Drilling Services 6 LLC (“NDS6”) $168 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $209 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $126 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $1 billion 7.75% Senior Notes due 2024 NHIL Noble-Cayman $450 million 7.20% 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 8.20% Senior Notes due 2045 NHIL Noble-Cayman |
Condensed Consolidating Balance Sheet | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 Accounts receivable — — 33,162 — — 285,990 — 319,152 Taxes receivable — 21,428 — — — 34,052 — 55,480 Short-term notes receivable from affiliates — — 243,915 — 1,349,708 52,611 (1,646,234 ) — Accounts receivable from affiliates 361,313 — 137,476 67,560 85,274 3,038,658 (3,690,281 ) — Prepaid expenses and other current assets 270 — 1,611 — — 86,868 88,749 Total current assets 364,120 21,428 427,019 67,560 1,434,982 4,138,620 (5,336,515 ) 1,117,214 Property and equipment, at cost — — 2,376,862 — — 9,988,026 — 12,364,888 Accumulated depreciation — — (428,308 ) — — (1,874,632 ) — (2,302,940 ) Property and equipment, net — — 1,948,554 — — 8,113,394 — 10,061,948 Notes receivable from affiliates 3,304,672 — 112,706 69,564 5,000 1,798,614 (5,290,556 ) — Investments in affiliates 2,848,855 2,007,016 1,411,874 8,369,728 6,129,082 — (20,766,555 ) — Other assets 4,292 — 5,687 — — 168,573 — 178,552 Total assets $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 1,474,309 $ (1,646,234 ) $ — Current maturities of long-term debt — — — 299,882 — — — 299,882 Accounts payable — — 4,228 — — 103,640 — 107,868 Accrued payroll and related costs — — 4,882 — — 43,437 — 48,319 Accounts payable to affiliates 818,737 111,801 1,995,788 123,642 — 640,313 (3,690,281 ) — Taxes payable — — — — — 46,561 — 46,561 Interest payable 48 — — 56,839 4,412 — — 61,299 Other current liabilities 12 — 4,296 — — 63,004 — 67,312 Total current liabilities 818,797 283,726 2,009,194 480,363 4,412 2,371,264 (5,336,515 ) 631,241 Long-term debt — — — 3,838,807 201,422 — — 4,040,229 Notes payable to affiliates — 700,000 467,139 744,181 — 3,379,236 (5,290,556 ) — Deferred income taxes — — 534 — — 1,550 — 2,084 Other liabilities 19,929 — 24,035 — — 248,219 — 292,183 Total liabilities 838,726 983,726 2,500,902 5,063,351 205,834 6,000,269 (10,627,071 ) 4,965,737 Commitments and contingencies Total shareholder equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 7,106,323 (20,362,710 ) 5,683,213 Noncontrolling interests — — — — — 1,112,609 (403,845 ) 708,764 Total equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 8,218,932 (20,766,555 ) 6,391,977 Total liabilities and equity $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total ASSETS Current assets Cash and cash equivalents $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 Accounts receivable — — 9,381 — — 489,550 — 498,931 Taxes receivable — 12,124 27 — — 43,291 — 55,442 Short-term notes receivable from affiliates — — 119,476 — — 171,925 (291,401 ) — Accounts receivable from affiliates 626,305 451,201 128,457 811,785 67,684 3,445,590 (5,531,022 ) — Prepaid expenses and other current assets 246 — 1,696 — — 166,527 — 168,469 Total current assets 628,178 463,325 261,138 811,785 67,684 4,824,950 (5,822,423 ) 1,234,637 Property and equipment, at cost — — 1,877,520 — — 12,177,038 — 14,054,558 Accumulated depreciation — — (344,591 ) — — (2,227,740 ) — (2,572,331 ) Property and equipment, net — — 1,532,929 — — 9,949,298 — 11,482,227 Notes receivable from affiliates 3,304,652 — 236,921 1,587,927 5,000 2,435,154 (7,569,654 ) — Investments in affiliates 5,159,064 2,174,480 3,001,327 9,752,912 7,438,397 — (27,526,180 ) — Other assets 5,954 — 7,496 — — 118,869 — 132,319 Total assets $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ — $ — $ 119,476 $ (291,401 ) $ — Current maturities of long-term debt — — — 299,924 — — — 299,924 Accounts payable — — 10,676 — — 210,401 — 221,077 Accrued payroll and related costs — — 6,584 — — 74,780 — 81,364 Accounts payable to affiliates 868,046 60,100 2,440,965 96,543 6,426 2,058,942 (5,531,022 ) — Taxes payable — 917 — — — 87,191 — 88,108 Interest payable — — — 68,549 4,412 — — 72,961 Other current liabilities 40 — 4,108 — — 92,183 — 96,331 Total current liabilities 868,086 232,942 2,462,333 465,016 10,838 2,642,973 (5,822,423 ) 859,765 Long-term debt — — — 3,961,338 201,300 — — 4,162,638 Notes payable to affiliates 1,518,363 — 461,379 2,086,480 124,216 3,379,216 (7,569,654 ) — Deferred income taxes — — 1,529 — — 91,268 — 92,797 Other liabilities 19,929 — 25,312 — — 274,271 — 319,512 Total liabilities 2,406,378 232,942 2,950,553 6,512,834 336,354 6,387,728 (13,392,077 ) 5,434,712 Commitments and contingencies Total shareholder equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 9,781,284 (27,089,922 ) 6,691,470 Noncontrolling interests — — — — — 1,159,259 (436,258 ) 723,001 Total equity 6,691,470 2,404,863 2,089,258 5,639,790 7,174,727 10,940,543 (27,526,180 ) 7,414,471 Total liabilities and equity $ 9,097,848 $ 2,637,805 $ 5,039,811 $ 12,152,624 $ 7,511,081 $ 17,328,271 $ (40,918,257 ) $ 12,849,183 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 250,049 $ — $ — $ 2,086,848 $ (94,697 ) $ 2,242,200 Reimbursables — — 9,190 — — 50,242 — 59,432 Other — — — — — 1,133 — 1,133 Total operating revenues — — 259,239 — — 2,138,223 (94,697 ) 2,302,765 Operating costs and expenses Contract drilling services 4,532 18,902 70,801 84,309 — 789,814 (94,697 ) 873,661 Reimbursables — — 8,231 — — 37,268 — 45,499 Depreciation and amortization — — 91,802 — — 519,211 — 611,013 General and administrative 1,264 8,716 — 40,082 1 (4,018 ) — 46,045 Loss on impairment — — — — — 1,458,749 — 1,458,749 Total operating costs and expenses 5,796 27,618 170,834 124,391 1 2,801,024 (94,697 ) 3,034,967 Operating income (loss) (5,796 ) (27,618 ) 88,405 (124,391 ) (1 ) (662,801 ) — (732,202 ) Other income (expense) Income (loss) of unconsolidated affiliates (962,662 ) (257,142 ) (980,099 ) (333,446 ) 515,518 — 2,017,831 — Interest expense, net of amounts capitalized (27,891 ) (70,494 ) (11,461 ) (228,423 ) (15,117 ) (122,345 ) 252,816 (222,915 ) Gain on extinguishment of debt, net — — — 17,814 — — — 17,814 Interest income and other, net 96,635 120 12,616 20,412 15,058 108,108 (252,816 ) 133 Income (loss) before income taxes (899,714 ) (355,134 ) (890,539 ) (648,034 ) 515,458 (677,038 ) 2,017,831 (937,170 ) Income tax benefit (provision) — (42,522 ) 163 — — 151,522 — 109,163 Net income (loss) (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (525,516 ) 2,017,831 (828,007 ) Net income attributable to noncontrolling interests — — — — — (39,294 ) (32,413 ) (71,707 ) Net income (loss) attributable to Noble Corporation (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (564,810 ) 1,985,418 (899,714 ) Other comprehensive income (loss), net 11,035 — — — — 11,035 (11,035 ) 11,035 Comprehensive income (loss) attributable to Noble Corporation $ (888,679 ) $ (397,656 ) $ (890,376 ) $ (648,034 ) $ 515,458 $ (553,775 ) $ 1,974,383 $ (888,679 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 354,657 $ — $ — $ 3,325,608 $ (418,655 ) $ 3,261,610 Reimbursables — — 18,529 — — 72,113 — 90,642 Revenue from affiliates — — — — — 200 — 200 Total operating revenues — — 373,186 — — 3,397,921 (418,655 ) 3,352,452 Operating costs and expenses Contract drilling services 3,611 19,160 395,365 84,005 — 1,142,891 (418,655 ) 1,226,377 Reimbursables — — 13,686 — — 56,590 — 70,276 Depreciation and amortization — — 77,187 — — 556,057 — 633,244 General and administrative 1,138 8,683 — 38,167 1 7,446 — 55,435 Loss on impairment — — 13 — — 418,285 — 418,298 Total operating costs and expenses 4,749 27,843 486,251 122,172 1 2,181,269 (418,655 ) 2,403,630 Operating income (loss) (4,749 ) (27,843 ) (113,065 ) (122,172 ) (1 ) 1,216,652 — 948,822 Other income (expense) Income (loss) of unconsolidated affiliates—continuing operations 591,297 73,319 190,335 936,429 647,856 — (2,439,236 ) — Interest expense, net of amounts capitalized (75,925 ) (4,932 ) (12,110 ) (224,894 ) (25,578 ) (68,670 ) 198,255 (213,854 ) Interest income and other, net 24,188 4,852 52,026 71,617 5,165 75,071 (198,255 ) 34,664 Income before income taxes 534,811 45,396 117,186 660,980 627,442 1,223,053 (2,439,236 ) 769,632 Income tax provision — (77,929 ) (4,466 ) — — (80,225 ) — (162,620 ) Net Income 534,811 (32,533 ) 112,720 660,980 627,442 1,142,828 (2,439,236 ) 607,012 Net income attributable to noncontrolling interests — — — — — (105,240 ) 33,039 (72,201 ) Net income attributable to Noble Corporation 534,811 (32,533 ) 112,720 660,980 627,442 1,037,588 (2,406,197 ) 534,811 Other comprehensive income, net 6,243 — — — — 6,243 (6,243 ) 6,243 Comprehensive income attributable to Noble Corporation $ 541,054 $ (32,533 ) $ 112,720 $ 660,980 $ 627,442 $ 1,043,831 $ (2,412,440 ) $ 541,054 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Year Ended December 31, 2014 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Operating revenues Contract drilling services $ — $ — $ 327,070 $ — $ — $ 3,067,195 $ (246,406 ) $ 3,147,859 Reimbursables — — 6,239 — — 78,405 — 84,644 Other — — — — — 1 — 1 Total operating revenues — — 333,309 — — 3,145,601 (246,406 ) 3,232,504 Operating costs and expenses Contract drilling services 30,885 39,039 120,971 115,909 — 1,447,073 (246,406 ) 1,507,471 Reimbursables — — 4,687 — — 61,691 — 66,378 Depreciation and amortization — — 65,164 — — 559,114 — 624,278 General and administrative 2,437 11,376 — 31,620 1 7,560 — 52,994 Loss on impairment — — — — — 745,428 — 745,428 Total operating costs and expenses 33,322 50,415 190,822 147,529 1 2,820,866 (246,406 ) 2,996,549 Operating income (loss) (33,322 ) (50,415 ) 142,487 (147,529 ) (1 ) 324,735 — 235,955 Other income (expense) Income (loss) of unconsolidated affiliates—continuing operations (2,885,628 ) 157,648 (80,080 ) 604,419 448,785 — 1,754,856 — Income (loss) of unconsolidated affiliates—discontinued operations, net of tax 223,083 50,565 28,580 170,845 6,240 — (479,313 ) — Total income (loss) of unconsolidated affiliates (2,662,545 ) 208,213 (51,500 ) 775,264 455,025 — 1,275,543 — Interest expense, net of amounts capitalized (93,536 ) (3,046 ) (24,974 ) (169,666 ) (33,671 ) (3,148,822 ) 3,318,536 (155,179 ) Interest income and other, net 2,913,631 — 249,005 89,449 3,308 64,267 (3,318,536 ) 1,124 Income from continuing operations before income taxes 124,228 154,752 315,018 547,518 424,661 (2,759,820 ) 1,275,543 81,900 Income tax provision — (68,805 ) (3,574 ) — (1,546 ) (32,005 ) — (105,930 ) Net income (loss) from continuing operations 124,228 85,947 311,444 547,518 423,115 (2,791,825 ) 1,275,543 (24,030 ) Net income (loss) from discontinued operations, net of tax — (18,655 ) 6,634 — — 235,104 — 223,083 Net Income 124,228 67,292 318,078 547,518 423,115 (2,556,721 ) 1,275,543 199,053 Net income attributable to noncontrolling interests — — — — — (98,603 ) 23,778 (74,825 ) Net income attributable to Noble Corporation 124,228 67,292 318,078 547,518 423,115 (2,655,324 ) 1,299,321 124,228 Other comprehensive loss, net (21,732 ) — — — — (21,732 ) 21,732 (21,732 ) Comprehensive income attributable to Noble Corporation $ 102,496 $ 67,292 $ 318,078 $ 547,518 $ 423,115 $ (2,677,056 ) $ 1,321,053 $ 102,496 |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 97,388 $ (150,735 ) $ 149,431 $ (344,112 ) $ (60 ) $ 1,404,359 $ — $ 1,156,271 Cash flows from investing activities Capital expenditures — — (492,985 ) — — (201,754 ) — (694,739 ) Proceeds from disposal of assets — — — — — 24,808 — 24,808 Notes receivable from affiliates — — — — — — — — Net cash from investing activities — — (492,985 ) — — (176,946 ) — (669,931 ) Cash flows from financing activities Repayment of long-term debt — — — (1,049,338 ) — — — (1,049,338 ) Issuance of senior notes — — — 980,100 — — — 980,100 Debt issuance costs on senior notes — — — (12,111 ) — — — (12,111 ) Tender offer premium — — — (24,649 ) — — — (24,649 ) Dividends paid to noncontrolling interests — — — — — (85,944 ) — (85,944 ) Distributions to parent company, net (152,360 ) — — — — — — (152,360 ) Advances (to) from affiliates 55,882 150,735 352,308 450,110 60 (1,009,095 ) — — Notes payable to affiliates — — — — — — — — Net cash from financing activities (96,478 ) 150,735 352,308 344,112 60 (1,095,039 ) — (344,302 ) Net change in cash and cash equivalents 910 — 8,754 — — 132,374 — 142,038 Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ (31,562 ) $ (53,686 ) $ 15,207 $ (267,735 ) $ (20,292 ) $ 2,105,575 $ — $ 1,747,507 Cash flows from investing activities Capital expenditures — — (116,594 ) — — (320,557 ) — (437,151 ) Proceeds from disposal of assets — — — — — 4,614 — 4,614 Notes receivable from affiliates 124,951 — — 608,771 — — (733,722 ) — Net cash from investing activities 124,951 — (116,594 ) 608,771 — (315,943 ) (733,722 ) (432,537 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (71,504 ) — (71,504 ) Distributions to parent company, net (400,614 ) — — — — — — (400,614 ) Advances (to) from affiliates 2,047,563 53,686 103,234 (1,074,144 ) 20,292 (1,150,631 ) — — Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Net cash from financing activities (91,767 ) 53,686 103,234 (341,036 ) 20,292 (1,347,086 ) 733,722 (868,955 ) Net change in cash and cash equivalents 1,622 — 1,847 — — 442,546 — 446,015 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2014 (in thousands) Noble- Cayman NHC NDH NHIL NDS6 Other Non-guarantor Subsidiaries of Noble Consolidating Adjustments Total Cash flows from operating activities Net cash from operating activities $ 2,825,524 $ (151,987 ) $ 366,583 $ (232,605 ) $ (31,788 ) $ (903,811 ) $ — $ 1,871,916 Cash flows from investing activities Capital expenditures — — (1,404,560 ) — — (704,574 ) — (2,109,134 ) Notes receivable from affiliates 50 — — 273,744 — — (273,794 ) — Net cash from investing activities 50 — (1,404,560 ) 273,744 — (704,574 ) (273,794 ) (2,109,134 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (437,647 ) — — — — — — (437,647 ) Repayment of long-term debt — — — (250,000 ) — — — (250,000 ) Long-term borrowings of Paragon Offshore — — — — — 1,710,550 — 1,710,550 Financing costs on long-term borrowings of Paragon Offshore — — — — — (14,676 ) — (14,676 ) Cash balances of Paragon Offshore in Spin-Off — — — — — (104,152 ) — (104,152 ) Dividends paid to noncontrolling interests — — — — — (79,966 ) — (79,966 ) Debt issuance costs on senior notes and credit facilities (398 ) — — — — — — (398 ) Distributions to parent company, net (631,095 ) — — — — — — (631,095 ) Advances (to) from affiliates (1,482,686 ) 151,987 1,037,829 208,857 31,788 52,225 — — Notes payable to affiliates (273,744 ) — — — — (50 ) 273,794 — Net cash from financing activities (2,825,570 ) 151,987 1,037,829 (41,143 ) 31,788 1,563,931 273,794 192,616 Net change in cash and cash equivalents 4 — (148 ) (4 ) — (44,454 ) — (44,602 ) Cash and cash equivalents, beginning of period 1 — 402 4 — 109,975 — 110,382 Cash and cash equivalents, end of period $ 5 $ — $ 254 $ — $ — $ 65,521 $ — $ 65,780 |
Unaudited Interim Financial D46
Unaudited Interim Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Interim Financial Information | Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2016 and 2015 is as follows: Quarter Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 2016 Operating revenues $ 611,973 $ 894,783 $ 385,153 $ 410,156 Operating income (loss) 175,460 449,714 (2,208 ) (1,384,912 ) Net income (loss) from continuing operations attributable to Noble-UK 105,485 322,866 (55,081 ) (1,302,850 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic 0.42 1.28 (0.23 ) (5.36 ) Diluted 0.42 1.28 (0.23 ) (5.36 ) Quarter Ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 2015 Operating revenues $ 804,342 $ 793,555 $ 896,671 $ 857,684 Operating income (loss) 284,359 275,149 409,973 (49,480 ) Net income (loss) from continuing operations attributable to Noble-UK 178,403 159,031 325,807 (152,241 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic 0.72 0.64 1.32 (0.63 ) Diluted 0.72 0.64 1.32 (0.63 ) (1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. |
Spin-off of Paragon Offshore 47
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) $ in Billions | Aug. 01, 2014USD ($) | Jul. 23, 2014 | Dec. 31, 2016Agreement |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of transition services agreements | Agreement | 2 | ||
Paragon Offshore [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Conversion ratio for shares in spin-off transaction | 0.3333 | ||
Long-term debt issued | $ | $ 1.7 |
Organization and Significant 48
Organization and Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)RigJointVenture | Dec. 31, 2015USD ($)Rig | Dec. 31, 2014USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2013USD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of drilling rigs | Rig | 28 | ||||
Number of jackups | Rig | 14 | ||||
Number of drillships | Rig | 8 | ||||
Number of semisubmersibles | Rig | 6 | ||||
Share exchanged for each ordinary shares, ratio | 1 | ||||
Number of joint ventures, where the company hold the variable interest | JointVenture | 2 | ||||
Percentage of variable interest in joint ventures | 50.00% | ||||
Allowance for doubtful accounts on receivables | $ 21,000 | $ 14,000 | |||
Capital accruals | $ 26,000 | 58,000 | |||
Period for incurring maintenance costs, Minimum | 3 years | ||||
Period for incurring maintenance costs, Maximum | 5 years | ||||
Deferred costs for major maintenance projects, net of accumulated depreciation | $ 187,000 | 202,000 | |||
Depreciation expense related to overhauls and asset replacement | 86,000 | 75,000 | $ 77,000 | ||
Deferred revenues under drilling contracts | 134,000 | 180,000 | |||
Deferred expenses under drilling contracts | 54,000 | 78,000 | |||
Loss reserves for personal injury and protection claims | 22,000 | 21,000 | |||
Equity | $ 6,467,445 | $ 7,422,230 | $ 7,287,034 | $ 9,050,028 | |
Aramco [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Number of rigs | Rig | 5 | 5 | |||
Number of rigs with revenues in excess of billings | Rig | 4 | 4 | |||
Minimum [Member] | Drilling Equipment [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Maximum useful life of property plant and equipment | 3 years | ||||
Minimum [Member] | Other [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Maximum useful life of property plant and equipment | 2 years | ||||
Maximum [Member] | Drilling Equipment [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Maximum useful life of property plant and equipment | 30 years | ||||
Maximum [Member] | Other [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Maximum useful life of property plant and equipment | 40 years | ||||
Prepaid Expenses and Other Current Assets [Member] | Aramco [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Revenues recorded in excess of billings | $ 18,000 | $ 53,000 | |||
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Reclassified unamortized debt issuance costs | (33,000) | (26,000) | |||
Accounting Standards Update 2015-03 [Member] | Other Noncurrent Assets [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Reclassified unamortized debt issuance costs | $ 33,000 | $ 26,000 | |||
Accounting Standards Update 2016-09 [Member] | |||||
Description Of Business And Basis Of Presentation [Line Items] | |||||
Equity | $ 6,000 |
Contract Settlement and Termi49
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contract Settlement And Termination Agreement [Line Items] | |||
Contract drilling services revenues | $ 2,242,200 | $ 3,261,610 | $ 3,147,859 |
Contract drilling services expense | 879,438 | 1,232,529 | 1,500,512 |
Freeport Mc Mo Ran Inc [Member] | Other Assets [Member] | |||
Contract Settlement And Termination Agreement [Line Items] | |||
Estimated fair value of these contingent payments | 14,400 | 0 | |
Noble Corp [Member] | |||
Contract Settlement And Termination Agreement [Line Items] | |||
Contract drilling services revenues | 2,242,200 | 3,261,610 | 3,147,859 |
Contract drilling services expense | 873,661 | $ 1,226,377 | $ 1,507,471 |
Noble Corp [Member] | Freeport Mc Mo Ran Inc [Member] | |||
Contract Settlement And Termination Agreement [Line Items] | |||
Contract drilling services revenues | 379,000 | ||
Termination fee | 348,000 | ||
Accelerated recognition of other deferred contractual items | 31,000 | ||
Contract drilling services expense | 11,000 | ||
Contract drilling services revenue | $ 14,400 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | Aug. 01, 2014Tranche | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 31, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Spin-Off related costs totaled | $ 0 | $ 0 | $ 63,000,000 | ||
Paragon Offshore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Long-term debt issued | $ 1,700,000,000 | ||||
Interest expense related to issued debt to discontinued operations | $ 4,000,000 | ||||
Senior Notes Due 2022 and 2024 [Member] | Paragon Offshore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate principal amount of senior notes | 1,080,000,000 | ||||
Number of tranches | Tranche | 2 | ||||
Credit agreement term | Paragon Offshore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate principal amount of senior notes | $ 650,000,000 | ||||
Basis spread on debt | 2.75% | ||||
Floor interest rate on debt | 1.00% | ||||
Senior secured term credit agreement, description | Interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ||||
Interest rate initial term | 7 years | ||||
6.75% Senior Notes Due 2022 [Member] | Senior Notes Due 2022 and 2024 [Member] | Paragon Offshore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate principal amount of senior notes | $ 500,000,000 | ||||
Interest rate on senior notes | 6.75% | ||||
Senior notes, maturity year | 2,022 | ||||
7.25% Senior Notes Due 2024 [Member] | Senior Notes Due 2022 and 2024 [Member] | Paragon Offshore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate principal amount of senior notes | $ 580,000,000 | ||||
Interest rate on senior notes | 7.25% | ||||
Senior notes, maturity year | 2,024 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Operation from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income from discontinued operations | |||
Net income from discontinued operations, net of tax | $ 0 | $ 0 | $ 160,502 |
Spin-off [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 1,034,458 | ||
Income from discontinued operations | |||
Income from discontinued operations before income taxes | 216,391 | ||
Income tax provision | (55,889) | ||
Net income from discontinued operations, net of tax | 160,502 | ||
Spin-off [Member] | Contract Drilling Services [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 993,253 | ||
Spin-off [Member] | Reimbursables [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 21,899 | ||
Spin-off [Member] | Labor Contract Drilling Services [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | 19,304 | ||
Spin-off [Member] | Other [Member] | |||
Operating revenues | |||
Operating revenues from discontinued operations | $ 2 |
Consolidated Joint Ventures - A
Consolidated Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)RigJointVenture | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Percent of interest in joint ventures | 50.00% | |||||||||||
Number of joint ventures acquired | JointVenture | 2 | |||||||||||
Number of bully class drillships | Rig | 2 | |||||||||||
Dividend paid to joint venture partner | $ 86,000 | $ 72,000 | $ 80,000 | |||||||||
Carrying amount of the drillships | $ 1,400,000 | $ 1,400,000 | 1,400,000 | 1,400,000 | ||||||||
Cash held by Bully joint venture | 725,722 | 512,245 | 725,722 | 512,245 | 68,510 | $ 114,458 | ||||||
Operating revenues | 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | 857,684 | $ 896,671 | $ 793,555 | $ 804,342 | 2,302,065 | 3,352,252 | 3,232,504 | |
Net income | (857,873) | 583,201 | 83,316 | |||||||||
Bully Joint Venture [Member] | ||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||
Dividend paid by Bully Joint Venture Partners | 172,000 | 143,000 | 160,000 | |||||||||
Cash held by Bully joint venture | $ 35,000 | $ 50,000 | 35,000 | 50,000 | ||||||||
Operating revenues | 332,000 | 334,000 | 372,000 | |||||||||
Net income | $ 151,000 | $ 154,000 | $ 157,000 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic | |||||||||||
Income (loss) from continuing operations | $ (929,580) | $ 511,000 | $ (152,011) | ||||||||
Earnings allocated to unvested share-based payment awards | 0 | (11,208) | 0 | ||||||||
Income (loss) from continuing operations to common shareholders | (929,580) | 499,792 | (152,011) | ||||||||
Income from discontinued operations | 0 | 0 | 160,502 | ||||||||
Income from discontinued operations, net of tax to common shareholders | 0 | 0 | 160,502 | ||||||||
Net income (loss) attributable to Noble-UK | (929,580) | 511,000 | 8,491 | ||||||||
Earnings allocated to unvested share-based payment awards | 0 | (11,208) | 0 | ||||||||
Net income (loss) to common shareholders—basic | (929,580) | 499,792 | 8,491 | ||||||||
Diluted | |||||||||||
Income (loss) from continuing operations | (929,580) | 511,000 | (152,011) | ||||||||
Earnings allocated to unvested share-based payment awards | 0 | (11,208) | 0 | ||||||||
Income (loss) from continuing operations to common shareholders | (929,580) | 499,792 | (152,011) | ||||||||
Income from discontinued operations | 0 | 0 | 160,502 | ||||||||
Income from discontinued operations, net of tax to common shareholders | 0 | 0 | 160,502 | ||||||||
Net income (loss) attributable to Noble Corporation | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | $ (152,241) | $ 325,807 | $ 159,031 | $ 178,403 | (929,580) | 511,000 | 8,491 |
Earnings allocated to unvested share-based payment awards | 0 | (11,208) | 0 | ||||||||
Net income to common shareholders—diluted | $ (929,580) | $ 499,792 | $ 8,491 | ||||||||
Weighted average shares outstanding—basic (in shares) | 243,127 | 242,146 | 252,909 | ||||||||
Weighted average shares outstanding—diluted (in shares) | 243,127 | 242,146 | 252,909 | ||||||||
Weighted average unvested share-based payment awards | 0 | 5,430 | 0 | ||||||||
Basic | |||||||||||
Continuing operations (usd per share) | $ (3.82) | $ 2.06 | $ (0.60) | ||||||||
Discontinued operations (usd per share) | 0 | 0 | 0.63 | ||||||||
Net income attributable to Noble Corporation plc (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | (3.82) | 2.06 | 0.03 |
Diluted | |||||||||||
Continuing operations (usd per share) | (3.82) | 2.06 | (0.60) | ||||||||
Discontinued operations (usd per share) | 0 | 0 | 0.63 | ||||||||
Net income attributable to Noble Corporation plc (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | (3.82) | 2.06 | 0.03 |
Dividends per share | $ 0.2 | $ 1.28 | $ 1.50 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share | 1.4 | 1.7 | 2 |
Unvested Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share | 9 | 4 |
Receivables from Customers - Ad
Receivables from Customers - Additional Information (Detail) $ in Millions | Dec. 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 12,364,888 | $ 14,056,323 |
Drilling equipment and facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 12,048,571 | 13,074,804 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 112,103 | 761,347 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 204,214 | $ 220,172 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | $ 660,000 | $ 423,000 | $ 2,100,000 | |
Capitalized interest on construction-in-progress | 22,000 | 25,000 | 47,000 | |
Proceeds from disposal of assets | 24,808 | 4,614 | 0 | |
Loss on impairment | $ 1,458,749 | $ 418,298 | 745,428 | |
Noble Lloyd Noble [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Term of contract | 4 years | |||
Paragon Offshore [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital expenditures | 150,000 | |||
Depreciation expense | $ 236,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 4,372,724 | |
Less: Current maturities of long-term debt | (299,882) | $ (299,924) |
Long-term debt | 4,040,229 | 4,162,638 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,372,724 | 4,488,901 |
Less: Unamortized debt issuance costs | (32,613) | (26,339) |
Less: Current maturities of long-term debt | (299,882) | (299,924) |
Long-term debt | 4,040,229 | 4,162,638 |
Current portion of unamortized debt issuance costs | 100 | 70 |
Senior Notes [Member] | 3.05% Senior Notes due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,997 |
Senior Notes [Member] | 2.50% Senior Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,992 | 299,956 |
Senior Notes [Member] | 5.25% Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,771 | 249,602 |
Senior Notes [Member] | 7.50% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
Senior Notes [Member] | 4.90% Senior Notes due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 167,576 | 499,287 |
Senior Notes [Member] | 4.625% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 208,538 | 399,680 |
Senior Notes [Member] | 3.95% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 125,488 | 399,354 |
Senior Notes [Member] | 7.75% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 980,117 | 0 |
Senior Notes [Member] | 7.20% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,909 | 448,814 |
Senior Notes [Member] | 6.20% Senior Notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,898 | 399,896 |
Senior Notes [Member] | 6.05% Senior Notes due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,758 | 397,719 |
Senior Notes [Member] | 5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,369 | 498,338 |
Senior Notes [Member] | 8.20% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 394,613 | $ 394,563 |
Debt - Schedule of Debt (Supple
Debt - Schedule of Debt (Supplemental) (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
2.50% Senior Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
5.25% Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
4.90% Senior Notes due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
7.75% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior notes, maturity date | 2,024 | |
7.20% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.20% | |
Senior notes, maturity date | 2,025 | |
6.20% Senior Notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
6.05% Senior Notes due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
8.20% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.20% | |
Senior notes, maturity date | 2,045 | |
Senior Notes [Member] | 3.05% Senior Notes due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | 3.05% |
Senior notes, maturity date | 2,016 | |
Senior Notes [Member] | 2.50% Senior Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
Senior Notes [Member] | 5.25% Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,018 | |
Senior Notes [Member] | 7.50% Senior Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
Senior Notes [Member] | 4.90% Senior Notes due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | 4.90% |
Senior notes, maturity date | 2,020 | |
Senior Notes [Member] | 4.625% Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | 4.625% |
Senior notes, maturity date | 2,021 | |
Senior Notes [Member] | 3.95% Senior Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
Senior Notes [Member] | 7.75% Senior Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior notes, maturity date | 2,024 | |
Senior Notes [Member] | 7.20% Senior Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.20% | |
Senior notes, maturity date | 2,025 | |
Senior Notes [Member] | 6.20% Senior Notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
Senior Notes [Member] | 6.05% Senior Notes due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
Senior Notes [Member] | 5.25% Senior Notes due 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
Senior Notes [Member] | 8.20% Senior Notes due 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.20% | |
Senior notes, maturity date | 2,045 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Dec. 13, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Aug. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2017 | Dec. 28, 2016 | Apr. 01, 2016 |
Debt Instrument [Line Items] | ||||||||||||||
Letters of credit issued | $ 0 | $ 0 | ||||||||||||
Outstanding borrowings on credit facility | $ 0 | $ 0 | ||||||||||||
Possible increase after debt rating downgrade, maximum | 0.25% | |||||||||||||
Gain on extinguishment of debt, net | $ 17,814,000 | $ 0 | $ 0 | |||||||||||
Maximum debt to tangible capitalization covenant | 60.00% | 60.00% | ||||||||||||
Line of credit facility debt to tangible capitalization ratio | 41.00% | 41.00% | ||||||||||||
Senior Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Interest rate on senior notes | 5.25% | 5.25% | ||||||||||||
Senior Notes due 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 450,000,000 | $ 450,000,000 | ||||||||||||
Interest rate on senior notes | 7.20% | 7.20% | ||||||||||||
Senior Notes due 2045 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Interest rate on senior notes | 8.20% | 8.20% | ||||||||||||
4.90% Senior Notes due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Interest rate on senior notes | 4.90% | 4.90% | ||||||||||||
4.625% Senior Notes due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Interest rate on senior notes | 4.625% | 4.625% | ||||||||||||
3.95% Senior Notes due 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Interest rate on senior notes | 3.95% | 3.95% | ||||||||||||
2.50% Senior Notes due 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 300,000,000 | $ 300,000,000 | ||||||||||||
Interest rate on senior notes | 2.50% | 2.50% | ||||||||||||
Senior Notes [Member] | Senior Unsecured Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal amount outstanding | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||
Senior Notes [Member] | Senior Unsecured Note [Member] | Standard And Poor Global Ratings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Increase in interest rates on debt | 0.25% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 5.25% | 5.25% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2018 [Member] | Moodys Investors Service [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 5.00% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2018 [Member] | Standard And Poor Global Ratings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 5.25% | 5.25% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2018 [Member] | Standard And Poor Global Ratings [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 5.75% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 7.20% | 7.20% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2025 [Member] | Moodys Investors Service [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 6.95% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2025 [Member] | Standard And Poor Global Ratings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 7.20% | 7.20% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2025 [Member] | Standard And Poor Global Ratings [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 7.70% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2045 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 8.20% | 8.20% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2045 [Member] | Moodys Investors Service [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 7.95% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2045 [Member] | Standard And Poor Global Ratings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 8.20% | 8.20% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2045 [Member] | Standard And Poor Global Ratings [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 8.70% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2018, Senior Notes due 2025 and Senior Notes due 2045 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average coupon rate of debt, percent | 7.12% | 7.12% | ||||||||||||
Senior Notes [Member] | Senior Notes due 2018, Senior Notes due 2025 and Senior Notes due 2045 [Member] | Moodys Investors Service [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Increase in interest rates on debt | 1.00% | |||||||||||||
Senior Notes [Member] | Senior Notes due 2018, Senior Notes due 2025 and Senior Notes due 2045 [Member] | Standard And Poor Global Ratings [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Increase in interest rates on debt | 0.50% | |||||||||||||
Senior Notes [Member] | 4.90% Senior Notes due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.90% | 4.90% | 4.90% | |||||||||||
Principal amount outstanding | $ 468,000,000 | $ 500,000,000 | $ 468,000,000 | |||||||||||
Senior Notes [Member] | 4.625% Senior Notes due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.625% | 4.625% | 4.625% | |||||||||||
Principal amount outstanding | $ 397,000,000 | $ 400,000,000 | $ 397,000,000 | |||||||||||
Senior Notes [Member] | 4.90% Senior Notes due 2020 and 4.625% Senior Notes due 2021 and 3.95% Senior Notes due 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of repurchased debt | $ 762,000,000 | |||||||||||||
Amount paid for repurchase of debt | $ 750,000,000 | |||||||||||||
Gain on extinguishment of debt, net | 7,000,000 | |||||||||||||
Senior Notes [Member] | 4.90% Senior Notes due 2020 and 4.625% Senior Notes due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of repurchased debt | $ 36,000,000 | |||||||||||||
Amount paid for repurchase of debt | $ 24,000,000 | |||||||||||||
Gain on extinguishment of debt, net | $ 11,000,000 | |||||||||||||
Senior Notes [Member] | 3.95% Senior Notes due 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 3.95% | 3.95% | ||||||||||||
Principal amount outstanding | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Senior Notes [Member] | 2.50% Senior Notes due 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 2.50% | 2.50% | ||||||||||||
Senior Notes [Member] | 2.50% Senior Notes due 2017 [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount of debt repaid | $ 300,000,000 | |||||||||||||
Senior Notes [Member] | 3.05% Senior Notes due 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 3.05% | 3.05% | 3.05% | |||||||||||
Amount of debt repaid | $ 300,000,000 | |||||||||||||
Senior Notes [Member] | 3.45% Senior Notes due August 2015 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate on senior notes | 3.45% | |||||||||||||
Amount of debt repaid | $ 350,000,000 | |||||||||||||
NHIL [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | $ 1,080,000,000 | |||||||||||||
Gain on extinguishment of debt, net | $ 17,814,000 | |||||||||||||
NHIL [Member] | Senior Unsecured Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 1,000,000,000 | 1,100,000,000 | $ 1,000,000,000 | |||||||||||
Interest rate on senior notes | 7.75% | 7.75% | ||||||||||||
Proceeds from issuance of senior notes, net of debt issuance costs | $ 968,000,000 | |||||||||||||
NHIL [Member] | Senior Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 250,000,000 | |||||||||||||
Interest rate on senior notes | 4.00% | |||||||||||||
NHIL [Member] | Senior Notes due 2025 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 450,000,000 | |||||||||||||
Interest rate on senior notes | 5.95% | |||||||||||||
NHIL [Member] | Senior Notes due 2045 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of senior notes | $ 400,000,000 | |||||||||||||
Interest rate on senior notes | 6.95% | |||||||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior unsecured revolving credit facility maturity period | 5 years | |||||||||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | $ 2,400,000,000 | ||||||||||||
Commitment fee on daily unused amount, percentage | 0.35% | 0.275% | 0.15% | |||||||||||
Unsecured Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee on daily unused amount, percentage | 0.10% | |||||||||||||
Unsecured Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee on daily unused amount, percentage | 0.35% | 0.35% | ||||||||||||
Letter of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Commercial Paper Program [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount of commercial paper program terminated | $ 2,400,000,000 |
Debt - Schedule of Repayments o
Debt - Schedule of Repayments of Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 299,992 |
2,018 | 249,771 |
2,019 | 201,695 |
2,020 | 167,576 |
2,021 | 208,538 |
Thereafter | 3,245,152 |
Total debt | $ 4,372,724 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Total Debt (Detail) - Senior Notes [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 4,372,724 | $ 4,488,901 |
Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 3,812,077 | 3,260,231 |
3.05% Senior Notes due 2016 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,997 |
3.05% Senior Notes due 2016 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,340 |
2.50% Senior Notes due 2017 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,992 | 299,956 |
2.50% Senior Notes due 2017 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 299,128 | 284,334 |
5.25% Senior Notes due 2018 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,771 | 249,602 |
5.25% Senior Notes due 2018 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,808 | 227,285 |
7.50% Senior Notes due 2019 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
7.50% Senior Notes due 2019 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 209,524 | 194,273 |
4.90% Senior Notes due 2020 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 167,576 | 499,287 |
4.90% Senior Notes due 2020 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 167,329 | 378,761 |
4.625% Senior Notes due 2021 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 208,538 | 399,680 |
4.625% Senior Notes due 2021 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 196,416 | 289,450 |
3.95% Senior Notes due 2022 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 125,488 | 399,354 |
3.95% Senior Notes due 2022 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 112,791 | 265,643 |
7.75% Senior Notes due 2024 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 980,117 | 0 |
7.75% Senior Notes due 2024 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 945,317 | 0 |
7.20% Senior Notes due 2025 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,909 | 448,814 |
7.20% Senior Notes due 2025 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 423,267 | 308,870 |
6.20% Senior Notes due 2040 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,898 | 399,896 |
6.20% Senior Notes due 2040 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 280,221 | 237,005 |
6.05% Senior Notes due 2041 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,758 | 397,719 |
6.05% Senior Notes due 2041 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 273,854 | 239,464 |
5.25% Senior Notes due 2042 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,369 | 498,338 |
5.25% Senior Notes due 2042 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 325,814 | 279,919 |
8.20% Senior Notes due 2045 [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,613 | 394,563 |
8.20% Senior Notes due 2045 [Member] | Estimated Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 328,608 | $ 255,887 |
Debt - Estimated Fair Value o63
Debt - Estimated Fair Value of Our Total Debt (Supplemental) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
2.50% Senior Notes due 2017 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2,017 |
7.75% Senior Notes due 2024 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.75% |
Senior notes, maturity date | 2,024 |
7.50% Senior Notes due 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2,019 |
4.90% Senior Notes due 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2,020 |
4.625% Senior Notes due 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.625% |
Senior notes, maturity date | 2,021 |
3.95% Senior Notes due 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2,022 |
7.20% Senior Notes due 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.20% |
Senior notes, maturity date | 2,025 |
6.20% Senior Notes due 2040 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2,040 |
6.05% Senior Notes due 2041 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2,041 |
5.25% Senior Notes due 2042 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2,042 |
8.20% Senior Notes due 2045 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 8.20% |
Senior notes, maturity date | 2,045 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Aug. 01, 2014 | Feb. 28, 2017 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 25, 2007 | Oct. 24, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares outstanding and trading | 243,239,000 | 243,239,000 | 241,977,000 | ||||||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | 53,000,000 | |||||||
Current nominal value per share | $ 0.01 | $ 0.01 | |||||||
Cash dividend eliminated by Board (usd per share) | $ 0.02 | ||||||||
Number of shares authorized to be repurchased | 37,000,000 | 37,000,000 | |||||||
Shares outstanding repurchased percentage | 15.00% | ||||||||
Repurchase of ordinary shares that were cancelled | 6,200,000 | ||||||||
Repurchase of ordinary shares that were cancelled, value | $ 101,000,000 | ||||||||
Additional stock options issued | 339,223 | ||||||||
Incremental fair value awarded as a result of the issuance of awards | $ 0 | ||||||||
Stock option exercisable term | 10 years | ||||||||
Weighted-average vesting period (years) | 3 years | ||||||||
Stock options granted | 0 | 0 | 0 | ||||||
Incremental fair value awarded as a result of the issuance of awards | $ 0 | ||||||||
Unrestricted shares awarded | 227,937 | 99,063 | 50,796 | ||||||
Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 0 | $ 100,000 | $ 2,000,000 | ||||||
Two Thousand Fifteen Omnibus Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total number of shares issuable under stock option plan | 16,800,000 | 16,800,000 | |||||||
Additional shares authorized under plan | 9,500,000 | ||||||||
Remaining number of shares available for grants | 11,300,000 | 11,300,000 | |||||||
1992 Nonqualified Stock Option and Share Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total number of shares issuable under stock option plan | 2,300,000 | 2,000,000 | |||||||
Remaining number of shares available for grants | 300,000 | 300,000 | |||||||
TVRSUs Outstanding [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of additional RSUs | 326,853 | ||||||||
PVRSUs Outstanding [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of additional RSUs | 329,937 | ||||||||
TVRSU's Outstanding [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average vesting period (years) | 3 years | ||||||||
Incremental fair value awarded as a result of the issuance of awards | $ 30,000,000 | ||||||||
Total unrecognized compensation cost | $ 24,000,000 | $ 24,000,000 | |||||||
Period for recognizing unrecognized compensation cost | 1 year 8 months 12 days | ||||||||
Performance shares forfeited in period | 1,056,450 | ||||||||
PVRSU's Outstanding [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average vesting period (years) | 3 years | ||||||||
Period for recognizing unrecognized compensation cost | 1 year 8 months 12 days | ||||||||
Total unrecognized compensation cost | $ 9,000,000 | $ 9,000,000 | |||||||
Performance shares forfeited in period | 759,916 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 2,000,000 | 2,000,000 | 2,000,000 | ||||||
Performance Vested Shares for 2012-2014 Performance Period [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance shares forfeited in period | 273,357 | ||||||||
Performance Vested Shares for 2013-2015 Performance Period [Member] | Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance shares forfeited in period | 387,392 | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 35,000,000 | 39,000,000 | 46,000,000 | ||||||
Compensation cost recognized net of tax | 31,000,000 | 31,000,000 | 37,000,000 | ||||||
Capitalized compensation costs | $ 200,000 | $ 1,000,000 | 1,000,000 | ||||||
Restricted Stock | Paragon Offshore [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost recognized | $ 7,000,000 |
Equity - Share Repurchases (Det
Equity - Share Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Total Number of Shares Purchased | 0 | 6,209,400 | 6,769,891 |
Total Cost | $ 0 | $ 100,630 | $ 154,145 |
Average Price Paid per Share (usd per share) | $ 0 | $ 16.21 | $ 22.77 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, Number of Shares Underlying Options (in shares) | 1,677,154 | 1,958,633 | 1,808,987 |
Exercised, Number of Shares Underlying Options (in shares) | 0 | 0 | (131,706) |
Forfeited, Number of Shares Underlying Options (in shares) | (256,979) | (281,479) | (57,871) |
Spin-Off adjustment, Number of Shares Underlying Options (in shares) | 0 | 0 | 339,223 |
Outstanding at end of year, Number of Shares Underlying Options (in shares) | 1,420,175 | 1,677,154 | 1,958,633 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of year, Weighted Average Exercise Price (usd per share) | $ 29.48 | $ 28.43 | $ 33.13 |
Forfeited, Weighted Average Exercise Price (usd per share) | 29.22 | 22.17 | 30.18 |
Exercised, Weighted Average Exercise Price (usd per share) | 20.08 | ||
Outstanding at end of year, Weighted Average Exercise Price (usd per share) | $ 29.52 | $ 29.48 | $ 28.43 |
Exercisable at end of year, Number of Shares Underlying Options (usd per share) | 1,420,175 | 1,677,154 | 1,846,465 |
Exercisable at end of year, Weighted Average Exercise Price (usd per share) | $ 29.52 | $ 29.48 | $ 28.35 |
Equity - Summary of Stock Opt67
Equity - Summary of Stock Options Granted (Supplemental) (Detail) | Dec. 31, 2016USD ($) |
Equity [Abstract] | |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Equity - Additional Informati68
Equity - Additional Information About Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 1,420,175 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 3 years 3 months 26 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 29.52 |
$20.49 to $26.18 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 20.49 |
Exercise price range, upper range limit | $ 26.18 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 302,854 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 2 years 8 months 1 day |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 21.37 |
$26.19 to $31.51 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 26.19 |
Exercise price range, upper range limit | $ 31.51 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 467,956 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 3 years 11 months 16 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 30.40 |
$31.52 to $35.73 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 31.52 |
Exercise price range, upper range limit | $ 35.73 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 649,365 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 3 years 1 month 28 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 32.70 |
Equity - Assumptions used to Va
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Awards (Detail) - Restricted Stock Awards [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation assumptions: | |||
Expected volatility | 40.70% | 34.00% | 33.00% |
Risk-free interest rate | 0.97% | 0.80% | 0.70% |
Equity - Summary of Restricted
Equity - Summary of Restricted Share Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
PVRSU | |||
Weighted-average vesting period (years) | 3 years | ||
Time-Vested Restricted Shares [Member] | |||
PVRSU | |||
Units awarded (maximum available) | 3,624,182 | 2,004,311 | 1,617,534 |
Weighted-average share price at award date | $ 7.78 | $ 15.90 | $ 31.56 |
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
Performance-Vested Restricted Shares [Member] | |||
PVRSU | |||
Units awarded (maximum available) | 2,914,044 | 1,205,130 | 740,364 |
Weighted-average share price at award date | $ 7.79 | $ 15.94 | $ 31.66 |
Three-year performance period ended December 31 | 2,018 | 2,017 | 2,016 |
Weighted-average award-date fair value | $ 3.81 | $ 9.12 | $ 19.66 |
Equity - Summary of Status of N
Equity - Summary of Status of Non-Vested Restricted Shares (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
TVRSU's Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested restricted shares, Restricted Shares Outstanding, Beginning balance | shares | 2,709,675 |
Awarded, Restricted Shares Outstanding | shares | 3,624,182 |
Vested, Restricted Shares Outstanding | shares | (1,188,240) |
Forfeited, Restricted Shares Outstanding | shares | (1,056,450) |
Non-vested restricted shares, Restricted Shares Outstanding, Ending balance | shares | 4,089,167 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance | $ / shares | $ 21.97 |
Awarded, Weighted Average Award-Date Fair Value | $ / shares | 7.78 |
Vested, Weighted Average Award-Date Fair Value | $ / shares | 25.16 |
Forfeited, Weighted Average Award-Date Fair Value | $ / shares | 11.49 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance | $ / shares | $ 11.18 |
PVRSU's Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested restricted shares, Restricted Shares Outstanding, Beginning balance | shares | 2,546,137 |
Awarded, Restricted Shares Outstanding | shares | 2,914,044 |
Vested, Restricted Shares Outstanding | shares | (321,440) |
Forfeited, Restricted Shares Outstanding | shares | (759,916) |
Non-vested restricted shares, Restricted Shares Outstanding, Ending balance | shares | 4,378,825 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance | $ / shares | $ 16.06 |
Awarded, Weighted Average Award-Date Fair Value | $ / shares | 3.81 |
Vested, Weighted Average Award-Date Fair Value | $ / shares | 24.97 |
Forfeited, Weighted Average Award-Date Fair Value | $ / shares | 12.63 |
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance | $ / shares | $ 7.85 |
Equity - Summary of Status of72
Equity - Summary of Status of Non-Vested Restricted Shares (Supplemental) (Detail) - PVRSU's Outstanding [Member] | 12 Months Ended |
Dec. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum number of performance vested shares | 0 |
Target level of performance, percent | 50.00% |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Beginning Balance | $ 7,422,230 | $ 7,287,034 | $ 9,050,028 |
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) |
Ending Balance | 6,467,445 | 7,422,230 | 7,287,034 |
Gains / (Losses) on Cash Flow Hedges [Member] | |||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Beginning Balance | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | 1,187 | 2,414 | |
Amounts reclassified from AOCL | (1,187) | (2,414) | |
Other comprehensive income (loss), net | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Defined Benefit Pension Items [Member] | |||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Beginning Balance | (46,919) | (58,440) | |
Other comprehensive income (loss) before reclassifications | (8,237) | 7,099 | |
Amounts reclassified from AOCL | 19,291 | 4,422 | |
Other comprehensive income (loss), net | 11,054 | 11,521 | |
Ending Balance | (35,865) | (46,919) | (58,440) |
Foreign Currency Items [Member] | |||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Beginning Balance | (16,256) | (10,978) | |
Other comprehensive income (loss) before reclassifications | (19) | (5,278) | |
Amounts reclassified from AOCL | 0 | 0 | |
Other comprehensive income (loss), net | (19) | (5,278) | |
Ending Balance | (16,275) | (16,256) | (10,978) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | |||
Beginning Balance | (63,175) | (69,418) | |
Other comprehensive income (loss) before reclassifications | (7,069) | 4,235 | |
Amounts reclassified from AOCL | 18,104 | 2,008 | |
Other comprehensive income (loss), net | 11,035 | 6,243 | |
Ending Balance | $ (52,140) | $ (63,175) | $ (69,418) |
Loss on Impairment - Additional
Loss on Impairment - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Rig | Dec. 31, 2014USD ($) | Sep. 30, 2015Rig | |
Loss Contingencies [Line Items] | |||||||
Proceeds from disposal of assets | $ 24,808 | $ 4,614 | $ 0 | ||||
Significant Unobservable Inputs (Level 3) [Member] | FDR Holdings, Ltd. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment of goodwill | 60,000 | ||||||
Noble Amos Runner, Noble Clyde Boudreaux and Noble Dave Beard [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment related charges | $ 1,000,000 | ||||||
Noble Max Smith [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Proceeds from disposal of assets | $ 1,000 | ||||||
Impairment related charges | $ 165,000 | ||||||
Noble Homer Ferrington [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment related charges | 120,000 | $ 17,000 | |||||
Noble Discoverer [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of drillships discontinued | Rig | 1 | ||||||
Noble Charles Copeland [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of jackups discontinued | Rig | 1 | ||||||
Capital Spare Equipment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment related charges | $ 154,000 | $ 406,000 | |||||
Corporate Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment related charges | $ 13,000 | ||||||
Submersible Rig Fleet [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Impairment related charges | 685,000 | ||||||
Book value of impaired asset | $ 47,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Deferred tax assets | $ 107,947 | $ 54,179 |
Less: valuation allowance | (3,800) | (3,800) |
Net deferred tax assets | 104,147 | 50,379 |
Deferred tax liabilities | ||
Deferred tax liabilities | (12,177) | (140,939) |
Net deferred tax assets, net | 91,970 | |
Deferred tax liabilities, net | 90,560 | |
United States [Member] | ||
Deferred tax assets | ||
Excess of net tax basis over remaining book basis | 56,351 | 0 |
Deferred pension plan amounts | 16,797 | 22,858 |
Accrued expenses not currently deductible | 19,012 | 20,041 |
Other | 6,803 | 3,069 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | 0 | (126,096) |
Other | (7,672) | (10,277) |
Foreign Country [Member] | ||
Deferred tax assets | ||
Deferred pension plan amounts | 3,120 | 2,347 |
Other | 2,064 | 2,064 |
Net operating loss carry forwards | 3,800 | 3,800 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | (200) | (200) |
Other | $ (4,305) | $ (4,366) |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (428,087) | $ 4,031 | $ 38,206 |
Non-U.S. | (538,942) | 738,402 | (8,741) |
Income (loss) before income taxes | $ (967,029) | $ 742,433 | $ 29,465 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current- United States | $ 61,928 | $ 113,648 | $ 50,829 |
Current- Non-U.S. | 18,813 | 81,756 | 74,288 |
Deferred- United States | (189,880) | (38,103) | (18,655) |
Deferred- Non-U.S. | (17) | 1,931 | 189 |
Total | $ (109,156) | $ 159,232 | $ 106,651 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Gross balance at January 1 | $ 169,687 | $ 108,812 | $ 115,969 |
Additions based on tax positions related to current year | 15,665 | 31,022 | 16,880 |
Additions for tax positions of prior years | 18,662 | 47,561 | 12,928 |
Reductions for tax positions of prior years | (43,701) | (11,945) | (8) |
Expiration of statutes | (487) | (1,237) | (2,852) |
Reduction due to Spin-off | 0 | 0 | (26,870) |
Tax settlements | 0 | (4,526) | (7,235) |
Gross balance at December 31 | 159,826 | 169,687 | 108,812 |
Related tax benefits | (1,008) | (14,369) | (1,064) |
Net reserve at December 31 | 158,818 | $ 155,318 | $ 107,748 |
Foreign Country [Member] | Libya [Member] | Latest Tax Year [Member] | |||
Income Tax Contingency [Line Items] | |||
Gross balance at December 31 | 40,000 | ||
Related tax benefits | $ 13,000 |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Reserve for uncertain tax positions, excluding interest and penalties | $ 158,818 | $ 155,318 | $ 107,748 |
Interest and penalties included in “Other liabilities” | 13,702 | 10,961 | |
Reserve for uncertain tax positions, including interest and penalties | $ 172,520 | $ 166,279 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Reserves for uncertain tax positions net | $ 172,520,000 | $ 166,279,000 | |
Reduction in the provision for income taxes, if reserves not realized | 173,000,000 | ||
Interest and penalties resulted in an income tax expense | $ 3,000,000 | 3,000,000 | $ 1,000,000 |
Operational period | 12 months | ||
Federal statutory income tax rate | 20.00% | ||
Foreign tax credits | 15,000,000 | $ 17,000,000 | |
Undistributed earnings of subsidiaries | $ 0 | $ 0 |
Income Taxes - Reconciliation81
Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax rates which are different than the UK and Cayman Island rates | 8.40% | 14.40% | 19.30% |
Tax impact of asset impairment | 3.90% | 5.30% | 344.00% |
Reserve for (resolution of) tax authority audits | (1.00%) | 1.70% | (1.30%) |
Total | 11.30% | 21.40% | 362.00% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($)investment_managerplan | Dec. 31, 2016USD ($)investment_managerplan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of pension plans, salaried employees | plan | 1 | 1 | ||
Number of pension plans, hourly employees | plan | 1 | 1 | ||
Net curtailment charge | $ 800 | |||
Net pension expense | $ 11,000 | |||
Estimated net pension gain | $ 1,000 | |||
Number of investment managers | investment_manager | 2 | 2 | ||
Market cycle minimum period in which objective should be met over | 3 years | |||
Market cycle maximum period in which objective should be met over | 5 years | |||
Investment equity securities | $ 0 | $ 0 | $ 0 | |
Number of years of service for the participants in the plan to become fully vested | 3 years | |||
Costs for maintaining contribution plans | $ 37,000 | 55,000 | $ 70,000 | |
Noble Drilling Corporation Profit Sharing Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to benefit plan | $ 6,000 | 6,000 | 6,000 | |
Cash Holdings [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 1.50% | |||
Investment Manager 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Performance objective communicated to investment managers | To exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum. | |||
Interest rate range maximum | 1.25% | |||
Period for investment manager to reach performance objective | 3 years | |||
Investment Manager 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Performance objective communicated to investment managers | To exceed a blend of FTSE’s All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum. | |||
Interest rate range maximum | 2.00% | |||
Period for investment manager to reach performance objective | 5 years | |||
Interest rate range minimum | 1.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 66.50% | |||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 32.00% | |||
Market cycle minimum period in which objective should be met over | 3 years | |||
Market cycle maximum period in which objective should be met over | 5 years | |||
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of pension plans | plan | 2 | 2 | ||
Net curtailment charge | $ 5,735 | 0 | ||
Net pension expense | 2,779 | 2,636 | 4,125 | |
Estimated net pension gain | (700) | |||
Curtailment expense recognized | (600) | 0 | 0 | |
Settlement expense | 0 | 0 | 0 | |
Projected benefit obligation | $ 5,015 | 5,015 | 4,317 | |
Accumulated benefit obligation | $ 5,015 | $ 5,015 | 1,853 | |
Market cycle minimum period in which objective should be met over | 3 years | |||
Market cycle maximum period in which objective should be met over | 5 years | |||
Employer contributions | $ 2,832 | 2,182 | 7,000 | |
Expected contribution to non-U.S. and U.S pension plans during 2016 | $ 80 | |||
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of pension plans | plan | 2 | 2 | ||
Net curtailment charge | $ 17,092 | 0 | ||
Net pension expense | 8,531 | 10,948 | 17,114 | |
Estimated net pension gain | (1,500) | |||
Curtailment expense recognized | (200) | 0 | (241) | |
Settlement expense | 0 | 0 | (9,872) | |
Decrease in pension liability | (3,000) | (3,000) | 14,000 | |
Projected benefit obligation | $ 189,244 | 189,244 | 202,566 | |
Accumulated benefit obligation | 189,244 | $ 189,244 | 174,105 | |
Market cycle minimum period in which objective should be met over | 3 years | |||
Market cycle maximum period in which objective should be met over | 5 years | |||
Employer contributions | $ 383 | 548 | 2,000 | |
Expected contribution to non-U.S. and U.S pension plans during 2016 | 3,800 | |||
United States Pension Plan of US Entity, Unfunded Excess Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 17,000 | 17,000 | 23,000 | |
Accumulated benefit obligation | 17,000 | $ 17,000 | 15,000 | |
Noble Drilling (Land Support) [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of targeted asset allocation | 70.00% | |||
Noble Drilling (Land Support) [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of targeted asset allocation | 30.00% | |||
Restoration Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Liability under the restoration plan | $ 8,000 | $ 8,000 | $ 8,000 | |
Paragon Offshore [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of pension plans assumed by subsidiary after spin-off | plan | 2 | 2 | ||
Paragon Offshore [Member] | Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | 2,000 | |||
Paragon Offshore [Member] | U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net pension expense | 11,000 | |||
Curtailment expense recognized | (200) | |||
Settlement expense | $ (10,000) |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Curtailment | $ (800) | |||
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 69,372 | $ 72,553 | ||
Service cost | 2,914 | 3,344 | $ 4,777 | |
Interest cost | 2,412 | 2,546 | 4,650 | |
Actuarial loss (gain) | 19,296 | (2,778) | ||
Benefits paid | (3,515) | (2,971) | ||
Curtailment | (5,735) | 0 | ||
Plan participants’ contributions | 307 | 363 | ||
Foreign exchange rate changes | (12,704) | (3,685) | ||
Benefit obligation at end of year | 72,347 | 72,347 | 69,372 | 72,553 |
U.S. Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 228,390 | 238,072 | ||
Service cost | 6,647 | 8,596 | 8,901 | |
Interest cost | 9,557 | 9,198 | 10,546 | |
Actuarial loss (gain) | (5,178) | (21,631) | ||
Benefits paid | (5,747) | (5,845) | ||
Curtailment | (17,092) | 0 | ||
Plan participants’ contributions | 0 | 0 | ||
Foreign exchange rate changes | 0 | 0 | ||
Benefit obligation at end of year | $ 216,577 | $ 216,577 | $ 228,390 | $ 238,072 |
Employee Benefit Plans - Reco84
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 75,855 | $ 77,714 | |
Actual return on plan assets | 9,371 | 2,270 | |
Employer contributions | 2,832 | 2,182 | $ 7,000 |
Benefits and expenses paid | (3,515) | (2,971) | |
Plan participants’ contributions | 307 | 363 | |
Foreign exchange rate changes | (13,564) | (3,703) | |
Fair value of plan assets at end of year | 71,286 | 75,855 | 77,714 |
U.S. Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 167,947 | 172,119 | |
Actual return on plan assets | 8,657 | 1,125 | |
Employer contributions | 383 | 548 | 2,000 |
Benefits and expenses paid | (5,747) | (5,845) | |
Plan participants’ contributions | 0 | 0 | |
Foreign exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of year | $ 171,240 | $ 167,947 | $ 172,119 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (1,061) | $ 6,483 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (45,337) | $ (60,443) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $ 313 | $ 9,121 |
Other liabilities (current) | 0 | 0 |
Other liabilities (noncurrent) | (1,374) | (2,638) |
Net amount recognized | (1,061) | 6,483 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 229 | 1,134 |
Other liabilities (current) | (3,857) | (3,441) |
Other liabilities (noncurrent) | (41,709) | (58,136) |
Net amount recognized | $ (45,337) | $ (60,443) |
Employee Benefit Plans - Amou87
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 17,035 | $ 10,017 |
Prior service cost | 0 | 1,378 |
Deferred income tax asset | (3,120) | (2,347) |
Accumulated other comprehensive loss | 13,915 | 9,048 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 34,200 | 57,937 |
Prior service cost | 0 | 326 |
Deferred income tax asset | (12,250) | (20,392) |
Accumulated other comprehensive loss | $ 21,950 | $ 37,871 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net pension expense | $ 11,000 | ||
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 2,914 | $ 3,344 | $ 4,777 |
Interest cost | 2,412 | 2,546 | 4,650 |
Return on plan assets | (3,393) | (3,673) | (6,117) |
Amortization of prior service cost | 104 | 104 | 46 |
Recognized net actuarial loss | 142 | 315 | 769 |
Curtailment expense | 600 | 0 | 0 |
Settlement expense | 0 | 0 | 0 |
Net pension expense | 2,779 | 2,636 | 4,125 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 6,647 | 8,596 | 8,901 |
Interest cost | 9,557 | 9,198 | 10,546 |
Return on plan assets | (12,389) | (13,146) | (15,499) |
Amortization of prior service cost | 118 | 142 | 196 |
Recognized net actuarial loss | 4,398 | 6,158 | 2,857 |
Curtailment expense | 200 | 0 | 241 |
Settlement expense | 0 | 0 | 9,872 |
Net pension expense | $ 8,531 | $ 10,948 | $ 17,114 |
Employee Benefit Plans - Disagg
Employee Benefit Plans - Disaggregated Plan Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 72,347 | $ 69,372 | $ 72,553 |
Accumulated benefit obligation | 72,347 | 65,136 | |
Fair value of plan assets | 71,286 | 75,855 | 77,714 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 216,577 | 228,390 | 238,072 |
Accumulated benefit obligation | 216,577 | 199,928 | |
Fair value of plan assets | $ 171,240 | $ 167,947 | $ 172,119 |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 5,015 | $ 4,317 |
Fair value of plan assets | 3,642 | 1,679 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 189,244 | 202,566 |
Fair value of plan assets | $ 143,678 | $ 140,988 |
Employee Benefit Plans - Plan91
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 5,015 | $ 1,853 |
Fair value of plan assets | 3,642 | 1,679 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 189,244 | 174,105 |
Fair value of plan assets | $ 143,678 | $ 140,988 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-U.S. Plans [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.60% | ||
Non-U.S. Plans [Member] | Minimum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.15% | 2.93% | |
Rate of compensation increase | 3.60% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.93% | 2.60% | 2.70% |
Expected long-term return on assets | 1.60% | 1.60% | 2.30% |
Rate of compensation increase | 3.60% | 3.60% | 3.60% |
Non-U.S. Plans [Member] | Maximum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.70% | 3.90% | |
Rate of compensation increase | 4.20% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.90% | 3.70% | 4.70% |
Expected long-term return on assets | 5.00% | 4.90% | 6.00% |
Rate of compensation increase | 4.20% | 4.10% | 4.50% |
U.S. Plans [Member] | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Expected long-term return on assets | 7.00% | 7.50% | 7.80% |
Rate of compensation increase | 5.00% | ||
U.S. Plans [Member] | Minimum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.00% | 3.09% | |
Rate of compensation increase | 2.00% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.09% | 2.98% | 3.90% |
Rate of compensation increase | 2.00% | ||
U.S. Plans [Member] | Maximum [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 4.24% | 4.48% | |
Rate of compensation increase | 5.00% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 4.48% | 4.38% | 5.10% |
Rate of compensation increase | 5.00% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual Fair Values of Non-U.S. Pension Plans (Detail) - Non-U.S. Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | $ 71,286 | $ 75,855 | |
Estimated Fair Value Measurements | 71,286 | 75,855 | $ 77,714 |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 47,182 | 57,819 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 20,462 | 16,357 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 3,642 | 1,679 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 337 | 893 | |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 337 | 893 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 46,845 | 56,926 | |
Equity Securities [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 46,845 | 56,926 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 20,462 | 16,357 | |
Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 20,462 | 16,357 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 3,642 | 1,679 | |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $ 3,642 | $ 1,679 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Activity Related to Investments (Detail) - Non-U.S. Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 75,855 | $ 77,714 |
Actual return on plan assets | 9,371 | 2,270 |
Fair value of plan assets at end of year | 71,286 | 75,855 |
Other [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1,679 | |
Assets purchased | 2,685 | |
Assets sold/benefits paid | (411) | |
Actual return on plan assets | 92 | |
Loss on exchange rate | (403) | |
Fair value of plan assets at end of year | $ 3,642 | $ 1,679 |
Employee Benefit Plans - Actu95
Employee Benefit Plans - Actual Fair Values of U.S. Pension Plans (Detail) - U.S. Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | $ 171,240 | $ 167,947 | |
Estimated Fair Value Measurements | 171,240 | 167,947 | $ 172,119 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 2,524 | 2,097 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 54,403 | 54,722 | |
United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 80,264 | 77,611 | |
International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 34,049 | 33,517 | |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 171,240 | 167,947 | |
Quoted Prices in Active Markets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 2,524 | 2,097 | |
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 54,403 | 54,722 | |
Quoted Prices in Active Markets (Level 1) [Member] | United States [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 80,264 | 77,611 | |
Quoted Prices in Active Markets (Level 1) [Member] | International Countries [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 34,049 | $ 33,517 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $ 0 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefit Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $ 132,535 |
2,017 | 12,629 |
2,018 | 10,478 |
2,019 | 10,911 |
2,020 | 11,457 |
2,021 | 15,275 |
Thereafter | 71,785 |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 28,648 |
2,017 | 2,393 |
2,018 | 2,485 |
2,019 | 2,582 |
2,020 | 2,684 |
2,021 | 2,788 |
Thereafter | 15,716 |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 103,887 |
2,017 | 10,236 |
2,018 | 7,993 |
2,019 | 8,329 |
2,020 | 8,773 |
2,021 | 12,487 |
Thereafter | $ 56,069 |
Derivative Instruments and He97
Derivative Instruments and Hedging - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)payment$ / bbl | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Number of contingent payments | payment | 2 | |
Freeport Mc Mo Ran Inc [Member] | ||
Derivative [Line Items] | ||
Derivative contingent settlement period | 12 months | |
Freeport Mc Mo Ran Inc [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Estimated fair value of these contingent payments | $ 14,400,000 | $ 0 |
Freeport Mc Mo Ran Inc [Member] | Noble Corp [Member] | ||
Derivative [Line Items] | ||
Contract drilling services revenue | $ 14,400,000 | |
Freeport Mc Mo Ran Inc [Member] | WTI Crude Oil Averages Price More than $50 Per Barrel [Member] | ||
Derivative [Line Items] | ||
Crude oil average price (usd per barrel) | $ / bbl | 50 | |
Non designated derivatives contingent payment | $ 25,000,000 | |
Freeport Mc Mo Ran Inc [Member] | WTI Crude Oil Averages Price More than $65 Per Barrel [Member] | ||
Derivative [Line Items] | ||
Crude oil average price (usd per barrel) | $ / bbl | 65 | |
Non designated derivatives contingent payment | $ 50,000,000 | |
Forward contracts [Member] | ||
Derivative [Line Items] | ||
Derivative instruments settled | 53,000,000 | 88,000,000 |
Derivative contracts [Member] | ||
Derivative [Line Items] | ||
Notional amount of forward contracts outstanding | $ 0 | $ 0 |
Derivative Instruments and He98
Derivative Instruments and Hedging - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Freeport Mc Mo Ran Inc [Member] | Other Assets [Member] | ||
Asset derivatives | ||
Non-designated derivatives FCX settlement | $ 14,400 | $ 0 |
Derivative Instruments and He99
Derivative Instruments and Hedging - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Contract Drilling Services [Member] | Freeport Mc Mo Ran Inc [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through “contract drilling services” expense | $ 14,400 | |
Foreign Currency Forward Contracts [Member] | Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through AOCL | (1,187) | $ (2,414) |
Foreign Currency Forward Contracts [Member] | Contract Drilling Services [Member] | Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | $ 1,187 | $ 2,414 |
Financial Instruments and Cr100
Financial Instruments and Credit Risk - Carrying Amount and Estimated Fair Value of Financial Instruments1 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 6,246 | $ 6,352 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets - | ||
FCX Settlement | 14 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,246 | $ 6,352 |
FCX Settlement | $ 14,400 |
Financial Instruments and Cr101
Financial Instruments and Credit Risk - Valuation Assumptions Using Carlo Simulation Model (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Fair Value Disclosures [Abstract] | |
Expected volatility | 47.08% |
Mean-reversion rate | 2.80% |
Discount rate | 2.50% |
Underlying spot price | $ 53.72 |
Financial Instruments and Cr102
Financial Instruments and Credit Risk - Settlement Asset from FCX (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 0 |
Fair value recognized in earnings | 17,600 |
Change in fair value recognized in earnings | (3,200) |
Ending balance | $ 14,400 |
Financial Instruments and Cr103
Financial Instruments and Credit Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Operating Revenues [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Royal Dutch Shell Plc [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Percent of operating revenues contributed by major customers | 38.00% | 49.00% | 55.00% |
Freeport Mc Mo Ran Inc [Member] | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Percent of operating revenues contributed by major customers | 25.00% | 14.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Aug. 05, 2016USD ($) | Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)RigLawsuit$ / Occurrence_Per_Year | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 15, 2017USD ($) |
Other Commitments [Line Items] | |||||||
Contract drilling services revenues | $ 2,242,200,000 | $ 3,261,610,000 | $ 3,147,859,000 | ||||
Reimbursement of costs and fees as reduction of contract drilling services costs | 59,432,000 | 90,642,000 | 84,644,000 | ||||
Amount of withholding after spin-off | $ 24,000,000 | ||||||
Physical damage deductible per occurrence on rigs range maximum | $ / Occurrence_Per_Year | 25,000,000 | ||||||
Number of days waiting period | 45 days | ||||||
Protection and indemnity policy, standard deductible (per occurrence) | $ 10,000,000 | ||||||
Maximum liability coverage under protection and indemnity policy | $ 750,000,000 | ||||||
Years of effectiveness of employment agreements after the termination of employment | 3 years | ||||||
Rent expense | $ 8,000,000 | 9,000,000 | 18,000,000 | ||||
Subsequent Event [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number of newbuild rigs allegedly infringing patent | Rig | 5 | ||||||
Aforementioned tax assessments | $ 3,000,000 | ||||||
Minimum [Member] | |||||||
Other Commitments [Line Items] | |||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ||||||
Loss of hire coverage applies only to rigs operating under dayrate | $ 200,000 | ||||||
Asbestos Issue [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number of lawsuits filed | Lawsuit | 42 | ||||||
Customs And Other Business Taxes [Member] | Foreign Country [Member] | |||||||
Other Commitments [Line Items] | |||||||
Audit claims, attributable to income, customs and other business taxes | $ 151,000,000 | ||||||
Noble Discoverer And Kulluk [Member] | |||||||
Other Commitments [Line Items] | |||||||
Loss contingencies payments | $ 8,200,000 | ||||||
Environmental Compliance Plan, probationary period | 4 years | ||||||
Possible early probation period | 3 years | ||||||
Noble Discoverer And Kulluk [Member] | Community Service Payment [Member] | |||||||
Other Commitments [Line Items] | |||||||
Loss contingencies payments | $ 4,000,000 | ||||||
BP [Member] | |||||||
Other Commitments [Line Items] | |||||||
Claims related to the arbitration received | 150,000,000 | ||||||
Exxon [Member] | |||||||
Other Commitments [Line Items] | |||||||
Claims related to the arbitration received | 27,000,000 | ||||||
BP and Exxon [Member] | |||||||
Other Commitments [Line Items] | |||||||
Contract drilling services revenues | 137,000,000 | ||||||
Interest income | 30,000,000 | ||||||
Reimbursement of costs and fees as reduction of contract drilling services costs | 10,000,000 | ||||||
Noble-Cayman [Member] | |||||||
Other Commitments [Line Items] | |||||||
Contract drilling services revenues | 0 | 0 | 0 | ||||
Reimbursement of costs and fees as reduction of contract drilling services costs | $ 0 | $ 0 | $ 0 | ||||
Libya [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number of wells | Rig | 2 | ||||||
Mexico [Member] | |||||||
Other Commitments [Line Items] | |||||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | ||||||
Mexico [Member] | Paragon Retained Entity [Member] | |||||||
Other Commitments [Line Items] | |||||||
Payable percentage of ultimate resolved income and value added taxes | 50.00% | ||||||
Mexico [Member] | Noble-Cayman [Member] | |||||||
Other Commitments [Line Items] | |||||||
Aforementioned tax assessments | $ 43,000,000 | ||||||
Mexico [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | |||||||
Other Commitments [Line Items] | |||||||
Aforementioned tax assessments | $ 40,000,000 | ||||||
Mexico [Member] | Paragon Offshore [Member] | |||||||
Other Commitments [Line Items] | |||||||
Payable percentage of third party cost incurred In administration of tax claim | 50.00% | ||||||
Tax and administrative costs payable | $ 5,000,000 | ||||||
Interest Bearing Note Due Period | 4 years | ||||||
Aforementioned tax assessments | $ 176,000,000 | ||||||
Brazil [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | |||||||
Other Commitments [Line Items] | |||||||
Aforementioned tax assessments | 44,000,000 | ||||||
Brazil [Member] | Paragon Offshore [Member] | |||||||
Other Commitments [Line Items] | |||||||
Aforementioned tax assessments | 154,000,000 | ||||||
U S Gulf of Mexico [Member] | |||||||
Other Commitments [Line Items] | |||||||
Windstorm coverage amount | $ 500,000,000 |
Commitments and Contingencie105
Commitments and Contingencies - Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 15,718 |
2,018 | 7,750 |
2,019 | 6,542 |
2,020 | 1,892 |
2,021 | 1,632 |
Thereafter | 4,889 |
Total | $ 38,423 |
Segment and Related Informat106
Segment and Related Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment and Related Informat107
Segment and Related Information - Revenues and Identifiable Assets by Country Based on the Location of the Service Provided (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 857,684 | $ 896,671 | $ 793,555 | $ 804,342 | $ 2,302,065 | $ 3,352,252 | $ 3,232,504 |
Identifiable Assets | 11,440,117 | 12,865,645 | 11,440,117 | 12,865,645 | |||||||
United States [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 1,404,365 | 1,941,485 | 1,639,509 | ||||||||
Identifiable Assets | 6,399,119 | 6,642,540 | 6,399,119 | 6,642,540 | |||||||
Argentina [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 51,627 | 111,589 | 97,743 | ||||||||
Identifiable Assets | 0 | 273,397 | 0 | 273,397 | |||||||
Australia [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 89,847 | 204,822 | 146,474 | ||||||||
Identifiable Assets | 0 | 944,277 | 0 | 944,277 | |||||||
Benin [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 66,077 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Brazil [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 27,640 | 78,683 | 447,266 | ||||||||
Identifiable Assets | 25,474 | 697,638 | 25,474 | 697,638 | |||||||
Brunei [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 42,710 | 0 | 0 | ||||||||
Identifiable Assets | 312,494 | 0 | 312,494 | 0 | |||||||
Bulgaria [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 78,985 | 0 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Denmark [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 46,342 | 77,934 | 28,980 | ||||||||
Identifiable Assets | 250,776 | 501,747 | 250,776 | 501,747 | |||||||
Gabon [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 23,385 | 90,082 | 72,562 | ||||||||
Identifiable Assets | 0 | 684,243 | 0 | 684,243 | |||||||
Libya [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 136,406 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Malaysia [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 168,826 | 149,597 | 11,126 | ||||||||
Identifiable Assets | 747,059 | 890,991 | 747,059 | 890,991 | |||||||
New Zealand [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 56,911 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Qatar [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 608 | 0 | 0 | ||||||||
Identifiable Assets | 263,108 | 0 | 263,108 | 0 | |||||||
Saudi Arabia [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 120,132 | 226,251 | 260,544 | ||||||||
Identifiable Assets | 443,965 | 495,501 | 443,965 | 495,501 | |||||||
Singapore [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 230,897 | 775,962 | 230,897 | 775,962 | |||||||
South Africa [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 1,803 | 0 | 0 | ||||||||
Identifiable Assets | 673,486 | 0 | 673,486 | 0 | |||||||
Tanzania [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 48,394 | 0 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
The Netherlands [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 42 | 67,765 | 82,026 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Turkey [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 97,065 | 13,960 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
United Arab Emirates [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 86,446 | 67,117 | 108,044 | ||||||||
Identifiable Assets | 591,306 | 352,546 | 591,306 | 352,546 | |||||||
United Kingdom [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 95,621 | 87,896 | 84,078 | ||||||||
Identifiable Assets | 1,475,651 | 430,058 | 1,475,651 | 430,058 | |||||||
Other [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 15,292 | 15,560 | $ 117,204 | ||||||||
Identifiable Assets | $ 26,782 | $ 176,745 | $ 26,782 | $ 176,745 |
Supplemental Cash Flow Infor108
Supplemental Cash Flow Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Capital [Line Items] | |||
Accounts receivable | $ 179,779 | $ 70,165 | $ 29,730 |
Other current assets | 81,702 | 61,514 | (3,201) |
Other assets | 139,872 | 106,354 | (96,941) |
Accounts payable | (84,873) | (30,771) | 63,546 |
Other current liabilities | (207,533) | (57,496) | (28,644) |
Other liabilities | (19,617) | (26,219) | 86,037 |
Net change in other assets and liabilities | 89,330 | 123,547 | 50,527 |
Noble Corp [Member] | |||
Operating Capital [Line Items] | |||
Accounts receivable | 179,779 | 70,165 | 29,730 |
Other current assets | 79,682 | 23,047 | (12,670) |
Other assets | 137,792 | 89,877 | (96,925) |
Accounts payable | (83,085) | (28,538) | 60,488 |
Other current liabilities | (203,763) | (36,580) | (21,921) |
Other liabilities | (20,960) | (25,562) | 86,038 |
Net change in other assets and liabilities | $ 89,445 | $ 92,409 | $ 44,740 |
Supplemental Cash Flow Infor109
Supplemental Cash Flow Information - Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | $ 232,907 | $ 190,917 | $ 159,835 |
Income taxes (net of refunds) | 100,544 | 89,292 | 132,527 |
Non-cash activities during the period: | |||
Spin-off of Paragon Offshore | 1,409,400 | ||
Noble Corp [Member] | |||
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 232,907 | 190,917 | 159,835 |
Income taxes (net of refunds) | $ 100,717 | $ 88,948 | 130,356 |
Non-cash activities during the period: | |||
Spin-off of Paragon Offshore | $ 1,409,400 |
Information about Noble-Caym110
Information about Noble-Cayman - Guarantor Obligations (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
2.50% Senior Notes due 2017 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
5.25% Senior Notes due 2018 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
7.50% Senior Notes due 2019 [Member] | NHC [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHC |
Guarantor(s) | Noble-Cayman |
7.50% Senior Notes due 2019 [Member] | NDH [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NDH |
7.50% Senior Notes due 2019 [Member] | NDS6 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Services 6 LLC (“NDS6”) |
4.90% Senior Notes due 2020 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
4.625% Senior Notes due 2021 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
3.95% Senior Notes due 2022 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
7.75% Senior Notes due 2024 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
7.20% Senior Notes due 2025 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
6.20% Senior Notes due 2040 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
6.05% Senior Notes due 2041 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
5.25% Senior Notes due 2042 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
8.20% Senior Notes due 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor(s) | Noble-Cayman |
Information about Noble-Caym111
Information about Noble-Cayman - Guarantor Obligations (Supplemental) (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
2.50% Senior Notes due 2017 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 300,000,000 |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2,017 |
5.25% Senior Notes due 2018 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 250,000,000 |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2,018 |
7.50% Senior Notes due 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 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 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 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 |
7.75% Senior Notes due 2024 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 1,000,000,000 |
Interest rate on senior notes | 7.75% |
Senior notes, maturity date | 2,024 |
7.20% Senior Notes due 2025 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 450,000,000 |
Interest rate on senior notes | 7.20% |
Senior notes, maturity date | 2,025 |
6.20% Senior Notes due 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 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 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 |
8.20% Senior Notes due 2045 [Member] | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 8.20% |
Senior notes, maturity date | 2,045 |
Information about Noble-Caym112
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 725,722 | $ 512,245 | $ 68,510 | $ 114,458 |
Accounts receivable, net | 319,152 | 498,931 | ||
Taxes receivable | 55,480 | 55,525 | ||
Prepaid expenses and other current assets | 92,260 | 173,917 | ||
Total current assets | 1,192,614 | 1,240,618 | ||
Property and equipment, at cost | 12,364,888 | 14,056,323 | ||
Accumulated depreciation | (2,302,940) | (2,572,700) | ||
Property and equipment, net | 10,061,948 | 11,483,623 | ||
Other assets | 185,555 | 141,404 | ||
Total assets | 11,440,117 | 12,865,645 | ||
Current liabilities | ||||
Current maturities of long-term debt | 299,882 | 299,924 | ||
Accounts payable | 108,224 | 223,221 | ||
Accrued payroll and related costs | 48,383 | 81,464 | ||
Taxes payable | 46,561 | 87,940 | ||
Interest payable | 61,299 | 72,961 | ||
Other current liabilities | 68,944 | 98,074 | ||
Total current liabilities | 633,293 | 863,584 | ||
Long-term debt | 4,040,229 | 4,162,638 | ||
Deferred income taxes | 2,084 | 92,797 | ||
Other liabilities | 297,066 | 324,396 | ||
Total liabilities | 4,972,672 | 5,443,415 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,758,681 | 6,699,229 | ||
Noncontrolling interests | 708,764 | 723,001 | ||
Total equity | 6,467,445 | 7,422,230 | 7,287,034 | 9,050,028 |
Total liabilities and equity | 11,440,117 | 12,865,645 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 2,537 | 1,627 | 5 | 1 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 361,313 | 626,305 | ||
Prepaid expenses and other current assets | 270 | 246 | ||
Total current assets | 364,120 | 628,178 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,304,672 | 3,304,652 | ||
Investments in affiliates | 2,848,855 | 5,159,064 | ||
Other assets | 4,292 | 5,954 | ||
Total assets | 6,521,939 | 9,097,848 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 818,737 | 868,046 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 48 | 0 | ||
Other current liabilities | 12 | 40 | ||
Total current liabilities | 818,797 | 868,086 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 1,518,363 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 838,726 | 2,406,378 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,683,213 | 6,691,470 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,683,213 | 6,691,470 | ||
Total liabilities and equity | 6,521,939 | 9,097,848 | ||
NHC [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 21,428 | 12,124 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 451,201 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 21,428 | 463,325 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 2,007,016 | 2,174,480 | ||
Other assets | 0 | 0 | ||
Total assets | 2,028,444 | 2,637,805 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 171,925 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 111,801 | 60,100 | ||
Taxes payable | 0 | 917 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 283,726 | 232,942 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 700,000 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 983,726 | 232,942 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,044,718 | 2,404,863 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,044,718 | 2,404,863 | ||
Total liabilities and equity | 2,028,444 | 2,637,805 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 10,855 | 2,101 | 254 | 402 |
Accounts receivable, net | 33,162 | 9,381 | ||
Taxes receivable | 0 | 27 | ||
Short-term notes receivable from affiliates | 243,915 | 119,476 | ||
Accounts receivable from affiliates | 137,476 | 128,457 | ||
Prepaid expenses and other current assets | 1,611 | 1,696 | ||
Total current assets | 427,019 | 261,138 | ||
Property and equipment, at cost | 2,376,862 | 1,877,520 | ||
Accumulated depreciation | (428,308) | (344,591) | ||
Property and equipment, net | 1,948,554 | 1,532,929 | ||
Notes receivable from affiliates | 112,706 | 236,921 | ||
Investments in affiliates | 1,411,874 | 3,001,327 | ||
Other assets | 5,687 | 7,496 | ||
Total assets | 3,905,840 | 5,039,811 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 4,228 | 10,676 | ||
Accrued payroll and related costs | 4,882 | 6,584 | ||
Accounts payable to affiliates | 1,995,788 | 2,440,965 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 4,296 | 4,108 | ||
Total current liabilities | 2,009,194 | 2,462,333 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 467,139 | 461,379 | ||
Deferred income taxes | 534 | 1,529 | ||
Other liabilities | 24,035 | 25,312 | ||
Total liabilities | 2,500,902 | 2,950,553 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,404,938 | 2,089,258 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,404,938 | 2,089,258 | ||
Total liabilities and equity | 3,905,840 | 5,039,811 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 4 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 67,560 | 811,785 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 67,560 | 811,785 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 69,564 | 1,587,927 | ||
Investments in affiliates | 8,369,728 | 9,752,912 | ||
Other assets | 0 | 0 | ||
Total assets | 8,506,852 | 12,152,624 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 299,882 | 299,924 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 123,642 | 96,543 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 56,839 | 68,549 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 480,363 | 465,016 | ||
Long-term debt | 3,838,807 | 3,961,338 | ||
Notes payable to affiliates | 744,181 | 2,086,480 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 5,063,351 | 6,512,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | 3,443,501 | 5,639,790 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,443,501 | 5,639,790 | ||
Total liabilities and equity | 8,506,852 | 12,152,624 | ||
NDS6 [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 1,349,708 | 0 | ||
Accounts receivable from affiliates | 85,274 | 67,684 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1,434,982 | 67,684 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 6,129,082 | 7,438,397 | ||
Other assets | 0 | 0 | ||
Total assets | 7,569,064 | 7,511,081 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 0 | 6,426 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 4,412 | 4,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 4,412 | 10,838 | ||
Long-term debt | 201,422 | 201,300 | ||
Notes payable to affiliates | 0 | 124,216 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 205,834 | 336,354 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,363,230 | 7,174,727 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 7,363,230 | 7,174,727 | ||
Total liabilities and equity | 7,569,064 | 7,511,081 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 640,441 | 508,067 | 65,521 | 109,975 |
Accounts receivable, net | 285,990 | 489,550 | ||
Taxes receivable | 34,052 | 43,291 | ||
Short-term notes receivable from affiliates | 52,611 | 171,925 | ||
Accounts receivable from affiliates | 3,038,658 | 3,445,590 | ||
Prepaid expenses and other current assets | 86,868 | 166,527 | ||
Total current assets | 4,138,620 | 4,824,950 | ||
Property and equipment, at cost | 9,988,026 | 12,177,038 | ||
Accumulated depreciation | (1,874,632) | (2,227,740) | ||
Property and equipment, net | 8,113,394 | 9,949,298 | ||
Notes receivable from affiliates | 1,798,614 | 2,435,154 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 168,573 | 118,869 | ||
Total assets | 14,219,201 | 17,328,271 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 1,474,309 | 119,476 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 103,640 | 210,401 | ||
Accrued payroll and related costs | 43,437 | 74,780 | ||
Accounts payable to affiliates | 640,313 | 2,058,942 | ||
Taxes payable | 46,561 | 87,191 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 63,004 | 92,183 | ||
Total current liabilities | 2,371,264 | 2,642,973 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 3,379,236 | 3,379,216 | ||
Deferred income taxes | 1,550 | 91,268 | ||
Other liabilities | 248,219 | 274,271 | ||
Total liabilities | 6,000,269 | 6,387,728 | ||
Commitments and contingencies | ||||
Total shareholder equity | 7,106,323 | 9,781,284 | ||
Noncontrolling interests | 1,112,609 | 1,159,259 | ||
Total equity | 8,218,932 | 10,940,543 | ||
Total liabilities and equity | 14,219,201 | 17,328,271 | ||
Noble Corp [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 653,833 | 511,795 | 65,780 | 110,382 |
Accounts receivable, net | 319,152 | 498,931 | ||
Taxes receivable | 55,480 | 55,442 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 88,749 | 168,469 | ||
Total current assets | 1,117,214 | 1,234,637 | ||
Property and equipment, at cost | 12,364,888 | 14,054,558 | ||
Accumulated depreciation | (2,302,940) | (2,572,331) | ||
Property and equipment, net | 10,061,948 | 11,482,227 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 178,552 | 132,319 | ||
Total assets | 11,357,714 | 12,849,183 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 299,882 | 299,924 | ||
Accounts payable | 107,868 | 221,077 | ||
Accrued payroll and related costs | 48,319 | 81,364 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 46,561 | 88,108 | ||
Interest payable | 61,299 | 72,961 | ||
Other current liabilities | 67,312 | 96,331 | ||
Total current liabilities | 631,241 | 859,765 | ||
Long-term debt | 4,040,229 | 4,162,638 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 2,084 | 92,797 | ||
Other liabilities | 292,183 | 319,512 | ||
Total liabilities | 4,965,737 | 5,434,712 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,683,213 | 6,691,470 | ||
Noncontrolling interests | 708,764 | 723,001 | ||
Total equity | 6,391,977 | 7,414,471 | 7,218,782 | 9,155,484 |
Total liabilities and equity | 11,357,714 | 12,849,183 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | (1,646,234) | (291,401) | ||
Accounts receivable from affiliates | (3,690,281) | (5,531,022) | ||
Prepaid expenses and other current assets | 0 | |||
Total current assets | (5,336,515) | (5,822,423) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (5,290,556) | (7,569,654) | ||
Investments in affiliates | (20,766,555) | (27,526,180) | ||
Other assets | 0 | 0 | ||
Total assets | (31,393,626) | (40,918,257) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (1,646,234) | (291,401) | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (3,690,281) | (5,531,022) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (5,336,515) | (5,822,423) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (5,290,556) | (7,569,654) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (10,627,071) | (13,392,077) | ||
Commitments and contingencies | ||||
Total shareholder equity | (20,362,710) | (27,089,922) | ||
Noncontrolling interests | (403,845) | (436,258) | ||
Total equity | (20,766,555) | (27,526,180) | ||
Total liabilities and equity | $ (31,393,626) | $ (40,918,257) |
Information about Noble-Caym113
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | |||||||||||
Contract drilling services | $ 2,242,200 | $ 3,261,610 | $ 3,147,859 | ||||||||
Reimbursables | 59,432 | 90,642 | 84,644 | ||||||||
Other | 433 | 0 | 1 | ||||||||
Total operating revenues | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 857,684 | $ 896,671 | $ 793,555 | $ 804,342 | 2,302,065 | 3,352,252 | 3,232,504 |
Operating costs and expenses | |||||||||||
Contract drilling services | 879,438 | 1,232,529 | 1,500,512 | ||||||||
Reimbursables | 45,499 | 70,276 | 66,378 | ||||||||
Depreciation and amortization | 611,067 | 634,305 | 627,473 | ||||||||
General and administrative | 69,258 | 76,843 | 106,771 | ||||||||
Loss on impairment | 1,458,749 | 418,298 | 745,428 | ||||||||
Total operating costs and expenses | 3,064,011 | 2,432,251 | 3,046,562 | ||||||||
Operating income (loss) | (1,384,912) | (2,208) | 449,714 | 175,460 | (49,480) | 409,973 | 275,149 | 284,359 | (761,946) | 920,001 | 185,942 |
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (222,915) | (213,854) | (155,179) | ||||||||
Gain on extinguishment of debt, net | 17,814 | 0 | 0 | ||||||||
Interest income and other, net | 18 | 36,286 | (1,298) | ||||||||
Income (loss) before income taxes | (967,029) | 742,433 | 29,465 | ||||||||
Income tax benefit (provision) | 109,156 | (159,232) | (106,651) | ||||||||
Net income (loss) from continuing operations | (857,873) | 583,201 | (77,186) | ||||||||
Net income (loss) from discontinued operations, net of tax | 0 | 0 | 160,502 | ||||||||
Net income (loss) | (857,873) | 583,201 | 83,316 | ||||||||
Net income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) | ||||||||
Net income (loss) attributable to Noble Corporation | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | $ (152,241) | $ 325,807 | $ 159,031 | $ 178,403 | (929,580) | 511,000 | 8,491 |
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (918,545) | 517,243 | (13,241) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | (94,697) | (418,655) | (246,406) | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | (94,697) | (418,655) | (246,406) | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | (94,697) | (418,655) | (246,406) | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | (94,697) | (418,655) | (246,406) | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 2,017,831 | (2,439,236) | 1,754,856 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | (479,313) | ||||||||||
Total income (loss) of unconsolidated affiliates | 1,275,543 | ||||||||||
Interest expense, net of amounts capitalized | 252,816 | 198,255 | 3,318,536 | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | (252,816) | (198,255) | (3,318,536) | ||||||||
Income (loss) before income taxes | 2,017,831 | (2,439,236) | 1,275,543 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 1,275,543 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 2,017,831 | (2,439,236) | 1,275,543 | ||||||||
Net income attributable to noncontrolling interests | (32,413) | 33,039 | 23,778 | ||||||||
Net income (loss) attributable to Noble Corporation | 1,985,418 | (2,406,197) | 1,299,321 | ||||||||
Other comprehensive income (loss), net | (11,035) | (6,243) | 21,732 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | 1,974,383 | (2,412,440) | 1,321,053 | ||||||||
Noble-Cayman [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 4,532 | 3,611 | 30,885 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 1,264 | 1,138 | 2,437 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 5,796 | 4,749 | 33,322 | ||||||||
Operating income (loss) | (5,796) | (4,749) | (33,322) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (962,662) | 591,297 | (2,885,628) | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 223,083 | ||||||||||
Total income (loss) of unconsolidated affiliates | (2,662,545) | ||||||||||
Interest expense, net of amounts capitalized | (27,891) | (75,925) | (93,536) | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | 96,635 | 24,188 | 2,913,631 | ||||||||
Income (loss) before income taxes | (899,714) | 534,811 | 124,228 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 124,228 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | (899,714) | 534,811 | 124,228 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Noble Corporation | (899,714) | 534,811 | 124,228 | ||||||||
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (888,679) | 541,054 | 102,496 | ||||||||
NHC [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 18,902 | 19,160 | 39,039 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 8,716 | 8,683 | 11,376 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 27,618 | 27,843 | 50,415 | ||||||||
Operating income (loss) | (27,618) | (27,843) | (50,415) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (257,142) | 73,319 | 157,648 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 50,565 | ||||||||||
Total income (loss) of unconsolidated affiliates | 208,213 | ||||||||||
Interest expense, net of amounts capitalized | (70,494) | (4,932) | (3,046) | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | 120 | 4,852 | 0 | ||||||||
Income (loss) before income taxes | (355,134) | 45,396 | 154,752 | ||||||||
Income tax benefit (provision) | (42,522) | (77,929) | (68,805) | ||||||||
Net income (loss) from continuing operations | 85,947 | ||||||||||
Net income (loss) from discontinued operations, net of tax | (18,655) | ||||||||||
Net income (loss) | (397,656) | (32,533) | 67,292 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Noble Corporation | (397,656) | (32,533) | 67,292 | ||||||||
Other comprehensive income (loss), net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (397,656) | (32,533) | 67,292 | ||||||||
NDH [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 250,049 | 354,657 | 327,070 | ||||||||
Reimbursables | 9,190 | 18,529 | 6,239 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | 259,239 | 373,186 | 333,309 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 70,801 | 395,365 | 120,971 | ||||||||
Reimbursables | 8,231 | 13,686 | 4,687 | ||||||||
Depreciation and amortization | 91,802 | 77,187 | 65,164 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 13 | 0 | ||||||||
Total operating costs and expenses | 170,834 | 486,251 | 190,822 | ||||||||
Operating income (loss) | 88,405 | (113,065) | 142,487 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (980,099) | 190,335 | (80,080) | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 28,580 | ||||||||||
Total income (loss) of unconsolidated affiliates | (51,500) | ||||||||||
Interest expense, net of amounts capitalized | (11,461) | (12,110) | (24,974) | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | 12,616 | 52,026 | 249,005 | ||||||||
Income (loss) before income taxes | (890,539) | 117,186 | 315,018 | ||||||||
Income tax benefit (provision) | 163 | (4,466) | (3,574) | ||||||||
Net income (loss) from continuing operations | 311,444 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 6,634 | ||||||||||
Net income (loss) | (890,376) | 112,720 | 318,078 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Noble Corporation | (890,376) | 112,720 | 318,078 | ||||||||
Other comprehensive income (loss), net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (890,376) | 112,720 | 318,078 | ||||||||
NHIL [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 84,309 | 84,005 | 115,909 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 40,082 | 38,167 | 31,620 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 124,391 | 122,172 | 147,529 | ||||||||
Operating income (loss) | (124,391) | (122,172) | (147,529) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | (333,446) | 936,429 | 604,419 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 170,845 | ||||||||||
Total income (loss) of unconsolidated affiliates | 775,264 | ||||||||||
Interest expense, net of amounts capitalized | (228,423) | (224,894) | (169,666) | ||||||||
Gain on extinguishment of debt, net | 17,814 | ||||||||||
Interest income and other, net | 20,412 | 71,617 | 89,449 | ||||||||
Income (loss) before income taxes | (648,034) | 660,980 | 547,518 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 547,518 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | (648,034) | 660,980 | 547,518 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Noble Corporation | (648,034) | 660,980 | 547,518 | ||||||||
Other comprehensive income (loss), net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (648,034) | 660,980 | 547,518 | ||||||||
NDS6 [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Revenue from affiliates | 0 | ||||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 1 | 1 | 1 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 1 | 1 | 1 | ||||||||
Operating income (loss) | (1) | (1) | (1) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 515,518 | 647,856 | 448,785 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 6,240 | ||||||||||
Total income (loss) of unconsolidated affiliates | 455,025 | ||||||||||
Interest expense, net of amounts capitalized | (15,117) | (25,578) | (33,671) | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | 15,058 | 5,165 | 3,308 | ||||||||
Income (loss) before income taxes | 515,458 | 627,442 | 424,661 | ||||||||
Income tax benefit (provision) | 0 | 0 | (1,546) | ||||||||
Net income (loss) from continuing operations | 423,115 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 515,458 | 627,442 | 423,115 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Noble Corporation | 515,458 | 627,442 | 423,115 | ||||||||
Other comprehensive income (loss), net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | 515,458 | 627,442 | 423,115 | ||||||||
Other Non-guarantor Subsidiaries of Noble [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 2,086,848 | 3,325,608 | 3,067,195 | ||||||||
Reimbursables | 50,242 | 72,113 | 78,405 | ||||||||
Other | 1,133 | 1 | |||||||||
Revenue from affiliates | 200 | ||||||||||
Total operating revenues | 2,138,223 | 3,397,921 | 3,145,601 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 789,814 | 1,142,891 | 1,447,073 | ||||||||
Reimbursables | 37,268 | 56,590 | 61,691 | ||||||||
Depreciation and amortization | 519,211 | 556,057 | 559,114 | ||||||||
General and administrative | (4,018) | 7,446 | 7,560 | ||||||||
Loss on impairment | 1,458,749 | 418,285 | 745,428 | ||||||||
Total operating costs and expenses | 2,801,024 | 2,181,269 | 2,820,866 | ||||||||
Operating income (loss) | (662,801) | 1,216,652 | 324,735 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 0 | 0 | 0 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 0 | ||||||||||
Total income (loss) of unconsolidated affiliates | 0 | ||||||||||
Interest expense, net of amounts capitalized | (122,345) | (68,670) | (3,148,822) | ||||||||
Gain on extinguishment of debt, net | 0 | ||||||||||
Interest income and other, net | 108,108 | 75,071 | 64,267 | ||||||||
Income (loss) before income taxes | (677,038) | 1,223,053 | (2,759,820) | ||||||||
Income tax benefit (provision) | 151,522 | (80,225) | (32,005) | ||||||||
Net income (loss) from continuing operations | (2,791,825) | ||||||||||
Net income (loss) from discontinued operations, net of tax | 235,104 | ||||||||||
Net income (loss) | (525,516) | 1,142,828 | (2,556,721) | ||||||||
Net income attributable to noncontrolling interests | (39,294) | (105,240) | (98,603) | ||||||||
Net income (loss) attributable to Noble Corporation | (564,810) | 1,037,588 | (2,655,324) | ||||||||
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | (553,775) | 1,043,831 | (2,677,056) | ||||||||
Noble Corp [Member] | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 2,242,200 | 3,261,610 | 3,147,859 | ||||||||
Reimbursables | 59,432 | 90,642 | 84,644 | ||||||||
Other | 1,133 | 0 | 1 | ||||||||
Revenue from affiliates | 0 | 200 | 0 | ||||||||
Total operating revenues | 2,302,765 | 3,352,452 | 3,232,504 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 873,661 | 1,226,377 | 1,507,471 | ||||||||
Reimbursables | 45,499 | 70,276 | 66,378 | ||||||||
Depreciation and amortization | 611,013 | 633,244 | 624,278 | ||||||||
General and administrative | 46,045 | 55,435 | 52,994 | ||||||||
Loss on impairment | 1,458,749 | 418,298 | 745,428 | ||||||||
Total operating costs and expenses | 3,034,967 | 2,403,630 | 2,996,549 | ||||||||
Operating income (loss) | (732,202) | 948,822 | 235,955 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates—continuing operations | 0 | 0 | 0 | ||||||||
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax | 0 | ||||||||||
Total income (loss) of unconsolidated affiliates | 0 | ||||||||||
Interest expense, net of amounts capitalized | (222,915) | (213,854) | (155,179) | ||||||||
Gain on extinguishment of debt, net | 17,814 | 0 | 0 | ||||||||
Interest income and other, net | 133 | 34,664 | 1,124 | ||||||||
Income (loss) before income taxes | (937,170) | 769,632 | 81,900 | ||||||||
Income tax benefit (provision) | 109,163 | (162,620) | (105,930) | ||||||||
Net income (loss) from continuing operations | (828,007) | 607,012 | (24,030) | ||||||||
Net income (loss) from discontinued operations, net of tax | 0 | 0 | 223,083 | ||||||||
Net income (loss) | (828,007) | 607,012 | 199,053 | ||||||||
Net income attributable to noncontrolling interests | (71,707) | (72,201) | (74,825) | ||||||||
Net income (loss) attributable to Noble Corporation | (899,714) | 534,811 | 124,228 | ||||||||
Other comprehensive income (loss), net | 11,035 | 6,243 | (21,732) | ||||||||
Comprehensive income (loss) attributable to Noble Corporation | $ (888,679) | $ 541,054 | $ 102,496 |
Information about Noble-Caym114
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net cash from operating activities | $ 1,128,282 | $ 1,762,351 | $ 1,778,208 |
Cash flows from investing activities | |||
Proceeds from disposal of assets | 24,808 | 4,614 | 0 |
Net cash from investing activities | (669,931) | (432,537) | (2,109,268) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) | (437,647) |
Repayment of long-term debt | (1,049,338) | (350,000) | (250,000) |
Long-term borrowings of Paragon Offshore | 0 | 0 | 1,710,550 |
Tender offer premium | (24,649) | 0 | 0 |
Financing costs on long-term borrowings of Paragon Offshore | 0 | 0 | (14,676) |
Cash balances of Paragon Offshore in Spin-off | 0 | 0 | (104,152) |
Issuance of senior notes | 980,100 | 1,092,728 | 0 |
Debt issuance costs on senior notes and credit facilities | (12,111) | (16,070) | (398) |
Dividends paid to noncontrolling interests | (85,944) | (71,504) | (79,966) |
Net cash from financing activities | (244,874) | (886,079) | 285,112 |
Net change in cash and cash equivalents | 213,477 | 443,735 | (45,948) |
Cash and cash equivalents, beginning of period | 512,245 | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 725,722 | 512,245 | 68,510 |
Noble-Cayman [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 97,388 | (31,562) | 2,825,524 |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | 124,951 | 50 |
Net cash from investing activities | 0 | 124,951 | 50 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | (437,647) | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | (6,450) | (398) |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | (152,360) | (400,614) | (631,095) |
Advances (to) from affiliates | 55,882 | 2,047,563 | (1,482,686) |
Notes payable to affiliates | 0 | (608,771) | (273,744) |
Net cash from financing activities | (96,478) | (91,767) | (2,825,570) |
Net change in cash and cash equivalents | 910 | 1,622 | 4 |
Cash and cash equivalents, beginning of period | 1,627 | 5 | 1 |
Cash and cash equivalents, end of period | 2,537 | 1,627 | 5 |
NHC [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | (150,735) | (53,686) | (151,987) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | 0 | 0 |
Net cash from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 150,735 | 53,686 | 151,987 |
Notes payable to affiliates | 0 | 0 | 0 |
Net cash from financing activities | 150,735 | 53,686 | 151,987 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
NDH [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 149,431 | 15,207 | 366,583 |
Cash flows from investing activities | |||
Capital expenditures | (492,985) | (116,594) | (1,404,560) |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | 0 | 0 |
Net cash from investing activities | (492,985) | (116,594) | (1,404,560) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 352,308 | 103,234 | 1,037,829 |
Notes payable to affiliates | 0 | 0 | 0 |
Net cash from financing activities | 352,308 | 103,234 | 1,037,829 |
Net change in cash and cash equivalents | 8,754 | 1,847 | (148) |
Cash and cash equivalents, beginning of period | 2,101 | 254 | 402 |
Cash and cash equivalents, end of period | 10,855 | 2,101 | 254 |
NHIL [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | (344,112) | (267,735) | (232,605) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | 608,771 | 273,744 |
Net cash from investing activities | 0 | 608,771 | 273,744 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | (1,049,338) | (350,000) | (250,000) |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | (24,649) | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 980,100 | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | (12,111) | (9,620) | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 450,110 | (1,074,144) | 208,857 |
Notes payable to affiliates | 0 | 0 | 0 |
Net cash from financing activities | 344,112 | (341,036) | (41,143) |
Net change in cash and cash equivalents | 0 | 0 | (4) |
Cash and cash equivalents, beginning of period | 0 | 0 | 4 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
NDS6 [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | (60) | (20,292) | (31,788) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | 0 | 0 |
Net cash from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 60 | 20,292 | 31,788 |
Notes payable to affiliates | 0 | 0 | 0 |
Net cash from financing activities | 60 | 20,292 | 31,788 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Other Non-guarantor Subsidiaries of Noble [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 1,404,359 | 2,105,575 | (903,811) |
Cash flows from investing activities | |||
Capital expenditures | (201,754) | (320,557) | (704,574) |
Proceeds from disposal of assets | 24,808 | 4,614 | |
Notes receivable from affiliates | 0 | 0 | 0 |
Net cash from investing activities | (176,946) | (315,943) | (704,574) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 1,710,550 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | (14,676) | ||
Cash balances of Paragon Offshore in Spin-off | (104,152) | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | (85,944) | (71,504) | (79,966) |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | (1,009,095) | (1,150,631) | 52,225 |
Notes payable to affiliates | 0 | (124,951) | (50) |
Net cash from financing activities | (1,095,039) | (1,347,086) | 1,563,931 |
Net change in cash and cash equivalents | 132,374 | 442,546 | (44,454) |
Cash and cash equivalents, beginning of period | 508,067 | 65,521 | 109,975 |
Cash and cash equivalents, end of period | 640,441 | 508,067 | 65,521 |
Noble Corp [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 1,156,271 | 1,747,507 | 1,871,916 |
Cash flows from investing activities | |||
Capital expenditures | (694,739) | (437,151) | (2,109,134) |
Proceeds from disposal of assets | 24,808 | 4,614 | 0 |
Notes receivable from affiliates | 0 | 0 | 0 |
Net cash from investing activities | (669,931) | (432,537) | (2,109,134) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | (1,123,495) | (437,647) |
Repayment of long-term debt | (1,049,338) | (350,000) | (250,000) |
Long-term borrowings of Paragon Offshore | 0 | 0 | 1,710,550 |
Tender offer premium | (24,649) | 0 | 0 |
Financing costs on long-term borrowings of Paragon Offshore | 0 | 0 | (14,676) |
Cash balances of Paragon Offshore in Spin-off | 0 | 0 | (104,152) |
Issuance of senior notes | 980,100 | 1,092,728 | 0 |
Debt issuance costs on senior notes and credit facilities | (12,111) | (16,070) | (398) |
Dividends paid to noncontrolling interests | (85,944) | (71,504) | (79,966) |
Distributions to parent company, net | (152,360) | (400,614) | (631,095) |
Advances (to) from affiliates | 0 | 0 | 0 |
Notes payable to affiliates | 0 | 0 | 0 |
Net cash from financing activities | (344,302) | (868,955) | 192,616 |
Net change in cash and cash equivalents | 142,038 | 446,015 | (44,602) |
Cash and cash equivalents, beginning of period | 511,795 | 65,780 | 110,382 |
Cash and cash equivalents, end of period | 653,833 | 511,795 | 65,780 |
Consolidating Adjustments [Member] | |||
Cash flows from operating activities | |||
Net cash from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | |
Notes receivable from affiliates | 0 | (733,722) | (273,794) |
Net cash from investing activities | 0 | (733,722) | (273,794) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term borrowings of Paragon Offshore | 0 | ||
Tender offer premium | 0 | ||
Financing costs on long-term borrowings of Paragon Offshore | 0 | ||
Cash balances of Paragon Offshore in Spin-off | 0 | ||
Issuance of senior notes | 0 | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Distributions to parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 0 | 0 | 0 |
Notes payable to affiliates | 0 | 733,722 | 273,794 |
Net cash from financing activities | 0 | 733,722 | 273,794 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Unaudited Interim Financial 115
Unaudited Interim Financial Data - Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 857,684 | $ 896,671 | $ 793,555 | $ 804,342 | $ 2,302,065 | $ 3,352,252 | $ 3,232,504 |
Operating income (loss) | (1,384,912) | (2,208) | 449,714 | 175,460 | (49,480) | 409,973 | 275,149 | 284,359 | (761,946) | 920,001 | 185,942 |
Net income (loss) from continuing operations attributable to Noble-UK | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | $ (152,241) | $ 325,807 | $ 159,031 | $ 178,403 | $ (929,580) | $ 511,000 | $ 8,491 |
Net income (loss) per share from continuing operations attributable to Noble-UK | |||||||||||
Basic (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | $ (3.82) | $ 2.06 | $ 0.03 |
Diluted (usd per share) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (0.63) | $ 1.32 | $ 0.64 | $ 0.72 | $ (3.82) | $ 2.06 | $ 0.03 |