Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 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 | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 246,794,399 | |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 326,320 | $ 662,829 |
Accounts receivable, net | 200,215 | 204,696 |
Taxes receivable | 64,486 | 105,345 |
Prepaid expenses and other current assets | 69,754 | 66,105 |
Total current assets | 660,775 | 1,038,975 |
Property and equipment, at cost | 11,059,775 | 12,034,331 |
Accumulated depreciation | (2,516,353) | (2,545,091) |
Property and equipment, net | 8,543,422 | 9,489,240 |
Other assets | 196,894 | 266,444 |
Total assets | 9,401,091 | 10,794,659 |
Current liabilities | ||
Current maturities of long-term debt | 0 | 249,843 |
Accounts payable | 103,285 | 84,032 |
Accrued payroll and related costs | 43,313 | 54,904 |
Taxes payable | 30,638 | 34,391 |
Interest payable | 70,006 | 98,189 |
Other current liabilities | 68,577 | 71,665 |
Total current liabilities | 315,819 | 593,024 |
Long-term debt | 3,902,976 | 3,795,867 |
Deferred income taxes | 215,861 | 164,962 |
Other liabilities | 274,768 | 290,178 |
Total liabilities | 4,709,424 | 4,844,031 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 2,468 | 2,450 |
Additional paid-in capital | 694,093 | 678,922 |
Retained earnings | 3,641,447 | 4,637,677 |
Accumulated other comprehensive loss | (50,042) | (42,888) |
Total shareholders' equity | 4,287,966 | 5,276,161 |
Noncontrolling interests | 403,701 | 674,467 |
Total equity | 4,691,667 | 5,950,628 |
Total liabilities and equity | 9,401,091 | 10,794,659 |
Noble Corp | ||
Current assets | ||
Cash and cash equivalents | 325,515 | 662,011 |
Accounts receivable, net | 200,215 | 204,696 |
Taxes receivable | 64,486 | 105,345 |
Prepaid expenses and other current assets | 68,774 | 65,441 |
Total current assets | 658,990 | 1,037,493 |
Property and equipment, at cost | 11,059,775 | 12,034,331 |
Accumulated depreciation | (2,516,353) | (2,545,091) |
Property and equipment, net | 8,543,422 | 9,489,240 |
Other assets | 196,894 | 266,528 |
Total assets | 9,399,306 | 10,793,261 |
Current liabilities | ||
Current maturities of long-term debt | 0 | 249,843 |
Accounts payable | 103,103 | 83,873 |
Accrued payroll and related costs | 43,485 | 54,904 |
Taxes payable | 30,638 | 33,965 |
Interest payable | 70,006 | 98,189 |
Other current liabilities | 68,479 | 71,466 |
Total current liabilities | 315,711 | 592,240 |
Long-term debt | 3,902,976 | 3,795,867 |
Deferred income taxes | 215,861 | 164,962 |
Other liabilities | 274,768 | 290,178 |
Total liabilities | 4,709,316 | 4,843,247 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 641,765 | 623,137 |
Retained earnings | 3,668,441 | 4,669,173 |
Accumulated other comprehensive loss | (50,042) | (42,888) |
Total shareholders' equity | 4,286,289 | 5,275,547 |
Noncontrolling interests | 403,701 | 674,467 |
Total equity | 4,689,990 | 5,950,014 |
Total liabilities and equity | $ 9,399,306 | $ 10,793,261 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, shares outstanding | 246,789 | 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenues | ||||
Revenue from contract with customer | $ 279,408 | $ 266,212 | $ 772,934 | $ 907,330 |
Operating costs and expenses | ||||
Depreciation and amortization | 113,868 | 137,607 | 372,304 | 409,919 |
General and administrative | 14,722 | 15,331 | 58,522 | 49,869 |
Loss on impairment | 0 | 0 | 792,843 | 0 |
Total operating costs and expenses | 301,251 | 322,816 | 1,697,263 | 962,756 |
Operating loss | (21,843) | (56,604) | (924,329) | (55,426) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (73,725) | (72,887) | (223,870) | (219,543) |
Gain (loss) on extinguishment of debt, net | 109 | 0 | (8,659) | 0 |
Interest income and other, net | 2,610 | 1,405 | 6,814 | 6,096 |
Loss from continuing operations before income taxes | (92,849) | (128,086) | (1,150,044) | (268,873) |
Income tax benefit (provision) | 14,491 | 28,605 | 50,334 | (210,589) |
Net loss from continuing operations | (78,358) | (99,481) | (1,099,710) | (479,462) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (1,486) |
Net loss | (78,358) | (99,481) | (1,099,710) | (480,948) |
Net (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Loss from continuing operations | (81,591) | (96,792) | (851,988) | (490,350) |
Net income (loss) attributable to the company | $ (81,591) | $ (96,792) | $ (851,988) | $ (491,836) |
Basic: | ||||
Loss from continuing operations (usd per share) | $ (0.33) | $ (0.40) | $ (3.46) | $ (2) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to the company (usd per share) | (0.33) | (0.40) | (3.46) | (2.01) |
Diluted: | ||||
Loss from continuing operations (usd per share) | (0.33) | (0.40) | (3.46) | (2) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Net income (loss) (usd per share) | $ (0.33) | $ (0.40) | $ (3.46) | $ (2.01) |
Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | $ 279,408 | $ 266,212 | $ 772,934 | $ 907,330 |
Operating costs and expenses | ||||
Depreciation and amortization | 113,127 | 136,651 | 368,939 | 407,002 |
General and administrative | 8,672 | 9,823 | 30,250 | 32,118 |
Loss on impairment | 0 | 0 | 792,843 | 0 |
Total operating costs and expenses | 294,276 | 315,892 | 1,664,311 | 940,745 |
Operating loss | (14,868) | (49,680) | (891,377) | (33,415) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (73,725) | (72,887) | (223,870) | (219,543) |
Gain (loss) on extinguishment of debt, net | 109 | 0 | (8,659) | 0 |
Interest income and other, net | 2,610 | 1,290 | 6,807 | 5,931 |
Loss from continuing operations before income taxes | (85,874) | (121,277) | (1,117,099) | (247,027) |
Income tax benefit (provision) | 14,490 | 28,605 | 50,227 | (210,555) |
Net loss from continuing operations | (71,384) | (92,672) | (1,066,872) | (457,582) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 2,967 |
Net loss | (71,384) | (92,672) | (1,066,872) | (454,615) |
Net (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Net income (loss) attributable to the company | (74,617) | (89,983) | (819,150) | (465,503) |
Contract drilling services | ||||
Operating revenues | ||||
Revenue from contract with customer | 267,238 | 259,740 | 744,033 | 885,931 |
Operating costs and expenses | ||||
Cost of services | 162,985 | 166,044 | 451,271 | 489,594 |
Contract drilling services | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 267,238 | 259,740 | 744,033 | 885,931 |
Operating costs and expenses | ||||
Cost of services | 162,801 | 165,584 | 449,956 | 488,251 |
Reimbursables and other | ||||
Operating revenues | ||||
Revenue from contract with customer | 12,170 | 6,472 | 28,901 | 21,399 |
Operating costs and expenses | ||||
Cost of services | 9,676 | 3,834 | 22,323 | 13,374 |
Reimbursables and other | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 12,170 | 6,472 | 28,901 | 21,399 |
Operating costs and expenses | ||||
Cost of services | $ 9,676 | $ 3,834 | $ 22,323 | $ 13,374 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net loss | $ (78,358) | $ (99,481) | $ (1,099,710) | $ (480,948) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (483) | 469 | (2,587) | 749 |
Foreign currency forward contracts | 0 | (65) | 0 | 674 |
Amortization of deferred pension plan amounts (net of tax provision of $87 and $165 for the three months ended September 30, 2018 and 2017, respectively, and $260 and $493 for the nine months ended September 30, 2018 and 2017, respectively) | 324 | 389 | 973 | 1,156 |
Other comprehensive income (loss), net | (159) | 793 | (1,614) | 2,579 |
Net comprehensive (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Comprehensive income (loss) attributable to the company | (81,750) | (95,999) | (853,602) | (489,257) |
Noble Corp | ||||
Net loss | (71,384) | (92,672) | (1,066,872) | (454,615) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (483) | 469 | (2,587) | 749 |
Foreign currency forward contracts | 0 | (65) | 0 | 674 |
Amortization of deferred pension plan amounts (net of tax provision of $87 and $165 for the three months ended September 30, 2018 and 2017, respectively, and $260 and $493 for the nine months ended September 30, 2018 and 2017, respectively) | 324 | 389 | 973 | 1,156 |
Other comprehensive income (loss), net | (159) | 793 | (1,614) | 2,579 |
Net comprehensive (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Comprehensive income (loss) attributable to the company | $ (74,776) | $ (89,190) | $ (820,764) | $ (462,924) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of deferred pension plan, tax provision | $ 87 | $ 165 | $ 260 | $ 493 |
Noble Corp | ||||
Amortization of deferred pension plan, tax provision | $ 87 | $ 165 | $ 260 | $ 493 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (1,099,710) | $ (480,948) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 372,304 | 409,919 |
Loss on impairment | 792,843 | 0 |
Loss on extinguishment of debt, net | 8,659 | 0 |
Deferred income taxes | (10,965) | 343,962 |
Amortization of share-based compensation | 18,665 | 21,788 |
Other long-term asset write-off | 0 | 28,689 |
Other costs, net | 3,482 | 7,147 |
Change in taxes receivable | 40,859 | 86 |
Net changes in other operating assets and liabilities | (82,821) | (31,563) |
Net cash provided by operating activities | 43,316 | 299,080 |
Cash flows from investing activities | ||
Capital expenditures | (149,329) | (86,700) |
Proceeds from disposal of assets, net | 4,135 | 1,306 |
Net cash used in investing activities | (145,194) | (85,394) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayments of debt | (952,477) | (300,000) |
Debt issuance costs | (15,327) | (42) |
Dividends paid to noncontrolling interests | (12,694) | (26,293) |
Taxes withheld on employee stock transactions | (3,458) | (4,310) |
Net cash used in financing activities | (233,956) | (330,645) |
Net decrease in cash, cash equivalents and restricted cash | (335,834) | (116,959) |
Cash, cash equivalents and restricted cash, beginning of period | 662,829 | 725,722 |
Cash, cash equivalents and restricted cash, end of period | 326,995 | 608,763 |
Noble Corp | ||
Cash flows from operating activities | ||
Net loss | (1,066,872) | (454,615) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 368,939 | 407,002 |
Loss on impairment | 792,843 | 0 |
Loss on extinguishment of debt, net | 8,659 | 0 |
Deferred income taxes | (10,965) | 343,961 |
Amortization of share-based compensation | 18,628 | 21,731 |
Other long-term asset write-off | 0 | 28,689 |
Other costs, net | 3,482 | 7,147 |
Change in taxes receivable | 40,859 | 86 |
Net changes in other operating assets and liabilities | (78,461) | (32,038) |
Net cash provided by operating activities | 77,112 | 321,963 |
Cash flows from investing activities | ||
Capital expenditures | (149,329) | (86,700) |
Proceeds from disposal of assets, net | 4,135 | 1,306 |
Net cash used in investing activities | (145,194) | (85,394) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayments of debt | (952,477) | (300,000) |
Debt issuance costs | (15,327) | (42) |
Dividends paid to noncontrolling interests | (12,694) | (26,293) |
Contributions from (distributions to) parent company, net | (37,241) | |
Contributions from (distributions to) parent company, net | 43,891 | |
Net cash used in financing activities | (267,739) | (282,444) |
Net decrease in cash, cash equivalents and restricted cash | (335,821) | (45,875) |
Cash, cash equivalents and restricted cash, beginning of period | 662,011 | 653,833 |
Cash, cash equivalents and restricted cash, end of period | $ 326,190 | $ 607,958 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Noble Corp | Noble CorpCommon Stock | Noble CorpAdditional Paid-in Capital | Noble CorpRetained Earnings | Noble CorpAccumulated Other Comprehensive Income (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 | 21,788 | 21,788 | |||||||||||
Issuance of share-based compensation shares | (5) | $ 18 | (23) | ||||||||||
Issuance of share-based compensation shares (in shares) | 1,726 | ||||||||||||
Shares withheld for taxes on equity transactions | (4,328) | (4,328) | |||||||||||
Contributions from parent company, net | 43,891 | 43,891 | |||||||||||
Share-based compensation contribution by parent | 21,731 | 21,731 | |||||||||||
Net income (loss) | (480,948) | (491,836) | 10,888 | (454,615) | (465,503) | ||||||||
Dividends paid to noncontrolling interests | (26,293) | (26,293) | (26,293) | (26,293) | |||||||||
Dividends unpaid to noncontrolling interests | (15,464) | (15,464) | (15,464) | (15,464) | |||||||||
Dividend equivalents | [1] | 83 | 83 | ||||||||||
Other comprehensive loss, net | 2,579 | 2,579 | 2,579 | 2,579 | |||||||||
Ending Balance at Sep. 30, 2017 | 5,964,857 | $ 2,450 | 671,605 | 4,662,468 | (49,561) | 677,895 | 5,963,806 | $ 26,125 | 615,822 | 4,693,525 | (49,561) | 677,895 | |
Ending Balance (shares) at Sep. 30, 2017 | 244,965 | 261,246 | |||||||||||
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 | |||||||||||||
Stranded tax effect resulting from the Tax Cuts and Job Act | $ (5,540) | ||||||||||||
Stockholders' equity, adjusted balance | 5,800,747 | $ 2,450 | 678,922 | 4,493,336 | (48,428) | 674,467 | $ 5,800,133 | $ 26,125 | 623,137 | 4,524,832 | (48,428) | 674,467 | |
Adjustment for adopting the revenue recognition standard | (148,393) | (148,393) | |||||||||||
Adjustment for adopting the revenue recognition standard | Accounting Standards Update 2016-16 | (148,393) | (148,393) | |||||||||||
Adjustment for adopting the revenue recognition standard | Accounting Standards Update 2014-09 | (1,488) | (1,488) | (1,488) | (1,488) | |||||||||
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 | $ 18,665 | 18,665 | |||||||||||
Issuance of share-based compensation shares | 0 | $ 18 | (18) | ||||||||||
Issuance of share-based compensation shares (in shares) | 1,818 | ||||||||||||
Shares withheld for taxes on equity transactions | (3,476) | (3,476) | |||||||||||
Distributions to parent company, net | $ (37,241) | (37,241) | |||||||||||
Share-based compensation contribution by parent | 18,628 | 18,628 | |||||||||||
Net income (loss) | (1,099,710) | (851,988) | (247,722) | (1,066,872) | (819,150) | ||||||||
Stranded tax effect resulting from the Tax Cuts and Job Act | 5,500 | ||||||||||||
Dividends paid to noncontrolling interests | (12,694) | (12,694) | (12,694) | (12,694) | |||||||||
Dividends unpaid to noncontrolling interests | (10,350) | (10,350) | (10,350) | (10,350) | |||||||||
Dividend equivalents | [1] | 99 | 99 | ||||||||||
Other comprehensive loss, net | (1,614) | (1,614) | (1,614) | (1,614) | |||||||||
Ending Balance at Sep. 30, 2018 | $ 4,691,667 | $ 2,468 | $ 694,093 | $ 3,641,447 | (50,042) | $ 403,701 | $ 4,689,990 | $ 26,125 | $ 641,765 | $ 3,668,441 | $ (50,042) | $ 403,701 | |
Ending Balance (shares) at Sep. 30, 2018 | 246,789 | 246,789 | 261,246 | 261,246 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stockholders' equity, adjusted balance | $ (48,428) | ||||||||||||
[1] | Activity associated with dividend equivalents, which are related to performance awards granted in 2016, to be paid upon vesting. |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2018 , our fleet consisted of eight drillships, four semisubmersibles and 13 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 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 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. Restricted Cash We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of September 30, 2018 , our restricted cash balance consists of $0.7 million of restricted cash accounts for interest payments associated with our financing of the Noble Johnny Whitstine , recorded in other current assets. As of December 31, 2017 , we had no restricted cash balances. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 2014-9 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 modified retrospective adoption, for which we were not required to make any material 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. Accordingly, “Other assets” is reduced in our Condensed Consolidated Balance Sheet with a cumulative adjustment to “Retained earnings” of approximately $148.4 million . 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 between our “Contract drilling services” costs and “Interest income and other, net” on our Condensed Consolidated Statement of Operations. 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 reduced “Accumulated other comprehensive loss” in our Condensed Consolidated Balance Sheet with a cumulative adjustment to “Retained earnings” of approximately $5.5 million . In August 2018 , the FASB issued ASU No. 2018 -15, which amends ASC Subtopic 350-40, “Intangibles—Goodwill and Other—Internal—Use Software.” The amendments in this update require an entity in a hosting arrangement that is a service contract to capitalize implementation costs. Entities are to follow the guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendment also requires the entity to expense these capitalized implementation costs over the term of the hosting arrangement. We elected to early adopt ASU No. 2018 -15 effective September 30, 2018 , on a prospective basis. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This standard is effective for interim and annual reporting periods beginning after December 15, 2018 . We expect to adopt this standard, on a modified retrospective basis, effective January 1, 2019 . Our adoption requires that, as lessees, we recognize a right of use asset and lease liability. In addition, as lessors, our drilling contracts contain a lease component, which requires revenue presentation analysis. The ultimate effect on our consolidated financial statements will be based on an evaluation of the contract-specific facts and circumstances. With respect to leases in which we are the lessee, we expect to recognize a lease liability and a corresponding right of use asset. With respect to our drilling contracts in which we are the lessor, we plan to utilize the FASB practical expedient to combine lease and non-lease components. The expedient, for circumstances in which bifurcation of revenue between lease and non-lease components does not affect total revenue, operating income, or net income, permits us to combine lease and non-lease components. We are currently evaluating what other effect, if any, ASC 842 will have on our condensed consolidated financial statements and related disclosures. We do not expect our adoption to materially affect our Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations, or Condensed Consolidated Statement of Cash Flows. In August 2018 , the FASB issued ASU No. 2018 -14, which amends ASC Subtopic 715-20, “Compensation — Retirement Benefits — Defined Benefit Plans — General.” This update applies to all employers that sponsor defined benefit pension or other postretirement plans and is part of the disclosure framework project to improve the effectiveness of disclosures in notes to the financial statements. The amendment is effective for fiscal years ending after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our condensed consolidated financial statements. 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2018 , the Bully joint ventures approved dividends of $20.7 million and $46.1 million , respectively, and paid dividends of zero and $25.4 million , respectively. During the three and nine months ended September 30, 2017 , the Bully joint ventures approved dividends of $30.9 million and $83.5 million , respectively, and paid dividends of $41.8 million and $52.6 million , respectively. Of these amounts, 50 percent is owed to our joint venture partner. The combined carrying amount of the Bully -class drillships at September 30, 2018 and December 31, 2017 totaled $0.7 billion and $1.3 billion , respectively. These assets were primarily funded through partner equity contributions. During the nine months ended September 30, 2018 , we recognized a $550.3 million impairment on the Noble Bully I , of which $250.3 million is attributable to our joint venture partner. See “ Note 10— Loss on Impairment ” for additional information. Cash held by the Bully joint ventures totaled approximately $64.8 million at September 30, 2018 as compared to approximately $41.6 million at December 31, 2017 . |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 4— Loss Per Share The following table presents the computation of basic and diluted earnings per share for Noble-UK: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Basic Net loss from continuing operations $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (490,350 ) Net loss from discontinued operations, net of tax — — — (1,486 ) Net loss attributable to Noble Corporation plc $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (491,836 ) Diluted Net loss from continuing operations $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (490,350 ) Net loss from discontinued operations, net of tax — — — (1,486 ) Net loss attributable to Noble Corporation plc $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (491,836 ) Denominator: Weighted average shares outstanding - basic 246,780 244,940 246,553 244,666 Weighted average shares outstanding - diluted 246,780 244,940 246,553 244,666 Loss per share Basic: Loss from continuing operations $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.00 ) Loss from discontinued operations — — — (0.01 ) Net loss attributable to Noble Corporation plc $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.01 ) Diluted: Loss from continuing operations $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.00 ) Loss from discontinued operations — — — (0.01 ) Net loss attributable to Noble Corporation plc $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.01 ) Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three and nine months ended September 30, 2018 , approximately 13.2 million share-based awards were excluded from diluted earnings per share since the effect would have been anti-dilutive. For the three and nine months ended September 30, 2017 , approximately 12.1 million share-based awards were excluded from diluted earnings per share since the effect would have been anti-dilutive. Share capital As of September 30, 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 . At our 2018 Annual General Meeting, shareholders approved a proposal to allow our Board of Directors to increase share capital through the issuance of up to 82.2 million ordinary shares (at current nominal value of $0.01 per share). The right of our directors to allot shares will expire at the end of our 2019 Annual General Meeting unless we seek an extension from shareholders at that time. There were no shares allotted during the nine months ended September 30, 2018 . The declaration and payment of dividends require the 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 in accordance with UK law. Noble-UK is not permitted to pay dividends out of share capital, which includes share premium. Noble has not paid dividends since the third quarter of 2016 . The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture 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. We currently do not have shareholder authority to repurchase shares. |
Receivables from Customers
Receivables from Customers | 9 Months Ended |
Sep. 30, 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 on our Condensed Consolidated Statement of Operations during the nine months ended September 30, 2017 . |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 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: September 30, 2018 December 31, 2017 Drilling equipment and facilities $ 10,664,732 $ 11,746,629 Construction in progress 192,188 83,509 Other 202,855 204,193 Property and equipment, at cost $ 11,059,775 $ 12,034,331 During the nine months ended September 30, 2018 , we recognized a non-cash loss on impairment of $792.8 million , related to our long-lived assets. See “ Note 10— Loss on Impairment ” for additional information. On September 21, 2018, we purchased the Noble Johnny Whitstine, a new Gusto MSC CJ46 design jackup rig, from the PaxOcean Group (“PaxOcean”) in connection with a concurrently awarded drilling contract in the Middle East region. We paid $93.8 million for the rig, with $33.8 million paid in cash and the remaining $60.0 million of the purchase price financed by the seller. See “ Note 7— Debt ” for additional information. |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 will mature 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 in the nine months ended September 30, 2018 . At September 30, 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 will mature in January 2023 . Borrowings may be used for working capital and other general corporate purposes. 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 with the approval of the lenders. At September 30, 2018 , we had $ 3.4 million of performance letters of credit outstanding under the 2017 Credit Facility. At September 30, 2018 , other than the performance letters of credit, we had no borrowings outstanding 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 September 30, 2018 , the interest rates in effect under our Credit Facilities are the highest permitted interest rates under those agreements. Debt Issuance 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 indenture for the 2026 Notes contains certain covenants and restrictions, including, among others, restrictions on our subsidiaries’ ability 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. Seller Financing of Rig In September 2018 , we purchased the Noble Johnny Whitstine for $93.8 million with a $60.0 million seller-financed secured loan (the “Seller Loan”), in which 95% of the principal is due at the end of the four-year term. The Seller Loan bears a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate paid-in-kind over the four -year term of the Seller Loan. Based on the terms of the Seller Loan, the 1.25% paid-in-kind interest rate is accelerated into the first year, resulting in an overall first year interest rate of 8.91% , of which only 4.25% is payable in cash. Thereafter, the paid-in-kind interest ends and the cash interest rate of 4.25% is payable for the remainder of the term. The Seller Loan is guaranteed by Noble-Cayman and is secured by a mortgage on the Noble Johnny Whitstine and by the pledge of the shares of the single-purpose entity that owns the rig. The Seller Loan contains debt to total capitalization ratio and minimum liquidity financial covenants substantially similar to the 2017 Credit Facility, and an asset and revenue covenant substantially similar to the 2026 Notes as well as other covenants and provisions customarily found in secured transactions. The Seller Loan requires immediate repayment on the occurrence of certain events, including the termination of the drilling contract entered into at the time of the purchase of the rig. 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 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, effective April 2018 . These senior notes have reached the contractually defined maximum interest rate set for each rating agency and no further interest rate increases are possible. 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 do not contain provisions varying applicable interest rates based upon our credit ratings. Debt Tender Offers, Repayments, and Open Market Repurchases In January 2018 , we commenced cash tender offers for the 2018 Notes, our Senior Notes due 2019 (the “ 2019 Notes”), our Senior Notes due 2020 , our Senior Notes due 2021 , our Senior Notes due 2022 and our 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 August 2018, we purchased $0.4 million aggregate principal amount of our Senior Notes due 2042 (the “2042 Notes”) for approximately $0.3 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.1 million . 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, the covenants from the 2026 Notes described under “—Debt Issuance” above, and the covenants from the Seller Loan described under"—Seller Financing of Rig" above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. There are also restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At September 30, 2018 , we were in compliance with all applicable debt covenants. We continually monitor compliance with the covenants under our Credit Facilities, senior notes and Seller Loan 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 debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in “ Note 14— 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: September 30, 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 65,798 65,776 167,422 163,283 4.625% Senior Notes due March 2021 92,947 91,437 208,095 195,687 3.95% Senior Notes due March 2022 41,612 38,424 125,307 107,348 7.75% Senior Notes due January 2024 782,661 795,651 971,498 861,160 7.95% Senior Notes due April 2025 446,413 439,222 446,106 380,732 7.875% Senior Notes due February 2026 738,188 777,690 — — 6.20% Senior Notes due August 2040 396,788 307,740 396,738 274,988 6.05% Senior Notes due March 2041 394,596 305,368 394,514 273,988 5.25% Senior Notes due March 2042 493,778 361,169 494,063 315,430 8.95% Senior Notes due April 2045 390,651 387,048 390,589 320,396 Other: Seller-financed secured loan due September 2022 59,544 58,547 — — Total debt 3,902,976 3,628,072 4,045,710 3,350,723 Current maturities of long-term debt — — 249,843 250,830 Long-term debt $ 3,902,976 $ 3,628,072 $ 3,795,867 $ 3,099,893 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2018 and 2017 . All amounts within the table 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 before reclassifications 674 — 749 1,423 Amounts reclassified from AOCI — 1,156 — 1,156 Net other comprehensive income 674 1,156 749 2,579 Balance at September 30, 2017 $ 674 $ (34,709 ) $ (15,526 ) $ (49,561 ) 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 ) Activity during period: Other comprehensive loss before reclassifications — — (2,587 ) (2,587 ) Amounts reclassified from AOCI — 973 — 973 Net other comprehensive income (loss) — 973 (2,587 ) (1,614 ) Balance at September 30, 2018 $ — $ (32,170 ) $ (17,872 ) $ (50,042 ) (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 13— 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 12— Employee Benefit Plans ” for additional information. |
Revenue and Customers
Revenue and Customers | 9 Months Ended |
Sep. 30, 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 benefit 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 the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably 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: September 30, 2018 January 1, 2018 Current contract assets $ 28,736 $ 21,229 Noncurrent contract assets 26,827 34,520 Total contract assets 55,563 55,749 Current contract liabilities (deferred revenue) (33,227 ) (35,422 ) Noncurrent contract liabilities (deferred revenue) (54,024 ) (73,439 ) Total contract liabilities $ (87,251 ) $ (108,861 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2018 are as follows: Contract Assets Contract Liabilities Net balance at January 1, 2018 $ 55,749 $ (108,861 ) Amortization of deferred costs (22,131 ) — Additions to deferred costs 21,945 — Amortization of deferred revenue — 34,629 Additions to deferred revenue — (13,019 ) Total (186 ) 21,610 Net balance at September 30, 2018 $ 55,563 $ (87,251 ) We have elected, as a practical expedient, not to disclose significant changes in the remaining performance obligation for the nine months ended September 30, 2017 , which was before our adoption date of January 1, 2018 . Contract Costs Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations. These capital items are capitalized and depreciated in accordance with our existing property and equipment accounting policy. 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: Nine Months Ended September 30, 2018 2018 2019 2020 2021 2022 and beyond Total Drillships $ 6,472 $ 16,998 $ 15,666 $ 15,666 $ 12,832 $ 67,634 Semisubmersibles 317 362 — — — 679 Jackups 4,174 11,094 3,670 — — 18,938 Total $ 10,963 $ 28,454 $ 19,336 $ 15,666 $ 12,832 $ 87,251 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 September 30, 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 and nine months ended September 30, 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 September 30, 2018 Nine Months Ended Drillships $ 137,284 $ 377,529 Semisubmersibles 4,178 18,648 Jackups 125,776 347,856 Total $ 267,238 $ 744,033 |
Loss on Impairment
Loss on Impairment | 9 Months Ended |
Sep. 30, 2018 | |
Asset Impairment Charges [Abstract] | |
Loss on Impairment | Note 10— Loss on Impairment Asset Impairments We evaluate our drilling fleet assets for impairment whenever there are changes in facts which suggest that the value of the asset is not recoverable. In connection with the preparation of our financial statements for the second quarter of 2018 , we conducted a review of our fleet. The review included an assessment of certain assumptions, including future marketability of each unit in light of its current technical specifications. Assumptions used in our assessment included, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service. Based upon our impairment analysis, we impaired the carrying values to estimated fair values for the Noble Bully I, Noble Paul Romano, Noble Dave Beard and certain capital spare equipment. During the nine months ended September 30, 2018 , impairment charges related to these units and certain capital spare equipment were approximately $763.7 million and $29.1 million , respectively. For our impaired units, we estimated the fair values of these units by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. During the nine months ended September 30, 2018 , we recognized a $550.3 million impairment on the Noble Bully I, of which $250.3 million is attributable to our joint venture partner. See “ Note 3— Consolidated Joint Ventures ” for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11— Income Taxes At September 30, 2018 , the reserves for uncertain tax positions totaled $183.7 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 September 30, 2018 , our income tax provision included non-cash items of $35.6 million related to the impairment of three rigs and certain capital spares. See “ Note 10— Loss on Impairment ” for additional information. At September 30, 2017 , our income tax provision included a non-cash, discrete item of $260.7 million as the result of an internal tax restructuring, which was implemented to reduce costs associated with the ownership of multiple legal entities, simplify the overall legal entity structure, ease deployment of cash throughout the business and consolidate operations into one centralized group of entities. The effect of this tax restructuring has been to lower current tax expense. During the three and nine months ended September 30, 2018 , we received a tax refund of $0.5 million and $85.0 million , respectively. During the three and nine months ended September 30, 2017 , we received a tax refund of zero and $0.3 million , respectively. 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 $148.4 million in “Other assets” and “Other liabilities” to “Retained earnings” on our Condensed Consolidated Balance Sheets. During the fourth quarter of 2017 , U.S. tax reform resulted in the write-down of our net deferred tax liabilities. In accordance with the guidance issued in Staff Accounting Bulletin No. 118, during the third quarter of 2018 , we finalized our provisional amounts recorded as we completed our technical analysis, computations and tax law interpretations and filed our 2017 U.S. tax return. As a result, we recognized an additional tax benefit of $24.9 million . |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12— Employee Benefit Plans Pension costs include the following components for the three and nine months ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 429 $ 2,045 $ 506 $ 2,148 Return on plan assets (661 ) (2,979 ) (739 ) (2,941 ) Recognized net actuarial loss — 411 264 366 Settlement and curtailment gains — — (620 ) — Net pension benefit cost (gain) $ (232 ) $ (523 ) $ (589 ) $ (427 ) Nine Months Ended September 30, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 1,248 $ 6,134 $ 1,476 $ 6,445 Return on plan assets (2,087 ) (8,936 ) (2,161 ) (8,823 ) Recognized net actuarial loss — 1,233 775 1,098 Settlement and curtailment gains — — (620 ) — Net pension benefit cost (gain) $ (839 ) $ (1,569 ) $ (530 ) $ (1,280 ) During the three and nine months ended September 30, 2018 , we made no contributions to our pension plans. During the three and nine months ended September 30, 2017 , we made contributions to our pension plans totaling approximately $0.4 million and $0.6 million , respectively, which satisfied our obligations under our defined benefit plan for the North Sea region. Effective December 31, 2016 , employees and alternate payees accrue no future benefits under the plans and, as such, Noble recognized no service costs with the plans for the three and nine months ended September 30, 2018 and 2017 . Interest cost, return on plan assets and net actuarial losses were aggregated and disclosed within “Interest income and other, net” on our Condensed Consolidated Statements of Operations. For more information refer to “ Note 2— Accounting Pronouncements .” |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 13— 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, for the nine months ended September 30, 2017 , the change in fair value was recognized as a $14.4 million loss in our Condensed Consolidated Statements of Operations. Cash Flow Hedges Several of our regional shorebases 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. All of these contracts had a maturity of less than 12 months. There were no foreign currency forward contracts entered into or outstanding as of September 30, 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 Condensed Consolidated Statements of Operations. These contingent payments are referred to as non-designated derivatives in the following tables. The price of WTI did not average more than $50 per barrel during the 12-month period. As of June 30, 2017 , the fair value of these contingent payments was reduced to zero , as the period for earning the contingent payments had ended. Financial Statement Presentation The following tables summarize the recognized gains and losses, which are estimated fair value measurements, of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the three and nine months ended September 30, 2017 : Three Months Ended September 30, 2017 Unrealized loss recognized through AOCI Loss reclassified from AOCI to "Contract drilling services" costs Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ (65 ) $ 542 $ — Nine Months Ended September 30, 2017 Unrealized loss recognized through AOCI Loss reclassified from AOCI to "Contract drilling services" costs Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ 674 $ — $ 679 Non-designated derivatives FCX Settlement $ — $ — $ (14,400 ) There were no foreign currency forward contracts outstanding or entered into during the three and nine months ended September 30, 2018 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 14— Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: September 30, 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 $ 7,921 $ 7,921 $ — $ — 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, cash equivalents, and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Condensed Consolidated Balance Sheets approximate fair value. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15— 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. The patents are now expired in the United States and most other countries. While there is inherent risk in litigation, we do not believe that our rigs infringe the Transocean patents. The lawsuit is currently in the discovery phase 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 previously used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. This agent 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 was substantially completed in 2017 , 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 a revised plan of reorganization (the “New Plan”) in its bankruptcy proceeding. Under the New Plan, Paragon Offshore no longer needed the Mexican tax bonding that Noble-UK was to provide under the Settlement Agreement. 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. The complaint states that the litigation trust is seeking damages of approximately $1.7 billion from the Company, an amount equal to the amount borrowed by Paragon Offshore immediately prior to the Spin-off, as well as unspecified amounts in respect of the claims against the officer and director defendants all of whom have indemnification arrangements with us. We requested that the court dismiss the claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty and unjust enrichment, and require such claims to be arbitrated under the Master Separation Agreement (the “MSA”) entered into between Noble and Paragon Offshore at the time of the Spin-off, as well as stay the other proceedings during the pendency of the arbitration. The court ruled that the unjust enrichment claim be arbitrated, that the other claims proceed in bankruptcy court, and that discovery should resume. We have appealed the ruling on an expedited basis, and discovery continues in the court proceeding. The court has approved a litigation schedule, which, subject to our appeal on the motion for arbitration, could result in all pre-trial activity being completed by the end of 2019 . We 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. We intend to defend ourselves vigorously. However, there is inherent risk and substantial expense in litigation, and the amount of damages the plaintiff is seeking is substantial. 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 be substantial and could have a material adverse effect on our business, financial condition and results of operations. We could determine that settling the case is in the best interests of our shareholders for a number of reasons, including eliminating any risk of a larger judgment against us, eliminating the perceived risk that the claim has on our business and corporate opportunities, and/or reducing or eliminating the ongoing cost of defending the litigation. Because the litigation still has significant discovery to be conducted, we are not currently able to make a reasonable estimation of the amount of possible loss we may incur, if any. Subsequent developments in the litigation may make such an estimation reasonably possible, in which case we may record a charge against our income when a loss is reasonably estimable. This may occur even though the litigation may still be ongoing. This charge could be material and could have a material adverse effect on our financial condition and results of operations. It may also be materially different than any amount we are required to pay once the litigation is concluded. 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 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 $52.1 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 contingencies 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 | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 16— Supplemental Financial Information Condensed Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $87.3 million and $114.3 million at September 30, 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 $55.6 million at September 30, 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. 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 Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accounts receivable $ 4,481 $ 116,619 $ 4,481 $ 116,619 Other current assets (9,872 ) 18,335 (9,557 ) 15,774 Other assets (14,711 ) (76,002 ) (11,262 ) (80,172 ) Accounts payable 8,528 (11,901 ) 8,506 (11,656 ) Other current liabilities (52,092 ) 21,503 (51,474 ) 22,631 Other liabilities (19,155 ) (100,117 ) (19,155 ) (95,234 ) Total net change in assets and liabilities $ (82,821 ) $ (31,563 ) $ (78,461 ) $ (32,038 ) Non-cash investing and financing activities Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2018 and December 31, 2017 were $36.2 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 September 30, 2017 and December 31, 2016 were $16.4 million and $35.1 million , respectively. We entered into a $60.0 million Seller Loan to finance a portion of the purchase price for the Noble Johnny Whitstine in September 2018 . See “ Note 7— Debt ” for additional information. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 17— 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 September 30, 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 7.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 8.95% 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) In February 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 September 30, 2018 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 325,515 $ — $ 325,515 Accounts receivable — — 200,215 — 200,215 Taxes receivable — — 64,486 — 64,486 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 564,392 61,045 4,700,352 (5,325,789 ) — Prepaid expenses and other current assets — — 68,774 — 68,774 Total current assets 564,392 61,045 8,535,004 (8,501,451 ) 658,990 Property and equipment, at cost — — 11,059,775 — 11,059,775 Accumulated depreciation — — (2,516,353 ) — (2,516,353 ) Property and equipment, net — — 8,543,422 — 8,543,422 Notes receivable from affiliates 3,177,249 — — (3,177,249 ) — Investments in affiliates 4,281,611 12,259,800 — (16,541,411 ) — Other assets 771 — 196,123 — 196,894 Total assets $ 8,024,023 $ 12,320,845 $ 17,274,549 $ (28,220,111 ) $ 9,399,306 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Accounts payable 3 — 103,100 — 103,103 Accrued payroll and related costs — — 43,485 — 43,485 Accounts payable to affiliates 3,717,537 982,814 625,438 (5,325,789 ) — Taxes payable — — 30,638 — 30,638 Interest payable 265 67,021 2,720 — 70,006 Other current liabilities — — 68,479 — 68,479 Total current liabilities 3,717,805 4,225,497 873,860 (8,501,451 ) 315,711 Long-term debt — 3,843,432 59,544 — 3,902,976 Notes payable to affiliates — — 3,177,249 (3,177,249 ) — Deferred income taxes — — 215,861 — 215,861 Other liabilities 19,929 — 254,839 — 274,768 Total liabilities 3,737,734 8,068,929 4,581,353 (11,678,700 ) 4,709,316 Commitments and contingencies — Total shareholder equity 4,286,289 4,251,916 12,289,495 (16,541,411 ) 4,286,289 Noncontrolling interests — — 403,701 — 403,701 Total equity 4,286,289 4,251,916 12,693,196 (16,541,411 ) 4,689,990 Total liabilities and equity $ 8,024,023 $ 12,320,845 $ 17,274,549 $ (28,220,111 ) $ 9,399,306 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 September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 267,238 $ — $ 267,238 Reimbursables and other — — 12,170 — 12,170 Total operating revenues — — 279,408 — 279,408 Operating costs and expenses Contract drilling services (84 ) (1,419 ) 164,304 — 162,801 Reimbursables — — 9,676 — 9,676 Depreciation and amortization — — 113,127 — 113,127 General and administrative (69 ) (823 ) 9,564 — 8,672 Total operating costs and expenses (153 ) (2,242 ) 296,671 — 294,276 Operating loss 153 2,242 (17,263 ) — (14,868 ) Other income (expense) Income (loss) of unconsolidated affiliates (75,959 ) 50,115 — 25,844 — Interest expense, net of amounts capitalized (413 ) (112,447 ) (4,887 ) 44,022 (73,725 ) Gain on extinguishment of debt, net — 109 — — 109 Interest income and other, net 1,602 — 45,030 (44,022 ) 2,610 Income (loss) before income taxes (74,617 ) (59,981 ) 22,880 25,844 (85,874 ) Income tax benefit — — 14,490 — 14,490 Net income (loss) (74,617 ) (59,981 ) 37,370 25,844 (71,384 ) Net income attributable to noncontrolling interests — — (3,233 ) — (3,233 ) Net income (loss) attributable to Noble Corporation (74,617 ) (59,981 ) 34,137 25,844 (74,617 ) Other comprehensive income (loss), net (159 ) — (159 ) 159 (159 ) Comprehensive income (loss) attributable to Noble Corporation $ (74,776 ) $ (59,981 ) $ 33,978 $ 26,003 $ (74,776 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 744,033 $ — $ 744,033 Reimbursables and other — — 28,901 — 28,901 Total operating revenues — — 772,934 — 772,934 Operating costs and expenses Contract drilling services 71 (22 ) 449,907 — 449,956 Reimbursables — — 22,323 — 22,323 Depreciation and amortization — — 368,939 — 368,939 General and administrative (4 ) 360 29,894 — 30,250 Loss on impairment — — 792,843 — 792,843 Total operating costs and expenses 67 338 1,663,906 — 1,664,311 Operating loss (67 ) (338 ) (890,972 ) — (891,377 ) Other income (expense) Income (loss) of unconsolidated affiliates (820,630 ) (300,798 ) — 1,121,428 — Interest expense, net of amounts capitalized (873 ) (338,039 ) (16,776 ) 131,818 (223,870 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,528 (11,851 ) — (8,659 ) Interest income and other, net 4,756 (131 ) 134,000 (131,818 ) 6,807 Income (loss) before income taxes (819,150 ) (633,778 ) (785,599 ) 1,121,428 (1,117,099 ) Income tax benefit — — 50,227 — 50,227 Net income (loss) (819,150 ) (633,778 ) (735,372 ) 1,121,428 (1,066,872 ) Net income attributable to noncontrolling interests — — 247,722 — 247,722 Net income (loss) attributable to Noble Corporation (819,150 ) (633,778 ) (487,650 ) 1,121,428 (819,150 ) Other comprehensive income (loss), net (1,614 ) — (1,614 ) 1,614 (1,614 ) Comprehensive income (loss) attributable to Noble Corporation $ (820,764 ) $ (633,778 ) $ (489,264 ) $ 1,123,042 $ (820,764 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 37,675 $ — $ — $ 231,873 $ (9,808 ) $ 259,740 Reimbursables and other — — 863 — — 5,609 — 6,472 Total operating revenues — — 38,538 — — 237,482 (9,808 ) 266,212 Operating costs and expenses Contract drilling services 67 3,056 10,306 852 — 161,111 (9,808 ) 165,584 Reimbursables — — 490 — — 3,344 — 3,834 Depreciation and amortization — — 13,971 — — 122,680 — 136,651 General and administrative 28 1,229 — 371 — 8,195 — 9,823 Total operating costs and expenses 95 4,285 24,767 1,223 — 295,330 (9,808 ) 315,892 Operating income (loss) (95 ) (4,285 ) 13,771 (1,223 ) — (57,848 ) — (49,680 ) Other income (expense) Income (loss) of unconsolidated affiliates (88,898 ) (64,360 ) 7,347 22,238 (20,878 ) — 144,551 — Interest expense, net of amounts capitalized (2,592 ) (4,492 ) (3,533 ) (108,892 ) (3,813 ) (24,877 ) 75,312 (72,887 ) Interest income and other, net 1,602 (50 ) 16,273 (52 ) 53,897 4,932 (75,312 ) 1,290 Income (loss) before income taxes (89,983 ) (73,187 ) 33,858 (87,929 ) 29,206 (77,793 ) 144,551 (121,277 ) Income tax benefit (provision) — 53,957 (19 ) — — (25,333 ) — 28,605 Net Income (loss) (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (103,126 ) 144,551 (92,672 ) Net income attributable to noncontrolling interests — — — — — 3,867 (1,178 ) 2,689 Net income (loss) attributable to Noble Corporation (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (99,259 ) 143,373 (89,983 ) Other comprehensive income , net 793 — — — — 793 (793 ) 793 Comprehensive income (loss) attributable to Noble Corporation $ (89,190 ) $ (19,230 ) $ 33,839 $ (87,929 ) $ 29,206 $ (98,466 ) $ 142,580 $ (89,190 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 124,767 $ — $ — $ 798,085 $ (36,921 ) $ 885,931 Reimbursables and other — — 2,891 — — 18,508 — 21,399 Total operating revenues — — 127,658 — — 816,593 (36,921 ) 907,330 Operating costs and expenses Contract drilling services 202 8,989 34,492 2,505 — 478,984 (36,921 ) 488,251 Reimbursables — — 1,782 — — 11,592 — 13,374 Depreciation and amortization — — 44,491 — — 362,511 — 407,002 General and administrative 99 4,074 — 1,263 9 26,673 — 32,118 Total operating costs and expenses 301 13,063 80,765 3,768 9 879,760 (36,921 ) 940,745 Operating income (loss) (301 ) (13,063 ) 46,893 (3,768 ) (9 ) (63,167 ) — (33,415 ) Other income (expense) Income (loss) from unconsolidated affiliates - continuing operations (469,274 ) (477,279 ) 48,830 167,531 35,388 — 694,804 — Income (loss) from unconsolidated affiliates- discontinued operations 2,967 4,566 — — — — (7,533 ) — Interest expense, net of amounts capitalized (7,775 ) (28,348 ) (9,916 ) (322,580 ) (11,484 ) (105,324 ) 265,884 (219,543 ) Interest income and other, net 8,880 (141 ) 70,484 4,871 170,875 16,846 (265,884 ) 5,931 Income (loss) from continuing operations before income taxes (465,503 ) (514,265 ) 156,291 (153,946 ) 194,770 (151,645 ) 687,271 (247,027 ) Income tax benefit (provision) — 170,543 (345 ) — — (380,753 ) — (210,555 ) Net income (loss) from continuing operations (465,503 ) (343,722 ) 155,946 (153,946 ) 194,770 (532,398 ) 687,271 (457,582 ) Net income (loss) from discontinued operations — (1,598 ) — — — 4,565 — 2,967 Net Income (loss) (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (527,833 ) 687,271 (454,615 ) Net loss attributable to noncontrolling interests — — — — — (8,894 ) (1,994 ) (10,888 ) Net income (loss) attributable to Noble Corporation (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (536,727 ) 685,277 (465,503 ) Other comprehensive income , net 2,579 — — — — 2,579 (2,579 ) 2,579 Comprehensive income (loss) attributable to Noble Corporation $ (462,924 ) $ (345,320 ) $ 155,946 $ (153,946 ) $ 194,770 $ (534,148 ) $ 682,698 $ (462,924 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 22,771 $ (348,990 ) $ 403,331 $ — $ 77,112 Cash flows from investing activities Capital expenditures — — (149,329 ) — (149,329 ) Proceeds from disposal of assets — — 4,135 — 4,135 Net cash used in investing activities — — (145,194 ) — (145,194 ) Cash flows from financing activities Issuance of senior notes — 750,000 — — 750,000 Repayment of long-term debt — (738,823 ) (213,654 ) — (952,477 ) Debt issuance costs (822 ) (12,581 ) (1,924 ) — (15,327 ) Dividends paid to noncontrolling interests — — (12,694 ) — (12,694 ) Distributions to parent company, net (37,241 ) — — — (37,241 ) Advances (to) from affiliates 15,281 321,070 (336,351 ) — — Net cash provided by (used in) financing activities (22,782 ) 319,666 (564,623 ) — (267,739 ) Net change in cash, cash equivalents and restricted cash (11 ) (29,324 ) (306,486 ) — (335,821 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 326,190 $ — $ 326,190 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 26,122 $ 102,689 $ 141,843 $ (324,502 ) $ 163,205 $ 212,606 $ — $ 321,963 Cash flows from investing activities Capital expenditures — — (2,552 ) — — (84,148 ) — (86,700 ) Proceeds from disposal of assets — — 46 — — 1,260 — 1,306 Net cash used in investing activities — — (2,506 ) — — (82,888 ) — (85,394 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (26,293 ) — (26,293 ) Contributions from parent company, net 43,891 — — — — — — 43,891 Advances (to) from affiliates (72,537 ) (102,689 ) (150,153 ) 624,601 (163,205 ) (136,017 ) — — Net cash provided by (used in) financing activities (28,646 ) (102,689 ) (150,153 ) 324,559 (163,205 ) (162,310 ) — (282,444 ) Net change in cash and cash equivalents (2,524 ) — (10,816 ) 57 — (32,592 ) — (45,875 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18— Subsequent Events Open Market Repurchases In October 2018 , we purchased $27.4 million aggregate principal amount of various tranches of our senior notes for approximately $20.2 million , plus accrued interest, as open market repurchases. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 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. |
Restricted Cash | We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of September 30, 2018 , our restricted cash balance consists of $0.7 million of restricted cash accounts for interest payments associated with our financing of the Noble Johnny Whitstine , recorded in other current assets. |
New 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 2014-9 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 modified retrospective adoption, for which we were not required to make any material 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. Accordingly, “Other assets” is reduced in our Condensed Consolidated Balance Sheet with a cumulative adjustment to “Retained earnings” of approximately $148.4 million . 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 between our “Contract drilling services” costs and “Interest income and other, net” on our Condensed Consolidated Statement of Operations. 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 reduced “Accumulated other comprehensive loss” in our Condensed Consolidated Balance Sheet with a cumulative adjustment to “Retained earnings” of approximately $5.5 million . In August 2018 , the FASB issued ASU No. 2018 -15, which amends ASC Subtopic 350-40, “Intangibles—Goodwill and Other—Internal—Use Software.” The amendments in this update require an entity in a hosting arrangement that is a service contract to capitalize implementation costs. Entities are to follow the guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendment also requires the entity to expense these capitalized implementation costs over the term of the hosting arrangement. We elected to early adopt ASU No. 2018 -15 effective September 30, 2018 , on a prospective basis. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This standard is effective for interim and annual reporting periods beginning after December 15, 2018 . We expect to adopt this standard, on a modified retrospective basis, effective January 1, 2019 . Our adoption requires that, as lessees, we recognize a right of use asset and lease liability. In addition, as lessors, our drilling contracts contain a lease component, which requires revenue presentation analysis. The ultimate effect on our consolidated financial statements will be based on an evaluation of the contract-specific facts and circumstances. With respect to leases in which we are the lessee, we expect to recognize a lease liability and a corresponding right of use asset. With respect to our drilling contracts in which we are the lessor, we plan to utilize the FASB practical expedient to combine lease and non-lease components. The expedient, for circumstances in which bifurcation of revenue between lease and non-lease components does not affect total revenue, operating income, or net income, permits us to combine lease and non-lease components. We are currently evaluating what other effect, if any, ASC 842 will have on our condensed consolidated financial statements and related disclosures. We do not expect our adoption to materially affect our Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations, or Condensed Consolidated Statement of Cash Flows. In August 2018 , the FASB issued ASU No. 2018 -14, which amends ASC Subtopic 715-20, “Compensation — Retirement Benefits — Defined Benefit Plans — General.” This update applies to all employers that sponsor defined benefit pension or other postretirement plans and is part of the disclosure framework project to improve the effectiveness of disclosures in notes to the financial statements. The amendment is effective for fiscal years ending after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our condensed consolidated financial statements. 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 the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably 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. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Basic Net loss from continuing operations $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (490,350 ) Net loss from discontinued operations, net of tax — — — (1,486 ) Net loss attributable to Noble Corporation plc $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (491,836 ) Diluted Net loss from continuing operations $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (490,350 ) Net loss from discontinued operations, net of tax — — — (1,486 ) Net loss attributable to Noble Corporation plc $ (81,591 ) $ (96,792 ) $ (851,988 ) $ (491,836 ) Denominator: Weighted average shares outstanding - basic 246,780 244,940 246,553 244,666 Weighted average shares outstanding - diluted 246,780 244,940 246,553 244,666 Loss per share Basic: Loss from continuing operations $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.00 ) Loss from discontinued operations — — — (0.01 ) Net loss attributable to Noble Corporation plc $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.01 ) Diluted: Loss from continuing operations $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.00 ) Loss from discontinued operations — — — (0.01 ) Net loss attributable to Noble Corporation plc $ (0.33 ) $ (0.40 ) $ (3.46 ) $ (2.01 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, for Noble-UK consisted of the following: September 30, 2018 December 31, 2017 Drilling equipment and facilities $ 10,664,732 $ 11,746,629 Construction in progress 192,188 83,509 Other 202,855 204,193 Property and equipment, at cost $ 11,059,775 $ 12,034,331 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 65,798 65,776 167,422 163,283 4.625% Senior Notes due March 2021 92,947 91,437 208,095 195,687 3.95% Senior Notes due March 2022 41,612 38,424 125,307 107,348 7.75% Senior Notes due January 2024 782,661 795,651 971,498 861,160 7.95% Senior Notes due April 2025 446,413 439,222 446,106 380,732 7.875% Senior Notes due February 2026 738,188 777,690 — — 6.20% Senior Notes due August 2040 396,788 307,740 396,738 274,988 6.05% Senior Notes due March 2041 394,596 305,368 394,514 273,988 5.25% Senior Notes due March 2042 493,778 361,169 494,063 315,430 8.95% Senior Notes due April 2045 390,651 387,048 390,589 320,396 Other: Seller-financed secured loan due September 2022 59,544 58,547 — — Total debt 3,902,976 3,628,072 4,045,710 3,350,723 Current maturities of long-term debt — — 249,843 250,830 Long-term debt $ 3,902,976 $ 3,628,072 $ 3,795,867 $ 3,099,893 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2018 and 2017 . All amounts within the table 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 before reclassifications 674 — 749 1,423 Amounts reclassified from AOCI — 1,156 — 1,156 Net other comprehensive income 674 1,156 749 2,579 Balance at September 30, 2017 $ 674 $ (34,709 ) $ (15,526 ) $ (49,561 ) 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 ) Activity during period: Other comprehensive loss before reclassifications — — (2,587 ) (2,587 ) Amounts reclassified from AOCI — 973 — 973 Net other comprehensive income (loss) — 973 (2,587 ) (1,614 ) Balance at September 30, 2018 $ — $ (32,170 ) $ (17,872 ) $ (50,042 ) (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 13— 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 12— Employee Benefit Plans ” for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2018 January 1, 2018 Current contract assets $ 28,736 $ 21,229 Noncurrent contract assets 26,827 34,520 Total contract assets 55,563 55,749 Current contract liabilities (deferred revenue) (33,227 ) (35,422 ) Noncurrent contract liabilities (deferred revenue) (54,024 ) (73,439 ) Total contract liabilities $ (87,251 ) $ (108,861 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2018 are as follows: Contract Assets Contract Liabilities Net balance at January 1, 2018 $ 55,749 $ (108,861 ) Amortization of deferred costs (22,131 ) — Additions to deferred costs 21,945 — Amortization of deferred revenue — 34,629 Additions to deferred revenue — (13,019 ) Total (186 ) 21,610 Net balance at September 30, 2018 $ 55,563 $ (87,251 ) |
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: Nine Months Ended September 30, 2018 2018 2019 2020 2021 2022 and beyond Total Drillships $ 6,472 $ 16,998 $ 15,666 $ 15,666 $ 12,832 $ 67,634 Semisubmersibles 317 362 — — — 679 Jackups 4,174 11,094 3,670 — — 18,938 Total $ 10,963 $ 28,454 $ 19,336 $ 15,666 $ 12,832 $ 87,251 |
Disaggregation of revenue by rig types | The following table provides information about contract drilling revenue by rig types: Three Months Ended September 30, 2018 Nine Months Ended Drillships $ 137,284 $ 377,529 Semisubmersibles 4,178 18,648 Jackups 125,776 347,856 Total $ 267,238 $ 744,033 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension Costs | Pension costs include the following components for the three and nine months ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 429 $ 2,045 $ 506 $ 2,148 Return on plan assets (661 ) (2,979 ) (739 ) (2,941 ) Recognized net actuarial loss — 411 264 366 Settlement and curtailment gains — — (620 ) — Net pension benefit cost (gain) $ (232 ) $ (523 ) $ (589 ) $ (427 ) Nine Months Ended September 30, 2018 2017 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 1,248 $ 6,134 $ 1,476 $ 6,445 Return on plan assets (2,087 ) (8,936 ) (2,161 ) (8,823 ) Recognized net actuarial loss — 1,233 775 1,098 Settlement and curtailment gains — — (620 ) — Net pension benefit cost (gain) $ (839 ) $ (1,569 ) $ (530 ) $ (1,280 ) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following tables summarize the recognized gains and losses, which are estimated fair value measurements, of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the three and nine months ended September 30, 2017 : Three Months Ended September 30, 2017 Unrealized loss recognized through AOCI Loss reclassified from AOCI to "Contract drilling services" costs Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ (65 ) $ 542 $ — Nine Months Ended September 30, 2017 Unrealized loss recognized through AOCI Loss reclassified from AOCI to "Contract drilling services" costs Loss recognized through “ Contract drilling services ” revenue Cash flow hedges Foreign currency forward contracts $ 674 $ — $ 679 Non-designated derivatives FCX Settlement $ — $ — $ (14,400 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ 7,921 $ 7,921 $ — $ — 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 Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Accounts receivable $ 4,481 $ 116,619 $ 4,481 $ 116,619 Other current assets (9,872 ) 18,335 (9,557 ) 15,774 Other assets (14,711 ) (76,002 ) (11,262 ) (80,172 ) Accounts payable 8,528 (11,901 ) 8,506 (11,656 ) Other current liabilities (52,092 ) 21,503 (51,474 ) 22,631 Other liabilities (19,155 ) (100,117 ) (19,155 ) (95,234 ) Total net change in assets and liabilities $ (82,821 ) $ (31,563 ) $ (78,461 ) $ (32,038 ) |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information 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 September 30, 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 7.95% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 8.95% 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) In February 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 September 30, 2018 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 325,515 $ — $ 325,515 Accounts receivable — — 200,215 — 200,215 Taxes receivable — — 64,486 — 64,486 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 564,392 61,045 4,700,352 (5,325,789 ) — Prepaid expenses and other current assets — — 68,774 — 68,774 Total current assets 564,392 61,045 8,535,004 (8,501,451 ) 658,990 Property and equipment, at cost — — 11,059,775 — 11,059,775 Accumulated depreciation — — (2,516,353 ) — (2,516,353 ) Property and equipment, net — — 8,543,422 — 8,543,422 Notes receivable from affiliates 3,177,249 — — (3,177,249 ) — Investments in affiliates 4,281,611 12,259,800 — (16,541,411 ) — Other assets 771 — 196,123 — 196,894 Total assets $ 8,024,023 $ 12,320,845 $ 17,274,549 $ (28,220,111 ) $ 9,399,306 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Accounts payable 3 — 103,100 — 103,103 Accrued payroll and related costs — — 43,485 — 43,485 Accounts payable to affiliates 3,717,537 982,814 625,438 (5,325,789 ) — Taxes payable — — 30,638 — 30,638 Interest payable 265 67,021 2,720 — 70,006 Other current liabilities — — 68,479 — 68,479 Total current liabilities 3,717,805 4,225,497 873,860 (8,501,451 ) 315,711 Long-term debt — 3,843,432 59,544 — 3,902,976 Notes payable to affiliates — — 3,177,249 (3,177,249 ) — Deferred income taxes — — 215,861 — 215,861 Other liabilities 19,929 — 254,839 — 274,768 Total liabilities 3,737,734 8,068,929 4,581,353 (11,678,700 ) 4,709,316 Commitments and contingencies — Total shareholder equity 4,286,289 4,251,916 12,289,495 (16,541,411 ) 4,286,289 Noncontrolling interests — — 403,701 — 403,701 Total equity 4,286,289 4,251,916 12,693,196 (16,541,411 ) 4,689,990 Total liabilities and equity $ 8,024,023 $ 12,320,845 $ 17,274,549 $ (28,220,111 ) $ 9,399,306 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 September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 267,238 $ — $ 267,238 Reimbursables and other — — 12,170 — 12,170 Total operating revenues — — 279,408 — 279,408 Operating costs and expenses Contract drilling services (84 ) (1,419 ) 164,304 — 162,801 Reimbursables — — 9,676 — 9,676 Depreciation and amortization — — 113,127 — 113,127 General and administrative (69 ) (823 ) 9,564 — 8,672 Total operating costs and expenses (153 ) (2,242 ) 296,671 — 294,276 Operating loss 153 2,242 (17,263 ) — (14,868 ) Other income (expense) Income (loss) of unconsolidated affiliates (75,959 ) 50,115 — 25,844 — Interest expense, net of amounts capitalized (413 ) (112,447 ) (4,887 ) 44,022 (73,725 ) Gain on extinguishment of debt, net — 109 — — 109 Interest income and other, net 1,602 — 45,030 (44,022 ) 2,610 Income (loss) before income taxes (74,617 ) (59,981 ) 22,880 25,844 (85,874 ) Income tax benefit — — 14,490 — 14,490 Net income (loss) (74,617 ) (59,981 ) 37,370 25,844 (71,384 ) Net income attributable to noncontrolling interests — — (3,233 ) — (3,233 ) Net income (loss) attributable to Noble Corporation (74,617 ) (59,981 ) 34,137 25,844 (74,617 ) Other comprehensive income (loss), net (159 ) — (159 ) 159 (159 ) Comprehensive income (loss) attributable to Noble Corporation $ (74,776 ) $ (59,981 ) $ 33,978 $ 26,003 $ (74,776 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 744,033 $ — $ 744,033 Reimbursables and other — — 28,901 — 28,901 Total operating revenues — — 772,934 — 772,934 Operating costs and expenses Contract drilling services 71 (22 ) 449,907 — 449,956 Reimbursables — — 22,323 — 22,323 Depreciation and amortization — — 368,939 — 368,939 General and administrative (4 ) 360 29,894 — 30,250 Loss on impairment — — 792,843 — 792,843 Total operating costs and expenses 67 338 1,663,906 — 1,664,311 Operating loss (67 ) (338 ) (890,972 ) — (891,377 ) Other income (expense) Income (loss) of unconsolidated affiliates (820,630 ) (300,798 ) — 1,121,428 — Interest expense, net of amounts capitalized (873 ) (338,039 ) (16,776 ) 131,818 (223,870 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,528 (11,851 ) — (8,659 ) Interest income and other, net 4,756 (131 ) 134,000 (131,818 ) 6,807 Income (loss) before income taxes (819,150 ) (633,778 ) (785,599 ) 1,121,428 (1,117,099 ) Income tax benefit — — 50,227 — 50,227 Net income (loss) (819,150 ) (633,778 ) (735,372 ) 1,121,428 (1,066,872 ) Net income attributable to noncontrolling interests — — 247,722 — 247,722 Net income (loss) attributable to Noble Corporation (819,150 ) (633,778 ) (487,650 ) 1,121,428 (819,150 ) Other comprehensive income (loss), net (1,614 ) — (1,614 ) 1,614 (1,614 ) Comprehensive income (loss) attributable to Noble Corporation $ (820,764 ) $ (633,778 ) $ (489,264 ) $ 1,123,042 $ (820,764 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 37,675 $ — $ — $ 231,873 $ (9,808 ) $ 259,740 Reimbursables and other — — 863 — — 5,609 — 6,472 Total operating revenues — — 38,538 — — 237,482 (9,808 ) 266,212 Operating costs and expenses Contract drilling services 67 3,056 10,306 852 — 161,111 (9,808 ) 165,584 Reimbursables — — 490 — — 3,344 — 3,834 Depreciation and amortization — — 13,971 — — 122,680 — 136,651 General and administrative 28 1,229 — 371 — 8,195 — 9,823 Total operating costs and expenses 95 4,285 24,767 1,223 — 295,330 (9,808 ) 315,892 Operating income (loss) (95 ) (4,285 ) 13,771 (1,223 ) — (57,848 ) — (49,680 ) Other income (expense) Income (loss) of unconsolidated affiliates (88,898 ) (64,360 ) 7,347 22,238 (20,878 ) — 144,551 — Interest expense, net of amounts capitalized (2,592 ) (4,492 ) (3,533 ) (108,892 ) (3,813 ) (24,877 ) 75,312 (72,887 ) Interest income and other, net 1,602 (50 ) 16,273 (52 ) 53,897 4,932 (75,312 ) 1,290 Income (loss) before income taxes (89,983 ) (73,187 ) 33,858 (87,929 ) 29,206 (77,793 ) 144,551 (121,277 ) Income tax benefit (provision) — 53,957 (19 ) — — (25,333 ) — 28,605 Net Income (loss) (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (103,126 ) 144,551 (92,672 ) Net income attributable to noncontrolling interests — — — — — 3,867 (1,178 ) 2,689 Net income (loss) attributable to Noble Corporation (89,983 ) (19,230 ) 33,839 (87,929 ) 29,206 (99,259 ) 143,373 (89,983 ) Other comprehensive income , net 793 — — — — 793 (793 ) 793 Comprehensive income (loss) attributable to Noble Corporation $ (89,190 ) $ (19,230 ) $ 33,839 $ (87,929 ) $ 29,206 $ (98,466 ) $ 142,580 $ (89,190 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 124,767 $ — $ — $ 798,085 $ (36,921 ) $ 885,931 Reimbursables and other — — 2,891 — — 18,508 — 21,399 Total operating revenues — — 127,658 — — 816,593 (36,921 ) 907,330 Operating costs and expenses Contract drilling services 202 8,989 34,492 2,505 — 478,984 (36,921 ) 488,251 Reimbursables — — 1,782 — — 11,592 — 13,374 Depreciation and amortization — — 44,491 — — 362,511 — 407,002 General and administrative 99 4,074 — 1,263 9 26,673 — 32,118 Total operating costs and expenses 301 13,063 80,765 3,768 9 879,760 (36,921 ) 940,745 Operating income (loss) (301 ) (13,063 ) 46,893 (3,768 ) (9 ) (63,167 ) — (33,415 ) Other income (expense) Income (loss) from unconsolidated affiliates - continuing operations (469,274 ) (477,279 ) 48,830 167,531 35,388 — 694,804 — Income (loss) from unconsolidated affiliates- discontinued operations 2,967 4,566 — — — — (7,533 ) — Interest expense, net of amounts capitalized (7,775 ) (28,348 ) (9,916 ) (322,580 ) (11,484 ) (105,324 ) 265,884 (219,543 ) Interest income and other, net 8,880 (141 ) 70,484 4,871 170,875 16,846 (265,884 ) 5,931 Income (loss) from continuing operations before income taxes (465,503 ) (514,265 ) 156,291 (153,946 ) 194,770 (151,645 ) 687,271 (247,027 ) Income tax benefit (provision) — 170,543 (345 ) — — (380,753 ) — (210,555 ) Net income (loss) from continuing operations (465,503 ) (343,722 ) 155,946 (153,946 ) 194,770 (532,398 ) 687,271 (457,582 ) Net income (loss) from discontinued operations — (1,598 ) — — — 4,565 — 2,967 Net Income (loss) (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (527,833 ) 687,271 (454,615 ) Net loss attributable to noncontrolling interests — — — — — (8,894 ) (1,994 ) (10,888 ) Net income (loss) attributable to Noble Corporation (465,503 ) (345,320 ) 155,946 (153,946 ) 194,770 (536,727 ) 685,277 (465,503 ) Other comprehensive income , net 2,579 — — — — 2,579 (2,579 ) 2,579 Comprehensive income (loss) attributable to Noble Corporation $ (462,924 ) $ (345,320 ) $ 155,946 $ (153,946 ) $ 194,770 $ (534,148 ) $ 682,698 $ (462,924 ) |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 22,771 $ (348,990 ) $ 403,331 $ — $ 77,112 Cash flows from investing activities Capital expenditures — — (149,329 ) — (149,329 ) Proceeds from disposal of assets — — 4,135 — 4,135 Net cash used in investing activities — — (145,194 ) — (145,194 ) Cash flows from financing activities Issuance of senior notes — 750,000 — — 750,000 Repayment of long-term debt — (738,823 ) (213,654 ) — (952,477 ) Debt issuance costs (822 ) (12,581 ) (1,924 ) — (15,327 ) Dividends paid to noncontrolling interests — — (12,694 ) — (12,694 ) Distributions to parent company, net (37,241 ) — — — (37,241 ) Advances (to) from affiliates 15,281 321,070 (336,351 ) — — Net cash provided by (used in) financing activities (22,782 ) 319,666 (564,623 ) — (267,739 ) Net change in cash, cash equivalents and restricted cash (11 ) (29,324 ) (306,486 ) — (335,821 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 326,190 $ — $ 326,190 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017 (in thousands) (Unaudited) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 26,122 $ 102,689 $ 141,843 $ (324,502 ) $ 163,205 $ 212,606 $ — $ 321,963 Cash flows from investing activities Capital expenditures — — (2,552 ) — — (84,148 ) — (86,700 ) Proceeds from disposal of assets — — 46 — — 1,260 — 1,306 Net cash used in investing activities — — (2,506 ) — — (82,888 ) — (85,394 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (26,293 ) — (26,293 ) Contributions from parent company, net 43,891 — — — — — — 43,891 Advances (to) from affiliates (72,537 ) (102,689 ) (150,153 ) 624,601 (163,205 ) (136,017 ) — — Net cash provided by (used in) financing activities (28,646 ) (102,689 ) (150,153 ) 324,559 (163,205 ) (162,310 ) — (282,444 ) Net change in cash and cash equivalents (2,524 ) — (10,816 ) 57 — (32,592 ) — (45,875 ) Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 13 $ — $ 39 $ 57 $ — $ 607,849 $ — $ 607,958 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | 9 Months Ended | |
Sep. 30, 2018USD ($)VesselSegment | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of drillships (vessel) | 8 | |
Number of semisubmersibles (vessel) | 4 | |
Number of jackups (vessel) | 13 | |
Number of reportable segments | Segment | 1 | |
Restricted cash | $ | $ 700,000 | $ 0 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stranded tax effect resulting from the Tax Cuts and Job Act | $ (5,540) | $ 0 | |
Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stranded tax effect resulting from the Tax Cuts and Job Act | 5,540 | $ 5,500 | |
Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | 148,393 | ||
Accounting Standards Update 2016-16 | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | $ 148,393 | ||
Accounting Standards Update 2016-16 | Other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | 148,400 | ||
Accounting Standards Update 2016-16 | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to new accounting standard | $ 148,400 |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)JointVentureVessel | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
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 (vessel) | Vessel | 2 | ||||
Loss on impairment | $ 0 | $ 0 | $ 792,843 | $ 0 | |
Cash and cash equivalents | 326,320 | 326,320 | $ 662,829 | ||
Bully Joint Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Dividends approved | 20,700 | 30,900 | 46,100 | 83,500 | |
Dividends paid | 0 | $ 41,800 | 25,400 | $ 52,600 | |
Carrying amount of the drillships | 700,000 | 700,000 | 1,300,000 | ||
Loss on impairment | 250,300 | ||||
Cash and cash equivalents | $ 64,800 | 64,800 | $ 41,600 | ||
Drillships | Bully Joint Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | $ 550,300 | ||||
Bully Joint Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage attributable to noncontrolling interests | 50.00% | 50.00% |
Loss Per Share - Computation of
Loss 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Basic | ||||
Net loss from continuing operations | $ (81,591) | $ (96,792) | $ (851,988) | $ (490,350) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (1,486) |
Net loss attributable to Noble Corporation plc | (81,591) | (96,792) | (851,988) | (491,836) |
Diluted | ||||
Net loss attributable to Noble Corporation plc | $ (81,591) | $ (96,792) | $ (851,988) | $ (491,836) |
Denominator: | ||||
Weighted average shares outstanding - basic (shares) | 246,780 | 244,940 | 246,553 | 244,666 |
Weighted average shares outstanding - diluted (shares) | 246,780 | 244,940 | 246,553 | 244,666 |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ (0.33) | $ (0.40) | $ (3.46) | $ (2) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Net income (loss) attributable to the company (usd per share) | (0.33) | (0.40) | (3.46) | (2.01) |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | (0.33) | (0.40) | (3.46) | (2) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Net income (loss) (usd per share) | $ (0.33) | $ (0.40) | $ (3.46) | $ (2.01) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares outstanding and trading (shares) | 246,789,000 | 246,789,000 | 244,971,000 | ||
Additional shares authorized for issuance (shares) | 82,200,000 | ||||
Current nominal value per share (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of shares allotted (shares) | 0 | ||||
Equity option | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares excluded from the diluted net income per share (shares) | 13,200,000 | 12,100,000 | 13,200,000 | 12,100,000 |
Receivables from Customers (Det
Receivables from Customers (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Other long-term asset write-off | $ 0 | $ 28,689 | |
Petroleos Mexicanos | Contract drilling services costs | Uncollectible receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other long-term asset write-off | $ 14,400 | ||
Petroleos Mexicanos | Other assets | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Approximate receivable | $ 14,400 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 21, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | $ 11,059,775 | $ 11,059,775 | $ 11,059,775 | $ 12,034,331 | |||
Loss on impairment | 0 | $ 0 | 792,843 | $ 0 | |||
Drilling equipment and facilities | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | 10,664,732 | 10,664,732 | 10,664,732 | 11,746,629 | |||
Construction in progress | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | 192,188 | 192,188 | 192,188 | 83,509 | |||
Other | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | 202,855 | $ 202,855 | $ 202,855 | $ 204,193 | |||
Noble Johnny Whitstine | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Purchase price of asset acquired | $ 93,800 | ||||||
Seller-financed secured loan due September 2022 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Financed value | $ 60,000 | ||||||
Seller-financed secured loan due September 2022 | Other: | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid to acquire asset | $ 33,800 |
Debt - Additional Information (
Debt - Additional Information (Details) | Sep. 21, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 18, 2017 | Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Feb. 01, 2018USD ($) | Jan. 03, 2018USD ($) | Dec. 21, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Loss on extinguishment of debt, net | $ (109,000) | $ 0 | $ 8,659,000 | $ 0 | |||||||||||
7.95% Senior Notes due April 2025 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, aggregate principal amount | $ 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||||
8.95% Senior Notes due April 2045 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, aggregate principal amount | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||||
7.50% Senior Notes due March 2019 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, aggregate principal amount | 202,000,000 | $ 202,000,000 | $ 202,000,000 | ||||||||||||
Seller-financed secured loan due September 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Financed value | $ 60,000,000 | ||||||||||||||
Percentage of principal payment due at end of term | 95.00% | 95.00% | 95.00% | ||||||||||||
Line of credit | 2015 Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net loss due to reduction of aggregate principal amount | $ 2,300,000 | ||||||||||||||
Borrowings outstanding or letters of credit issued | $ 0 | $ 0 | 0 | ||||||||||||
Line of credit | 2017 Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,500,000,000 | ||||||||||||||
Borrowings outstanding or letters of credit issued | $ 0 | $ 0 | $ 0 | ||||||||||||
Senior unsecured notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repurchase amount | $ 300,000 | $ 8,700,000 | $ 750,000,000 | ||||||||||||
Purchase of senior notes | 400,000 | 9,500,000 | $ 754,200,000 | ||||||||||||
Loss on extinguishment of debt, net | $ (100,000) | (500,000) | $ 3,500,000 | ||||||||||||
Extinguished aggregate principal amount | $ 126,600,000 | ||||||||||||||
Senior unsecured notes | 2015 Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum debt to tangible capitalization covenant | 60.00% | 60.00% | 60.00% | ||||||||||||
Senior unsecured notes | 2026 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, aggregate principal amount | $ 750,000,000 | ||||||||||||||
Senior unsecured notes | 2026 Notes | NHIL | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds of offering, after estimated expenses | $ 737,400,000 | ||||||||||||||
Required percentage of book value of material drilling equipment | 85.00% | 85.00% | |||||||||||||
Senior unsecured notes | 7.95% Senior Notes due April 2025 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate increase (decrease) | 7.95% | ||||||||||||||
Senior unsecured notes | 8.95% 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 | ||||||||||||||
Loss on extinguishment of debt, net | $ 3,500,000 | ||||||||||||||
Secured loan | Seller-financed secured loan due September 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | ||||||||||||
Interest rate paid-in-kind | 1.25% | 1.25% | 1.25% | ||||||||||||
Term of debt instrument | 4 years | ||||||||||||||
Interest rate on first year | 8.91% | 8.91% | 8.91% | ||||||||||||
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 | ||||||||||||||
Borrowings outstanding or letters of credit issued | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 | ||||||||||||
Credit Facility | Line of credit | 2017 Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity under credit facilities | 300,000,000 | ||||||||||||||
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 | ||||||||||||||
Noble Johnny Whitstine | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Purchase price of asset acquired | $ 93,800,000 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 0 | $ 249,843 |
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% | |
7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
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% | |
8.95% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Senior unsecured notes | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 3,902,976 | 4,045,710 |
Current maturities of long-term debt | 0 | 249,843 |
Long-term debt | 3,902,976 | 3,795,867 |
Senior unsecured notes | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 3,628,072 | 3,350,723 |
Current maturities of long-term debt | 0 | 250,830 |
Long-term debt | $ 3,628,072 | 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 | $ 65,798 | 167,422 |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 65,776 | 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 | $ 92,947 | 208,095 |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 91,437 | 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 | $ 41,612 | 125,307 |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 38,424 | 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 | $ 782,661 | 971,498 |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 795,651 | 861,160 |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 446,413 | 446,106 |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 439,222 | 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 | $ 738,188 | 0 |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 777,690 | 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 | $ 396,788 | 396,738 |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 307,740 | 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 | $ 394,596 | 394,514 |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 305,368 | 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 | $ 493,778 | 494,063 |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 361,169 | 315,430 |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 390,651 | 390,589 |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 387,048 | 320,396 |
Other: | Seller-financed secured loan due September 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 59,544 | 0 |
Other: | Seller-financed secured loan due September 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 58,547 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | $ 5,950,628 | $ 5,950,628 | $ 6,467,445 | |||
Other comprehensive income (loss) before reclassifications | (2,587) | 1,423 | ||||
Amounts reclassified from AOCI | 973 | 1,156 | ||||
Stranded tax effect resulting from the Tax Cuts and Job Act | (5,540) | $ 0 | ||||
Stockholders' equity, adjusted balance | 5,800,747 | |||||
Other comprehensive income (loss), net | $ (159) | $ 793 | (1,614) | 2,579 | ||
Ending Balance | 5,950,628 | 4,691,667 | 5,964,857 | 4,691,667 | 5,964,857 | |
Unrealized Losses on Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | 0 | 0 | 0 | |||
Other comprehensive income (loss) before reclassifications | 0 | 674 | ||||
Amounts reclassified from AOCI | 0 | 0 | ||||
Stranded tax effect resulting from the Tax Cuts and Job Act | 0 | |||||
Stockholders' equity, adjusted balance | 0 | |||||
Other comprehensive income (loss), net | 0 | 674 | ||||
Ending Balance | 0 | 0 | 674 | 0 | 674 | |
Defined Benefit Pension Items | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | (27,603) | (27,603) | (35,865) | |||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||
Amounts reclassified from AOCI | 973 | 1,156 | ||||
Stranded tax effect resulting from the Tax Cuts and Job Act | (5,540) | |||||
Stockholders' equity, adjusted balance | (33,143) | |||||
Other comprehensive income (loss), net | 973 | 1,156 | ||||
Ending Balance | (27,603) | (32,170) | (34,709) | (32,170) | (34,709) | |
Foreign Currency Items | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | (15,285) | (15,285) | (16,275) | |||
Other comprehensive income (loss) before reclassifications | (2,587) | 749 | ||||
Amounts reclassified from AOCI | 0 | 0 | ||||
Stranded tax effect resulting from the Tax Cuts and Job Act | 0 | |||||
Stockholders' equity, adjusted balance | (15,285) | |||||
Other comprehensive income (loss), net | (2,587) | 749 | ||||
Ending Balance | (15,285) | (17,872) | (15,526) | (17,872) | (15,526) | |
Total | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | (42,888) | (42,888) | (52,140) | |||
Stranded tax effect resulting from the Tax Cuts and Job Act | (5,540) | |||||
Stockholders' equity, adjusted balance | $ (48,428) | (48,428) | ||||
Other comprehensive income (loss), net | (1,614) | 2,579 | ||||
Ending Balance | $ (42,888) | $ (50,042) | $ (49,561) | $ (50,042) | $ (49,561) |
Revenue and Customers - Additio
Revenue and Customers - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment term | P30D |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contract term | 2 months |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contract term | 60 months |
Revenue and Customers - Receiva
Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Current contract assets | $ 28,736 | $ 21,229 |
Noncurrent contract assets | 26,827 | 34,520 |
Total contract assets | 55,563 | 55,749 |
Current contract liabilities (deferred revenue) | (33,227) | (35,422) |
Noncurrent contract liabilities (deferred revenue) | (54,024) | (73,439) |
Total contract liabilities | $ (87,251) | $ (108,861) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Change In Contract With Customer, Asset And Liability [Roll Forward] | |
Amortization of deferred costs | $ (22,131) |
Additions to deferred costs | 21,945 |
Amortization of deferred revenue | 34,629 |
Additions to deferred revenue | (13,019) |
Total | (186) |
Total | 21,610 |
Contract assets, ending balance | 55,563 |
Contract liabilities, ending balance | $ (87,251) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 10,963 |
Performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 28,454 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 19,336 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 15,666 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 12,832 |
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 | $ 87,251 |
Drillships | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 6,472 |
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 | 16,998 |
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 | 15,666 |
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 | 15,666 |
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 | 12,832 |
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 | 67,634 |
Semisubmersibles | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 317 |
Semisubmersibles | 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 | 362 |
Semisubmersibles | 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 | 0 |
Semisubmersibles | 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 |
Semisubmersibles | 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 |
Semisubmersibles | 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 | 679 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 4,174 |
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 | 11,094 |
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 | $ 18,938 |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 279,408 | $ 266,212 | $ 772,934 | $ 907,330 |
Drillships | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 137,284 | 377,529 | ||
Semisubmersibles | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,178 | 18,648 | ||
Jackups | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 125,776 | 347,856 | ||
Contract drilling services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 267,238 | $ 259,740 | $ 744,033 | $ 885,931 |
Loss on Impairment (Details)
Loss on Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | $ 0 | $ 0 | $ 792,843 | $ 0 |
Noble Bully I, Noble Paul Romano, and Noble Dave Beard | Drillships | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 763,700 | |||
Capital spare equipment | Drillships | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 29,100 | |||
Bully Joint Venture | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 250,300 | |||
Bully Joint Venture | Drillships | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | $ 550,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Reserves for uncertain tax positions net | $ 183,700 | $ 183,700 | $ 191,900 | |||
Related tax benefits | 1,000 | $ 1,000 | 1,000 | |||
Operational period | 12 months | |||||
Impairment of three rigs and certain capital spares, non-cash tax item | $ 35,600 | |||||
Internal tax restructuring, non-cash discrete tax item | $ 260,700 | |||||
Tax refund | $ 500 | $ 0 | 85,000 | $ 300 | ||
Tax benefit | $ 24,900 | |||||
Accounting Standards Update 2016-16 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reclassification due to new accounting standard | $ 148,393 | |||||
Other assets | Accounting Standards Update 2016-16 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reclassification due to new accounting standard | $ 148,400 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 0 | $ 400,000 | $ 0 | $ 600,000 |
Service cost | 0 | 0 | 0 | 0 |
Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 429,000 | 506,000 | 1,248,000 | 1,476,000 |
Return on plan assets | (661,000) | (739,000) | (2,087,000) | (2,161,000) |
Recognized net actuarial loss | 0 | 264,000 | 0 | 775,000 |
Settlement and curtailment gains | 0 | (620,000) | 0 | (620,000) |
Net pension benefit cost (gain) | (232,000) | (589,000) | (839,000) | (530,000) |
U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2,045,000 | 2,148,000 | 6,134,000 | 6,445,000 |
Return on plan assets | (2,979,000) | (2,941,000) | (8,936,000) | (8,823,000) |
Recognized net actuarial loss | 411,000 | 366,000 | 1,233,000 | 1,098,000 |
Settlement and curtailment gains | 0 | 0 | 0 | 0 |
Net pension benefit cost (gain) | $ (523,000) | $ (427,000) | $ (1,569,000) | $ (1,280,000) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands | May 10, 2016payment | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)$ / bbl |
FCX Settlement | ||||
Derivative [Line Items] | ||||
Number of contingent payments | payment | 2 | |||
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 (usd per bbl) | $ / bbl | 50 | |||
Non designated derivatives contingent payment | $ 25,000 | |||
FCX Settlement | WTI crude oil, prices that averaged more than $65 per barrel | ||||
Derivative [Line Items] | ||||
Crude oil average price (usd per bbl) | $ / bbl | 65 | |||
Non designated derivatives contingent payment | $ 50,000 | |||
Non-designated derivatives | Contract drilling services | FCX Settlement | ||||
Derivative [Line Items] | ||||
Loss recognized through “Contract drilling services” revenue | $ (14,400) | |||
Cash flow hedges | Foreign currency forward contracts | FCX Settlement | ||||
Derivative [Line Items] | ||||
Derivative contingent settlement period | 12 months | |||
Cash flow hedges | Foreign currency forward contracts | Contract drilling services | ||||
Derivative [Line Items] | ||||
Loss recognized through “Contract drilling services” revenue | $ 0 | $ 679 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
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 reclassified from AOCI to Contract drilling services costs | 0 | |
Loss recognized through “Contract drilling services” revenue | (14,400) | |
Cash flow hedges | Foreign currency forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized loss recognized through AOCI | $ (65) | 674 |
Cash flow hedges | Foreign currency forward contracts | Contract drilling services | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss reclassified from AOCI to Contract drilling services costs | 542 | 0 |
Loss recognized through “Contract drilling services” revenue | $ 0 | $ 679 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Quoted Prices in Active Markets (Level 1) | ||
Assets - | ||
Marketable securities | $ 7,921 | $ 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 | $ 7,921 | $ 7,321 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 15, 2017USD ($) | Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Sep. 30, 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 | ||||
Damages sought | $ 1,700 | ||||
Income and other business taxes | Mexico | Foreign tax authority | |||||
Other Commitments [Line Items] | |||||
Approximate audit claims assessed | $ 52.1 | ||||
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 Inform_3
Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Contract with customer, liability | $ 87,251 | $ 108,861 | |||
Capital expenditures incurred but not yet paid | 36,200 | $ 25,500 | $ 16,400 | $ 35,100 | |
Seller-financed secured loan due September 2022 | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Financed value | 60,000 | ||||
Contract drilling services | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Contract with customer, liability | 87,300 | 114,300 | |||
Contract with customer, asset | $ 55,600 | $ 55,700 |
Supplemental Financial Inform_4
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Capital [Line Items] | ||
Total net change in assets and liabilities | $ (82,821) | $ (31,563) |
Noble-UK | ||
Operating Capital [Line Items] | ||
Accounts receivable | 4,481 | 116,619 |
Other current assets | (9,872) | 18,335 |
Other assets | (14,711) | (76,002) |
Accounts payable | 8,528 | (11,901) |
Other current liabilities | (52,092) | 21,503 |
Other liabilities | (19,155) | (100,117) |
Total net change in assets and liabilities | (82,821) | (31,563) |
Noble-Cayman | ||
Operating Capital [Line Items] | ||
Accounts receivable | 4,481 | 116,619 |
Other current assets | (9,557) | 15,774 |
Other assets | (11,262) | (80,172) |
Accounts payable | 8,506 | (11,656) |
Other current liabilities | (51,474) | 22,631 |
Other liabilities | (19,155) | (95,234) |
Total net change in assets and liabilities | $ (78,461) | $ (32,038) |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Guarantor Obligations (Details) | Sep. 30, 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% |
7.95% Senior Notes due April 2025 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 450,000,000 |
Interest rate on senior notes | 7.95% |
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% |
8.95% Senior Notes due April 2045 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 8.95% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 326,320 | $ 662,829 | ||
Accounts receivable | 200,215 | 204,696 | ||
Taxes receivable | 64,486 | 105,345 | ||
Prepaid expenses and other current assets | 69,754 | 66,105 | ||
Total current assets | 660,775 | 1,038,975 | ||
Property and equipment, at cost | 11,059,775 | 12,034,331 | ||
Accumulated depreciation | (2,516,353) | (2,545,091) | ||
Property and equipment, net | 8,543,422 | 9,489,240 | ||
Other assets | 196,894 | 266,444 | ||
Total assets | 9,401,091 | 10,794,659 | ||
Current liabilities | ||||
Current maturities of long-term debt | 0 | 249,843 | ||
Accounts payable | 103,285 | 84,032 | ||
Accrued payroll and related costs | 43,313 | 54,904 | ||
Taxes payable | 30,638 | 34,391 | ||
Interest payable | 70,006 | 98,189 | ||
Other current liabilities | 68,577 | 71,665 | ||
Total current liabilities | 315,819 | 593,024 | ||
Long-term debt | 3,902,976 | 3,795,867 | ||
Deferred income taxes | 215,861 | 164,962 | ||
Other liabilities | 274,768 | 290,178 | ||
Total liabilities | 4,709,424 | 4,844,031 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,287,966 | 5,276,161 | ||
Noncontrolling interests | 403,701 | 674,467 | ||
Total equity | 4,691,667 | 5,950,628 | $ 5,964,857 | $ 6,467,445 |
Total liabilities and equity | 9,401,091 | 10,794,659 | ||
Reportable Legal Entities | ||||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Consolidating Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 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 | (5,325,789) | (7,080,817) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (8,501,451) | (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 | (16,541,411) | (34,534,543) | ||
Other assets | 0 | 0 | ||
Total assets | (28,220,111) | (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 | (5,325,789) | (7,080,817) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (8,501,451) | (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 | (11,678,700) | (19,069,407) | ||
Commitments and contingencies | 0 | |||
Total shareholder equity | (16,541,411) | (34,534,543) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (16,541,411) | (34,534,543) | ||
Total liabilities and equity | (28,220,111) | (53,603,950) | ||
Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 325,515 | |||
Accounts receivable | 200,215 | |||
Taxes receivable | 64,486 | |||
Short-term notes receivable from affiliates | 3,175,662 | |||
Accounts receivable from affiliates | 4,700,352 | |||
Prepaid expenses and other current assets | 68,774 | |||
Total current assets | 8,535,004 | |||
Property and equipment, at cost | 11,059,775 | |||
Accumulated depreciation | (2,516,353) | |||
Property and equipment, net | 8,543,422 | |||
Notes receivable from affiliates | 0 | |||
Investments in affiliates | 0 | |||
Other assets | 196,123 | |||
Total assets | 17,274,549 | |||
Current liabilities | ||||
Accounts payable | 103,100 | |||
Accrued payroll and related costs | 43,485 | |||
Accounts payable to affiliates | 625,438 | |||
Taxes payable | 30,638 | |||
Interest payable | 2,720 | |||
Other current liabilities | 68,479 | |||
Total current liabilities | 873,860 | |||
Long-term debt | 59,544 | |||
Notes payable to affiliates | 3,177,249 | |||
Deferred income taxes | 215,861 | |||
Other liabilities | 254,839 | |||
Total liabilities | 4,581,353 | |||
Commitments and contingencies | ||||
Total shareholder equity | 12,289,495 | |||
Noncontrolling interests | 403,701 | |||
Total equity | 12,693,196 | |||
Total liabilities and equity | 17,274,549 | |||
Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
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 liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Noble-Cayman | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 11 | ||
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 564,392 | 594,456 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 564,392 | 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 | 4,281,611 | 4,933,978 | ||
Other assets | 771 | 2,663 | ||
Total assets | 8,024,023 | 8,708,356 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 0 | |||
Accounts payable | 3 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 3,717,537 | 3,410,669 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 265 | 2,211 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 3,717,805 | 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 | 3,737,734 | 3,432,809 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,286,289 | 5,275,547 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,286,289 | 5,275,547 | ||
Total liabilities and equity | 8,024,023 | 8,708,356 | ||
NHUS | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 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 | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 23,160 | |||
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 | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 29,324 | ||
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 61,045 | 60,945 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 61,045 | 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 | 12,259,800 | 12,560,598 | ||
Other assets | 0 | 0 | ||
Total assets | 12,320,845 | 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 | 982,814 | 661,375 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 67,021 | 83,960 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 4,225,497 | 995,178 | ||
Long-term debt | 3,843,432 | 3,594,332 | ||
Notes payable to affiliates | 0 | 3,175,663 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 8,068,929 | 7,765,173 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,251,916 | 4,885,694 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,251,916 | 4,885,694 | ||
Total liabilities and equity | 12,320,845 | 12,650,867 | ||
NDS6 | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 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 | 325,515 | 662,011 | ||
Accounts receivable | 200,215 | 204,696 | ||
Taxes receivable | 64,486 | 105,345 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 68,774 | 65,441 | ||
Total current assets | 658,990 | 1,037,493 | ||
Property and equipment, at cost | 11,059,775 | 12,034,331 | ||
Accumulated depreciation | (2,516,353) | (2,545,091) | ||
Property and equipment, net | 8,543,422 | 9,489,240 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 196,894 | 266,528 | ||
Total assets | 9,399,306 | 10,793,261 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 249,843 | ||
Accounts payable | 103,103 | 83,873 | ||
Accrued payroll and related costs | 43,485 | 54,904 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 30,638 | 33,965 | ||
Interest payable | 70,006 | 98,189 | ||
Other current liabilities | 68,479 | 71,466 | ||
Total current liabilities | 315,711 | 592,240 | ||
Long-term debt | 3,902,976 | 3,795,867 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 215,861 | 164,962 | ||
Other liabilities | 274,768 | 290,178 | ||
Total liabilities | 4,709,316 | 4,843,247 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,286,289 | 5,275,547 | ||
Noncontrolling interests | 403,701 | 674,467 | ||
Total equity | 4,689,990 | 5,950,014 | $ 5,963,806 | $ 6,391,977 |
Total liabilities and equity | $ 9,399,306 | $ 10,793,261 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenues | ||||
Revenue from contract with customer | $ 279,408 | $ 266,212 | $ 772,934 | $ 907,330 |
Operating costs and expenses | ||||
Depreciation and amortization | 113,868 | 137,607 | 372,304 | 409,919 |
General and administrative | 14,722 | 15,331 | 58,522 | 49,869 |
Loss on impairment | 0 | 0 | 792,843 | 0 |
Total operating costs and expenses | 301,251 | 322,816 | 1,697,263 | 962,756 |
Operating loss | (21,843) | (56,604) | (924,329) | (55,426) |
Other income (expense) | ||||
Interest income (expense), net of amounts capitalized | (73,725) | (72,887) | (223,870) | (219,543) |
Gain (loss) on extinguishment of debt, net | 109 | 0 | (8,659) | 0 |
Interest income and other, net | 2,610 | 1,405 | 6,814 | 6,096 |
Loss from continuing operations before income taxes | (92,849) | (128,086) | (1,150,044) | (268,873) |
Income tax benefit (provision) | 14,491 | 28,605 | 50,334 | (210,589) |
Net loss from continuing operations | (78,358) | (99,481) | (1,099,710) | (479,462) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (1,486) |
Net loss | (78,358) | (99,481) | (1,099,710) | (480,948) |
Net (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Net income (loss) attributable to the company | (81,591) | (96,792) | (851,988) | (491,836) |
Other comprehensive loss, net | (159) | 793 | (1,614) | 2,579 |
Comprehensive income (loss) attributable to the company | (81,750) | (95,999) | (853,602) | (489,257) |
Consolidating Adjustments | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | (9,808) | 0 | (36,921) |
Operating costs and expenses | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Loss on impairment | 0 | |||
Total operating costs and expenses | 0 | (9,808) | 0 | (36,921) |
Operating loss | 0 | 0 | 0 | 0 |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 25,844 | 144,551 | 1,121,428 | 694,804 |
Income (loss) - discontinued operations, net of tax | (7,533) | |||
Interest income (expense), net of amounts capitalized | 44,022 | 75,312 | 131,818 | 265,884 |
Gain (loss) on extinguishment of debt, net | 0 | 0 | ||
Interest income and other, net | (44,022) | (75,312) | (131,818) | (265,884) |
Loss from continuing operations before income taxes | 25,844 | 144,551 | 1,121,428 | 687,271 |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net loss from continuing operations | 687,271 | |||
Net loss from discontinued operations, net of tax | 0 | |||
Net loss | 25,844 | 144,551 | 1,121,428 | 687,271 |
Net (income) loss attributable to noncontrolling interests | 0 | (1,178) | 0 | (1,994) |
Net income (loss) attributable to the company | 25,844 | 143,373 | 1,121,428 | 685,277 |
Other comprehensive loss, net | 159 | (793) | 1,614 | (2,579) |
Comprehensive income (loss) attributable to the company | 26,003 | 142,580 | 1,123,042 | 682,698 |
Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 279,408 | 237,482 | 772,934 | 816,593 |
Operating costs and expenses | ||||
Depreciation and amortization | 113,127 | 122,680 | 368,939 | 362,511 |
General and administrative | 9,564 | 8,195 | 29,894 | 26,673 |
Loss on impairment | 792,843 | |||
Total operating costs and expenses | 296,671 | 295,330 | 1,663,906 | 879,760 |
Operating loss | (17,263) | (57,848) | (890,972) | (63,167) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Income (loss) - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (4,887) | (24,877) | (16,776) | (105,324) |
Gain (loss) on extinguishment of debt, net | 0 | (11,851) | ||
Interest income and other, net | 45,030 | 4,932 | 134,000 | 16,846 |
Loss from continuing operations before income taxes | 22,880 | (77,793) | (785,599) | (151,645) |
Income tax benefit (provision) | 14,490 | (25,333) | 50,227 | (380,753) |
Net loss from continuing operations | (532,398) | |||
Net loss from discontinued operations, net of tax | 4,565 | |||
Net loss | 37,370 | (103,126) | (735,372) | (527,833) |
Net (income) loss attributable to noncontrolling interests | (3,233) | 3,867 | 247,722 | (8,894) |
Net income (loss) attributable to the company | 34,137 | (99,259) | (487,650) | (536,727) |
Other comprehensive loss, net | (159) | 793 | (1,614) | 2,579 |
Comprehensive income (loss) attributable to the company | 33,978 | (98,466) | (489,264) | (534,148) |
Noble-Cayman | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | (69) | 28 | (4) | 99 |
Loss on impairment | 0 | |||
Total operating costs and expenses | (153) | 95 | 67 | 301 |
Operating loss | 153 | (95) | (67) | (301) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (75,959) | (88,898) | (820,630) | (469,274) |
Income (loss) - discontinued operations, net of tax | 2,967 | |||
Interest income (expense), net of amounts capitalized | (413) | (2,592) | (873) | (7,775) |
Gain (loss) on extinguishment of debt, net | 0 | (2,336) | ||
Interest income and other, net | 1,602 | 1,602 | 4,756 | 8,880 |
Loss from continuing operations before income taxes | (74,617) | (89,983) | (819,150) | (465,503) |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net loss from continuing operations | (465,503) | |||
Net loss from discontinued operations, net of tax | 0 | |||
Net loss | (74,617) | (89,983) | (819,150) | (465,503) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (74,617) | (89,983) | (819,150) | (465,503) |
Other comprehensive loss, net | (159) | 793 | (1,614) | 2,579 |
Comprehensive income (loss) attributable to the company | (74,776) | (89,190) | (820,764) | (462,924) |
NHUS | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Depreciation and amortization | 0 | 0 | ||
General and administrative | 1,229 | 4,074 | ||
Total operating costs and expenses | 4,285 | 13,063 | ||
Operating loss | (4,285) | (13,063) | ||
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (64,360) | (477,279) | ||
Income (loss) - discontinued operations, net of tax | 4,566 | |||
Interest income (expense), net of amounts capitalized | (4,492) | (28,348) | ||
Interest income and other, net | (50) | (141) | ||
Loss from continuing operations before income taxes | (73,187) | (514,265) | ||
Income tax benefit (provision) | 53,957 | 170,543 | ||
Net loss from continuing operations | (343,722) | |||
Net loss from discontinued operations, net of tax | (1,598) | |||
Net loss | (19,230) | (345,320) | ||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to the company | (19,230) | (345,320) | ||
Other comprehensive loss, net | 0 | 0 | ||
Comprehensive income (loss) attributable to the company | (19,230) | (345,320) | ||
NDH | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 38,538 | 127,658 | ||
Operating costs and expenses | ||||
Depreciation and amortization | 13,971 | 44,491 | ||
General and administrative | 0 | 0 | ||
Total operating costs and expenses | 24,767 | 80,765 | ||
Operating loss | 13,771 | 46,893 | ||
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 7,347 | 48,830 | ||
Income (loss) - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (3,533) | (9,916) | ||
Interest income and other, net | 16,273 | 70,484 | ||
Loss from continuing operations before income taxes | 33,858 | 156,291 | ||
Income tax benefit (provision) | (19) | (345) | ||
Net loss from continuing operations | 155,946 | |||
Net loss from discontinued operations, net of tax | 0 | |||
Net loss | 33,839 | 155,946 | ||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to the company | 33,839 | 155,946 | ||
Other comprehensive loss, net | 0 | 0 | ||
Comprehensive income (loss) attributable to the company | 33,839 | 155,946 | ||
NHIL | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | (823) | 371 | 360 | 1,263 |
Loss on impairment | 0 | |||
Total operating costs and expenses | (2,242) | 1,223 | 338 | 3,768 |
Operating loss | 2,242 | (1,223) | (338) | (3,768) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 50,115 | 22,238 | (300,798) | 167,531 |
Income (loss) - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (112,447) | (108,892) | (338,039) | (322,580) |
Gain (loss) on extinguishment of debt, net | 109 | 5,528 | ||
Interest income and other, net | 0 | (52) | (131) | 4,871 |
Loss from continuing operations before income taxes | (59,981) | (87,929) | (633,778) | (153,946) |
Income tax benefit (provision) | 0 | 0 | 0 | 0 |
Net loss from continuing operations | (153,946) | |||
Net loss from discontinued operations, net of tax | 0 | |||
Net loss | (59,981) | (87,929) | (633,778) | (153,946) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income (loss) attributable to the company | (59,981) | (87,929) | (633,778) | (153,946) |
Other comprehensive loss, net | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to the company | (59,981) | (87,929) | (633,778) | (153,946) |
NDS6 | ||||
Operating revenues | ||||
Revenue from contract with customer | 772,934 | |||
Operating costs and expenses | ||||
Depreciation and amortization | 368,939 | |||
General and administrative | 30,250 | |||
Loss on impairment | 792,843 | |||
Total operating costs and expenses | 1,664,311 | |||
Operating loss | (891,377) | |||
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 0 | |||
Interest income (expense), net of amounts capitalized | (223,870) | |||
Gain (loss) on extinguishment of debt, net | (8,659) | |||
Interest income and other, net | 6,807 | |||
Loss from continuing operations before income taxes | (1,117,099) | |||
Income tax benefit (provision) | 50,227 | |||
Net loss | (1,066,872) | |||
Net (income) loss attributable to noncontrolling interests | 247,722 | |||
Net income (loss) attributable to the company | (819,150) | |||
Other comprehensive loss, net | (1,614) | |||
Comprehensive income (loss) attributable to the company | (820,764) | |||
NDS6 | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Depreciation and amortization | 0 | 0 | ||
General and administrative | 0 | 9 | ||
Total operating costs and expenses | 0 | 9 | ||
Operating loss | 0 | (9) | ||
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | (20,878) | 35,388 | ||
Income (loss) - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (3,813) | (11,484) | ||
Interest income and other, net | 53,897 | 170,875 | ||
Loss from continuing operations before income taxes | 29,206 | 194,770 | ||
Income tax benefit (provision) | 0 | 0 | ||
Net loss from continuing operations | 194,770 | |||
Net loss from discontinued operations, net of tax | 0 | |||
Net loss | 29,206 | 194,770 | ||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | ||
Net income (loss) attributable to the company | 29,206 | 194,770 | ||
Other comprehensive loss, net | 0 | 0 | ||
Comprehensive income (loss) attributable to the company | 29,206 | 194,770 | ||
Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 279,408 | 266,212 | 772,934 | 907,330 |
Operating costs and expenses | ||||
Depreciation and amortization | 113,127 | 136,651 | 368,939 | 407,002 |
General and administrative | 8,672 | 9,823 | 30,250 | 32,118 |
Loss on impairment | 0 | 0 | 792,843 | 0 |
Total operating costs and expenses | 294,276 | 315,892 | 1,664,311 | 940,745 |
Operating loss | (14,868) | (49,680) | (891,377) | (33,415) |
Other income (expense) | ||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | |
Income (loss) - discontinued operations, net of tax | 0 | |||
Interest income (expense), net of amounts capitalized | (73,725) | (72,887) | (223,870) | (219,543) |
Gain (loss) on extinguishment of debt, net | 109 | 0 | (8,659) | 0 |
Interest income and other, net | 2,610 | 1,290 | 6,807 | 5,931 |
Loss from continuing operations before income taxes | (85,874) | (121,277) | (1,117,099) | (247,027) |
Income tax benefit (provision) | 14,490 | 28,605 | 50,227 | (210,555) |
Net loss from continuing operations | (71,384) | (92,672) | (1,066,872) | (457,582) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 2,967 |
Net loss | (71,384) | (92,672) | (1,066,872) | (454,615) |
Net (income) loss attributable to noncontrolling interests | (3,233) | 2,689 | 247,722 | (10,888) |
Net income (loss) attributable to the company | (74,617) | (89,983) | (819,150) | (465,503) |
Other comprehensive loss, net | (159) | 793 | (1,614) | 2,579 |
Comprehensive income (loss) attributable to the company | (74,776) | (89,190) | (820,764) | (462,924) |
Contract drilling services | ||||
Operating revenues | ||||
Revenue from contract with customer | 267,238 | 259,740 | 744,033 | 885,931 |
Operating costs and expenses | ||||
Cost of services | 162,985 | 166,044 | 451,271 | 489,594 |
Contract drilling services | Consolidating Adjustments | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | (9,808) | 0 | (36,921) |
Operating costs and expenses | ||||
Cost of services | 0 | (9,808) | 0 | (36,921) |
Contract drilling services | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 267,238 | 231,873 | 744,033 | 798,085 |
Operating costs and expenses | ||||
Cost of services | 164,304 | 161,111 | 449,907 | 478,984 |
Contract drilling services | Noble-Cayman | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Cost of services | (84) | 67 | 71 | 202 |
Contract drilling services | NHUS | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Cost of services | 3,056 | 8,989 | ||
Contract drilling services | NDH | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 37,675 | 124,767 | ||
Operating costs and expenses | ||||
Cost of services | 10,306 | 34,492 | ||
Contract drilling services | NHIL | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Cost of services | (1,419) | 852 | (22) | 2,505 |
Contract drilling services | NDS6 | ||||
Operating revenues | ||||
Revenue from contract with customer | 744,033 | |||
Operating costs and expenses | ||||
Cost of services | 449,956 | |||
Contract drilling services | NDS6 | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Cost of services | 0 | 0 | ||
Contract drilling services | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 267,238 | 259,740 | 744,033 | 885,931 |
Operating costs and expenses | ||||
Cost of services | 162,801 | 165,584 | 449,956 | 488,251 |
Reimbursables and other | ||||
Operating revenues | ||||
Revenue from contract with customer | 12,170 | 6,472 | 28,901 | 21,399 |
Operating costs and expenses | ||||
Cost of services | 9,676 | 3,834 | 22,323 | 13,374 |
Reimbursables and other | Consolidating Adjustments | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Cost of services | 0 | 0 | 0 | 0 |
Reimbursables and other | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 12,170 | 5,609 | 28,901 | 18,508 |
Operating costs and expenses | ||||
Cost of services | 9,676 | 3,344 | 22,323 | 11,592 |
Reimbursables and other | Noble-Cayman | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Cost of services | 0 | 0 | 0 | 0 |
Reimbursables and other | NHUS | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Cost of services | 0 | 0 | ||
Reimbursables and other | NDH | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 863 | 2,891 | ||
Operating costs and expenses | ||||
Cost of services | 490 | 1,782 | ||
Reimbursables and other | NHIL | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Operating costs and expenses | ||||
Cost of services | 0 | 0 | 0 | 0 |
Reimbursables and other | NDS6 | ||||
Operating revenues | ||||
Revenue from contract with customer | 28,901 | |||
Operating costs and expenses | ||||
Cost of services | 22,323 | |||
Reimbursables and other | NDS6 | Reportable Legal Entities | ||||
Operating revenues | ||||
Revenue from contract with customer | 0 | 0 | ||
Operating costs and expenses | ||||
Cost of services | 0 | 0 | ||
Reimbursables and other | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 12,170 | 6,472 | 28,901 | 21,399 |
Operating costs and expenses | ||||
Cost of services | $ 9,676 | $ 3,834 | $ 22,323 | $ 13,374 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | ||
Net cash provided by operating activities | $ 43,316 | $ 299,080 |
Cash flows from investing activities | ||
Capital expenditures | (149,329) | (86,700) |
Proceeds from disposal of assets, net | 4,135 | 1,306 |
Net cash used in investing activities | (145,194) | (85,394) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayment of long-term debt | (952,477) | (300,000) |
Debt issuance costs | (15,327) | (42) |
Dividends paid to noncontrolling interests | (12,694) | (26,293) |
Net cash used in financing activities | (233,956) | (330,645) |
Net decrease in cash, cash equivalents and restricted cash | (335,834) | (116,959) |
Cash, cash equivalents and restricted cash, beginning of period | 662,829 | 725,722 |
Cash, cash equivalents and restricted cash, end of period | 326,995 | 608,763 |
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, net | 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 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from parent company, net | 0 | |
Distributions to parent company, net | 0 | |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 403,331 | 212,606 |
Cash flows from investing activities | ||
Capital expenditures | (149,329) | (84,148) |
Proceeds from disposal of assets, net | 4,135 | 1,260 |
Net cash used in investing activities | (145,194) | (82,888) |
Cash flows from financing activities | ||
Issuance of senior notes | 0 | |
Repayment of long-term debt | (213,654) | 0 |
Debt issuance costs | (1,924) | 0 |
Dividends paid to noncontrolling interests | (12,694) | (26,293) |
Contributions from parent company, net | 0 | |
Distributions to parent company, net | 0 | |
Advances (to) from affiliates | (336,351) | (136,017) |
Net cash used in financing activities | (564,623) | (162,310) |
Net decrease in cash, cash equivalents and restricted cash | (306,486) | (32,592) |
Cash, cash equivalents and restricted cash, beginning of period | 632,676 | 640,441 |
Cash, cash equivalents and restricted cash, end of period | 326,190 | 607,849 |
Noble-Cayman | ||
Cash flows from investing activities | ||
Proceeds from disposal of assets, net | 0 | |
Noble-Cayman | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 22,771 | 26,122 |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets, net | 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 | (822) | 0 |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from parent company, net | 43,891 | |
Distributions to parent company, net | (37,241) | |
Advances (to) from affiliates | 15,281 | (72,537) |
Net cash used in financing activities | (22,782) | (28,646) |
Net decrease in cash, cash equivalents and restricted cash | (11) | (2,524) |
Cash, cash equivalents and restricted cash, beginning of period | 11 | 2,537 |
Cash, cash equivalents and restricted cash, end of period | 0 | 13 |
NHUS | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 102,689 | |
Cash flows from investing activities | ||
Capital expenditures | 0 | |
Proceeds from disposal of assets, net | 0 | |
Net cash used in investing activities | 0 | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from parent company, net | 0 | |
Advances (to) from affiliates | (102,689) | |
Net cash used in financing activities | (102,689) | |
Net decrease in cash, cash equivalents and restricted cash | 0 | |
Cash, cash equivalents and restricted cash, beginning of period | 0 | |
Cash, cash equivalents and restricted cash, end of period | 0 | |
NDH | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 141,843 | |
Cash flows from investing activities | ||
Capital expenditures | (2,552) | |
Proceeds from disposal of assets, net | 46 | |
Net cash used in investing activities | (2,506) | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from parent company, net | 0 | |
Advances (to) from affiliates | (150,153) | |
Net cash used in financing activities | (150,153) | |
Net decrease in cash, cash equivalents and restricted cash | (10,816) | |
Cash, cash equivalents and restricted cash, beginning of period | 10,855 | |
Cash, cash equivalents and restricted cash, end of period | 39 | |
NHIL | ||
Cash flows from investing activities | ||
Proceeds from disposal of assets, net | 0 | |
NHIL | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (348,990) | (324,502) |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Proceeds from disposal of assets, net | 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 | (738,823) | (300,000) |
Debt issuance costs | (12,581) | (42) |
Dividends paid to noncontrolling interests | 0 | 0 |
Contributions from parent company, net | 0 | |
Distributions to parent company, net | 0 | |
Advances (to) from affiliates | 321,070 | 624,601 |
Net cash used in financing activities | 319,666 | 324,559 |
Net decrease in cash, cash equivalents and restricted cash | (29,324) | 57 |
Cash, cash equivalents and restricted cash, beginning of period | 29,324 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 57 |
NDS6 | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 163,205 | |
Cash flows from investing activities | ||
Capital expenditures | 0 | |
Proceeds from disposal of assets, net | 0 | |
Net cash used in investing activities | 0 | |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Dividends paid to noncontrolling interests | 0 | |
Contributions from parent company, net | 0 | |
Advances (to) from affiliates | (163,205) | |
Net cash used in financing activities | (163,205) | |
Net decrease in cash, cash equivalents and restricted cash | 0 | |
Cash, cash equivalents and restricted cash, beginning of period | 0 | |
Cash, cash equivalents and restricted cash, end of period | 0 | |
Noble Corp | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 77,112 | 321,963 |
Cash flows from investing activities | ||
Capital expenditures | (149,329) | (86,700) |
Proceeds from disposal of assets, net | 4,135 | 1,306 |
Net cash used in investing activities | (145,194) | (85,394) |
Cash flows from financing activities | ||
Issuance of senior notes | 750,000 | 0 |
Repayment of long-term debt | (952,477) | (300,000) |
Debt issuance costs | (15,327) | (42) |
Dividends paid to noncontrolling interests | (12,694) | (26,293) |
Contributions from parent company, net | 43,891 | |
Distributions to parent company, net | (37,241) | |
Advances (to) from affiliates | 0 | 0 |
Net cash used in financing activities | (267,739) | (282,444) |
Net decrease in cash, cash equivalents and restricted cash | (335,821) | (45,875) |
Cash, cash equivalents and restricted cash, beginning of period | 662,011 | 653,833 |
Cash, cash equivalents and restricted cash, end of period | $ 326,190 | $ 607,958 |
Subsequent Events (Details)
Subsequent Events (Details) - Senior unsecured notes - USD ($) | Oct. 31, 2018 | Aug. 31, 2018 | Mar. 31, 2018 | Feb. 01, 2018 |
Subsequent Event [Line Items] | ||||
Purchase of senior notes | $ 400,000 | $ 9,500,000 | $ 754,200,000 | |
Repurchase amount | $ 300,000 | $ 8,700,000 | $ 750,000,000 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Purchase of senior notes | $ 27,400,000 | |||
Repurchase amount | $ 20,200,000 |
Uncategorized Items - ne-201809
Label | Element | Value |
Noble Corporation [Member] | ||
Tax Cuts And Jobs Act Of 2017, Reclassification From Aoci To Retained Earnings, Tax Effect | ne_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ 0 |
AOCI Attributable to Parent [Member] | Noble Corporation [Member] | ||
Tax Cuts And Jobs Act Of 2017, Reclassification From Aoci To Retained Earnings, Tax Effect | ne_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | (5,540,000) |
Retained Earnings [Member] | Noble Corporation [Member] | ||
Tax Cuts And Jobs Act Of 2017, Reclassification From Aoci To Retained Earnings, Tax Effect | ne_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect | $ 5,540,000 |