Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 25, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Noble Corp plc | |
Trading Symbol | NE | |
Entity Central Index Key | 1,458,891 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 244,685,144 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 519,771 | $ 725,722 |
Accounts receivable, net | 285,522 | 319,152 |
Taxes receivable | 96,233 | 55,480 |
Prepaid expenses and other current assets | 62,958 | 92,260 |
Total current assets | 964,484 | 1,192,614 |
Property and equipment, at cost | 12,381,850 | 12,364,888 |
Accumulated depreciation | (2,437,452) | (2,302,940) |
Property and equipment, net | 9,944,398 | 10,061,948 |
Other assets | 97,084 | 185,555 |
Total assets | 11,005,966 | 11,440,117 |
Current liabilities | ||
Current maturities of long-term debt | 249,299 | 299,882 |
Accounts payable | 83,782 | 108,224 |
Accrued payroll and related costs | 34,958 | 48,383 |
Taxes payable | 49,036 | 46,561 |
Interest payable | 63,252 | 61,299 |
Other current liabilities | 69,586 | 68,944 |
Total current liabilities | 549,913 | 633,293 |
Long-term debt | 3,792,520 | 4,040,229 |
Deferred income taxes | 179,742 | 2,084 |
Other liabilities | 301,966 | 297,066 |
Total liabilities | 4,824,141 | 4,972,672 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares outstanding | 2,447 | 2,432 |
Additional paid-in capital | 657,149 | 654,168 |
Retained earnings | 4,852,610 | 5,154,221 |
Accumulated other comprehensive loss | (51,672) | (52,140) |
Total shareholders' equity | 5,460,534 | 5,758,681 |
Noncontrolling interests | 721,291 | 708,764 |
Total equity | 6,181,825 | 6,467,445 |
Total liabilities and equity | 11,005,966 | 11,440,117 |
Noble Corp [Member] | ||
Current assets | ||
Cash and cash equivalents | 518,968 | 653,833 |
Accounts receivable, net | 285,522 | 319,152 |
Taxes receivable | 96,233 | 55,480 |
Prepaid expenses and other current assets | 59,715 | 88,749 |
Total current assets | 960,438 | 1,117,214 |
Property and equipment, at cost | 12,381,850 | 12,364,888 |
Accumulated depreciation | (2,437,452) | (2,302,940) |
Property and equipment, net | 9,944,398 | 10,061,948 |
Other assets | 90,117 | 178,552 |
Total assets | 10,994,953 | 11,357,714 |
Current liabilities | ||
Current maturities of long-term debt | 249,299 | 299,882 |
Accounts payable | 83,643 | 107,868 |
Accrued payroll and related costs | 34,935 | 48,319 |
Taxes payable | 48,629 | 46,561 |
Interest payable | 63,252 | 61,299 |
Other current liabilities | 68,038 | 67,312 |
Total current liabilities | 547,796 | 631,241 |
Long-term debt | 3,792,520 | 4,040,229 |
Deferred income taxes | 179,742 | 2,084 |
Other liabilities | 297,083 | 292,183 |
Total liabilities | 4,817,141 | 4,965,737 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares outstanding | 26,125 | 26,125 |
Additional paid-in capital | 601,356 | 594,091 |
Retained earnings | 4,880,712 | 5,115,137 |
Accumulated other comprehensive loss | (51,672) | (52,140) |
Total shareholders' equity | 5,456,521 | 5,683,213 |
Noncontrolling interests | 721,291 | 708,764 |
Total equity | 6,177,812 | 6,391,977 |
Total liabilities and equity | $ 10,994,953 | $ 11,357,714 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares shares in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Ordinary shares, shares outstanding | 244,685 | 243,239 |
Noble Corp [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating revenues | ||
Contract drilling services | $ 354,659 | $ 591,367 |
Reimbursables | 8,304 | 20,606 |
Other | 13 | 0 |
Total operating revenues | 362,976 | 611,973 |
Operating costs and expenses | ||
Contract drilling services | 160,385 | 251,248 |
Reimbursables | 5,146 | 16,006 |
Depreciation and amortization | 135,718 | 149,719 |
General and administrative | 15,880 | 19,540 |
Total operating costs and expenses | 317,129 | 436,513 |
Operating income | 45,847 | 175,460 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (73,447) | (57,100) |
Gain on extinguishment of debt, net | 11,066 | |
Interest income (expense) and other, net | 1,233 | (730) |
Income (loss) before income taxes | (26,367) | 117,630 |
Income tax benefit (provision) | (257,407) | 6,503 |
Net income (loss) | (283,774) | 124,133 |
Net income attributable to noncontrolling interests | (17,920) | (18,648) |
Net income (loss) attributable to the company | $ (301,694) | $ 105,485 |
Per share data: | ||
Basic: (usd per share) | $ (1.24) | $ 0.42 |
Diluted: (usd per share) | $ (1.24) | $ 0.42 |
Noble Corp [Member] | ||
Operating revenues | ||
Contract drilling services | $ 354,659 | $ 591,367 |
Reimbursables | 8,304 | 20,606 |
Other | 13 | 600 |
Total operating revenues | 362,976 | 612,573 |
Operating costs and expenses | ||
Contract drilling services | 160,016 | 249,290 |
Reimbursables | 5,146 | 16,006 |
Depreciation and amortization | 135,718 | 149,673 |
General and administrative | 9,064 | 10,605 |
Total operating costs and expenses | 309,944 | 425,574 |
Operating income | 53,032 | 186,999 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (73,447) | (57,100) |
Interest income (expense) and other, net | 1,119 | (733) |
Income (loss) before income taxes | (19,296) | 129,166 |
Income tax benefit (provision) | (257,373) | 6,503 |
Net income (loss) | (276,669) | 135,669 |
Net income attributable to noncontrolling interests | (17,920) | (18,648) |
Net income (loss) attributable to the company | $ (294,589) | $ 117,021 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ (283,774) | $ 124,133 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | 186 | 768 |
Foreign currency forward contracts | (110) | 986 |
Amortization of deferred pension plan amounts (net of tax provision of $167 and $409 for the three months ended March 31, 2017 and 2016, respectively) | 392 | 783 |
Other comprehensive income, net | 468 | 2,537 |
Net comprehensive income attributable to noncontrolling interests | (17,920) | (18,648) |
Comprehensive income (loss) attributable to the company | (301,226) | 108,022 |
Noble Corp [Member] | ||
Net income (loss) | (276,669) | 135,669 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | 186 | 768 |
Foreign currency forward contracts | (110) | 986 |
Amortization of deferred pension plan amounts (net of tax provision of $167 and $409 for the three months ended March 31, 2017 and 2016, respectively) | 392 | 783 |
Other comprehensive income, net | 468 | 2,537 |
Net comprehensive income attributable to noncontrolling interests | (17,920) | (18,648) |
Comprehensive income (loss) attributable to the company | $ (294,121) | $ 119,558 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amortization of deferred pension plan, tax provision | $ 167 | $ 409 |
Noble Corp [Member] | ||
Amortization of deferred pension plan, tax provision | $ 167 | $ 409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ (283,774) | $ 124,133 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 135,718 | 149,719 |
Gain on extinguishment of debt, net | (11,066) | |
Deferred income taxes | 268,076 | (22,513) |
Amortization of share-based compensation | 7,297 | 10,958 |
Net change in other assets and liabilities | 14,556 | (89,859) |
Net cash provided by operating activities | 141,873 | 172,438 |
Cash flows from investing activities | ||
Capital expenditures | (18,716) | (51,357) |
Change in accrued capital expenditures | (19,666) | (37,967) |
Proceeds from disposal of assets | 273 | 3,031 |
Net cash used in investing activities | (38,109) | (86,293) |
Cash flows from financing activities | ||
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Repayment of long-term debt | (300,000) | (300,000) |
Dividend payments | 0 | (37,546) |
Dividends paid to noncontrolling interests | (5,393) | (21,513) |
Taxes withheld on employee stock transactions | (4,280) | (3,133) |
Net cash used in financing activities | (309,715) | (362,192) |
Net decrease in cash and cash equivalents | (205,951) | (276,047) |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 |
Cash and cash equivalents, end of period | 519,771 | 236,198 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | (276,669) | 135,669 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 135,718 | 149,673 |
Deferred income taxes | 268,076 | (22,513) |
Capital contribution by parent - share-based compensation | 7,265 | 9,119 |
Net change in other assets and liabilities | 14,125 | (84,198) |
Net cash provided by operating activities | 148,515 | 187,750 |
Cash flows from investing activities | ||
Capital expenditures | (18,716) | (51,357) |
Change in accrued capital expenditures | (19,666) | (37,967) |
Proceeds from disposal of assets | 273 | 3,031 |
Net cash used in investing activities | (38,109) | (86,293) |
Cash flows from financing activities | ||
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Repayment of long-term debt | (300,000) | (300,000) |
Dividends paid to noncontrolling interests | (5,393) | (21,513) |
Contributions (distributions) from (to) parent company, net | 60,164 | (56,316) |
Net cash used in financing activities | (245,271) | (377,829) |
Net decrease in cash and cash equivalents | (134,865) | (276,372) |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 |
Cash and cash equivalents, end of period | $ 518,968 | $ 235,423 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Noble Corp [Member] | Shares [Member] | Shares [Member]Noble Corp [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Noble Corp [Member] | Retained Earnings [Member] | Retained Earnings [Member]Noble Corp [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Noble Corp [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Noble Corp [Member] |
Beginning balance at Dec. 31, 2015 | $ 7,422,230 | $ 7,414,471 | $ 2,420 | $ 26,125 | $ 628,483 | $ 561,309 | $ 6,131,501 | $ 6,167,211 | $ (63,175) | $ (63,175) | $ 723,001 | $ 723,001 |
Beginning Balance, Shares at Dec. 31, 2015 | 241,977 | 261,246 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 10,958 | 10,958 | ||||||||||
Issuance of share-based compensation shares | (3,550) | $ 12 | (3,562) | |||||||||
Issuance of share-based compensation shares, Shares | 1,235 | |||||||||||
Tax benefit of equity transactions | (5,508) | (5,508) | ||||||||||
Net income (loss) | 124,133 | 135,669 | 105,485 | 117,021 | 18,648 | 18,648 | ||||||
Dividends paid to noncontrolling interests | (21,513) | (21,513) | (21,513) | (21,513) | ||||||||
Dividends | (37,874) | (56,316) | (37,874) | (56,316) | ||||||||
Capital contribution by parent - share- based compensation | 9,119 | 9,119 | ||||||||||
Other comprehensive income (loss), net | 2,537 | 2,537 | 2,537 | 2,537 | ||||||||
Ending Balance at Mar. 31, 2016 | 7,491,413 | 7,483,967 | $ 2,432 | $ 26,125 | 630,371 | 570,428 | 6,199,112 | 6,227,916 | (60,638) | (60,638) | 720,136 | 720,136 |
Ending Balance, Shares at Mar. 31, 2016 | 243,212 | 261,246 | ||||||||||
Beginning 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 | (52,140) | (52,140) | 708,764 | 708,764 |
Beginning Balance, Shares at Dec. 31, 2016 | 243,239 | 261,246 | 243,239 | 261,246 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 7,297 | 7,297 | ||||||||||
Issuance of share-based compensation shares | (6) | $ 15 | (21) | |||||||||
Issuance of share-based compensation shares, Shares | 1,446 | |||||||||||
Tax benefit of equity transactions | (4,295) | (4,295) | ||||||||||
Net income (loss) | (283,774) | $ (276,669) | (301,694) | (294,589) | 17,920 | 17,920 | ||||||
Dividends paid to noncontrolling interests | (5,393) | (5,393) | (5,393) | (5,393) | ||||||||
Dividends | 83 | 60,164 | 83 | 60,164 | ||||||||
Capital contribution by parent - share- based compensation | 7,265 | 7,265 | ||||||||||
Other comprehensive income (loss), net | 468 | 468 | 468 | 468 | ||||||||
Ending Balance at Mar. 31, 2017 | $ 6,181,825 | $ 6,177,812 | $ 2,447 | $ 26,125 | $ 657,149 | $ 601,356 | $ 4,852,610 | $ 4,880,712 | $ (51,672) | $ (51,672) | $ 721,291 | $ 721,291 |
Ending Balance, Shares at Mar. 31, 2017 | 244,685 | 261,246 | 244,685 | 261,246 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of May 5, 2017 , our fleet consisted of 14 jackups, eight drillships and six semisubmersibles. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist largely of major independent and government-owned or controlled oil and gas companies throughout the world. As of March 31, 2017 , our contract drilling services segment conducted operations in the United States, the North Sea, South Africa, the Middle East, Asia and South America. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The accompanying unaudited consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2016 Consolidated Balance Sheets presented herein are derived from the December 31, 2016 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Certain amounts in prior periods have been reclassified to conform to the current year presentation. In accordance with our adoption of Accounting Standards Update (“ASU”) No. 2016-09, excess tax benefits of approximately $5.5 million as of March 31, 2016, previously classified as a financing activity in “Employee stock transactions,” are classified as an operating activity in “Other current liabilities” on the accompanying Consolidated Statement of Cash Flows. Shares withheld for taxes on employee stock transactions of approximately $3 million as of March 31, 2016, previously classified as an operating activity in “Other current liabilities,” are classified as a financing activity in “Employee stock transactions” in the accompanying Consolidated Statement of Cash Flows. |
Spin-off of Paragon Offshore pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 3 Months Ended |
Mar. 31, 2017 | |
Spin-off [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Spin-off of Paragon Offshore plc ("Paragon Offshore") | Spin-off of Paragon Offshore plc (“Paragon Offshore”) On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. In February 2016, Paragon Offshore sought approval of a pre-negotiated plan of reorganization (the "Prior Plan") by filing for voluntary relief under Chapter 11 of the United States Bankruptcy Code. As part of the Prior Plan, we entered into a settlement agreement with Paragon Offshore (the “Settlement Agreement”) 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 provide certain tax bonding in Mexico as well as assume certain tax liabilities and the administration of Mexican tax claims for a specified number of years. The bonding to be provided by Noble-UK was a key benefit to Paragon Offshore of the Settlement Agreement, which was subject to bankruptcy court confirmation as part of a bankruptcy plan. The Prior Plan was rejected by the bankruptcy court in October 2016. In April 2017, Paragon Offshore filed an updated disclosure statement and a revised plan of reorganization (the “New Plan”) in its bankruptcy proceeding. Under the New Plan, including Paragon Offshore ’s revised business plan, Paragon Offshore will no longer need the Mexican tax bonding that Noble-UK was to provide under the Settlement Agreement . As a result, the Settlement Agreement is no longer applicable to the anticipated ongoing business of Paragon Offshore. Consequently, Paragon Offshore abandoned the Settlement Agreement as part of the New Plan and the Settlement Agreement was terminated at the time of the filing of the New Plan. On May 2, 2017, Paragon Offshore announced that it had reached an agreement in principle with both its secured and unsecured creditors to revise the New Plan to, among other things, create and fund a litigation trust to pursue litigation against us. We continue to discuss our continuing relationship with Paragon Offshore, including the possibility of entering into a new settlement agreement. There can be no assurance that the Company will reach any such settlement agreement with Paragon Offshore. If we do not enter into a settlement agreement with Paragon Offshore, we expect Paragon Offshore or its creditors would use the litigation trust to pursue claims against us relating to the Spin-off, including any alleged fraudulent conveyance claims. We continue to believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that any fraudulent conveyance claim or other claim related to the Spin-off that may be brought by Paragon Offshore or its creditors, would be without merit and would be contested vigorously by us (see Note 14 for additional information). Prior to the completion of the Spin-off, Noble-UK 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 (the "Separation Agreements"). 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-UK 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. In the course of its bankruptcy, Paragon Offshore may elect to reject the Separation Agreements. If Paragon Offshore rejects the Separation Agreements, the indemnity obligations that Paragon Offshore may owe us under the Separation Agreements would terminate, including indemnities arising under the MSA and the TSA in respect of obligations related to Paragon Offshore’s business that were incurred through Noble-retained entities prior to the Spin-off. We could, however, pursue claims against Paragon Offshore for such indemnity amounts in the bankruptcy proceeding. Any such claims would be unsecured claims in the bankruptcy. Likewise, any indemnity obligations that we may owe Paragon Offshore under the Separation Agreements, including those under the MSA and the TSA in respect of Noble-UK’s business that was conducted prior to the Spin-off through Paragon Offshore-retained entities, would also be extinguished. We do not expect that a rejection of the Separation Agreements by Paragon Offshore would have a material adverse effect on our financial condition or liquidity. However, any loss we experience with respect to which we are unable to secure indemnification from Paragon Offshore could have an adverse impact on our results of operations in any period, which impact may be material depending on our results of operations during this down-cycle. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2017 | |
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 three months ended March 31, 2017 and 2016 , the Bully joint ventures approved and paid dividends totaling $11 million and $43 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at both March 31, 2017 and December 31, 2016 totaled $1.4 billion . These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $45 million at March 31, 2017 as compared to approximately $35 million at December 31, 2016 . |
Share Data
Share Data | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Share Data | Share Data Earnings per share The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended March 31, 2017 2016 Numerator: Basic Net income (loss) attributable to Noble-UK $ (301,694 ) $ 105,485 Earnings allocated to unvested share-based payment awards — (3,822 ) Net income (loss) to common shareholders - basic $ (301,694 ) $ 101,663 Diluted Net income (loss) attributable to Noble-UK $ (301,694 ) $ 105,485 Earnings allocated to unvested share-based payment awards — (3,822 ) Net income (loss) to common shareholders - diluted $ (301,694 ) $ 101,663 Denominator: Weighted average shares outstanding - basic 244,222 242,826 Incremental shares issuable from assumed exercise of stock options — — Weighted average shares outstanding - diluted 244,222 242,826 Weighted average unvested share-based payment awards — 9,129 Earnings (loss) per share Basic $ (1.24 ) $ 0.42 Diluted $ (1.24 ) $ 0.42 Dividends per share $ — $ 0.150 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended March 31, 2017 and 2016 , approximately 1.3 million and 1.6 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the three months ended March 31, 2017 , we experienced a net loss from continuing operations and as a result, approximately 9 million unvested share-based payment awards were excluded from the diluted earnings per share calculation, as such awards were not dilutive. Share capital As of March 31, 2017 , Noble-UK had approximately 244.7 million shares outstanding and trading as compared to approximately 243.2 million shares outstanding and trading at December 31, 2016 . 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. 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. Prior to April 22, 2016 , we had shareholder approval to repurchase up to 37 million ordinary shares. That authority has now expired and we do not currently have shareholder authority to repurchase shares. |
Contract Settlement and Termina
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc | 3 Months Ended |
Mar. 31, 2017 | |
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. 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. For the three months ended March 31, 2017 , we recognized a loss of approximately $7.9 million in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of March 31, 2017 , the estimated fair value of these contingent payments was $6.5 million which is included in “Prepaid expenses and other current assets” (see Note 11 for additional information). |
Receivables from Customers
Receivables from Customers | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Receivables from Customers | Receivables from Customers At March 31, 2017 , we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, at cost, as of March 31, 2017 and December 31, 2016 for Noble-UK consisted of the following: March 31, December 31, Drilling equipment and facilities $ 12,100,890 $ 12,048,571 Construction in progress 76,261 112,103 Other 204,699 204,214 Property and equipment, at cost $ 12,381,850 $ 12,364,888 Capital expenditures, including capitalized interest, totaled $19 million and $51 million for the three months ended March 31, 2017 and 2016 , respectively. There was no capitalized interest for the three months ended March 31, 2017, due to the completion of our newbuild program. Capitalized interest was $4 million for the three months ended March 31, 2016 . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt consisted of the following at March 31, 2017 and December 31, 2016 : March 31, December 31, Senior unsecured senior notes 2.50% Senior Notes due March 2017 $ — $ 299,992 5.75% Senior Notes due March 2018 249,817 249,771 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 167,610 167,576 4.625% Senior Notes due March 2021 208,552 208,538 3.95% Senior Notes due March 2022 125,512 125,488 7.75% Senior Notes due January 2024 980,647 980,117 7.20% Senior Notes due April 2025 448,934 448,909 6.20% Senior Notes due August 2040 399,899 399,898 6.05% Senior Notes due March 2041 397,768 397,758 5.25% Senior Notes due March 2042 498,376 498,369 8.20% Senior Notes due April 2045 394,625 394,613 Total debt 4,073,435 4,372,724 Less: Unamortized debt issuance costs (31,616 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,299 ) (299,882 ) Long-term debt, net of debt issuance costs $ 3,792,520 $ 4,040,229 (1) Presented net of current portion of unamortized debt issuance costs of $0.5 million and $ 0.1 million at March 31, 2017 and December 31, 2016 , 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 subsidiaries, Noble Holding (U.S.) LLC ("NHUS") and Noble Holding International Limited ("NHIL"). 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 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. At March 31, 2017 , based on our debt ratings on that date, the facility fee was 0.35 percent. At March 31, 2017 , 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. At March 31, 2017 , 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 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. Senior Notes Interest Rate Adjustments During 2016, we experienced several debt rating downgrades by Moody’s Investors Service and S&P Global Ratings, which reduced our debt ratings below investment grade. As a result of these downgrades, we experienced interest rate increases during 2016 on our Senior Notes due 2018 , 2025 and 2045 , all of which are subject to provisions which vary the applicable interest rates if our debt rating falls below investment grade, with continued adjustments up to a contractually-defined maximum interest rate increase set for each rating agency. Effective March 2017, the interest rates on our Senior Notes due 2018 increased to 5.75% and effective April 1, 2017, the interest rates on our Senior Notes due 2025 and 2045 increased to 7.70% and 8.70% , respectively, as a result of the most recent debt rating downgrade. On April 28, 2017, Moody’s Investors Service reduced our debt rating. However, there was no further increase in the interest rates on these Senior Notes because we have reached the contractually-defined maximum interest rate increase in respect of Moody’s Investors Service downgrades. The interest rates on these Senior Notes may be further increased if our debt ratings were to be downgraded further by S&P Global Ratings (up to a maximum of an additional 25 basis points) or decreased if our debt ratings were to be raised by either rating agency above specified levels. 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. 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 a portion of the net proceeds of the $1 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 . In March 2017, we repaid our maturing $300 million 2.50% Senior Notes using cash on hand. We anticipate using cash on hand to repay the outstanding balance of our $250 million 5.75% Senior Notes, maturing in March 2018 . Covenants The credit facility is guaranteed by NHUS and NHIL. The credit facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the credit facility, to 0.60 . At March 31, 2017 , our ratio of debt to total tangible capitalization was approximately 0.40 . We were in compliance with all covenants under the credit facility as of March 31, 2017 . In addition to the covenants from the credit facility noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At March 31, 2017 , we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during the remainder of 2017 . Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 12. The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of March 31, 2017 and December 31, 2016 , respectively: March 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 2.50% Senior Notes due March 2017 $ — $ — $ 299,992 $ 299,128 5.75% Senior Notes due March 2018 249,817 253,179 249,771 249,808 7.50% Senior Notes due March 2019 201,695 210,089 201,695 209,524 4.90% Senior Notes due August 2020 167,610 165,168 167,576 167,329 4.625% Senior Notes due March 2021 208,552 191,962 208,538 196,416 3.95% Senior Notes due March 2022 125,512 107,685 125,488 112,791 7.75% Senior Notes due January 2024 980,647 961,685 980,117 945,317 7.20% Senior Notes due April 2025 448,934 425,021 448,909 423,267 6.20% Senior Notes due August 2040 399,899 293,082 399,898 280,221 6.05% Senior Notes due March 2041 397,768 287,602 397,758 273,854 5.25% Senior Notes due March 2042 498,376 332,440 498,369 325,814 8.20% Senior Notes due April 2045 394,625 367,318 394,613 328,608 Total debt $ 4,073,435 $ 3,595,231 $ 4,372,724 $ 3,812,077 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At March 31, 2017 , the reserves for uncertain tax positions totaled $185 million (net of related tax benefits of $1 million ). If the March 31, 2017 reserves are not realized, the provision for income taxes would be reduced by $185 million . At December 31, 2016 , the reserves for uncertain tax positions totaled $173 million (net of related tax benefits of $1 million ). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. At March 31, 2017 , our income tax provision included a non-cash, discrete item of $260 million as the result of an internal tax restructuring, which was implemented to reduce costs associated with the ownership of multiple legal entities, simplify the overall legal entity structure, ease deployment of cash throughout the business and consolidate operations into one centralized group of entities. The effect of this tax restructuring will be to lower current tax expense. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension costs include the following components for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 775 $ 1,662 Interest cost 478 2,148 634 2,389 Return on plan assets (701 ) (2,941 ) (895 ) (3,097 ) Amortization of prior service cost — — 26 29 Recognized net actuarial loss 266 366 37 1,100 Net pension benefit cost (gain) $ 43 $ (427 ) $ 577 $ 2,083 During the three months ended March 31, 2017 , we made no contributions to our pension plans. During the three months ended March 31, 2016 , we made contributions to our pension plans of approximately $0.1 million . 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We periodically enter into derivative instruments to manage our exposure to fluctuations in 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, including our North Sea operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. The forward contract settlements in the remainder of 2017 represent approximately 70 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $25 million at March 31, 2017 . Total unrealized losses related to these forward contracts were approximately $0.1 million as of March 31, 2017 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). FCX Settlement As discussed in Note 5, pursuant to the FCX Settlement, Noble may receive contingent payments from 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. For the three months ended March 31, 2017 , we recognized a loss of approximately $7.9 million in “Contract drilling services revenue,” related to the valuation of this contingent payment. As of March 31, 2017 , the estimated fair value of these contingent payments was $6.5 million which is included in “Prepaid expenses and other current assets.” Financial Statement Presentation The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2017 and December 31, 2016 : Estimated fair value Balance sheet classification March 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ 6,500 $ 14,400 Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 110 $ — To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the three months ended March 31, 2017 and 2016 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2017 2016 2017 2016 2017 2016 Cash flow hedges Foreign currency forward contracts $ (37 ) $ 894 $ (73 ) $ 92 $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (7,900 ) $ — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The FASB guidance establishes a fair value hierarchy that distinguishes between assumptions based on market data from independent sources (“observable inputs”) and a reporting entity’s internal assumptions based upon the best information available when external market data is limited or unavailable (“unobservable inputs”). The fair value hierarchy under FASB guidance prioritizes inputs within three levels: Level 1: Valuations based on quoted prices in active markets for identical assets; Level 2: Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3: Valuations based on unobservable inputs. The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2017 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 $ 6,590 $ 6,590 $ — $ — FCX Settlement 6,500 — — 6,500 Liabilities - Foreign currency forward contracts $ 110 $ — $ 110 $ — 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 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 foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. The FCX Settlement has been valued using a Monte Carlo Simulation Model based on the following assumptions as of March 31, 2017 : Valuation assumptions: Expected volatility 45.25 % Mean-reversion rate 2.80 Discount rate (1) 2.5 % Underlying spot price (2) $ 50.60 (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 March 31, 2017 . The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: Balance as of December 31, 2016 $ 14,400 Change in fair value recognized in earnings (7,900 ) Balance as of March 31, 2017 $ 6,500 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in the accumulated balances for each component of AOCL for the three months ended March 31, 2017 and 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, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income before reclassifications 894 — 768 1,662 Amounts reclassified from AOCL 92 783 — 875 Net other comprehensive income 986 783 768 2,537 Balance at March 31, 2016 $ 986 $ (46,136 ) $ (15,488 ) $ (60,638 ) Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income (loss) before reclassifications (37 ) — 186 149 Amounts reclassified from AOCL (73 ) 392 — 319 Net other comprehensive income (loss) (110 ) 392 186 468 Balance at March 31, 2017 $ (110 ) $ (35,473 ) $ (16,089 ) $ (51,672 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Operations. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 10 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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. 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 conducted 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 March 31, 2017 , there were 43 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 have submitted 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. On August 1, 2014, Noble-UK completed the Spin-off through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. In February 2016, Paragon Offshore sought approval of the Prior Plan by filing for voluntary relief under Chapter 11 of the United States Bankruptcy Code. As part of the Prior Plan, we entered into the Settlement Agreement 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 provide certain tax bonding in Mexico as well as assume certain tax liabilities and the administration of Mexican tax claims for specified years. The bonding to be provided by Noble-UK was a key benefit to Paragon Offshore of the Settlement Agreement, which was subject to bankruptcy court confirmation as part of a bankruptcy plan. The Prior Plan was rejected by the bankruptcy court in October 2016. In April 2017, Paragon Offshore filed an updated disclosure statement and a New Plan in its bankruptcy proceeding. Under the New Plan, including Paragon Offshore ’s revised business plan, Paragon Offshore will no longer need the Mexican tax bonding that Noble was to provide under the Settlement Agreement . As a result, the Settlement Agreement is no longer applicable to the anticipated ongoing business of Paragon Offshore. Consequently, Paragon Offshore abandoned the Settlement Agreement as part of the New Plan, and the Settlement Agreement was terminated at the time of the filing of the New Plan. On May 2, 2017, Paragon Offshore announced that it had reached an agreement in principle with both its secured and unsecured creditors to revise the New Plan to, among other things, create and fund a litigation trust to pursue litigation against us. We continue to discuss our continuing relationship with Paragon Offshore, including the possibility of entering into a new settlement agreement. There can be no assurance that we will reach any settlement agreement with Paragon Offshore. If we do not enter into a settlement agreement with Paragon Offshore, we expect Paragon Offshore or its creditors would use the funds in the litigation trust to pursue claims against us relating to the Spin-off, including any alleged fraudulent conveyance claims. We continue to believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that any fraudulent conveyance claim or other claim related to the Spin-off that may be brought by Paragon Offshore or its creditors would be without merit and would be contested vigorously by us. If litigation is instituted against Noble and we are unsuccessful in defending such claims, it could have a material adverse effect on our financial position, results of operations and/or cash flows. In the course of its bankruptcy, Paragon Offshore may elect to reject the Separation Agreements. If Paragon Offshore rejects the Separation Agreements, the indemnity obligations that Paragon Offshore may owe us under the Separation Agreements would terminate, including indemnities arising under the MSA and the TSA in respect of obligations related to Paragon Offshore’s business that were incurred through Noble-retained entities prior to the Spin-off. We could, however, pursue claims against Paragon Offshore for such indemnity amounts in the bankruptcy proceeding. Any such claims would be unsecured claims in the bankruptcy. Likewise, any indemnity obligations that we may owe Paragon Offshore under the Separation Agreements, including those under the MSA and the TSA in respect of Noble-UK’s business that was conducted prior to the Spin-off through Paragon Offshore-retained entities, would also be extinguished. We do not expect that a rejection of the Separation Agreements by Paragon Offshore would have a material adverse effect on our financial condition or liquidity. However, any loss we experience with respect to which we are unable to secure indemnification from Paragon Offshore could have an adverse impact on our results of operations in any period, which impact may be material depending on our results of operations during this down-cycle. Audit claims of approximately $49 million attributable to income and other business taxes have been assessed against Noble entities in Mexico. In addition, under the TSA, we must indemnify Paragon Offshore for final assessed amounts in respect of approximately $9 million of tax audit claims arising from Noble's Mexican business that was conducted through Paragon Offshore-retained entities prior to the Spin-off. If the Separation Agreements, including the TSA, are terminated, we would no longer have an obligation to indemnify Paragon Offshore for such amounts. 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. 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 certain tax assessments attributable to income, customs and other business taxes in Brazil, including $46 million relating 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 final assessed amounts that are related to Noble’s Brazil business if and when such payments become due. If the Separation Agreements, including the TSA, are terminated, we would no longer have an obligation to indemnify Paragon Offshore for such amounts. 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. 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 $25 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. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45 -day waiting period for each unit and each occurrence. Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts, strikes or cyber risks. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million . We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-09 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. We have formed an implementation work team, completed training on ASC Topic 606 and have begun a project to review relevant contracts. We plan on adopting the new standard effective January 1, 2018 concurrently with ASU No. 2016-02, Leases (ASC Topic 842) as discussed below and applying it retrospectively to all comparative periods presented. 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 did not have an impact on our financial condition, results of operations, cash flows or financial disclosures and we determined that there is no retrospective adjustment necessary, as such, the update will be implemented prospectively. In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. Under the updated accounting standards, we have preliminarily determined that our drilling contracts contain a lease component, and our adoption, therefore, will require that we separately recognize revenues associated with the lease and services components. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could result in differences in the timing of our revenue recognition relative to current accounting standards. Given the interaction with the accounting standard update related to revenue from contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. We have formed an implementation work team, completed training on ASC Topic 842 and have begun a project to review relevant leases. In March 2016, the FASB issued ASU No. 2016-05, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures and we determined that there is no retrospective adjustment necessary, as such, the update will be implemented prospectively. In March 2016, the FASB issued ASU No. 2016-09, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Under the new provision, current period 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 prior period excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. In accordance with our adoption of this update, in the accompanying Consolidated Statement of Cash Flows, excess tax benefits of approximately $5.5 million as of March 31, 2016, which were previously classified as a financing activity in “Employee stock transactions,” are classified as an operating activity in “Other current liabilities.” Additionally, employee taxes paid for share-based payment arrangements of approximately $3 million as of March 31, 2016, which were previously classified as an operating activity in “Other current liabilities,” are classified as a financing activity in “Employee stock transactions”. 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. In February 2017, the FASB issued ASU No. 2017-06 which amends ASC Topic 960, “Defined Benefit Pension Plans," ASC Topic 962, "Defined Contribution Pension Plans" and ASC Topic 965, "Health and Welfare Benefit Plans." The amendments in this update clarify presentation requirements for a plan’s interest in a master trust and require more detailed disclosures of the plan’s interest in the master trust. The amendments also eliminate a redundancy relating to 401(h) account disclosures. This guidance is effective for fiscal years 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 2017, the FASB issued ASU No. 2017-07 which amends ASC Topic 715, “Compensation—Retirement Benefits." The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $125 million and $134 million at March 31, 2017 and December 31, 2016 , 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 $50 million at March 31, 2017 as compared to $54 million at December 31, 2016 , and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. In April 2015, we agreed to contract dayrate reductions for five rigs working for Saudi Arabian Oil Company (“Saudi Aramco”), which were effective from January 1, 2015 through December 31, 2015. During the first quarter of 2016, we agreed to further contract dayrate reductions for the remaining four contracted rigs through the end of 2016. Given current market conditions and based on discussions with the customer, we do not expect the rates to return to the original contract rates. In accordance with accounting guidance, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Saudi Aramco contracts. At March 31, 2017 and December 31, 2016 , revenues recorded in excess of billings as a result of this recognition totaled $13 million and $18 million , respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Noble-UK Noble-Cayman Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Accounts receivable $ 33,630 $ (7,086 ) $ 33,630 $ (7,086 ) Other current assets (11,451 ) 20,750 (11,719 ) 18,739 Other assets 89,065 23,845 89,029 23,845 Accounts payable (9,017 ) (48,925 ) (8,800 ) (48,619 ) Other current liabilities (95,810 ) (53,252 ) (96,154 ) (45,885 ) Other liabilities 8,139 (25,191 ) 8,139 (25,192 ) $ 14,556 $ (89,859 ) $ 14,125 $ (84,198 ) In accordance with our adoption of ASU No. 2016-09, in the accompanying Consolidated Statement of Cash Flows, shares withheld for taxes on employee stock transactions, which were previously classified as an operating activity in “Other current liabilities,” are classified as a financing activity in “Employee stock transactions”. Prior period excess tax benefits, which were previously classified as a financing activity in “Employee stock transactions,” are classified as an operating activity in “Other current liabilities” in the accompanying Consolidated Statement of Cash Flows. Current period excess tax benefits, which were previously classified as a financing activity on the Consolidated Statement of Cash Flows, are recognized in the “Provision for income taxes” on the Consolidated Statement of Operations rather than in “Additional paid-in capital” on the Consolidated Balance Sheet. |
Information about Noble-Cayman
Information about Noble-Cayman | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Information about Noble-Cayman | Information about Noble-Cayman Guarantees of Registered Securities Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2017 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHUS Noble-Cayman Noble Drilling Holding, LLC ("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 condensed consolidating financial statements of Noble-Cayman, NHUS, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 (in thousands) (Unaudited) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 Accounts receivable — — 27,057 — — 258,465 — 285,522 Taxes receivable — 57,040 — — — 39,193 — 96,233 Short-term notes receivable from affiliates 52,611 — 124,601 119,314 — — (296,526 ) — Accounts receivable from affiliates 2,825,054 — 134,251 65,415 80,483 5,946,376 (9,051,579 ) — Prepaid expenses and other current assets 95 — 2,181 77 — 57,362 — 59,715 Total current assets 2,877,761 57,040 288,190 184,806 80,483 6,820,263 (9,348,105 ) 960,438 Property and equipment, at cost — — 1,066,013 — — 11,315,837 — 12,381,850 Accumulated depreciation — — (232,729 ) — — (2,204,723 ) — (2,437,452 ) Property and equipment, net — — 833,284 — — 9,111,114 — 9,944,398 Notes receivable from affiliates 3,605,249 — 1,053,784 318,999 6,378,539 1,167,802 (12,524,373 ) — Investments in affiliates 2,221,570 3,314,708 3,906,599 12,145,901 6,328,697 — (27,917,475 ) — Other assets 3,877 — 6,818 1 — 79,421 — 90,117 Total assets $ 8,708,457 $ 3,371,748 $ 6,088,675 $ 12,649,707 $ 12,787,719 $ 17,178,600 $ (49,789,953 ) $ 10,994,953 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ 249,299 $ — $ 124,601 $ (296,526 ) $ 249,299 Accounts payable — — 4,125 — — 79,518 — 83,643 Accrued payroll and related costs — — 4,468 — — 30,467 — 34,935 Accounts payable to affiliates 3,231,974 422,363 1,882,042 467,987 7,873 3,039,340 (9,051,579 ) — Taxes payable — — — — — 48,629 — 48,629 Interest payable 24 — — 62,598 630 — — 63,252 Other current liabilities 9 — 25 — — 68,004 — 68,038 Total current liabilities 3,232,007 594,288 1,890,660 779,884 8,503 3,390,559 (9,348,105 ) 547,796 Long-term debt — — — 3,591,068 201,452 — — 3,792,520 Notes payable to affiliates — 2,305,243 467,139 3,175,661 — 6,576,330 (12,524,373 ) — Deferred income taxes — — 6 — — 179,736 — 179,742 Other liabilities 19,929 — 6,129 — — 271,025 — 297,083 Total liabilities 3,251,936 2,899,531 2,363,934 7,546,613 209,955 10,417,650 (21,872,478 ) 4,817,141 Commitments and contingencies Total shareholder equity 5,456,521 472,217 3,724,741 5,103,094 12,577,764 5,636,150 (27,513,966 ) 5,456,521 Noncontrolling interests — — — — — 1,124,800 (403,509 ) 721,291 Total equity 5,456,521 472,217 3,724,741 5,103,094 12,577,764 6,760,950 (27,917,475 ) 6,177,812 Total liabilities and equity $ 8,708,457 $ 3,371,748 $ 6,088,675 $ 12,649,707 $ 12,787,719 $ 17,178,600 $ (49,789,953 ) $ 10,994,953 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating 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 STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 47,104 $ — $ — $ 324,724 $ (17,169 ) $ 354,659 Reimbursables — — 1,136 — — 7,168 — 8,304 Other — — — — — 13 — 13 Total operating revenues — — 48,240 — — 331,905 (17,169 ) 362,976 Operating costs and expenses Contract drilling services 1,001 2,571 11,499 12,487 — 149,627 (17,169 ) 160,016 Reimbursables — — 820 — — 4,326 — 5,146 Depreciation and amortization — — 16,515 — — 119,203 — 135,718 General and administrative 513 1,307 — 6,833 4 407 — 9,064 Total operating costs and expenses 1,514 3,878 28,834 19,320 4 273,563 (17,169 ) 309,944 Operating income (loss) (1,514 ) (3,878 ) 19,406 (19,320 ) (4 ) 58,342 — 53,032 Other income (expense) Income (loss) of unconsolidated affiliates (295,102 ) (313,565 ) 2,369 96,817 50,619 — 458,862 — Interest expense, net of amounts capitalized (2,605 ) (17,511 ) (3,092 ) (106,002 ) (3,817 ) (57,313 ) 116,893 (73,447 ) Interest income and other, net 4,632 (65 ) 39,902 4,203 63,418 5,922 (116,893 ) 1,119 Income (loss) before income taxes (294,589 ) (335,019 ) 58,585 (24,302 ) 110,216 6,951 458,862 (19,296 ) Income tax benefit (provision) — 50,459 509 — — (308,341 ) — (257,373 ) Net income (loss) (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (301,390 ) 458,862 (276,669 ) Net income attributable to noncontrolling interests — — — — — (17,582 ) (338 ) (17,920 ) Net income (loss) attributable to Noble Corporation (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (318,972 ) 458,524 (294,589 ) Other comprehensive income, net 468 — — — — 468 (468 ) 468 Comprehensive income (loss) attributable to Noble Corporation $ (294,121 ) $ (284,560 ) $ 59,094 $ (24,302 ) $ 110,216 $ (318,504 ) $ 458,056 $ (294,121 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 52,207 $ — $ — $ 557,474 $ (18,314 ) $ 591,367 Reimbursables — — 746 — — 19,860 — 20,606 Other — — — — — 600 — 600 Total operating revenues — — 52,953 — — 577,934 (18,314 ) 612,573 Operating costs and expenses Contract drilling services 1,745 7,395 14,558 32,314 — 211,592 (18,314 ) 249,290 Reimbursables — — 542 — — 15,464 — 16,006 Depreciation and amortization — — 21,461 — — 128,212 — 149,673 General and administrative 419 3,315 — 14,545 — (7,674 ) — 10,605 Total operating costs and expenses 2,164 10,710 36,561 46,859 — 347,594 (18,314 ) 425,574 Operating income (loss) (2,164 ) (10,710 ) 16,392 (46,859 ) — 230,340 — 186,999 Other income (expense) Income (loss) of unconsolidated affiliates 135,092 53,855 (13,583 ) 176,354 137,371 — (489,089 ) — Interest expense, net of amounts capitalized (17,556 ) (1,327 ) (2,748 ) (61,409 ) (4,275 ) (4,399 ) 34,614 (57,100 ) Interest income and other, net 1,649 (4 ) 3,476 15,321 69 13,370 (34,614 ) (733 ) Income before income taxes 117,021 41,814 3,537 83,407 133,165 239,311 (489,089 ) 129,166 Income tax (provision) benefit — (10,082 ) (205 ) — — 16,790 — 6,503 Net income 117,021 31,732 3,332 83,407 133,165 256,101 (489,089 ) 135,669 Net income attributable to noncontrolling interests — — — — — (22,816 ) 4,168 (18,648 ) Net income attributable to Noble Corporation 117,021 31,732 3,332 83,407 133,165 233,285 (484,921 ) 117,021 Other comprehensive loss, net 2,537 — — — — 2,537 (2,537 ) 2,537 Comprehensive income attributable to Noble Corporation $ 119,558 $ 31,732 $ 3,332 $ 83,407 $ 133,165 $ 235,822 $ (487,458 ) $ 119,558 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 8,341 $ (6,607 ) $ 54,422 $ (115,438 ) $ 55,815 $ 151,982 $ — $ 148,515 Cash flows from investing activities Capital expenditures — — (277 ) — — (38,105 ) — (38,382 ) Proceeds from disposal of assets — — — — — 273 — 273 Net cash provide by (used in) investing activities — — (277 ) — — (37,832 ) — (38,109 ) Cash flows from financing activities Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (5,393 ) — (5,393 ) Distributions to parent company, net 60,164 — — — — — — 60,164 Advances (to) from affiliates (71,041 ) 6,607 (64,900 ) 415,480 (55,815 ) (230,331 ) — — Net cash provided by (used in) financing activities (10,877 ) 6,607 (64,900 ) 115,438 (55,815 ) (235,724 ) — (245,271 ) Net change in cash and cash equivalents (2,536 ) — (10,755 ) — — (121,574 ) — (134,865 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ (8,420 ) $ (12,190 ) $ 20,809 $ (120,093 ) $ (7,988 ) $ 315,632 $ — $ 187,750 Cash flows from investing activities Capital expenditures — — (14,575 ) — — (74,749 ) — (89,324 ) Proceeds from disposal of assets — — — — — 3,031 — 3,031 Net cash used in investing activities — — (14,575 ) — — (71,718 ) — (86,293 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (21,513 ) — (21,513 ) Distributions to parent company, net (56,316 ) — — — — — — (56,316 ) Advances (to) from affiliates 63,117 12,190 (8,264 ) 420,093 7,988 (495,124 ) — — Net cash provided by (used in) financing activities 6,801 12,190 (8,264 ) 120,093 7,988 (516,637 ) — (377,829 ) Net change in cash and cash equivalents (1,619 ) — (2,030 ) — — (272,723 ) — (276,372 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-09 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. We have formed an implementation work team, completed training on ASC Topic 606 and have begun a project to review relevant contracts. We plan on adopting the new standard effective January 1, 2018 concurrently with ASU No. 2016-02, Leases (ASC Topic 842) as discussed below and applying it retrospectively to all comparative periods presented. 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 did not have an impact on our financial condition, results of operations, cash flows or financial disclosures and we determined that there is no retrospective adjustment necessary, as such, the update will be implemented prospectively. In February 2016, the FASB issued ASU No. 2016-02, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018. Under the updated accounting standards, we have preliminarily determined that our drilling contracts contain a lease component, and our adoption, therefore, will require that we separately recognize revenues associated with the lease and services components. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could result in differences in the timing of our revenue recognition relative to current accounting standards. Given the interaction with the accounting standard update related to revenue from contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018. We are evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. We have formed an implementation work team, completed training on ASC Topic 842 and have begun a project to review relevant leases. In March 2016, the FASB issued ASU No. 2016-05, which amends ASC Topic 815, “Derivatives and Hedging.” This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and may be applied on either a prospective basis or a modified retrospective basis. The adoption of this guidance did not have an impact on our financial condition, results of operations, cash flows or financial disclosures and we determined that there is no retrospective adjustment necessary, as such, the update will be implemented prospectively. In March 2016, the FASB issued ASU No. 2016-09, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016. Under the new provision, current period 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 prior period excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. In accordance with our adoption of this update, in the accompanying Consolidated Statement of Cash Flows, excess tax benefits of approximately $5.5 million as of March 31, 2016, which were previously classified as a financing activity in “Employee stock transactions,” are classified as an operating activity in “Other current liabilities.” Additionally, employee taxes paid for share-based payment arrangements of approximately $3 million as of March 31, 2016, which were previously classified as an operating activity in “Other current liabilities,” are classified as a financing activity in “Employee stock transactions”. 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. In February 2017, the FASB issued ASU No. 2017-06 which amends ASC Topic 960, “Defined Benefit Pension Plans," ASC Topic 962, "Defined Contribution Pension Plans" and ASC Topic 965, "Health and Welfare Benefit Plans." The amendments in this update clarify presentation requirements for a plan’s interest in a master trust and require more detailed disclosures of the plan’s interest in the master trust. The amendments also eliminate a redundancy relating to 401(h) account disclosures. This guidance is effective for fiscal years 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 2017, the FASB issued ASU No. 2017-07 which amends ASC Topic 715, “Compensation—Retirement Benefits." The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Share Data (Tables)
Share Data (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended March 31, 2017 2016 Numerator: Basic Net income (loss) attributable to Noble-UK $ (301,694 ) $ 105,485 Earnings allocated to unvested share-based payment awards — (3,822 ) Net income (loss) to common shareholders - basic $ (301,694 ) $ 101,663 Diluted Net income (loss) attributable to Noble-UK $ (301,694 ) $ 105,485 Earnings allocated to unvested share-based payment awards — (3,822 ) Net income (loss) to common shareholders - diluted $ (301,694 ) $ 101,663 Denominator: Weighted average shares outstanding - basic 244,222 242,826 Incremental shares issuable from assumed exercise of stock options — — Weighted average shares outstanding - diluted 244,222 242,826 Weighted average unvested share-based payment awards — 9,129 Earnings (loss) per share Basic $ (1.24 ) $ 0.42 Diluted $ (1.24 ) $ 0.42 Dividends per share $ — $ 0.150 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of March 31, 2017 and December 31, 2016 for Noble-UK consisted of the following: March 31, December 31, Drilling equipment and facilities $ 12,100,890 $ 12,048,571 Construction in progress 76,261 112,103 Other 204,699 204,214 Property and equipment, at cost $ 12,381,850 $ 12,364,888 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our total debt consisted of the following at March 31, 2017 and December 31, 2016 : March 31, December 31, Senior unsecured senior notes 2.50% Senior Notes due March 2017 $ — $ 299,992 5.75% Senior Notes due March 2018 249,817 249,771 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 167,610 167,576 4.625% Senior Notes due March 2021 208,552 208,538 3.95% Senior Notes due March 2022 125,512 125,488 7.75% Senior Notes due January 2024 980,647 980,117 7.20% Senior Notes due April 2025 448,934 448,909 6.20% Senior Notes due August 2040 399,899 399,898 6.05% Senior Notes due March 2041 397,768 397,758 5.25% Senior Notes due March 2042 498,376 498,369 8.20% Senior Notes due April 2045 394,625 394,613 Total debt 4,073,435 4,372,724 Less: Unamortized debt issuance costs (31,616 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,299 ) (299,882 ) Long-term debt, net of debt issuance costs $ 3,792,520 $ 4,040,229 (1) Presented net of current portion of unamortized debt issuance costs of $0.5 million and $ 0.1 million at March 31, 2017 and December 31, 2016 , respectively. |
Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs | The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of March 31, 2017 and December 31, 2016 , respectively: March 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 2.50% Senior Notes due March 2017 $ — $ — $ 299,992 $ 299,128 5.75% Senior Notes due March 2018 249,817 253,179 249,771 249,808 7.50% Senior Notes due March 2019 201,695 210,089 201,695 209,524 4.90% Senior Notes due August 2020 167,610 165,168 167,576 167,329 4.625% Senior Notes due March 2021 208,552 191,962 208,538 196,416 3.95% Senior Notes due March 2022 125,512 107,685 125,488 112,791 7.75% Senior Notes due January 2024 980,647 961,685 980,117 945,317 7.20% Senior Notes due April 2025 448,934 425,021 448,909 423,267 6.20% Senior Notes due August 2040 399,899 293,082 399,898 280,221 6.05% Senior Notes due March 2041 397,768 287,602 397,758 273,854 5.25% Senior Notes due March 2042 498,376 332,440 498,369 325,814 8.20% Senior Notes due April 2045 394,625 367,318 394,613 328,608 Total debt $ 4,073,435 $ 3,595,231 $ 4,372,724 $ 3,812,077 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Costs | Pension costs include the following components for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 775 $ 1,662 Interest cost 478 2,148 634 2,389 Return on plan assets (701 ) (2,941 ) (895 ) (3,097 ) Amortization of prior service cost — — 26 29 Recognized net actuarial loss 266 366 37 1,100 Net pension benefit cost (gain) $ 43 $ (427 ) $ 577 $ 2,083 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Financial Statement Presentation and Fair Value of Derivative Positions | The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2017 and December 31, 2016 : Estimated fair value Balance sheet classification March 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ 6,500 $ 14,400 Liability derivatives Cash flow hedges Short-term foreign currency forward contracts Other current liabilities $ 110 $ — |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 12, the following table summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “contract drilling services” revenue or expense for the three months ended March 31, 2017 and 2016 : Gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "contract drilling services" expense Gain/(loss) recognized through "contract drilling services" revenue 2017 2016 2017 2016 2017 2016 Cash flow hedges Foreign currency forward contracts $ (37 ) $ 894 $ (73 ) $ 92 $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (7,900 ) $ — |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2017 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 $ 6,590 $ 6,590 $ — $ — FCX Settlement 6,500 — — 6,500 Liabilities - Foreign currency forward contracts $ 110 $ — $ 110 $ — 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 |
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 March 31, 2017 : Valuation assumptions: Expected volatility 45.25 % Mean-reversion rate 2.80 Discount rate (1) 2.5 % Underlying spot price (2) $ 50.60 (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 March 31, 2017 . |
Schedule of Activity Related to FCX Settlement Asset | The following table details the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the periods indicated: Balance as of December 31, 2016 $ 14,400 Change in fair value recognized in earnings (7,900 ) Balance as of March 31, 2017 $ 6,500 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in AOCL by Component | The following table presents the changes in the accumulated balances for each component of AOCL for the three months ended March 31, 2017 and 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, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income before reclassifications 894 — 768 1,662 Amounts reclassified from AOCL 92 783 — 875 Net other comprehensive income 986 783 768 2,537 Balance at March 31, 2016 $ 986 $ (46,136 ) $ (15,488 ) $ (60,638 ) Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income (loss) before reclassifications (37 ) — 186 149 Amounts reclassified from AOCL (73 ) 392 — 319 Net other comprehensive income (loss) (110 ) 392 186 468 Balance at March 31, 2017 $ (110 ) $ (35,473 ) $ (16,089 ) $ (51,672 ) (1) Gains / (losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Operations. See Note 11 for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 10 for additional information. |
Supplemental Financial Inform34
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Noble-UK Noble-Cayman Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Accounts receivable $ 33,630 $ (7,086 ) $ 33,630 $ (7,086 ) Other current assets (11,451 ) 20,750 (11,719 ) 18,739 Other assets 89,065 23,845 89,029 23,845 Accounts payable (9,017 ) (48,925 ) (8,800 ) (48,619 ) Other current liabilities (95,810 ) (53,252 ) (96,154 ) (45,885 ) Other liabilities 8,139 (25,191 ) 8,139 (25,192 ) $ 14,556 $ (89,859 ) $ 14,125 $ (84,198 ) |
Information about Noble-Cayman
Information about Noble-Cayman (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2017 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHUS Noble-Cayman Noble Drilling Holding, LLC ("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 | The following condensed consolidating financial statements of Noble-Cayman, NHUS, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2017 (in thousands) (Unaudited) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 Accounts receivable — — 27,057 — — 258,465 — 285,522 Taxes receivable — 57,040 — — — 39,193 — 96,233 Short-term notes receivable from affiliates 52,611 — 124,601 119,314 — — (296,526 ) — Accounts receivable from affiliates 2,825,054 — 134,251 65,415 80,483 5,946,376 (9,051,579 ) — Prepaid expenses and other current assets 95 — 2,181 77 — 57,362 — 59,715 Total current assets 2,877,761 57,040 288,190 184,806 80,483 6,820,263 (9,348,105 ) 960,438 Property and equipment, at cost — — 1,066,013 — — 11,315,837 — 12,381,850 Accumulated depreciation — — (232,729 ) — — (2,204,723 ) — (2,437,452 ) Property and equipment, net — — 833,284 — — 9,111,114 — 9,944,398 Notes receivable from affiliates 3,605,249 — 1,053,784 318,999 6,378,539 1,167,802 (12,524,373 ) — Investments in affiliates 2,221,570 3,314,708 3,906,599 12,145,901 6,328,697 — (27,917,475 ) — Other assets 3,877 — 6,818 1 — 79,421 — 90,117 Total assets $ 8,708,457 $ 3,371,748 $ 6,088,675 $ 12,649,707 $ 12,787,719 $ 17,178,600 $ (49,789,953 ) $ 10,994,953 LIABILITIES AND EQUITY Current liabilities Short-term notes payables from affiliates $ — $ 171,925 $ — $ 249,299 $ — $ 124,601 $ (296,526 ) $ 249,299 Accounts payable — — 4,125 — — 79,518 — 83,643 Accrued payroll and related costs — — 4,468 — — 30,467 — 34,935 Accounts payable to affiliates 3,231,974 422,363 1,882,042 467,987 7,873 3,039,340 (9,051,579 ) — Taxes payable — — — — — 48,629 — 48,629 Interest payable 24 — — 62,598 630 — — 63,252 Other current liabilities 9 — 25 — — 68,004 — 68,038 Total current liabilities 3,232,007 594,288 1,890,660 779,884 8,503 3,390,559 (9,348,105 ) 547,796 Long-term debt — — — 3,591,068 201,452 — — 3,792,520 Notes payable to affiliates — 2,305,243 467,139 3,175,661 — 6,576,330 (12,524,373 ) — Deferred income taxes — — 6 — — 179,736 — 179,742 Other liabilities 19,929 — 6,129 — — 271,025 — 297,083 Total liabilities 3,251,936 2,899,531 2,363,934 7,546,613 209,955 10,417,650 (21,872,478 ) 4,817,141 Commitments and contingencies Total shareholder equity 5,456,521 472,217 3,724,741 5,103,094 12,577,764 5,636,150 (27,513,966 ) 5,456,521 Noncontrolling interests — — — — — 1,124,800 (403,509 ) 721,291 Total equity 5,456,521 472,217 3,724,741 5,103,094 12,577,764 6,760,950 (27,917,475 ) 6,177,812 Total liabilities and equity $ 8,708,457 $ 3,371,748 $ 6,088,675 $ 12,649,707 $ 12,787,719 $ 17,178,600 $ (49,789,953 ) $ 10,994,953 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating 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 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 47,104 $ — $ — $ 324,724 $ (17,169 ) $ 354,659 Reimbursables — — 1,136 — — 7,168 — 8,304 Other — — — — — 13 — 13 Total operating revenues — — 48,240 — — 331,905 (17,169 ) 362,976 Operating costs and expenses Contract drilling services 1,001 2,571 11,499 12,487 — 149,627 (17,169 ) 160,016 Reimbursables — — 820 — — 4,326 — 5,146 Depreciation and amortization — — 16,515 — — 119,203 — 135,718 General and administrative 513 1,307 — 6,833 4 407 — 9,064 Total operating costs and expenses 1,514 3,878 28,834 19,320 4 273,563 (17,169 ) 309,944 Operating income (loss) (1,514 ) (3,878 ) 19,406 (19,320 ) (4 ) 58,342 — 53,032 Other income (expense) Income (loss) of unconsolidated affiliates (295,102 ) (313,565 ) 2,369 96,817 50,619 — 458,862 — Interest expense, net of amounts capitalized (2,605 ) (17,511 ) (3,092 ) (106,002 ) (3,817 ) (57,313 ) 116,893 (73,447 ) Interest income and other, net 4,632 (65 ) 39,902 4,203 63,418 5,922 (116,893 ) 1,119 Income (loss) before income taxes (294,589 ) (335,019 ) 58,585 (24,302 ) 110,216 6,951 458,862 (19,296 ) Income tax benefit (provision) — 50,459 509 — — (308,341 ) — (257,373 ) Net income (loss) (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (301,390 ) 458,862 (276,669 ) Net income attributable to noncontrolling interests — — — — — (17,582 ) (338 ) (17,920 ) Net income (loss) attributable to Noble Corporation (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (318,972 ) 458,524 (294,589 ) Other comprehensive income, net 468 — — — — 468 (468 ) 468 Comprehensive income (loss) attributable to Noble Corporation $ (294,121 ) $ (284,560 ) $ 59,094 $ (24,302 ) $ 110,216 $ (318,504 ) $ 458,056 $ (294,121 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 52,207 $ — $ — $ 557,474 $ (18,314 ) $ 591,367 Reimbursables — — 746 — — 19,860 — 20,606 Other — — — — — 600 — 600 Total operating revenues — — 52,953 — — 577,934 (18,314 ) 612,573 Operating costs and expenses Contract drilling services 1,745 7,395 14,558 32,314 — 211,592 (18,314 ) 249,290 Reimbursables — — 542 — — 15,464 — 16,006 Depreciation and amortization — — 21,461 — — 128,212 — 149,673 General and administrative 419 3,315 — 14,545 — (7,674 ) — 10,605 Total operating costs and expenses 2,164 10,710 36,561 46,859 — 347,594 (18,314 ) 425,574 Operating income (loss) (2,164 ) (10,710 ) 16,392 (46,859 ) — 230,340 — 186,999 Other income (expense) Income (loss) of unconsolidated affiliates 135,092 53,855 (13,583 ) 176,354 137,371 — (489,089 ) — Interest expense, net of amounts capitalized (17,556 ) (1,327 ) (2,748 ) (61,409 ) (4,275 ) (4,399 ) 34,614 (57,100 ) Interest income and other, net 1,649 (4 ) 3,476 15,321 69 13,370 (34,614 ) (733 ) Income before income taxes 117,021 41,814 3,537 83,407 133,165 239,311 (489,089 ) 129,166 Income tax (provision) benefit — (10,082 ) (205 ) — — 16,790 — 6,503 Net income 117,021 31,732 3,332 83,407 133,165 256,101 (489,089 ) 135,669 Net income attributable to noncontrolling interests — — — — — (22,816 ) 4,168 (18,648 ) Net income attributable to Noble Corporation 117,021 31,732 3,332 83,407 133,165 233,285 (484,921 ) 117,021 Other comprehensive loss, net 2,537 — — — — 2,537 (2,537 ) 2,537 Comprehensive income attributable to Noble Corporation $ 119,558 $ 31,732 $ 3,332 $ 83,407 $ 133,165 $ 235,822 $ (487,458 ) $ 119,558 |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 8,341 $ (6,607 ) $ 54,422 $ (115,438 ) $ 55,815 $ 151,982 $ — $ 148,515 Cash flows from investing activities Capital expenditures — — (277 ) — — (38,105 ) — (38,382 ) Proceeds from disposal of assets — — — — — 273 — 273 Net cash provide by (used in) investing activities — — (277 ) — — (37,832 ) — (38,109 ) Cash flows from financing activities Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (5,393 ) — (5,393 ) Distributions to parent company, net 60,164 — — — — — — 60,164 Advances (to) from affiliates (71,041 ) 6,607 (64,900 ) 415,480 (55,815 ) (230,331 ) — — Net cash provided by (used in) financing activities (10,877 ) 6,607 (64,900 ) 115,438 (55,815 ) (235,724 ) — (245,271 ) Net change in cash and cash equivalents (2,536 ) — (10,755 ) — — (121,574 ) — (134,865 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ (8,420 ) $ (12,190 ) $ 20,809 $ (120,093 ) $ (7,988 ) $ 315,632 $ — $ 187,750 Cash flows from investing activities Capital expenditures — — (14,575 ) — — (74,749 ) — (89,324 ) Proceeds from disposal of assets — — — — — 3,031 — 3,031 Net cash used in investing activities — — (14,575 ) — — (71,718 ) — (86,293 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Dividends paid to noncontrolling interests — — — — — (21,513 ) — (21,513 ) Distributions to parent company, net (56,316 ) — — — — — — (56,316 ) Advances (to) from affiliates 63,117 12,190 (8,264 ) 420,093 7,988 (495,124 ) — — Net cash provided by (used in) financing activities 6,801 12,190 (8,264 ) 120,093 7,988 (516,637 ) — (377,829 ) Net change in cash and cash equivalents (1,619 ) — (2,030 ) — — (272,723 ) — (276,372 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 8 $ — $ 71 $ — $ — $ 235,344 $ — $ 235,423 |
Organization and Basis of Pre36
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Vessel | Mar. 31, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of jackups | Vessel | 14 | |
Number of drillships | Vessel | 8 | |
Number of semisubmersibles | Vessel | 6 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating activities in Consolidated Statement of Cash Flows | $ | $ 141,873 | $ 172,438 |
Accounting Standards Update 2016-09, Excess Tax Benefit Component [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating activities in Consolidated Statement of Cash Flows | $ | 5,500 | |
Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating activities in Consolidated Statement of Cash Flows | $ | $ (3,000) |
Spin-off of Paragon Offshore 37
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Agreement | |
Discontinued Operations and Disposal Groups [Abstract] | |
Number of transition services agreements | 2 |
Consolidated Joint Ventures - A
Consolidated Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)RigJointVenture | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures acquired | JointVenture | 2 | |||
Number of bully class drillships | Rig | 2 | |||
Carrying amount of the drillships | $ 1,400,000 | |||
Cash and cash equivalents | $ 519,771 | $ 236,198 | 725,722 | $ 512,245 |
Bully Joint Venture [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Dividends paid | 11,000 | $ 43,000 | ||
Carrying amount of the drillships | 1,400,000 | |||
Cash and cash equivalents | $ 45,000 | $ 35,000 |
Share Data - Computation of Bas
Share Data - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic | ||
Net income (loss) attributable to Noble-UK | $ (301,694) | $ 105,485 |
Earnings allocated to unvested share-based payment awards | 0 | (3,822) |
Net income (loss) to common shareholders - basic | (301,694) | 101,663 |
Diluted | ||
Net income (loss) attributable to Noble-UK | (301,694) | 105,485 |
Earnings allocated to unvested share-based payment awards | 0 | (3,822) |
Net income (loss) to common shareholders - diluted | $ (301,694) | $ 101,663 |
Denominator: | ||
Weighted average shares outstanding - basic | 244,222 | 242,826 |
Weighted average shares outstanding - diluted | 244,222 | 242,826 |
Weighted average unvested share-based payment awards | 0 | 9,129 |
Basic (usd per share) | $ (1.24) | $ 0.42 |
Diluted: (usd per share) | (1.24) | 0.42 |
Dividends per share (usd per share) | $ 0 | $ 0.150 |
Share Data - Additional Informa
Share Data - Additional Information (Detail) - $ / shares | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares outstanding and trading | 244,685,000 | 243,239,000 | ||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | |||
Current nominal value per share | $ 0.01 | |||
Dividends per share (usd per share) | $ 0 | $ 0.150 | ||
Repurchased shares | 37,000,000 | |||
Stock repurchase expiration date | Apr. 22, 2016 | |||
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the diluted net income per share | 1,300,000 | 1,600,000 | ||
Unvested Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the diluted net income per share | 9,000,000 |
Contract Settlement and Termi41
Contract Settlement and Termination Agreement with Freeport-McMoRan Inc - Additional Information (Detail) - Noble Corp [Member] - FCX settlement [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Contract Settlement And Termination Agreement [Line Items] | |
Revenue recognized related to contingent payments | $ (7.9) |
Estimated fair value of contingent payments | $ 6.5 |
Receivables from Customers - Ad
Receivables from Customers - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Petroleos Mexicanos [Member] | Other Assets [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Approximate receivable | $ 14 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment, at Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 12,381,850 | $ 12,364,888 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 12,100,890 | 12,048,571 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 76,261 | 112,103 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 204,699 | $ 204,214 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Capital expenditures | $ 18,716 | $ 51,357 |
Capitalized interest on construction-in-progress | $ 4,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 4,073,435 | $ 4,372,724 |
Less: Unamortized debt issuance costs | (31,616) | (32,613) |
Less: Current maturities of long-term debt | (249,299) | (299,882) |
Long-term debt | 3,792,520 | 4,040,229 |
Unamortized debt issuance expense, current | 500 | 100 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,992 |
5.75% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,817 | 249,771 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 167,610 | 167,576 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 208,552 | 208,538 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 125,512 | 125,488 |
7.75% Senior Notes due January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 980,647 | 980,117 |
7.20% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,934 | 448,909 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,899 | 399,898 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,768 | 397,758 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,376 | 498,369 |
8.20% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 394,625 | $ 394,613 |
Debt - Schedule of Debt (Supple
Debt - Schedule of Debt (Supplemental) (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | |
Senior notes, maturity date | 2,016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
5.75% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | 4.625% |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
7.75% Senior Notes due January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior notes, maturity date | 2,024 | |
7.20% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.20% | |
Senior notes, maturity date | 2,025 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
8.20% Senior Notes due April 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 ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 01, 2017 | Dec. 28, 2016 | Apr. 01, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
Gain on extinguishment of debt, net | $ 11,066,000 | ||||||
Maximum debt to tangible capitalization covenant | 60.00% | ||||||
Line of credit facility debt to tangible capitalization ratio | 40.00% | ||||||
4.90% Senior Notes due August 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, maturity date | 2,020 | ||||||
Interest rate on senior notes | 4.90% | ||||||
Face value of senior notes | $ 168,000,000 | $ 500,000,000 | |||||
Senior unsecured notes | $ 167,576,000 | $ 167,610,000 | $ 167,576,000 | ||||
4.625% Senior Notes due March 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, maturity date | 2,021 | ||||||
Interest rate on senior notes | 4.625% | 4.625% | |||||
Face value of senior notes | $ 209,000,000 | $ 400,000,000 | |||||
Senior unsecured notes | 208,538,000 | $ 208,552,000 | 208,538,000 | ||||
4.90% Senior Notes and 4.625% Senior Notes due in August 2020 and March 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face value of senior notes | $ 36,000,000 | ||||||
Purchase of senior notes | $ 24,000,000 | ||||||
2.50% Senior Notes due March 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, maturity date | 2,017 | ||||||
Interest rate on senior notes | 2.50% | ||||||
Face value of senior notes | $ 300,000,000 | ||||||
Senior unsecured notes | 299,992,000 | $ 0 | 299,992,000 | ||||
5.75% Senior Notes due March 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, maturity date | 2,018 | ||||||
Interest rate on senior notes | 5.75% | ||||||
Face value of senior notes | $ 250,000,000 | ||||||
Senior unsecured notes | 249,771,000 | $ 249,817,000 | 249,771,000 | ||||
3.95% Senior Notes due March 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes, maturity date | 2,022 | ||||||
Interest rate on senior notes | 3.95% | ||||||
Face value of senior notes | $ 126,000,000 | ||||||
Senior unsecured notes | 125,488,000 | $ 125,512,000 | 125,488,000 | ||||
Maximum [Member] | Senior Unsecured Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate increase (decrease) | 0.25% | ||||||
Commercial Paper Program [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||||||
Senior Notes [Member] | Senior Unsecured Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | 1,000,000,000 | 1,000,000,000 | |||||
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 468,000,000 | $ 468,000,000 | |||||
Interest rate on senior notes | 4.90% | 4.90% | |||||
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 397,000,000 | $ 397,000,000 | |||||
Interest rate on senior notes | 4.625% | 4.625% | |||||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 400,000,000 | $ 400,000,000 | |||||
Interest rate on senior notes | 3.95% | 3.95% | |||||
Senior Notes [Member] | Senior Note Seven, Senior Note Eight and Senior Note Nine [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Purchase of senior notes | $ 762,000,000 | ||||||
Repurchase amount | $ 750,000,000 | ||||||
Gain on extinguishment of debt, net | $ 7,000,000 | ||||||
Senior Notes [Member] | Moody’s Investors Service [Member] | Senior Notes Fifteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 5.75% | ||||||
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 | ||||||
Unsecured Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 10.00% | ||||||
Unsecured Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 35.00% | ||||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | ||||||
NHIL [Member] | Senior Unsecured Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 7.75% | 7.75% | |||||
Proceeds from Long-term Lines of Credit | $ 968,000,000 | ||||||
Face value of senior notes | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Subsequent Event [Member] | Senior Notes [Member] | S&P Global Ratings [Member] | Senior Notes Fourteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 7.70% | ||||||
Subsequent Event [Member] | Senior Notes [Member] | S&P Global Ratings [Member] | Senior Notes Fifteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 8.70% |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Senior unsecured notes, Estimated Fair Value | $ 3,595,231 | $ 3,812,077 |
Total debt | 4,073,435 | 4,372,724 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 299,992 |
Senior unsecured notes, Estimated Fair Value | 0 | 299,128 |
5.75% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 249,817 | 249,771 |
Senior unsecured notes, Estimated Fair Value | 253,179 | 249,808 |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 201,695 | 201,695 |
Senior unsecured notes, Estimated Fair Value | 210,089 | 209,524 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 167,610 | 167,576 |
Senior unsecured notes, Estimated Fair Value | 165,168 | 167,329 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 208,552 | 208,538 |
Senior unsecured notes, Estimated Fair Value | 191,962 | 196,416 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 125,512 | 125,488 |
Senior unsecured notes, Estimated Fair Value | 107,685 | 112,791 |
7.75% Senior Notes due January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 980,647 | 980,117 |
Senior unsecured notes, Estimated Fair Value | 961,685 | 945,317 |
7.20% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 448,934 | 448,909 |
Senior unsecured notes, Estimated Fair Value | 425,021 | 423,267 |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 399,899 | 399,898 |
Senior unsecured notes, Estimated Fair Value | 293,082 | 280,221 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 397,768 | 397,758 |
Senior unsecured notes, Estimated Fair Value | 287,602 | 273,854 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 498,376 | 498,369 |
Senior unsecured notes, Estimated Fair Value | 332,440 | 325,814 |
8.20% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 394,625 | 394,613 |
Senior unsecured notes, Estimated Fair Value | $ 367,318 | $ 328,608 |
Debt - Estimated Fair Value o49
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Supplemental) (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.05% | |
Senior notes, maturity date | 2,016 | |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes, maturity date | 2,017 | |
5.75% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | 4.625% |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
7.20% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.20% | |
Senior notes, maturity date | 2,025 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
8.20% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.20% | |
Senior notes, maturity date | 2,045 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Reserves for uncertain tax positions net | $ 185 | $ 173 |
Related tax benefits | 1 | $ 1 |
Reduction in the provision for income taxes, if reserves not realized | $ 185 | |
Operational period | 12 months | |
Non-cash discrete item included in income tax provision from internal tax restructuring | $ 260 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 775 |
Interest cost | 478 | 634 |
Return on plan assets | (701) | (895) |
Amortization of prior service cost | 0 | 26 |
Recognized net actuarial loss | 266 | 37 |
Net pension benefit cost (gain) | 43 | 577 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 1,662 |
Interest cost | 2,148 | 2,389 |
Return on plan assets | (2,941) | (3,097) |
Amortization of prior service cost | 0 | 29 |
Recognized net actuarial loss | 366 | 1,100 |
Net pension benefit cost (gain) | $ (427) | $ 2,083 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Employer contributions | $ 0.1 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)payment$ / bbl | |
Derivative [Line Items] | |
Number of contingent payments | payment | 2 |
Percentage of forecasted local currency requirements of forward contract, remainder of 2016 | 70.00% |
FCX settlement [Member] | |
Derivative [Line Items] | |
Derivative contingent settlement period | 12 months |
FCX settlement [Member] | Noble Corp [Member] | |
Derivative [Line Items] | |
Revenue recognized related to contingent payments | $ (7.9) |
Estimated fair value of contingent payments | $ 6.5 |
FCX settlement [Member] | WTI Crude Oil Averages Price More than $50 Per Barrel [Member] | |
Derivative [Line Items] | |
Crude oil average price | $ / bbl | 50 |
Non designated derivatives contingent payment | $ 25 |
FCX settlement [Member] | WTI Crude Oil Averages Price More than $65 Per Barrel [Member] | |
Derivative [Line Items] | |
Crude oil average price | $ / bbl | 65 |
Non designated derivatives contingent payment | $ 50 |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | 0.1 |
Price Risk Derivative [Member] | |
Derivative [Line Items] | |
Notional amount of forward contracts outstanding | $ 25 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Short-Term Foreign Currency Forward Contracts [Member] | Other Current Liabilities [Member] | ||
Liability derivatives | ||
Cash flow hedges Short-term foreign currency forward contracts | $ 110 | $ 0 |
FCX settlement [Member] | Other Assets [Member] | ||
Asset derivatives | ||
Non-designated derivatives FCX settlement | $ 6,500 | $ 14,400 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Currency Forward Contracts [Member] | Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through AOCL | $ (37) | $ 894 |
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 | (73) | $ 92 |
Not Designated as Hedging Instrument [Member] | Contract Drilling Services [Member] | FCX settlement [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through contract drilling services revenue | $ (7,900) |
Fair Value of Financial Instr56
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 6,590 | $ 6,246 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Liabilities - | ||
Foreign currency forward contracts | 110 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets - | ||
FCX Settlement | 6,500 | 14,400 |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,590 | 6,246 |
FCX Settlement | 6,500 | $ 14,400 |
Liabilities - | ||
Foreign currency forward contracts | $ 110 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Valuation Assumptions Using Carlo Simulation Model (Detail) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | |
Expected volatility | 45.25% |
Mean-reversion rate | 2.80% |
Discount rate | 2.50% |
Underlying spot price | $ 50.60 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments Fair Value of Financial Instruments - Settlement Asset from FCX (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Business Combination, Contingent Consideration, Asset [Roll Forward] | |
Beginning balance | $ 14,400 |
Fair value recognized in earnings | (7,900) |
Ending balance | $ 6,500 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 6,467,445 | $ 7,422,230 |
Other comprehensive income, net | 468 | 2,537 |
Ending Balance | 6,181,825 | 7,491,413 |
Gains / (Losses) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 0 | 0 |
Other comprehensive income before reclassifications | (37) | 894 |
Amounts reclassified from AOCL | (73) | 92 |
Other comprehensive income, net | (110) | 986 |
Ending Balance | (110) | 986 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (35,865) | (46,919) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from AOCL | 392 | 783 |
Other comprehensive income, net | 392 | 783 |
Ending Balance | (35,473) | (46,136) |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (16,275) | (16,256) |
Other comprehensive income before reclassifications | 186 | 768 |
Amounts reclassified from AOCL | 0 | 0 |
Other comprehensive income, net | 186 | 768 |
Ending Balance | (16,089) | (15,488) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (52,140) | (63,175) |
Other comprehensive income before reclassifications | 149 | 1,662 |
Amounts reclassified from AOCL | 319 | 875 |
Other comprehensive income, net | 468 | 2,537 |
Ending Balance | $ (51,672) | $ (60,638) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Mar. 31, 2017USD ($)Lawsuit$ / Occurrence_Per_Year | |
Other Commitments [Line Items] | |||
Number of newbuild rigs allegedly infringing patent | Rig | 5 | ||
Amount of withholding after spin-off | $ 25,000,000 | ||
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 | ||
MEXICO | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | |||
Other Commitments [Line Items] | |||
Aforementioned tax assessments | $ 9,000,000 | ||
Brazil [Member] | Paragon Offshore [Member] | |||
Other Commitments [Line Items] | |||
Aforementioned tax assessments | 160,000,000 | ||
Brazil [Member] | Noble-Cayman [Member] | Aforementioned tax assessments[Member] | |||
Other Commitments [Line Items] | |||
Aforementioned tax assessments | 46,000,000 | ||
U.S. Gulf of Mexico [Member] | |||
Other Commitments [Line Items] | |||
Windstorm coverage amount | $ 500,000,000 | ||
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ||
Loss of hire coverage applies only to rigs operating under dayrate | $ 200,000 | ||
Asbestos Issue [Member] | |||
Other Commitments [Line Items] | |||
Number of Lawsuits filed | Lawsuit | 43 | ||
Customs And Other Business Taxes [Member] | Foreign tax authority [Member] | |||
Other Commitments [Line Items] | |||
Income Tax Examination, Estimate of Possible Loss | $ 49,000,000 | ||
Noble Discoverer And Kulluk [Member] | |||
Other Commitments [Line Items] | |||
Loss contingencies payments | $ 8,200,000 | ||
Environmental Compliance Plan, probationary period | 4 years | ||
Possible early probation period | 3 years | ||
Noble Discoverer And Kulluk [Member] | Community Service Payment [Member] | |||
Other Commitments [Line Items] | |||
Loss contingencies payments | $ 4,000,000 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing activities in Consolidated Statement of Cash Flows | $ (309,715) | $ (362,192) |
Operating activities in Consolidated Statement of Cash Flows | $ 141,873 | 172,438 |
Accounting Standards Update 2016-09, Excess Tax Benefit Component [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing activities in Consolidated Statement of Cash Flows | (5,500) | |
Operating activities in Consolidated Statement of Cash Flows | 5,500 | |
Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Financing activities in Consolidated Statement of Cash Flows | 3,000 | |
Operating activities in Consolidated Statement of Cash Flows | $ (3,000) |
Supplemental Financial Inform62
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016Rig | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | ||||
Deferred revenues under drilling contracts | $ 125 | $ 134 | ||
Deferred expenses under drilling contracts | 50 | 54 | ||
Aramco [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Number of rigs | Rig | 4 | 5 | ||
Aramco [Member] | Prepaid Expenses and Other Current Assets or Other Assets [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | $ 13 | $ 18 |
Supplemental Financial Inform63
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Capital [Line Items] | ||
Net change in other assets and liabilities | $ 14,556 | $ (89,859) |
Noble U-K [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 33,630 | (7,086) |
Other current assets | (11,451) | 20,750 |
Other assets | 89,065 | 23,845 |
Accounts payable | (9,017) | (48,925) |
Other current liabilities | (95,810) | (53,252) |
Other liabilities | 8,139 | (25,191) |
Net change in other assets and liabilities | 14,556 | (89,859) |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 33,630 | (7,086) |
Other current assets | (11,719) | 18,739 |
Other assets | 89,029 | 23,845 |
Accounts payable | (8,800) | (48,619) |
Other current liabilities | (96,154) | (45,885) |
Other liabilities | 8,139 | (25,192) |
Net change in other assets and liabilities | $ 14,125 | $ (84,198) |
Information about Noble-Cayma64
Information about Noble-Cayman - Guarantor Obligations (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
5.75% Senior Notes due March 2018 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHUS |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | NDH [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Holding, LLC ("NDH") |
Guarantor | |
7.50% Senior Notes due March 2019 [Member] | NDS6 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | Noble Drilling Services 6 LLC ("NDS6") |
Guarantor | |
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.75% Senior Notes due January 2024 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.20% Senior Notes due April 2025 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
8.20% Senior Notes due April 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
Information about Noble-Cayma65
Information about Noble-Cayman - Guarantor Obligations (Supplemental) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
5.75% Senior Notes due March 2018 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 250,000,000 | |
Interest rate on senior notes | 5.75% | |
Senior notes, maturity date | 2,018 | |
7.50% Senior Notes due March 2019 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 202,000,000 | |
Interest rate on senior notes | 7.50% | |
Senior notes, maturity date | 2,019 | |
4.90% Senior Notes due August 2020 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 168,000,000 | $ 500,000,000 |
Interest rate on senior notes | 4.90% | |
Senior notes, maturity date | 2,020 | |
4.625% Senior Notes due March 2021 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 209,000,000 | $ 400,000,000 |
Interest rate on senior notes | 4.625% | 4.625% |
Senior notes, maturity date | 2,021 | |
3.95% Senior Notes due March 2022 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 126,000,000 | |
Interest rate on senior notes | 3.95% | |
Senior notes, maturity date | 2,022 | |
7.20% Senior Notes due April 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 | |
7.75% Senior Notes due January 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 | |
6.20% Senior Notes due August 2040 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 400,000,000 | |
Interest rate on senior notes | 6.20% | |
Senior notes, maturity date | 2,040 | |
6.05% Senior Notes due March 2041 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 400,000,000 | |
Interest rate on senior notes | 6.05% | |
Senior notes, maturity date | 2,041 | |
5.25% Senior Notes due March 2042 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 500,000,000 | |
Interest rate on senior notes | 5.25% | |
Senior notes, maturity date | 2,042 | |
8.20% Senior Notes due April 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-Cayma66
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 519,771 | $ 725,722 | $ 236,198 | $ 512,245 |
Accounts receivable, net | 285,522 | 319,152 | ||
Taxes receivable | 96,233 | 55,480 | ||
Prepaid expenses and other current assets | 62,958 | 92,260 | ||
Total current assets | 964,484 | 1,192,614 | ||
Property and equipment, at cost | 12,381,850 | 12,364,888 | ||
Accumulated depreciation | (2,437,452) | (2,302,940) | ||
Property and equipment, net | 9,944,398 | 10,061,948 | ||
Other assets | 97,084 | 185,555 | ||
Total assets | 11,005,966 | 11,440,117 | ||
Current liabilities | ||||
Current maturities of long-term debt | 249,299 | 299,882 | ||
Accounts payable | 83,782 | 108,224 | ||
Accrued payroll and related costs | 34,958 | 48,383 | ||
Taxes payable | 49,036 | 46,561 | ||
Interest payable | 63,252 | 61,299 | ||
Other current liabilities | 69,586 | 68,944 | ||
Total current liabilities | 549,913 | 633,293 | ||
Long-term debt | 3,792,520 | 4,040,229 | ||
Deferred income taxes | 179,742 | 2,084 | ||
Other liabilities | 301,966 | 297,066 | ||
Total liabilities | 4,824,141 | 4,972,672 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,460,534 | 5,758,681 | ||
Noncontrolling interests | 721,291 | 708,764 | ||
Total equity | 6,181,825 | 6,467,445 | 7,491,413 | 7,422,230 |
Total liabilities and equity | 11,005,966 | 11,440,117 | ||
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 | (296,526) | (1,646,234) | ||
Accounts receivable from affiliates | (9,051,579) | (3,690,281) | ||
Prepaid expenses and other current assets | 0 | |||
Total current assets | (9,348,105) | (5,336,515) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (12,524,373) | (5,290,556) | ||
Investments in affiliates | (27,917,475) | (20,766,555) | ||
Other assets | 0 | 0 | ||
Total assets | (49,789,953) | (31,393,626) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (296,526) | (1,646,234) | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (9,051,579) | (3,690,281) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (9,348,105) | (5,336,515) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (12,524,373) | (5,290,556) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (21,872,478) | (10,627,071) | ||
Commitments and contingencies | ||||
Total shareholder equity | (27,513,966) | (20,362,710) | ||
Noncontrolling interests | (403,509) | (403,845) | ||
Total equity | (27,917,475) | (20,766,555) | ||
Total liabilities and equity | (49,789,953) | (31,393,626) | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 1 | 2,537 | 8 | 1,627 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 52,611 | 0 | ||
Accounts receivable from affiliates | 2,825,054 | 361,313 | ||
Prepaid expenses and other current assets | 95 | 270 | ||
Total current assets | 2,877,761 | 364,120 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,605,249 | 3,304,672 | ||
Investments in affiliates | 2,221,570 | 2,848,855 | ||
Other assets | 3,877 | 4,292 | ||
Total assets | 8,708,457 | 6,521,939 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 3,231,974 | 818,737 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 24 | 48 | ||
Other current liabilities | 9 | 12 | ||
Total current liabilities | 3,232,007 | 818,797 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 3,251,936 | 838,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,456,521 | 5,683,213 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,456,521 | 5,683,213 | ||
Total liabilities and equity | 8,708,457 | 6,521,939 | ||
NHUS [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 57,040 | 21,428 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 57,040 | 21,428 | ||
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 | 3,314,708 | 2,007,016 | ||
Other assets | 0 | 0 | ||
Total assets | 3,371,748 | 2,028,444 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 171,925 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 422,363 | 111,801 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 594,288 | 283,726 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 2,305,243 | 700,000 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 2,899,531 | 983,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 472,217 | 1,044,718 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 472,217 | 1,044,718 | ||
Total liabilities and equity | 3,371,748 | 2,028,444 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 100 | 10,855 | 71 | 2,101 |
Accounts receivable, net | 27,057 | 33,162 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 124,601 | 243,915 | ||
Accounts receivable from affiliates | 134,251 | 137,476 | ||
Prepaid expenses and other current assets | 2,181 | 1,611 | ||
Total current assets | 288,190 | 427,019 | ||
Property and equipment, at cost | 1,066,013 | 2,376,862 | ||
Accumulated depreciation | (232,729) | (428,308) | ||
Property and equipment, net | 833,284 | 1,948,554 | ||
Notes receivable from affiliates | 1,053,784 | 112,706 | ||
Investments in affiliates | 3,906,599 | 1,411,874 | ||
Other assets | 6,818 | 5,687 | ||
Total assets | 6,088,675 | 3,905,840 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 4,125 | 4,228 | ||
Accrued payroll and related costs | 4,468 | 4,882 | ||
Accounts payable to affiliates | 1,882,042 | 1,995,788 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 25 | 4,296 | ||
Total current liabilities | 1,890,660 | 2,009,194 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 467,139 | 467,139 | ||
Deferred income taxes | 6 | 534 | ||
Other liabilities | 6,129 | 24,035 | ||
Total liabilities | 2,363,934 | 2,500,902 | ||
Commitments and contingencies | ||||
Total shareholder equity | 3,724,741 | 1,404,938 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,724,741 | 1,404,938 | ||
Total liabilities and equity | 6,088,675 | 3,905,840 | ||
NHIL [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 | 119,314 | 0 | ||
Accounts receivable from affiliates | 65,415 | 67,560 | ||
Prepaid expenses and other current assets | 77 | 0 | ||
Total current assets | 184,806 | 67,560 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 318,999 | 69,564 | ||
Investments in affiliates | 12,145,901 | 8,369,728 | ||
Other assets | 1 | 0 | ||
Total assets | 12,649,707 | 8,506,852 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 249,299 | 0 | ||
Current maturities of long-term debt | 299,882 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 467,987 | 123,642 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 62,598 | 56,839 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 779,884 | 480,363 | ||
Long-term debt | 3,591,068 | 3,838,807 | ||
Notes payable to affiliates | 3,175,661 | 744,181 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 7,546,613 | 5,063,351 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,103,094 | 3,443,501 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,103,094 | 3,443,501 | ||
Total liabilities and equity | 12,649,707 | 8,506,852 | ||
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 | 0 | 1,349,708 | ||
Accounts receivable from affiliates | 80,483 | 85,274 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 80,483 | 1,434,982 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 6,378,539 | 5,000 | ||
Investments in affiliates | 6,328,697 | 6,129,082 | ||
Other assets | 0 | 0 | ||
Total assets | 12,787,719 | 7,569,064 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 7,873 | 0 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 630 | 4,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 8,503 | 4,412 | ||
Long-term debt | 201,452 | 201,422 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 209,955 | 205,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | 12,577,764 | 7,363,230 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 12,577,764 | 7,363,230 | ||
Total liabilities and equity | 12,787,719 | 7,569,064 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 518,867 | 640,441 | 235,344 | 508,067 |
Accounts receivable, net | 258,465 | 285,990 | ||
Taxes receivable | 39,193 | 34,052 | ||
Short-term notes receivable from affiliates | 0 | 52,611 | ||
Accounts receivable from affiliates | 5,946,376 | 3,038,658 | ||
Prepaid expenses and other current assets | 57,362 | 86,868 | ||
Total current assets | 6,820,263 | 4,138,620 | ||
Property and equipment, at cost | 11,315,837 | 9,988,026 | ||
Accumulated depreciation | (2,204,723) | (1,874,632) | ||
Property and equipment, net | 9,111,114 | 8,113,394 | ||
Notes receivable from affiliates | 1,167,802 | 1,798,614 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 79,421 | 168,573 | ||
Total assets | 17,178,600 | 14,219,201 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 124,601 | 1,474,309 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 79,518 | 103,640 | ||
Accrued payroll and related costs | 30,467 | 43,437 | ||
Accounts payable to affiliates | 3,039,340 | 640,313 | ||
Taxes payable | 48,629 | 46,561 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 68,004 | 63,004 | ||
Total current liabilities | 3,390,559 | 2,371,264 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 6,576,330 | 3,379,236 | ||
Deferred income taxes | 179,736 | 1,550 | ||
Other liabilities | 271,025 | 248,219 | ||
Total liabilities | 10,417,650 | 6,000,269 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,636,150 | 7,106,323 | ||
Noncontrolling interests | 1,124,800 | 1,112,609 | ||
Total equity | 6,760,950 | 8,218,932 | ||
Total liabilities and equity | 17,178,600 | 14,219,201 | ||
Noble Corp [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 518,968 | 653,833 | 235,423 | 511,795 |
Accounts receivable, net | 285,522 | 319,152 | ||
Taxes receivable | 96,233 | 55,480 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 59,715 | 88,749 | ||
Total current assets | 960,438 | 1,117,214 | ||
Property and equipment, at cost | 12,381,850 | 12,364,888 | ||
Accumulated depreciation | (2,437,452) | (2,302,940) | ||
Property and equipment, net | 9,944,398 | 10,061,948 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 90,117 | 178,552 | ||
Total assets | 10,994,953 | 11,357,714 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 249,299 | 0 | ||
Current maturities of long-term debt | 249,299 | 299,882 | ||
Accounts payable | 83,643 | 107,868 | ||
Accrued payroll and related costs | 34,935 | 48,319 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 48,629 | 46,561 | ||
Interest payable | 63,252 | 61,299 | ||
Other current liabilities | 68,038 | 67,312 | ||
Total current liabilities | 547,796 | 631,241 | ||
Long-term debt | 3,792,520 | 4,040,229 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 179,742 | 2,084 | ||
Other liabilities | 297,083 | 292,183 | ||
Total liabilities | 4,817,141 | 4,965,737 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,456,521 | 5,683,213 | ||
Noncontrolling interests | 721,291 | 708,764 | ||
Total equity | 6,177,812 | 6,391,977 | $ 7,483,967 | $ 7,414,471 |
Total liabilities and equity | $ 10,994,953 | $ 11,357,714 |
Information about Noble-Cayma67
Information about Noble-Cayman - Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating revenues | ||
Contract drilling services | $ 354,659 | $ 591,367 |
Reimbursables | 8,304 | 20,606 |
Other | 13 | 0 |
Total operating revenues | 362,976 | 611,973 |
Operating costs and expenses | ||
Contract drilling services | 160,385 | 251,248 |
Reimbursables | 5,146 | 16,006 |
Depreciation and amortization | 135,718 | 149,719 |
General and administrative | 15,880 | 19,540 |
Total operating costs and expenses | 317,129 | 436,513 |
Operating income | 45,847 | 175,460 |
Other income (expense) | ||
Interest expense, net of amount capitalized | (73,447) | (57,100) |
Gain on extinguishment of debt, net | 11,066 | |
Interest income (expense) and other, net | 1,233 | (730) |
Income (loss) before income taxes | (26,367) | 117,630 |
Income tax benefit (provision) | (257,407) | 6,503 |
Net income (loss) | (283,774) | 124,133 |
Net income attributable to noncontrolling interests | (17,920) | (18,648) |
Net income (loss) attributable to the company | (301,694) | 105,485 |
Other comprehensive income (loss), net | 468 | 2,537 |
Comprehensive income (loss) attributable to the company | (301,226) | 108,022 |
Consolidating Adjustments [Member] | ||
Operating revenues | ||
Contract drilling services | (17,169) | (18,314) |
Reimbursables | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | (17,169) | (18,314) |
Operating costs and expenses | ||
Contract drilling services | (17,169) | (18,314) |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 0 | 0 |
Total operating costs and expenses | (17,169) | (18,314) |
Operating income | 0 | 0 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 458,862 | (489,089) |
Interest expense, net of amount capitalized | 116,893 | 34,614 |
Interest income (expense) and other, net | (116,893) | (34,614) |
Income (loss) before income taxes | 458,862 | (489,089) |
Income tax benefit (provision) | 0 | 0 |
Net income (loss) | 458,862 | (489,089) |
Net income attributable to noncontrolling interests | (338) | 4,168 |
Net income (loss) attributable to the company | 458,524 | (484,921) |
Other comprehensive income (loss), net | (468) | (2,537) |
Comprehensive income (loss) attributable to the company | 458,056 | (487,458) |
Noble-Cayman [Member] | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 1,001 | 1,745 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 513 | 419 |
Total operating costs and expenses | 1,514 | 2,164 |
Operating income | (1,514) | (2,164) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | (295,102) | 135,092 |
Interest expense, net of amount capitalized | (2,605) | (17,556) |
Interest income (expense) and other, net | 4,632 | 1,649 |
Income (loss) before income taxes | (294,589) | 117,021 |
Income tax benefit (provision) | 0 | 0 |
Net income (loss) | (294,589) | 117,021 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | (294,589) | 117,021 |
Other comprehensive income (loss), net | 468 | 2,537 |
Comprehensive income (loss) attributable to the company | (294,121) | 119,558 |
NHUS [Member] | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 2,571 | 7,395 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 1,307 | 3,315 |
Total operating costs and expenses | 3,878 | 10,710 |
Operating income | (3,878) | (10,710) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | (313,565) | 53,855 |
Interest expense, net of amount capitalized | (17,511) | (1,327) |
Interest income (expense) and other, net | (65) | (4) |
Income (loss) before income taxes | (335,019) | 41,814 |
Income tax benefit (provision) | 50,459 | (10,082) |
Net income (loss) | (284,560) | 31,732 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | (284,560) | 31,732 |
Other comprehensive income (loss), net | 0 | 0 |
Comprehensive income (loss) attributable to the company | (284,560) | 31,732 |
NDH [Member] | ||
Operating revenues | ||
Contract drilling services | 47,104 | 52,207 |
Reimbursables | 1,136 | 746 |
Other | 0 | 0 |
Total operating revenues | 48,240 | 52,953 |
Operating costs and expenses | ||
Contract drilling services | 11,499 | 14,558 |
Reimbursables | 820 | 542 |
Depreciation and amortization | 16,515 | 21,461 |
General and administrative | 0 | 0 |
Total operating costs and expenses | 28,834 | 36,561 |
Operating income | 19,406 | 16,392 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 2,369 | (13,583) |
Interest expense, net of amount capitalized | (3,092) | (2,748) |
Interest income (expense) and other, net | 39,902 | 3,476 |
Income (loss) before income taxes | 58,585 | 3,537 |
Income tax benefit (provision) | 509 | (205) |
Net income (loss) | 59,094 | 3,332 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | 59,094 | 3,332 |
Other comprehensive income (loss), net | 0 | 0 |
Comprehensive income (loss) attributable to the company | 59,094 | 3,332 |
NHIL [Member] | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 12,487 | 32,314 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 6,833 | 14,545 |
Total operating costs and expenses | 19,320 | 46,859 |
Operating income | (19,320) | (46,859) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 96,817 | 176,354 |
Interest expense, net of amount capitalized | (106,002) | (61,409) |
Interest income (expense) and other, net | 4,203 | 15,321 |
Income (loss) before income taxes | (24,302) | 83,407 |
Income tax benefit (provision) | 0 | 0 |
Net income (loss) | (24,302) | 83,407 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | (24,302) | 83,407 |
Other comprehensive income (loss), net | 0 | 0 |
Comprehensive income (loss) attributable to the company | (24,302) | 83,407 |
NDS6 [Member] | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables | 0 | 0 |
Other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 0 | 0 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 4 | 0 |
Total operating costs and expenses | 4 | 0 |
Operating income | (4) | 0 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 50,619 | 137,371 |
Interest expense, net of amount capitalized | (3,817) | (4,275) |
Interest income (expense) and other, net | 63,418 | 69 |
Income (loss) before income taxes | 110,216 | 133,165 |
Income tax benefit (provision) | 0 | 0 |
Net income (loss) | 110,216 | 133,165 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | 110,216 | 133,165 |
Other comprehensive income (loss), net | 0 | 0 |
Comprehensive income (loss) attributable to the company | 110,216 | 133,165 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Operating revenues | ||
Contract drilling services | 324,724 | 557,474 |
Reimbursables | 7,168 | 19,860 |
Other | 13 | 600 |
Total operating revenues | 331,905 | 577,934 |
Operating costs and expenses | ||
Contract drilling services | 149,627 | 211,592 |
Reimbursables | 4,326 | 15,464 |
Depreciation and amortization | 119,203 | 128,212 |
General and administrative | 407 | (7,674) |
Total operating costs and expenses | 273,563 | 347,594 |
Operating income | 58,342 | 230,340 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 0 | 0 |
Interest expense, net of amount capitalized | (57,313) | (4,399) |
Interest income (expense) and other, net | 5,922 | 13,370 |
Income (loss) before income taxes | 6,951 | 239,311 |
Income tax benefit (provision) | (308,341) | 16,790 |
Net income (loss) | (301,390) | 256,101 |
Net income attributable to noncontrolling interests | (17,582) | (22,816) |
Net income (loss) attributable to the company | (318,972) | 233,285 |
Other comprehensive income (loss), net | 468 | 2,537 |
Comprehensive income (loss) attributable to the company | (318,504) | 235,822 |
Noble Corp [Member] | ||
Operating revenues | ||
Contract drilling services | 354,659 | 591,367 |
Reimbursables | 8,304 | 20,606 |
Other | 13 | 600 |
Total operating revenues | 362,976 | 612,573 |
Operating costs and expenses | ||
Contract drilling services | 160,016 | 249,290 |
Reimbursables | 5,146 | 16,006 |
Depreciation and amortization | 135,718 | 149,673 |
General and administrative | 9,064 | 10,605 |
Total operating costs and expenses | 309,944 | 425,574 |
Operating income | 53,032 | 186,999 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 0 | 0 |
Interest expense, net of amount capitalized | (73,447) | (57,100) |
Interest income (expense) and other, net | 1,119 | (733) |
Income (loss) before income taxes | (19,296) | 129,166 |
Income tax benefit (provision) | (257,373) | 6,503 |
Net income (loss) | (276,669) | 135,669 |
Net income attributable to noncontrolling interests | (17,920) | (18,648) |
Net income (loss) attributable to the company | (294,589) | 117,021 |
Other comprehensive income (loss), net | 468 | 2,537 |
Comprehensive income (loss) attributable to the company | $ (294,121) | $ 119,558 |
Information about Noble-Cayma68
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net cash provided by operating activities | $ 141,873 | $ 172,438 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 273 | 3,031 |
Net cash used in investing activities | (38,109) | (86,293) |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | (300,000) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Dividends paid to noncontrolling interests | (5,393) | (21,513) |
Net cash used in financing activities | (309,715) | (362,192) |
Net decrease in cash and cash equivalents | (205,951) | (276,047) |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 |
Cash and cash equivalents, end of period | 519,771 | 236,198 |
Consolidating Adjustments [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 8,341 | (8,420) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 60,164 | (56,316) |
Advances (to) from affiliates | (71,041) | 63,117 |
Net cash used in financing activities | (10,877) | 6,801 |
Net decrease in cash and cash equivalents | (2,536) | (1,619) |
Cash and cash equivalents, beginning of period | 2,537 | 1,627 |
Cash and cash equivalents, end of period | 1 | 8 |
NHUS [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (6,607) | (12,190) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | 6,607 | 12,190 |
Net cash used in financing activities | 6,607 | 12,190 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
NDH [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 54,422 | 20,809 |
Cash flows from investing activities | ||
Capital expenditures | (277) | (14,575) |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | (277) | (14,575) |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | (64,900) | (8,264) |
Net cash used in financing activities | (64,900) | (8,264) |
Net decrease in cash and cash equivalents | (10,755) | (2,030) |
Cash and cash equivalents, beginning of period | 10,855 | 2,101 |
Cash and cash equivalents, end of period | 100 | 71 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (115,438) | (120,093) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | (300,000) |
Debt issuance costs on senior notes and credit facility | (42) | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | 415,480 | 420,093 |
Net cash used in financing activities | 115,438 | 120,093 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 55,815 | (7,988) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | (55,815) | 7,988 |
Net cash used in financing activities | (55,815) | 7,988 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 151,982 | 315,632 |
Cash flows from investing activities | ||
Capital expenditures | (38,105) | (74,749) |
Proceeds from disposal of assets | 273 | 3,031 |
Net cash used in investing activities | (37,832) | (71,718) |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Dividends paid to noncontrolling interests | (5,393) | (21,513) |
Distributions to parent company, net | 0 | 0 |
Advances (to) from affiliates | (230,331) | (495,124) |
Net cash used in financing activities | (235,724) | (516,637) |
Net decrease in cash and cash equivalents | (121,574) | (272,723) |
Cash and cash equivalents, beginning of period | 640,441 | 508,067 |
Cash and cash equivalents, end of period | 518,867 | 235,344 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 148,515 | 187,750 |
Cash flows from investing activities | ||
Capital expenditures | (38,382) | (89,324) |
Proceeds from disposal of assets | 273 | 3,031 |
Net cash used in investing activities | (38,109) | (86,293) |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | (300,000) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Dividends paid to noncontrolling interests | (5,393) | (21,513) |
Distributions to parent company, net | 60,164 | (56,316) |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | (245,271) | (377,829) |
Net decrease in cash and cash equivalents | (134,865) | (276,372) |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 |
Cash and cash equivalents, end of period | $ 518,968 | $ 235,423 |