Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NE | |
Entity Registrant Name | NOBLE CORP PLC | |
Entity Central Index Key | 1458891 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 241,963,110 | |
Noble-Cayman [Member] | ||
Document Information [Line Items] | ||
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $82,203 | $68,510 |
Accounts receivable | 594,720 | 569,096 |
Taxes receivable | 59,743 | 107,490 |
Prepaid expenses and other current assets | 125,697 | 183,466 |
Total current assets | 862,363 | 928,562 |
Property and equipment, at cost | 14,529,740 | 14,442,922 |
Accumulated depreciation | -2,483,057 | -2,330,413 |
Property and equipment, net | 12,046,683 | 12,112,509 |
Other assets | 248,927 | 245,751 |
Total assets | 13,157,973 | 13,286,822 |
Current liabilities | ||
Accounts payable | 246,539 | 265,389 |
Accrued payroll and related costs | 71,451 | 102,520 |
Taxes payable | 126,582 | 94,230 |
Interest payable | 19,681 | 61,964 |
Other current liabilities | 121,170 | 144,571 |
Total current liabilities | 585,423 | 668,674 |
Long-term debt | 4,862,361 | 4,869,020 |
Deferred income taxes | 111,122 | 120,589 |
Other liabilities | 326,669 | 341,505 |
Total liabilities | 5,885,575 | 5,999,788 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | 2,420 | 2,475 |
Additional paid-in capital | 600,194 | 695,638 |
Retained earnings | 6,021,583 | 5,936,035 |
Accumulated other comprehensive loss | -74,781 | -69,418 |
Total shareholders' equity | 6,549,416 | 6,564,730 |
Noncontrolling interests | 722,982 | 722,304 |
Total equity | 7,272,398 | 7,287,034 |
Total liabilities and equity | 13,157,973 | 13,286,822 |
Noble-Cayman [Member] | ||
Current assets | ||
Cash and cash equivalents | 78,976 | 65,780 |
Accounts receivable | 594,720 | 569,096 |
Taxes receivable | 59,507 | 107,289 |
Prepaid expenses and other current assets | 107,506 | 139,669 |
Total current assets | 840,709 | 881,834 |
Property and equipment, at cost | 14,491,189 | 14,404,371 |
Accumulated depreciation | -2,470,591 | -2,318,220 |
Property and equipment, net | 12,020,598 | 12,086,151 |
Other assets | 225,431 | 222,254 |
Total assets | 13,086,738 | 13,190,239 |
Current liabilities | ||
Accounts payable | 242,770 | 261,012 |
Accrued payroll and related costs | 61,605 | 91,487 |
Taxes payable | 124,200 | 91,471 |
Interest payable | 19,681 | 61,964 |
Other current liabilities | 116,593 | 139,950 |
Total current liabilities | 564,849 | 645,884 |
Long-term debt | 4,862,361 | 4,869,020 |
Deferred income taxes | 111,122 | 120,589 |
Other liabilities | 321,127 | 335,964 |
Total liabilities | 5,859,459 | 5,971,457 |
Commitments and contingencies | ||
Shareholders' equity | ||
Shares | 26,125 | 26,125 |
Additional paid-in capital | 538,005 | 530,657 |
Retained earnings | 6,014,948 | 6,009,114 |
Accumulated other comprehensive loss | -74,781 | -69,418 |
Total shareholders' equity | 6,504,297 | 6,496,478 |
Noncontrolling interests | 722,982 | 722,304 |
Total equity | 7,227,279 | 7,218,782 |
Total liabilities and equity | $13,086,738 | $13,190,239 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Ordinary shares, shares outstanding | 241,962 | 247,501 |
Noble-Cayman [Member] | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating revenues | ||
Contract drilling services | $779,361 | $770,637 |
Reimbursables | 24,981 | 24,550 |
Total operating revenues | 804,342 | 795,187 |
Operating costs and expenses | ||
Contract drilling services | 321,750 | 352,880 |
Reimbursables | 20,157 | 21,504 |
Depreciation and amortization | 154,138 | 146,198 |
General and administrative | 23,938 | 25,637 |
Total operating costs and expenses | 519,983 | 546,219 |
Operating income | 284,359 | 248,968 |
Other income (expense) | ||
Interest expense, net of amount capitalized | -49,044 | -40,392 |
Interest income and other, net | 6,582 | -1,268 |
Income from continuing operations before income taxes | 241,897 | 207,308 |
Income tax provision | -43,447 | -35,578 |
Net income from continuing operations | 198,450 | 171,730 |
Net income from discontinued operations, net of tax | 101,512 | |
Net income | 198,450 | 273,242 |
Net income attributable to noncontrolling interests | -20,047 | -16,916 |
Net income attributable to Noble Corporation | 178,403 | 256,326 |
Net income attributable to Noble Corporation plc | ||
Income from continuing operations | 178,403 | 154,814 |
Income from discontinued operations | 101,512 | |
Net income attributable to Noble Corporation | 178,403 | 256,326 |
Basic: | ||
Income from continuing operations | $0.72 | $0.60 |
Income from discontinued operations | $0.39 | |
Net income attributable to Noble Corporation plc | $0.72 | $0.99 |
Diluted: | ||
Income from continuing operations | $0.72 | $0.60 |
Income from discontinued operations | $0.39 | |
Net income attributable to Noble Corporation plc | $0.72 | $0.99 |
Noble-Cayman [Member] | ||
Operating revenues | ||
Contract drilling services | 779,361 | 770,637 |
Reimbursables | 24,981 | 24,550 |
Total operating revenues | 804,342 | 795,187 |
Operating costs and expenses | ||
Contract drilling services | 319,479 | 350,577 |
Reimbursables | 20,157 | 21,504 |
Depreciation and amortization | 153,866 | 145,603 |
General and administrative | 12,208 | 11,932 |
Total operating costs and expenses | 505,710 | 529,616 |
Operating income | 298,632 | 265,571 |
Other income (expense) | ||
Interest expense, net of amount capitalized | -49,044 | -40,392 |
Interest income and other, net | 6,448 | -1,395 |
Income from continuing operations before income taxes | 256,036 | 223,784 |
Income tax provision | -43,558 | -35,470 |
Net income from continuing operations | 212,478 | 188,314 |
Net income from discontinued operations, net of tax | 113,917 | |
Net income | 212,478 | 302,231 |
Net income attributable to noncontrolling interests | -20,047 | -16,916 |
Net income attributable to Noble Corporation | 192,431 | 285,315 |
Net income attributable to Noble Corporation plc | ||
Income from discontinued operations | 113,917 | |
Net income attributable to Noble Corporation | $192,431 | $285,315 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $198,450 | $273,242 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | -3,299 | 1,009 |
Amortization of deferred pension plan amounts (net of tax provision of $566 in 2015 and $252 in 2014) | 1,081 | 763 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Net comprehensive income attributable to noncontrolling interests | -20,047 | -16,916 |
Comprehensive income attributable to Noble Corporation plc | 173,040 | 264,044 |
Foreign Currency Forward Contracts [Member] | ||
Other comprehensive income (loss), net of tax | ||
Gain (loss) from derivatives instruments designated | -3,145 | 5,946 |
Noble-Cayman [Member] | ||
Net income | 212,478 | 302,231 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | -3,299 | 1,009 |
Amortization of deferred pension plan amounts (net of tax provision of $566 in 2015 and $252 in 2014) | 1,081 | 763 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Net comprehensive income attributable to noncontrolling interests | -20,047 | -16,916 |
Comprehensive income attributable to Noble Corporation plc | 187,068 | 293,033 |
Noble-Cayman [Member] | Foreign Currency Forward Contracts [Member] | ||
Other comprehensive income (loss), net of tax | ||
Gain (loss) from derivatives instruments designated | ($3,145) | $5,946 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amortization of deferred pension plan, tax provision | $566 | $252 |
Noble-Cayman [Member] | ||
Amortization of deferred pension plan, tax provision | $566 | $252 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $198,450 | $273,242 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 154,138 | 245,905 |
Deferred income taxes | -10,164 | -3,255 |
Amortization of share-based compensation | 11,400 | 13,022 |
Net change in other assets and liabilities | 14,758 | -23,118 |
Net cash from operating activities | 368,582 | 505,796 |
Cash flows from investing activities | ||
Capital expenditures | -89,307 | -517,283 |
Change in accrued capital expenditures | -29,010 | -43,505 |
Net cash from investing activities | -118,317 | -560,788 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | -1,099,497 | 422,402 |
Repayment of long-term debt | -250,000 | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | -14,775 | -381 |
Dividends paid to noncontrolling interests | -19,369 | -19,695 |
Repurchases of shares | -100,630 | |
Dividend payments | -92,855 | -96,840 |
Employee stock transactions | -2,174 | -217 |
Net cash from financing activities | -236,572 | 55,269 |
Net change in cash and cash equivalents | 13,693 | 277 |
Cash and cash equivalents, beginning of period | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 82,203 | 114,735 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net income | 212,478 | 302,231 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 153,866 | 245,310 |
Deferred income taxes | -10,164 | -3,255 |
Capital contribution by parent-share-based compensation | 7,348 | 9,053 |
Net change in other assets and liabilities | -4,505 | -21,684 |
Net cash from operating activities | 359,023 | 531,655 |
Cash flows from investing activities | ||
Capital expenditures | -89,307 | -517,283 |
Change in accrued capital expenditures | -29,010 | -43,505 |
Net cash from investing activities | -118,317 | -560,788 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | -1,099,497 | 422,402 |
Repayment of long-term debt | -250,000 | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | -14,775 | -381 |
Dividends paid to noncontrolling interests | -19,369 | -19,695 |
Distributions to parent company, net | -186,597 | -121,780 |
Net cash from financing activities | -227,510 | 30,546 |
Net change in cash and cash equivalents | 13,196 | 1,413 |
Cash and cash equivalents, beginning of period | 65,780 | 110,382 |
Cash and cash equivalents, end of period | $78,976 | $111,795 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Total | Shares [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] |
In Thousands, unless otherwise specified | Shares [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | |||||||
Beginning Balance at Dec. 31, 2013 | $9,050,028 | $2,534 | $810,286 | $7,591,927 | ($82,164) | $727,445 | $9,155,484 | $26,125 | $497,316 | $7,986,762 | ($82,164) | $727,445 |
Beginning Balance, Shares at Dec. 31, 2013 | 253,448 | 261,246 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 13,022 | 13,022 | ||||||||||
Issuance of share-based compensation shares | -8,209 | 6 | -8,215 | |||||||||
Issuance of share-based compensation shares, Shares | 675 | |||||||||||
Exercise of stock options | 1,398 | 2 | 1,396 | |||||||||
Exercise of stock options, Shares | 71 | |||||||||||
Tax benefit of equity transactions | -1,621 | -1,621 | ||||||||||
Net income | 273,242 | 256,326 | 16,916 | 302,231 | 285,315 | 16,916 | ||||||
Dividends paid to noncontrolling interests | -19,695 | -19,695 | -19,695 | -19,695 | ||||||||
Distributions to parent | -33,171 | -33,171 | -121,780 | -121,780 | ||||||||
Capital contributions by parent -share-based compensation | 9,053 | 9,053 | ||||||||||
Other comprehensive income, net | 7,718 | 7,718 | 7,718 | 7,718 | ||||||||
Ending Balance at Mar. 31, 2014 | 9,282,712 | 2,542 | 814,868 | 7,815,082 | -74,446 | 724,666 | 9,333,011 | 26,125 | 506,369 | 8,150,297 | -74,446 | 724,666 |
Ending Balance, Shares at Mar. 31, 2014 | 254,194 | 261,246 | ||||||||||
Beginning Balance at Dec. 31, 2014 | 7,287,034 | 2,475 | 695,638 | 5,936,035 | -69,418 | 722,304 | 7,218,782 | 26,125 | 530,657 | 6,009,114 | -69,418 | 722,304 |
Beginning Balance, Shares at Dec. 31, 2014 | 247,501 | 247,501 | 261,246 | 261,246 | ||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 11,400 | 11,400 | ||||||||||
Issuance of share-based compensation shares | -4,088 | 7 | -4,095 | |||||||||
Issuance of share-based compensation shares, Shares | 670 | |||||||||||
Tax benefit of equity transactions | -2,181 | -2,181 | ||||||||||
Repurchases of shares | -100,630 | -62 | -100,568 | |||||||||
Repurchases of shares, Shares | -6,209 | -6,209 | ||||||||||
Net income | 198,450 | 178,403 | 20,047 | 212,478 | 192,431 | 20,047 | ||||||
Dividends paid to noncontrolling interests | -19,369 | -19,369 | -19,369 | -19,369 | ||||||||
Distributions to parent | -92,855 | -92,855 | -186,597 | -186,597 | ||||||||
Capital contributions by parent -share-based compensation | 7,348 | 7,348 | ||||||||||
Other comprehensive income, net | -5,363 | -5,363 | -5,363 | -5,363 | ||||||||
Ending Balance at Mar. 31, 2015 | $7,272,398 | $2,420 | $600,194 | $6,021,583 | ($74,781) | $722,982 | $7,227,279 | $26,125 | $538,005 | $6,014,948 | ($74,781) | $722,982 |
Ending Balance, Shares at Mar. 31, 2015 | 241,962 | 261,246 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Note 1 — Organization and Basis of Presentation |
Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our global fleet of mobile offshore drilling units. As of the filing date of this Quarterly Report on Form 10-Q, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. | |
We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist largely of major independent and government owned/controlled oil and gas companies throughout the world. As of March 31, 2015, our contract drilling services segment conducts operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean Sea, the Black Sea, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. | |
Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. | |
The accompanying unaudited consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2014 Consolidated Balance Sheets presented herein are derived from the December 31, 2014 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, 2014, filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | |
Certain amounts in prior periods have been reclassified to conform to the current year presentation. |
Spinoff_of_Paragon_Offshore_pl
Spin-off of Paragon Offshore plc ("Paragon Offshore") | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Spin-off of Paragon Offshore plc ("Paragon Offshore") | Note 2 – Spin-off of Paragon Offshore plc (“Paragon Offshore”) |
On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. | |
Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off. | |
Master Separation Agreement (“MSA”) | |
The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore. | |
Employee Matters Agreement (“EMA”) | |
The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters. | |
Tax Sharing Agreement (“TSA”) | |
The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. | |
Transition Services Agreements | |
Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Discontinued Operations | Note 3 — Discontinued Operations | ||||
Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-Off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for the three months ended March 31, 2014 include the historical results of Paragon Offshore, including $12 million of non-recurring costs incurred by Noble related to the Spin-Off. | |||||
The following table provides the components of net income from discontinued operations, net of tax for Noble-UK for the three months ended March 31, 2014: | |||||
Three months ended | |||||
March 31, | |||||
2014 | |||||
Operating revenues | |||||
Contract drilling services | $ | 435,667 | |||
Reimbursables | 12,103 | ||||
Labor contract drilling services | 8,212 | ||||
Other | 1 | ||||
Operating revenues from discontinued operations | $ | 455,983 | |||
Income from discontinued operations | |||||
Income from discontinued operations before income taxes | $ | 120,370 | |||
Income tax provision | (18,858 | ) | |||
Net income from discontinued operations | $ | 101,512 | |||
Consolidated_Joint_Ventures
Consolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 4 — Consolidated Joint Ventures |
We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets. | |
During each of the three months ended March 31, 2015 and 2014, the Bully joint ventures approved and paid dividends totaling $39 million. Of these amounts, 50 percent were paid to our joint venture partner. | |
The combined carrying amount of the Bully-class drillships at both March 31, 2015 and December 31, 2014 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures was approximately $58 million at March 31, 2015 as compared to approximately $47 million at December 31, 2014. |
Share_Data
Share Data | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Share Data | Note 5 — Share Data | ||||||||
Earnings per share | |||||||||
The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Basic | |||||||||
Income from continuing operations | $ | 178,403 | $ | 154,814 | |||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (2,512 | ) | |||||
Income from continuing operations to common shareholders | 174,472 | 152,302 | |||||||
Income from discontinued operations | — | 101,512 | |||||||
Earnings allocated to unvested share-based payment awards | — | (1,762 | ) | ||||||
Income from discontinued operations, net of tax to common shareholders | — | 99,750 | |||||||
Net income attributable to Noble-UK | 178,403 | 256,326 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (4,274 | ) | |||||
Net income to common shareholders - basic | $ | 174,472 | $ | 252,052 | |||||
Diluted | |||||||||
Income from continuing operations | 178,403 | 154,814 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (2,510 | ) | |||||
Income from continuing operations to common shareholders | 174,472 | 152,304 | |||||||
Income from discontinued operations | — | 101,512 | |||||||
Earnings allocated to unvested share-based payment awards | — | (1,762 | ) | ||||||
Income from discontinued operations, net of tax to common shareholders | — | 99,750 | |||||||
Net income attributable to Noble-UK | 178,403 | 256,326 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (4,272 | ) | |||||
Net income to common shareholders - diluted | $ | 174,472 | $ | 252,054 | |||||
Denominator: | |||||||||
Weighted average shares outstanding - basic | 242,685 | 253,940 | |||||||
Incremental shares issuable from assumed exercise of stock options | — | 135 | |||||||
Weighted average shares outstanding - diluted | 242,685 | 254,075 | |||||||
Weighted average unvested share-based payment awards | 5,468 | 4,188 | |||||||
Earnings per share | |||||||||
Basic | |||||||||
Continuing operations | $ | 0.72 | $ | 0.6 | |||||
Discontinued operations | — | 0.39 | |||||||
Net income attributable to Noble-UK | $ | 0.72 | $ | 0.99 | |||||
Diluted | |||||||||
Continuing operations | $ | 0.72 | $ | 0.6 | |||||
Discontinued operations | — | 0.39 | |||||||
Net income attributable to Noble-UK | $ | 0.72 | $ | 0.99 | |||||
Dividends per share | $ | 0.375 | $ | 0.375 | |||||
Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended March 31, 2015 and 2014, approximately 2 million and 1 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. | |||||||||
Share capital | |||||||||
As of March 31, 2015, Noble-UK had approximately 242.0 million shares outstanding and trading as compared to approximately 247.5 million shares outstanding and trading at December 31, 2014. The decrease in shares outstanding is primarily related to the repurchase of 6.2 million shares pursuant to our approved share repurchase program, discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. | |||||||||
Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on January 30, 2015 and paid on February 20, 2015 to holders of record on February 10, 2015. | |||||||||
Share repurchases | |||||||||
Under UK law, the company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. In December 2014, we received shareholder approval to repurchase up to 37,000,000 ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our Credit Facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases. During the three months ended March 31, 2015, we repurchased 6.2 million of our ordinary shares covered by this authorization for a total cost of approximately $101 million. |
Receivables_from_Customers
Receivables from Customers | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Receivables from Customers | Note 6 — Receivables from Customers |
At March 31, 2015, we had receivables of approximately $14 million related to the Noble Max Smith that are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in a Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Note 7 — Property and Equipment | ||||||||
Property and equipment, at cost, as of March 31, 2015 and December 31, 2014 for Noble-UK consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Drilling equipment and facilities | $ | 13,348,942 | $ | 13,254,240 | |||||
Construction in progress | 948,905 | 969,985 | |||||||
Other | 231,893 | 218,697 | |||||||
Property and equipment, at cost | $ | 14,529,740 | $ | 14,442,922 | |||||
Capital expenditures, including capitalized interest, totaled $89 million and $517 million for the three months ended March 31, 2015 and 2014, respectively. Capitalized interest was $5 million and $14 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Capital expenditures related to Paragon Offshore for the three months ended March 31, 2014 totaled $53 million. Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $100 million for the three months ended March 31, 2014. |
Debt
Debt | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt | Note 8 — Debt | ||||||||||||||||
Long-term debt consisted of the following at March 31, 2015 and December 31, 2014: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
3.45% Senior Notes due August 2015 | $ | 350,000 | $ | 350,000 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,986 | 299,982 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,929 | 299,920 | |||||||||||||||
4.00% Senior Notes due March 2018 | 249,474 | — | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,184 | 499,151 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,640 | 399,627 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,286 | 399,264 | |||||||||||||||
5.95% Senior Notes due April 2025 | 448,744 | — | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,895 | 399,895 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,691 | 397,681 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,317 | 498,310 | |||||||||||||||
6.95% Senior Notes due April 2045 | 394,522 | — | |||||||||||||||
Total senior unsecured notes | 4,838,363 | 3,745,525 | |||||||||||||||
Credit facilities & commercial paper program | 23,998 | 1,123,495 | |||||||||||||||
Total long-term debt | $ | 4,862,361 | $ | 4,869,020 | |||||||||||||
Credit Facilities and Commercial Paper Program | |||||||||||||||||
We currently have two credit facilities with an aggregate maximum capacity of $2.7 billion, which are comprised of a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). | |||||||||||||||||
We have a commercial paper program that allows us to issue up to $2.4 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our Credit Facilities. | |||||||||||||||||
The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At March 31, 2015, we had no letters of credit issued under the facility. | |||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||
In March 2015, our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), issued $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprised of $250 million of 4.00% Senior Notes due 2018, $450 million of 5.95% Senior Notes due 2025, and $400 million of 6.95% Senior Notes due 2045. The weighted average coupon of all three tranches is 5.87%. The interest rate on these senior notes may be increased if the credit rating applicable to the notes is downgraded below certain specified levels. The net proceeds of approximately $1.08 billion, after expenses, were used to repay indebtedness outstanding under our Credit Facilities and commercial paper program. | |||||||||||||||||
Our $350 million 3.45% Senior Notes mature during the third quarter of 2015 and our $300 million 3.05% Senior Notes mature during the first quarter of 2016. We anticipate using availability under our Credit Facilities or commercial paper issuances to repay the outstanding balances; therefore, we continue to report these balances as long-term at March 31, 2015. | |||||||||||||||||
Covenants | |||||||||||||||||
The Credit Facilities are guaranteed by NHIL and Noble Holding Corporation (“NHC”). The covenants and events of default under the two Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At March 31, 2015, our ratio of debt to total tangible capitalization was approximately 0.40. We were in compliance with all covenants under the Credit Facilities as of March 31, 2015. | |||||||||||||||||
In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At March 31, 2015, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during the remainder of 2015. | |||||||||||||||||
Fair Value of Debt | |||||||||||||||||
Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 12. | |||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of March 31, 2015 and December 31, 2014, respectively: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
3.45% Senior Notes due August 2015 | $ | 350,000 | $ | 351,762 | $ | 350,000 | $ | 354,992 | |||||||||
3.05% Senior Notes due March 2016 | 299,986 | 302,086 | 299,982 | 302,515 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,929 | 296,105 | 299,920 | 287,014 | |||||||||||||
4.00% Senior Notes due March 2018 | 249,474 | 251,865 | — | — | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 222,709 | 201,695 | 212,068 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,184 | 484,871 | 499,151 | 471,095 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,640 | 375,376 | 399,627 | 363,837 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,286 | 354,679 | 399,264 | 346,425 | |||||||||||||
5.95% Senior Notes due April 2025 | 448,744 | 440,169 | — | — | |||||||||||||
6.20% Senior Notes due August 2040 | 399,895 | 343,607 | 399,895 | 350,351 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,691 | 335,873 | 397,681 | 343,653 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,317 | 385,725 | 498,310 | 385,181 | |||||||||||||
6.95% Senior Notes due April 2045 | 394,522 | 380,219 | — | — | |||||||||||||
Total senior unsecured notes | 4,838,363 | 4,525,046 | 3,745,525 | 3,417,131 | |||||||||||||
Credit facilities & commercial paper program | 23,998 | 23,998 | 1,123,495 | 1,123,495 | |||||||||||||
Total long-term debt | $ | 4,862,361 | $ | 4,549,044 | $ | 4,869,020 | $ | 4,540,626 | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes |
At March 31, 2015, the reserves for uncertain tax positions totaled $112 million (net of related tax benefits of $1 million). If the March 31, 2015 reserves are not realized, the provision for income taxes would be reduced by $112 million. At December 31, 2014, the reserves for uncertain tax positions totaled $116 million (net of related tax benefits of $1 million). | |
It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease 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. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | Note 10 — Employee Benefit Plans | ||||||||||||||||
Pension costs include the following components for the three months ended March 31, 2015 and 2014: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 874 | $ | 2,149 | $ | 1,420 | $ | 2,541 | |||||||||
Interest cost | 642 | 2,300 | 1,456 | 2,714 | |||||||||||||
Return on plan assets | (926 | ) | (3,286 | ) | (1,835 | ) | (3,846 | ) | |||||||||
Amortization of prior service cost | 27 | 36 | (5 | ) | 56 | ||||||||||||
Recognized net actuarial loss | 45 | 1,539 | 313 | 651 | |||||||||||||
Net pension expense | $ | 662 | $ | 2,738 | $ | 1,349 | $ | 2,116 | |||||||||
Included in net pension expense for the three months ended March 31, 2014 for our non-U.S. and U.S. plans was approximately $0.8 million and $0.4 million, respectively, related to Paragon Offshore that was classified as discontinued operations. | |||||||||||||||||
During the three months ended March 31, 2015 and 2014, we made contributions to our pension plans totaling $0.2 million and $0.7 million, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Note 11 — 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. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
Several of our regional shorebases, including our North Sea, Australian and Brazilian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. The forward contract settlements in the remainder of 2015 represent approximately 60 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $69 million at March 31, 2015. Total unrealized losses related to these forward contracts were approximately $3 million as of March 31, 2015 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). | |||||||||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||||||||
The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | March 31, | December 31, | |||||||||||||||||||||||
classification | 2015 | 2014 | |||||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current liabilities | $ | 3,145 | $ | — | ||||||||||||||||||||
To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” expense | drilling services” expense | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (3,111 | ) | $ | 4,752 | $ | (34 | ) | $ | 1,194 | $ | — | $ | — |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | Note 12 — Fair Value of Financial Instruments | ||||||||||||||||
The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 6,739 | $ | 6,739 | $ | — | $ | — | |||||||||
Liabilities - | |||||||||||||||||
Foreign currency forward contracts | $ | 3,145 | $ | — | $ | 3,145 | $ | — | |||||||||
December 31, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 6,175 | $ | 6,175 | $ | — | $ | — | |||||||||
The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | Note 13 — Accumulated Other Comprehensive Loss | ||||||||||||||||
The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the three months ended March 31, 2015 and 2014. All amounts within the tables are shown net of tax. | |||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 4,752 | — | 1,009 | 5,761 | |||||||||||||
Amounts reclassified from AOCL | 1,194 | 763 | — | 1,957 | |||||||||||||
Net other comprehensive income | 5,946 | 763 | 1,009 | 7,718 | |||||||||||||
Balance at March 31, 2014 | $ | 5,946 | $ | (57,835 | ) | $ | (22,557 | ) | $ | (74,446 | ) | ||||||
Balance at December 31, 2014 | $ | — | $ | (58,440 | ) | $ | (10,978 | ) | $ | (69,418 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | (3,111 | ) | — | (3,299 | ) | (6,410 | ) | ||||||||||
Amounts reclassified from AOCL | (34 | ) | 1,081 | — | 1,047 | ||||||||||||
Net other comprehensive income (loss) | (3,145 | ) | 1,081 | (3,299 | ) | (5,363 | ) | ||||||||||
Balance at March 31, 2015 | $ | (3,145 | ) | $ | (57,359 | ) | $ | (14,277 | ) | $ | (74,781 | ) | |||||
-1 | Gains / (losses) on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 11 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 10 for additional information. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 — Commitments and Contingencies |
The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with British Petroleum plc (“BP”) for a two-well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig was ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. The arbitration process is proceeding, and we intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved should the arbitration panel ultimately rule in our favor. | |
In December 2014, one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our drillship, the Noble Discoverer, and the Kulluk in respect of violations of applicable law discovered in connection with a 2012 coast guard inspection in Alaska and our own subsequent internal investigation. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk. The subsidiary paid $8.2 million in fines and $4 million in community service payments, and was placed on probation for four years, provided that we may petition the court for early dismissal of probation after three years. If during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan in connection with the settlement. | |
We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At March 31, 2015, there were 45 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. | |
We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. | |
We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During the first quarter of 2014, the IRS began its examination of our tax reporting for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. 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. | |
Audit claims of approximately $65 million attributable to income, customs and other business taxes have been assessed against us. We have received tax assessments of approximately $148 million related to Paragon Offshore assets that operated through Noble-retained entities in Mexico, and Paragon Offshore has received tax assessments of approximately $145 million for Noble assets that operated through a Paragon Offshore-retained entity in Brazil. Of these tax assessments in Mexico and Brazil, approximately $21 million and $44 million, respectively, relate to Noble’s share of the tax liability. Under the TSA, Paragon Offshore has an obligation to indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $127 million, and we have an obligation to indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil assets, approximately $44 million, in each case, if and when such payments become due. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions. | |
On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling does not constitute mandatory jurisprudence in Mexico, and thus is only applicable to the Noble subsidiary named in the ruling. We will continue to contest future assessments received. Any claim by the tax authorities relating to this issue is subject to a full indemnification from Paragon Offshore under the TSA. | |
We have been notified by Petróleo Brasileiro S.A. (“Petrobras”) that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $24 million). We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights. | |
We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire. The rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence. | |
Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts, strikes or cyber risks. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. | |
We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million. | |
In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $676 million at March 31, 2015. | |
We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Note 15 — Accounting Pronouncements |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-Off. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard. Under the proposal, the new guidance will be effective for interim and annual reporting periods beginning after December 15, 2017. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. We are still evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In April 2015, the FASB issued ASU No. 2015-04 which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Supplemental_Financial_Informa
Supplemental Financial Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Supplemental Financial Information | Note 16 — Supplemental Financial Information | ||||||||||||||||
Consolidated Balance Sheets Information | |||||||||||||||||
Deferred revenues from drilling contracts totaled $243 million and $263 million at March 31, 2015 and December 31, 2014, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $91 million at March 31, 2015 as compared to $94 million at December 31, 2014, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. | |||||||||||||||||
Subsequent to March 31, 2015, we agreed to contract dayrate reductions for five rigs working for Saudi Arabian Oil Company (“Aramco”), which are effective from January 1, 2015 through December 31, 2015. In accordance with accounting guidance, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Aramco contracts. At March 31, 2015, revenues recorded in excess of billings as a result of this recognition totaled $21 million, and are included in “Other assets” in the accompanying Consolidated Balance Sheets. | |||||||||||||||||
Consolidated Statements of Cash Flows Information | |||||||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: | |||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Accounts receivable | $ | (24,890 | ) | $ | 91,226 | $ | (24,890 | ) | $ | 91,226 | |||||||
Other current assets | 102,206 | (46,320 | ) | 76,635 | (46,997 | ) | |||||||||||
Other assets | 13,827 | 19,801 | 13,825 | 19,805 | |||||||||||||
Accounts payable | 676 | (5,350 | ) | 1,284 | (12,696 | ) | |||||||||||
Other current liabilities | (58,682 | ) | (70,001 | ) | (52,979 | ) | (60,550 | ) | |||||||||
Other liabilities | (18,379 | ) | (12,474 | ) | (18,380 | ) | (12,472 | ) | |||||||||
$ | 14,758 | $ | (23,118 | ) | $ | (4,505 | ) | $ | (21,684 | ) | |||||||
Information_about_NobleCayman
Information about Noble-Cayman | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||
Information about Noble-Cayman | Note 17 — Information about Noble-Cayman | ||||||||||||||||||||||||||||||||
Guarantees of Registered Securities | |||||||||||||||||||||||||||||||||
In May 2014, as part of the separation of Paragon Offshore, NHC assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from those obligations. As a result, we removed NDC from the guarantor financial statements and NHC is no longer combined with Noble Drilling Holding, LLC (“NDH”) because the two entities are now issuers and guarantors on separate debt instruments. We have recast prior periods to conform to the guarantor structure as it exists at March 31, 2015. | |||||||||||||||||||||||||||||||||
Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2015 as follows: | |||||||||||||||||||||||||||||||||
Notes | Issuer (Co-Issuer(s)) | Guarantor | |||||||||||||||||||||||||||||||
$350 million 3.45% Senior Notes due 2015 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 3.05% Senior Notes due 2016 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 2.50% Senior Notes due 2017 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$250 million 4.00% Senior Notes due 2018 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$202 million 7.50% Senior Notes due 2019 | NHC | Noble-Cayman | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$500 million 4.90% Senior Notes due 2020 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 4.625% Senior Notes due 2021 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 3.95% Senior Notes due 2022 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$450 million 5.95% 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 6.95% Senior Notes due 2045 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. | |||||||||||||||||||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 271 | $ | — | $ | — | $ | 78,700 | $ | — | $ | 78,976 | |||||||||||||||||
Accounts receivable | — | — | 49,393 | — | — | 545,327 | — | 594,720 | |||||||||||||||||||||||||
Taxes receivable | — | 3,054 | 1,026 | — | — | 55,427 | — | 59,507 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,988 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,844 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 740,367 | 446,083 | 192,379 | 1,156,277 | 120,032 | 4,238,483 | (6,893,621 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 8,163 | — | 4,831 | — | — | 94,512 | — | 107,506 | |||||||||||||||||||||||||
Total current assets | 872,523 | 449,137 | 1,325,865 | 1,156,277 | 453,998 | 5,184,374 | (8,601,465 | ) | 840,709 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,060,898 | — | — | 12,430,291 | — | 14,491,189 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (294,885 | ) | — | — | (2,175,706 | ) | — | (2,470,591 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,766,013 | — | — | 10,254,585 | — | 12,020,598 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,653 | — | 236,921 | 1,980,391 | 5,000 | 1,582,492 | (7,109,457 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,784,403 | 1,315,628 | 2,976,634 | 8,556,204 | 6,469,968 | — | (24,102,837 | ) | — | ||||||||||||||||||||||||
Other assets | 7,566 | — | 5,858 | 27,422 | 486 | 184,099 | — | 225,431 | |||||||||||||||||||||||||
Total assets | $ | 8,969,145 | $ | 1,764,765 | $ | 6,311,291 | $ | 11,720,294 | $ | 6,929,452 | $ | 17,205,550 | $ | (39,813,759 | ) | $ | 13,086,738 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,164,199 | $ | (1,707,844 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 6,930 | — | — | 235,240 | — | 242,770 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,010 | — | — | 54,595 | — | 61,605 | |||||||||||||||||||||||||
Accounts payable to affiliates | 646,710 | 64,621 | 3,500,077 | 70,264 | 19,635 | 2,592,314 | (6,893,621 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 752 | — | — | 123,448 | — | 124,200 | |||||||||||||||||||||||||
Interest payable | 1 | — | — | 19,050 | 630 | — | — | 19,681 | |||||||||||||||||||||||||
Other current liabilities | 4,546 | — | 10,293 | — | — | 101,754 | — | 116,593 | |||||||||||||||||||||||||
Total current liabilities | 651,857 | 236,546 | 3,525,062 | 89,314 | 391,985 | 4,271,550 | (8,601,465 | ) | 564,849 | ||||||||||||||||||||||||
Long-term debt | 23,998 | — | — | 4,636,668 | 201,695 | — | — | 4,862,361 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 599,781 | 1,169,180 | 192,216 | 3,379,216 | (7,109,457 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 111,122 | — | 111,122 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 28,159 | 1 | — | 273,038 | — | 321,127 | |||||||||||||||||||||||||
Total liabilities | 2,464,848 | 236,546 | 4,153,002 | 5,895,163 | 785,896 | 8,034,926 | (15,710,922 | ) | 5,859,459 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,504,297 | 1,528,219 | 2,158,289 | 5,825,131 | 6,143,556 | 8,034,005 | (23,689,200 | ) | 6,504,297 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,136,619 | (413,637 | ) | 722,982 | ||||||||||||||||||||||||
Total equity | 6,504,297 | 1,528,219 | 2,158,289 | 5,825,131 | 6,143,556 | 9,170,624 | (24,102,837 | ) | 7,227,279 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 8,969,145 | $ | 1,764,765 | $ | 6,311,291 | $ | 11,720,294 | $ | 6,929,452 | $ | 17,205,550 | $ | (39,813,759 | ) | $ | 13,086,738 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
Accounts receivable | — | — | 37,655 | 2,336 | — | 529,105 | — | 569,096 | |||||||||||||||||||||||||
Taxes receivable | — | 63,373 | 752 | — | — | 43,164 | — | 107,289 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,449 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,305 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,019,319 | 374,012 | 192,771 | 157,164 | 125,834 | 4,191,406 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 14,274 | — | 1,764 | — | — | 123,631 | — | 139,669 | |||||||||||||||||||||||||
Total current assets | 2,157,047 | 437,385 | 1,311,161 | 159,500 | 459,800 | 5,124,752 | (8,767,811 | ) | 881,834 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,040,168 | — | — | 12,364,203 | — | 14,404,371 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (278,147 | ) | — | — | (2,040,073 | ) | — | (2,318,220 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,762,021 | — | — | 10,324,130 | — | 12,086,151 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,654 | — | 236,921 | 1,980,391 | 5,000 | 1,581,429 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,567,335 | 1,318,239 | 2,921,452 | 8,266,444 | 6,290,918 | — | (23,364,388 | ) | — | ||||||||||||||||||||||||
Other assets | 2,908 | — | 6,212 | 19,826 | 517 | 192,791 | — | 222,254 | |||||||||||||||||||||||||
Total assets | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,163,660 | $ | (1,707,305 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 10,130 | — | — | 250,282 | — | 261,012 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,738 | — | — | 83,749 | — | 91,487 | |||||||||||||||||||||||||
Accounts payable to affiliates | 606,224 | 63,602 | 3,513,705 | 61,982 | 16,869 | 2,798,124 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 91,471 | — | 91,471 | |||||||||||||||||||||||||
Interest payable | 499 | — | — | 57,053 | 4,412 | — | — | 61,964 | |||||||||||||||||||||||||
Other current liabilities | 15,651 | — | 13,409 | — | — | 110,890 | — | 139,950 | |||||||||||||||||||||||||
Total current liabilities | 622,974 | 235,527 | 3,544,982 | 119,035 | 393,001 | 4,498,176 | (8,767,811 | ) | 645,884 | ||||||||||||||||||||||||
Long-term debt | 1,123,495 | — | — | 3,543,830 | 201,695 | — | — | 4,869,020 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,068 | — | 598,715 | 1,169,180 | 192,216 | 3,379,216 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 120,589 | — | 120,589 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 29,093 | — | — | 286,942 | — | 335,964 | |||||||||||||||||||||||||
Total liabilities | 3,535,466 | 235,527 | 4,172,790 | 4,832,045 | 786,912 | 8,284,923 | (15,876,206 | ) | 5,971,457 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 7,812,656 | (22,961,169 | ) | 6,496,478 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,125,523 | (403,219 | ) | 722,304 | ||||||||||||||||||||||||
Total equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 8,938,179 | (23,364,388 | ) | 7,218,782 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 75,059 | $ | — | $ | — | $ | 737,807 | $ | (33,505 | ) | $ | 779,361 | ||||||||||||||||
Reimbursables | — | — | 2,379 | — | — | 22,602 | — | 24,981 | |||||||||||||||||||||||||
Total operating revenues | — | — | 77,438 | — | — | 760,409 | (33,505 | ) | 804,342 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,815 | 8,291 | 29,378 | 22,839 | — | 290,661 | (33,505 | ) | 319,479 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,482 | — | — | 18,675 | — | 20,157 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 17,368 | — | — | 136,498 | — | 153,866 | |||||||||||||||||||||||||
General and administrative | 457 | 3,388 | — | 8,349 | — | 14 | — | 12,208 | |||||||||||||||||||||||||
Total operating costs and expenses | 2,272 | 11,679 | 48,228 | 31,188 | — | 445,848 | (33,505 | ) | 505,710 | ||||||||||||||||||||||||
Operating income (loss) | (2,272 | ) | (11,679 | ) | 29,210 | (31,188 | ) | — | 314,561 | — | 298,632 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 216,726 | 32,081 | 55,024 | 289,758 | 179,050 | — | (772,639 | ) | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 216,726 | 32,081 | 55,024 | 289,758 | 179,050 | — | (772,639 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (24,753 | ) | (1,019 | ) | (3,255 | ) | (48,336 | ) | (6,216 | ) | (13,727 | ) | 48,262 | (49,044 | ) | ||||||||||||||||||
Interest income and other, net | 2,730 | 4,832 | 12,712 | 20,779 | 1,399 | 12,258 | (48,262 | ) | 6,448 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 192,431 | 24,215 | 93,691 | 231,013 | 174,233 | 313,092 | (772,639 | ) | 256,036 | ||||||||||||||||||||||||
Income tax provision | — | (16,093 | ) | (379 | ) | — | — | (27,086 | ) | — | (43,558 | ) | |||||||||||||||||||||
Net income from continuing operations | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 286,006 | (772,639 | ) | 212,478 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net Income | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 286,006 | (772,639 | ) | 212,478 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (30,464 | ) | 10,417 | (20,047 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 255,542 | (762,222 | ) | 192,431 | ||||||||||||||||||||||||
Other comprehensive loss, net | (5,363 | ) | — | — | — | — | (5,363 | ) | 5,363 | (5,363 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 187,068 | $ | 8,122 | $ | 93,312 | $ | 231,013 | $ | 174,233 | $ | 250,179 | $ | (756,859 | ) | $ | 187,068 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 76,953 | $ | — | $ | — | $ | 735,942 | $ | (42,258 | ) | $ | 770,637 | ||||||||||||||||
Reimbursables | — | — | 678 | — | — | 23,872 | — | 24,550 | |||||||||||||||||||||||||
Total operating revenues | — | — | 77,631 | — | — | 759,814 | (42,258 | ) | 795,187 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 10,071 | 7,219 | 34,574 | 26,116 | — | 314,855 | (42,258 | ) | 350,577 | ||||||||||||||||||||||||
Reimbursables | — | — | 831 | — | — | 20,673 | — | 21,504 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 14,634 | — | — | 130,969 | — | 145,603 | |||||||||||||||||||||||||
General and administrative | 573 | 1,847 | — | 6,961 | — | 2,551 | — | 11,932 | |||||||||||||||||||||||||
Total operating costs and expenses | 10,644 | 9,066 | 50,039 | 33,077 | — | 469,048 | (42,258 | ) | 529,616 | ||||||||||||||||||||||||
Operating income (loss) | (10,644 | ) | (9,066 | ) | 27,592 | (33,077 | ) | — | 290,766 | — | 265,571 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 206,296 | 45,755 | 98,114 | 255,558 | 170,149 | — | (775,872 | ) | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 113,917 | 24,978 | 11,040 | 63,201 | 2,042 | — | (215,178 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 320,213 | 70,733 | 109,154 | 318,759 | 172,191 | — | (991,050 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (25,884 | ) | (227 | ) | (5,823 | ) | (46,493 | ) | (7,949 | ) | (12,294 | ) | 58,278 | (40,392 | ) | ||||||||||||||||||
Interest income and other, net | 1,630 | — | 13,680 | 25,957 | 313 | 15,303 | (58,278 | ) | (1,395 | ) | |||||||||||||||||||||||
Income from continuing operations before income taxes | 285,315 | 61,440 | 144,603 | 265,146 | 164,555 | 293,775 | (991,050 | ) | 223,784 | ||||||||||||||||||||||||
Income tax provision | — | (30,194 | ) | (684 | ) | — | — | (4,592 | ) | — | (35,470 | ) | |||||||||||||||||||||
Net income from continuing operations | 285,315 | 31,246 | 143,919 | 265,146 | 164,555 | 289,183 | (991,050 | ) | 188,314 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | 6,689 | — | — | 107,228 | — | 113,917 | |||||||||||||||||||||||||
Net Income | 285,315 | 31,246 | 150,608 | 265,146 | 164,555 | 396,411 | (991,050 | ) | 302,231 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (29,986 | ) | 13,070 | (16,916 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 285,315 | 31,246 | 150,608 | 265,146 | 164,555 | 366,425 | (977,980 | ) | 285,315 | ||||||||||||||||||||||||
Other comprehensive income, net | 7,718 | — | — | — | — | 7,718 | (7,718 | ) | 7,718 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 293,033 | $ | 31,246 | $ | 150,608 | $ | 265,146 | $ | 164,555 | $ | 374,143 | $ | (985,698 | ) | $ | 293,033 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (27,097 | ) | $ | 36,360 | $ | 33,705 | $ | (102,007 | ) | $ | (8,568 | ) | $ | 426,630 | $ | — | $ | 359,023 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (27,344 | ) | — | — | (90,973 | ) | — | (118,317 | ) | ||||||||||||||||||||||
Net cash from investing activities | — | — | (27,344 | ) | — | — | (90,973 | ) | — | (118,317 | ) | ||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (1,099,497 | ) | — | — | — | — | — | — | (1,099,497 | ) | |||||||||||||||||||||||
Issuance of senior notes | — | — | — | 1,092,728 | — | — | — | 1,092,728 | |||||||||||||||||||||||||
Debt issuance costs on senior notes and credit facilities | (6,392 | ) | — | — | (8,383 | ) | — | — | — | (14,775 | ) | ||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (19,369 | ) | — | (19,369 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (186,597 | ) | — | — | — | — | — | — | (186,597 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | 1,319,583 | (36,360 | ) | (6,344 | ) | (982,338 | ) | 8,568 | (303,109 | ) | — | — | |||||||||||||||||||||
Net cash from financing activities | 27,097 | (36,360 | ) | (6,344 | ) | 102,007 | 8,568 | (322,478 | ) | — | (227,510 | ) | |||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17 | — | — | 13,179 | — | 13,196 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 5 | — | 254 | — | — | 65,521 | — | 65,780 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 271 | $ | — | $ | — | $ | 78,700 | $ | — | $ | 78,976 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (23,676 | ) | $ | (7,842 | ) | $ | 45,140 | $ | (98,984 | ) | $ | (11,386 | ) | $ | 628,403 | $ | — | $ | 531,655 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (331,096 | ) | — | — | (229,692 | ) | — | (560,788 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | 273,744 | — | — | (273,744 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (331,096 | ) | 273,744 | — | (229,692 | ) | (273,744 | ) | (560,788 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 422,402 | — | — | — | — | — | — | 422,402 | |||||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Debt issuance costs on credit facilities | (381 | ) | — | — | — | — | — | — | (381 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (19,695 | ) | — | (19,695 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (121,780 | ) | — | — | — | — | — | — | (121,780 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (2,817 | ) | 7,842 | 285,678 | 75,241 | 11,386 | (377,330 | ) | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | — | 273,744 | — | ||||||||||||||||||||||||
Net cash from financing activities | 23,680 | 7,842 | 285,678 | (174,759 | ) | 11,386 | (397,025 | ) | 273,744 | 30,546 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (278 | ) | 1 | — | 1,686 | — | 1,413 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 124 | $ | 5 | $ | — | $ | 111,661 | $ | — | $ | 111,795 | |||||||||||||||||
Accounting_Pronouncements_Poli
Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-Off. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures. |
In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard. Under the proposal, the new guidance will be effective for interim and annual reporting periods beginning after December 15, 2017. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03 which amends ASC Subtopic 835-30, “Interest – Imputation of Interest.” The guidance requires debt issuance costs to be presented in the balance sheet as a direct reduction from the associated debt liability. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. We are still evaluating what impact the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In April 2015, the FASB issued ASU No. 2015-04 which amends ASC Topic 715, “Compensation – Retirement Benefits.” The guidance gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. The ASU also provides a similar practical expedient for interim remeasurements of significant events. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Schedule of Components of Net Income from Discontinued Operations, Net of Tax | The following table provides the components of net income from discontinued operations, net of tax for Noble-UK for the three months ended March 31, 2014: | ||||
Three months ended | |||||
March 31, | |||||
2014 | |||||
Operating revenues | |||||
Contract drilling services | $ | 435,667 | |||
Reimbursables | 12,103 | ||||
Labor contract drilling services | 8,212 | ||||
Other | 1 | ||||
Operating revenues from discontinued operations | $ | 455,983 | |||
Income from discontinued operations | |||||
Income from discontinued operations before income taxes | $ | 120,370 | |||
Income tax provision | (18,858 | ) | |||
Net income from discontinued operations | $ | 101,512 | |||
Share_Data_Tables
Share Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Basic | |||||||||
Income from continuing operations | $ | 178,403 | $ | 154,814 | |||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (2,512 | ) | |||||
Income from continuing operations to common shareholders | 174,472 | 152,302 | |||||||
Income from discontinued operations | — | 101,512 | |||||||
Earnings allocated to unvested share-based payment awards | — | (1,762 | ) | ||||||
Income from discontinued operations, net of tax to common shareholders | — | 99,750 | |||||||
Net income attributable to Noble-UK | 178,403 | 256,326 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (4,274 | ) | |||||
Net income to common shareholders - basic | $ | 174,472 | $ | 252,052 | |||||
Diluted | |||||||||
Income from continuing operations | 178,403 | 154,814 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (2,510 | ) | |||||
Income from continuing operations to common shareholders | 174,472 | 152,304 | |||||||
Income from discontinued operations | — | 101,512 | |||||||
Earnings allocated to unvested share-based payment awards | — | (1,762 | ) | ||||||
Income from discontinued operations, net of tax to common shareholders | — | 99,750 | |||||||
Net income attributable to Noble-UK | 178,403 | 256,326 | |||||||
Earnings allocated to unvested share-based payment awards | (3,931 | ) | (4,272 | ) | |||||
Net income to common shareholders - diluted | $ | 174,472 | $ | 252,054 | |||||
Denominator: | |||||||||
Weighted average shares outstanding - basic | 242,685 | 253,940 | |||||||
Incremental shares issuable from assumed exercise of stock options | — | 135 | |||||||
Weighted average shares outstanding - diluted | 242,685 | 254,075 | |||||||
Weighted average unvested share-based payment awards | 5,468 | 4,188 | |||||||
Earnings per share | |||||||||
Basic | |||||||||
Continuing operations | $ | 0.72 | $ | 0.6 | |||||
Discontinued operations | — | 0.39 | |||||||
Net income attributable to Noble-UK | $ | 0.72 | $ | 0.99 | |||||
Diluted | |||||||||
Continuing operations | $ | 0.72 | $ | 0.6 | |||||
Discontinued operations | — | 0.39 | |||||||
Net income attributable to Noble-UK | $ | 0.72 | $ | 0.99 | |||||
Dividends per share | $ | 0.375 | $ | 0.375 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, at Cost | Property and equipment, at cost, as of March 31, 2015 and December 31, 2014 for Noble-UK consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Drilling equipment and facilities | $ | 13,348,942 | $ | 13,254,240 | |||||
Construction in progress | 948,905 | 969,985 | |||||||
Other | 231,893 | 218,697 | |||||||
Property and equipment, at cost | $ | 14,529,740 | $ | 14,442,922 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Debt | Long-term debt consisted of the following at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
3.45% Senior Notes due August 2015 | $ | 350,000 | $ | 350,000 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,986 | 299,982 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,929 | 299,920 | |||||||||||||||
4.00% Senior Notes due March 2018 | 249,474 | — | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,184 | 499,151 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,640 | 399,627 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,286 | 399,264 | |||||||||||||||
5.95% Senior Notes due April 2025 | 448,744 | — | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,895 | 399,895 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,691 | 397,681 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,317 | 498,310 | |||||||||||||||
6.95% Senior Notes due April 2045 | 394,522 | — | |||||||||||||||
Total senior unsecured notes | 4,838,363 | 3,745,525 | |||||||||||||||
Credit facilities & commercial paper program | 23,998 | 1,123,495 | |||||||||||||||
Total long-term debt | $ | 4,862,361 | $ | 4,869,020 | |||||||||||||
Estimated Fair Value of Our Long-Term Debt | The following table presents the estimated fair value of our long-term debt as of March 31, 2015 and December 31, 2014, respectively: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
3.45% Senior Notes due August 2015 | $ | 350,000 | $ | 351,762 | $ | 350,000 | $ | 354,992 | |||||||||
3.05% Senior Notes due March 2016 | 299,986 | 302,086 | 299,982 | 302,515 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,929 | 296,105 | 299,920 | 287,014 | |||||||||||||
4.00% Senior Notes due March 2018 | 249,474 | 251,865 | — | — | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 222,709 | 201,695 | 212,068 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,184 | 484,871 | 499,151 | 471,095 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,640 | 375,376 | 399,627 | 363,837 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,286 | 354,679 | 399,264 | 346,425 | |||||||||||||
5.95% Senior Notes due April 2025 | 448,744 | 440,169 | — | — | |||||||||||||
6.20% Senior Notes due August 2040 | 399,895 | 343,607 | 399,895 | 350,351 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,691 | 335,873 | 397,681 | 343,653 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,317 | 385,725 | 498,310 | 385,181 | |||||||||||||
6.95% Senior Notes due April 2045 | 394,522 | 380,219 | — | — | |||||||||||||
Total senior unsecured notes | 4,838,363 | 4,525,046 | 3,745,525 | 3,417,131 | |||||||||||||
Credit facilities & commercial paper program | 23,998 | 23,998 | 1,123,495 | 1,123,495 | |||||||||||||
Total long-term debt | $ | 4,862,361 | $ | 4,549,044 | $ | 4,869,020 | $ | 4,540,626 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension Costs | Pension costs include the following components for the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 874 | $ | 2,149 | $ | 1,420 | $ | 2,541 | |||||||||
Interest cost | 642 | 2,300 | 1,456 | 2,714 | |||||||||||||
Return on plan assets | (926 | ) | (3,286 | ) | (1,835 | ) | (3,846 | ) | |||||||||
Amortization of prior service cost | 27 | 36 | (5 | ) | 56 | ||||||||||||
Recognized net actuarial loss | 45 | 1,539 | 313 | 651 | |||||||||||||
Net pension expense | $ | 662 | $ | 2,738 | $ | 1,349 | $ | 2,116 | |||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Financial Statement Presentation and Fair Value of Derivative Positions | The following table, together with Note 12, summarizes the financial statement presentation and fair value of our derivative positions as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | March 31, | December 31, | |||||||||||||||||||||||
classification | 2015 | 2014 | |||||||||||||||||||||||
Liability derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current liabilities | $ | 3,145 | $ | — | ||||||||||||||||||||
Summarization of Recognized Gains and Losses of Cash Flow Hedges | To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “contract drilling services” expense for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “contract | through “contract | |||||||||||||||||||||||
drilling services” expense | drilling services” expense | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | (3,111 | ) | $ | 4,752 | $ | (34 | ) | $ | 1,194 | $ | — | $ | — |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 6,739 | $ | 6,739 | $ | — | $ | — | |||||||||
Liabilities - | |||||||||||||||||
Foreign currency forward contracts | $ | 3,145 | $ | — | $ | 3,145 | $ | — | |||||||||
December 31, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Carrying | Quoted | Significant | Significant | ||||||||||||||
Amount | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 6,175 | $ | 6,175 | $ | — | $ | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Changes in AOCL by Component | The following tables set forth the components of, and changes in the accumulated balances for each component of, AOCL for the three months ended March 31, 2015 and 2014. All amounts within the tables are shown net of tax. | ||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 4,752 | — | 1,009 | 5,761 | |||||||||||||
Amounts reclassified from AOCL | 1,194 | 763 | — | 1,957 | |||||||||||||
Net other comprehensive income | 5,946 | 763 | 1,009 | 7,718 | |||||||||||||
Balance at March 31, 2014 | $ | 5,946 | $ | (57,835 | ) | $ | (22,557 | ) | $ | (74,446 | ) | ||||||
Balance at December 31, 2014 | $ | — | $ | (58,440 | ) | $ | (10,978 | ) | $ | (69,418 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | (3,111 | ) | — | (3,299 | ) | (6,410 | ) | ||||||||||
Amounts reclassified from AOCL | (34 | ) | 1,081 | — | 1,047 | ||||||||||||
Net other comprehensive income (loss) | (3,145 | ) | 1,081 | (3,299 | ) | (5,363 | ) | ||||||||||
Balance at March 31, 2015 | $ | (3,145 | ) | $ | (57,359 | ) | $ | (14,277 | ) | $ | (74,781 | ) | |||||
-1 | Gains / (losses) on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 11 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 10 for additional information. |
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: | ||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Accounts receivable | $ | (24,890 | ) | $ | 91,226 | $ | (24,890 | ) | $ | 91,226 | |||||||
Other current assets | 102,206 | (46,320 | ) | 76,635 | (46,997 | ) | |||||||||||
Other assets | 13,827 | 19,801 | 13,825 | 19,805 | |||||||||||||
Accounts payable | 676 | (5,350 | ) | 1,284 | (12,696 | ) | |||||||||||
Other current liabilities | (58,682 | ) | (70,001 | ) | (52,979 | ) | (60,550 | ) | |||||||||
Other liabilities | (18,379 | ) | (12,474 | ) | (18,380 | ) | (12,472 | ) | |||||||||
$ | 14,758 | $ | (23,118 | ) | $ | (4,505 | ) | $ | (21,684 | ) | |||||||
Information_about_NobleCayman_
Information about Noble-Cayman (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||
Guarantor Obligations | Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2015 as follows: | ||||||||||||||||||||||||||||||||
Notes | Issuer (Co-Issuer(s)) | Guarantor | |||||||||||||||||||||||||||||||
$350 million 3.45% Senior Notes due 2015 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 3.05% Senior Notes due 2016 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$300 million 2.50% Senior Notes due 2017 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$250 million 4.00% Senior Notes due 2018 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$202 million 7.50% Senior Notes due 2019 | NHC | Noble-Cayman | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$500 million 4.90% Senior Notes due 2020 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 4.625% Senior Notes due 2021 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$400 million 3.95% Senior Notes due 2022 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
$450 million 5.95% 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 6.95% Senior Notes due 2045 | NHIL | Noble-Cayman | |||||||||||||||||||||||||||||||
Condensed Financial Statements | The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. | ||||||||||||||||||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 271 | $ | — | $ | — | $ | 78,700 | $ | — | $ | 78,976 | |||||||||||||||||
Accounts receivable | — | — | 49,393 | — | — | 545,327 | — | 594,720 | |||||||||||||||||||||||||
Taxes receivable | — | 3,054 | 1,026 | — | — | 55,427 | — | 59,507 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,988 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,844 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 740,367 | 446,083 | 192,379 | 1,156,277 | 120,032 | 4,238,483 | (6,893,621 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 8,163 | — | 4,831 | — | — | 94,512 | — | 107,506 | |||||||||||||||||||||||||
Total current assets | 872,523 | 449,137 | 1,325,865 | 1,156,277 | 453,998 | 5,184,374 | (8,601,465 | ) | 840,709 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,060,898 | — | — | 12,430,291 | — | 14,491,189 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (294,885 | ) | — | — | (2,175,706 | ) | — | (2,470,591 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,766,013 | — | — | 10,254,585 | — | 12,020,598 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,653 | — | 236,921 | 1,980,391 | 5,000 | 1,582,492 | (7,109,457 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,784,403 | 1,315,628 | 2,976,634 | 8,556,204 | 6,469,968 | — | (24,102,837 | ) | — | ||||||||||||||||||||||||
Other assets | 7,566 | — | 5,858 | 27,422 | 486 | 184,099 | — | 225,431 | |||||||||||||||||||||||||
Total assets | $ | 8,969,145 | $ | 1,764,765 | $ | 6,311,291 | $ | 11,720,294 | $ | 6,929,452 | $ | 17,205,550 | $ | (39,813,759 | ) | $ | 13,086,738 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,164,199 | $ | (1,707,844 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 6,930 | — | — | 235,240 | — | 242,770 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,010 | — | — | 54,595 | — | 61,605 | |||||||||||||||||||||||||
Accounts payable to affiliates | 646,710 | 64,621 | 3,500,077 | 70,264 | 19,635 | 2,592,314 | (6,893,621 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 752 | — | — | 123,448 | — | 124,200 | |||||||||||||||||||||||||
Interest payable | 1 | — | — | 19,050 | 630 | — | — | 19,681 | |||||||||||||||||||||||||
Other current liabilities | 4,546 | — | 10,293 | — | — | 101,754 | — | 116,593 | |||||||||||||||||||||||||
Total current liabilities | 651,857 | 236,546 | 3,525,062 | 89,314 | 391,985 | 4,271,550 | (8,601,465 | ) | 564,849 | ||||||||||||||||||||||||
Long-term debt | 23,998 | — | — | 4,636,668 | 201,695 | — | — | 4,862,361 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 599,781 | 1,169,180 | 192,216 | 3,379,216 | (7,109,457 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 111,122 | — | 111,122 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 28,159 | 1 | — | 273,038 | — | 321,127 | |||||||||||||||||||||||||
Total liabilities | 2,464,848 | 236,546 | 4,153,002 | 5,895,163 | 785,896 | 8,034,926 | (15,710,922 | ) | 5,859,459 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,504,297 | 1,528,219 | 2,158,289 | 5,825,131 | 6,143,556 | 8,034,005 | (23,689,200 | ) | 6,504,297 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,136,619 | (413,637 | ) | 722,982 | ||||||||||||||||||||||||
Total equity | 6,504,297 | 1,528,219 | 2,158,289 | 5,825,131 | 6,143,556 | 9,170,624 | (24,102,837 | ) | 7,227,279 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 8,969,145 | $ | 1,764,765 | $ | 6,311,291 | $ | 11,720,294 | $ | 6,929,452 | $ | 17,205,550 | $ | (39,813,759 | ) | $ | 13,086,738 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 254 | $ | — | $ | — | $ | 65,521 | $ | — | $ | 65,780 | |||||||||||||||||
Accounts receivable | — | — | 37,655 | 2,336 | — | 529,105 | — | 569,096 | |||||||||||||||||||||||||
Taxes receivable | — | 63,373 | 752 | — | — | 43,164 | — | 107,289 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | 123,449 | — | 1,077,965 | — | 333,966 | 171,925 | (1,707,305 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 2,019,319 | 374,012 | 192,771 | 157,164 | 125,834 | 4,191,406 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 14,274 | — | 1,764 | — | — | 123,631 | — | 139,669 | |||||||||||||||||||||||||
Total current assets | 2,157,047 | 437,385 | 1,311,161 | 159,500 | 459,800 | 5,124,752 | (8,767,811 | ) | 881,834 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,040,168 | — | — | 12,364,203 | — | 14,404,371 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (278,147 | ) | — | — | (2,040,073 | ) | — | (2,318,220 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,762,021 | — | — | 10,324,130 | — | 12,086,151 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,654 | — | 236,921 | 1,980,391 | 5,000 | 1,581,429 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 4,567,335 | 1,318,239 | 2,921,452 | 8,266,444 | 6,290,918 | — | (23,364,388 | ) | — | ||||||||||||||||||||||||
Other assets | 2,908 | — | 6,212 | 19,826 | 517 | 192,791 | — | 222,254 | |||||||||||||||||||||||||
Total assets | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 371,720 | $ | 1,163,660 | $ | (1,707,305 | ) | $ | — | ||||||||||||||||
Accounts payable | 600 | — | 10,130 | — | — | 250,282 | — | 261,012 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,738 | — | — | 83,749 | — | 91,487 | |||||||||||||||||||||||||
Accounts payable to affiliates | 606,224 | 63,602 | 3,513,705 | 61,982 | 16,869 | 2,798,124 | (7,060,506 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 91,471 | — | 91,471 | |||||||||||||||||||||||||
Interest payable | 499 | — | — | 57,053 | 4,412 | — | — | 61,964 | |||||||||||||||||||||||||
Other current liabilities | 15,651 | — | 13,409 | — | — | 110,890 | — | 139,950 | |||||||||||||||||||||||||
Total current liabilities | 622,974 | 235,527 | 3,544,982 | 119,035 | 393,001 | 4,498,176 | (8,767,811 | ) | 645,884 | ||||||||||||||||||||||||
Long-term debt | 1,123,495 | — | — | 3,543,830 | 201,695 | — | — | 4,869,020 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,068 | — | 598,715 | 1,169,180 | 192,216 | 3,379,216 | (7,108,395 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 120,589 | — | 120,589 | |||||||||||||||||||||||||
Other liabilities | 19,929 | — | 29,093 | — | — | 286,942 | — | 335,964 | |||||||||||||||||||||||||
Total liabilities | 3,535,466 | 235,527 | 4,172,790 | 4,832,045 | 786,912 | 8,284,923 | (15,876,206 | ) | 5,971,457 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 7,812,656 | (22,961,169 | ) | 6,496,478 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,125,523 | (403,219 | ) | 722,304 | ||||||||||||||||||||||||
Total equity | 6,496,478 | 1,520,097 | 2,064,977 | 5,594,116 | 5,969,323 | 8,938,179 | (23,364,388 | ) | 7,218,782 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 10,031,944 | $ | 1,755,624 | $ | 6,237,767 | $ | 10,426,161 | $ | 6,756,235 | $ | 17,223,102 | $ | (39,240,594 | ) | $ | 13,190,239 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 75,059 | $ | — | $ | — | $ | 737,807 | $ | (33,505 | ) | $ | 779,361 | ||||||||||||||||
Reimbursables | — | — | 2,379 | — | — | 22,602 | — | 24,981 | |||||||||||||||||||||||||
Total operating revenues | — | — | 77,438 | — | — | 760,409 | (33,505 | ) | 804,342 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,815 | 8,291 | 29,378 | 22,839 | — | 290,661 | (33,505 | ) | 319,479 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,482 | — | — | 18,675 | — | 20,157 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 17,368 | — | — | 136,498 | — | 153,866 | |||||||||||||||||||||||||
General and administrative | 457 | 3,388 | — | 8,349 | — | 14 | — | 12,208 | |||||||||||||||||||||||||
Total operating costs and expenses | 2,272 | 11,679 | 48,228 | 31,188 | — | 445,848 | (33,505 | ) | 505,710 | ||||||||||||||||||||||||
Operating income (loss) | (2,272 | ) | (11,679 | ) | 29,210 | (31,188 | ) | — | 314,561 | — | 298,632 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 216,726 | 32,081 | 55,024 | 289,758 | 179,050 | — | (772,639 | ) | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 216,726 | 32,081 | 55,024 | 289,758 | 179,050 | — | (772,639 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (24,753 | ) | (1,019 | ) | (3,255 | ) | (48,336 | ) | (6,216 | ) | (13,727 | ) | 48,262 | (49,044 | ) | ||||||||||||||||||
Interest income and other, net | 2,730 | 4,832 | 12,712 | 20,779 | 1,399 | 12,258 | (48,262 | ) | 6,448 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 192,431 | 24,215 | 93,691 | 231,013 | 174,233 | 313,092 | (772,639 | ) | 256,036 | ||||||||||||||||||||||||
Income tax provision | — | (16,093 | ) | (379 | ) | — | — | (27,086 | ) | — | (43,558 | ) | |||||||||||||||||||||
Net income from continuing operations | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 286,006 | (772,639 | ) | 212,478 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net Income | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 286,006 | (772,639 | ) | 212,478 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (30,464 | ) | 10,417 | (20,047 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 192,431 | 8,122 | 93,312 | 231,013 | 174,233 | 255,542 | (762,222 | ) | 192,431 | ||||||||||||||||||||||||
Other comprehensive loss, net | (5,363 | ) | — | — | — | — | (5,363 | ) | 5,363 | (5,363 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 187,068 | $ | 8,122 | $ | 93,312 | $ | 231,013 | $ | 174,233 | $ | 250,179 | $ | (756,859 | ) | $ | 187,068 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||
of Noble | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 76,953 | $ | — | $ | — | $ | 735,942 | $ | (42,258 | ) | $ | 770,637 | ||||||||||||||||
Reimbursables | — | — | 678 | — | — | 23,872 | — | 24,550 | |||||||||||||||||||||||||
Total operating revenues | — | — | 77,631 | — | — | 759,814 | (42,258 | ) | 795,187 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 10,071 | 7,219 | 34,574 | 26,116 | — | 314,855 | (42,258 | ) | 350,577 | ||||||||||||||||||||||||
Reimbursables | — | — | 831 | — | — | 20,673 | — | 21,504 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 14,634 | — | — | 130,969 | — | 145,603 | |||||||||||||||||||||||||
General and administrative | 573 | 1,847 | — | 6,961 | — | 2,551 | — | 11,932 | |||||||||||||||||||||||||
Total operating costs and expenses | 10,644 | 9,066 | 50,039 | 33,077 | — | 469,048 | (42,258 | ) | 529,616 | ||||||||||||||||||||||||
Operating income (loss) | (10,644 | ) | (9,066 | ) | 27,592 | (33,077 | ) | — | 290,766 | — | 265,571 | ||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates | 206,296 | 45,755 | 98,114 | 255,558 | 170,149 | — | (775,872 | ) | — | ||||||||||||||||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 113,917 | 24,978 | 11,040 | 63,201 | 2,042 | — | (215,178 | ) | — | ||||||||||||||||||||||||
Total income (loss) of unconsolidated affiliates | 320,213 | 70,733 | 109,154 | 318,759 | 172,191 | — | (991,050 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (25,884 | ) | (227 | ) | (5,823 | ) | (46,493 | ) | (7,949 | ) | (12,294 | ) | 58,278 | (40,392 | ) | ||||||||||||||||||
Interest income and other, net | 1,630 | — | 13,680 | 25,957 | 313 | 15,303 | (58,278 | ) | (1,395 | ) | |||||||||||||||||||||||
Income from continuing operations before income taxes | 285,315 | 61,440 | 144,603 | 265,146 | 164,555 | 293,775 | (991,050 | ) | 223,784 | ||||||||||||||||||||||||
Income tax provision | — | (30,194 | ) | (684 | ) | — | — | (4,592 | ) | — | (35,470 | ) | |||||||||||||||||||||
Net income from continuing operations | 285,315 | 31,246 | 143,919 | 265,146 | 164,555 | 289,183 | (991,050 | ) | 188,314 | ||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | 6,689 | — | — | 107,228 | — | 113,917 | |||||||||||||||||||||||||
Net Income | 285,315 | 31,246 | 150,608 | 265,146 | 164,555 | 396,411 | (991,050 | ) | 302,231 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (29,986 | ) | 13,070 | (16,916 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 285,315 | 31,246 | 150,608 | 265,146 | 164,555 | 366,425 | (977,980 | ) | 285,315 | ||||||||||||||||||||||||
Other comprehensive income, net | 7,718 | — | — | — | — | 7,718 | (7,718 | ) | 7,718 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 293,033 | $ | 31,246 | $ | 150,608 | $ | 265,146 | $ | 164,555 | $ | 374,143 | $ | (985,698 | ) | $ | 293,033 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (27,097 | ) | $ | 36,360 | $ | 33,705 | $ | (102,007 | ) | $ | (8,568 | ) | $ | 426,630 | $ | — | $ | 359,023 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (27,344 | ) | — | — | (90,973 | ) | — | (118,317 | ) | ||||||||||||||||||||||
Net cash from investing activities | — | — | (27,344 | ) | — | — | (90,973 | ) | — | (118,317 | ) | ||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | (1,099,497 | ) | — | — | — | — | — | — | (1,099,497 | ) | |||||||||||||||||||||||
Issuance of senior notes | — | — | — | 1,092,728 | — | — | — | 1,092,728 | |||||||||||||||||||||||||
Debt issuance costs on senior notes and credit facilities | (6,392 | ) | — | — | (8,383 | ) | — | — | — | (14,775 | ) | ||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (19,369 | ) | — | (19,369 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (186,597 | ) | — | — | — | — | — | — | (186,597 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | 1,319,583 | (36,360 | ) | (6,344 | ) | (982,338 | ) | 8,568 | (303,109 | ) | — | — | |||||||||||||||||||||
Net cash from financing activities | 27,097 | (36,360 | ) | (6,344 | ) | 102,007 | 8,568 | (322,478 | ) | — | (227,510 | ) | |||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17 | — | — | 13,179 | — | 13,196 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 5 | — | 254 | — | — | 65,521 | — | 65,780 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 271 | $ | — | $ | — | $ | 78,700 | $ | — | $ | 78,976 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Noble- | NHC | NDH | NHIL | NDS6 | Other | Consolidating | Total | ||||||||||||||||||||||||||
Cayman | Non-guarantor | Adjustments | |||||||||||||||||||||||||||||||
Subsidiaries of | |||||||||||||||||||||||||||||||||
Noble | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (23,676 | ) | $ | (7,842 | ) | $ | 45,140 | $ | (98,984 | ) | $ | (11,386 | ) | $ | 628,403 | $ | — | $ | 531,655 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (331,096 | ) | — | — | (229,692 | ) | — | (560,788 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | 273,744 | — | — | (273,744 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (331,096 | ) | 273,744 | — | (229,692 | ) | (273,744 | ) | (560,788 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 422,402 | — | — | — | — | — | — | 422,402 | |||||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Debt issuance costs on credit facilities | (381 | ) | — | — | — | — | — | — | (381 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (19,695 | ) | — | (19,695 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (121,780 | ) | — | — | — | — | — | — | (121,780 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (2,817 | ) | 7,842 | 285,678 | 75,241 | 11,386 | (377,330 | ) | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | — | 273,744 | — | ||||||||||||||||||||||||
Net cash from financing activities | 23,680 | 7,842 | 285,678 | (174,759 | ) | 11,386 | (397,025 | ) | 273,744 | 30,546 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | (278 | ) | 1 | — | 1,686 | — | 1,413 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 124 | $ | 5 | $ | — | $ | 111,661 | $ | — | $ | 111,795 | |||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) | Mar. 31, 2015 |
Rigs | |
Accounting Policies [Abstract] | |
Number of semisubmersibles | 8 |
Number of drillships | 9 |
Number of jackups | 15 |
Number of harsh environment jackup rigs under construction | 1 |
Spinoff_of_Paragon_Offshore_pl1
Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) (Paragon Offshore [Member], USD $) | 0 Months Ended | 3 Months Ended |
In Billions, except Share data, unless otherwise specified | Aug. 01, 2014 | Mar. 31, 2015 |
Paragon Offshore [Member] | ||
Schedule Of Discontinued Operations [Line Items] | ||
Long-term debt issued | $1.70 | |
Pro rata distribution | Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. | |
Minimum shares eligible for prorata allotment under spin off transaction | 3 | |
Shares received under spin off transaction | 1 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |
Spin-Off related costs totaled | $12 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Components of Net Income from Discontinued Operations, Net of Tax (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Operating revenues | |
Operating revenues from discontinued operations | $455,983 |
Income from discontinued operations | |
Income from discontinued operations before income taxes | 120,370 |
Income tax provision | -18,858 |
Net income from discontinued operations | 101,512 |
Contract Drilling Services [Member] | |
Operating revenues | |
Operating revenues from discontinued operations | 435,667 |
Reimbursables [Member] | |
Operating revenues | |
Operating revenues from discontinued operations | 12,103 |
Labor Contract Drilling Services [Member] | |
Operating revenues | |
Operating revenues from discontinued operations | 8,212 |
Other [Member] | |
Operating revenues | |
Operating revenues from discontinued operations | $1 |
Consolidated_Joint_Ventures_Ad
Consolidated Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rigs | ||||
JointVenture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures acquired | 2 | |||
Number of bully class drillships | 2 | |||
Percentage of dividend paid to joint venture partner | 50.00% | |||
Carrying amount of the drillships | $1,400,000,000 | $1,400,000,000 | ||
Cash held by Bully joint venture | 82,203,000 | 114,735,000 | 68,510,000 | 114,458,000 |
Affiliated Entity [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash held by Bully joint venture | 58,000,000 | 47,000,000 | ||
Bully Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Dividend paid by Bully Joint Venture Partners | $39,000,000 | $39,000,000 |
Share_Data_Computation_of_Basi
Share Data - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic | ||
Income from continuing operations | $178,403 | $154,814 |
Earnings allocated to unvested share-based payment awards | -3,931 | -2,512 |
Income from continuing operations to common shareholders | 174,472 | 152,302 |
Income from discontinued operations | 101,512 | |
Earnings allocated to unvested share-based payment awards | -1,762 | |
Income from discontinued operations, net of tax to common shareholders | 99,750 | |
Net income attributable to Noble-UK | 178,403 | 256,326 |
Earnings allocated to unvested share-based payment awards | -3,931 | -4,274 |
Net income to common shareholders - basic | 174,472 | 252,052 |
Diluted | ||
Income from continuing operations | 178,403 | 154,814 |
Earnings allocated to unvested share-based payment awards | -3,931 | -2,510 |
Income from continuing operations to common shareholders | 174,472 | 152,304 |
Income from discontinued operations | 101,512 | |
Earnings allocated to unvested share-based payment awards | -1,762 | |
Income from discontinued operations, net of tax to common shareholders | 99,750 | |
Net income attributable to Noble-UK | 178,403 | 256,326 |
Earnings allocated to unvested share-based payment awards | -3,931 | -4,272 |
Net income to common shareholders - diluted | $174,472 | $252,054 |
Denominator: | ||
Weighted average shares outstanding - basic | 242,685 | 253,940 |
Incremental shares issuable from assumed exercise of stock options | 135 | |
Weighted average shares outstanding - diluted | 242,685 | 254,075 |
Weighted average unvested share-based payment awards | 5,468 | 4,188 |
Basic | ||
Continuing operations | $0.72 | $0.60 |
Discontinued operations | $0.39 | |
Net income attributable to Noble-UK | $0.72 | $0.99 |
Diluted | ||
Continuing operations | $0.72 | $0.60 |
Discontinued operations | $0.39 | |
Net income attributable to Noble-UK | $0.72 | $0.99 |
Dividends per share | $0.38 | $0.38 |
Share_Data_Additional_Informat
Share Data - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Jan. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares outstanding and trading | 242,000,000 | 247,500,000 | ||
Repurchase of shares related to share repurchase program | -6,209,000 | |||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | |||
Current nominal value per share | $0.01 | |||
Dividend to be paid, per share | $0.38 | |||
Dividends payable outstanding | $93,000,000 | |||
Dividend declaration, Date | 30-Jan-15 | |||
Dividend paid, Date | 20-Feb-15 | |||
Dividend record, Date | 10-Feb-15 | |||
Repurchased shares | 37,000,000 | |||
Shares outstanding repurchased percentage | 15.00% | |||
Stock repurchase expiration period | 12 months | |||
Payments under share repurchase program | $101,000,000 | |||
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the diluted net income per share | 2,000,000 | 1,000,000 |
Receivables_from_Customers_Add
Receivables from Customers - Additional Information (Detail) (Petroleos Mexicanos [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Petroleos Mexicanos [Member] | |
Receivables From Major Customers [Line Items] | |
Approximate receivable | $14 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment, at Cost (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $14,529,740 | $14,442,922 |
Drilling Equipment and Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 13,348,942 | 13,254,240 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 948,905 | 969,985 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $231,893 | $218,697 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Capital expenditures | $89 | $517 |
Capitalized interest on construction-in-progress | 5 | 14 |
Paragon Offshore [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital expenditures | 53 | |
Depreciation expense | $100 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $4,862,361 | $4,869,020 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 23,998 | 1,123,495 |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 350,000 | 350,000 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 299,986 | 299,982 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 299,929 | 299,920 |
4.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 249,474 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 499,184 | 499,151 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,640 | 399,627 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,286 | 399,264 |
5.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 448,744 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 399,895 | 399,895 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 397,691 | 397,681 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 498,317 | 498,310 |
6.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | 394,522 | |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes | $4,838,363 | $3,745,525 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
3.45% Senior Notes due August 2015 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.45% |
Senior notes, maturity date | 2015 |
3.05% Senior Notes due March 2016 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2016 |
2.50% Senior Notes due March 2017 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2017 |
4.00% Senior Notes due March 2018 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.00% |
Senior notes, maturity date | 2018 |
7.50% Senior Notes due March 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2019 |
4.90% Senior Notes due August 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2020 |
4.625% Senior Notes due March 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.63% |
Senior notes, maturity date | 2021 |
3.95% Senior Notes due March 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2022 |
5.95% Senior Notes due April 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.95% |
Senior notes, maturity date | 2025 |
6.20% Senior Notes due August 2040 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2040 |
6.05% Senior Notes due March 2041 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2041 |
5.25% Senior Notes due March 2042 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2042 |
6.95% Senior Notes due April 2045 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2045 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
CreditFacility | |
Debt Instrument [Line Items] | |
Number of credit facilities | 2 |
Maximum available letter of credit under credit facilities | $500,000,000 |
Face value of senior notes | 1,100,000,000 |
Weighted average coupon of all three tranches | 5.87% |
Proceeds from issuance of senior notes, net of debt issuance costs | 1,092,728,000 |
Maximum debt to tangible capitalization covenant | 0.6 |
Line of credit facility debt to tangible capitalization ratio | 0.4 |
Commercial Paper Program [Member] | |
Debt Instrument [Line Items] | |
Maximum amount to be issued under commercial paper | 2,400,000,000 |
Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Senior unsecured revolving credit facility maturity period | 5 years |
Maximum available letter of credit under credit facilities | 2,400,000,000 |
Senior unsecured Revolving Credit Facility Maturity date | 2020-01 |
Revolving Credit Facility Which Matures in 2016 [Member] | |
Debt Instrument [Line Items] | |
Senior unsecured revolving credit facility maturity period | 364 days |
Maximum available letter of credit under credit facilities | 225,000,000 |
Senior unsecured Revolving Credit Facility Maturity date | 2016-01 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum available letter of credit under credit facilities | 2,700,000,000 |
3.45% Senior Notes due August 2015 [Member] | |
Debt Instrument [Line Items] | |
Face value of senior notes | 350,000,000 |
Interest rate on senior notes | 3.45% |
Senior notes, maturity date | 2015 |
3.05% Senior Notes due March 2016 [Member] | |
Debt Instrument [Line Items] | |
Face value of senior notes | 300,000,000 |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2016 |
4.00% Senior Notes due March 2018 [Member] | |
Debt Instrument [Line Items] | |
Face value of senior notes | 250,000,000 |
Interest rate on senior notes | 4.00% |
Senior notes, maturity date | 2018 |
5.95% Senior Notes due April 2025 [Member] | |
Debt Instrument [Line Items] | |
Face value of senior notes | 450,000,000 |
Interest rate on senior notes | 5.95% |
Senior notes, maturity date | 2025 |
6.95% Senior Notes due April 2045 [Member] | |
Debt Instrument [Line Items] | |
Face value of senior notes | $400,000,000 |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2045 |
Debt_Estimated_Fair_Value_of_O
Debt - Estimated Fair Value of Our Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Estimated Fair Value | $4,549,044 | $4,540,626 |
Total long-term debt, Carrying Value | 4,862,361 | 4,869,020 |
Credit Facilities and Commercial Paper Program [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Estimated Fair Value | 23,998 | 1,123,495 |
Total long-term debt, Carrying Value | 23,998 | 1,123,495 |
3.45% Senior Notes due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 350,000 | 350,000 |
Total long-term debt, Estimated Fair Value | 351,762 | 354,992 |
3.05% Senior Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,986 | 299,982 |
Total long-term debt, Estimated Fair Value | 302,086 | 302,515 |
2.50% Senior Notes due March 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 299,929 | 299,920 |
Total long-term debt, Estimated Fair Value | 296,105 | 287,014 |
4.00% Senior Notes due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 249,474 | |
Total long-term debt, Estimated Fair Value | 251,865 | |
7.50% Senior Notes due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 201,695 | 201,695 |
Total long-term debt, Estimated Fair Value | 222,709 | 212,068 |
4.90% Senior Notes due August 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 499,184 | 499,151 |
Total long-term debt, Estimated Fair Value | 484,871 | 471,095 |
4.625% Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,640 | 399,627 |
Total long-term debt, Estimated Fair Value | 375,376 | 363,837 |
3.95% Senior Notes due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,286 | 399,264 |
Total long-term debt, Estimated Fair Value | 354,679 | 346,425 |
5.95% Senior Notes due April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 448,744 | |
Total long-term debt, Estimated Fair Value | 440,169 | |
6.20% Senior Notes due August 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 399,895 | 399,895 |
Total long-term debt, Estimated Fair Value | 343,607 | 350,351 |
6.05% Senior Notes due March 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 397,691 | 397,681 |
Total long-term debt, Estimated Fair Value | 335,873 | 343,653 |
5.25% Senior Notes due March 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 498,317 | 498,310 |
Total long-term debt, Estimated Fair Value | 385,725 | 385,181 |
6.95% Senior Notes due April 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 394,522 | |
Total long-term debt, Estimated Fair Value | 380,219 | |
Total Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total senior unsecured notes, Carrying Value | 4,838,363 | 3,745,525 |
Total long-term debt, Estimated Fair Value | $4,525,046 | $3,417,131 |
Debt_Estimated_Fair_Value_of_O1
Debt - Estimated Fair Value of Our Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
3.45% Senior Notes due August 2015 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.45% |
Senior notes, maturity date | 2015 |
3.05% Senior Notes due March 2016 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2016 |
2.50% Senior Notes due March 2017 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2017 |
4.00% Senior Notes due March 2018 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.00% |
Senior notes, maturity date | 2018 |
7.50% Senior Notes due March 2019 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2019 |
4.90% Senior Notes due August 2020 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2020 |
4.625% Senior Notes due March 2021 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 4.63% |
Senior notes, maturity date | 2021 |
3.95% Senior Notes due March 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2022 |
5.95% Senior Notes due April 2025 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.95% |
Senior notes, maturity date | 2025 |
6.20% Senior Notes due August 2040 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2040 |
6.05% Senior Notes due March 2041 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2041 |
5.25% Senior Notes due March 2042 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2042 |
6.95% Senior Notes due April 2045 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2045 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Reserves for uncertain tax positions net | $112 | $116 |
Related tax benefits | 1 | 1 |
Reduction in the provision for income taxes, if reserves not utilized | $112 | |
Operational period | 12 months |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $874 | $1,420 |
Interest cost | 642 | 1,456 |
Return on plan assets | -926 | -1,835 |
Amortization of prior service cost | 27 | -5 |
Recognized net actuarial loss | 45 | 313 |
Net pension expense | 662 | 1,349 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,149 | 2,541 |
Interest cost | 2,300 | 2,714 |
Return on plan assets | -3,286 | -3,846 |
Amortization of prior service cost | 36 | 56 |
Recognized net actuarial loss | 1,539 | 651 |
Net pension expense | $2,738 | $2,116 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $200,000 | $700,000 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net pension expense | 662,000 | 1,349,000 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net pension expense | 2,738,000 | 2,116,000 |
Paragon Offshore [Member] | Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net pension expense | 800,000 | |
Paragon Offshore [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net pension expense | $400,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivative [Line Items] | |
Percentage of forecasted local currency requirements of forward contract | 60.00% |
Forward Contracts [Member] | |
Derivative [Line Items] | |
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | 3 |
Price Risk Derivative [Member] | |
Derivative [Line Items] | |
Notional amount of forward contracts outstanding | 69 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) (Short-Term Foreign Currency Forward Contracts [Member], Other Current Liabilities [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Short-Term Foreign Currency Forward Contracts [Member] | Other Current Liabilities [Member] | |
Liability derivatives | |
Cash flow hedges Short-term foreign currency forward contracts | $3,145 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) (Foreign Currency Forward Contracts [Member], Cash Flow Hedges [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) recognized through AOCL | ($3,111) | $4,752 |
Contract Drilling Services [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to "contract drilling services" expense | -34 | 1,194 |
Gain/(loss) recognized through "contract drilling services" expense | $0 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets - | ||
Marketable securities | $6,739 | $6,175 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Liabilities - | ||
Foreign currency forward contracts | 3,145 | |
Carrying Amount [Member] | ||
Assets - | ||
Marketable securities | 6,739 | 6,175 |
Liabilities - | ||
Foreign currency forward contracts | $3,145 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | ($69,418) | ($82,164) |
Other comprehensive income before reclassifications | -6,410 | 5,761 |
Amounts reclassified from AOCL | 1,047 | 1,957 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Ending balance | -74,781 | -74,446 |
Cash Flow Hedge Gain (Loss) Reclassified [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income before reclassifications | -3,111 | 4,752 |
Amounts reclassified from AOCL | -34 | 1,194 |
Other comprehensive income (loss), net | -3,145 | 5,946 |
Ending balance | -3,145 | 5,946 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -58,440 | -58,598 |
Amounts reclassified from AOCL | 1,081 | 763 |
Other comprehensive income (loss), net | 1,081 | 763 |
Ending balance | -57,359 | -57,835 |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -10,978 | -23,566 |
Other comprehensive income before reclassifications | -3,299 | 1,009 |
Other comprehensive income (loss), net | -3,299 | 1,009 |
Ending balance | ($14,277) | ($22,557) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | BRL | Customs and Other Business Taxes [Member] | Minimum [Member] | Noble Discoverer And Kulluk [Member] | Noble Discoverer And Kulluk [Member] | Asbestos Cases [Member] | Libya [Member] | Mexico [Member] | Mexico [Member] | Mexico [Member] | Brazil [Member] | Brazil [Member] | Brazil [Member] | |
USD ($) | USD ($) | USD ($) | Community Service Payment [Member] | Lawsuits | USD ($) | USD ($) | Aforementioned tax assessments[Member] | Noble-Cayman [Member] | USD ($) | Aforementioned tax assessments[Member] | Noble-Cayman [Member] | |||
USD ($) | Rigs | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Other Commitments [Line Items] | ||||||||||||||
Number of wells | 2 | |||||||||||||
Operating dayrate (per day) | $538,000 | |||||||||||||
Community service payments | 8,200,000 | 4,000,000 | ||||||||||||
Environmental Compliance Plan, probationary period | 4 years | |||||||||||||
Number of Lawsuits filed | 45 | |||||||||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | |||||||||||||
Audit claims, additional attributable to other business tax returns | 65,000,000 | |||||||||||||
Aforementioned tax assessments | 148,000,000 | 127,000,000 | 21,000,000 | 145,000,000 | 44,000,000 | 44,000,000 | ||||||||
Amount of withholding after spin-off | 24,000,000 | 79,000,000 | ||||||||||||
Physical damage deductible per occurrence on rigs range maximum | 25,000,000 | 25,000,000 | ||||||||||||
Loss of hire coverage applies only to rigs operating under dayrate | 200,000 | |||||||||||||
Number of days waiting period | 45 days | 45 days | ||||||||||||
Protection and indemnity policy, standard deductible (per occurrence) | 10,000,000 | |||||||||||||
Maximum liability coverage under protection and indemnity policy | 750,000,000 | |||||||||||||
Outstanding commitments including shipyard and purchase commitments | $676,000,000 | |||||||||||||
Years of effectiveness of employment agreements after the termination of employment | 3 years | 3 years |
Supplemental_Financial_Informa2
Supplemental Financial Information - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2015 |
In Millions, unless otherwise specified | Rigs | ||
Schedule of Supplemental Financial Information [Line Items] | |||
Deferred revenues under drilling contracts | $243 | $263 | |
Deferred expenses under drilling contracts | 91 | 94 | |
Aramco [Member] | Other Assets [Member] | |||
Schedule of Supplemental Financial Information [Line Items] | |||
Revenues recorded in excess of billings | $21 | ||
Subsequent Event [Member] | Aramco [Member] | |||
Schedule of Supplemental Financial Information [Line Items] | |||
Number of rigs | 5 |
Supplemental_Financial_Informa3
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Capital [Line Items] | ||
Accounts receivable | ($24,890) | $91,226 |
Other current assets | 102,206 | -46,320 |
Other assets | 13,827 | 19,801 |
Accounts payable | 676 | -5,350 |
Other current liabilities | -58,682 | -70,001 |
Other liabilities | -18,379 | -12,474 |
Net change in other assets and liabilities | 14,758 | -23,118 |
Noble-Cayman [Member] | ||
Operating Capital [Line Items] | ||
Accounts receivable | -24,890 | 91,226 |
Other current assets | 76,635 | -46,997 |
Other assets | 13,825 | 19,805 |
Accounts payable | 1,284 | -12,696 |
Other current liabilities | -52,979 | -60,550 |
Other liabilities | -18,380 | -12,472 |
Net change in other assets and liabilities | ($4,505) | ($21,684) |
Information_about_NobleCayman_1
Information about Noble-Cayman - Guarantor Obligations (Detail) (Noble-Cayman [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
3.45% Senior Notes due August 2015 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
3.05% Senior Notes due March 2016 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
2.50% Senior Notes due March 2017 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.00% Senior Notes due March 2018 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHC |
Guarantor | Noble-Cayman |
4.90% Senior Notes due August 2020 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.95% Senior Notes due April 2025 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
6.95% Senior Notes due April 2045 [Member] | |
Guarantor Obligations [Line Items] | |
Issuer (Co-Issuer(s)) | NHIL |
Guarantor | Noble-Cayman |
Information_about_NobleCayman_2
Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 1,100 |
3.45% Senior Notes due August 2015 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 3.45% |
Senior notes, maturity date | 2015 |
3.45% Senior Notes due August 2015 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 350 |
Interest rate on senior notes | 3.45% |
Senior notes, maturity date | 2015 |
3.05% Senior Notes due March 2016 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2016 |
3.05% Senior Notes due March 2016 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 300 |
Interest rate on senior notes | 3.05% |
Senior notes, maturity date | 2016 |
2.50% Senior Notes due March 2017 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2017 |
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 300 |
Interest rate on senior notes | 2.50% |
Senior notes, maturity date | 2017 |
4.00% Senior Notes due March 2018 [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 250 |
Interest rate on senior notes | 4.00% |
Senior notes, maturity date | 2018 |
4.00% Senior Notes due March 2018 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 250 |
Interest rate on senior notes | 4.00% |
Senior notes, maturity date | 2018 |
7.50% Senior Notes due March 2019 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2019 |
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 202 |
Interest rate on senior notes | 7.50% |
Senior notes, maturity date | 2019 |
4.90% Senior Notes due August 2020 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2020 |
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 500 |
Interest rate on senior notes | 4.90% |
Senior notes, maturity date | 2020 |
4.625% Senior Notes due March 2021 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.63% |
Senior notes, maturity date | 2021 |
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 4.63% |
Senior notes, maturity date | 2021 |
3.95% Senior Notes due March 2022 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2022 |
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 3.95% |
Senior notes, maturity date | 2022 |
5.95% Senior Notes due April 2025 [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 450 |
Interest rate on senior notes | 5.95% |
Senior notes, maturity date | 2025 |
5.95% Senior Notes due April 2025 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 450 |
Interest rate on senior notes | 5.95% |
Senior notes, maturity date | 2025 |
6.20% Senior Notes due August 2040 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2040 |
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 6.20% |
Senior notes, maturity date | 2040 |
6.05% Senior Notes due March 2041 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2041 |
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 6.05% |
Senior notes, maturity date | 2041 |
5.25% Senior Notes due March 2042 [Member] | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2042 |
5.25% Senior Notes due March 2042 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 500 |
Interest rate on senior notes | 5.25% |
Senior notes, maturity date | 2042 |
6.95% Senior Notes due April 2045 [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2045 |
6.95% Senior Notes due April 2045 [Member] | Noble-Cayman [Member] | |
Guarantor Obligations [Line Items] | |
Outstanding principal balance | 400 |
Interest rate on senior notes | 6.95% |
Senior notes, maturity date | 2045 |
Information_about_NobleCayman_3
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $82,203 | $68,510 | $114,735 | $114,458 |
Accounts receivable | 594,720 | 569,096 | ||
Taxes receivable | 59,743 | 107,490 | ||
Prepaid expenses and other current assets | 125,697 | 183,466 | ||
Total current assets | 862,363 | 928,562 | ||
Property and equipment, at cost | 14,529,740 | 14,442,922 | ||
Accumulated depreciation | -2,483,057 | -2,330,413 | ||
Property and equipment, net | 12,046,683 | 12,112,509 | ||
Other assets | 248,927 | 245,751 | ||
Total assets | 13,157,973 | 13,286,822 | ||
Current liabilities | ||||
Accounts payable | 246,539 | 265,389 | ||
Accrued payroll and related costs | 71,451 | 102,520 | ||
Taxes payable | 126,582 | 94,230 | ||
Interest payable | 19,681 | 61,964 | ||
Other current liabilities | 121,170 | 144,571 | ||
Total current liabilities | 585,423 | 668,674 | ||
Long-term debt | 4,862,361 | 4,869,020 | ||
Deferred income taxes | 111,122 | 120,589 | ||
Other liabilities | 326,669 | 341,505 | ||
Total liabilities | 5,885,575 | 5,999,788 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,549,416 | 6,564,730 | ||
Noncontrolling interests | 722,982 | 722,304 | ||
Total equity | 7,272,398 | 7,287,034 | 9,282,712 | 9,050,028 |
Total liabilities and equity | 13,157,973 | 13,286,822 | ||
Consolidating Adjustments [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | -1,707,844 | -1,707,305 | ||
Accounts receivable from affiliates | -6,893,621 | -7,060,506 | ||
Total current assets | -8,601,465 | -8,767,811 | ||
Notes receivable from affiliates | -7,109,457 | -7,108,395 | ||
Investments in affiliates | -24,102,837 | -23,364,388 | ||
Total assets | -39,813,759 | -39,240,594 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | -1,707,844 | -1,707,305 | ||
Accounts payable to affiliates | -6,893,621 | -7,060,506 | ||
Total current liabilities | -8,601,465 | -8,767,811 | ||
Notes payable to affiliates | -7,109,457 | -7,108,395 | ||
Total liabilities | -15,710,922 | -15,876,206 | ||
Commitments and contingencies | ||||
Total shareholder equity | -23,689,200 | -22,961,169 | ||
Noncontrolling interests | -413,637 | -403,219 | ||
Total equity | -24,102,837 | -23,364,388 | ||
Total liabilities and equity | -39,813,759 | -39,240,594 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5 | 5 | 5 | 1 |
Short-term notes receivable from affiliates | 123,988 | 123,449 | ||
Accounts receivable from affiliates | 740,367 | 2,019,319 | ||
Prepaid expenses and other current assets | 8,163 | 14,274 | ||
Total current assets | 872,523 | 2,157,047 | ||
Notes receivable from affiliates | 3,304,653 | 3,304,654 | ||
Investments in affiliates | 4,784,403 | 4,567,335 | ||
Other assets | 7,566 | 2,908 | ||
Total assets | 8,969,145 | 10,031,944 | ||
Current liabilities | ||||
Accounts payable | 600 | 600 | ||
Accounts payable to affiliates | 646,710 | 606,224 | ||
Interest payable | 1 | 499 | ||
Other current liabilities | 4,546 | 15,651 | ||
Total current liabilities | 651,857 | 622,974 | ||
Long-term debt | 23,998 | 1,123,495 | ||
Notes payable to affiliates | 1,769,064 | 1,769,068 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 2,464,848 | 3,535,466 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,504,297 | 6,496,478 | ||
Total equity | 6,504,297 | 6,496,478 | ||
Total liabilities and equity | 8,969,145 | 10,031,944 | ||
NHC [Member] | ||||
Current assets | ||||
Taxes receivable | 3,054 | 63,373 | ||
Accounts receivable from affiliates | 446,083 | 374,012 | ||
Total current assets | 449,137 | 437,385 | ||
Investments in affiliates | 1,315,628 | 1,318,239 | ||
Total assets | 1,764,765 | 1,755,624 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 171,925 | 171,925 | ||
Accounts payable to affiliates | 64,621 | 63,602 | ||
Total current liabilities | 236,546 | 235,527 | ||
Total liabilities | 236,546 | 235,527 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,528,219 | 1,520,097 | ||
Total equity | 1,528,219 | 1,520,097 | ||
Total liabilities and equity | 1,764,765 | 1,755,624 | ||
NDH [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 271 | 254 | 124 | 402 |
Accounts receivable | 49,393 | 37,655 | ||
Taxes receivable | 1,026 | 752 | ||
Short-term notes receivable from affiliates | 1,077,965 | 1,077,965 | ||
Accounts receivable from affiliates | 192,379 | 192,771 | ||
Prepaid expenses and other current assets | 4,831 | 1,764 | ||
Total current assets | 1,325,865 | 1,311,161 | ||
Property and equipment, at cost | 2,060,898 | 2,040,168 | ||
Accumulated depreciation | -294,885 | -278,147 | ||
Property and equipment, net | 1,766,013 | 1,762,021 | ||
Notes receivable from affiliates | 236,921 | 236,921 | ||
Investments in affiliates | 2,976,634 | 2,921,452 | ||
Other assets | 5,858 | 6,212 | ||
Total assets | 6,311,291 | 6,237,767 | ||
Current liabilities | ||||
Accounts payable | 6,930 | 10,130 | ||
Accrued payroll and related costs | 7,010 | 7,738 | ||
Accounts payable to affiliates | 3,500,077 | 3,513,705 | ||
Taxes payable | 752 | |||
Other current liabilities | 10,293 | 13,409 | ||
Total current liabilities | 3,525,062 | 3,544,982 | ||
Notes payable to affiliates | 599,781 | 598,715 | ||
Other liabilities | 28,159 | 29,093 | ||
Total liabilities | 4,153,002 | 4,172,790 | ||
Commitments and contingencies | ||||
Total shareholder equity | 2,158,289 | 2,064,977 | ||
Total equity | 2,158,289 | 2,064,977 | ||
Total liabilities and equity | 6,311,291 | 6,237,767 | ||
NHIL [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5 | 4 | ||
Accounts receivable | 2,336 | |||
Accounts receivable from affiliates | 1,156,277 | 157,164 | ||
Total current assets | 1,156,277 | 159,500 | ||
Notes receivable from affiliates | 1,980,391 | 1,980,391 | ||
Investments in affiliates | 8,556,204 | 8,266,444 | ||
Other assets | 27,422 | 19,826 | ||
Total assets | 11,720,294 | 10,426,161 | ||
Current liabilities | ||||
Accounts payable to affiliates | 70,264 | 61,982 | ||
Interest payable | 19,050 | 57,053 | ||
Total current liabilities | 89,314 | 119,035 | ||
Long-term debt | 4,636,668 | 3,543,830 | ||
Notes payable to affiliates | 1,169,180 | 1,169,180 | ||
Other liabilities | 1 | |||
Total liabilities | 5,895,163 | 4,832,045 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,825,131 | 5,594,116 | ||
Total equity | 5,825,131 | 5,594,116 | ||
Total liabilities and equity | 11,720,294 | 10,426,161 | ||
NDS6 [Member] | ||||
Current assets | ||||
Short-term notes receivable from affiliates | 333,966 | 333,966 | ||
Accounts receivable from affiliates | 120,032 | 125,834 | ||
Total current assets | 453,998 | 459,800 | ||
Notes receivable from affiliates | 5,000 | 5,000 | ||
Investments in affiliates | 6,469,968 | 6,290,918 | ||
Other assets | 486 | 517 | ||
Total assets | 6,929,452 | 6,756,235 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 371,720 | 371,720 | ||
Accounts payable to affiliates | 19,635 | 16,869 | ||
Interest payable | 630 | 4,412 | ||
Total current liabilities | 391,985 | 393,001 | ||
Long-term debt | 201,695 | 201,695 | ||
Notes payable to affiliates | 192,216 | 192,216 | ||
Total liabilities | 785,896 | 786,912 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,143,556 | 5,969,323 | ||
Total equity | 6,143,556 | 5,969,323 | ||
Total liabilities and equity | 6,929,452 | 6,756,235 | ||
Other Non-guarantor Subsidiaries of Noble [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 78,700 | 65,521 | 111,661 | 109,975 |
Accounts receivable | 545,327 | 529,105 | ||
Taxes receivable | 55,427 | 43,164 | ||
Short-term notes receivable from affiliates | 171,925 | 171,925 | ||
Accounts receivable from affiliates | 4,238,483 | 4,191,406 | ||
Prepaid expenses and other current assets | 94,512 | 123,631 | ||
Total current assets | 5,184,374 | 5,124,752 | ||
Property and equipment, at cost | 12,430,291 | 12,364,203 | ||
Accumulated depreciation | -2,175,706 | -2,040,073 | ||
Property and equipment, net | 10,254,585 | 10,324,130 | ||
Notes receivable from affiliates | 1,582,492 | 1,581,429 | ||
Other assets | 184,099 | 192,791 | ||
Total assets | 17,205,550 | 17,223,102 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 1,164,199 | 1,163,660 | ||
Accounts payable | 235,240 | 250,282 | ||
Accrued payroll and related costs | 54,595 | 83,749 | ||
Accounts payable to affiliates | 2,592,314 | 2,798,124 | ||
Taxes payable | 123,448 | 91,471 | ||
Other current liabilities | 101,754 | 110,890 | ||
Total current liabilities | 4,271,550 | 4,498,176 | ||
Notes payable to affiliates | 3,379,216 | 3,379,216 | ||
Deferred income taxes | 111,122 | 120,589 | ||
Other liabilities | 273,038 | 286,942 | ||
Total liabilities | 8,034,926 | 8,284,923 | ||
Commitments and contingencies | ||||
Total shareholder equity | 8,034,005 | 7,812,656 | ||
Noncontrolling interests | 1,136,619 | 1,125,523 | ||
Total equity | 9,170,624 | 8,938,179 | ||
Total liabilities and equity | 17,205,550 | 17,223,102 | ||
Noble-Cayman [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 78,976 | 65,780 | 111,795 | 110,382 |
Accounts receivable | 594,720 | 569,096 | ||
Taxes receivable | 59,507 | 107,289 | ||
Prepaid expenses and other current assets | 107,506 | 139,669 | ||
Total current assets | 840,709 | 881,834 | ||
Property and equipment, at cost | 14,491,189 | 14,404,371 | ||
Accumulated depreciation | -2,470,591 | -2,318,220 | ||
Property and equipment, net | 12,020,598 | 12,086,151 | ||
Other assets | 225,431 | 222,254 | ||
Total assets | 13,086,738 | 13,190,239 | ||
Current liabilities | ||||
Accounts payable | 242,770 | 261,012 | ||
Accrued payroll and related costs | 61,605 | 91,487 | ||
Taxes payable | 124,200 | 91,471 | ||
Interest payable | 19,681 | 61,964 | ||
Other current liabilities | 116,593 | 139,950 | ||
Total current liabilities | 564,849 | 645,884 | ||
Long-term debt | 4,862,361 | 4,869,020 | ||
Deferred income taxes | 111,122 | 120,589 | ||
Other liabilities | 321,127 | 335,964 | ||
Total liabilities | 5,859,459 | 5,971,457 | ||
Commitments and contingencies | ||||
Total shareholder equity | 6,504,297 | 6,496,478 | ||
Noncontrolling interests | 722,982 | 722,304 | ||
Total equity | 7,227,279 | 7,218,782 | 9,333,011 | 9,155,484 |
Total liabilities and equity | $13,086,738 | $13,190,239 |
Information_about_NobleCayman_4
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating revenues | ||
Contract drilling services | $779,361 | $770,637 |
Reimbursables | 24,981 | 24,550 |
Total operating revenues | 804,342 | 795,187 |
Operating costs and expenses | ||
Contract drilling services | 321,750 | 352,880 |
Reimbursables | 20,157 | 21,504 |
Depreciation and amortization | 154,138 | 146,198 |
General and administrative | 23,938 | 25,637 |
Total operating costs and expenses | 519,983 | 546,219 |
Operating income (loss) | 284,359 | 248,968 |
Other income (expense) | ||
Interest expense, net of amounts capitalized | -49,044 | -40,392 |
Interest income and other, net | 6,582 | -1,268 |
Income tax provision | -43,447 | -35,578 |
Net income from continuing operations | 198,450 | 171,730 |
Net income from discontinued operations, net of tax | 101,512 | |
Net income | 198,450 | 273,242 |
Net income attributable to noncontrolling interests | -20,047 | -16,916 |
Net income attributable to Noble Corporation | 178,403 | 256,326 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Comprehensive income attributable to Noble Corporation plc | 173,040 | 264,044 |
Consolidating Adjustments [Member] | ||
Operating revenues | ||
Contract drilling services | -33,505 | -42,258 |
Total operating revenues | -33,505 | -42,258 |
Operating costs and expenses | ||
Contract drilling services | -33,505 | -42,258 |
Total operating costs and expenses | -33,505 | -42,258 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | -772,639 | -775,872 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | -215,178 | |
Total income (loss) of unconsolidated affiliates | -772,639 | -991,050 |
Interest expense, net of amounts capitalized | 48,262 | 58,278 |
Interest income and other, net | -48,262 | -58,278 |
Income from continuing operations before income taxes | -772,639 | -991,050 |
Net income from continuing operations | -772,639 | -991,050 |
Net income | -772,639 | -991,050 |
Net income attributable to noncontrolling interests | 10,417 | 13,070 |
Net income attributable to Noble Corporation | -762,222 | -977,980 |
Other comprehensive income (loss), net | 5,363 | -7,718 |
Comprehensive income attributable to Noble Corporation plc | -756,859 | -985,698 |
Noble-Cayman [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 1,815 | 10,071 |
General and administrative | 457 | 573 |
Total operating costs and expenses | 2,272 | 10,644 |
Operating income (loss) | -2,272 | -10,644 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 216,726 | 206,296 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 113,917 | |
Total income (loss) of unconsolidated affiliates | 216,726 | 320,213 |
Interest expense, net of amounts capitalized | -24,753 | -25,884 |
Interest income and other, net | 2,730 | 1,630 |
Income from continuing operations before income taxes | 192,431 | 285,315 |
Net income from continuing operations | 192,431 | 285,315 |
Net income | 192,431 | 285,315 |
Net income attributable to Noble Corporation | 192,431 | 285,315 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Comprehensive income attributable to Noble Corporation plc | 187,068 | 293,033 |
NHC [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 8,291 | 7,219 |
General and administrative | 3,388 | 1,847 |
Total operating costs and expenses | 11,679 | 9,066 |
Operating income (loss) | -11,679 | -9,066 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 32,081 | 45,755 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 24,978 | |
Total income (loss) of unconsolidated affiliates | 32,081 | 70,733 |
Interest expense, net of amounts capitalized | -1,019 | -227 |
Interest income and other, net | 4,832 | |
Income from continuing operations before income taxes | 24,215 | 61,440 |
Income tax provision | -16,093 | -30,194 |
Net income from continuing operations | 8,122 | 31,246 |
Net income | 8,122 | 31,246 |
Net income attributable to Noble Corporation | 8,122 | 31,246 |
Comprehensive income attributable to Noble Corporation plc | 8,122 | 31,246 |
NDH [Member] | ||
Operating revenues | ||
Contract drilling services | 75,059 | 76,953 |
Reimbursables | 2,379 | 678 |
Total operating revenues | 77,438 | 77,631 |
Operating costs and expenses | ||
Contract drilling services | 29,378 | 34,574 |
Reimbursables | 1,482 | 831 |
Depreciation and amortization | 17,368 | 14,634 |
Total operating costs and expenses | 48,228 | 50,039 |
Operating income (loss) | 29,210 | 27,592 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 55,024 | 98,114 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 11,040 | |
Total income (loss) of unconsolidated affiliates | 55,024 | 109,154 |
Interest expense, net of amounts capitalized | -3,255 | -5,823 |
Interest income and other, net | 12,712 | 13,680 |
Income from continuing operations before income taxes | 93,691 | 144,603 |
Income tax provision | -379 | -684 |
Net income from continuing operations | 93,312 | 143,919 |
Net income from discontinued operations, net of tax | 6,689 | |
Net income | 93,312 | 150,608 |
Net income attributable to Noble Corporation | 93,312 | 150,608 |
Comprehensive income attributable to Noble Corporation plc | 93,312 | 150,608 |
NHIL [Member] | ||
Operating costs and expenses | ||
Contract drilling services | 22,839 | 26,116 |
General and administrative | 8,349 | 6,961 |
Total operating costs and expenses | 31,188 | 33,077 |
Operating income (loss) | -31,188 | -33,077 |
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 289,758 | 255,558 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 63,201 | |
Total income (loss) of unconsolidated affiliates | 289,758 | 318,759 |
Interest expense, net of amounts capitalized | -48,336 | -46,493 |
Interest income and other, net | 20,779 | 25,957 |
Income from continuing operations before income taxes | 231,013 | 265,146 |
Net income from continuing operations | 231,013 | 265,146 |
Net income | 231,013 | 265,146 |
Net income attributable to Noble Corporation | 231,013 | 265,146 |
Comprehensive income attributable to Noble Corporation plc | 231,013 | 265,146 |
NDS6 [Member] | ||
Other income (expense) | ||
Income (loss) of unconsolidated affiliates | 179,050 | 170,149 |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 2,042 | |
Total income (loss) of unconsolidated affiliates | 179,050 | 172,191 |
Interest expense, net of amounts capitalized | -6,216 | -7,949 |
Interest income and other, net | 1,399 | 313 |
Income from continuing operations before income taxes | 174,233 | 164,555 |
Net income from continuing operations | 174,233 | 164,555 |
Net income | 174,233 | 164,555 |
Net income attributable to Noble Corporation | 174,233 | 164,555 |
Comprehensive income attributable to Noble Corporation plc | 174,233 | 164,555 |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Operating revenues | ||
Contract drilling services | 737,807 | 735,942 |
Reimbursables | 22,602 | 23,872 |
Total operating revenues | 760,409 | 759,814 |
Operating costs and expenses | ||
Contract drilling services | 290,661 | 314,855 |
Reimbursables | 18,675 | 20,673 |
Depreciation and amortization | 136,498 | 130,969 |
General and administrative | 14 | 2,551 |
Total operating costs and expenses | 445,848 | 469,048 |
Operating income (loss) | 314,561 | 290,766 |
Other income (expense) | ||
Interest expense, net of amounts capitalized | -13,727 | -12,294 |
Interest income and other, net | 12,258 | 15,303 |
Income from continuing operations before income taxes | 313,092 | 293,775 |
Income tax provision | -27,086 | -4,592 |
Net income from continuing operations | 286,006 | 289,183 |
Net income from discontinued operations, net of tax | 107,228 | |
Net income | 286,006 | 396,411 |
Net income attributable to noncontrolling interests | -30,464 | -29,986 |
Net income attributable to Noble Corporation | 255,542 | 366,425 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Comprehensive income attributable to Noble Corporation plc | 250,179 | 374,143 |
Noble-Cayman [Member] | ||
Operating revenues | ||
Contract drilling services | 779,361 | 770,637 |
Reimbursables | 24,981 | 24,550 |
Total operating revenues | 804,342 | 795,187 |
Operating costs and expenses | ||
Contract drilling services | 319,479 | 350,577 |
Reimbursables | 20,157 | 21,504 |
Depreciation and amortization | 153,866 | 145,603 |
General and administrative | 12,208 | 11,932 |
Total operating costs and expenses | 505,710 | 529,616 |
Operating income (loss) | 298,632 | 265,571 |
Other income (expense) | ||
Interest expense, net of amounts capitalized | -49,044 | -40,392 |
Interest income and other, net | 6,448 | -1,395 |
Income from continuing operations before income taxes | 256,036 | 223,784 |
Income tax provision | -43,558 | -35,470 |
Net income from continuing operations | 212,478 | 188,314 |
Net income from discontinued operations, net of tax | 113,917 | |
Net income | 212,478 | 302,231 |
Net income attributable to noncontrolling interests | -20,047 | -16,916 |
Net income attributable to Noble Corporation | 192,431 | 285,315 |
Other comprehensive income (loss), net | -5,363 | 7,718 |
Comprehensive income attributable to Noble Corporation plc | $187,068 | $293,033 |
Information_about_NobleCayman_5
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net cash from operating activities | $368,582 | $505,796 |
Cash flows from investing activities | ||
Net cash from investing activities | -118,317 | -560,788 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | -1,099,497 | 422,402 |
Repayment of long-term debt | -250,000 | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | -14,775 | -381 |
Dividends paid to noncontrolling interests | -19,369 | -19,695 |
Net cash from financing activities | -236,572 | 55,269 |
Net change in cash and cash equivalents | 13,693 | 277 |
Cash and cash equivalents, beginning of period | 68,510 | 114,458 |
Cash and cash equivalents, end of period | 82,203 | 114,735 |
Consolidating Adjustments [Member] | ||
Cash flows from investing activities | ||
Notes receivable from affiliates | -273,744 | |
Net cash from investing activities | -273,744 | |
Cash flows from financing activities | ||
Notes payable to affiliates | 273,744 | |
Net cash from financing activities | 273,744 | |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | -27,097 | -23,676 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | -1,099,497 | 422,402 |
Debt issuance costs on senior notes and credit facilities | -6,392 | -381 |
Distributions to parent company, net | -186,597 | -121,780 |
Advances (to) from affiliates | 1,319,583 | -2,817 |
Notes payable to affiliates | -273,744 | |
Net cash from financing activities | 27,097 | 23,680 |
Net change in cash and cash equivalents | 4 | |
Cash and cash equivalents, beginning of period | 5 | 1 |
Cash and cash equivalents, end of period | 5 | 5 |
NHC [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 36,360 | -7,842 |
Cash flows from financing activities | ||
Advances (to) from affiliates | -36,360 | 7,842 |
Net cash from financing activities | -36,360 | 7,842 |
NDH [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 33,705 | 45,140 |
Cash flows from investing activities | ||
Capital expenditures | -27,344 | -331,096 |
Net cash from investing activities | -27,344 | -331,096 |
Cash flows from financing activities | ||
Advances (to) from affiliates | -6,344 | 285,678 |
Net cash from financing activities | -6,344 | 285,678 |
Net change in cash and cash equivalents | 17 | -278 |
Cash and cash equivalents, beginning of period | 254 | 402 |
Cash and cash equivalents, end of period | 271 | 124 |
NHIL [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | -102,007 | -98,984 |
Cash flows from investing activities | ||
Notes receivable from affiliates | 273,744 | |
Net cash from investing activities | 273,744 | |
Cash flows from financing activities | ||
Repayment of long-term debt | -250,000 | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | -8,383 | |
Advances (to) from affiliates | -982,338 | 75,241 |
Net cash from financing activities | 102,007 | -174,759 |
Net change in cash and cash equivalents | 1 | |
Cash and cash equivalents, beginning of period | 4 | |
Cash and cash equivalents, end of period | 5 | |
NDS6 [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | -8,568 | -11,386 |
Cash flows from financing activities | ||
Advances (to) from affiliates | 8,568 | 11,386 |
Net cash from financing activities | 8,568 | |
Other Non-guarantor Subsidiaries of Noble [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 426,630 | 628,403 |
Cash flows from investing activities | ||
Capital expenditures | -90,973 | -229,692 |
Net cash from investing activities | -90,973 | -229,692 |
Cash flows from financing activities | ||
Dividends paid to noncontrolling interests | -19,369 | -19,695 |
Advances (to) from affiliates | -303,109 | -377,330 |
Net cash from financing activities | -322,478 | -397,025 |
Net change in cash and cash equivalents | 13,179 | 1,686 |
Cash and cash equivalents, beginning of period | 65,521 | 109,975 |
Cash and cash equivalents, end of period | 78,700 | 111,661 |
Noble-Cayman [Member] | ||
Cash flows from operating activities | ||
Net cash from operating activities | 359,023 | 531,655 |
Cash flows from investing activities | ||
Capital expenditures | -118,317 | -560,788 |
Net cash from investing activities | -118,317 | -560,788 |
Cash flows from financing activities | ||
Net change in borrowings outstanding on bank credit facilities | -1,099,497 | 422,402 |
Repayment of long-term debt | -250,000 | |
Issuance of senior notes | 1,092,728 | |
Debt issuance costs on senior notes and credit facilities | -14,775 | -381 |
Dividends paid to noncontrolling interests | -19,369 | -19,695 |
Distributions to parent company, net | -186,597 | -121,780 |
Net cash from financing activities | -227,510 | 30,546 |
Net change in cash and cash equivalents | 13,196 | 1,413 |
Cash and cash equivalents, beginning of period | 65,780 | 110,382 |
Cash and cash equivalents, end of period | $78,976 | $111,795 |