Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 02, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | Noble Corp plc | |
Trading Symbol | NE | |
Entity Central Index Key | 1,458,891 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 246,780,734 | |
Noble Corp | ||
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 461,678 | $ 662,829 |
Accounts receivable, net | 181,804 | 204,696 |
Taxes receivable | 21,530 | 105,345 |
Prepaid expenses and other current assets | 55,448 | 66,105 |
Total current assets | 720,460 | 1,038,975 |
Property and equipment, at cost | 12,072,297 | 12,034,331 |
Accumulated depreciation | (2,673,437) | (2,545,091) |
Property and equipment, net | 9,398,860 | 9,489,240 |
Other assets | 148,803 | 266,444 |
Total assets | 10,268,123 | 10,794,659 |
Current liabilities | ||
Current maturities of long-term debt | 0 | 249,843 |
Accounts payable | 94,275 | 84,032 |
Accrued payroll and related costs | 35,473 | 54,904 |
Taxes payable | 29,345 | 34,391 |
Interest payable | 67,649 | 98,189 |
Other current liabilities | 67,708 | 71,665 |
Total current liabilities | 294,450 | 593,024 |
Long-term debt | 3,841,350 | 3,795,867 |
Deferred income taxes | 181,573 | 164,962 |
Other liabilities | 291,965 | 290,178 |
Total liabilities | 4,609,338 | 4,844,031 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock | 2,464 | 2,450 |
Additional paid-in capital | 681,883 | 678,922 |
Retained earnings | 4,351,061 | 4,637,677 |
Accumulated other comprehensive loss | (47,437) | (42,888) |
Total shareholders' equity | 4,987,971 | 5,276,161 |
Noncontrolling interests | 670,814 | 674,467 |
Total equity | 5,658,785 | 5,950,628 |
Total liabilities and equity | 10,268,123 | 10,794,659 |
Noble Corp | ||
Current assets | ||
Cash and cash equivalents | 460,831 | 662,011 |
Accounts receivable, net | 181,804 | 204,696 |
Taxes receivable | 21,530 | 105,345 |
Prepaid expenses and other current assets | 55,070 | 65,441 |
Total current assets | 719,235 | 1,037,493 |
Property and equipment, at cost | 12,072,297 | 12,034,331 |
Accumulated depreciation | (2,673,437) | (2,545,091) |
Property and equipment, net | 9,398,860 | 9,489,240 |
Other assets | 148,887 | 266,528 |
Total assets | 10,266,982 | 10,793,261 |
Current liabilities | ||
Current maturities of long-term debt | 0 | 249,843 |
Accounts payable | 94,115 | 83,873 |
Accrued payroll and related costs | 35,551 | 54,904 |
Taxes payable | 28,919 | 33,965 |
Interest payable | 67,649 | 98,189 |
Other current liabilities | 67,625 | 71,466 |
Total current liabilities | 293,859 | 592,240 |
Long-term debt | 3,841,350 | 3,795,867 |
Deferred income taxes | 181,573 | 164,962 |
Other liabilities | 291,965 | 290,178 |
Total liabilities | 4,608,747 | 4,843,247 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 629,419 | 623,137 |
Retained earnings | 4,379,314 | 4,669,173 |
Accumulated other comprehensive loss | (47,437) | (42,888) |
Total shareholders' equity | 4,987,421 | 5,275,547 |
Noncontrolling interests | 670,814 | 674,467 |
Total equity | 5,658,235 | 5,950,014 |
Total liabilities and equity | $ 10,266,982 | $ 10,793,261 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, shares outstanding | 246,778 | 244,971 |
Noble Corp | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating revenues | ||
Contract drilling services | $ 229,106 | $ 354,659 |
Reimbursables and other | 6,051 | 8,317 |
Total operating revenues | 235,157 | 362,976 |
Operating costs and expenses | ||
Contract drilling services | 136,849 | 160,769 |
Reimbursables | 4,350 | 5,146 |
Depreciation and amortization | 128,755 | 135,718 |
General and administrative | 22,083 | 15,880 |
Total operating costs and expenses | 292,037 | 317,513 |
Operating income (loss) | (56,880) | 45,463 |
Other income (expense) | ||
Interest expense | (76,015) | (73,447) |
Loss on extinguishment of debt, net | (8,768) | 0 |
Interest income and other, net | 1,339 | 1,617 |
Loss from continuing operations before income taxes | (140,324) | (26,367) |
Income tax provision | (2,996) | (257,407) |
Net loss | (143,320) | (283,774) |
Net (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Net income (loss) attributable to the company | $ (142,334) | $ (301,694) |
Per share data | ||
Basic (usd per share) | $ (0.58) | $ (1.24) |
Diluted (usd per share) | $ (0.58) | $ (1.24) |
Noble Corp | ||
Operating revenues | ||
Contract drilling services | $ 229,106 | $ 354,659 |
Reimbursables and other | 6,050 | 8,317 |
Total operating revenues | 235,156 | 362,976 |
Operating costs and expenses | ||
Contract drilling services | 136,406 | 160,400 |
Reimbursables | 4,350 | 5,146 |
Depreciation and amortization | 127,639 | 135,718 |
General and administrative | 13,457 | 9,064 |
Total operating costs and expenses | 281,852 | 310,328 |
Operating income (loss) | (46,696) | 52,648 |
Other income (expense) | ||
Interest expense | (76,015) | (73,447) |
Loss on extinguishment of debt, net | (8,768) | 0 |
Interest income and other, net | 1,346 | 1,503 |
Loss from continuing operations before income taxes | (130,133) | (19,296) |
Income tax provision | (2,996) | (257,373) |
Net loss | (133,129) | (276,669) |
Net (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Net income (loss) attributable to the company | $ (132,143) | $ (294,589) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (143,320) | $ (283,774) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 667 | 186 |
Foreign currency forward contracts | 0 | (110) |
Amortization of deferred pension plan amounts (net of tax provision of $87 and $167 for the three months ended March 31, 2018 and 2017, respectively) | 324 | 392 |
Other comprehensive income, net | 991 | 468 |
Net comprehensive (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Comprehensive income (loss) attributable to the company | (141,343) | (301,226) |
Noble Corp | ||
Net loss | (133,129) | (276,669) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 667 | 186 |
Foreign currency forward contracts | 0 | (110) |
Amortization of deferred pension plan amounts (net of tax provision of $87 and $167 for the three months ended March 31, 2018 and 2017, respectively) | 324 | 392 |
Other comprehensive income, net | 991 | 468 |
Net comprehensive (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Comprehensive income (loss) attributable to the company | $ (131,152) | $ (294,121) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amortization of deferred pension plan, tax provision | $ 87 | $ 167 |
Noble Corp | ||
Amortization of deferred pension plan, tax provision | $ 87 | $ 167 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (143,320) | $ (283,774) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 128,755 | 135,718 |
Loss on extinguishment of debt, net | 8,768 | 0 |
Deferred income taxes | (4,906) | 268,076 |
Amortization of share-based compensation | 6,282 | 7,297 |
Other costs, net | 3,626 | 0 |
Change in taxes receivable | 84,486 | 0 |
Changes in components of working capital: | (28,778) | 14,556 |
Net cash provided by operating activities | 54,913 | 141,873 |
Cash flows from investing activities | ||
Capital expenditures | (33,816) | (38,382) |
Proceeds from disposal of assets | 117 | 273 |
Net cash used in investing activities | (33,699) | (38,109) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayments of debt | (952,209) | (300,000) |
Debt issuance costs on senior notes and credit facilities | (14,184) | (42) |
Dividends paid to noncontrolling interests | (2,667) | (5,393) |
Taxes withheld on employee stock transactions | (3,305) | (4,280) |
Net cash used in financing activities | (222,365) | (309,715) |
Net decrease in cash and cash equivalents | (201,151) | (205,951) |
Cash and cash equivalents, beginning of period | 662,829 | 725,722 |
Cash and cash equivalents, end of period | 461,678 | 519,771 |
Noble Corp | ||
Cash flows from operating activities | ||
Net loss | (133,129) | (276,669) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 127,639 | 135,718 |
Loss on extinguishment of debt, net | 8,768 | 0 |
Deferred income taxes | (4,906) | 268,076 |
Other costs, net | 3,626 | 0 |
Change in taxes receivable | 84,486 | 0 |
Amortization of share-based compensation | 6,282 | 7,265 |
Changes in components of working capital: | (27,869) | 14,125 |
Net cash provided by operating activities | 64,897 | 148,515 |
Cash flows from investing activities | ||
Capital expenditures | (33,816) | (38,382) |
Proceeds from disposal of assets | 117 | 273 |
Net cash used in investing activities | (33,699) | (38,109) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayments of debt | (952,209) | (300,000) |
Debt issuance costs on senior notes and credit facilities | (14,184) | (42) |
Dividends paid to noncontrolling interests | (2,667) | (5,393) |
Contributions from (distributions to) parent company, net | (13,318) | |
Contributions from (distributions to) parent company, net | 60,164 | |
Net cash used in financing activities | (232,378) | (245,271) |
Net decrease in cash and cash equivalents | (201,180) | (134,865) |
Cash and cash equivalents, beginning of period | 662,011 | 653,833 |
Cash and cash equivalents, end of period | $ 460,831 | $ 518,968 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noble Corp | Noble CorpCommon Stock | Noble CorpAdditional Paid-in Capital | Noble CorpRetained Earnings | Noble CorpAccumulated Other Comprehensive Loss | Noble CorpNoncontrolling Interests | |
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 | 261,246 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 7,297 | 7,297 | |||||||||||
Issuance of share-based compensation shares | (6) | $ 15 | (21) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,446 | ||||||||||||
Shares withheld for taxes on equity transactions | (4,295) | (4,295) | |||||||||||
Contributions from parent company, net | (60,164) | (60,164) | |||||||||||
Share-based compensation contribution by parent | 7,265 | 7,265 | |||||||||||
Net income (loss) | (283,774) | (301,694) | 17,920 | (276,669) | (294,589) | 17,920 | |||||||
Dividends paid to noncontrolling interests | (5,393) | (5,393) | (5,393) | (5,393) | |||||||||
Dividend equivalents | 83 | 83 | |||||||||||
Other comprehensive income, net | 468 | 468 | 468 | 468 | |||||||||
Ending Balance at Mar. 31, 2017 | 6,181,825 | $ 2,447 | 657,149 | 4,852,610 | (51,672) | 721,291 | 6,177,812 | $ 26,125 | 601,356 | 4,880,712 | (51,672) | 721,291 | |
Ending Balance, Shares at Mar. 31, 2017 | 244,685 | 261,246 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stockholders' equity, adjusted balance | 5,800,690 | $ 2,450 | 678,922 | 4,493,279 | (48,428) | 674,467 | 5,800,076 | $ 26,125 | 623,137 | 4,524,775 | (48,428) | 674,467 | |
Employee related equity activity | |||||||||||||
Tax effect of intra-entity asset transfers (Note 2) | (149,938) | (149,938) | (149,938) | (149,938) | |||||||||
Beginning Balance at Dec. 31, 2017 | $ 5,950,628 | $ 2,450 | 678,922 | 4,637,677 | (42,888) | 674,467 | $ 5,950,014 | $ 26,125 | 623,137 | 4,669,173 | (42,888) | 674,467 | |
Beginning Balance, Shares at Dec. 31, 2017 | 244,971 | 244,971 | 261,246 | 261,246 | |||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | $ 6,282 | 6,282 | |||||||||||
Issuance of share-based compensation shares | 12 | $ 14 | (2) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,807 | ||||||||||||
Shares withheld for taxes on equity transactions | (3,319) | (3,319) | |||||||||||
Distribution to parent company, net | $ 13,318 | 13,318 | |||||||||||
Share-based compensation contribution by parent | 6,282 | 6,282 | |||||||||||
Net income (loss) | (143,320) | (142,334) | (986) | (133,129) | (132,143) | (986) | |||||||
Dividends paid to noncontrolling interests | (2,667) | (2,667) | (2,667) | (2,667) | |||||||||
Dividend equivalents | [1] | 116 | 116 | ||||||||||
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | (5,540) | 5,540 | (5,540) | 5,540 | (5,540) | ||||||||
Other comprehensive income, net | 991 | 991 | 991 | 991 | |||||||||
Ending Balance at Mar. 31, 2018 | $ 5,658,785 | $ 2,464 | $ 681,883 | $ 4,351,061 | $ (47,437) | $ 670,814 | $ 5,658,235 | $ 26,125 | $ 629,419 | $ 4,379,314 | $ (47,437) | $ 670,814 | |
Ending Balance, Shares at Mar. 31, 2018 | 246,778 | 246,778 | 261,246 | 261,246 | |||||||||
[1] | Activity associated with dividend equivalents, which are related to 2016 performance awards to be paid upon vesting. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 provide contract drilling services with our global fleet of mobile offshore drilling units. As of March 31, 2018 , our fleet consisted of eight drillships, six semisubmersibles and 14 jackups. 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, 2017 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2017 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017 , 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. We have made certain reclassifications to our prior period amounts in our operating revenue by combining other revenue with reimbursables revenue to conform to the current period presentation. Such reclassification did not have a material effect on our condensed consolidated statements of operations. We have made certain reclassifications to our prior period amounts in our investing activities by combining changes in accrued capital expenditures with capital expenditures to conform to the current period presentation. Such reclassification did not have a material effect on our condensed consolidated statements of cash flows. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Note 2— Accounting Pronouncements Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.” Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services and in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. We adopted ASU 2014-09 and its related amendments, or collectively Topic 606, effective January 1, 2018 using the modified retrospective implementation method. Accordingly, we have applied the five-step method outlined in Topic 606 for determining when and how revenue is recognized to all contracts that were not completed as of the date of adoption. Revenues for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported under the previous revenue recognition guidance. For contracts that were modified before the effective date, we have considered the modification guidance within the new standard and determined that the revenue recognized and contract balances recorded prior to adoption for such contracts were not impacted. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues. Our adoption, using the modified retrospective approach, for which we were not required to make any changes to the prior year presentation, did not have a material effect on our condensed consolidated financial statements. 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. We have adopted the new standard effective January 1, 2018 under the modified retrospective approach. As a result of the modified retrospective application, “Other Assets” is reduced in our Condensed Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $149.9 million as of March 31, 2018 . In February 2018 , the FASB issued ASU No. 2018-2, which amends ASC Topic 220, “Income Statement—Reporting Comprehensive Income.” The amendments in this update allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Act”). This standard is effective for interim and annual reporting periods beginning after December 15, 2018 with early application permitted. We have elected to adopt the new standard effective January 1, 2018 under the modified retrospective approach. The amendment should be applied on a retrospective basis to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act was recognized. As a result of the retrospective application, we will reduce “Accumulated Other Comprehensive Income” with a cumulative adjustment to “Retained Earnings” of approximately $5.5 million as of March 31, 2018 . In March 2017, the FASB issued ASU No. 2017-7, which amends ASC Topic 715, “Compensation —Retirement Benefits; Improving the Presentation of Net Periodic Pension Cost and Postretirement Benefits Cost.” The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost for an entity's defined benefit pension and other postretirement plans. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs, as defined in paragraphs 715-30-35-4 and 715-60-35-9, are required to be presented in the income statement separately from the service cost component and outside of income from operations. We adopted ASU No. 2017-7 effective January 1, 2018 and accordingly, we have made certain reclassifications to our prior period amounts between “Contract drilling services” costs and “Interest income and other, net.” Such reclassifications did not have a material effect on our condensed consolidated statement of operations. Issued Accounting Standards 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 . Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. We expect to adopt ASC 842 effective January 1, 2019 . We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our 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 upon adoption. We are currently evaluating any other impacts of ASC 842, including any newly issued guidance, will have on our condensed 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 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. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 3— Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully -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 months ended March 31, 2018 and 2017 , the Bully joint ventures approved and paid dividends totaling $5.3 million and $10.8 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at both March 31, 2018 and December 31, 2017 totaled $1.3 billion . These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $58.8 million at March 31, 2018 as compared to approximately $41.6 million at December 31, 2017 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4— Earnings Per Share The following table presents the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended March 31, 2018 2017 Numerator: Basic Net loss attributable to Noble-UK $ (142,334 ) $ (301,694 ) Net loss from continuing operations to common shareholders - basic $ (142,334 ) $ (301,694 ) Diluted Net loss attributable to Noble-UK $ (142,334 ) $ (301,694 ) Net loss from continuing operations to common shareholders - diluted $ (142,334 ) $ (301,694 ) Denominator: Weighted average shares outstanding - basic 246,175 244,222 Weighted average shares outstanding - diluted 246,175 244,222 Loss per share Basic: Loss from continuing operations $ (0.58 ) $ (1.24 ) Net loss attributable to Noble-UK $ (0.58 ) $ (1.24 ) Diluted: Loss from continuing operations $ (0.58 ) $ (1.24 ) Net loss attributable to Noble-UK $ (0.58 ) $ (1.24 ) Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended March 31, 2018 and 2017, 12.6 million and 9.4 million share-based awards, respectively, were excluded from the diluted earnings per share since the effect would have been anti-dilutive. For the three months ended March 31, 2018 and 2017 , approximately 1.1 million and 1.3 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were anti-dilutive. Share capital As of March 31, 2018 , Noble-UK had approximately 246.8 million shares outstanding and trading as compared to approximately 245.0 million shares outstanding and trading at December 31, 2017 . In April 2018, our shareholders approved, at our Annual General Meeting, a proposal to allow our Board of Directors to increase our share capital through the issuance of up to 82.2 million ordinary shares (at current nominal value of $0.01 per share). 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 March 31, 2018 , we do not have shareholder authority to repurchase shares. During the three months ended March 31, 2018 no shares were repurchased. |
Receivables from Customers
Receivables from Customers | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Receivables from Customers | Note 5— Receivables from Customers At December 31, 2016 , 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. A Mexican subsidiary of Paragon Offshore plc (“Paragon Offshore”), which had operated the Noble Max Smith , had been prosecuting the claim against Pemex. As of December 31, 2017 , Paragon Offshore announced that, as part of its bankruptcy plan, it will liquidate the Mexican entity involved. 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 create 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 during the year ended December 31, 2017. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6— Property and Equipment Property and equipment, at cost, for Noble-UK consisted of the following: March 31, 2018 December 31, 2017 Drilling equipment and facilities $ 11,767,368 $ 11,746,629 Construction in progress 99,200 83,509 Other 205,729 204,193 Property and equipment, at cost $ 12,072,297 $ 12,034,331 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 7— Debt Credit Facilities 2015 Credit Facility At December 31, 2017 , we had 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 “ 2015 Credit Facility”). At December 31, 2017 , the 2015 Credit Facility also provided us with the ability to issue up to $500.0 million in letters of credit. On December 19, 2017 , we entered into the First Amendment and Consent and Successor Agent Agreement (the “Amendment”) amending the 2015 Credit Facility. On January 3, 2018 , the Amendment to the 2015 Credit Facility became fully effective. The Amendment caused, among other things, a reduction in the aggregate principal amount of commitments under the 2015 Credit Facility to $300.0 million and the termination of the 2015 Credit Facility's letter of credit sub-facility. The maturity of the 2015 Credit Facility remains January 2020 . As a result of the 2015 Credit Facility's reduction in the aggregate principal amount of commitments, we recognized a net loss of approximately $2.3 million . At March 31, 2018 , we had no borrowings outstanding under the 2015 Credit Facility. 2017 Credit Facility On December 21, 2017 , Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman (“NCL”); Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman (“NIFCO”); and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Noble-UK (“NHUK”), as parent guarantor, entered into a new senior unsecured credit agreement (the “ 2017 Credit Facility” and, together with the 2015 Credit Facility, the “Credit Facilities”). The maximum aggregate amount of commitments under the 2017 Credit Facility of approximately $1.5 billion became available in January 2018 upon satisfaction of certain conditions, including the effectiveness of the commitment reduction under the 2015 Credit Facility. Borrowings under the 2017 Credit Facility are subject to certain conditions precedent, including that there be no unused commitments to advance loans under the 2015 Credit Facility. The 2017 Credit Facility provides for a letter of credit sub-facility currently in the amount of $15.0 million , with the ability to increase such amount up to $500.0 million . Borrowings may be used for working capital and other general corporate purposes. The 2017 Credit Facility will mature in January 2023 . At March 31, 2018 , we had no borrowings outstanding or letters of credit issued under the 2017 Credit Facility. Both of our Credit Facilities have provisions which vary the applicable interest rates for borrowings based upon our debt ratings. We also pay a facility fee under the 2015 Credit Facility on the full commitments thereunder (used or unused) and a commitment fee under the 2017 Credit Facility on the daily unused amount of the underlying commitments, in each case which varies depending on our credit ratings. At March 31, 2018 , the interest rates in effect under our Credit Facilities are the highest permitted interest rates under those agreements. Debt Issuances In January 2018 , we issued $750.0 million aggregate principal amount of our Senior Notes due 2026 (the “ 2026 Notes”) through our indirect wholly-owned subsidiary, NHIL. The net proceeds of the offering of approximately $737.4 million , after estimated expenses, were used to retire a portion of our near-term senior notes in a related tender offer. The 2026 Notes are redeemable, in whole or in part, prior to February 1, 2021 , at a redemption price equal to 100% of the aggregate principal amount of the 2026 Notes being redeemed, plus a make-whole premium. Prior to February 1, 2021 , we may also redeem up to 40% of the 2026 Notes in an amount not to exceed the net cash proceeds of certain equity offerings at a redemption price equal to approximately 108% of t heir aggregate principal amount. Further, the 2026 Notes may be redeemed in whole at par as a result of changes in tax law requiring us to withhold taxes from payments on the 2026 Notes. On or after February 1, 2021 , we may redeem all or any portion of the 2026 Notes at various redemption prices set forth in the indenture. Upon (i) the occurrence of a change of control and (ii) a downgrade of the rating of the 2026 Notes within 60 days after the change of control by at least two of Moody’s Investors Service, Inc., Standard & Poor’s Financial Services LLC or Fitch Ratings Inc. we will be required to make an offer to repurchase all outstanding 2026 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2026 Notes repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. The indenture for the 2026 Notes contains certain covenants and restrictions, including, among others, restrictions on our and our subsidiaries’ ability, as applicable, to create certain liens, enter into certain sale and leaseback transactions, merge or consolidate with another entity, sell all or substantially all of their assets and allow our subsidiaries to incur certain additional indebtedness. Additionally, the Subsidiary Guarantors must own, directly or indirectly, (i) assets comprising at least 85% of the revenue of Noble-Cayman and its subsidiaries on a consolidated basis and (ii) jackups, semisubmersibles, drillships, submersibles or other mobile offshore drilling units of material importance, the combined book value of which comprises at least 85% of the combined book value of all such assets of Noble-Cayman and its subsidiaries on a consolidated basis, in each case, with respect to the most recently completed fiscal year. Senior Notes Interest Rate Adjustments During 2016 and 2017 , we experienced debt rating downgrades by Moody’s Investors Service and S&P Global Ratings, which reduced our debt ratings significantly below investment grade. As a result of these downgrades, we experienced interest rate increases during 2016 and 2017 on our Senior Notes due 2018 (the “ 2018 Notes”), our Senior Notes due 2025 (the “ 2025 Notes”) and our Senior Notes due 2045 (the “ 2045 Notes”), all of which are subject to provisions that vary the applicable interest rates based on our debt rating. On October 18, 2017 , S&P Global Ratings further reduced our debt rating, which increased the interest rates on the 2025 Notes and the 2045 Notes to 7.95% and 8.95% , respectively, in April 2018 . These senior notes have reached the contractually defined maximum interest rate set for each rating agency and no further interest rate increase will occur. 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 our Senior Notes due 2024 (the “ 2024 Notes”) and the 2026 Notes do not contain provisions varying applicable interest rates based upon our credit ratings. Debt Tender Offers and Repayments In January 2018 , we commenced cash tender offers for our 2018 Notes, Senior Notes due 2019 (the “ 2019 Notes”), Senior Notes due 2020 (the “ 2020 Notes”), Senior Notes due 2021 , Senior Notes due 2022 (the “ 2022 Notes”) and Senior Notes due 2024 . In February 2018 , we purchased $754.2 million aggregate principal amount of these senior notes for $750.0 million , plus accrued interest, using the net proceeds of the 2026 Notes issuance and cash on hand. As a result of this transaction, we recognized a net loss of approximately $3.5 million . In February 2018 , we redeemed the remaining principal amount of $61.9 million of the 2019 Notes for approximately $65.3 million , plus accrued interest. As a result of this transaction, we recognized a net loss of approximately $3.5 million . In March 2018 , we repaid the remaining aggregate principal amount of $126.6 million of the 2018 Notes at maturity using cash on hand. In March 2018 , we purchased $9.5 million aggregate principal amount of various tranches of our senior notes for approximately $8.7 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.5 million . In March 2017 , we repaid the aggregate principal amount of $300.0 million of the Senior Notes due 2017 at maturity using cash on hand. Covenants The 2015 Credit Facility is guaranteed by NHUS and NHIL. The 2015 Credit Facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the 2015 Credit Facility, to 0.60 at the end of each fiscal quarter. The 2017 Credit Facility contains certain financial covenants applicable to NHUK and its subsidiaries, including (i) a covenant restricting debt to total tangible capitalization to not greater than 0.55 at the end of each fiscal quarter, (ii) a minimum Liquidity requirement of $300.0 million , (iii) a covenant that, beginning with the fiscal quarter ending March 31, 2018 , the ratio of the Rig Value (as defined in the 2017 Credit Facility) of Marketed Rigs (as defined in the 2017 Credit Facility) to the sum of commitments under the 2017 Credit Facility plus indebtedness for borrowed money of the borrowers and guarantors, in each case, that directly own Marketed Rigs, is not less than 3:00 to 1:00 at the end of each fiscal quarter and (iv) a covenant that, beginning with the fiscal quarter ending March 31, 2018 , the ratio of (A) the Rig Value of the Closing Date Rigs (as defined in the 2017 Credit Facility) that are directly wholly owned by the borrowers and guarantors to (B) the Rig Value of the Closing Date Rigs owned by NHUK, subsidiaries of NHUK and certain local content affiliates, is not less than 80% at the end of each fiscal quarter (such covenants described in (iii) and (iv) of this paragraph, the “Guarantor Ratio Covenants”). The 2017 Credit Facility also includes restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2017 Credit Facility) would exceed $200.0 million . NHUK has guaranteed the obligations of the borrowers under the 2017 Credit Facility. In addition, on January 19, 2018 certain indirect subsidiaries of Noble-UK became guarantors under the 2017 Credit Facility, including Noble Dave Beard Limited, Noble Drilling (TVL) Ltd., Noble Resources Limited, Noble SA Limited, Noble Bob Douglas LLC, Noble Drilling Holding LLC, Noble Drilling International GmbH, Noble Leasing (Switzerland) GmbH, and Noble Leasing III (Switzerland) GmbH. Certain other subsidiaries of Noble-UK may be required from time to time to guarantee the obligations of the borrowers under the 2017 Credit Facility in order maintain compliance with the Guarantor Ratio Covenants. The 2017 Credit Facility contains additional restrictive covenants generally applicable to NHUK and its subsidiaries, including restrictions on the incurrence of liens and indebtedness, mergers and other fundamental changes, restricted payments, repurchases and redemptions of indebtedness with maturities outside of the maturity of the 2017 Credit Facility, sale and leaseback transactions and transactions with affiliates. In addition to the covenants from the Credit Facilities noted above and the covenants from the 2026 Notes described under “— Debt Issuances” above, the indentures governing our other outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At March 31, 2018 , we were in compliance with all applicable debt covenants. We continually monitor compliance with the covenants under our Credit Facilities and senior notes and expect to remain in compliance throughout 2018 . 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 13— Fair Value of Financial Instruments .” The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 5.75% Senior Notes due March 2018 $ — $ — $ 249,843 $ 250,830 7.50% Senior Notes due March 2019 — — 201,535 206,881 4.90% Senior Notes due August 2020 65,775 65,639 167,422 163,283 4.625% Senior Notes due March 2021 92,847 90,557 208,095 195,687 3.95% Senior Notes due March 2022 41,599 37,402 125,307 107,348 7.75% Senior Notes due January 2024 781,313 742,964 971,498 861,160 7.70% Senior Notes due April 2025 446,206 397,373 446,106 380,732 7.875% Senior Notes due February 2026 737,611 743,070 — — 6.20% Senior Notes due August 2040 396,755 265,296 396,738 274,988 6.05% Senior Notes due March 2041 394,541 263,500 394,514 273,988 5.25% Senior Notes due March 2042 494,093 314,970 494,063 315,430 8.70% Senior Notes due April 2045 390,610 334,800 390,589 320,396 Total debt 3,841,350 3,255,571 4,045,710 3,350,723 Current maturities of long-term debt (1) — — 249,843 250,830 Long-term debt $ 3,841,350 $ 3,255,571 $ 3,795,867 $ 3,099,893 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million at December 31, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8— Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of AOCI for the three months ended March 31, 2018 and 2017 . All amounts within the tables are shown net of tax. Unrealized Losses on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income (loss) before reclassifications (110 ) — 186 76 Amounts reclassified from AOCI — 392 — 392 Net other comprehensive income (loss) (110 ) 392 186 468 Balance at March 31, 2017 $ (110 ) $ (35,473 ) $ (16,089 ) $ (51,672 ) Balance at December 31, 2017 $ — $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Act (Note 2) — (5,540 ) — (5,540 ) Balance at January 1, 2018 — (33,143 ) (15,285 ) (48,428 ) Other comprehensive income before reclassifications — — 667 667 Amounts reclassified from AOCI — 324 — 324 Net other comprehensive income (loss) — 324 667 991 Balance at March 31, 2018 $ — $ (32,819 ) $ (14,618 ) $ (47,437 ) (1) Unrealized losses on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCI are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See “ Note 12— Derivative Instruments and Hedging Activities ” for additional information. (2) Defined benefit pension items relate to actuarial changes. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See “ Note 11— Employee Benefit Plans ” for additional information. |
Revenue and Customers
Revenue and Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Customers | Note 9— Revenue and Customers Overview The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to be benefited from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below. The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract ("constrained revenue"). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to contract drilling revenue as services are rendered over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data, and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Condensed Consolidated Balance Sheets. Capital Modification Revenue . From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Revenues related to reimbursable expenses” in our Condensed Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term, during which the corresponding goods and services are to be consumed. Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “prepaid expenses and other current assets” and “other current liabilities,” respectively and noncurrent contract assets and liabilities are included in “other assets” and “other liabilities,” respectively, on our condensed consolidated balance sheets. The following table provides information about contract assets and contract liabilities from contracts with customers: March 31, 2018 January 1, 2018 Current contract assets $ 24,330 $ 21,229 Noncurrent contract assets 36,285 34,520 Total contract assets 60,615 55,749 Current contract liabilities (deferred revenue) (35,125 ) (35,422 ) Noncurrent contract liabilities (deferred revenue) (65,504 ) (73,439 ) Total contract liabilities $ (100,629 ) $ (108,861 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the three months ended March 31, 2018 are as follows: Contract Assets Contract Liabilities Net balance at January 1, 2018 $ 55,749 $ (108,861 ) Amortization of deferred costs (6,116 ) — Additions to deferred costs 10,982 — Amortization of deferred revenue — 9,823 Additions to deferred revenue — (1,591 ) Total 4,866 8,232 Net balance at March 31, 2018 $ 60,615 (100,629 ) We have elected, as a practical expedient, not to disclose significant changes in the remaining performance obligation for the three months ended March 31, 2017 , which was before our adoption date of January 1, 2018 . Contract Costs Certain direct and incremental costs incurred for upfront preparation, initial mobilization and modifications of contracted rigs represent costs of fulfilling a contract as they relate directly to a contract, enhance resources of the Company that will be used in satisfying its performance obligations in the future and are expected to be recovered. Such costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement. Transaction Price Allocated to the Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Three Months Ended 2018 2019 2020 2021 2022 and beyond Total Drillships $ 18,027 $ 16,441 $ 15,141 $ 15,141 $ 12,552 $ 77,302 Jackups 9,177 10,480 3,670 — — 23,327 Total (1) $ 27,204 $ 26,921 $ 18,811 $ 15,141 $ 12,552 $ 100,629 (1) Our Semisubmersible fleet contained no unsatisfied performance obligations as of March 31, 2018 . The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at March 31, 2018 . The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. Our revenue recognition pattern under ASC 606 is materially equivalent to revenue recognition under the previous guidance. For the three months ended March 31, 2018 , there were no material effects to our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, or Condensed Consolidated Statements of Cash Flows. Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Three Months Ended March 31, 2018 Drillships $ 111,747 Seimsubmerisibles 8,889 Jackups 108,470 Total $ 229,106 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10— Income Taxes At March 31, 2018 , the reserves for uncertain tax positions totaled $183.5 million (net of related tax benefits of $1.0 million ). At December 31, 2017 , the reserves for uncertain tax positions totaled $191.9 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. At March 31, 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. The effect of this tax restructuring has been to lower current tax expense. For interim and annual reporting periods beginning after December 15, 2017 , ASU No. 2016-16 will be applied on a modified retrospective basis to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. As the result of the application of this standard, we reclassified deferred charges of $149.9 million in “Other assets” and “Other liabilities” to “Retained earnings” on the accompanying Condensed Consolidated Balance Sheets. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11— Employee Benefit Plans Pension costs include the following components for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 465 $ 2,045 $ 478 $ 2,148 Return on plan assets (716 ) (2,979 ) (701 ) (2,941 ) Recognized net actuarial loss — 411 266 366 Net pension benefit cost (gain) $ (251 ) $ (523 ) $ 43 $ (427 ) During the three months ended March 31, 2018 and 2017 , we made no contributions to our pension plans. Effective December 31, 2016 , employees and alternate payees will accrue no future benefits under the plans and, as such, Noble recognized no service costs with the plans for the three months ended March 31, 2018 and 2017 . Interest cost, return on plan assets and net actuarial losses were aggregated and disclosed within "Interest income and other, net” on the Condensed Consolidated Statements of Operations. For more information refer to “ Note 2— Accounting Pronouncements .” |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 12— 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 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 have historically settled monthly in the operations’ respective local currencies. These contracts had a maturity of less than 12 months. There were no foreign currency forward contracts entered into or outstanding as of March 31, 2018 . 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 our 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 13— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 Unrealized loss recognized through AOCI Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ (110 ) $ (73 ) Non-designated derivatives FCX Settlement $ — $ (7,900 ) There were no foreign currency forward contracts entered into or outstanding as of March 31, 2018 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 13— Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2018 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 $ 7,138 $ 7,138 $ — $ — December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,321 $ 7,321 $ — $ — 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14— 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 paid $8.2 million in fines and $4.0 million in community service payments and was placed on probation for four years , with the right to petition the court for early dismissal of probation after three years . The subsidiary's motion to early terminate the plea agreement was granted and the plea agreement was terminated effective as of March 1, 2018 . 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”). 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 . On December 15, 2017 , the litigation trust filed claims relating to the Spin-off against us and certain of our current and former officers and directors in the Delaware bankruptcy court that heard Paragon Offshore’s bankruptcy. The complaint alleges claims of alleged actual and constructive fraudulent conveyance, unjust enrichment and recharacterization of intercompany notes as equity claims against Noble and claims of breach of fiduciary duty and aiding and abetting breach of fiduciary duty against the officer and director defendants. We continue to believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that the claims brought by the litigation trust are without merit and will be contested vigorously by us. We are entering into the discovery phase of the litigation. The presiding court has approved a litigation schedule which, if followed, would conclude all pre-trial motions and other activity by approximately the end of the third quarter of 2019. If any of the litigation trust’s claims are successful, or if we elect to settle any claims, any damages or other amounts we would be required to or agree to pay could have a material adverse effect on our business, financial condition and results of operations. We may be required to establish reserves on our financial statements in advance of the conclusion of the litigation. Such reserves may be substantial and could have a material adverse effect on our financial condition as presented in such financial statements. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off (the “Separation Agreements”), including a Master Separation Agreement (the “MSA”) and a Tax Sharing Agreement (the “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 resulted in a number of accounting charges and benefits during the year ended December 31, 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. Tax matters. During 2014 , the Internal Revenue Service (“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. Audit claims of approximately $52.8 million attributable to income and other business taxes have been assessed against Noble entities in Mexico. We intend to vigorously defend our reported positions, and believe the ultimate resolution of the audit claims will not have a material adverse effect on our Condensed Consolidated Financial Statements. 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 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. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 15— Supplemental Financial Information Condensed Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $104.2 million and $114.3 million at March 31, 2018 and December 31, 2017 , 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 $60.7 million at March 31, 2018 as compared to $55.7 million at December 31, 2017 , and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” 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 . These rates were once again adjusted downward in 2016 to the adjusted 2015 levels and will remain at these same reduced rates through the end of the existing contracts. 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 March 31, 2018 and December 31, 2017 , revenues recorded in excess of billings as a result of this recognition totaled $8.6 million and $6.9 million , respectively, which are included in “Prepaid expenses and other current assets” in the accompanying Condensed Consolidated Balance Sheets, based upon our expected time of recognition. Condensed Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Accounts receivable $ 22,892 $ 33,630 $ 22,892 $ 33,630 Other current assets 9,986 (11,451 ) 9,699 (11,719 ) Other assets (11,668 ) 89,065 (10,552 ) 89,029 Accounts payable 6,175 (9,017 ) 6,175 (8,800 ) Other current liabilities (58,860 ) (95,810 ) (58,780 ) (96,154 ) Other liabilities 2,697 8,139 2,697 8,139 Total net change in assets and liabilities $ (28,778 ) $ 14,556 $ (27,869 ) $ 14,125 Non-cash investing activities Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of March 31, 2018 and December 31, 2017 were $29.6 million and $25.5 million , respectively. Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of March 31, 2017 and December 31, 2016 were $17.0 million and $35.1 million , respectively. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 16— Condensed Consolidating Financial Information Guarantees of Registered Securities Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is an issuer, co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2018 with respect to registered securities as follows (see “ Note 7— Debt ” for additional information): Issuer Notes (1) (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 (2) 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 (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. (2) As of March 31, 2018 , the entire remaining principal amount of 2019 Notes were redeemed and, as a result, we have prospectively eliminated NHUS, NDH, and NDS6 as guarantors in the current year presentation of the Condensed Consolidating Financial Information. However, prior year information is presented as previously reported. The following condensed consolidating financial statements of Noble-Cayman, NHUS, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2018 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 10 $ 40,362 $ 420,459 $ — $ 460,831 Accounts receivable — — 181,804 — 181,804 Taxes receivable — — 21,530 — 21,530 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 609,128 60,945 4,391,705 (5,061,778 ) — Prepaid expenses and other current assets — — 55,070 — 55,070 Total current assets 609,138 101,307 8,246,230 (8,237,440 ) 719,235 Property and equipment, at cost — — 12,072,297 — 12,072,297 Accumulated depreciation — — (2,673,437 ) — (2,673,437 ) Property and equipment, net — — 9,398,860 — 9,398,860 Notes receivable from affiliates 3,177,249 — — (3,177,249 ) — Investments in affiliates 4,803,162 12,573,116 — (17,376,278 ) — Other assets 569 — 148,318 — 148,887 Total assets $ 8,590,118 $ 12,674,423 $ 17,793,408 $ (28,790,967 ) $ 10,266,982 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates — 3,175,662 — (3,175,662 ) — Accounts payable 1 — 94,114 — 94,115 Accrued payroll and related costs — — 35,551 — 35,551 Accounts payable to affiliates 3,582,604 809,100 670,074 (5,061,778 ) — Taxes payable — — 28,919 — 28,919 Interest payable 163 65,851 1,635 — 67,649 Other current liabilities — — 67,625 — 67,625 Total current liabilities 3,582,768 4,050,613 897,918 (8,237,440 ) 293,859 Long-term debt — 3,841,350 — — 3,841,350 Notes payable to affiliates — — 3,177,249 (3,177,249 ) — Deferred income taxes — — 181,573 — 181,573 Other liabilities 19,929 — 272,036 — 291,965 Total liabilities 3,602,697 7,891,963 4,528,776 (11,414,689 ) 4,608,747 Commitments and contingencies Total shareholder equity 4,987,421 4,782,460 12,593,818 (17,376,278 ) 4,987,421 Noncontrolling interests — — 670,814 — 670,814 Total equity 4,987,421 4,782,460 13,264,632 (17,376,278 ) 5,658,235 Total liabilities and equity $ 8,590,118 $ 12,674,423 $ 17,793,408 $ (28,790,967 ) $ 10,266,982 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 Accounts receivable — — 24,722 — — 179,974 — 204,696 Taxes receivable — 93,302 3 — — 12,040 — 105,345 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 594,456 1,454 144,367 60,945 465,749 5,813,846 (7,080,817 ) — Prepaid expenses and other current assets — — 1,477 — 1 63,963 — 65,441 Total current assets 594,467 94,756 313,205 90,269 2,839,202 6,679,339 (9,573,745 ) 1,037,493 Property and equipment, at cost — — 857,784 — — 11,176,547 — 12,034,331 Accumulated depreciation — — (110,005 ) — — (2,435,086 ) — (2,545,091 ) Property and equipment, net — — 747,779 — — 8,741,461 — 9,489,240 Notes receivable from affiliates 3,177,248 — 1,199,815 — 3,943,299 1,175,300 (9,495,662 ) — Investments in affiliates 4,933,978 4,550,358 5,252,135 12,560,598 7,237,474 — (34,534,543 ) — Other assets 2,663 16,775 8,372 — — 238,718 — 266,528 Total assets $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 1,605,243 $ — $ — $ — $ 887,685 $ (2,492,928 ) $ — Current maturities of long-term debt — — — 249,843 — — — 249,843 Accounts payable — — 1,467 — — 82,406 — 83,873 Accrued payroll and related costs — — 4,780 — — 50,124 — 54,904 Accounts payable to affiliates 3,410,669 393,073 1,770,066 661,375 — 845,634 (7,080,817 ) — Taxes payable — — — — — 33,965 — 33,965 Interest payable 2,211 — — 83,960 12,018 — — 98,189 Other current liabilities — — 5,169 — — 66,297 — 71,466 Total current liabilities 3,412,880 1,998,316 1,781,482 995,178 12,018 1,966,111 (9,573,745 ) 592,240 Long-term debt — — — 3,594,332 201,535 — — 3,795,867 Notes payable to affiliates — 700,000 474,637 3,175,663 — 5,145,362 (9,495,662 ) — Deferred income taxes — — 5 — — 164,957 — 164,962 Other liabilities 19,929 — 30,330 — — 239,919 — 290,178 Total liabilities 3,432,809 2,698,316 2,286,454 7,765,173 213,553 7,516,349 (19,069,407 ) 4,843,247 Commitments and contingencies Total shareholder equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 8,644,002 (34,534,543 ) 5,275,547 Noncontrolling interests — — — — — 674,467 — 674,467 Total equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 9,318,469 (34,534,543 ) 5,950,014 Total liabilities and equity $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 229,106 $ — $ 229,106 Reimbursables and other — — 6,050 — 6,050 Total operating revenues — — 235,156 — 235,156 Operating costs and expenses Contract drilling services 81 604 135,721 — 136,406 Reimbursables — — 4,350 — 4,350 Depreciation and amortization — — 127,639 — 127,639 General and administrative 33 618 12,806 — 13,457 Total operating costs and expenses 114 1,222 280,516 — 281,852 Operating loss (114 ) (1,222 ) (45,360 ) — (46,696 ) Other income (expense) Income (loss) of unconsolidated affiliates (130,816 ) 12,518 — 118,298 — Interest expense (445 ) (119,821 ) — 44,251 (76,015 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,419 (11,851 ) — (8,768 ) Interest income and other, net 1,568 (129 ) 44,158 (44,251 ) 1,346 Income (loss) before income taxes (132,143 ) (103,235 ) (13,053 ) 118,298 (130,133 ) Income tax provision — — (2,996 ) — (2,996 ) Net income (loss) (132,143 ) (103,235 ) (16,049 ) 118,298 (133,129 ) Net income attributable to noncontrolling interests — — 986 — 986 Net income (loss) attributable to Noble Corporation (132,143 ) (103,235 ) (15,063 ) 118,298 (132,143 ) Other comprehensive income (loss), net 991 — 991 (991 ) 991 Comprehensive income (loss) attributable to Noble Corporation $ (131,152 ) $ (103,235 ) $ (14,072 ) $ 117,307 $ (131,152 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 47,104 $ — $ — $ 324,724 $ (17,169 ) $ 354,659 Reimbursables and other — — 1,136 — — 7,181 — 8,317 Total operating revenues — — 48,240 — — 331,905 (17,169 ) 362,976 Operating costs and expenses Contract drilling services 1,001 2,571 11,499 12,487 — 150,011 (17,169 ) 160,400 Reimbursables — — 820 — — 4,326 — 5,146 Depreciation and amortization — — 16,515 — — 119,203 — 135,718 General and administrative 513 1,307 — 6,833 4 407 — 9,064 Total operating costs and expenses 1,514 3,878 28,834 19,320 4 273,947 (17,169 ) 310,328 Operating income (loss) (1,514 ) (3,878 ) 19,406 (19,320 ) (4 ) 57,958 — 52,648 Other income (expense) Income (loss) of unconsolidated affiliates (295,102 ) (313,565 ) 2,369 96,817 50,619 — 458,862 — Interest income (expense) (2,605 ) (17,511 ) (3,092 ) (106,002 ) (3,817 ) (57,313 ) 116,893 (73,447 ) Interest income and other, net 4,632 (65 ) 39,902 4,203 63,418 6,306 (116,893 ) 1,503 Income (loss) from continuing operations before income taxes (294,589 ) (335,019 ) 58,585 (24,302 ) 110,216 6,951 458,862 (19,296 ) Income tax benefit (provision) — 50,459 509 — — (308,341 ) — (257,373 ) Net income (loss) (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (301,390 ) 458,862 (276,669 ) Net loss attributable to noncontrolling interests — — — — — (17,582 ) (338 ) (17,920 ) Net income (loss) attributable to Noble Corporation (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (318,972 ) 458,524 (294,589 ) Other comprehensive income (loss), net 468 — — — — 468 (468 ) 468 Comprehensive income (loss) attributable to Noble Corporation $ (294,121 ) $ (284,560 ) $ 59,094 $ (24,302 ) $ 110,216 $ (318,504 ) $ 458,056 $ (294,121 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 7,313 $ (135,393 ) $ 192,977 $ — $ 64,897 Cash flows from investing activities Capital expenditures — — (33,816 ) — (33,816 ) Proceeds from disposal of assets — — 117 — 117 Net cash used in investing activities — — (33,699 ) — (33,699 ) Cash flows from financing activities Issuance of senior notes — 750,000 — — 750,000 Repayment of long-term debt — (738,555 ) (213,654 ) — (952,209 ) Debt issuance costs on senior notes and credit facility (217 ) (12,581 ) (1,386 ) — (14,184 ) Dividends paid to noncontrolling interests — — (2,667 ) — (2,667 ) Distributions to parent company, net (13,318 ) — — — (13,318 ) Advances (to) from affiliates 6,221 147,567 (153,788 ) — — Net cash provided by (used in) financing activities (7,314 ) 146,431 (371,495 ) — (232,378 ) Net change in cash and cash equivalents (1 ) 11,038 (212,217 ) — (201,180 ) Cash and cash equivalents, beginning of period 11 29,324 632,676 — 662,011 Cash and cash equivalents, end of period $ 10 $ 40,362 $ 420,459 $ — $ 460,831 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 8,341 $ (6,607 ) $ 54,422 $ (115,438 ) $ 55,815 $ 151,982 $ — $ 148,515 Cash flows from investing activities Capital expenditures — — (277 ) — — (38,105 ) — (38,382 ) Proceeds from disposal of assets — — — — — 273 — 273 Net cash used in investing activities — — (277 ) — — (37,832 ) — (38,109 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facilities — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (5,393 ) — (5,393 ) Contributions from parent company, net 60,164 — — — — — — 60,164 Advances (to) from affiliates (71,041 ) 6,607 (64,900 ) 415,480 (55,815 ) (230,331 ) — — Net cash provided by (used in) financing activities (10,877 ) 6,607 (64,900 ) 115,438 (55,815 ) (235,724 ) — (245,271 ) Net change in cash and cash equivalents (2,536 ) — (10,755 ) — — (121,574 ) — (134,865 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 |
Organization and Basis of Pre25
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2017 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017 , 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 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. We have adopted the new standard effective January 1, 2018 under the modified retrospective approach. As a result of the modified retrospective application, “Other Assets” is reduced in our Condensed Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $149.9 million as of March 31, 2018 . In February 2018 , the FASB issued ASU No. 2018-2, which amends ASC Topic 220, “Income Statement—Reporting Comprehensive Income.” The amendments in this update allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Act”). This standard is effective for interim and annual reporting periods beginning after December 15, 2018 with early application permitted. We have elected to adopt the new standard effective January 1, 2018 under the modified retrospective approach. The amendment should be applied on a retrospective basis to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act was recognized. As a result of the retrospective application, we will reduce “Accumulated Other Comprehensive Income” with a cumulative adjustment to “Retained Earnings” of approximately $5.5 million as of March 31, 2018 . In March 2017, the FASB issued ASU No. 2017-7, which amends ASC Topic 715, “Compensation —Retirement Benefits; Improving the Presentation of Net Periodic Pension Cost and Postretirement Benefits Cost.” The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost for an entity's defined benefit pension and other postretirement plans. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs, as defined in paragraphs 715-30-35-4 and 715-60-35-9, are required to be presented in the income statement separately from the service cost component and outside of income from operations. We adopted ASU No. 2017-7 effective January 1, 2018 and accordingly, we have made certain reclassifications to our prior period amounts between “Contract drilling services” costs and “Interest income and other, net.” Such reclassifications did not have a material effect on our condensed consolidated statement of operations. Issued Accounting Standards 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 . Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. We expect to adopt ASC 842 effective January 1, 2019 . We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our 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 upon adoption. We are currently evaluating any other impacts of ASC 842, including any newly issued guidance, will have on our condensed 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 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. |
Revenue | Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to contract drilling revenue as services are rendered over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data, and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Condensed Consolidated Balance Sheets. Capital Modification Revenue . From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Revenues related to reimbursable expenses” in our Condensed Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term, during which the corresponding goods and services are to be consumed. |
Contract Balances | Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “prepaid expenses and other current assets” and “other current liabilities,” respectively and noncurrent contract assets and liabilities are included in “other assets” and “other liabilities,” respectively, on our condensed consolidated balance sheets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Numerator: Basic Net loss attributable to Noble-UK $ (142,334 ) $ (301,694 ) Net loss from continuing operations to common shareholders - basic $ (142,334 ) $ (301,694 ) Diluted Net loss attributable to Noble-UK $ (142,334 ) $ (301,694 ) Net loss from continuing operations to common shareholders - diluted $ (142,334 ) $ (301,694 ) Denominator: Weighted average shares outstanding - basic 246,175 244,222 Weighted average shares outstanding - diluted 246,175 244,222 Loss per share Basic: Loss from continuing operations $ (0.58 ) $ (1.24 ) Net loss attributable to Noble-UK $ (0.58 ) $ (1.24 ) Diluted: Loss from continuing operations $ (0.58 ) $ (1.24 ) Net loss attributable to Noble-UK $ (0.58 ) $ (1.24 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, for Noble-UK consisted of the following: March 31, 2018 December 31, 2017 Drilling equipment and facilities $ 11,767,368 $ 11,746,629 Construction in progress 99,200 83,509 Other 205,729 204,193 Property and equipment, at cost $ 12,072,297 $ 12,034,331 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs | The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 5.75% Senior Notes due March 2018 $ — $ — $ 249,843 $ 250,830 7.50% Senior Notes due March 2019 — — 201,535 206,881 4.90% Senior Notes due August 2020 65,775 65,639 167,422 163,283 4.625% Senior Notes due March 2021 92,847 90,557 208,095 195,687 3.95% Senior Notes due March 2022 41,599 37,402 125,307 107,348 7.75% Senior Notes due January 2024 781,313 742,964 971,498 861,160 7.70% Senior Notes due April 2025 446,206 397,373 446,106 380,732 7.875% Senior Notes due February 2026 737,611 743,070 — — 6.20% Senior Notes due August 2040 396,755 265,296 396,738 274,988 6.05% Senior Notes due March 2041 394,541 263,500 394,514 273,988 5.25% Senior Notes due March 2042 494,093 314,970 494,063 315,430 8.70% Senior Notes due April 2045 390,610 334,800 390,589 320,396 Total debt 3,841,350 3,255,571 4,045,710 3,350,723 Current maturities of long-term debt (1) — — 249,843 250,830 Long-term debt $ 3,841,350 $ 3,255,571 $ 3,795,867 $ 3,099,893 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million at December 31, 2017 . |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Balances for Components of AOCI | The following table presents the changes in the accumulated balances for each component of AOCI for the three months ended March 31, 2018 and 2017 . All amounts within the tables are shown net of tax. Unrealized Losses on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income (loss) before reclassifications (110 ) — 186 76 Amounts reclassified from AOCI — 392 — 392 Net other comprehensive income (loss) (110 ) 392 186 468 Balance at March 31, 2017 $ (110 ) $ (35,473 ) $ (16,089 ) $ (51,672 ) Balance at December 31, 2017 $ — $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Act (Note 2) — (5,540 ) — (5,540 ) Balance at January 1, 2018 — (33,143 ) (15,285 ) (48,428 ) Other comprehensive income before reclassifications — — 667 667 Amounts reclassified from AOCI — 324 — 324 Net other comprehensive income (loss) — 324 667 991 Balance at March 31, 2018 $ — $ (32,819 ) $ (14,618 ) $ (47,437 ) (1) Unrealized losses on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCI are recognized through “Contract drilling services” costs on our Condensed Consolidated Statements of Operations. See “ Note 12— Derivative Instruments and Hedging Activities ” for additional information. (2) Defined benefit pension items relate to actuarial changes. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” See “ Note 11— Employee Benefit Plans ” for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table provides information about contract assets and contract liabilities from contracts with customers: March 31, 2018 January 1, 2018 Current contract assets $ 24,330 $ 21,229 Noncurrent contract assets 36,285 34,520 Total contract assets 60,615 55,749 Current contract liabilities (deferred revenue) (35,125 ) (35,422 ) Noncurrent contract liabilities (deferred revenue) (65,504 ) (73,439 ) Total contract liabilities $ (100,629 ) $ (108,861 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the three months ended March 31, 2018 are as follows: Contract Assets Contract Liabilities Net balance at January 1, 2018 $ 55,749 $ (108,861 ) Amortization of deferred costs (6,116 ) — Additions to deferred costs 10,982 — Amortization of deferred revenue — 9,823 Additions to deferred revenue — (1,591 ) Total 4,866 8,232 Net balance at March 31, 2018 $ 60,615 (100,629 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Three Months Ended 2018 2019 2020 2021 2022 and beyond Total Drillships $ 18,027 $ 16,441 $ 15,141 $ 15,141 $ 12,552 $ 77,302 Jackups 9,177 10,480 3,670 — — 23,327 Total (1) $ 27,204 $ 26,921 $ 18,811 $ 15,141 $ 12,552 $ 100,629 (1) Our Semisubmersible fleet contained no unsatisfied performance obligations as of March 31, 2018 . |
Disaggregation of revenue by rig types | The following table provides information about contract drilling revenue by rig types: Three Months Ended March 31, 2018 Drillships $ 111,747 Seimsubmerisibles 8,889 Jackups 108,470 Total $ 229,106 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension Costs | Pension costs include the following components for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 465 $ 2,045 $ 478 $ 2,148 Return on plan assets (716 ) (2,979 ) (701 ) (2,941 ) Recognized net actuarial loss — 411 266 366 Net pension benefit cost (gain) $ (251 ) $ (523 ) $ 43 $ (427 ) |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following table, together with “ Note 13— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 Unrealized loss recognized through AOCI Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ (110 ) $ (73 ) Non-designated derivatives FCX Settlement $ — $ (7,900 ) |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: March 31, 2018 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 $ 7,138 $ 7,138 $ — $ — December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,321 $ 7,321 $ — $ — |
Supplemental Financial Inform34
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Financial Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Accounts receivable $ 22,892 $ 33,630 $ 22,892 $ 33,630 Other current assets 9,986 (11,451 ) 9,699 (11,719 ) Other assets (11,668 ) 89,065 (10,552 ) 89,029 Accounts payable 6,175 (9,017 ) 6,175 (8,800 ) Other current liabilities (58,860 ) (95,810 ) (58,780 ) (96,154 ) Other liabilities 2,697 8,139 2,697 8,139 Total net change in assets and liabilities $ (28,778 ) $ 14,556 $ (27,869 ) $ 14,125 |
Condensed Consolidating Finan35
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 an issuer, co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2018 with respect to registered securities as follows (see “ Note 7— Debt ” for additional information): Issuer Notes (1) (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 (2) 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 (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. (2) As of March 31, 2018 , the entire remaining principal amount of 2019 Notes were redeemed and, as a result, we have prospectively eliminated NHUS, NDH, and NDS6 as guarantors in the current year presentation of the Condensed Consolidating Financial Information. However, prior year information is presented as previously reported. |
Condensed Consolidating Balance Sheet | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2018 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 10 $ 40,362 $ 420,459 $ — $ 460,831 Accounts receivable — — 181,804 — 181,804 Taxes receivable — — 21,530 — 21,530 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 609,128 60,945 4,391,705 (5,061,778 ) — Prepaid expenses and other current assets — — 55,070 — 55,070 Total current assets 609,138 101,307 8,246,230 (8,237,440 ) 719,235 Property and equipment, at cost — — 12,072,297 — 12,072,297 Accumulated depreciation — — (2,673,437 ) — (2,673,437 ) Property and equipment, net — — 9,398,860 — 9,398,860 Notes receivable from affiliates 3,177,249 — — (3,177,249 ) — Investments in affiliates 4,803,162 12,573,116 — (17,376,278 ) — Other assets 569 — 148,318 — 148,887 Total assets $ 8,590,118 $ 12,674,423 $ 17,793,408 $ (28,790,967 ) $ 10,266,982 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates — 3,175,662 — (3,175,662 ) — Accounts payable 1 — 94,114 — 94,115 Accrued payroll and related costs — — 35,551 — 35,551 Accounts payable to affiliates 3,582,604 809,100 670,074 (5,061,778 ) — Taxes payable — — 28,919 — 28,919 Interest payable 163 65,851 1,635 — 67,649 Other current liabilities — — 67,625 — 67,625 Total current liabilities 3,582,768 4,050,613 897,918 (8,237,440 ) 293,859 Long-term debt — 3,841,350 — — 3,841,350 Notes payable to affiliates — — 3,177,249 (3,177,249 ) — Deferred income taxes — — 181,573 — 181,573 Other liabilities 19,929 — 272,036 — 291,965 Total liabilities 3,602,697 7,891,963 4,528,776 (11,414,689 ) 4,608,747 Commitments and contingencies Total shareholder equity 4,987,421 4,782,460 12,593,818 (17,376,278 ) 4,987,421 Noncontrolling interests — — 670,814 — 670,814 Total equity 4,987,421 4,782,460 13,264,632 (17,376,278 ) 5,658,235 Total liabilities and equity $ 8,590,118 $ 12,674,423 $ 17,793,408 $ (28,790,967 ) $ 10,266,982 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 Accounts receivable — — 24,722 — — 179,974 — 204,696 Taxes receivable — 93,302 3 — — 12,040 — 105,345 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 594,456 1,454 144,367 60,945 465,749 5,813,846 (7,080,817 ) — Prepaid expenses and other current assets — — 1,477 — 1 63,963 — 65,441 Total current assets 594,467 94,756 313,205 90,269 2,839,202 6,679,339 (9,573,745 ) 1,037,493 Property and equipment, at cost — — 857,784 — — 11,176,547 — 12,034,331 Accumulated depreciation — — (110,005 ) — — (2,435,086 ) — (2,545,091 ) Property and equipment, net — — 747,779 — — 8,741,461 — 9,489,240 Notes receivable from affiliates 3,177,248 — 1,199,815 — 3,943,299 1,175,300 (9,495,662 ) — Investments in affiliates 4,933,978 4,550,358 5,252,135 12,560,598 7,237,474 — (34,534,543 ) — Other assets 2,663 16,775 8,372 — — 238,718 — 266,528 Total assets $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 1,605,243 $ — $ — $ — $ 887,685 $ (2,492,928 ) $ — Current maturities of long-term debt — — — 249,843 — — — 249,843 Accounts payable — — 1,467 — — 82,406 — 83,873 Accrued payroll and related costs — — 4,780 — — 50,124 — 54,904 Accounts payable to affiliates 3,410,669 393,073 1,770,066 661,375 — 845,634 (7,080,817 ) — Taxes payable — — — — — 33,965 — 33,965 Interest payable 2,211 — — 83,960 12,018 — — 98,189 Other current liabilities — — 5,169 — — 66,297 — 71,466 Total current liabilities 3,412,880 1,998,316 1,781,482 995,178 12,018 1,966,111 (9,573,745 ) 592,240 Long-term debt — — — 3,594,332 201,535 — — 3,795,867 Notes payable to affiliates — 700,000 474,637 3,175,663 — 5,145,362 (9,495,662 ) — Deferred income taxes — — 5 — — 164,957 — 164,962 Other liabilities 19,929 — 30,330 — — 239,919 — 290,178 Total liabilities 3,432,809 2,698,316 2,286,454 7,765,173 213,553 7,516,349 (19,069,407 ) 4,843,247 Commitments and contingencies Total shareholder equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 8,644,002 (34,534,543 ) 5,275,547 Noncontrolling interests — — — — — 674,467 — 674,467 Total equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 9,318,469 (34,534,543 ) 5,950,014 Total liabilities and equity $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 229,106 $ — $ 229,106 Reimbursables and other — — 6,050 — 6,050 Total operating revenues — — 235,156 — 235,156 Operating costs and expenses Contract drilling services 81 604 135,721 — 136,406 Reimbursables — — 4,350 — 4,350 Depreciation and amortization — — 127,639 — 127,639 General and administrative 33 618 12,806 — 13,457 Total operating costs and expenses 114 1,222 280,516 — 281,852 Operating loss (114 ) (1,222 ) (45,360 ) — (46,696 ) Other income (expense) Income (loss) of unconsolidated affiliates (130,816 ) 12,518 — 118,298 — Interest expense (445 ) (119,821 ) — 44,251 (76,015 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,419 (11,851 ) — (8,768 ) Interest income and other, net 1,568 (129 ) 44,158 (44,251 ) 1,346 Income (loss) before income taxes (132,143 ) (103,235 ) (13,053 ) 118,298 (130,133 ) Income tax provision — — (2,996 ) — (2,996 ) Net income (loss) (132,143 ) (103,235 ) (16,049 ) 118,298 (133,129 ) Net income attributable to noncontrolling interests — — 986 — 986 Net income (loss) attributable to Noble Corporation (132,143 ) (103,235 ) (15,063 ) 118,298 (132,143 ) Other comprehensive income (loss), net 991 — 991 (991 ) 991 Comprehensive income (loss) attributable to Noble Corporation $ (131,152 ) $ (103,235 ) $ (14,072 ) $ 117,307 $ (131,152 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 47,104 $ — $ — $ 324,724 $ (17,169 ) $ 354,659 Reimbursables and other — — 1,136 — — 7,181 — 8,317 Total operating revenues — — 48,240 — — 331,905 (17,169 ) 362,976 Operating costs and expenses Contract drilling services 1,001 2,571 11,499 12,487 — 150,011 (17,169 ) 160,400 Reimbursables — — 820 — — 4,326 — 5,146 Depreciation and amortization — — 16,515 — — 119,203 — 135,718 General and administrative 513 1,307 — 6,833 4 407 — 9,064 Total operating costs and expenses 1,514 3,878 28,834 19,320 4 273,947 (17,169 ) 310,328 Operating income (loss) (1,514 ) (3,878 ) 19,406 (19,320 ) (4 ) 57,958 — 52,648 Other income (expense) Income (loss) of unconsolidated affiliates (295,102 ) (313,565 ) 2,369 96,817 50,619 — 458,862 — Interest income (expense) (2,605 ) (17,511 ) (3,092 ) (106,002 ) (3,817 ) (57,313 ) 116,893 (73,447 ) Interest income and other, net 4,632 (65 ) 39,902 4,203 63,418 6,306 (116,893 ) 1,503 Income (loss) from continuing operations before income taxes (294,589 ) (335,019 ) 58,585 (24,302 ) 110,216 6,951 458,862 (19,296 ) Income tax benefit (provision) — 50,459 509 — — (308,341 ) — (257,373 ) Net income (loss) (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (301,390 ) 458,862 (276,669 ) Net loss attributable to noncontrolling interests — — — — — (17,582 ) (338 ) (17,920 ) Net income (loss) attributable to Noble Corporation (294,589 ) (284,560 ) 59,094 (24,302 ) 110,216 (318,972 ) 458,524 (294,589 ) Other comprehensive income (loss), net 468 — — — — 468 (468 ) 468 Comprehensive income (loss) attributable to Noble Corporation $ (294,121 ) $ (284,560 ) $ 59,094 $ (24,302 ) $ 110,216 $ (318,504 ) $ 458,056 $ (294,121 ) |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 7,313 $ (135,393 ) $ 192,977 $ — $ 64,897 Cash flows from investing activities Capital expenditures — — (33,816 ) — (33,816 ) Proceeds from disposal of assets — — 117 — 117 Net cash used in investing activities — — (33,699 ) — (33,699 ) Cash flows from financing activities Issuance of senior notes — 750,000 — — 750,000 Repayment of long-term debt — (738,555 ) (213,654 ) — (952,209 ) Debt issuance costs on senior notes and credit facility (217 ) (12,581 ) (1,386 ) — (14,184 ) Dividends paid to noncontrolling interests — — (2,667 ) — (2,667 ) Distributions to parent company, net (13,318 ) — — — (13,318 ) Advances (to) from affiliates 6,221 147,567 (153,788 ) — — Net cash provided by (used in) financing activities (7,314 ) 146,431 (371,495 ) — (232,378 ) Net change in cash and cash equivalents (1 ) 11,038 (212,217 ) — (201,180 ) Cash and cash equivalents, beginning of period 11 29,324 632,676 — 662,011 Cash and cash equivalents, end of period $ 10 $ 40,362 $ 420,459 $ — $ 460,831 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 8,341 $ (6,607 ) $ 54,422 $ (115,438 ) $ 55,815 $ 151,982 $ — $ 148,515 Cash flows from investing activities Capital expenditures — — (277 ) — — (38,105 ) — (38,382 ) Proceeds from disposal of assets — — — — — 273 — 273 Net cash used in investing activities — — (277 ) — — (37,832 ) — (38,109 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facilities — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (5,393 ) — (5,393 ) Contributions from parent company, net 60,164 — — — — — — 60,164 Advances (to) from affiliates (71,041 ) 6,607 (64,900 ) 415,480 (55,815 ) (230,331 ) — — Net cash provided by (used in) financing activities (10,877 ) 6,607 (64,900 ) 115,438 (55,815 ) (235,724 ) — (245,271 ) Net change in cash and cash equivalents (2,536 ) — (10,755 ) — — (121,574 ) — (134,865 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 1 $ — $ 100 $ — $ — $ 518,867 $ — $ 518,968 |
Organization and Basis of Pre36
Organization and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2018VesselSegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of drillships (vessel) | 8 |
Number of semisubmersibles (vessel) | 6 |
Number of jackups (vessel) | 14 |
Number of reportable segments | Segment | 1 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification due to new accounting standard | $ (149,938) | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | $ (5,540) | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification due to new accounting standard | (149,938) | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | $ 5,540 | |
Accounting Standards Update 2016-16 | Other assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification due to new accounting standard | (149,900) | |
Accounting Standards Update 2016-16 | Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclassification due to new accounting standard | $ (149,900) |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018USD ($)JointVentureRig | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
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) | Rig | 2 | |||
Percentage of dividends paid to joint venture partner | 50.00% | |||
Cash and cash equivalents | $ 461,678 | $ 519,771 | $ 662,829 | $ 725,722 |
Bully Joint Venture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Dividends approved | 5,300 | $ 10,800 | ||
Carrying amount of the drillships | 1,300,000 | 1,300,000 | ||
Cash and cash equivalents | $ 58,800 | $ 41,600 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic | ||
Net income (loss) attributable to the company | $ (142,334) | $ (301,694) |
Net loss from continuing operations to common shareholders - basic | (142,334) | (301,694) |
Diluted | ||
Net income (loss) attributable to the company | (142,334) | (301,694) |
Net loss from continuing operations to common shareholders - diluted | $ (142,334) | $ (301,694) |
Denominator: | ||
Weighted average shares outstanding - basic (shares) | 246,175 | 244,222 |
Weighted average shares outstanding - diluted (shares) | 246,175 | 244,222 |
Basic: | ||
Income (loss) from continuing operations (usd per share) | $ (0.58) | $ (1.24) |
Net income (loss) attributable to the company (usd per share) | (0.58) | (1.24) |
Diluted: | ||
Income (loss) from continuing operations (usd per share) | (0.58) | (1.24) |
Net income (loss) (usd per share) | $ (0.58) | $ (1.24) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares outstanding and trading | 246,778,000 | 244,971,000 | ||
Current nominal value per share (usd per share) | $ 0.01 | $ 0.01 | ||
Number of shares repurchased, shares | 0 | |||
Share-based awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the diluted net income per share (shares) | 12,600,000 | 9,400,000 | ||
Equity option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the diluted net income per share (shares) | 1,100,000 | 1,300,000 | ||
Subsequent Event | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additional shares authorized for issuance (in shares) | 82,200,000 |
Receivables from Customers (Det
Receivables from Customers (Details) - Petroleos Mexicanos - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2016 | |
Contract drilling services costs | Uncollectible receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables disputed by customer and written off | $ 14.4 | |
Other assets | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Approximate receivable | $ 14.4 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 12,072,297 | $ 12,034,331 |
Drilling equipment and facilities | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 11,767,368 | 11,746,629 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 99,200 | 83,509 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 205,729 | $ 204,193 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 18, 2017 | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Feb. 01, 2018USD ($) | Jan. 03, 2018USD ($) | Dec. 21, 2017USD ($) | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||||
Net loss due to reduction of aggregate principal amount | $ 2,300,000 | |||||||||||
Gain (loss) on extinguishment of debt, net | (8,768,000) | $ 0 | ||||||||||
Maximum debt to tangible capitalization covenant | 60.00% | |||||||||||
NHIL | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt, net | 5,419,000 | |||||||||||
Line of credit | 2015 Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding or letters of credit issued | $ 0 | 0 | ||||||||||
Line of credit | 2017 Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,501,500,000 | |||||||||||
Borrowings outstanding or letters of credit issued | 0 | 0 | ||||||||||
Senior unsecured notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repurchase amount | 8,700,000 | 8,700,000 | $ 750,000,000 | |||||||||
Purchase of senior notes | 9,500,000 | 9,500,000 | $ 754,200,000 | |||||||||
Gain (loss) on extinguishment of debt, net | $ (3,500,000) | $ (500,000) | ||||||||||
Extinguished aggregate principal amount | $ 126,600,000 | $ 300,000,000 | ||||||||||
Senior unsecured notes | Multiple senior notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repurchase amount | $ 750,000,000 | |||||||||||
Senior unsecured notes | 2026 Notes | NHIL | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds of offering, after estimated expenses | $ 737,400,000 | |||||||||||
Period of evaluation of notes after change of control | 60 days | |||||||||||
Required repurchase price upon certain terms | 101.00% | |||||||||||
Required percentage of assets to revenue | 85.00% | |||||||||||
Required percentage of book value of material drilling equipment | 85.00% | |||||||||||
Senior unsecured notes | 7.70% Senior Notes due April 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate increase (decrease) | 7.95% | |||||||||||
Senior unsecured notes | 8.70% Senior Notes due April 2045 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate increase (decrease) | 8.95% | |||||||||||
Senior unsecured notes | 7.50% Senior Notes due March 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repurchase amount | 65,300,000 | |||||||||||
Purchase of senior notes | 61,900,000 | |||||||||||
Gain (loss) on extinguishment of debt, net | $ (3,500,000) | |||||||||||
Senior unsecured credit facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior unsecured revolving credit facility maturity period | 5 years | |||||||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | |||||||||||
Letters of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | |||||||||||
Letters of credit | Line of credit | 2017 Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity under credit facilities | 15,000,000 | |||||||||||
Credit Facility | Line of credit | 2015 Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity under credit facilities | 300,000,000 | |||||||||||
Credit Facility | Line of credit | 2017 Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, ability to increase (up to) | $ 500,000,000 | |||||||||||
Maximum debt to tangible capitalization covenant | 55.00% | |||||||||||
Covenant, rig value of marketed rigs to indebtedness, end of each fiscal quarter | 3 | |||||||||||
Covenant, rig value of closing date rigs, end of each fiscal quarter | 0.8 | |||||||||||
Covenant, restrictions on borrowings, maximum Available Cash | $ 200,000,000 | |||||||||||
Prior To February 1, 2021 Upon Redemption | Senior unsecured notes | 2026 Notes | NHIL | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||||
Prior To February 21, 2021 In Event Of Equity Offering | NHIL | Equity securities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redemption price, percentage | 108.00% | |||||||||||
Prior To February 21, 2021 In Event Of Equity Offering | Senior unsecured notes | 2026 Notes | NHIL | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redemption price, percentage | 40.00% |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 0 | $ 249,843 |
Current portion of unamortized debt issuance costs | 100 | |
5.75% Senior Notes due March 2018 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
7.50% Senior Notes due March 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
7.70% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.70% | |
6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
8.70% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.70% | |
Senior unsecured notes | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 3,841,350 | 4,045,710 |
Current maturities of long-term debt | 0 | 249,843 |
Long-term debt | 3,841,350 | 3,795,867 |
Senior unsecured notes | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 3,255,571 | 3,350,723 |
Current maturities of long-term debt | 0 | 250,830 |
Long-term debt | $ 3,255,571 | 3,099,893 |
Senior unsecured notes | 5.75% Senior Notes due March 2018 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
Senior unsecured notes | 5.75% Senior Notes due March 2018 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 0 | 249,843 |
Senior unsecured notes | 5.75% Senior Notes due March 2018 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 0 | 250,830 |
Senior unsecured notes | 7.50% Senior Notes due March 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior unsecured notes | 7.50% Senior Notes due March 2019 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 0 | 201,535 |
Senior unsecured notes | 7.50% Senior Notes due March 2019 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 0 | 206,881 |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 65,775 | 167,422 |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 65,639 | 163,283 |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 92,847 | 208,095 |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 90,557 | 195,687 |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 41,599 | 125,307 |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 37,402 | 107,348 |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 781,313 | 971,498 |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 742,964 | 861,160 |
Senior unsecured notes | 7.70% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.70% | |
Senior unsecured notes | 7.70% Senior Notes due April 2025 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 446,206 | 446,106 |
Senior unsecured notes | 7.70% Senior Notes due April 2025 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 397,373 | 380,732 |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.875% | |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 737,611 | 0 |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 743,070 | 0 |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 396,755 | 396,738 |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 265,296 | 274,988 |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 394,541 | 394,514 |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 263,500 | 273,988 |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 494,093 | 494,063 |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 314,970 | 315,430 |
Senior unsecured notes | 8.70% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.70% | |
Senior unsecured notes | 8.70% Senior Notes due April 2045 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 390,610 | 390,589 |
Senior unsecured notes | 8.70% Senior Notes due April 2045 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 334,800 | $ 320,396 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 5,950,628 | $ 6,467,445 | |
Other comprehensive income (loss) before reclassifications | 667 | 76 | |
Amounts reclassified from AOCI | 324 | 392 | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | (5,540) | ||
Stockholders' equity, adjusted balance | $ 5,800,690 | ||
Other comprehensive income, net | 991 | 468 | |
Ending Balance | 5,658,785 | 6,181,825 | |
Unrealized Losses on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | 0 | (110) | |
Amounts reclassified from AOCI | 0 | 0 | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | 0 | ||
Stockholders' equity, adjusted balance | 0 | ||
Other comprehensive income, net | 0 | (110) | |
Ending Balance | 0 | (110) | |
Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (27,603) | (35,865) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from AOCI | 324 | 392 | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | (5,540) | ||
Stockholders' equity, adjusted balance | (33,143) | ||
Other comprehensive income, net | 324 | 392 | |
Ending Balance | (32,819) | (35,473) | |
Foreign Currency Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (15,285) | (16,275) | |
Other comprehensive income (loss) before reclassifications | 667 | 186 | |
Amounts reclassified from AOCI | 0 | 0 | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | 0 | ||
Stockholders' equity, adjusted balance | (15,285) | ||
Other comprehensive income, net | 667 | 186 | |
Ending Balance | (14,618) | (16,089) | |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (42,888) | (52,140) | |
Stranded tax effect resulting from the Tax Cuts and Job Act (Note 2) | (5,540) | ||
Stockholders' equity, adjusted balance | $ (48,428) | ||
Other comprehensive income, net | 991 | 468 | |
Ending Balance | $ (47,437) | $ (51,672) |
Revenue and Customers - Receiva
Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | |||
Current contract assets | $ 24,330 | $ 21,229 | |
Noncurrent contract assets | 36,285 | 34,520 | |
Total contract assets | 60,615 | 55,749 | $ 55,749 |
Current contract liabilities (deferred revenue) | (35,125) | (35,422) | |
Noncurrent contract liabilities (deferred revenue) | (65,504) | (73,439) | |
Total contract liabilities | $ (100,629) | $ (108,861) | $ (108,861) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Change In Contract With Customer, Asset And Liability [Roll Forward] | |
Contract assets, beginning balance | $ 55,749 |
Contract liabilities, beginning balance | (108,861) |
Amortization of deferred costs | (6,116) |
Additions to deferred costs | 10,982 |
Amortization of deferred revenue | 9,823 |
Additions to deferred revenue | (1,591) |
Total | 4,866 |
Total | 8,232 |
Contract assets, ending balance | 60,615 |
Contract liabilities, ending balance | $ (100,629) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 27,204 |
Performance obligation, expected timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 26,921 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 18,811 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 15,141 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 12,552 |
Performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 100,629 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 18,027 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 16,441 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 15,141 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 15,141 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 12,552 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 77,302 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 9,177 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 10,480 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 3,670 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 23,327 |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | $ 229,106 |
Drillships | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | 111,747 |
Seimsubmerisibles | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | 8,889 |
Jackups | |
Disaggregation of Revenue [Line Items] | |
Revenue from contract with customer | $ 108,470 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Reserves for uncertain tax positions net | $ 183,500 | $ 191,900 | |
Related tax benefits | $ 1,000 | 1,000 | |
Operational period | 12 months | ||
Internal tax restructuring, discrete tax item | $ 260,700 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | (149,938) | ||
Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | (149,938) | ||
Other assets | Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | $ (149,900) |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 0 | $ 0 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 465,000 | 478,000 |
Return on plan assets | (716,000) | (701,000) |
Recognized net actuarial loss | 0 | 266,000 |
Net pension benefit cost (gain) | (251,000) | 43,000 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 2,045,000 | 2,148,000 |
Return on plan assets | (2,979,000) | (2,941,000) |
Recognized net actuarial loss | 411,000 | 366,000 |
Net pension benefit cost (gain) | $ (523,000) | $ (427,000) |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | May 10, 2016payment | Jun. 30, 2017USD ($)$ / bbl |
Derivative [Line Items] | ||
Number of contingent payments | payment | 2 | |
FCX Settlement | ||
Derivative [Line Items] | ||
Derivative contingent settlement period | 12 months | |
FCX Settlement | Noble Corp | ||
Derivative [Line Items] | ||
Estimated fair value of contingent payments | $ 0 | |
FCX Settlement | WTI crude oil, prices that did/did not average more than $50 per barrel | ||
Derivative [Line Items] | ||
Crude oil average price (bbl) | $ / bbl | 50 | |
Non designated derivatives contingent payment | $ 25 | |
FCX Settlement | WTI crude oil, prices that averaged more than $65 per barrel | ||
Derivative [Line Items] | ||
Crude oil average price (bbl) | $ / bbl | 65 | |
Non designated derivatives contingent payment | $ 50 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Non-designated derivatives | FCX Settlement | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unrealized loss recognized through AOCI | $ 0 |
Non-designated derivatives | FCX Settlement | Contract drilling services | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss recognized through “Contract drilling services” revenue | (7,900) |
Cash flow hedges | Foreign currency forward contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unrealized loss recognized through AOCI | (110) |
Cash flow hedges | Foreign currency forward contracts | Contract drilling services | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss recognized through “Contract drilling services” revenue | $ (73) |
Fair Value of Financial Instr54
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Quoted Prices in Active Markets (Level 1) | ||
Assets - | ||
Marketable securities | $ 7,138 | $ 7,321 |
Significant Other Observable Inputs (Level 2) | ||
Assets - | ||
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets - | ||
Marketable securities | 0 | 0 |
Carrying Amount | ||
Assets - | ||
Marketable securities | $ 7,138 | $ 7,321 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Mar. 31, 2018USD ($) | May 02, 2017USD ($) | |
Other Commitments [Line Items] | ||||
Number of newbuild rigs allegedly violating patents | Rig | 5 | |||
Years of effectiveness of employment agreements after the termination of employment | 3 years | |||
Minimum | ||||
Other Commitments [Line Items] | ||||
Percentage of uncertain tax positions likelihood of being sustained (greater than) | 50.00% | |||
Paragon Offshore | ||||
Other Commitments [Line Items] | ||||
Litigation trust fund | $ 10 | |||
Income and other business taxes | Mexico | Foreign tax authority | ||||
Other Commitments [Line Items] | ||||
Approximate audit claims assessed | $ 52.8 | |||
Noble Discoverer and Kulluk | ||||
Other Commitments [Line Items] | ||||
Loss contingencies payments | $ 8.2 | |||
Period of probation | 4 years | |||
Possible early probation period | 3 years | |||
Noble Discoverer and Kulluk | Community service payments | ||||
Other Commitments [Line Items] | ||||
Loss contingencies payments | $ 4 |
Supplemental Financial Inform56
Supplemental Financial Information - Additional Information (Details) $ in Millions | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | |||||
Deferred revenues under drilling contracts | $ 104.2 | $ 114.3 | |||
Deferred expenses under drilling contracts | 60.7 | 55.7 | |||
Capital expenditures incurred but not yet paid | 29.6 | 25.5 | $ 17 | $ 35.1 | |
Saudi Aramco | |||||
Schedule Of Supplemental Financial Information [Line Items] | |||||
Number of rigs | Rig | 5 | ||||
Revenues recorded in excess of billings | $ 8.6 | $ 6.9 |
Supplemental Financial Inform57
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Capital [Line Items] | ||
Net change in other assets and liabilities | $ (28,778) | $ 14,556 |
Noble-UK | ||
Operating Capital [Line Items] | ||
Accounts receivable | 22,892 | 33,630 |
Other current assets | 9,986 | (11,451) |
Other assets | (11,668) | 89,065 |
Accounts payable | 6,175 | (9,017) |
Other current liabilities | (58,860) | (95,810) |
Other liabilities | 2,697 | 8,139 |
Net change in other assets and liabilities | (28,778) | 14,556 |
Noble-Cayman | ||
Operating Capital [Line Items] | ||
Accounts receivable | 22,892 | 33,630 |
Other current assets | 9,699 | (11,719) |
Other assets | (10,552) | 89,029 |
Accounts payable | 6,175 | (8,800) |
Other current liabilities | (58,780) | (96,154) |
Other liabilities | 2,697 | 8,139 |
Net change in other assets and liabilities | $ (27,869) | $ 14,125 |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information - Guarantor Obligations (Details) | Mar. 31, 2018USD ($) |
5.75% Senior Notes due March 2018 | |
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 | |
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 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 168,000,000 |
Interest rate on senior notes | 4.90% |
4.625% Senior Notes due March 2021 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 209,000,000 |
Interest rate on senior notes | 4.625% |
3.95% Senior Notes due March 2022 | |
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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 8.70% |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 461,678 | $ 662,829 | $ 519,771 | $ 725,722 |
Accounts receivable | 181,804 | 204,696 | ||
Taxes receivable | 21,530 | 105,345 | ||
Prepaid expenses and other current assets | 55,448 | 66,105 | ||
Total current assets | 720,460 | 1,038,975 | ||
Property and equipment, at cost | 12,072,297 | 12,034,331 | ||
Accumulated depreciation | (2,673,437) | (2,545,091) | ||
Property and equipment, net | 9,398,860 | 9,489,240 | ||
Other assets | 148,803 | 266,444 | ||
Total assets | 10,268,123 | 10,794,659 | ||
Current liabilities | ||||
Current maturities of long-term debt | 0 | 249,843 | ||
Accounts payable | 94,275 | 84,032 | ||
Accrued payroll and related costs | 35,473 | 54,904 | ||
Taxes payable | 29,345 | 34,391 | ||
Interest payable | 67,649 | 98,189 | ||
Other current liabilities | 67,708 | 71,665 | ||
Total current liabilities | 294,450 | 593,024 | ||
Long-term debt | 3,841,350 | 3,795,867 | ||
Deferred income taxes | 181,573 | 164,962 | ||
Other liabilities | 291,965 | 290,178 | ||
Total liabilities | 4,609,338 | 4,844,031 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,987,971 | 5,276,161 | ||
Noncontrolling interests | 670,814 | 674,467 | ||
Total equity | 5,658,785 | 5,950,628 | 6,181,825 | 6,467,445 |
Total liabilities and equity | 10,268,123 | 10,794,659 | ||
Consolidating Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | (3,175,662) | (2,492,928) | ||
Accounts receivable from affiliates | (5,061,778) | (7,080,817) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (8,237,440) | (9,573,745) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (3,177,249) | (9,495,662) | ||
Investments in affiliates | (17,376,278) | (34,534,543) | ||
Other assets | 0 | 0 | ||
Total assets | (28,790,967) | (53,603,950) | ||
Current liabilities | ||||
Short-term notes payables to affiliates | (3,175,662) | (2,492,928) | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (5,061,778) | (7,080,817) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (8,237,440) | (9,573,745) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (3,177,249) | (9,495,662) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (11,414,689) | (19,069,407) | ||
Commitments and contingencies | ||||
Total shareholder equity | (17,376,278) | (34,534,543) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (17,376,278) | (34,534,543) | ||
Total liabilities and equity | (28,790,967) | (53,603,950) | ||
Other Non-guarantor Subsidiaries of Noble | ||||
Current assets | ||||
Cash and cash equivalents | 420,459 | 632,676 | 518,867 | 640,441 |
Accounts receivable | 181,804 | |||
Taxes receivable | 21,530 | |||
Short-term notes receivable from affiliates | 3,175,662 | |||
Accounts receivable from affiliates | 4,391,705 | |||
Prepaid expenses and other current assets | 55,070 | |||
Total current assets | 8,246,230 | |||
Property and equipment, at cost | 12,072,297 | |||
Accumulated depreciation | (2,673,437) | |||
Property and equipment, net | 9,398,860 | |||
Notes receivable from affiliates | 0 | |||
Investments in affiliates | 0 | |||
Other assets | 148,318 | |||
Total assets | 17,793,408 | |||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Accounts payable | 94,114 | |||
Accrued payroll and related costs | 35,551 | |||
Accounts payable to affiliates | 670,074 | |||
Taxes payable | 28,919 | |||
Interest payable | 1,635 | |||
Other current liabilities | 67,625 | |||
Total current liabilities | 897,918 | |||
Long-term debt | 0 | |||
Notes payable to affiliates | 3,177,249 | |||
Deferred income taxes | 181,573 | |||
Other liabilities | 272,036 | |||
Total liabilities | 4,528,776 | |||
Commitments and contingencies | ||||
Total shareholder equity | 12,593,818 | |||
Noncontrolling interests | 670,814 | |||
Total equity | 13,264,632 | |||
Total liabilities and equity | 17,793,408 | |||
Other Non-Guarantor Subsidiaries of Noble | ||||
Current assets | ||||
Cash and cash equivalents | 609,516 | |||
Accounts receivable | 179,974 | |||
Taxes receivable | 12,040 | |||
Short-term notes receivable from affiliates | 0 | |||
Accounts receivable from affiliates | 5,813,846 | |||
Prepaid expenses and other current assets | 63,963 | |||
Total current assets | 6,679,339 | |||
Property and equipment, at cost | 11,176,547 | |||
Accumulated depreciation | (2,435,086) | |||
Property and equipment, net | 8,741,461 | |||
Notes receivable from affiliates | 1,175,300 | |||
Investments in affiliates | 0 | |||
Other assets | 238,718 | |||
Total assets | 16,834,818 | |||
Current liabilities | ||||
Short-term notes payables to affiliates | 887,685 | |||
Current maturities of long-term debt | 0 | |||
Accounts payable | 82,406 | |||
Accrued payroll and related costs | 50,124 | |||
Accounts payable to affiliates | 845,634 | |||
Taxes payable | 33,965 | |||
Interest payable | 0 | |||
Other current liabilities | 66,297 | |||
Total current liabilities | 1,966,111 | |||
Long-term debt | 0 | |||
Notes payable to affiliates | 5,145,362 | |||
Deferred income taxes | 164,957 | |||
Other liabilities | 239,919 | |||
Total liabilities | 7,516,349 | |||
Commitments and contingencies | ||||
Total shareholder equity | 8,644,002 | |||
Noncontrolling interests | 674,467 | |||
Total equity | 9,318,469 | |||
Total liabilities and equity | 16,834,818 | |||
Noble-Cayman | ||||
Current assets | ||||
Cash and cash equivalents | 10 | 11 | 1 | 2,537 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 609,128 | 594,456 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 609,138 | 594,467 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,177,249 | 3,177,248 | ||
Investments in affiliates | 4,803,162 | 4,933,978 | ||
Other assets | 569 | 2,663 | ||
Total assets | 8,590,118 | 8,708,356 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | |||
Accounts payable | 1 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 3,582,604 | 3,410,669 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 163 | 2,211 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 3,582,768 | 3,412,880 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 3,602,697 | 3,432,809 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,987,421 | 5,275,547 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,987,421 | 5,275,547 | ||
Total liabilities and equity | 8,590,118 | 8,708,356 | ||
NHUS | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable | 0 | |||
Taxes receivable | 93,302 | |||
Short-term notes receivable from affiliates | 0 | |||
Accounts receivable from affiliates | 1,454 | |||
Prepaid expenses and other current assets | 0 | |||
Total current assets | 94,756 | |||
Property and equipment, at cost | 0 | |||
Accumulated depreciation | 0 | |||
Property and equipment, net | 0 | |||
Notes receivable from affiliates | 0 | |||
Investments in affiliates | 4,550,358 | |||
Other assets | 16,775 | |||
Total assets | 4,661,889 | |||
Current liabilities | ||||
Short-term notes payables to affiliates | 1,605,243 | |||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | |||
Accrued payroll and related costs | 0 | |||
Accounts payable to affiliates | 393,073 | |||
Taxes payable | 0 | |||
Interest payable | 0 | |||
Other current liabilities | 0 | |||
Total current liabilities | 1,998,316 | |||
Long-term debt | 0 | |||
Notes payable to affiliates | 700,000 | |||
Deferred income taxes | 0 | |||
Other liabilities | 0 | |||
Total liabilities | 2,698,316 | |||
Commitments and contingencies | ||||
Total shareholder equity | 1,963,573 | |||
Noncontrolling interests | 0 | |||
Total equity | 1,963,573 | |||
Total liabilities and equity | 4,661,889 | |||
NDH | ||||
Current assets | ||||
Cash and cash equivalents | 23,160 | 100 | 10,855 | |
Accounts receivable | 24,722 | |||
Taxes receivable | 3 | |||
Short-term notes receivable from affiliates | 119,476 | |||
Accounts receivable from affiliates | 144,367 | |||
Prepaid expenses and other current assets | 1,477 | |||
Total current assets | 313,205 | |||
Property and equipment, at cost | 857,784 | |||
Accumulated depreciation | (110,005) | |||
Property and equipment, net | 747,779 | |||
Notes receivable from affiliates | 1,199,815 | |||
Investments in affiliates | 5,252,135 | |||
Other assets | 8,372 | |||
Total assets | 7,521,306 | |||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 0 | |||
Accounts payable | 1,467 | |||
Accrued payroll and related costs | 4,780 | |||
Accounts payable to affiliates | 1,770,066 | |||
Taxes payable | 0 | |||
Interest payable | 0 | |||
Other current liabilities | 5,169 | |||
Total current liabilities | 1,781,482 | |||
Long-term debt | 0 | |||
Notes payable to affiliates | 474,637 | |||
Deferred income taxes | 5 | |||
Other liabilities | 30,330 | |||
Total liabilities | 2,286,454 | |||
Commitments and contingencies | ||||
Total shareholder equity | 5,234,852 | |||
Noncontrolling interests | 0 | |||
Total equity | 5,234,852 | |||
Total liabilities and equity | 7,521,306 | |||
NHIL | ||||
Current assets | ||||
Cash and cash equivalents | 40,362 | 29,324 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 60,945 | 60,945 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 101,307 | 90,269 | ||
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 | 12,573,116 | 12,560,598 | ||
Other assets | 0 | 0 | ||
Total assets | 12,674,423 | 12,650,867 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 3,175,662 | 0 | ||
Current maturities of long-term debt | 249,843 | |||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 809,100 | 661,375 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 65,851 | 83,960 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 4,050,613 | 995,178 | ||
Long-term debt | 3,841,350 | 3,594,332 | ||
Notes payable to affiliates | 0 | 3,175,663 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 7,891,963 | 7,765,173 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,782,460 | 4,885,694 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,782,460 | 4,885,694 | ||
Total liabilities and equity | 12,674,423 | 12,650,867 | ||
NDS6 | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable | 0 | |||
Taxes receivable | 0 | |||
Short-term notes receivable from affiliates | 2,373,452 | |||
Accounts receivable from affiliates | 465,749 | |||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 2,839,202 | |||
Property and equipment, at cost | 0 | |||
Accumulated depreciation | 0 | |||
Property and equipment, net | 0 | |||
Notes receivable from affiliates | 3,943,299 | |||
Investments in affiliates | 7,237,474 | |||
Other assets | 0 | |||
Total assets | 14,019,975 | |||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 0 | |||
Accounts payable | 0 | |||
Accrued payroll and related costs | 0 | |||
Accounts payable to affiliates | 0 | |||
Taxes payable | 0 | |||
Interest payable | 12,018 | |||
Other current liabilities | 0 | |||
Total current liabilities | 12,018 | |||
Long-term debt | 201,535 | |||
Notes payable to affiliates | 0 | |||
Deferred income taxes | 0 | |||
Other liabilities | 0 | |||
Total liabilities | 213,553 | |||
Commitments and contingencies | ||||
Total shareholder equity | 13,806,422 | |||
Noncontrolling interests | 0 | |||
Total equity | 13,806,422 | |||
Total liabilities and equity | 14,019,975 | |||
Noble Corp | ||||
Current assets | ||||
Cash and cash equivalents | 460,831 | 662,011 | 518,968 | 653,833 |
Accounts receivable | 181,804 | 204,696 | ||
Taxes receivable | 21,530 | 105,345 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 55,070 | 65,441 | ||
Total current assets | 719,235 | 1,037,493 | ||
Property and equipment, at cost | 12,072,297 | 12,034,331 | ||
Accumulated depreciation | (2,673,437) | (2,545,091) | ||
Property and equipment, net | 9,398,860 | 9,489,240 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 148,887 | 266,528 | ||
Total assets | 10,266,982 | 10,793,261 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 249,843 | ||
Accounts payable | 94,115 | 83,873 | ||
Accrued payroll and related costs | 35,551 | 54,904 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 28,919 | 33,965 | ||
Interest payable | 67,649 | 98,189 | ||
Other current liabilities | 67,625 | 71,466 | ||
Total current liabilities | 293,859 | 592,240 | ||
Long-term debt | 3,841,350 | 3,795,867 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 181,573 | 164,962 | ||
Other liabilities | 291,965 | 290,178 | ||
Total liabilities | 4,608,747 | 4,843,247 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,987,421 | 5,275,547 | ||
Noncontrolling interests | 670,814 | 674,467 | ||
Total equity | 5,658,235 | 5,950,014 | $ 6,177,812 | $ 6,391,977 |
Total liabilities and equity | $ 10,266,982 | $ 10,793,261 |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating revenues | ||
Contract drilling services | $ 229,106 | $ 354,659 |
Reimbursables and other | 6,051 | 8,317 |
Total operating revenues | 235,157 | 362,976 |
Operating costs and expenses | ||
Contract drilling services | 136,849 | 160,769 |
Reimbursables | 4,350 | 5,146 |
Depreciation and amortization | 128,755 | 135,718 |
General and administrative | 22,083 | 15,880 |
Total operating costs and expenses | 292,037 | 317,513 |
Operating income (loss) | (56,880) | 45,463 |
Other income (expense) | ||
Interest income (expense), net of amounts capitalized | (76,015) | (73,447) |
Loss on extinguishment of debt, net | (8,768) | 0 |
Interest income and other, net | 1,339 | 1,617 |
Loss from continuing operations before income taxes | (140,324) | (26,367) |
Income tax provision | (2,996) | (257,407) |
Net loss | (143,320) | (283,774) |
Net (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Net income (loss) attributable to the company | (142,334) | (301,694) |
Other comprehensive income, net | 991 | 468 |
Comprehensive income (loss) attributable to the company | (141,343) | (301,226) |
Consolidating Adjustments | ||
Operating revenues | ||
Contract drilling services | 0 | (17,169) |
Reimbursables and other | 0 | 0 |
Total operating revenues | 0 | (17,169) |
Operating costs and expenses | ||
Contract drilling services | 0 | (17,169) |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 0 | 0 |
Total operating costs and expenses | 0 | (17,169) |
Operating income (loss) | 0 | 0 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 118,298 | 458,862 |
Interest income (expense), net of amounts capitalized | 44,251 | 116,893 |
Loss on extinguishment of debt, net | 0 | |
Interest income and other, net | (44,251) | (116,893) |
Loss from continuing operations before income taxes | 118,298 | 458,862 |
Income tax provision | 0 | 0 |
Net loss | 118,298 | 458,862 |
Net (income) loss attributable to noncontrolling interests | 0 | (338) |
Net income (loss) attributable to the company | 118,298 | 458,524 |
Other comprehensive income, net | (991) | (468) |
Comprehensive income (loss) attributable to the company | 117,307 | 458,056 |
Other Non-guarantor Subsidiaries of Noble | ||
Operating revenues | ||
Contract drilling services | 229,106 | 324,724 |
Reimbursables and other | 6,050 | 7,181 |
Total operating revenues | 235,156 | 331,905 |
Operating costs and expenses | ||
Contract drilling services | 135,721 | 150,011 |
Reimbursables | 4,350 | 4,326 |
Depreciation and amortization | 127,639 | 119,203 |
General and administrative | 12,806 | 407 |
Total operating costs and expenses | 280,516 | 273,947 |
Operating income (loss) | (45,360) | 57,958 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 |
Interest income (expense), net of amounts capitalized | 0 | (57,313) |
Loss on extinguishment of debt, net | (11,851) | |
Interest income and other, net | 44,158 | 6,306 |
Loss from continuing operations before income taxes | (13,053) | 6,951 |
Income tax provision | (2,996) | (308,341) |
Net loss | (16,049) | (301,390) |
Net (income) loss attributable to noncontrolling interests | 986 | (17,582) |
Net income (loss) attributable to the company | (15,063) | (318,972) |
Other comprehensive income, net | 991 | 468 |
Comprehensive income (loss) attributable to the company | (14,072) | (318,504) |
Noble-Cayman | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables and other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 81 | 1,001 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 33 | 513 |
Total operating costs and expenses | 114 | 1,514 |
Operating income (loss) | (114) | (1,514) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | (130,816) | (295,102) |
Interest income (expense), net of amounts capitalized | (445) | (2,605) |
Loss on extinguishment of debt, net | (2,336) | |
Interest income and other, net | 1,568 | 4,632 |
Loss from continuing operations before income taxes | (132,143) | (294,589) |
Income tax provision | 0 | 0 |
Net loss | (132,143) | (294,589) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | (132,143) | (294,589) |
Other comprehensive income, net | 991 | 468 |
Comprehensive income (loss) attributable to the company | (131,152) | (294,121) |
NHUS | ||
Operating revenues | ||
Contract drilling services | 0 | |
Reimbursables and other | 0 | |
Total operating revenues | 0 | |
Operating costs and expenses | ||
Contract drilling services | 2,571 | |
Reimbursables | 0 | |
Depreciation and amortization | 0 | |
General and administrative | 1,307 | |
Total operating costs and expenses | 3,878 | |
Operating income (loss) | (3,878) | |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | (313,565) | |
Interest income (expense), net of amounts capitalized | (17,511) | |
Interest income and other, net | (65) | |
Loss from continuing operations before income taxes | (335,019) | |
Income tax provision | 50,459 | |
Net loss | (284,560) | |
Net (income) loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to the company | (284,560) | |
Other comprehensive income, net | 0 | |
Comprehensive income (loss) attributable to the company | (284,560) | |
NDH | ||
Operating revenues | ||
Contract drilling services | 47,104 | |
Reimbursables and other | 1,136 | |
Total operating revenues | 48,240 | |
Operating costs and expenses | ||
Contract drilling services | 11,499 | |
Reimbursables | 820 | |
Depreciation and amortization | 16,515 | |
General and administrative | 0 | |
Total operating costs and expenses | 28,834 | |
Operating income (loss) | 19,406 | |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 2,369 | |
Interest income (expense), net of amounts capitalized | (3,092) | |
Interest income and other, net | 39,902 | |
Loss from continuing operations before income taxes | 58,585 | |
Income tax provision | 509 | |
Net loss | 59,094 | |
Net (income) loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to the company | 59,094 | |
Other comprehensive income, net | 0 | |
Comprehensive income (loss) attributable to the company | 59,094 | |
NHIL | ||
Operating revenues | ||
Contract drilling services | 0 | 0 |
Reimbursables and other | 0 | 0 |
Total operating revenues | 0 | 0 |
Operating costs and expenses | ||
Contract drilling services | 604 | 12,487 |
Reimbursables | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative | 618 | 6,833 |
Total operating costs and expenses | 1,222 | 19,320 |
Operating income (loss) | (1,222) | (19,320) |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 12,518 | 96,817 |
Interest income (expense), net of amounts capitalized | (119,821) | (106,002) |
Loss on extinguishment of debt, net | 5,419 | |
Interest income and other, net | (129) | 4,203 |
Loss from continuing operations before income taxes | (103,235) | (24,302) |
Income tax provision | 0 | 0 |
Net loss | (103,235) | (24,302) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to the company | (103,235) | (24,302) |
Other comprehensive income, net | 0 | 0 |
Comprehensive income (loss) attributable to the company | (103,235) | (24,302) |
NDS6 | ||
Operating revenues | ||
Contract drilling services | 0 | |
Reimbursables and other | 0 | |
Total operating revenues | 0 | |
Operating costs and expenses | ||
Contract drilling services | 0 | |
Reimbursables | 0 | |
Depreciation and amortization | 0 | |
General and administrative | 4 | |
Total operating costs and expenses | 4 | |
Operating income (loss) | (4) | |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 50,619 | |
Interest income (expense), net of amounts capitalized | (3,817) | |
Interest income and other, net | 63,418 | |
Loss from continuing operations before income taxes | 110,216 | |
Income tax provision | 0 | |
Net loss | 110,216 | |
Net (income) loss attributable to noncontrolling interests | 0 | |
Net income (loss) attributable to the company | 110,216 | |
Other comprehensive income, net | 0 | |
Comprehensive income (loss) attributable to the company | 110,216 | |
Noble Corp | ||
Operating revenues | ||
Contract drilling services | 229,106 | 354,659 |
Reimbursables and other | 6,050 | 8,317 |
Total operating revenues | 235,156 | 362,976 |
Operating costs and expenses | ||
Contract drilling services | 136,406 | 160,400 |
Reimbursables | 4,350 | 5,146 |
Depreciation and amortization | 127,639 | 135,718 |
General and administrative | 13,457 | 9,064 |
Total operating costs and expenses | 281,852 | 310,328 |
Operating income (loss) | (46,696) | 52,648 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 |
Interest income (expense), net of amounts capitalized | (76,015) | (73,447) |
Loss on extinguishment of debt, net | (8,768) | 0 |
Interest income and other, net | 1,346 | 1,503 |
Loss from continuing operations before income taxes | (130,133) | (19,296) |
Income tax provision | (2,996) | (257,373) |
Net loss | (133,129) | (276,669) |
Net (income) loss attributable to noncontrolling interests | 986 | (17,920) |
Net income (loss) attributable to the company | (132,143) | (294,589) |
Other comprehensive income, net | 991 | 468 |
Comprehensive income (loss) attributable to the company | $ (131,152) | $ (294,121) |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net cash provided by operating activities | $ 54,913 | $ 141,873 |
Cash flows from investing activities | ||
Proceeds from disposal of assets | 117 | 273 |
Net cash used in investing activities | (33,699) | (38,109) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayment of long-term debt | (952,209) | (300,000) |
Debt issuance costs on senior notes and credit facilities | (14,184) | (42) |
Dividends paid to noncontrolling interests | (2,667) | (5,393) |
Net cash used in financing activities | (222,365) | (309,715) |
Net decrease in cash and cash equivalents | (201,151) | (205,951) |
Cash and cash equivalents, beginning of period | 662,829 | 725,722 |
Cash and cash equivalents, end of period | 461,678 | 519,771 |
Consolidating Adjustments | ||
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 | ||
Issuance of senior notes | 0 | |
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facilities | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from (distributions 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 | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 192,977 | 151,982 |
Cash flows from investing activities | ||
Capital expenditures | (33,816) | (38,105) |
Proceeds from disposal of assets | 117 | 273 |
Net cash used in investing activities | (33,699) | (37,832) |
Cash flows from financing activities | ||
Issuance of senior notes | 0 | |
Repayment of long-term debt | (213,654) | 0 |
Debt issuance costs on senior notes and credit facilities | (1,386) | 0 |
Dividends paid to noncontrolling interests | (2,667) | (5,393) |
Contributions from (distributions to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | (153,788) | (230,331) |
Net cash used in financing activities | (371,495) | (235,724) |
Net decrease in cash and cash equivalents | (212,217) | (121,574) |
Cash and cash equivalents, beginning of period | 632,676 | 640,441 |
Cash and cash equivalents, end of period | 420,459 | 518,867 |
Noble-Cayman | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 7,313 | 8,341 |
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 | ||
Issuance of senior notes | 0 | |
Repayment of long-term debt | 0 | 0 |
Debt issuance costs on senior notes and credit facilities | (217) | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from (distributions to) parent company, net | 60,164 | |
Contributions (distributions) from (to) parent company, net | (13,318) | |
Advances (to) from affiliates | 6,221 | (71,041) |
Net cash used in financing activities | (7,314) | (10,877) |
Net decrease in cash and cash equivalents | (1) | (2,536) |
Cash and cash equivalents, beginning of period | 11 | 2,537 |
Cash and cash equivalents, end of period | 10 | 1 |
NHUS | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (6,607) | |
Cash flows from investing activities | ||
Capital expenditures | 0 | |
Proceeds from disposal of assets | 0 | |
Net cash used in investing activities | 0 | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from (distributions to) parent company, net | 0 | |
Advances (to) from affiliates | 6,607 | |
Net cash used in financing activities | 6,607 | |
Net decrease in cash and cash equivalents | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | |
NDH | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 54,422 | |
Cash flows from investing activities | ||
Capital expenditures | (277) | |
Proceeds from disposal of assets | 0 | |
Net cash used in investing activities | (277) | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from (distributions to) parent company, net | 0 | |
Advances (to) from affiliates | (64,900) | |
Net cash used in financing activities | (64,900) | |
Net decrease in cash and cash equivalents | (10,755) | |
Cash and cash equivalents, beginning of period | 23,160 | 10,855 |
Cash and cash equivalents, end of period | 100 | |
NHIL | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (135,393) | (115,438) |
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 | ||
Issuance of senior notes | 750,000 | |
Repayment of long-term debt | (738,555) | (300,000) |
Debt issuance costs on senior notes and credit facilities | (12,581) | (42) |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from (distributions to) parent company, net | 0 | |
Contributions (distributions) from (to) parent company, net | 0 | |
Advances (to) from affiliates | 147,567 | 415,480 |
Net cash used in financing activities | 146,431 | 115,438 |
Net decrease in cash and cash equivalents | 11,038 | 0 |
Cash and cash equivalents, beginning of period | 29,324 | 0 |
Cash and cash equivalents, end of period | 40,362 | 0 |
NDS6 | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 55,815 | |
Cash flows from investing activities | ||
Capital expenditures | 0 | |
Proceeds from disposal of assets | 0 | |
Net cash used in investing activities | 0 | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs on senior notes and credit facilities | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from (distributions to) parent company, net | 0 | |
Advances (to) from affiliates | (55,815) | |
Net cash used in financing activities | (55,815) | |
Net decrease in cash and cash equivalents | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | |
Noble Corp | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 64,897 | 148,515 |
Cash flows from investing activities | ||
Capital expenditures | (33,816) | (38,382) |
Proceeds from disposal of assets | 117 | 273 |
Net cash used in investing activities | (33,699) | (38,109) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayment of long-term debt | (952,209) | (300,000) |
Debt issuance costs on senior notes and credit facilities | (14,184) | (42) |
Dividends paid to noncontrolling interests | (2,667) | (5,393) |
Contributions from (distributions to) parent company, net | 60,164 | |
Contributions (distributions) from (to) parent company, net | (13,318) | |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | (232,378) | (245,271) |
Net decrease in cash and cash equivalents | (201,180) | (134,865) |
Cash and cash equivalents, beginning of period | 662,011 | 653,833 |
Cash and cash equivalents, end of period | $ 460,831 | $ 518,968 |