Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 244,967,113 | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 608,763 | $ 725,722 |
Accounts receivable, net | 202,533 | 319,152 |
Taxes receivable | 55,394 | 55,480 |
Prepaid expenses and other current assets | 74,599 | 92,260 |
Total current assets | 941,289 | 1,192,614 |
Property and equipment, at cost | 12,421,765 | 12,364,888 |
Accumulated depreciation | (2,709,498) | (2,302,940) |
Property and equipment, net | 9,712,267 | 10,061,948 |
Other assets | 244,663 | 185,555 |
Total assets | 10,898,219 | 11,440,117 |
Current liabilities | ||
Current maturities of long-term debt | 249,652 | 299,882 |
Accounts payable | 83,986 | 108,224 |
Accrued payroll and related costs | 46,844 | 48,383 |
Taxes payable | 53,629 | 46,561 |
Interest payable | 64,280 | 61,299 |
Other current liabilities | 96,870 | 68,944 |
Total current liabilities | 595,261 | 633,293 |
Long-term debt | 3,795,327 | 4,040,229 |
Deferred income taxes | 253,444 | 2,084 |
Other liabilities | 289,330 | 297,066 |
Total liabilities | 4,933,362 | 4,972,672 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity | ||
Common stock | 2,450 | 2,432 |
Additional paid-in capital | 671,605 | 654,168 |
Retained earnings | 4,662,468 | 5,154,221 |
Accumulated other comprehensive loss | (49,561) | (52,140) |
Total shareholders' equity | 5,286,962 | 5,758,681 |
Noncontrolling interests | 677,895 | 708,764 |
Total equity | 5,964,857 | 6,467,445 |
Total liabilities and equity | 10,898,219 | 11,440,117 |
Noble Corp [Member] | ||
Current assets | ||
Cash and cash equivalents | 607,958 | 653,833 |
Accounts receivable, net | 202,533 | 319,152 |
Taxes receivable | 55,394 | 55,480 |
Prepaid expenses and other current assets | 73,649 | 88,749 |
Total current assets | 939,534 | 1,117,214 |
Property and equipment, at cost | 12,421,765 | 12,364,888 |
Accumulated depreciation | (2,709,498) | (2,302,940) |
Property and equipment, net | 9,712,267 | 10,061,948 |
Other assets | 244,748 | 178,552 |
Total assets | 10,896,549 | 11,357,714 |
Current liabilities | ||
Current maturities of long-term debt | 249,652 | 299,882 |
Accounts payable | 83,875 | 107,868 |
Accrued payroll and related costs | 46,844 | 48,319 |
Taxes payable | 53,203 | 46,561 |
Interest payable | 64,280 | 61,299 |
Other current liabilities | 96,788 | 67,312 |
Total current liabilities | 594,642 | 631,241 |
Long-term debt | 3,795,327 | 4,040,229 |
Deferred income taxes | 253,444 | 2,084 |
Other liabilities | 289,330 | 292,183 |
Total liabilities | 4,932,743 | 4,965,737 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 615,822 | 594,091 |
Retained earnings | 4,693,525 | 5,115,137 |
Accumulated other comprehensive loss | (49,561) | (52,140) |
Total shareholders' equity | 5,285,911 | 5,683,213 |
Noncontrolling interests | 677,895 | 708,764 |
Total equity | 5,963,806 | 6,391,977 |
Total liabilities and equity | $ 10,896,549 | $ 11,357,714 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Ordinary shares, shares outstanding | 244,965 | 243,239 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Noble Corp [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenues | ||||
Contract drilling services | $ 259,740 | $ 373,257 | $ 885,931 | $ 1,841,321 |
Reimbursables and other | 6,472 | 11,896 | 21,399 | 50,588 |
Total operating revenues | 266,212 | 385,153 | 907,330 | 1,891,909 |
Operating costs and expenses | ||||
Contract drilling services | 165,028 | 207,204 | 487,784 | 702,628 |
Reimbursables | 3,834 | 9,142 | 13,374 | 39,446 |
Depreciation and amortization | 137,607 | 155,242 | 409,919 | 455,907 |
General and administrative | 15,331 | 15,773 | 49,869 | 54,346 |
Loss on impairment | 0 | 0 | 0 | 16,616 |
Total operating costs and expenses | 321,800 | 387,361 | 960,946 | 1,268,943 |
Operating income (loss) | (55,588) | (2,208) | (53,616) | 622,966 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (72,887) | (52,569) | (219,543) | (166,975) |
Gain on extinguishment of debt, net | 0 | 0 | 0 | 11,066 |
Interest income and other, net | 389 | 540 | 4,286 | (1,443) |
Income (loss) from continuing operations before income taxes | (128,086) | (54,237) | (268,873) | 465,614 |
Income tax benefit (provision) | 28,605 | 10,002 | (210,589) | (40,317) |
Net income (loss) from continuing operations | (99,481) | (44,235) | (479,462) | 425,297 |
Net loss from discontinued operations, net of tax | 0 | 0 | (1,486) | 0 |
Net income (loss) | (99,481) | (44,235) | (480,948) | 425,297 |
Net (income) loss attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Net income (loss) attributable to the company | (96,792) | (55,081) | (491,836) | 373,270 |
Income (loss) from continuing operations | (96,792) | (55,081) | (490,350) | 373,270 |
Net loss from discontinued operations, net of tax | 0 | 0 | (1,486) | 0 |
Net income (loss) attributable to the company | $ (96,792) | $ (55,081) | $ (491,836) | $ 373,270 |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ (0.40) | $ (0.23) | $ (2) | $ 1.48 |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.01) | 0 |
Net income (loss) (usd per share) | (0.40) | (0.23) | (2.01) | 1.48 |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | (0.40) | (0.23) | (2) | 1.48 |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.01) | 0 |
Net income (loss) (usd per share) | $ (0.40) | $ (0.23) | $ (2.01) | $ 1.48 |
Noble Corp [Member] | ||||
Operating revenues | ||||
Contract drilling services | $ 259,740 | $ 373,257 | $ 885,931 | $ 1,841,321 |
Reimbursables and other | 6,472 | 11,896 | 21,399 | 51,288 |
Total operating revenues | 266,212 | 385,153 | 907,330 | 1,892,609 |
Operating costs and expenses | ||||
Contract drilling services | 164,568 | 206,072 | 486,441 | 697,596 |
Reimbursables | 3,834 | 9,142 | 13,374 | 39,446 |
Depreciation and amortization | 136,651 | 155,242 | 407,002 | 455,853 |
General and administrative | 9,823 | 12,033 | 32,118 | 36,491 |
Loss on impairment | 0 | 0 | 0 | 16,616 |
Total operating costs and expenses | 314,876 | 382,489 | 938,935 | 1,246,002 |
Operating income (loss) | (48,664) | 2,664 | (31,605) | 646,607 |
Other income (expense) | ||||
Interest expense, net of amount capitalized | (72,887) | (52,569) | (219,543) | (166,975) |
Gain on extinguishment of debt, net | 0 | 0 | 0 | 11,066 |
Interest income and other, net | 274 | 568 | 4,121 | (1,368) |
Income (loss) from continuing operations before income taxes | (121,277) | (49,337) | (247,027) | 489,330 |
Income tax benefit (provision) | 28,605 | 9,307 | (210,555) | (40,310) |
Net income (loss) from continuing operations | (92,672) | (40,030) | (457,582) | 449,020 |
Net loss from discontinued operations, net of tax | 0 | 0 | 2,967 | 0 |
Net income (loss) | (92,672) | (40,030) | (454,615) | 449,020 |
Net (income) loss attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Net income (loss) attributable to the company | (89,983) | (50,876) | (465,503) | 396,993 |
Net income (loss) attributable to the company | $ (89,983) | $ (50,876) | $ (465,503) | $ 396,993 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) | $ (99,481) | $ (44,235) | $ (480,948) | $ 425,297 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 469 | (543) | 749 | 263 |
Foreign currency forward contracts | (65) | 463 | 674 | (605) |
Amortization of deferred pension plan amounts (net of tax provision of $165 and $408 for the three months ended September 30, 2017 and 2016, respectively, and $493 and $1,227 for the nine months ended September 30, 2017 and 2016, respectively) | 389 | 781 | 1,156 | 2,348 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Net comprehensive (income) loss attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Comprehensive income (loss) attributable to the company | (95,999) | (54,380) | (489,257) | 375,276 |
Noble Corp [Member] | ||||
Net income (loss) | (92,672) | (40,030) | (454,615) | 449,020 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 469 | (543) | 749 | 263 |
Foreign currency forward contracts | (65) | 463 | 674 | (605) |
Amortization of deferred pension plan amounts (net of tax provision of $165 and $408 for the three months ended September 30, 2017 and 2016, respectively, and $493 and $1,227 for the nine months ended September 30, 2017 and 2016, respectively) | 389 | 781 | 1,156 | 2,348 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Net comprehensive (income) loss attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Comprehensive income (loss) attributable to the company | $ (89,190) | $ (50,175) | $ (462,924) | $ 398,999 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amortization of deferred pension plan, tax provision | $ 165 | $ 408 | $ 493 | $ 1,227 |
Noble Corp [Member] | ||||
Amortization of deferred pension plan, tax provision | $ 165 | $ 408 | $ 493 | $ 1,227 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ (480,948) | $ 425,297 |
Adjustments to reconcile net income to net cash flow from operating activities: | ||
Depreciation and amortization | 409,919 | 455,907 |
Loss on impairment | 0 | 16,616 |
Gain on extinguishment of debt, net | 0 | (11,066) |
Deferred income taxes | 343,962 | (82,774) |
Amortization of share-based compensation | 21,788 | 27,222 |
Other long-term asset write-off | 28,689 | 0 |
Net change in other assets and liabilities | (24,330) | 129,166 |
Net cash provided by operating activities | 299,080 | 960,368 |
Cash flows from investing activities | ||
Capital expenditures | (74,363) | (592,038) |
Change in accrued capital expenditures | (12,337) | (41,235) |
Proceeds from disposal of assets | 1,306 | 23,390 |
Net cash used in investing activities | (85,394) | (609,883) |
Cash flows from financing activities | ||
Repayments of debt | (300,000) | (322,207) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Premiums paid on early repayment of long-term debt | 0 | (1,781) |
Dividend payments | 0 | (47,534) |
Dividends paid to noncontrolling interests | (26,293) | (61,980) |
Employee stock transactions | (4,310) | (3,176) |
Net cash used in financing activities | (330,645) | (436,678) |
Net decrease in cash and cash equivalents | (116,959) | (86,193) |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 |
Cash and cash equivalents, end of period | 608,763 | 426,052 |
Noble Corp [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | (454,615) | 449,020 |
Adjustments to reconcile net income to net cash flow from operating activities: | ||
Depreciation and amortization | 407,002 | 455,853 |
Loss on impairment | 0 | 16,616 |
Gain on extinguishment of debt, net | 0 | (11,066) |
Deferred income taxes | 343,961 | (82,774) |
Capital contribution by parent - share-based compensation | 21,731 | 25,296 |
Other long-term asset write-off | 28,689 | 0 |
Net change in other assets and liabilities | (24,805) | 132,911 |
Net cash provided by operating activities | 321,963 | 985,856 |
Cash flows from investing activities | ||
Capital expenditures | (74,363) | (592,038) |
Change in accrued capital expenditures | (12,337) | (41,235) |
Proceeds from disposal of assets | 1,306 | 23,390 |
Net cash used in investing activities | (85,394) | (609,883) |
Cash flows from financing activities | ||
Repayments of debt | (300,000) | (322,207) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Premiums paid on early repayment of long-term debt | 0 | (1,781) |
Dividends paid to noncontrolling interests | (26,293) | (61,980) |
Contributions (distributions) from (to) parent company, net | 43,891 | |
Contributions (distributions) from (to) parent company, net | (76,051) | |
Net cash used in financing activities | (282,444) | (462,019) |
Net decrease in cash and cash equivalents | (45,875) | (86,046) |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 |
Cash and cash equivalents, end of period | $ 607,958 | $ 425,749 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noble Corp [Member] | Noble Corp [Member]Common Stock [Member] | Noble Corp [Member]Capital in Excess of Par Value [Member] | Noble Corp [Member]Retained Earnings [Member] | Noble Corp [Member]Accumulated Other Comprehensive Loss [Member] | Noble Corp [Member]Noncontrolling Interests [Member] | |
Beginning balance at Dec. 31, 2015 | $ 7,422,230 | $ 2,420 | $ 628,483 | $ 6,131,501 | $ (63,175) | $ 723,001 | $ 7,414,471 | $ 26,125 | $ 561,309 | $ 6,167,211 | $ (63,175) | $ 723,001 | |
Beginning Balance, Shares at Dec. 31, 2015 | 241,977 | 261,246 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 27,222 | 27,222 | |||||||||||
Issuance of share-based compensation shares | (3,597) | $ 12 | (3,609) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,256 | ||||||||||||
Tax benefit of equity transactions | (5,495) | (5,495) | |||||||||||
Distributions to parent company, net | (76,051) | (76,051) | |||||||||||
Capital contribution by parent - share- based compensation | 25,296 | 25,296 | |||||||||||
Net income (loss) | 425,297 | 373,270 | 52,027 | 449,020 | 396,993 | 52,027 | |||||||
Dividends paid to noncontrolling interests | (61,980) | (61,980) | (61,980) | (61,980) | |||||||||
Dividends | 47,700 | 47,700 | |||||||||||
Other comprehensive income, net | 2,006 | 2,006 | 2,006 | 2,006 | |||||||||
Ending Balance at Sep. 30, 2016 | 7,757,983 | $ 2,432 | 646,601 | 6,457,071 | (61,169) | 713,048 | 7,752,762 | $ 26,125 | 586,605 | 6,488,153 | (61,169) | 713,048 | |
Ending Balance, Shares at Sep. 30, 2016 | 243,233 | 261,246 | |||||||||||
Beginning balance at Dec. 31, 2016 | $ 6,467,445 | $ 2,432 | 654,168 | 5,154,221 | (52,140) | 708,764 | $ 6,391,977 | $ 26,125 | 594,091 | 5,115,137 | (52,140) | 708,764 | |
Beginning Balance, Shares at Dec. 31, 2016 | 243,239 | 243,239 | 261,246 | 261,246 | |||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | $ 21,788 | 21,788 | |||||||||||
Issuance of share-based compensation shares | (5) | $ 18 | (23) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,726 | ||||||||||||
Shares withheld for taxes on equity transactions | (4,328) | (4,328) | |||||||||||
Contributions from parent company, net | $ (43,891) | (43,891) | |||||||||||
Capital contribution by parent - share- based compensation | 21,731 | 21,731 | |||||||||||
Net income (loss) | (480,948) | (491,836) | 10,888 | (454,615) | (465,503) | 10,888 | |||||||
Dividends paid to noncontrolling interests | (26,293) | (26,293) | (26,293) | (26,293) | |||||||||
Dividends unpaid to noncontrolling interests | (15,464) | (15,464) | (15,464) | (15,464) | |||||||||
Dividends | [1] | (83) | (83) | ||||||||||
Other comprehensive income, net | 2,579 | 2,579 | 2,579 | 2,579 | |||||||||
Ending Balance at Sep. 30, 2017 | $ 5,964,857 | $ 2,450 | $ 671,605 | $ 4,662,468 | $ (49,561) | $ 677,895 | $ 5,963,806 | $ 26,125 | $ 615,822 | $ 4,693,525 | $ (49,561) | $ 677,895 | |
Ending Balance, Shares at Sep. 30, 2017 | 244,965 | 244,965 | 261,246 | 261,246 | |||||||||
[1] | . |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1— Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of September 30, 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. 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 primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. 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 condensed 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 condensed 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 condensed consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2016 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2016 audited consolidated financial statements, and as a result, they do not include all disclosures required by GAAP. 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. 2016-9, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, prior period excess tax benefits of approximately $5.5 million , previously classified as a financing activity in “Employee stock transactions” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as an operating activity in “Net change in other assets and liabilities” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. Prior period shares withheld for taxes on employee stock transactions of approximately $3.2 million , previously classified as an operating activity in “Net change in other assets and liabilities” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as a financing activity in “Employee stock transactions” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. See Note 13— Accounting Pronouncements for additional information. We have made certain reclassifications to our prior period amounts in our operating revenue by combining our other revenue with reimbursables revenue to conform to the current period presentation. Such reclassification did not have a material effect on our condensed consolidated statement of financial position, results of operations or cash flows. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 2— 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 condensed consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2017 , the Bully joint ventures approved dividends totaling $30.9 million and $83.5 million , respectively, and paid dividends totaling $41.8 million and $52.6 million , respectively. During the three and nine months ended September 30, 2016 , the Bully joint ventures approved and paid dividends totaling $41.8 million and $124.0 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at September 30, 2017 and December 31, 2016 totaled $1.3 billion and $1.4 billion , respectively. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $79.3 million at September 30, 2017 as compared to approximately $34.7 million at December 31, 2016 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3— Earnings Per Share The following table presents the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Basic Net income (loss) attributable to Noble-UK $ (96,792 ) $ (55,081 ) $ (491,836 ) $ 373,270 Net loss from discontinued operations, net of tax — — 1,486 — Earnings allocated to unvested share-based payment awards — — — (12,754 ) Net income (loss) from continuing operations to common shareholders - basic $ (96,792 ) $ (55,081 ) $ (490,350 ) $ 360,516 Diluted Net income (loss) attributable to Noble-UK $ (96,792 ) $ (55,081 ) $ (491,836 ) $ 373,270 Net loss from discontinued operations, net of tax — — 1,486 — Net income (loss) from continuing operations to common shareholders - diluted $ (96,792 ) $ (55,081 ) $ (490,350 ) $ 373,270 Denominator: Weighted average shares outstanding - basic 244,940 243,224 244,666 243,089 Incremental shares issuable from assumed exercise of stock — — — 8,600 Weighted average shares outstanding - diluted 244,940 243,224 244,666 251,689 Earnings per share Basic: Income (loss) from continuing operations $ (0.40 ) $ (0.23 ) $ (2.00 ) $ 1.48 Loss from discontinued operations — — (0.01 ) — Net income (loss) attributable to Noble-UK $ (0.40 ) $ (0.23 ) $ (2.01 ) $ 1.48 Diluted: Income (loss) from continuing operations $ (0.40 ) $ (0.23 ) $ (2.00 ) $ 1.48 Loss from discontinued operations — — (0.01 ) — Net income (loss) attributable to Noble-UK $ (0.40 ) $ (0.23 ) $ (2.01 ) $ 1.48 Dividends per share $ — $ 0.02 $ — $ 0.19 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. In the three and nine months ended September 30, 2017 , approximately 12.1 million share-based awards, were excluded from the diluted earnings per share since the effect would have been anti-dilutive. In the three months ended September 30, 2016 , approximately 10.6 million share-based awards were excluded from the diluted earnings per share since the effect would have been anti-dilutive. For the nine months ended September 30, 2016 , approximately 1.5 million shares underlying stock options were excluded from the diluted earnings per share as such stock options were anti-dilutive. Share capital As of September 30, 2017 , Noble-UK had approximately 245.0 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 53.0 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. At September 30, 2017 , we do not have shareholder authority to repurchase shares. During the three and nine months ended September 30, 2017 , no shares were repurchased. |
Receivables from Customers
Receivables from Customers | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Receivables from Customers | Note 4— Receivables from Customers In prior periods, we had receivables of approximately $14.4 million related to the Noble Max Smith , which had been disputed by our former customer, Petróleos Mexicanos (“Pemex”) and were classified as long-term and included in “Other assets” on our Condensed Consolidated Balance Sheet. The receivables were related 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. Paragon Offshore has announced that, as part of its bankruptcy plan, it will liquidate the Mexican entity currently prosecuting the Noble Max Smith claim against Pemex. While Noble owns all rights to amounts from that claim and will take available actions to recover such amounts, we believe the announced actions by Paragon Offshore creates uncertainty relating to the prosecution of the claim and associated recovery, and accordingly, the disputed amounts of approximately $14.4 million were written off through “Contract drilling services” costs on the accompanying Condensed Consolidated Statements of Operations during the nine months ended September 30, 2017 . |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 5— Property and Equipment Property and equipment, at cost, as of September 30, 2017 and December 31, 2016 for Noble-UK consisted of the following: September 30, 2017 December 31, 2016 Drilling equipment and facilities $ 12,156,374 $ 12,048,571 Construction in progress 75,331 112,103 Other 190,060 204,214 Property and equipment, at cost $ 12,421,765 $ 12,364,888 Capital expenditures, including capitalized interest, totaled $74.4 million and $592.0 million for the nine months ended September 30, 2017 and 2016 , respectively. During the three and nine months ended September 30, 2017 , there was no capitalized interest due to the completion of our newbuild program. Capitalized interest was $8.5 million and $15.9 million for the three and nine months ended September 30, 2016 , respectively. During the three and nine months ended September 30, 2017 , we recognized $14.3 million in "Contract drilling services" costs related to damages sustained on the Noble Danny Adkins and the Noble Jim Day during Hurricane Harvey in the U.S. Gulf of Mexico region. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 6— Debt Our total debt consisted of the following at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Senior unsecured notes 2.50% Senior Notes due March 2017 $ — $ 299,992 5.75% Senior Notes due March 2018 249,911 249,771 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 167,612 167,576 4.625% Senior Notes due March 2021 208,561 208,538 3.95% Senior Notes due March 2022 125,510 125,488 7.75% Senior Notes due January 2024 981,738 980,117 7.70% Senior Notes due April 2025 448,983 448,909 6.20% Senior Notes due August 2040 399,899 399,898 6.05% Senior Notes due March 2041 397,790 397,758 5.25% Senior Notes due March 2042 498,393 498,369 8.70% Senior Notes due April 2045 394,647 394,613 Total debt 4,074,739 4,372,724 Less: Unamortized debt issuance costs (29,760 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,652 ) (299,882 ) Long-term debt, net of debt issuance costs $ 3,795,327 $ 4,040,229 (1) Presented net of current portion of unamortized debt issuance costs of $0.3 million and $0.1 million at September 30, 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 $500.0 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 with each agency. At September 30, 2017 , based on our debt ratings on that date, the facility fee was 0.35 percent. At September 30, 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 September 30, 2017 , the interest rate in effect is the highest permitted interest rate under the credit facility. Debt Issuances In December 2016, we issued $1.0 billion aggregate principal amount of 7.75% Senior Notes, which we issued through our indirect wholly-owned subsidiary, NHIL. The net proceeds of approximately $967.6 million , after estimated expenses, were primarily used to retire a portion of our near-term Senior Notes in a related tender offer and the remaining portion was used for general corporate purposes. Senior Notes Interest Rate Adjustments During 2016 and to date in 2017, we experienced debt rating downgrades by Moody’s Investors Service and S&P Global Ratings (“S&P”), which reduced our debt ratings below investment grade. As a result of these downgrades, we experienced interest rate increases during 2016 and 2017 on our Senior Notes due 2018, 2025 and 2045 , all of which are subject to provisions that vary the applicable interest rates based on our debt rating. On October 18, 2017, S&P further reduced our debt rating, which will increase the interest rates on our 2025 and 2045 Senior Notes to 7.95% and 8.95% , respectively, beginning in April 2018. Once the new interest rates take effect in April 2018, these Senior Notes will have reached the contractually-defined maximum interest rate set for each rating agency. The interest rates on these Senior Notes may be 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 $467.8 million principal amount was outstanding, our 4.625% Senior Notes due 2021 , of which $396.6 million principal amount was outstanding and our 3.95% Senior Notes due 2022 , of which $400.0 million principal amount was outstanding. On December 28, 2016, we purchased $762.3 million of these Senior Notes for $750.0 million , plus accrued interest, using a portion of the net proceeds of the $1.0 billion Senior Notes due 2024 issuance in December 2016. In December 2016, as a result of this transaction, we recognized a net gain of approximately $6.7 million . In March 2016, we commenced cash tender offers for our 4.90% Senior Notes due 2020 , of which $500.0 million principal amount was outstanding, and our 4.625% Senior Notes due 2021 , of which $400.0 million principal amount was outstanding. On April 1, 2016, we purchased $36.0 million of these Senior Notes for $24.0 million , plus accrued interest, using cash on hand. In April 2016, as a result of this transaction, we recognized a net gain of approximately $11.1 million . In March 2017, we repaid our $300.0 million 2.50% Senior Notes using cash on hand. 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 September 30, 2017 , our ratio of debt to total tangible capitalization was approximately 0.41 . We were in compliance with all covenants under the credit facility as of September 30, 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 September 30, 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 10— Fair Value of Financial Instruments . The following table presents the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, as of September 30, 2017 and December 31, 2016 , respectively: September 30, 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 249,911 252,638 249,771 249,808 7.50% Senior Notes due March 2019 201,695 208,347 201,695 209,524 4.90% Senior Notes due August 2020 167,612 164,664 167,576 167,329 4.625% Senior Notes due March 2021 208,561 194,303 208,538 196,416 3.95% Senior Notes due March 2022 125,510 104,816 125,488 112,791 7.75% Senior Notes due January 2024 981,738 890,160 980,117 945,317 7.70% Senior Notes due April 2025 448,983 386,802 448,909 423,267 6.20% Senior Notes due August 2040 399,899 278,956 399,898 280,221 6.05% Senior Notes due March 2041 397,790 274,376 397,758 273,854 5.25% Senior Notes due March 2042 498,393 329,460 498,369 325,814 8.70% Senior Notes due April 2045 394,647 325,600 394,613 328,608 Total debt $ 4,074,739 $ 3,410,122 $ 4,372,724 $ 3,812,077 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7— Income Taxes At September 30, 2017 , the reserves for uncertain tax positions totaled $192.3 million (net of related tax benefits of $1.0 million ). If the September 30, 2017 reserves are not realized, the provision for income taxes would be reduced by $186.8 million . At December 31, 2016 , the reserves for uncertain tax positions totaled $172.5 million (net of related tax benefits of $1.0 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. During the nine months ended September 30, 2017 , our income tax provision included a non-cash, discrete item of $260.7 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. As of September 30, 2017 , we recorded deferred charges of $147.5 million related to the deferral of income tax expense on intercompany asset transfers as a result of our internal tax restructuring. The deferred charges are included in “Other assets” on the accompanying Condensed Consolidated Balance Sheet and are amortized as a component of income tax expense over the remaining life of the underlying assets. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 8— Employee Benefit Plans Pension costs include the following components for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 763 $ 1,662 Interest cost 506 2,148 589 2,389 Return on plan assets (739 ) (2,941 ) (828 ) (3,097 ) Amortization of prior service cost — — 25 30 Recognized net actuarial loss 264 366 35 1,099 Settlement and curtailment gains (620 ) — — — Net pension benefit cost (gain) $ (589 ) $ (427 ) $ 584 $ 2,083 Nine Months Ended September 30, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 2,337 $ 4,986 Interest cost 1,476 6,445 1,864 7,167 Return on plan assets (2,161 ) (8,823 ) (2,627 ) (9,291 ) Amortization of prior service cost — — 78 88 Recognized net actuarial loss 775 1,098 110 3,299 Settlement and curtailment gains (620 ) — — — Net pension benefit cost (gain) $ (530 ) $ (1,280 ) $ 1,762 $ 6,249 During the three and nine months ended September 30, 2017 , we made contributions to our pension plans of approximately $0.4 million and $0.6 million , which satisfied our obligations under our defined benefit plan for the North Sea region. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 9— Derivative Instruments and Hedging Activities We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. 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. The FCX Settlement included two contingent payments, which are further discussed below. We accounted for these contingent payments as derivative instruments that did not qualify under the Financial Accounting Standards Board (“FASB”) standards for hedge accounting treatment, and therefore, changes in fair values were recognized as a loss in the accompanying Condensed Consolidated Statements of Operations. 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 $10.1 million at September 30, 2017 . Total unrealized gains related to these forward contracts were approximately $0.7 million as of September 30, 2017 and were recorded as part of “Accumulated other comprehensive income (loss)” (“AOCL”). FCX Settlement Pursuant to the FCX Settlement, Noble could have received 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 was 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 averaged more than $50 per barrel during such period, Freeport would have paid $25.0 million to Noble. In addition to the $25.0 million contingent payment, if the price of WTI averaged more than $65 per barrel during such period, Freeport would have paid an additional $50.0 million to Noble. These contingent payments did not qualify for hedge accounting treatment under FASB standards, and therefore, the change in fair value was recognized as a loss in the accompanying Condensed Consolidated Statements of Operations. These contingent payments are referred to as non-designated derivatives in the following tables. The price of WTI did not average more than $50 per barrel during the 12-month period. As of June 30, 2017, the fair value of these contingent payments was reduced to zero , as the period for earning the contingent payments had ended. Financial Statement Presentation The following table, together with Note 10— Fair Value of Financial Instruments , summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2017 and December 31, 2016 : Estimated fair value Balance sheet classification September 30, December 31, Asset derivatives Cash flow hedges Foreign currency forward contracts Prepaid expenses and other current assets $ 674 $ — Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ — $ 14,400 The following table, together with Note 10— Fair Value of Financial Instruments , summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “Contract drilling services” revenue or costs for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ (65 ) $ 463 $ 542 $ (540 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ — $ (5,194 ) Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ 674 $ (605 ) $ — $ — $ 679 $ (158 ) Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (14,400 ) $ 12,406 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 10— 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: September 30, 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 $ 7,326 $ 7,326 $ — $ — Foreign currency forward contracts $ 674 $ — $ 674 $ — 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 Condensed 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 following tables present the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the nine months ended September 30, 2017 and 2016 : Balance as of December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (5,194 ) Balance as of September 30, 2016 $ 12,406 Balance as of December 31, 2016 $ 14,400 Change in fair value recognized in earnings (14,400 ) Balance as of September 30, 2017 $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 11— Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of AOCL for the nine months ended September 30, 2017 and 2016 . All amounts within the tables are shown net of tax. Unrealized 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 (loss) before reclassifications (605 ) — 263 (342 ) Amounts reclassified from AOCL — 2,348 — 2,348 Net other comprehensive income (loss) (605 ) 2,348 263 2,006 Balance at September 30, 2016 $ (605 ) $ (44,571 ) $ (15,993 ) $ (61,169 ) Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income before reclassifications 674 — 749 1,423 Amounts reclassified from AOCL — 1,156 — 1,156 Net other comprehensive income 674 1,156 749 2,579 Balance at September 30, 2017 $ 674 $ (34,709 ) $ (15,526 ) $ (49,561 ) (1) Gains/(losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See Note 9— Derivative Instruments and Hedging Activities 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 Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 8— Employee Benefit Plans for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12— Commitments and Contingencies Transocean Ltd . In January 2017, a subsidiary of Transocean Ltd. (“Transocean”) 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. The lawsuit is proceeding and we intend to defend ourselves vigorously against this claim. Department of Justice settlement. 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 $4.0 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. Brazil commercial agent. 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 have been in contact with the SEC, the Brazilian federal prosecutor’s office and the DOJ about this matter. We have cooperated 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. 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 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 revised plan of reorganization (the "New Plan") in its bankruptcy proceeding. Under the New Plan, including Paragon Offshore ’s revised business plan, Paragon Offshore no longer needed the Mexican tax bonding that Noble-UK was to provide under the Settlement Agreement . As a result, the Settlement Agreement was no longer applicable to the 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 $10.0 million litigation trust to pursue litigation against us. On June 7, 2017, the revised New Plan was approved by the bankruptcy court and Paragon Offshore emerged from bankruptcy on July 18, 2017 . We expect Paragon Offshore or its creditors will use the litigation trust to pursue claims against us relating to the Spin-off, including 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. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into the Separation Agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off, including the MSA and TSA. As part of its final bankruptcy plan, Paragon Offshore rejected the Separation Agreements. Accordingly, the indemnity obligations that Paragon Offshore potentially would have owed us under the Separation Agreements have now terminated, 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. Likewise, any potential indemnity obligations that we would have owed 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, are now also extinguished. In the absence of the Separation Agreements, liabilities relating to the respective parties will be borne by the owner of the legal entity or asset at issue and neither party will look to an allocation based on the historic relationship of an entity or asset to one of the party’s business, as had been the case under the Separation Agreements. The rejection and ultimate termination of the indemnity and related obligations under the Separation Agreements has resulted in a number of accounting charges and benefits for the nine months ended September 30, 2017 , and such termination may continue to affect us in the future as liabilities arise for which we would have been indemnified by Paragon Offshore or would have had to indemnify Paragon Offshore. We do not expect that, overall, the rejection of the Separation Agreements by Paragon Offshore will have a material adverse effect on our financial condition or liquidity. However, any loss we experience with respect to which we would have been able to secure indemnification from Paragon Offshore under one or more of the Separation Agreements 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. During the nine months ended September 30, 2017 , we recognized net charges of $15.9 million , with a non-cash loss of $1.5 million recorded in "Net loss from discontinued operations, net of tax" on our Condensed Consolidated Statement of Operations relating to the emergence from bankruptcy of Paragon Offshore. For more information on the Separation Agreements, see our Annual Report on Form 10-K for the year ended December 31, 2016. Tax matters. 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 condensed consolidated financial statements. During the third quarter of 2017, the IRS initiated its examination of our 2012, 2013, 2014 and 2015 tax returns. In previous periods, we reported that Mexican and Brazilian authorities had made significant tax assessments against Paragon Offshore entities, a portion of which related to Noble’s business that operated through Paragon Offshore-retained entities in Mexico and Brazil prior to the spin-off. As a result of the termination of the Separation Agreements, we no longer have any indemnity obligations in respect of these tax claims made against Paragon Offshore entities, and responsibility for these claims has reverted back to the applicable Paragon Offshore entity. Audit claims of approximately $51.4 million attributable to income and other business taxes have been assessed against Noble entities in Mexico. In previous periods, we also reported that Petrobras had notified us that it was 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 had also notified us that if Petrobras was ultimately forced to pay such withholding taxes, it would seek reimbursement from Paragon Offshore who would then seek reimbursement from us for the portion of the withholding that was allocable to our drilling rigs. As a result of the termination of the Separation Agreements, we no longer have any indemnity obligation in respect of these withholding claims made against a Paragon Offshore entity, and responsibility for these claims has reverted back to the applicable Paragon Offshore entity. 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. Other legal matters. 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 $25.0 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 $500.0 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 $10.0 million per occurrence, with maximum liability coverage of $750.0 million . We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, 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. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Note 13— Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. 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. 2016-2, Leases (ASC Topic 842) as discussed below and applying it retrospectively to all comparative periods presented. Our adoption will have an impact on how our condensed consolidated financial statements and related disclosures will be presented. Upon adoption of these two new standards, we expect to disaggregate our “Contract drilling services” revenue on our Condensed Consolidated Statement of Operations into a lease component and a service component of revenue related to our drilling contracts. In February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard 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 condensed consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. Due to the interaction with the issued accounting standard on revenue recognition, we expect to adopt ASC 842 effective January 1, 2018, concurrently with ASC 606. We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our condensed consolidated financial statements and related disclosures will be presented. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets ranging from approximately $20.0 million to $40.0 million upon adoption, based on our portfolio of leases as of September 30, 2017. We are currently evaluating any other impacts ASC 842 will have on our consolidated financial statements and related disclosures. To facilitate that evaluation, we have completed training on the ASU, formed an implementation team and started the review and documentation of contracts. In March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This standard is effective for interim and annual reporting periods beginning after December 15, 2016 and we adopted the standard as of January 1, 2017. Under the new provision, current period excess tax benefits related to stock compensation are now recognized in our Condensed Consolidated Statement of Operations in “Provision for income taxes,” rather than on our Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Cash Flows. This update has been applied on a prospective basis. Changes to our Condensed Consolidated Statement of Cash Flows related to the reclassification of prior period excess tax benefits and employee taxes paid for share-based payment arrangements have been implemented on a retrospective basis. In accordance with our adoption of this update, prior period excess tax benefits of approximately $5.5 million , previously classified as a financing activity in “Employee stock transactions” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as an operating activity in “Net change in other assets and liabilities” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. Additionally, prior period employee taxes paid for share-based payment arrangements of approximately $3.2 million , previously classified as an operating activity in “Net change in other assets and liabilities” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as a financing activity in “Employee stock transactions” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. 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 standard is effective for interim and annual reporting periods beginning after December 15, 2017 and will be applied on a modified retrospective basis. As a result of the modified retrospective application, we will reduce "Other Assets" in our Condensed Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $152.2 million as of January 1, 2018. In February 2017, the FASB issued ASU No. 2017-6, 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 an employee benefit 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 standard is effective for fiscal years beginning after December 15, 2018, with early application permitted. 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. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 14— Supplemental Financial Information Condensed Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $126.5 million and $134.4 million at September 30, 2017 and December 31, 2016 , respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Condensed Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $52.1 million at September 30, 2017 as compared to $53.8 million at December 31, 2016 , and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Condensed 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 standards, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Saudi Aramco contracts. At September 30, 2017 and December 31, 2016 , revenues recorded in excess of billings as a result of this recognition totaled $10.8 million and $17.9 million , respectively, of which $8.5 million and $9.2 million , respectively, are included in “Prepaid expenses and other current assets” and $2.3 million and $8.7 million , respectively, are included in “Other assets,” in the accompanying Condensed Consolidated Balance Sheets, based upon our expected time of recognition. Condensed 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 Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Accounts receivable $ 116,619 $ 179,364 $ 116,619 $ 179,364 Other current assets 18,421 91,606 15,860 89,858 Other assets (76,002 ) 34,382 (80,172 ) 19,147 Accounts payable (11,901 ) (70,778 ) (11,656 ) (68,909 ) Other current liabilities 21,503 (71,789 ) 22,631 (67,663 ) Other liabilities (92,970 ) (33,619 ) (88,087 ) (18,886 ) $ (24,330 ) $ 129,166 $ (24,805 ) $ 132,911 In accordance with our adoption of ASU No. 2016-9, prior period excess tax benefits, which were previously classified as a financing activity in “Employee stock transactions,” are now classified as an operating activity in “Net change in other assets and liabilities” on our Condensed Consolidated Statement of Cash Flows and current period excess tax benefits are now recognized in our Condensed Consolidated Statement of Operations through income taxes. Additionally, shares withheld for taxes on employee stock transactions, which were previously classified as an operating activity in “Net change in other assets and liabilities,” are now classified as a financing activity in “Employee stock transactions” on our Condensed Consolidated Statement of Cash Flows. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 15— Condensed Consolidating Financial Information Guarantees of Registered Securities Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is a co-issuer or full and unconditional guarantor or otherwise obligated as of September 30, 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 7.70% 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 8.70% 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 September 30, 2017 (in thousands) (Unaudited) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 Accounts receivable — — 23,936 — — 178,597 — 202,533 Taxes receivable — 29,357 3 — — 26,034 — 55,394 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 593,643 1,454 124,519 60,945 411,853 5,780,487 (6,972,901 ) — Prepaid expenses and other current assets 96 — 967 19 1 72,566 — 73,649 Total current assets 593,752 30,811 268,940 61,021 2,785,306 6,665,533 (9,465,829 ) 939,534 Property and equipment, at cost — — 1,071,989 — — 11,349,776 — 12,421,765 Accumulated depreciation — — (260,496 ) — — (2,449,002 ) — (2,709,498 ) Property and equipment, net — — 811,493 — — 8,900,774 — 9,712,267 Notes receivable from affiliates 3,177,249 — 1,077,773 — 3,943,299 1,173,281 (9,371,602 ) — Investments in affiliates 4,941,085 4,601,780 5,340,411 12,539,320 7,254,988 — (34,677,584 ) — Other assets 3,046 16,775 6,026 — — 218,901 — 244,748 Total assets $ 8,715,132 $ 4,649,366 $ 7,504,643 $ 12,600,341 $ 13,983,593 $ 16,958,489 $ (53,515,015 ) $ 10,896,549 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt — 1,605,243 — 249,652 — 887,685 (2,492,928 ) 249,652 Accounts payable — — 2,004 — — 81,871 — 83,875 Accrued payroll and related costs — — 4,959 — — 41,885 — 46,844 Accounts payable to affiliates 3,407,065 391,266 1,802,128 553,930 — 818,512 (6,972,901 ) — Taxes payable — — 1 — — 53,202 — 53,203 Interest payable 2,211 — — 53,833 8,236 — — 64,280 Other current liabilities 16 — 945 — — 95,827 — 96,788 Total current liabilities 3,409,292 1,996,509 1,810,037 857,415 8,236 1,978,982 (9,465,829 ) 594,642 Long-term debt — — — 3,593,814 201,513 — — 3,795,327 Notes payable to affiliates — 700,000 472,620 3,175,662 — 5,023,320 (9,371,602 ) — Deferred income taxes — — — — — 253,444 — 253,444 Other liabilities 19,929 — 10,774 — — 258,627 — 289,330 Total liabilities 3,429,221 2,696,509 2,293,431 7,626,891 209,749 7,514,373 (18,837,431 ) 4,932,743 Commitments and contingencies Total shareholder equity 5,285,911 1,952,857 5,211,212 4,973,450 13,773,844 8,766,221 (34,677,584 ) 5,285,911 Noncontrolling interests — — — — — 677,895 — 677,895 Total equity 5,285,911 1,952,857 5,211,212 4,973,450 13,773,844 9,444,116 (34,677,584 ) 5,963,806 Total liabilities and equity $ 8,715,132 $ 4,649,366 $ 7,504,643 $ 12,600,341 $ 13,983,593 $ 16,958,489 $ (53,515,015 ) $ 10,896,549 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 to 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 September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 37,675 $ — $ — $ 231,873 $ (9,808 ) $ 259,740 Reimbursables and other — — 863 — — 5,609 — 6,472 Total operating revenues — — 38,538 — — 237,482 (9,808 ) 266,212 Operating costs and expenses Contract drilling services 67 3,056 10,306 852 — 160,095 (9,808 ) 164,568 Reimbursables — — 490 — — 3,344 — 3,834 Depreciation and amortization — — 13,971 — — 122,680 — 136,651 General and administrative 28 1,229 — 371 — 8,195 — 9,823 Total operating costs and expenses 95 4,285 24,767 1,223 — 294,314 (9,808 ) 314,876 Operating income (loss) (95 ) (4,285 ) 13,771 (1,223 ) — (56,832 ) — (48,664 ) Other income (expense) Income (loss) of unconsolidated affiliates (88,898 ) (64,360 ) 7,347 22,238 (20,878 ) — 144,551 — Interest income (expense), net of amounts capitalized (2,592 ) (4,492 ) (3,533 ) (108,892 ) (3,813 ) (24,877 ) 75,312 (72,887 ) Interest income and other, net 1,602 (50 ) 16,273 (52 ) 53,897 3,916 (75,312 ) 274 Income (loss) before income taxes (89,983 ) (73,187 ) 33,858 (87,929 ) 29,206 (77,793 ) 144,551 (121,277 ) Income tax benefit (provision) — 53,957 (19 ) — — (25,333 ) — 28,605 Net income (loss) (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (103,126 ) 144,551 (92,672 ) Net (income) loss attributable to noncontrolling interests — — — — — 3,867 (1,178 ) 2,689 Net income (loss) attributable to Noble Corporation (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (99,259 ) 143,373 (89,983 ) Other comprehensive income (loss), net 793 — — — — 793 (793 ) 793 Comprehensive income (loss) attributable to Noble Corporation $ (89,190 ) $ (19,230 ) $ 33,839 $ (87,929 ) $ 29,206 $ (98,466 ) $ 142,580 $ (89,190 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 124,767 $ — $ — $ 798,085 $ (36,921 ) $ 885,931 Reimbursables and other — — 2,891 — — 18,508 — 21,399 Total operating revenues — — 127,658 — — 816,593 (36,921 ) 907,330 Operating costs and expenses Contract drilling services 202 8,989 34,492 2,505 — 477,174 (36,921 ) 486,441 Reimbursables — — 1,782 — — 11,592 — 13,374 Depreciation and amortization — — 44,491 — — 362,511 — 407,002 General and administrative 99 4,074 — 1,263 9 26,673 — 32,118 Total operating costs and expenses 301 13,063 80,765 3,768 9 877,950 (36,921 ) 938,935 Operating income (loss) (301 ) (13,063 ) 46,893 (3,768 ) (9 ) (61,357 ) — (31,605 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (469,274 ) (477,279 ) 48,830 167,531 35,388 — 694,804 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 2,967 4,566 — — — — (7,533 ) — Interest income (expense), net of amounts capitalized (7,775 ) (28,348 ) (9,916 ) (322,580 ) (11,484 ) (105,324 ) 265,884 (219,543 ) Interest income and other, net 8,880 (141 ) 70,484 4,871 170,875 15,036 (265,884 ) 4,121 Income (loss) from continuing operations before income taxes (465,503 ) (514,265 ) 156,291 (153,946 ) 194,770 (151,645 ) 687,271 (247,027 ) Income tax benefit (provision) — 170,543 (345 ) — — (380,753 ) — (210,555 ) Net income (loss) from continuing operations (465,503 ) (343,722 ) 155,946 (153,946 ) 194,770 (532,398 ) 687,271 (457,582 ) Net income (loss) from discontinuing operations, net of tax — (1,598 ) — — — 4,565 — 2,967 Net Income (loss) (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (527,833 ) 687,271 (454,615 ) Net income attributable to noncontrolling interests — — — — — (8,894 ) (1,994 ) (10,888 ) Net income (loss) attributable to Noble Corporation (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (536,727 ) 685,277 (465,503 ) Other comprehensive income (loss), net 2,579 — — — — 2,579 (2,579 ) 2,579 Comprehensive income (loss) attributable to Noble Corporation $ (462,924 ) $ (345,320 ) $ 155,946 $ (153,946 ) $ 194,770 $ (534,148 ) $ 682,698 $ (462,924 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 52,333 $ — $ — $ 331,916 $ (10,992 ) $ 373,257 Reimbursables and other — — 2,933 — — 8,963 — 11,896 Total operating revenues — — 55,266 — — 340,879 (10,992 ) 385,153 Operating costs and expenses Contract drilling services 857 3,914 20,487 17,483 — 174,323 (10,992 ) 206,072 Reimbursables — — 2,702 — — 6,440 — 9,142 Depreciation and amortization — — 22,661 — — 132,581 — 155,242 General and administrative 203 1,552 — 7,231 — 3,047 — 12,033 Loss on impairment — — — — — — — — Total operating costs and expenses 1,060 5,466 45,850 24,714 — — 316,391 (10,992 ) 382,489 Operating income (loss) (1,060 ) (5,466 ) 9,416 (24,714 ) — 24,488 — 2,664 Other income (expense) Income (loss) of unconsolidated affiliates (49,010 ) 17,529 (6,572 ) 10,186 12,187 — 15,680 — Interest expense, net of amounts capitalized (2,472 ) (25,311 ) (2,872 ) (52,073 ) (3,258 ) (10,278 ) 43,695 (52,569 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 1,666 30 2,816 525 6,046 33,180 (43,695 ) 568 Income (loss) from continuing operations before income taxes (50,876 ) (13,218 ) 2,788 (66,076 ) 14,975 47,390 15,680 (49,337 ) Income tax provision — (10,050 ) (167 ) — — 19,524 — 9,307 Net income (loss) (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 66,914 15,680 (40,030 ) Net (income) loss attributable to noncontrolling interests — — — — — (5,933 ) (4,913 ) (10,846 ) Net income (loss) attributable to Noble Corporation (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 60,981 10,767 (50,876 ) Other comprehensive income (loss), net 701 — — — — 701 (701 ) 701 Comprehensive income (loss) attributable to Noble Corporation $ (50,175 ) $ (23,268 ) $ 2,621 $ (66,076 ) $ 14,975 $ 61,682 $ 10,066 $ (50,175 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 169,379 $ — $ — $ 1,728,374 $ (56,432 ) $ 1,841,321 Reimbursables and other — — 6,301 — — 44,987 — 51,288 Total operating revenues — — 175,680 — — 1,773,361 (56,432 ) 1,892,609 Operating costs and expenses Contract drilling services 3,574 15,627 47,005 69,087 — 618,735 (56,432 ) 697,596 Reimbursables — — 5,589 — — 33,857 — 39,446 Depreciation and amortization — — 66,431 — — 389,422 — 455,853 General and administrative 928 7,207 — 32,696 1 (4,341 ) — 36,491 Loss on impairment — — — — — 16,616 — 16,616 Total operating costs and expenses 4,502 22,834 119,025 101,783 1 1,054,289 (56,432 ) 1,246,002 Operating income (loss) (4,502 ) (22,834 ) 56,655 (101,783 ) (1 ) 719,072 — 646,607 Other income (expense) Income (loss) of unconsolidated affiliates 331,777 58,134 (64,854 ) 640,942 610,992 — (1,576,991 ) — Interest income (expense), net of amounts capitalized (25,256 ) (47,977 ) (8,436 ) (173,294 ) (11,722 ) (109,781 ) 209,491 (166,975 ) Gain on extinguishment of debt, net — — — 11,066 — — — 11,066 Interest income and other, net 94,974 80 9,719 19,885 6,808 76,657 (209,491 ) (1,368 ) Income (loss) from continuing operations before income taxes 396,993 (12,597 ) (6,916 ) 396,816 606,077 685,948 (1,576,991 ) 489,330 Income tax (provision) benefit — (43,788 ) (545 ) — — 4,023 — (40,310 ) Net income (loss) 396,993 (56,385 ) (7,461 ) 396,816 606,077 689,971 (1,576,991 ) 449,020 Net (income) loss attributable to noncontrolling interests — — — — — (70,980 ) 18,953 (52,027 ) Net income (loss) attributable to Noble Corporation 396,993 (56,385 ) (7,461 ) 396,816 606,077 618,991 (1,558,038 ) 396,993 Other comprehensive income (loss), net 2,006 — — — — 2,006 (2,006 ) 2,006 Comprehensive income (loss) attributable to Noble Corporation $ 398,999 $ (56,385 ) $ (7,461 ) $ 396,816 $ 606,077 $ 620,997 $ (1,560,044 ) $ 398,999 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 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 $ 26,122 $ 102,689 $ 141,843 $ (324,502 ) $ 163,205 $ 212,606 $ — $ 321,963 Cash flows from investing activities Capital expenditures — — (2,552 ) — — (84,148 ) — (86,700 ) Proceeds from disposal of assets — — 46 — — 1,260 — 1,306 Net cash used in investing activities — — (2,506 ) — — (82,888 ) — (85,394 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (26,293 ) — (26,293 ) Distributions to parent company, net 43,891 — — — — — — 43,891 Advances (to) from affiliates (72,537 ) (102,689 ) (150,153 ) 624,601 (163,205 ) (136,017 ) — — Net cash provided by (used in) financing activities (28,646 ) (102,689 ) (150,153 ) 324,559 (163,205 ) (162,310 ) — (282,444 ) Net change in cash and cash equivalents (2,524 ) — (10,816 ) 57 — (32,592 ) — (45,875 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 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 $ 91,918 $ (124,190 ) $ 81,355 $ (278,331 ) $ (8,697 ) $ 1,223,801 $ — $ 985,856 Cash flows from investing activities Capital expenditures — — (473,460 ) — — (159,813 ) — (633,273 ) Proceeds from disposal of assets — — — — — 23,390 — 23,390 Net cash used in investing activities — — (473,460 ) — — (136,423 ) — (609,883 ) Cash flows from financing activities Repayment of long-term debt — — — (322,207 ) — — — (322,207 ) Premiums paid on early repayment of long-term debt — — — (1,781 ) — — — (1,781 ) Dividends paid to noncontrolling interests — — — — — (61,980 ) — (61,980 ) Distributions to parent company, net (76,051 ) — — — — — — (76,051 ) Advances (to) from affiliates (15,513 ) 124,190 390,122 602,320 8,697 (1,109,816 ) — — Net cash provided by (used in) financing activities (91,564 ) 124,190 390,122 278,332 8,697 (1,171,796 ) — (462,019 ) Net change in cash and cash equivalents 354 — (1,983 ) 1 — (84,418 ) — (86,046 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 |
Organization and Basis of Pre24
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The accompanying unaudited condensed 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 condensed consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2016 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2016 audited consolidated financial statements, and as a result, they do not include all disclosures required by GAAP. 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. |
New Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016. 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. 2016-2, Leases (ASC Topic 842) as discussed below and applying it retrospectively to all comparative periods presented. Our adoption will have an impact on how our condensed consolidated financial statements and related disclosures will be presented. Upon adoption of these two new standards, we expect to disaggregate our “Contract drilling services” revenue on our Condensed Consolidated Statement of Operations into a lease component and a service component of revenue related to our drilling contracts. In February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard 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 condensed consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. Due to the interaction with the issued accounting standard on revenue recognition, we expect to adopt ASC 842 effective January 1, 2018, concurrently with ASC 606. We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our condensed consolidated financial statements and related disclosures will be presented. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets ranging from approximately $20.0 million to $40.0 million upon adoption, based on our portfolio of leases as of September 30, 2017. We are currently evaluating any other impacts ASC 842 will have on our consolidated financial statements and related disclosures. To facilitate that evaluation, we have completed training on the ASU, formed an implementation team and started the review and documentation of contracts. In March 2016, the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This standard is effective for interim and annual reporting periods beginning after December 15, 2016 and we adopted the standard as of January 1, 2017. Under the new provision, current period excess tax benefits related to stock compensation are now recognized in our Condensed Consolidated Statement of Operations in “Provision for income taxes,” rather than on our Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Cash Flows. This update has been applied on a prospective basis. Changes to our Condensed Consolidated Statement of Cash Flows related to the reclassification of prior period excess tax benefits and employee taxes paid for share-based payment arrangements have been implemented on a retrospective basis. In accordance with our adoption of this update, prior period excess tax benefits of approximately $5.5 million , previously classified as a financing activity in “Employee stock transactions” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as an operating activity in “Net change in other assets and liabilities” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. Additionally, prior period employee taxes paid for share-based payment arrangements of approximately $3.2 million , previously classified as an operating activity in “Net change in other assets and liabilities” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2016 , are now classified as a financing activity in “Employee stock transactions” on the accompanying Condensed Consolidated Statement of Cash Flows for the comparative period. 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 standard is effective for interim and annual reporting periods beginning after December 15, 2017 and will be applied on a modified retrospective basis. As a result of the modified retrospective application, we will reduce "Other Assets" in our Condensed Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $152.2 million as of January 1, 2018. In February 2017, the FASB issued ASU No. 2017-6, 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 an employee benefit 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 standard is effective for fiscal years beginning after December 15, 2018, with early application permitted. 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. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Basic Net income (loss) attributable to Noble-UK $ (96,792 ) $ (55,081 ) $ (491,836 ) $ 373,270 Net loss from discontinued operations, net of tax — — 1,486 — Earnings allocated to unvested share-based payment awards — — — (12,754 ) Net income (loss) from continuing operations to common shareholders - basic $ (96,792 ) $ (55,081 ) $ (490,350 ) $ 360,516 Diluted Net income (loss) attributable to Noble-UK $ (96,792 ) $ (55,081 ) $ (491,836 ) $ 373,270 Net loss from discontinued operations, net of tax — — 1,486 — Net income (loss) from continuing operations to common shareholders - diluted $ (96,792 ) $ (55,081 ) $ (490,350 ) $ 373,270 Denominator: Weighted average shares outstanding - basic 244,940 243,224 244,666 243,089 Incremental shares issuable from assumed exercise of stock — — — 8,600 Weighted average shares outstanding - diluted 244,940 243,224 244,666 251,689 Earnings per share Basic: Income (loss) from continuing operations $ (0.40 ) $ (0.23 ) $ (2.00 ) $ 1.48 Loss from discontinued operations — — (0.01 ) — Net income (loss) attributable to Noble-UK $ (0.40 ) $ (0.23 ) $ (2.01 ) $ 1.48 Diluted: Income (loss) from continuing operations $ (0.40 ) $ (0.23 ) $ (2.00 ) $ 1.48 Loss from discontinued operations — — (0.01 ) — Net income (loss) attributable to Noble-UK $ (0.40 ) $ (0.23 ) $ (2.01 ) $ 1.48 Dividends per share $ — $ 0.02 $ — $ 0.19 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, as of September 30, 2017 and December 31, 2016 for Noble-UK consisted of the following: September 30, 2017 December 31, 2016 Drilling equipment and facilities $ 12,156,374 $ 12,048,571 Construction in progress 75,331 112,103 Other 190,060 204,214 Property and equipment, at cost $ 12,421,765 $ 12,364,888 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our total debt consisted of the following at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Senior unsecured notes 2.50% Senior Notes due March 2017 $ — $ 299,992 5.75% Senior Notes due March 2018 249,911 249,771 7.50% Senior Notes due March 2019 201,695 201,695 4.90% Senior Notes due August 2020 167,612 167,576 4.625% Senior Notes due March 2021 208,561 208,538 3.95% Senior Notes due March 2022 125,510 125,488 7.75% Senior Notes due January 2024 981,738 980,117 7.70% Senior Notes due April 2025 448,983 448,909 6.20% Senior Notes due August 2040 399,899 399,898 6.05% Senior Notes due March 2041 397,790 397,758 5.25% Senior Notes due March 2042 498,393 498,369 8.70% Senior Notes due April 2045 394,647 394,613 Total debt 4,074,739 4,372,724 Less: Unamortized debt issuance costs (29,760 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,652 ) (299,882 ) Long-term debt, net of debt issuance costs $ 3,795,327 $ 4,040,229 (1) Presented net of current portion of unamortized debt issuance costs of $0.3 million and $0.1 million at September 30, 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 September 30, 2017 and December 31, 2016 , respectively: September 30, 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 249,911 252,638 249,771 249,808 7.50% Senior Notes due March 2019 201,695 208,347 201,695 209,524 4.90% Senior Notes due August 2020 167,612 164,664 167,576 167,329 4.625% Senior Notes due March 2021 208,561 194,303 208,538 196,416 3.95% Senior Notes due March 2022 125,510 104,816 125,488 112,791 7.75% Senior Notes due January 2024 981,738 890,160 980,117 945,317 7.70% Senior Notes due April 2025 448,983 386,802 448,909 423,267 6.20% Senior Notes due August 2040 399,899 278,956 399,898 280,221 6.05% Senior Notes due March 2041 397,790 274,376 397,758 273,854 5.25% Senior Notes due March 2042 498,393 329,460 498,369 325,814 8.70% Senior Notes due April 2045 394,647 325,600 394,613 328,608 Total debt $ 4,074,739 $ 3,410,122 $ 4,372,724 $ 3,812,077 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pension Costs | Pension costs include the following components for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 763 $ 1,662 Interest cost 506 2,148 589 2,389 Return on plan assets (739 ) (2,941 ) (828 ) (3,097 ) Amortization of prior service cost — — 25 30 Recognized net actuarial loss 264 366 35 1,099 Settlement and curtailment gains (620 ) — — — Net pension benefit cost (gain) $ (589 ) $ (427 ) $ 584 $ 2,083 Nine Months Ended September 30, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 2,337 $ 4,986 Interest cost 1,476 6,445 1,864 7,167 Return on plan assets (2,161 ) (8,823 ) (2,627 ) (9,291 ) Amortization of prior service cost — — 78 88 Recognized net actuarial loss 775 1,098 110 3,299 Settlement and curtailment gains (620 ) — — — Net pension benefit cost (gain) $ (530 ) $ (1,280 ) $ 1,762 $ 6,249 |
Derivative Instruments and He29
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 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 10— Fair Value of Financial Instruments , summarizes the financial statement presentation and fair value of our derivative positions as of September 30, 2017 and December 31, 2016 : Estimated fair value Balance sheet classification September 30, December 31, Asset derivatives Cash flow hedges Foreign currency forward contracts Prepaid expenses and other current assets $ 674 $ — Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ — $ 14,400 |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following table, together with Note 10— Fair Value of Financial Instruments , summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or as “Contract drilling services” revenue or costs for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ (65 ) $ 463 $ 542 $ (540 ) $ — $ — Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ — $ (5,194 ) Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCL Gain/(loss) reclassified from AOCL to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ 674 $ (605 ) $ — $ — $ 679 $ (158 ) Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (14,400 ) $ 12,406 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ 7,326 $ 7,326 $ — $ — Foreign currency forward contracts $ 674 $ — $ 674 $ — 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 |
Schedule of Activity Related to FCX Settlement Asset | The following tables present the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the nine months ended September 30, 2017 and 2016 : Balance as of December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (5,194 ) Balance as of September 30, 2016 $ 12,406 Balance as of December 31, 2016 $ 14,400 Change in fair value recognized in earnings (14,400 ) Balance as of September 30, 2017 $ — |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2017 and 2016 . All amounts within the tables are shown net of tax. Unrealized 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 (loss) before reclassifications (605 ) — 263 (342 ) Amounts reclassified from AOCL — 2,348 — 2,348 Net other comprehensive income (loss) (605 ) 2,348 263 2,006 Balance at September 30, 2016 $ (605 ) $ (44,571 ) $ (15,993 ) $ (61,169 ) Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income before reclassifications 674 — 749 1,423 Amounts reclassified from AOCL — 1,156 — 1,156 Net other comprehensive income 674 1,156 749 2,579 Balance at September 30, 2017 $ 674 $ (34,709 ) $ (15,526 ) $ (49,561 ) (1) Gains/(losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCL are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See Note 9— Derivative Instruments and Hedging Activities 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 Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See Note 8— Employee Benefit Plans for additional information. |
Supplemental Financial Inform32
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Accounts receivable $ 116,619 $ 179,364 $ 116,619 $ 179,364 Other current assets 18,421 91,606 15,860 89,858 Other assets (76,002 ) 34,382 (80,172 ) 19,147 Accounts payable (11,901 ) (70,778 ) (11,656 ) (68,909 ) Other current liabilities 21,503 (71,789 ) 22,631 (67,663 ) Other liabilities (92,970 ) (33,619 ) (88,087 ) (18,886 ) $ (24,330 ) $ 129,166 $ (24,805 ) $ 132,911 |
Condensed Consolidating Finan33
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is a co-issuer or full and unconditional guarantor or otherwise obligated as of September 30, 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 7.70% 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 8.70% 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 September 30, 2017 (in thousands) (Unaudited) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 Accounts receivable — — 23,936 — — 178,597 — 202,533 Taxes receivable — 29,357 3 — — 26,034 — 55,394 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 593,643 1,454 124,519 60,945 411,853 5,780,487 (6,972,901 ) — Prepaid expenses and other current assets 96 — 967 19 1 72,566 — 73,649 Total current assets 593,752 30,811 268,940 61,021 2,785,306 6,665,533 (9,465,829 ) 939,534 Property and equipment, at cost — — 1,071,989 — — 11,349,776 — 12,421,765 Accumulated depreciation — — (260,496 ) — — (2,449,002 ) — (2,709,498 ) Property and equipment, net — — 811,493 — — 8,900,774 — 9,712,267 Notes receivable from affiliates 3,177,249 — 1,077,773 — 3,943,299 1,173,281 (9,371,602 ) — Investments in affiliates 4,941,085 4,601,780 5,340,411 12,539,320 7,254,988 — (34,677,584 ) — Other assets 3,046 16,775 6,026 — — 218,901 — 244,748 Total assets $ 8,715,132 $ 4,649,366 $ 7,504,643 $ 12,600,341 $ 13,983,593 $ 16,958,489 $ (53,515,015 ) $ 10,896,549 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt — 1,605,243 — 249,652 — 887,685 (2,492,928 ) 249,652 Accounts payable — — 2,004 — — 81,871 — 83,875 Accrued payroll and related costs — — 4,959 — — 41,885 — 46,844 Accounts payable to affiliates 3,407,065 391,266 1,802,128 553,930 — 818,512 (6,972,901 ) — Taxes payable — — 1 — — 53,202 — 53,203 Interest payable 2,211 — — 53,833 8,236 — — 64,280 Other current liabilities 16 — 945 — — 95,827 — 96,788 Total current liabilities 3,409,292 1,996,509 1,810,037 857,415 8,236 1,978,982 (9,465,829 ) 594,642 Long-term debt — — — 3,593,814 201,513 — — 3,795,327 Notes payable to affiliates — 700,000 472,620 3,175,662 — 5,023,320 (9,371,602 ) — Deferred income taxes — — — — — 253,444 — 253,444 Other liabilities 19,929 — 10,774 — — 258,627 — 289,330 Total liabilities 3,429,221 2,696,509 2,293,431 7,626,891 209,749 7,514,373 (18,837,431 ) 4,932,743 Commitments and contingencies Total shareholder equity 5,285,911 1,952,857 5,211,212 4,973,450 13,773,844 8,766,221 (34,677,584 ) 5,285,911 Noncontrolling interests — — — — — 677,895 — 677,895 Total equity 5,285,911 1,952,857 5,211,212 4,973,450 13,773,844 9,444,116 (34,677,584 ) 5,963,806 Total liabilities and equity $ 8,715,132 $ 4,649,366 $ 7,504,643 $ 12,600,341 $ 13,983,593 $ 16,958,489 $ (53,515,015 ) $ 10,896,549 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 to 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 September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 37,675 $ — $ — $ 231,873 $ (9,808 ) $ 259,740 Reimbursables and other — — 863 — — 5,609 — 6,472 Total operating revenues — — 38,538 — — 237,482 (9,808 ) 266,212 Operating costs and expenses Contract drilling services 67 3,056 10,306 852 — 160,095 (9,808 ) 164,568 Reimbursables — — 490 — — 3,344 — 3,834 Depreciation and amortization — — 13,971 — — 122,680 — 136,651 General and administrative 28 1,229 — 371 — 8,195 — 9,823 Total operating costs and expenses 95 4,285 24,767 1,223 — 294,314 (9,808 ) 314,876 Operating income (loss) (95 ) (4,285 ) 13,771 (1,223 ) — (56,832 ) — (48,664 ) Other income (expense) Income (loss) of unconsolidated affiliates (88,898 ) (64,360 ) 7,347 22,238 (20,878 ) — 144,551 — Interest income (expense), net of amounts capitalized (2,592 ) (4,492 ) (3,533 ) (108,892 ) (3,813 ) (24,877 ) 75,312 (72,887 ) Interest income and other, net 1,602 (50 ) 16,273 (52 ) 53,897 3,916 (75,312 ) 274 Income (loss) before income taxes (89,983 ) (73,187 ) 33,858 (87,929 ) 29,206 (77,793 ) 144,551 (121,277 ) Income tax benefit (provision) — 53,957 (19 ) — — (25,333 ) — 28,605 Net income (loss) (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (103,126 ) 144,551 (92,672 ) Net (income) loss attributable to noncontrolling interests — — — — — 3,867 (1,178 ) 2,689 Net income (loss) attributable to Noble Corporation (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (99,259 ) 143,373 (89,983 ) Other comprehensive income (loss), net 793 — — — — 793 (793 ) 793 Comprehensive income (loss) attributable to Noble Corporation $ (89,190 ) $ (19,230 ) $ 33,839 $ (87,929 ) $ 29,206 $ (98,466 ) $ 142,580 $ (89,190 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 124,767 $ — $ — $ 798,085 $ (36,921 ) $ 885,931 Reimbursables and other — — 2,891 — — 18,508 — 21,399 Total operating revenues — — 127,658 — — 816,593 (36,921 ) 907,330 Operating costs and expenses Contract drilling services 202 8,989 34,492 2,505 — 477,174 (36,921 ) 486,441 Reimbursables — — 1,782 — — 11,592 — 13,374 Depreciation and amortization — — 44,491 — — 362,511 — 407,002 General and administrative 99 4,074 — 1,263 9 26,673 — 32,118 Total operating costs and expenses 301 13,063 80,765 3,768 9 877,950 (36,921 ) 938,935 Operating income (loss) (301 ) (13,063 ) 46,893 (3,768 ) (9 ) (61,357 ) — (31,605 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (469,274 ) (477,279 ) 48,830 167,531 35,388 — 694,804 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 2,967 4,566 — — — — (7,533 ) — Interest income (expense), net of amounts capitalized (7,775 ) (28,348 ) (9,916 ) (322,580 ) (11,484 ) (105,324 ) 265,884 (219,543 ) Interest income and other, net 8,880 (141 ) 70,484 4,871 170,875 15,036 (265,884 ) 4,121 Income (loss) from continuing operations before income taxes (465,503 ) (514,265 ) 156,291 (153,946 ) 194,770 (151,645 ) 687,271 (247,027 ) Income tax benefit (provision) — 170,543 (345 ) — — (380,753 ) — (210,555 ) Net income (loss) from continuing operations (465,503 ) (343,722 ) 155,946 (153,946 ) 194,770 (532,398 ) 687,271 (457,582 ) Net income (loss) from discontinuing operations, net of tax — (1,598 ) — — — 4,565 — 2,967 Net Income (loss) (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (527,833 ) 687,271 (454,615 ) Net income attributable to noncontrolling interests — — — — — (8,894 ) (1,994 ) (10,888 ) Net income (loss) attributable to Noble Corporation (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (536,727 ) 685,277 (465,503 ) Other comprehensive income (loss), net 2,579 — — — — 2,579 (2,579 ) 2,579 Comprehensive income (loss) attributable to Noble Corporation $ (462,924 ) $ (345,320 ) $ 155,946 $ (153,946 ) $ 194,770 $ (534,148 ) $ 682,698 $ (462,924 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 52,333 $ — $ — $ 331,916 $ (10,992 ) $ 373,257 Reimbursables and other — — 2,933 — — 8,963 — 11,896 Total operating revenues — — 55,266 — — 340,879 (10,992 ) 385,153 Operating costs and expenses Contract drilling services 857 3,914 20,487 17,483 — 174,323 (10,992 ) 206,072 Reimbursables — — 2,702 — — 6,440 — 9,142 Depreciation and amortization — — 22,661 — — 132,581 — 155,242 General and administrative 203 1,552 — 7,231 — 3,047 — 12,033 Loss on impairment — — — — — — — — Total operating costs and expenses 1,060 5,466 45,850 24,714 — — 316,391 (10,992 ) 382,489 Operating income (loss) (1,060 ) (5,466 ) 9,416 (24,714 ) — 24,488 — 2,664 Other income (expense) Income (loss) of unconsolidated affiliates (49,010 ) 17,529 (6,572 ) 10,186 12,187 — 15,680 — Interest expense, net of amounts capitalized (2,472 ) (25,311 ) (2,872 ) (52,073 ) (3,258 ) (10,278 ) 43,695 (52,569 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 1,666 30 2,816 525 6,046 33,180 (43,695 ) 568 Income (loss) from continuing operations before income taxes (50,876 ) (13,218 ) 2,788 (66,076 ) 14,975 47,390 15,680 (49,337 ) Income tax provision — (10,050 ) (167 ) — — 19,524 — 9,307 Net income (loss) (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 66,914 15,680 (40,030 ) Net (income) loss attributable to noncontrolling interests — — — — — (5,933 ) (4,913 ) (10,846 ) Net income (loss) attributable to Noble Corporation (50,876 ) (23,268 ) 2,621 (66,076 ) 14,975 60,981 10,767 (50,876 ) Other comprehensive income (loss), net 701 — — — — 701 (701 ) 701 Comprehensive income (loss) attributable to Noble Corporation $ (50,175 ) $ (23,268 ) $ 2,621 $ (66,076 ) $ 14,975 $ 61,682 $ 10,066 $ (50,175 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2016 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 169,379 $ — $ — $ 1,728,374 $ (56,432 ) $ 1,841,321 Reimbursables and other — — 6,301 — — 44,987 — 51,288 Total operating revenues — — 175,680 — — 1,773,361 (56,432 ) 1,892,609 Operating costs and expenses Contract drilling services 3,574 15,627 47,005 69,087 — 618,735 (56,432 ) 697,596 Reimbursables — — 5,589 — — 33,857 — 39,446 Depreciation and amortization — — 66,431 — — 389,422 — 455,853 General and administrative 928 7,207 — 32,696 1 (4,341 ) — 36,491 Loss on impairment — — — — — 16,616 — 16,616 Total operating costs and expenses 4,502 22,834 119,025 101,783 1 1,054,289 (56,432 ) 1,246,002 Operating income (loss) (4,502 ) (22,834 ) 56,655 (101,783 ) (1 ) 719,072 — 646,607 Other income (expense) Income (loss) of unconsolidated affiliates 331,777 58,134 (64,854 ) 640,942 610,992 — (1,576,991 ) — Interest income (expense), net of amounts capitalized (25,256 ) (47,977 ) (8,436 ) (173,294 ) (11,722 ) (109,781 ) 209,491 (166,975 ) Gain on extinguishment of debt, net — — — 11,066 — — — 11,066 Interest income and other, net 94,974 80 9,719 19,885 6,808 76,657 (209,491 ) (1,368 ) Income (loss) from continuing operations before income taxes 396,993 (12,597 ) (6,916 ) 396,816 606,077 685,948 (1,576,991 ) 489,330 Income tax (provision) benefit — (43,788 ) (545 ) — — 4,023 — (40,310 ) Net income (loss) 396,993 (56,385 ) (7,461 ) 396,816 606,077 689,971 (1,576,991 ) 449,020 Net (income) loss attributable to noncontrolling interests — — — — — (70,980 ) 18,953 (52,027 ) Net income (loss) attributable to Noble Corporation 396,993 (56,385 ) (7,461 ) 396,816 606,077 618,991 (1,558,038 ) 396,993 Other comprehensive income (loss), net 2,006 — — — — 2,006 (2,006 ) 2,006 Comprehensive income (loss) attributable to Noble Corporation $ 398,999 $ (56,385 ) $ (7,461 ) $ 396,816 $ 606,077 $ 620,997 $ (1,560,044 ) $ 398,999 |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 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 $ 26,122 $ 102,689 $ 141,843 $ (324,502 ) $ 163,205 $ 212,606 $ — $ 321,963 Cash flows from investing activities Capital expenditures — — (2,552 ) — — (84,148 ) — (86,700 ) Proceeds from disposal of assets — — 46 — — 1,260 — 1,306 Net cash used in investing activities — — (2,506 ) — — (82,888 ) — (85,394 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (26,293 ) — (26,293 ) Distributions to parent company, net 43,891 — — — — — — 43,891 Advances (to) from affiliates (72,537 ) (102,689 ) (150,153 ) 624,601 (163,205 ) (136,017 ) — — Net cash provided by (used in) financing activities (28,646 ) (102,689 ) (150,153 ) 324,559 (163,205 ) (162,310 ) — (282,444 ) Net change in cash and cash equivalents (2,524 ) — (10,816 ) 57 — (32,592 ) — (45,875 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 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 $ 91,918 $ (124,190 ) $ 81,355 $ (278,331 ) $ (8,697 ) $ 1,223,801 $ — $ 985,856 Cash flows from investing activities Capital expenditures — — (473,460 ) — — (159,813 ) — (633,273 ) Proceeds from disposal of assets — — — — — 23,390 — 23,390 Net cash used in investing activities — — (473,460 ) — — (136,423 ) — (609,883 ) Cash flows from financing activities Repayment of long-term debt — — — (322,207 ) — — — (322,207 ) Premiums paid on early repayment of long-term debt — — — (1,781 ) — — — (1,781 ) Dividends paid to noncontrolling interests — — — — — (61,980 ) — (61,980 ) Distributions to parent company, net (76,051 ) — — — — — — (76,051 ) Advances (to) from affiliates (15,513 ) 124,190 390,122 602,320 8,697 (1,109,816 ) — — Net cash provided by (used in) financing activities (91,564 ) 124,190 390,122 278,332 8,697 (1,171,796 ) — (462,019 ) Net change in cash and cash equivalents 354 — (1,983 ) 1 — (84,418 ) — (86,046 ) Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 1,981 $ — $ 118 $ 1 $ — $ 423,649 $ — $ 425,749 |
Organization and Basis of Pre34
Organization and Basis of Presentation - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)SegmentVessel | Sep. 30, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of jackups | Vessel | 14 | |
Number of drillships | Vessel | 8 | |
Number of semisubmersibles | Vessel | 6 | |
Number of reportable segments | Segment | 1 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating activities in Consolidated Statement of Cash Flows | $ 299,080 | $ 960,368 |
Financing activities in Consolidated Statement of Cash Flows | $ (330,645) | (436,678) |
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 | |
Financing 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 | (3,200) | |
Financing activities in Consolidated Statement of Cash Flows | $ 3,200 |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)RigJointVenture | Sep. 30, 2016USD ($) | 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 | JointVenture | 2 | |||||
Number of bully class drillships | Rig | 2 | |||||
Percentage of dividends paid to joint venture partner | 50.00% | |||||
Cash and cash equivalents | $ 608,763 | $ 426,052 | $ 608,763 | $ 426,052 | $ 725,722 | $ 512,245 |
Bully Joint Venture [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Dividends approved | 30,900 | 83,500 | ||||
Dividends paid | 41,800 | $ 41,800 | 52,600 | $ 124,000 | ||
Carrying amount of the drillships | 1,300,000 | 1,300,000 | 1,400,000 | |||
Cash and cash equivalents | $ 79,300 | $ 79,300 | $ 34,700 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic | ||||
Net income (loss) attributable to the company | $ (96,792) | $ (55,081) | $ (491,836) | $ 373,270 |
Net loss from discontinued operations, net of tax | 0 | 0 | 1,486 | 0 |
Earnings allocated to unvested share-based payment awards | 0 | 0 | 0 | (12,754) |
Net income (loss) from continuing operations to common shareholders - basic | (96,792) | (55,081) | (490,350) | 360,516 |
Diluted | ||||
Net income (loss) attributable to the company | (96,792) | (55,081) | (491,836) | 373,270 |
Net loss from discontinued operations, net of tax | 0 | 0 | 1,486 | 0 |
Net income (loss) from continuing operations to common shareholders - diluted | $ (96,792) | $ (55,081) | $ (490,350) | $ 373,270 |
Denominator: | ||||
Weighted average shares outstanding - basic | 244,940 | 243,224 | 244,666 | 243,089 |
Incremental shares issuable from assumed exercise of stock options and unvested share-based payment awards | 0 | 0 | 0 | 8,600 |
Weighted average shares outstanding - diluted | 244,940 | 243,224 | 244,666 | 251,689 |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ (0.40) | $ (0.23) | $ (2) | $ 1.48 |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.01) | 0 |
Net income (loss) (usd per share) | (0.40) | (0.23) | (2.01) | 1.48 |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | (0.40) | (0.23) | (2) | 1.48 |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.01) | 0 |
Net income (loss) (usd per share) | (0.40) | (0.23) | (2.01) | 1.48 |
Dividends per share (usd per share) | $ 0 | $ 0.02 | $ 0 | $ 0.19 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares outstanding and trading | 244,965,000 | 244,965,000 | 243,239,000 | ||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | 53,000,000 | |||
Current nominal value per share (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of shares repurchased, shares | 0 | 0 | |||
Equity Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares excluded from the diluted net income per share | 12,100,000 | 10,600,000 | 12,100,000 | 1,500,000 |
Receivables from Customers (Det
Receivables from Customers (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Receivables disputed by customer and written off | $ 28,689 | $ 0 | |
Petroleos Mexicanos [Member] | Contract Drilling Costs [Member] | Uncollectible Receivables [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Receivables disputed by customer and written off | $ 14,400 | ||
Petroleos Mexicanos [Member] | Other Assets [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Approximate receivable | $ 14,400 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, at cost | $ 12,421,765,000 | $ 12,421,765,000 | $ 12,364,888,000 | ||
Capital expenditures | 74,363,000 | $ 592,038,000 | |||
Capitalized interest on construction-in-progress | 0 | $ 8,500,000 | 0 | 15,900,000 | |
Contract drilling services costs | 165,028,000 | $ 207,204,000 | 487,784,000 | $ 702,628,000 | |
Hurricane [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Contract drilling services costs | 14,300,000 | 14,300,000 | |||
Drilling Equipment and Facilities [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, at cost | 12,156,374,000 | 12,156,374,000 | 12,048,571,000 | ||
Construction in Progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, at cost | 75,331,000 | 75,331,000 | 112,103,000 | ||
Other [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, at cost | $ 190,060,000 | $ 190,060,000 | $ 204,214,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||||
Less: Unamortized debt issuance costs | $ (29,760) | $ (32,613) | ||
Less: Current maturities of long-term debt | (249,652) | (299,882) | ||
Long-term debt, net of debt issuance costs | 3,795,327 | 4,040,229 | ||
Unamortized debt issuance expense, current | $ 300 | 100 | ||
2.50% Senior Notes due March 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 2.50% | |||
5.75% Senior Notes due March 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.75% | |||
7.50% Senior Notes due March 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.50% | |||
4.90% Senior Notes due August 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.90% | |||
4.625% Senior Notes due March 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.625% | 4.625% | ||
3.95% Senior Notes due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 3.95% | |||
7.75% Senior Notes due January 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.75% | |||
7.70% Senior Notes due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.70% | |||
6.20% Senior Notes due August 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.20% | |||
6.05% Senior Notes due March 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.05% | |||
5.25% Senior Notes due March 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.25% | |||
8.70% Senior Notes due April 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 8.70% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 4,074,739 | 4,372,724 | ||
Senior Notes [Member] | 2.50% Senior Notes due March 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 0 | $ 299,992 | ||
Interest rate on senior notes | 2.50% | |||
Senior Notes [Member] | 5.75% Senior Notes due March 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 249,911 | $ 249,771 | ||
Interest rate on senior notes | 5.75% | |||
Senior Notes [Member] | 7.50% Senior Notes due March 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 201,695 | 201,695 | ||
Interest rate on senior notes | 7.50% | |||
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 167,612 | $ 167,576 | ||
Interest rate on senior notes | 4.90% | 4.90% | 4.90% | |
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 208,561 | $ 208,538 | ||
Interest rate on senior notes | 4.625% | 4.625% | ||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 125,510 | $ 125,488 | ||
Interest rate on senior notes | 3.95% | 3.95% | ||
Senior Notes [Member] | 7.75% Senior Notes due January 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 981,738 | $ 980,117 | ||
Interest rate on senior notes | 7.75% | |||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 448,983 | 448,909 | ||
Interest rate on senior notes | 7.70% | |||
Senior Notes [Member] | 6.20% Senior Notes due August 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 399,899 | 399,898 | ||
Interest rate on senior notes | 6.20% | |||
Senior Notes [Member] | 6.05% Senior Notes due March 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 397,790 | 397,758 | ||
Interest rate on senior notes | 6.05% | |||
Senior Notes [Member] | 5.25% Senior Notes due March 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 498,393 | 498,369 | ||
Interest rate on senior notes | 5.25% | |||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 394,647 | $ 394,613 | ||
Interest rate on senior notes | 8.70% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 18, 2017 | Dec. 31, 2016 | Apr. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2017 | Dec. 28, 2016 | Apr. 01, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||||||||||||
Gain on extinguishment of debt, net | $ 0 | $ 0 | $ 0 | $ 11,066,000 | ||||||||
Maximum debt to tangible capitalization covenant | 60.00% | 60.00% | ||||||||||
Line of credit facility debt to tangible capitalization ratio | 41.00% | 41.00% | ||||||||||
7.70% Senior Notes due April 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 450,000,000 | $ 450,000,000 | ||||||||||
Interest rate on senior notes | 7.70% | 7.70% | ||||||||||
8.70% Senior Notes due April 2045 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 400,000,000 | $ 400,000,000 | ||||||||||
Interest rate on senior notes | 8.70% | 8.70% | ||||||||||
4.90% Senior Notes due August 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 168,000,000 | $ 168,000,000 | $ 500,000,000 | |||||||||
Interest rate on senior notes | 4.90% | 4.90% | ||||||||||
4.625% Senior Notes due March 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 209,000,000 | $ 209,000,000 | $ 400,000,000 | |||||||||
Interest rate on senior notes | 4.625% | 4.625% | 4.625% | |||||||||
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 | |||||||||||
Gain on extinguishment of debt, net | $ 11,100,000 | |||||||||||
2.50% Senior Notes due March 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 300,000,000 | |||||||||||
Interest rate on senior notes | 2.50% | |||||||||||
5.75% Senior Notes due March 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 250,000,000 | $ 250,000,000 | ||||||||||
Interest rate on senior notes | 5.75% | 5.75% | ||||||||||
3.95% Senior Notes due March 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 126,000,000 | $ 126,000,000 | ||||||||||
Interest rate on senior notes | 3.95% | 3.95% | ||||||||||
Maximum [Member] | Senior Unsecured Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate increase (decrease) | 0.25% | |||||||||||
Senior Notes [Member] | Senior Unsecured Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 7.70% | 7.70% | ||||||||||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate increase (decrease) | 7.95% | |||||||||||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 8.70% | 8.70% | ||||||||||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate increase (decrease) | 8.95% | |||||||||||
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 4.90% | 4.90% | 4.90% | 4.90% | 4.90% | |||||||
Long-term debt, principal amount | $ 467,800,000 | $ 467,800,000 | ||||||||||
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 4.625% | 4.625% | 4.625% | 4.625% | ||||||||
Long-term debt, principal amount | $ 396,600,000 | $ 396,600,000 | ||||||||||
Senior Notes [Member] | 2.50% Senior Notes due March 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 2.50% | 2.50% | ||||||||||
Senior Notes [Member] | 5.75% Senior Notes due March 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 5.75% | 5.75% | ||||||||||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate on senior notes | 3.95% | 3.95% | 3.95% | 3.95% | ||||||||
Long-term debt, principal amount | $ 400,000,000 | $ 400,000,000 | ||||||||||
Senior Notes [Member] | Multiple senior notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Purchase of senior notes | $ 762,300,000 | |||||||||||
Repurchase amount | $ 750,000,000 | |||||||||||
Gain on extinguishment of debt, net | 6,700,000 | |||||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior unsecured revolving credit facility maturity period | 5 years | |||||||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | $ 2,400,000,000 | ||||||||||
Unsecured Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unused capacity, commitment fee percentage | 10.00% | |||||||||||
Unsecured Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unused capacity, commitment fee percentage | 35.00% | |||||||||||
Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | $ 500,000,000 | ||||||||||
NHIL [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain on extinguishment of debt, net | $ 0 | $ 11,066,000 | ||||||||||
NHIL [Member] | Senior Unsecured Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of senior notes | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Interest rate on senior notes | 7.75% | 7.75% | ||||||||||
Approximate net proceeds from senior notes issuance | $ 967,600,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
2.50% Senior Notes due March 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 2.50% | |||
5.75% Senior Notes due March 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.75% | |||
7.50% Senior Notes due March 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.50% | |||
4.90% Senior Notes due August 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.90% | |||
4.625% Senior Notes due March 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.625% | 4.625% | ||
3.95% Senior Notes due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 3.95% | |||
7.75% Senior Notes due January 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.75% | |||
7.70% Senior Notes due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.70% | |||
6.20% Senior Notes due August 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.20% | |||
6.05% Senior Notes due March 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.05% | |||
5.25% Senior Notes due March 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.25% | |||
8.70% Senior Notes due April 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 8.70% | |||
Senior Notes [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 4,074,739 | $ 4,372,724 | ||
Senior Notes [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 3,410,122 | $ 3,812,077 | ||
Senior Notes [Member] | 2.50% Senior Notes due March 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 2.50% | |||
Senior Notes [Member] | 2.50% Senior Notes due March 2017 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 0 | $ 299,992 | ||
Senior Notes [Member] | 2.50% Senior Notes due March 2017 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 0 | 299,128 | ||
Senior Notes [Member] | 5.75% Senior Notes due March 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.75% | |||
Senior Notes [Member] | 5.75% Senior Notes due March 2018 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 249,911 | 249,771 | ||
Senior Notes [Member] | 5.75% Senior Notes due March 2018 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 252,638 | 249,808 | ||
Senior Notes [Member] | 7.50% Senior Notes due March 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.50% | |||
Senior Notes [Member] | 7.50% Senior Notes due March 2019 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 201,695 | 201,695 | ||
Senior Notes [Member] | 7.50% Senior Notes due March 2019 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 208,347 | $ 209,524 | ||
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.90% | 4.90% | 4.90% | |
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 167,612 | $ 167,576 | ||
Senior Notes [Member] | 4.90% Senior Notes due August 2020 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 164,664 | $ 167,329 | ||
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 4.625% | 4.625% | ||
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 208,561 | $ 208,538 | ||
Senior Notes [Member] | 4.625% Senior Notes due March 2021 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 194,303 | $ 196,416 | ||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 3.95% | 3.95% | ||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 125,510 | $ 125,488 | ||
Senior Notes [Member] | 3.95% Senior Notes due March 2022 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 104,816 | 112,791 | ||
Senior Notes [Member] | 7.75% Senior Notes due January 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.75% | |||
Senior Notes [Member] | 7.75% Senior Notes due January 2024 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 981,738 | 980,117 | ||
Senior Notes [Member] | 7.75% Senior Notes due January 2024 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 890,160 | 945,317 | ||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 7.70% | |||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 448,983 | 448,909 | ||
Senior Notes [Member] | 7.70% Senior Notes due April 2025 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 386,802 | 423,267 | ||
Senior Notes [Member] | 6.20% Senior Notes due August 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.20% | |||
Senior Notes [Member] | 6.20% Senior Notes due August 2040 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 399,899 | 399,898 | ||
Senior Notes [Member] | 6.20% Senior Notes due August 2040 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 278,956 | 280,221 | ||
Senior Notes [Member] | 6.05% Senior Notes due March 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 6.05% | |||
Senior Notes [Member] | 6.05% Senior Notes due March 2041 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 397,790 | 397,758 | ||
Senior Notes [Member] | 6.05% Senior Notes due March 2041 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 274,376 | 273,854 | ||
Senior Notes [Member] | 5.25% Senior Notes due March 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.25% | |||
Senior Notes [Member] | 5.25% Senior Notes due March 2042 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 498,393 | 498,369 | ||
Senior Notes [Member] | 5.25% Senior Notes due March 2042 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 329,460 | 325,814 | ||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 8.70% | |||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 394,647 | 394,613 | ||
Senior Notes [Member] | 8.70% Senior Notes due April 2045 [Member] | Estimated Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 325,600 | $ 328,608 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Reserves for uncertain tax positions net | $ 192.3 | $ 172.5 |
Related tax benefits | 1 | $ 1 |
Reduction in the provision for income taxes, if reserves not realized | $ 186.8 | |
Operational period | 12 months | |
Non-cash discrete item included in income tax provision from internal tax restructuring | $ 260.7 | |
Deferral of income tax expense included in Other assets | $ 147.5 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 763 | $ 0 | $ 2,337 |
Interest cost | 506 | 589 | 1,476 | 1,864 |
Return on plan assets | (739) | (828) | (2,161) | (2,627) |
Amortization of prior service cost | 0 | 25 | 0 | 78 |
Recognized net actuarial loss | 264 | 35 | 775 | 110 |
Settlement and curtailment gains | (620) | 0 | (620) | 0 |
Net pension benefit cost (gain) | (589) | 584 | (530) | 1,762 |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1,662 | 0 | 4,986 |
Interest cost | 2,148 | 2,389 | 6,445 | 7,167 |
Return on plan assets | (2,941) | (3,097) | (8,823) | (9,291) |
Amortization of prior service cost | 0 | 30 | 0 | 88 |
Recognized net actuarial loss | 366 | 1,099 | 1,098 | 3,299 |
Settlement and curtailment gains | 0 | 0 | 0 | 0 |
Net pension benefit cost (gain) | $ (427) | $ 2,083 | $ (1,280) | $ 6,249 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||
Employer contributions | $ 408,000 | $ 600,000 |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)payment | Jun. 30, 2017USD ($)$ / 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] | ||
Estimated fair value of contingent payments | $ 0 | |
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" | $ 0.7 | |
Price Risk Derivative [Member] | ||
Derivative [Line Items] | ||
Notional amount of forward contracts outstanding | $ 10.1 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) - Prepaid Expenses and Other Current Assets [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Short-Term Foreign Currency Forward Contracts [Member] | ||
Asset derivatives | ||
Foreign currency forward contracts | $ 674 | $ 0 |
Not Designated as Hedging Instrument [Member] | FCX settlement [Member] | ||
Asset derivatives | ||
Non-designated derivatives FCX settlement | $ 0 | $ 14,400 |
Derivative Instruments and He48
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Not Designated as Hedging Instrument [Member] | FCX settlement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain/(loss) recognized through AOCL | $ 0 | $ 0 | $ 0 | $ 0 |
Not Designated as Hedging Instrument [Member] | Contract Drilling Services [Member] | FCX settlement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(loss) reclassified from AOCL to Contract drilling services costs | 0 | 0 | 0 | 0 |
Gain/(loss) recognized through Contract drilling services revenue | 0 | (5,194) | (14,400) | 12,406 |
Foreign Currency Forward Contracts [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain/(loss) recognized through AOCL | (65) | 463 | 674 | (605) |
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 costs | 542 | (540) | 0 | 0 |
Gain/(loss) recognized through Contract drilling services revenue | $ 0 | $ 0 | $ 679 | $ (158) |
Fair Value of Financial Instr49
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $ 7,326 | $ 6,246 |
Foreign currency forward contracts | 0 | |
FCX Settlement | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets - | ||
Marketable securities | 0 | 0 |
Foreign currency forward contracts | 674 | |
FCX Settlement | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets - | ||
Marketable securities | 0 | 0 |
Foreign currency forward contracts | 0 | |
FCX Settlement | 14,400 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 7,326 | 6,246 |
Foreign currency forward contracts | $ 674 | |
FCX Settlement | $ 14,400 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments Fair Value of Financial Instruments - Settlement Asset from FCX (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combination, Contingent Consideration, Asset [Roll Forward] | ||
Beginning balance | $ 14,400 | $ 0 |
Fair value recognized in earnings | 17,600 | |
Change in fair value recognized in earnings | (14,400) | (5,194) |
Ending balance | $ 0 | $ 12,406 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 6,467,445 | $ 7,422,230 | ||
Other comprehensive income (loss) before reclassifications | 1,423 | (342) | ||
Amounts reclassified from AOCL | 1,156 | 2,348 | ||
Other comprehensive income, net | $ 793 | $ 701 | 2,579 | 2,006 |
Ending Balance | 5,964,857 | 7,757,983 | 5,964,857 | 7,757,983 |
Gains / (Losses) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | 674 | (605) | ||
Amounts reclassified from AOCL | 0 | 0 | ||
Other comprehensive income, net | 674 | (605) | ||
Ending Balance | 674 | (605) | 674 | (605) |
Defined Benefit Pension Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (35,865) | (46,919) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCL | 1,156 | 2,348 | ||
Other comprehensive income, net | 1,156 | 2,348 | ||
Ending Balance | (34,709) | (44,571) | (34,709) | (44,571) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (16,275) | (16,256) | ||
Other comprehensive income (loss) before reclassifications | 749 | 263 | ||
Amounts reclassified from AOCL | 0 | 0 | ||
Other comprehensive income, net | 749 | 263 | ||
Ending Balance | (15,526) | (15,993) | (15,526) | (15,993) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (52,140) | (63,175) | ||
Other comprehensive income, net | 2,579 | 2,006 | ||
Ending Balance | $ (49,561) | $ (61,169) | $ (49,561) | $ (61,169) |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / Occurrence_Per_Year | Sep. 30, 2016USD ($) | May 02, 2017USD ($) | |
Other Commitments [Line Items] | |||||||
Number of newbuild rigs allegedly infringing patent | Rig | 5 | ||||||
Net charges recognized relating to Paragon Offshore emergence from bankruptcy | $ 15,900,000 | ||||||
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (1,486,000) | $ 0 | |||
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 | ||||||
Minimum [Member] | |||||||
Other Commitments [Line Items] | |||||||
Loss of hire coverage applies only to rigs operating under dayrate | $ 200,000 | ||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ||||||
Paragon Offshore [Member] | |||||||
Other Commitments [Line Items] | |||||||
Litigation trust fund | $ 10,000,000 | ||||||
U.S. Gulf of Mexico [Member] | |||||||
Other Commitments [Line Items] | |||||||
Windstorm coverage amount | $ 500,000,000 | ||||||
Customs And Other Business Taxes [Member] | Mexico [Member] | Foreign tax authority [Member] | |||||||
Other Commitments [Line Items] | |||||||
Approximate audit claims assessed | $ 51,400,000 | ||||||
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 (Deta
Accounting Pronouncements (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property and equipment, net | $ 9,712,267 | $ 10,061,948 | ||
Financing activities in Consolidated Statement of Cash Flows | (330,645) | $ (436,678) | ||
Operating activities in Consolidated Statement of Cash Flows | 299,080 | 960,368 | ||
Accounting Standards Update 2016-02 [Member] | Assets Held under Capital Leases [Member] | Minimum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property and equipment, net | 20,000 | |||
Accounting Standards Update 2016-02 [Member] | Assets Held under Capital Leases [Member] | Maximum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property and equipment, net | $ 40,000 | |||
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 | 3,200 | |||
Operating activities in Consolidated Statement of Cash Flows | $ (3,200) | |||
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | Forecast [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ (152,200) | |||
Accounting Standards Update 2016-16 [Member] | Other Assets [Member] | Forecast [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle in period of adoption | $ (152,200) |
Supplemental Financial Inform54
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016Rig | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | ||||
Deferred revenues under drilling contracts | $ 126.5 | $ 134.4 | ||
Deferred expenses under drilling contracts | 52.1 | 53.8 | ||
Aramco [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Number of rigs | Rig | 4 | 5 | ||
Revenues recorded in excess of billings | 10.8 | 17.9 | ||
Aramco [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | 8.5 | 9.2 | ||
Aramco [Member] | Other Assets [Member] | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | $ 2.3 | $ 8.7 |
Supplemental Financial Inform55
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Capital [Line Items] | ||
Net change in other assets and liabilities | $ (24,330) | $ 129,166 |
Noble U-K [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 116,619 | 179,364 |
Other current assets | 18,421 | 91,606 |
Other assets | (76,002) | 34,382 |
Accounts payable | (11,901) | (70,778) |
Other current liabilities | 21,503 | (71,789) |
Other liabilities | (92,970) | (33,619) |
Net change in other assets and liabilities | (24,330) | 129,166 |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | 116,619 | 179,364 |
Other current assets | 15,860 | 89,858 |
Other assets | (80,172) | 19,147 |
Accounts payable | (11,656) | (68,909) |
Other current liabilities | 22,631 | (67,663) |
Other liabilities | (88,087) | (18,886) |
Net change in other assets and liabilities | $ (24,805) | $ 132,911 |
Condensed Consolidating Finan56
Condensed Consolidating Financial Information - Guarantor Obligations (Detail) - USD ($) | Sep. 30, 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% | |
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% | |
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% | |
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% |
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% | |
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% | |
7.70% Senior Notes due April 2025 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 450,000,000 | |
Interest rate on senior notes | 7.70% | |
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% | |
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% | |
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% | |
8.70% Senior Notes due April 2045 [Member] | ||
Guarantor Obligations [Line Items] | ||
Face value of senior notes | $ 400,000,000 | |
Interest rate on senior notes | 8.70% |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information - Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 608,763 | $ 725,722 | $ 426,052 | $ 512,245 |
Accounts receivable | 202,533 | 319,152 | ||
Taxes receivable | 55,394 | 55,480 | ||
Prepaid expenses and other current assets | 74,599 | 92,260 | ||
Total current assets | 941,289 | 1,192,614 | ||
Property and equipment, at cost | 12,421,765 | 12,364,888 | ||
Accumulated depreciation | (2,709,498) | (2,302,940) | ||
Property and equipment, net | 9,712,267 | 10,061,948 | ||
Other assets | 244,663 | 185,555 | ||
Total assets | 10,898,219 | 11,440,117 | ||
Current liabilities | ||||
Current maturities of long-term debt | 249,652 | 299,882 | ||
Accounts payable | 83,986 | 108,224 | ||
Accrued payroll and related costs | 46,844 | 48,383 | ||
Taxes payable | 53,629 | 46,561 | ||
Interest payable | 64,280 | 61,299 | ||
Other current liabilities | 96,870 | 68,944 | ||
Total current liabilities | 595,261 | 633,293 | ||
Long-term debt | 3,795,327 | 4,040,229 | ||
Deferred income taxes | 253,444 | 2,084 | ||
Other liabilities | 289,330 | 297,066 | ||
Total liabilities | 4,933,362 | 4,972,672 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,286,962 | 5,758,681 | ||
Noncontrolling interests | 677,895 | 708,764 | ||
Total equity | 5,964,857 | 6,467,445 | 7,757,983 | 7,422,230 |
Total liabilities and equity | 10,898,219 | 11,440,117 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | (2,492,928) | (1,646,234) | ||
Accounts receivable from affiliates | (6,972,901) | (3,690,281) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (9,465,829) | (5,336,515) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (9,371,602) | (5,290,556) | ||
Investments in affiliates | (34,677,584) | (20,766,555) | ||
Other assets | 0 | 0 | ||
Total assets | (53,515,015) | (31,393,626) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (1,646,234) | |||
Current maturities of long-term debt | (2,492,928) | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (6,972,901) | (3,690,281) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (9,465,829) | (5,336,515) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (9,371,602) | (5,290,556) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (18,837,431) | (10,627,071) | ||
Commitments and contingencies | ||||
Total shareholder equity | (34,677,584) | (20,362,710) | ||
Noncontrolling interests | 0 | (403,845) | ||
Total equity | (34,677,584) | (20,766,555) | ||
Total liabilities and equity | (53,515,015) | (31,393,626) | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 607,849 | 640,441 | 423,649 | 508,067 |
Accounts receivable | 178,597 | 285,990 | ||
Taxes receivable | 26,034 | 34,052 | ||
Short-term notes receivable from affiliates | 0 | 52,611 | ||
Accounts receivable from affiliates | 5,780,487 | 3,038,658 | ||
Prepaid expenses and other current assets | 72,566 | 86,868 | ||
Total current assets | 6,665,533 | 4,138,620 | ||
Property and equipment, at cost | 11,349,776 | 9,988,026 | ||
Accumulated depreciation | (2,449,002) | (1,874,632) | ||
Property and equipment, net | 8,900,774 | 8,113,394 | ||
Notes receivable from affiliates | 1,173,281 | 1,798,614 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 218,901 | 168,573 | ||
Total assets | 16,958,489 | 14,219,201 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 1,474,309 | |||
Current maturities of long-term debt | 887,685 | 0 | ||
Accounts payable | 81,871 | 103,640 | ||
Accrued payroll and related costs | 41,885 | 43,437 | ||
Accounts payable to affiliates | 818,512 | 640,313 | ||
Taxes payable | 53,202 | 46,561 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 95,827 | 63,004 | ||
Total current liabilities | 1,978,982 | 2,371,264 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 5,023,320 | 3,379,236 | ||
Deferred income taxes | 253,444 | 1,550 | ||
Other liabilities | 258,627 | 248,219 | ||
Total liabilities | 7,514,373 | 6,000,269 | ||
Commitments and contingencies | ||||
Total shareholder equity | 8,766,221 | 7,106,323 | ||
Noncontrolling interests | 677,895 | 1,112,609 | ||
Total equity | 9,444,116 | 8,218,932 | ||
Total liabilities and equity | 16,958,489 | 14,219,201 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 13 | 2,537 | 1,981 | 1,627 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 593,643 | 361,313 | ||
Prepaid expenses and other current assets | 96 | 270 | ||
Total current assets | 593,752 | 364,120 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,177,249 | 3,304,672 | ||
Investments in affiliates | 4,941,085 | 2,848,855 | ||
Other assets | 3,046 | 4,292 | ||
Total assets | 8,715,132 | 6,521,939 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 3,407,065 | 818,737 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 2,211 | 48 | ||
Other current liabilities | 16 | 12 | ||
Total current liabilities | 3,409,292 | 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 | 3,429,221 | 838,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,285,911 | 5,683,213 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,285,911 | 5,683,213 | ||
Total liabilities and equity | 8,715,132 | 6,521,939 | ||
NHUS [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 29,357 | 21,428 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 1,454 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 30,811 | 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 | 4,601,780 | 2,007,016 | ||
Other assets | 16,775 | 0 | ||
Total assets | 4,649,366 | 2,028,444 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | |||
Current maturities of long-term debt | 1,605,243 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 391,266 | 111,801 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1,996,509 | 283,726 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 700,000 | 700,000 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 2,696,509 | 983,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,952,857 | 1,044,718 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,952,857 | 1,044,718 | ||
Total liabilities and equity | 4,649,366 | 2,028,444 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 39 | 10,855 | 118 | 2,101 |
Accounts receivable | 23,936 | 33,162 | ||
Taxes receivable | 3 | 0 | ||
Short-term notes receivable from affiliates | 119,476 | 243,915 | ||
Accounts receivable from affiliates | 124,519 | 137,476 | ||
Prepaid expenses and other current assets | 967 | 1,611 | ||
Total current assets | 268,940 | 427,019 | ||
Property and equipment, at cost | 1,071,989 | 2,376,862 | ||
Accumulated depreciation | (260,496) | (428,308) | ||
Property and equipment, net | 811,493 | 1,948,554 | ||
Notes receivable from affiliates | 1,077,773 | 112,706 | ||
Investments in affiliates | 5,340,411 | 1,411,874 | ||
Other assets | 6,026 | 5,687 | ||
Total assets | 7,504,643 | 3,905,840 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 2,004 | 4,228 | ||
Accrued payroll and related costs | 4,959 | 4,882 | ||
Accounts payable to affiliates | 1,802,128 | 1,995,788 | ||
Taxes payable | 1 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 945 | 4,296 | ||
Total current liabilities | 1,810,037 | 2,009,194 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 472,620 | 467,139 | ||
Deferred income taxes | 0 | 534 | ||
Other liabilities | 10,774 | 24,035 | ||
Total liabilities | 2,293,431 | 2,500,902 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,211,212 | 1,404,938 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,211,212 | 1,404,938 | ||
Total liabilities and equity | 7,504,643 | 3,905,840 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 57 | 0 | 1 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 60,945 | 67,560 | ||
Prepaid expenses and other current assets | 19 | 0 | ||
Total current assets | 61,021 | 67,560 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 69,564 | ||
Investments in affiliates | 12,539,320 | 8,369,728 | ||
Other assets | 0 | 0 | ||
Total assets | 12,600,341 | 8,506,852 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | |||
Current maturities of long-term debt | 249,652 | 299,882 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 553,930 | 123,642 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 53,833 | 56,839 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 857,415 | 480,363 | ||
Long-term debt | 3,593,814 | 3,838,807 | ||
Notes payable to affiliates | 3,175,662 | 744,181 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 7,626,891 | 5,063,351 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,973,450 | 3,443,501 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,973,450 | 3,443,501 | ||
Total liabilities and equity | 12,600,341 | 8,506,852 | ||
NDS6 [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 2,373,452 | 1,349,708 | ||
Accounts receivable from affiliates | 411,853 | 85,274 | ||
Prepaid expenses and other current assets | 1 | 0 | ||
Total current assets | 2,785,306 | 1,434,982 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,943,299 | 5,000 | ||
Investments in affiliates | 7,254,988 | 6,129,082 | ||
Other assets | 0 | 0 | ||
Total assets | 13,983,593 | 7,569,064 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 8,236 | 4,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 8,236 | 4,412 | ||
Long-term debt | 201,513 | 201,422 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 209,749 | 205,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | 13,773,844 | 7,363,230 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 13,773,844 | 7,363,230 | ||
Total liabilities and equity | 13,983,593 | 7,569,064 | ||
Noble Corp [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 607,958 | 653,833 | 425,749 | 511,795 |
Accounts receivable | 202,533 | 319,152 | ||
Taxes receivable | 55,394 | 55,480 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 73,649 | 88,749 | ||
Total current assets | 939,534 | 1,117,214 | ||
Property and equipment, at cost | 12,421,765 | 12,364,888 | ||
Accumulated depreciation | (2,709,498) | (2,302,940) | ||
Property and equipment, net | 9,712,267 | 10,061,948 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 244,748 | 178,552 | ||
Total assets | 10,896,549 | 11,357,714 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | |||
Current maturities of long-term debt | 249,652 | 299,882 | ||
Accounts payable | 83,875 | 107,868 | ||
Accrued payroll and related costs | 46,844 | 48,319 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 53,203 | 46,561 | ||
Interest payable | 64,280 | 61,299 | ||
Other current liabilities | 96,788 | 67,312 | ||
Total current liabilities | 594,642 | 631,241 | ||
Long-term debt | 3,795,327 | 4,040,229 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 253,444 | 2,084 | ||
Other liabilities | 289,330 | 292,183 | ||
Total liabilities | 4,932,743 | 4,965,737 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,285,911 | 5,683,213 | ||
Noncontrolling interests | 677,895 | 708,764 | ||
Total equity | 5,963,806 | 6,391,977 | $ 7,752,762 | $ 7,414,471 |
Total liabilities and equity | $ 10,896,549 | $ 11,357,714 |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenues | ||||
Contract drilling services | $ 259,740 | $ 373,257 | $ 885,931 | $ 1,841,321 |
Reimbursables and other | 6,472 | 11,896 | 21,399 | 50,588 |
Total operating revenues | 266,212 | 385,153 | 907,330 | 1,891,909 |
Operating costs and expenses | ||||
Contract drilling services | 165,028 | 207,204 | 487,784 | 702,628 |
Reimbursables | 3,834 | 9,142 | 13,374 | 39,446 |
Depreciation and amortization | 137,607 | 155,242 | 409,919 | 455,907 |
General and administrative | 15,331 | 15,773 | 49,869 | 54,346 |
Loss on impairment | 0 | 0 | 0 | 16,616 |
Total operating costs and expenses | 321,800 | 387,361 | 960,946 | 1,268,943 |
Operating income (loss) | (55,588) | (2,208) | (53,616) | 622,966 |
Other income (expense) | ||||
Interest income (expense), net of amounts capitalized | (72,887) | (52,569) | (219,543) | (166,975) |
Gain on extinguishment of debt, net | 0 | 0 | 0 | 11,066 |
Interest income and other, net | 389 | 540 | 4,286 | (1,443) |
Income (loss) from continuing operations before income taxes | (128,086) | (54,237) | (268,873) | 465,614 |
Income tax benefit (provision) | 28,605 | 10,002 | (210,589) | (40,317) |
Net income (loss) from continuing operations | (99,481) | (44,235) | (479,462) | 425,297 |
Net income (loss) from discontinuing operations, net of tax | 0 | 0 | (1,486) | 0 |
Net income (loss) | (99,481) | (44,235) | (480,948) | 425,297 |
Net income attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Net income (loss) attributable to the company | (96,792) | (55,081) | (491,836) | 373,270 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Comprehensive income (loss) attributable to the company | (95,999) | (54,380) | (489,257) | 375,276 |
Consolidating Adjustments [Member] | ||||
Operating revenues | ||||
Contract drilling services | (9,808) | (10,992) | (36,921) | (56,432) |
Reimbursables and other | 0 | 0 | 0 | 0 |
Total operating revenues | (9,808) | (10,992) | (36,921) | (56,432) |
Operating costs and expenses | ||||
Contract drilling services | (9,808) | (10,992) | (36,921) | (56,432) |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | (9,808) | (10,992) | (36,921) | (56,432) |
Operating income (loss) | 0 | 0 | 0 | 0 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | 144,551 | 15,680 | 694,804 | (1,576,991) |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (7,533) | |||
Interest income (expense), net of amounts capitalized | 75,312 | 43,695 | 265,884 | 209,491 |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | (75,312) | (43,695) | (265,884) | (209,491) |
Income (loss) from continuing operations before income taxes | 144,551 | 15,680 | 687,271 | (1,576,991) |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | 687,271 | |||
Net income (loss) from discontinuing operations, net of tax | 0 | |||
Net income (loss) | 144,551 | 15,680 | 687,271 | (1,576,991) |
Net income attributable to noncontrolling interests | (1,178) | (4,913) | (1,994) | 18,953 |
Net income (loss) attributable to the company | 143,373 | 10,767 | 685,277 | (1,558,038) |
Other comprehensive income, net | (793) | (701) | (2,579) | (2,006) |
Comprehensive income (loss) attributable to the company | 142,580 | 10,066 | 682,698 | (1,560,044) |
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Operating revenues | ||||
Contract drilling services | 231,873 | 331,916 | 798,085 | 1,728,374 |
Reimbursables and other | 5,609 | 8,963 | 18,508 | 44,987 |
Total operating revenues | 237,482 | 340,879 | 816,593 | 1,773,361 |
Operating costs and expenses | ||||
Contract drilling services | 160,095 | 174,323 | 477,174 | 618,735 |
Reimbursables | 3,344 | 6,440 | 11,592 | 33,857 |
Depreciation and amortization | 122,680 | 132,581 | 362,511 | 389,422 |
General and administrative | 8,195 | 3,047 | 26,673 | (4,341) |
Loss on impairment | 0 | 16,616 | ||
Total operating costs and expenses | 294,314 | 316,391 | 877,950 | 1,054,289 |
Operating income (loss) | (56,832) | 24,488 | (61,357) | 719,072 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 | 0 | 0 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (24,877) | (10,278) | (105,324) | (109,781) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 3,916 | 33,180 | 15,036 | 76,657 |
Income (loss) from continuing operations before income taxes | (77,793) | 47,390 | (151,645) | 685,948 |
Income tax benefit (provision) | (25,333) | 19,524 | (380,753) | 4,023 |
Net income (loss) from continuing operations | (532,398) | |||
Net income (loss) from discontinuing operations, net of tax | 4,565 | |||
Net income (loss) | (103,126) | 66,914 | (527,833) | 689,971 |
Net income attributable to noncontrolling interests | 3,867 | (5,933) | (8,894) | (70,980) |
Net income (loss) attributable to the company | (99,259) | 60,981 | (536,727) | 618,991 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Comprehensive income (loss) attributable to the company | (98,466) | 61,682 | (534,148) | 620,997 |
Noble-Cayman [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables and other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 67 | 857 | 202 | 3,574 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 28 | 203 | 99 | 928 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 95 | 1,060 | 301 | 4,502 |
Operating income (loss) | (95) | (1,060) | (301) | (4,502) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | (88,898) | (49,010) | (469,274) | 331,777 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 2,967 | |||
Interest income (expense), net of amounts capitalized | (2,592) | (2,472) | (7,775) | (25,256) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 1,602 | 1,666 | 8,880 | 94,974 |
Income (loss) from continuing operations before income taxes | (89,983) | (50,876) | (465,503) | 396,993 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | (465,503) | |||
Net income (loss) from discontinuing operations, net of tax | 0 | |||
Net income (loss) | (89,983) | (50,876) | (465,503) | 396,993 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (89,983) | (50,876) | (465,503) | 396,993 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Comprehensive income (loss) attributable to the company | (89,190) | (50,175) | (462,924) | 398,999 |
NHUS [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables and other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 3,056 | 3,914 | 8,989 | 15,627 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 1,229 | 1,552 | 4,074 | 7,207 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 4,285 | 5,466 | 13,063 | 22,834 |
Operating income (loss) | (4,285) | (5,466) | (13,063) | (22,834) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | (64,360) | 17,529 | (477,279) | 58,134 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 4,566 | |||
Interest income (expense), net of amounts capitalized | (4,492) | (25,311) | (28,348) | (47,977) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | (50) | 30 | (141) | 80 |
Income (loss) from continuing operations before income taxes | (73,187) | (13,218) | (514,265) | (12,597) |
Income tax benefit (provision) | 53,957 | (10,050) | 170,543 | (43,788) |
Net income (loss) from continuing operations | (343,722) | |||
Net income (loss) from discontinuing operations, net of tax | (1,598) | |||
Net income (loss) | (19,230) | (23,268) | (345,320) | (56,385) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (19,230) | (23,268) | (345,320) | (56,385) |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | (19,230) | (23,268) | (345,320) | (56,385) |
NDH [Member] | ||||
Operating revenues | ||||
Contract drilling services | 37,675 | 52,333 | 124,767 | 169,379 |
Reimbursables and other | 863 | 2,933 | 2,891 | 6,301 |
Total operating revenues | 38,538 | 55,266 | 127,658 | 175,680 |
Operating costs and expenses | ||||
Contract drilling services | 10,306 | 20,487 | 34,492 | 47,005 |
Reimbursables | 490 | 2,702 | 1,782 | 5,589 |
Depreciation and amortization | 13,971 | 22,661 | 44,491 | 66,431 |
General and administrative | 0 | 0 | 0 | 0 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 24,767 | 45,850 | 80,765 | 119,025 |
Operating income (loss) | 13,771 | 9,416 | 46,893 | 56,655 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | 7,347 | (6,572) | 48,830 | (64,854) |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (3,533) | (2,872) | (9,916) | (8,436) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 16,273 | 2,816 | 70,484 | 9,719 |
Income (loss) from continuing operations before income taxes | 33,858 | 2,788 | 156,291 | (6,916) |
Income tax benefit (provision) | (19) | (167) | (345) | (545) |
Net income (loss) from continuing operations | 155,946 | |||
Net income (loss) from discontinuing operations, net of tax | 0 | |||
Net income (loss) | 33,839 | 2,621 | 155,946 | (7,461) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | 33,839 | 2,621 | 155,946 | (7,461) |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | 33,839 | 2,621 | 155,946 | (7,461) |
NHIL [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables and other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 852 | 17,483 | 2,505 | 69,087 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 371 | 7,231 | 1,263 | 32,696 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 1,223 | 24,714 | 3,768 | 101,783 |
Operating income (loss) | (1,223) | (24,714) | (3,768) | (101,783) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | 22,238 | 10,186 | 167,531 | 640,942 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (108,892) | (52,073) | (322,580) | (173,294) |
Gain on extinguishment of debt, net | 0 | 11,066 | ||
Interest income and other, net | (52) | 525 | 4,871 | 19,885 |
Income (loss) from continuing operations before income taxes | (87,929) | (66,076) | (153,946) | 396,816 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | (153,946) | |||
Net income (loss) from discontinuing operations, net of tax | 0 | |||
Net income (loss) | (87,929) | (66,076) | (153,946) | 396,816 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (87,929) | (66,076) | (153,946) | 396,816 |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | (87,929) | (66,076) | (153,946) | 396,816 |
NDS6 [Member] | ||||
Operating revenues | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables and other | 0 | 0 | 0 | 0 |
Total operating revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Contract drilling services | 0 | 0 | 0 | 0 |
Reimbursables | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 9 | 1 |
Loss on impairment | 0 | 0 | ||
Total operating costs and expenses | 0 | 0 | 9 | 1 |
Operating income (loss) | 0 | 0 | (9) | (1) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | (20,878) | 12,187 | 35,388 | 610,992 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (3,813) | (3,258) | (11,484) | (11,722) |
Gain on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | 53,897 | 6,046 | 170,875 | 6,808 |
Income (loss) from continuing operations before income taxes | 29,206 | 14,975 | 194,770 | 606,077 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | 194,770 | |||
Net income (loss) from discontinuing operations, net of tax | 0 | |||
Net income (loss) | 29,206 | 14,975 | 194,770 | 606,077 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | 29,206 | 14,975 | 194,770 | 606,077 |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | 29,206 | 14,975 | 194,770 | 606,077 |
Noble Corp [Member] | ||||
Operating revenues | ||||
Contract drilling services | 259,740 | 373,257 | 885,931 | 1,841,321 |
Reimbursables and other | 6,472 | 11,896 | 21,399 | 51,288 |
Total operating revenues | 266,212 | 385,153 | 907,330 | 1,892,609 |
Operating costs and expenses | ||||
Contract drilling services | 164,568 | 206,072 | 486,441 | 697,596 |
Reimbursables | 3,834 | 9,142 | 13,374 | 39,446 |
Depreciation and amortization | 136,651 | 155,242 | 407,002 | 455,853 |
General and administrative | 9,823 | 12,033 | 32,118 | 36,491 |
Loss on impairment | 0 | 0 | 0 | 16,616 |
Total operating costs and expenses | 314,876 | 382,489 | 938,935 | 1,246,002 |
Operating income (loss) | (48,664) | 2,664 | (31,605) | 646,607 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 | 0 | 0 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (72,887) | (52,569) | (219,543) | (166,975) |
Gain on extinguishment of debt, net | 0 | 0 | 0 | 11,066 |
Interest income and other, net | 274 | 568 | 4,121 | (1,368) |
Income (loss) from continuing operations before income taxes | (121,277) | (49,337) | (247,027) | 489,330 |
Income tax benefit (provision) | 28,605 | 9,307 | (210,555) | (40,310) |
Net income (loss) from continuing operations | (92,672) | (40,030) | (457,582) | 449,020 |
Net income (loss) from discontinuing operations, net of tax | 0 | 0 | 2,967 | 0 |
Net income (loss) | (92,672) | (40,030) | (454,615) | 449,020 |
Net income attributable to noncontrolling interests | 2,689 | (10,846) | (10,888) | (52,027) |
Net income (loss) attributable to the company | (89,983) | (50,876) | (465,503) | 396,993 |
Other comprehensive income, net | 793 | 701 | 2,579 | 2,006 |
Comprehensive income (loss) attributable to the company | $ (89,190) | $ (50,175) | $ (462,924) | $ 398,999 |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information - Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net cash provided by operating activities | $ 299,080 | $ 960,368 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 1,306 | 23,390 |
Net cash used in investing activities | (85,394) | (609,883) |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | (322,207) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Premiums paid on early repayment of long-term debt | 0 | (1,781) |
Dividends paid to noncontrolling interests | (26,293) | (61,980) |
Net cash used in financing activities | (330,645) | (436,678) |
Net decrease in cash and cash equivalents | (116,959) | (86,193) |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 |
Cash and cash equivalents, end of period | 608,763 | 426,052 |
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 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 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 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 212,606 | 1,223,801 |
Cash flows from investing activities | ||
Capital expenditures | (84,148) | (159,813) |
Proceeds from disposal of assets | 1,260 | 23,390 |
Net cash used in investing activities | (82,888) | (136,423) |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | (26,293) | (61,980) |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | (136,017) | (1,109,816) |
Net cash used in financing activities | (162,310) | (1,171,796) |
Net decrease in cash and cash equivalents | (32,592) | (84,418) |
Cash and cash equivalents, beginning of period | 640,441 | 508,067 |
Cash and cash equivalents, end of period | 607,849 | 423,649 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 26,122 | 91,918 |
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 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 43,891 | |
Contributions (distributions) from (to) parent company, net | (76,051) | |
Advances (to) from affiliates | (72,537) | (15,513) |
Net cash used in financing activities | (28,646) | (91,564) |
Net decrease in cash and cash equivalents | (2,524) | 354 |
Cash and cash equivalents, beginning of period | 2,537 | 1,627 |
Cash and cash equivalents, end of period | 13 | 1,981 |
NHUS [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 102,689 | (124,190) |
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 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | (102,689) | 124,190 |
Net cash used in financing activities | (102,689) | 124,190 |
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 | 141,843 | 81,355 |
Cash flows from investing activities | ||
Capital expenditures | (2,552) | (473,460) |
Proceeds from disposal of assets | 46 | 0 |
Net cash used in investing activities | (2,506) | (473,460) |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facility | 0 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | (150,153) | 390,122 |
Net cash used in financing activities | (150,153) | 390,122 |
Net decrease in cash and cash equivalents | (10,816) | (1,983) |
Cash and cash equivalents, beginning of period | 10,855 | 2,101 |
Cash and cash equivalents, end of period | 39 | 118 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (324,502) | (278,331) |
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) | (322,207) |
Debt issuance costs on senior notes and credit facility | (42) | |
Premiums paid on early repayment of long-term debt | (1,781) | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | 624,601 | 602,320 |
Net cash used in financing activities | 324,559 | 278,332 |
Net decrease in cash and cash equivalents | 57 | 1 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 57 | 1 |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 163,205 | (8,697) |
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 | |
Premiums paid on early repayment of long-term debt | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | (163,205) | 8,697 |
Net cash used in financing activities | (163,205) | 8,697 |
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 Corp [Member] | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 321,963 | 985,856 |
Cash flows from investing activities | ||
Capital expenditures | (86,700) | (633,273) |
Proceeds from disposal of assets | 1,306 | 23,390 |
Net cash used in investing activities | (85,394) | (609,883) |
Cash flows from financing activities | ||
Repayment of long-term debt | (300,000) | (322,207) |
Debt issuance costs on senior notes and credit facility | (42) | 0 |
Premiums paid on early repayment of long-term debt | 0 | (1,781) |
Dividends paid to noncontrolling interests | (26,293) | (61,980) |
Contributions (distributions) from (to) parent company, net | 43,891 | |
Contributions (distributions) from (to) parent company, net | (76,051) | |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | (282,444) | (462,019) |
Net decrease in cash and cash equivalents | (45,875) | (86,046) |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 |
Cash and cash equivalents, end of period | $ 607,958 | $ 425,749 |