Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36211 | ||
Entity Registrant Name | Noble Corporation plc | ||
Entity Incorporation, State or Country Code | X0 | ||
Entity Tax Identification Number | 98-0619597 | ||
Entity Address, Address Line One | 10 Brook Street | ||
Entity Address, City or Town | London | ||
Entity Address, Country | GB | ||
Entity Address, Postal Zip Code | W1S1BG | ||
Country Region | 44 | ||
City Area Code | 20 | ||
Local Phone Number | 3300 2300 | ||
Title of 12(b) Security | Ordinary Shares | ||
Trading Symbol | NE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 471.5 | ||
Entity Common Stock, Shares Outstanding | 249,811,683 | ||
Documents Incorporated by Reference | The proxy statement for the 2020 annual general meeting of the shareholders of Noble Corporation plc will be incorporated by reference into Part III of this Form 10-K. This Form 10-K is a combined annual report being filed separately by two registrants: Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and its wholly-owned subsidiary, Noble Corporation, a Cayman Islands company (“Noble-Cayman”). Noble-Cayman meets the conditions set forth in General Instructions I(1)(a), (b) and (d) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format contemplated by General Instructions I(2)(a) and (c) of Form 10-K. | ||
Entity Central Index Key | 0001458891 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Noble Corp | |||
Entity Information [Line Items] | |||
Entity File Number | 001-31306 | ||
Entity Registrant Name | Noble Corporation | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Tax Identification Number | 98-0366361 | ||
Entity Address, Address Line One | Suite 3D Landmark Square, 64 Earth Close | ||
Entity Address, Address Line Two | P.O. Box 31327 George Town | ||
Entity Address, City or Town | Grand Cayman | ||
Entity Address, Country | KY | ||
Entity Address, Postal Zip Code | KY1-1206 | ||
City Area Code | 345 | ||
Local Phone Number | 938-0293 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 261,245,693 | ||
Entity Central Index Key | 0001169055 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 104,621 | $ 375,232 |
Accounts receivable, net | 198,665 | 200,722 |
Taxes receivable | 59,771 | 20,498 |
Prepaid expenses and other current assets | 59,050 | 62,604 |
Total current assets | 422,107 | 659,056 |
Property and equipment, at cost | 10,306,625 | 10,956,412 |
Accumulated depreciation | (2,572,701) | (2,475,694) |
Property and equipment, net | 7,733,924 | 8,480,718 |
Other assets | 128,467 | 125,149 |
Total assets | 8,284,498 | 9,264,923 |
Current liabilities | ||
Current maturities of long-term debt | 62,505 | 0 |
Accounts payable | 108,208 | 125,557 |
Accrued payroll and related costs | 56,056 | 50,284 |
Taxes payable | 30,715 | 29,386 |
Interest payable | 88,047 | 100,100 |
Other current liabilities | 171,397 | 60,130 |
Total current liabilities | 516,928 | 365,457 |
Long-term debt | 3,779,499 | 3,877,402 |
Deferred income taxes | 68,201 | 91,695 |
Other liabilities | 260,898 | 275,795 |
Total liabilities | 4,625,526 | 4,610,349 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 2,492 | 2,468 |
Additional paid-in capital | 807,093 | 699,409 |
Retained earnings | 2,907,776 | 3,608,366 |
Accumulated other comprehensive loss | (58,389) | (57,072) |
Total shareholders' equity | 3,658,972 | 4,253,171 |
Noncontrolling interests | 0 | 401,403 |
Total equity | 3,658,972 | 4,654,574 |
Total liabilities and equity | 8,284,498 | 9,264,923 |
Noble Corp | ||
Current assets | ||
Cash and cash equivalents | 104,575 | 374,375 |
Accounts receivable, net | 198,665 | 200,722 |
Taxes receivable | 59,771 | 20,498 |
Prepaid expenses and other current assets | 57,890 | 61,917 |
Total current assets | 420,901 | 657,512 |
Property and equipment, at cost | 10,306,625 | 10,956,412 |
Accumulated depreciation | (2,572,701) | (2,475,694) |
Property and equipment, net | 7,733,924 | 8,480,718 |
Other assets | 128,467 | 125,149 |
Total assets | 8,283,292 | 9,263,379 |
Current liabilities | ||
Current maturities of long-term debt | 62,505 | 0 |
Accounts payable | 107,985 | 125,237 |
Accrued payroll and related costs | 56,065 | 50,284 |
Taxes payable | 30,715 | 29,386 |
Interest payable | 88,047 | 100,100 |
Other current liabilities | 71,397 | 60,012 |
Total current liabilities | 416,714 | 365,019 |
Long-term debt | 3,779,499 | 3,877,402 |
Deferred income taxes | 68,201 | 91,695 |
Other liabilities | 260,898 | 275,795 |
Total liabilities | 4,525,312 | 4,609,911 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 757,545 | 647,082 |
Retained earnings | 3,032,699 | 3,635,930 |
Accumulated other comprehensive loss | (58,389) | (57,072) |
Total shareholders' equity | 3,757,980 | 4,252,065 |
Noncontrolling interests | 0 | 401,403 |
Total equity | 3,757,980 | 4,653,468 |
Total liabilities and equity | $ 8,283,292 | $ 9,263,379 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Ordinary shares, shares outstanding (in shares) | 249,200 | 246,794 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Noble Corp | ||
Ordinary shares, shares outstanding (in shares) | 261,246 | 261,246 |
Common stock, par value (usd per share) | $ 0.10 | $ 0.10 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | |||||||||||
Operating revenues | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 309,892 | $ 279,408 | $ 258,369 | $ 235,157 | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 |
Operating costs and expenses | |||||||||||
Depreciation and amortization | 440,221 | 486,530 | 547,990 | ||||||||
General and administrative | 168,792 | 73,216 | 71,634 | ||||||||
Loss on impairment | 615,294 | 802,133 | 121,639 | ||||||||
Total operating costs and expenses | 1,971,711 | 2,028,900 | 1,402,635 | ||||||||
Operating loss | 116,261 | (640,012) | (118,710) | (23,812) | (21,745) | (21,843) | (845,606) | (56,880) | (666,273) | (946,074) | (165,720) |
Other income (expense) | |||||||||||
Interest expense, net of amount capitalized | (279,435) | (297,611) | (291,989) | ||||||||
Gain (loss) on extinguishment of debt, net | 30,616 | (1,793) | 0 | ||||||||
Interest income and other, net | 6,007 | 8,302 | 7,897 | ||||||||
Loss from continuing operations before income taxes | (909,085) | (1,237,176) | (449,812) | ||||||||
Income tax benefit (provision) | 38,540 | 106,641 | (42,629) | ||||||||
Net loss from continuing operations | (870,545) | (1,130,535) | (492,441) | ||||||||
Net loss from discontinued operations, net of tax | (3,821) | 0 | (1,486) | ||||||||
Net loss | (874,366) | (1,130,535) | (493,927) | ||||||||
Net (income) loss attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) | ||||||||
Net income (loss) attributable to the company | (700,590) | (885,050) | (516,511) | ||||||||
Loss from continuing operations | (32,870) | (444,871) | (151,960) | (67,068) | (33,062) | (81,591) | (628,063) | (142,334) | (696,769) | (885,050) | (515,025) |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (3,821) | $ 0 | $ 0 | $ 0 | $ 0 | (3,821) | 0 | (1,486) |
Net income (loss) attributable to the company | $ (700,590) | $ (885,050) | $ (516,511) | ||||||||
Basic: | |||||||||||
Loss from continuing operations (usd per share) | $ (0.13) | $ (1.79) | $ (0.61) | $ (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | $ (2.79) | $ (3.59) | $ (2.10) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) | (0.02) | 0 | (0.01) | ||||
Net income (loss) (usd per share) | (2.81) | (3.59) | (2.11) | ||||||||
Diluted: | |||||||||||
Loss from continuing operations (usd per share) | (0.13) | (1.79) | (0.61) | (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | (2.79) | (3.59) | (2.10) |
Loss from discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ (0.02) | (0.02) | 0 | (0.01) | ||||
Net income (loss) (usd per share) | $ (2.81) | $ (3.59) | $ (2.11) | ||||||||
Weighted- Average Shares Outstanding | |||||||||||
Basic (in shares) | 248,949,000 | 246,614,000 | 244,743,000 | ||||||||
Diluted (in shares) | 248,949,000 | 246,614,000 | 244,743,000 | ||||||||
Noble Corp | |||||||||||
Operating revenues | |||||||||||
Operating revenues | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 | ||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 437,690 | 482,660 | 543,119 | ||||||||
General and administrative | 34,602 | 38,203 | 41,087 | ||||||||
Loss on impairment | 615,294 | 802,133 | 121,639 | ||||||||
Total operating costs and expenses | 1,832,912 | 1,988,208 | 1,364,763 | ||||||||
Operating loss | (527,474) | (905,382) | (127,848) | ||||||||
Other income (expense) | |||||||||||
Interest expense, net of amount capitalized | (279,435) | (297,611) | (291,989) | ||||||||
Gain (loss) on extinguishment of debt, net | 30,616 | (1,793) | 0 | ||||||||
Interest income and other, net | 6,670 | 8,282 | 7,733 | ||||||||
Loss from continuing operations before income taxes | (769,623) | (1,196,504) | (412,104) | ||||||||
Income tax benefit (provision) | 38,540 | 106,534 | (42,595) | ||||||||
Net loss from continuing operations | (731,083) | (1,089,970) | (454,699) | ||||||||
Net loss from discontinued operations, net of tax | (3,821) | 0 | 2,967 | ||||||||
Net loss | (734,904) | (1,089,970) | (451,732) | ||||||||
Net (income) loss attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) | ||||||||
Net income (loss) attributable to the company | (561,128) | (844,485) | (474,316) | ||||||||
Net income (loss) attributable to the company | (561,128) | (844,485) | (474,316) | ||||||||
Contract drilling services | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | 1,207,026 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 698,343 | 629,937 | 642,937 | ||||||||
Contract drilling services | Noble Corp | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | 1,207,026 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 696,265 | 628,128 | 640,483 | ||||||||
Reimbursables and other | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 59,380 | 46,744 | 29,889 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 49,061 | 37,084 | 18,435 | ||||||||
Reimbursables and other | Noble Corp | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 59,380 | 46,744 | 29,889 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | $ 49,061 | $ 37,084 | $ 18,435 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (874,366) | $ (1,130,535) | $ (493,927) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 260 | (2,729) | 990 |
Net pension plan gain (loss) (net of tax provision (benefit) of ($924), ($1,828) and $523 for the year ended December 31, 2019, 2018 and 2017, respectively) | (3,744) | (7,099) | 6,774 |
Amortization of deferred pension plan amounts (net of tax provision of $584, $345 and $623 for the year ended December 31, 2019, 2018 and 2017, respectively) | 2,197 | 1,298 | 1,393 |
Net pension plan curtailment and settlement expense (net of tax provision (benefit) of ($8), $28 and zero for the year ended December 31, 2019, 2018 and 2017, respectively) | (30) | 107 | 95 |
Prior service cost arising during the period (net of tax provision (benefit) of zero, ($55) and zero for the year ended December 31, 2019, 2018 and 2017, respectively) | 0 | (221) | 0 |
Other comprehensive income (loss), net | (1,317) | (8,644) | 9,252 |
Net comprehensive (income) loss attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) |
Comprehensive income (loss) attributable to the company | (701,907) | (893,694) | (507,259) |
Noble Corp | |||
Net loss | (734,904) | (1,089,970) | (451,732) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 260 | (2,729) | 990 |
Net pension plan gain (loss) (net of tax provision (benefit) of ($924), ($1,828) and $523 for the year ended December 31, 2019, 2018 and 2017, respectively) | (3,744) | (7,099) | 6,774 |
Amortization of deferred pension plan amounts (net of tax provision of $584, $345 and $623 for the year ended December 31, 2019, 2018 and 2017, respectively) | 2,197 | 1,298 | 1,393 |
Net pension plan curtailment and settlement expense (net of tax provision (benefit) of ($8), $28 and zero for the year ended December 31, 2019, 2018 and 2017, respectively) | (30) | 107 | 95 |
Prior service cost arising during the period (net of tax provision (benefit) of zero, ($55) and zero for the year ended December 31, 2019, 2018 and 2017, respectively) | 0 | (221) | 0 |
Other comprehensive income (loss), net | (1,317) | (8,644) | 9,252 |
Net comprehensive (income) loss attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) |
Comprehensive income (loss) attributable to the company | $ (562,445) | $ (853,129) | $ (465,064) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net pension gain (loss), tax | $ (924) | $ (1,828) | $ 523 |
Benefit plans, reclassification adjustments, tax | 584 | 345 | 623 |
Benefit plans, settlement for curtailments, tax | (8) | 28 | 0 |
Benefit plans, prior service costs, tax | 0 | (55) | 0 |
Noble Corp | |||
Net pension gain (loss), tax | (924) | (1,828) | 523 |
Benefit plans, reclassification adjustments, tax | 584 | 345 | 623 |
Benefit plans, settlement for curtailments, tax | (8) | 28 | 0 |
Benefit plans, prior service costs, tax | $ 0 | $ (55) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net loss | $ (874,366) | $ (1,130,535) | $ (493,927) |
Adjustments to reconcile net loss to net cash flow from operating activities: | |||
Depreciation and amortization | 440,221 | 486,530 | 547,990 |
Loss on impairment | 615,294 | 802,133 | 121,639 |
(Gain) loss on extinguishment of debt, net | (30,616) | 1,793 | 0 |
Deferred income taxes | (17,825) | (68,416) | 241,326 |
Amortization of share-based compensation | 14,737 | 23,993 | 29,115 |
Other long-term asset write-off | 0 | 0 | 29,032 |
Other costs, net | 60,259 | 6,446 | 12,590 |
Changes in components of working capital | |||
Change in taxes receivable | (11,225) | 84,847 | (49,865) |
Net changes in other operating assets and liabilities | (9,708) | (34,940) | (21,225) |
Net cash provided by operating activities | 186,771 | 171,851 | 416,675 |
Cash flows from investing activities | |||
Capital expenditures | (268,783) | (194,779) | (120,707) |
Proceeds from disposal of assets | 12,753 | 5,402 | 2,382 |
Net cash used in investing activities | (256,030) | (189,377) | (118,325) |
Cash flows from financing activities | |||
Issuance of senior notes | 0 | 750,000 | 0 |
Borrowings on credit facilities | 755,000 | 0 | 0 |
Repayments of credit facilities | (420,000) | 0 | 0 |
Repayments of senior notes | (400,000) | (972,708) | (300,000) |
Debt issuance costs | (1,092) | (15,639) | (42) |
Purchase of noncontrolling interests | (106,744) | 0 | 0 |
Dividends paid to noncontrolling interests | (25,109) | (27,579) | (56,881) |
Taxes withheld on employee stock transactions | (2,779) | (3,470) | (4,320) |
Net cash used in financing activities | (200,724) | (269,396) | (361,243) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (269,983) | (286,922) | (62,893) |
Cash, cash equivalents and restricted cash, beginning of period | 375,907 | 662,829 | 725,722 |
Cash, cash equivalents and restricted cash, end of period | 105,924 | 375,907 | 662,829 |
Noble Corp | |||
Cash flows from operating activities | |||
Net loss | (734,904) | (1,089,970) | (451,732) |
Adjustments to reconcile net loss to net cash flow from operating activities: | |||
Depreciation and amortization | 437,690 | 482,660 | 543,119 |
Loss on impairment | 615,294 | 802,133 | 121,639 |
(Gain) loss on extinguishment of debt, net | (30,616) | 1,793 | 0 |
Deferred income taxes | (17,825) | (68,416) | 241,326 |
Amortization of share-based compensation | 14,689 | 23,945 | 29,046 |
Other long-term asset write-off | 0 | 0 | 29,030 |
Other costs, net | (39,741) | 6,446 | 12,591 |
Changes in components of working capital | |||
Change in taxes receivable | (11,225) | 84,847 | (49,865) |
Net changes in other operating assets and liabilities | (6,456) | (30,679) | (20,080) |
Net cash provided by operating activities | 226,906 | 212,759 | 455,074 |
Cash flows from investing activities | |||
Capital expenditures | (268,783) | (194,779) | (120,707) |
Proceeds from disposal of assets | 12,753 | 5,402 | 2,382 |
Net cash used in investing activities | (256,030) | (189,377) | (118,325) |
Cash flows from financing activities | |||
Issuance of senior notes | 0 | 750,000 | 0 |
Borrowings on credit facilities | 755,000 | 0 | 0 |
Repayments of credit facilities | (420,000) | 0 | 0 |
Repayments of senior notes | (400,000) | (972,708) | (300,000) |
Debt issuance costs | (1,092) | (15,639) | (42) |
Purchase of noncontrolling interests | (106,744) | 0 | 0 |
Dividends paid to noncontrolling interests | (25,109) | (27,579) | (56,881) |
Contributions (distributions) from (to) parent company, net | (42,103) | (44,417) | 28,352 |
Net cash used in financing activities | (240,048) | (310,343) | (328,571) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (269,172) | (286,961) | 8,178 |
Cash, cash equivalents and restricted cash, beginning of period | 375,050 | 662,011 | 653,833 |
Cash, cash equivalents and restricted cash, end of period | $ 105,878 | $ 375,050 | $ 662,011 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noble Corp | Noble CorpCommon Stock | Noble CorpAdditional Paid-in Capital | Noble CorpRetained Earnings | Noble CorpAccumulated Other Comprehensive Loss | Noble CorpNoncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2016 | 243,239,000 | 261,246,000 | ||||||||||
Beginning balance at Dec. 31, 2016 | $ 6,467,445 | $ 2,432 | $ 654,168 | $ 5,154,221 | $ (52,140) | $ 708,764 | $ 6,391,977 | $ 26,125 | $ 594,091 | $ 5,115,137 | $ (52,140) | $ 708,764 |
Contributions from parent company, net | 28,352 | 28,352 | ||||||||||
Capital contribution by parent - share-based compensation | 29,046 | 29,046 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 29,115 | 29,115 | ||||||||||
Issuance of share-based compensation shares (in shares) | 1,732,000 | |||||||||||
Issuance of share-based compensation shares | (5) | $ 18 | (23) | |||||||||
Tax benefit of equity transactions | (4,338) | (4,338) | ||||||||||
Net income (loss) | (493,927) | (516,511) | 22,584 | (451,732) | (474,316) | 22,584 | ||||||
Dividends paid to noncontrolling interests | (56,881) | (56,881) | (56,881) | (56,881) | ||||||||
Dividends | (33) | (33) | ||||||||||
Other comprehensive income (loss), net | 9,252 | 9,252 | 9,252 | 9,252 | ||||||||
Ending balance at Dec. 31, 2017 | 5,950,628 | $ 2,450 | 678,922 | 4,637,677 | (42,888) | 674,467 | 5,950,014 | $ 26,125 | 623,137 | 4,669,173 | (42,888) | 674,467 |
Ending Balance (in shares) at Dec. 31, 2017 | 244,971,000 | 261,246,000 | ||||||||||
Beginning balance, adjusted balance | 5,800,747 | $ 2,450 | 678,922 | 4,493,336 | (48,428) | 674,467 | 5,800,133 | $ 26,125 | 623,137 | 4,524,832 | (48,428) | 674,467 |
Capital contribution by parent - share-based compensation | 23,945 | 23,945 | ||||||||||
Distributions to parent company, net | (44,417) | (44,417) | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 23,993 | 23,993 | ||||||||||
Issuance of share-based compensation shares (in shares) | 1,823,000 | |||||||||||
Issuance of share-based compensation shares | 0 | $ 18 | (18) | |||||||||
Tax benefit of equity transactions | (3,488) | (3,488) | ||||||||||
Net income (loss) | (1,130,535) | (885,050) | (245,485) | (1,089,970) | (844,485) | (245,485) | ||||||
Dividends paid to noncontrolling interests | (27,579) | (27,579) | (27,579) | (27,579) | ||||||||
Dividend equivalents | (80) | (80) | ||||||||||
Other comprehensive income (loss), net | (8,644) | (8,644) | (8,644) | (8,644) | ||||||||
Ending balance at Dec. 31, 2018 | $ 4,654,574 | $ 2,468 | 699,409 | 3,608,366 | (57,072) | 401,403 | $ 4,653,468 | $ 26,125 | 647,082 | 3,635,930 | (57,072) | 401,403 |
Ending Balance (in shares) at Dec. 31, 2018 | 246,794,000 | 246,794,000 | 261,246,000 | 261,246,000 | ||||||||
Capital contribution by parent - share-based compensation | $ 14,689 | 14,689 | ||||||||||
Distributions to parent company, net | (42,103) | (42,103) | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | $ 14,737 | 14,737 | ||||||||||
Issuance of share-based compensation shares (in shares) | 2,406,000 | |||||||||||
Issuance of share-based compensation shares | 0 | $ 24 | (24) | |||||||||
Tax benefit of equity transactions | (2,803) | (2,803) | ||||||||||
Purchase of noncontrolling interests | (106,744) | 95,774 | (202,518) | (106,744) | 95,774 | (202,518) | ||||||
Net income (loss) | (874,366) | (700,590) | (173,776) | (734,904) | (561,128) | (173,776) | ||||||
Dividends paid to noncontrolling interests | (25,109) | (25,109) | (25,109) | (25,109) | ||||||||
Other comprehensive income (loss), net | (1,317) | (1,317) | (1,317) | (1,317) | ||||||||
Ending balance at Dec. 31, 2019 | $ 3,658,972 | $ 2,492 | $ 807,093 | $ 2,907,776 | $ (58,389) | $ 0 | $ 3,757,980 | $ 26,125 | $ 757,545 | $ 3,032,699 | $ (58,389) | $ 0 |
Ending Balance (in shares) at Dec. 31, 2019 | 249,200,000 | 249,200,000 | 261,246,000 | 261,246,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | Note 1— Organization and Significant Accounting Policies Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. As of December 31, 2019 , our fleet of 25 drilling rigs consisted of 12 floaters and 13 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The 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. Beginning in 2019 , we combined the semisubmersibles and drillships in our contract drilling services fleet into a single category, floaters, for reporting purposes. We have made certain reclassifications to prior year so as to conform to such current period presentation. The reclassification did not have a material effect on our Condensed Consolidated Statements of Operations or related disclosures. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Until December 3, 2019 our consolidated financial statements included the accounts of two joint ventures, in each of which we owned a 50 percent interest. On December 3, 2019, we acquired the remaining 50 percent interest not owned by us and as a result the two joint ventures became our wholly-owned subsidiaries. Our historical ownership interest in the joint ventures met the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we determined that we were the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. The combined carrying amount of the Bully -class drillships at December 31, 2018 totaled $0.7 billion . These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $45.2 million at December 31, 2018 . Foreign Currency Translation Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as “foreign currencies.” In non-US locations where the US Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. In non-US locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while statement of operations items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the US Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2019 . Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. Restricted Cash We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2019 and 2018 , our restricted cash balance consisted of $1.3 million and $0.7 million , respectively, associated with our financing of the Noble Johnny Whitstine and Noble Joe Knight , recorded in Prepaid expenses and other current assets. Accounts Receivable We record accounts receivable at the amount we invoice our clients, net of allowance for doubtful accounts. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts as of December 31, 2019 and 2018 was $1.9 million and $2.2 million , respectively. Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years . Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years . Included in accounts payable were $36.0 million and $52.1 million of capital accruals as of December 31, 2019 and 2018 , respectively. Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in “ Note 5— Property and Equipment .” We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. For more detailed information, see “ Note 6— Loss on Impairment .” Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets; Level 2 - Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3 - Valuations based on unobservable inputs. Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below. The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Consolidated Balance Sheets. Capital Modification Revenue . From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed. Deferred revenues from drilling contracts totaled $65.1 million and $80.8 million at December 31, 2019 and 2018 , 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 $30.8 million at December 31, 2019 as compared to $47.7 million at December 31, 2018 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes. Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2019 and 2018 , loss reserves for personal injury and protection claims totaled $27.9 million and $22.4 million , respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets. Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the two-class method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount. Discontinued Operations 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 plc (“Paragon Offshore”), to the holders of Noble’s ordinary shares. 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. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off (the “Separation Agreements”), including the Master Separation Agreement (the “MSA”) and the Tax Sharing Agreement (the “TSA”). During the year ended December 31, 2017 , we recorded a non-cash loss of $1.5 million in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations from the effects of Paragon Offshore's rejection of the Separation Agreements. During the year ended December 31, 2019 , we recognized charges of $3.8 million recorded in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations relating to settlement of Mexico customs audits from rigs included in the Spin-off. For additional information related to the Spin-off, refer to “ Note 16— Commitments and Contingencies .” Certain Significant Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. Accounting Pronouncements Accounting Standards Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842, “Leases”), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, time and uncertainty of cash flows arising from lease agreements. We adopted this standard, on a modified retrospective basis, effective January 1, 2019 and did not restate comparative periods. Our adoption did not have a material effect on our consolidated financial statements. With respect to leases in which we are the lessee, we recognized a lease liability and a corresponding right-of-use asset of approximately $28.0 million on our Consolidated Balance Sheet as of January 1, 2019. We have elected the package of practical expedients that permits us to not reassess (1) whether previously expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. In addition, we have elected the hindsight practical expedient in connection with our adoption of the new lease standard. As lessee, we have made the accounting policy election to not recognize a right-of-use asset lease and lease liability for leases with a term of 12 months or less. We will recognize lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease and non-lease components. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have concluded the non-lease service of operating our equipment and providing expertise in the drilling of the client’s well is predominant in our drilling contracts. We have applied the practical expedient to account for the lease and associated nonlease components as a single component. With the election of the practical expedient, we will continue to present a single performance obligation under the new revenue guidance in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers.” Recently Issued Accounting Standards In December 2019 , the FASB issued ASU No. 2019 -12, which amends ASC Subtopic 740, “Income Taxes” This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We are evaluating what impact, if any, the adoption of this guidance will have on our consolidated financial statements. In August 2018 , the FASB issued ASU No. 2018 -14, which amends ASC Subtopic 715-20, “Compensation — Retirement Benefits — Defined Benefit Plans — General.” This update applies to all employers that sponsor defined benefit pension or other postretirement plans and is part of the disclosure framework project to improve the effectiveness of disclosures in notes to the financial statements. The amendment is effective for fiscal years ending after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326, “Measurement of Credit Losses on Financial Instruments”), which requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income, including loans, debt securities, trade receivables, net investments in leases and available-for-sale debt securities. This guidance will be effective for annual and interim periods beginning after December 15, 2019. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 2— Consolidated Joint Ventures On December 3, 2019, we completed a transaction with a subsidiary of Royal Dutch Shell plc (“Shell”), in which Shell bought out the remaining term of its drilling contract for the drillship Noble Bully II for $166.9 million , and we acquired Shell’s 50 percent interests in the Bully I and Bully II joint ventures for $106.7 million . As a result of this transaction, the former joint venture entities became our wholly-owned subsidiaries. Prior to this transaction, we maintained a 50 percent interest in the two joint ventures, each with Shell, that owned and operated the two Bully -class drillships. We had determined that we were the primary beneficiary of the joint ventures. Accordingly, we consolidated the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests were presented as noncontrolling interests on our Consolidated Balance Sheets. During the years ended December 31, 2019 , 2018 and 2017 , the Bully joint ventures approved and paid dividends totaling $50.2 million , $55.2 million and $113.8 million , respectively. Of these amounts, 50 percent was paid to our former joint venture partner, Shell. The combined carrying amount of the Bully -class drillships at December 31, 2018 totaled $0.7 billion . These assets were primarily funded through partner equity contributions. During the year ended December 31, 2019 , we recognized a $595.5 million impairment charge on the Noble Bully II , of which $265.0 million is attributable to Shell, our former joint venture partner. During the year ended December 31, 2018 , we recognized a $550.3 million impairment on the Noble Bully I , of which $250.3 million is attributable to our former joint venture partner. See “ Note 6— Loss on Impairment ” for additional information. Cash held by our wholly-owned subsidiaries that were formerly the Bully joint ventures totaled approximately $45.2 million at December 31, 2018 . |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 3— Loss Per Share The following table presents the computation of basic and diluted loss per share for Noble-UK: Year Ended December 31, 2019 2018 2017 Numerator: Basic Net loss from continuing operations $ (696,769 ) $ (885,050 ) $ (515,025 ) Net loss from discontinued operations, net of tax (3,821 ) — (1,486 ) Net loss attributable to Noble Corporation plc $ (700,590 ) $ (885,050 ) $ (516,511 ) Diluted Net loss from continuing operations $ (696,769 ) $ (885,050 ) $ (515,025 ) Net loss from discontinued operations, net of tax (3,821 ) — (1,486 ) Net loss attributable to Noble Corporation plc $ (700,590 ) $ (885,050 ) $ (516,511 ) Denominator: Weighted average shares outstanding - basic 248,949 246,614 244,743 Weighted average shares outstanding - diluted 248,949 246,614 244,743 Loss per share Basic: Loss from continuing operations $ (2.79 ) $ (3.59 ) $ (2.10 ) Loss from discontinued operations (0.02 ) — (0.01 ) Net loss attributable to Noble Corporation plc $ (2.81 ) $ (3.59 ) $ (2.11 ) Diluted: Loss from continuing operations $ (2.79 ) $ (3.59 ) $ (2.10 ) Loss from discontinued operations (0.02 ) — (0.01 ) Net loss attributable to Noble Corporation plc $ (2.81 ) $ (3.59 ) $ (2.11 ) Dividends per share $ — $ — $ — Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. For the years ended December 31, 2019 , 2018 and 2017 , 11.9 million , 12.5 million and 12.0 million |
Receivables from Customers
Receivables from Customers | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables from Customers | Note 4— Receivables from Customers At December 31, 2016 , we had receivables of approximately $14.4 million related to the Noble Max Smith , which had been disputed by our former customer, Petróleos Mexicanos (“Pemex”) and were classified as long-term and included in “Other assets” on our Consolidated Balance Sheet. The receivables were related to lost revenues for downtime that occurred after our rig was damaged when one of Pemex's supply boats collided with our rig in 2010. A Mexican subsidiary of Paragon Offshore, which had operated the Noble Max Smith , had been prosecuting the claim against Pemex. As of December 31, 2017 , Paragon Offshore announced that, as part of its bankruptcy plan, it will liquidate the Mexican entity involved. While Noble owns all rights to amounts from that claim and will take available actions to recover such amounts, we believe the announced actions by Paragon Offshore create uncertainty relating to the prosecution of the claim and associated recovery, and accordingly, the disputed amounts of approximately $14.4 million were written off through “Contract drilling services” costs on our Consolidated Statements of Operations during the year ended December 31, 2017 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 5— Property and Equipment Property and equipment, at cost, for Noble-UK consisted of the following: Year Ended December 31, 2019 2018 Drilling equipment and facilities $ 10,014,314 $ 10,546,376 Construction in progress 88,904 209,091 Other 203,407 200,945 Property and equipment, at cost $ 10,306,625 $ 10,956,412 Capital expenditures, including capitalized interest, totaled $306.4 million , $281.3 million and $111.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. During the years ended December 31, 2019 , 2018 and 2017 , capitalized interest was $9.6 million , $2.9 million and zero , respectively. During the year ended December 31, 2017 , we recognized a $14.3 million charge in “Contract drilling services” costs related to damages sustained on the Noble Danny Adkins and Noble Jim Day during Hurricane Harvey in the US Gulf of Mexico region. On February 28, 2019, we purchased a new GustoMSC CJ46 rig, the Noble Joe Knight, from the PaxOcean Group (“PaxOcean”) in connection with a concurrently awarded drilling contract in the Middle East region. We paid $83.8 million for the rig, with $30.2 million paid in cash and the remaining $53.6 million of the purchase price financed with a loan by the seller. See “ Note 7— Debt ” for additional information. On September 21, 2018 , we purchased the Noble Johnny Whitstine, a new GustoMSC CJ46 design jackup rig, from PaxOcean in connection with a concurrently awarded drilling contract in the Middle East region. We paid $93.8 million for the rig, with $33.8 million paid in cash and the remaining $60.0 million of the purchase price financed with a loan by the seller. See “ Note 7— Debt ” for additional information. During the years ended December 31, 2019 , 2018 and 2017 , we recognized a non-cash loss on impairment of $615.3 million , $802.1 million and $121.6 million , respectively, related to our long-lived assets. See “ Note 6— Loss on Impairment ” for additional information. |
Loss on Impairment
Loss on Impairment | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Loss on Impairment | Note 6— Loss on Impairment Asset Impairments In connection with the preparation of the consolidated financial statements included in this Annual Report, consistent with our accounting policies discussed in “ Note 1— Organization and Significant Accounting Policies ,” we evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. In connection with the preparation of our financial statements for the year ended December 31, 2019 , we conducted a review of our fleet. The review included an assessment of certain assumptions, including future marketability of each unit in light of its current technical specifications. Assumptions used in our assessment included, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service. During the years ended December 31, 2019 , 2018 , and 2017 , we recognized non-cash losses on impairment of $615.3 million , $802.1 million and $121.6 million , respectively, related to certain rigs and related capital spares. Based upon our impairment analyses, we impaired the carrying value to their corresponding estimated fair values for the Noble Bully II, Noble Paul Romano, and certain capital spare equipment, which resulted in an impairment charge of approximately $615.3 million for the year ended December 31, 2019 . During the year ended December 31, 2019 , we recognized a $595.5 million impairment on the Noble Bully II , of which $265.0 million was attributable to our joint venture partner at the time of impairment. See “ Note 2— Consolidated Joint Ventures ” for additional information. For our impaired units, we estimated the fair value of these units by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. If we experience unfavorable changes to current market conditions, reactivation costs or dayrates, or we are unable to return cold stacked rigs to service in the anticipated time frame or if we are unable to secure new or extended contracts for our active rigs, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, resulting in the need to write down the affected assets to their corresponding estimated fair values. Based upon our impairment analysis, we impaired the carrying values to their corresponding estimated fair values for the Noble Bully I, Noble Dave Beard, Noble Gene House, Noble Joe Beall, Noble Paul Romano, and certain capital spare equipment. During the year ended December 31, 2018 , impairment charges related to these units and certain capital spare equipment were approximately $802.1 million . For our impaired units, we estimated the fair values of these units by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. During the year ended December 31, 2018 , we recognized a $550.3 million impairment on the Noble Bully I, of which $250.3 million was attributable to our joint venture partner at the time of impairment. See “ Note 2— Consolidated Joint Ventures ” for additional information. During the year ended December 31, 2017 , we identified indicators that certain assets in our fleet might not be recoverable. Such indicators included additional customer suspensions of drilling programs, contract cancellations, a further reduction in the number of new contract opportunities, resulting in reduced drilling contracts, and our belief that a drilling unit is no longer marketable and is unlikely to return to service. As a result, we determined that the carrying amounts of the Noble Amos Runner, Noble Alan Hay , Noble David Tinsley and certain capital spares were impaired and recorded an impairment charge of approximately $121.6 million . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 7— Debt Credit Facilities 2015 Credit Facility Effective January 2018, in connection with entering into the 2017 Credit Facility (as defined herein), we amended our $300.0 million senior unsecured credit facility that would have matured in January 2020 and was guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding (U.S.) LLC (“NHUS”) and Noble Holding International Limited (“NHIL”) (as amended, the “2015 Credit Facility”), which resulted in, among other things, a reduction in the aggregate principal amount of commitments thereunder. As a result of the 2015 Credit Facility's reduction in the aggregate principal amount of commitments, we recognized a net loss of approximately $2.3 million in the year ended December 31, 2018. On December 20, 2019, we repaid $300.0 million of outstanding borrowings and terminated the 2015 Credit Facility. 2017 Credit Facility On December 21, 2017, Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman; Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman; and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Noble-UK (“NHUK”), as parent guarantor, entered into a new senior unsecured credit agreement (as amended, the “2017 Credit Facility” and, together with the 2015 Credit Facility, the “Credit Facilities”). In July 2019, we executed an amendment to our 2017 Credit Facility (the “First Amendment to the 2017 Credit Facility”), which, among other things, reduced the maximum aggregate amount of commitments thereunder from $1.5 billion to $1.3 billion . As a result of such reduction in the maximum aggregate amount of commitments, we recognized a net loss of approximately $0.7 million in the year ended December 31, 2019 . Borrowings under the 2017 Credit Facility are subject to certain conditions precedent to advance loans. The First Amendment to the 2017 Credit Facility added a requirement that any amounts drawn under the 2017 Credit Facility plus any undrawn amounts needed to cause us to be in compliance with the $300.0 million Liquidity (as defined in the First Amendment to the 2017 Credit Facility) covenant not exceed the amount of the Indenture Secured Debt Basket (as defined in the First Amendment to the 2017 Credit Facility) at the time of each borrowing. The maximum aggregate amount of commitments under the 2017 Credit Facility on December 31, 2019 was $1.3 billion with approximately $660 million available to borrow. The First Amendment to the 2017 Credit Facility also replaced the debt to capitalization ratio financial covenant with a Senior Guaranteed Indebtedness to Adjusted EBITDA (each as defined in the First Amendment to the 2017 Credit Facility) ratio financial covenant, as described below. The 2017 Credit Facility will mature in January 2023 . Borrowings may be used for working capital and other general corporate purposes. The 2017 Credit Facility provides for a letter of credit sub-facility currently in the amount of $15.0 million , with the ability to increase such amount up to $500.0 million with the approval of the lenders. Borrowings under the 2017 Credit Facility bear interest at LIBOR plus an applicable margin, which is currently the maximum contractual rate of 4.25% . At December 31, 2019 , we had $335.0 million of borrowings outstanding under the 2017 Credit Facility. At December 31, 2019 , we had $9.0 million of letters of credit issued under the 2017 Credit Facility and an additional $12.2 million in letters of credit and surety bonds issued under unsecured bilateral arrangements. Both of our Credit Facilities had or have provisions which vary the applicable interest rates for borrowings based upon our debt ratings. We also paid a facility fee under the 2015 Credit Facility on the full commitments thereunder (used or unused) and pay a commitment fee under the 2017 Credit Facility on the daily unused amount of the underlying commitments, in each case which varies depending on our credit ratings. At December 31, 2019 , the interest rates in effect under our 2017 Credit Facility were the highest permitted interest rates under that agreement. Debt Issuance In January 2018, we issued $750.0 million aggregate principal amount of our Senior Notes due 2026 (the “2026 Notes”) through our indirect wholly-owned subsidiary, NHIL. The net proceeds of the offering of approximately $737.4 million , after expenses, were used to retire a portion of our near-term senior notes in a related tender offer. The indenture for the 2026 Notes contains certain covenants and restrictions, including, among others, restrictions on our subsidiaries’ ability to incur certain additional indebtedness. Additionally, the subsidiary guarantors must own, directly or indirectly, (i) assets comprising at least 85% of the revenue of Noble-Cayman and its subsidiaries on a consolidated basis and (ii) jackups, semisubmersibles, drillships, submersibles or other mobile offshore drilling units of material importance, the combined book value of which comprises at least 85% of the combined book value of all such assets of Noble-Cayman and its subsidiaries on a consolidated basis, in each case, with respect to the most recently completed fiscal year. Seller Loans 2019 Seller Loan In February 2019, we purchased the Noble Joe Knight for $83.8 million with a $53.6 million seller-financed secured loan (the “2019 Seller Loan”). The 2019 Seller Loan has a term of four years and requires a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2019 Seller Loan bears a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate paid-in-kind over the four -year term of the 2019 Seller Loan. Based on the terms of the 2019 Seller Loan, the 1.25% paid-in-kind interest rate is accelerated into the first year, resulting in an overall first year interest rate of 8.91% , of which only 4.25% is payable in cash. Thereafter, the paid-in-kind interest ends and the cash interest rate of 4.25% is payable for the remainder of the term. 2018 Seller Loan In September 2018, we purchased the Noble Johnny Whitstine for $93.8 million with a $60.0 million seller-financed secured loan (the “2018 Seller Loan” and, together with the 2019 Seller Loan, the “Seller Loans”). The 2018 Seller Loan has a term of four years and requires a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2018 Seller Loan bears a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate paid-in-kind over the four -year term of the 2018 Seller Loan. Based on the terms of the 2018 Seller Loan, the 1.25% paid-in-kind interest rate is accelerated into the first year, resulting in an overall first year interest rate of 8.91% , of which only 4.25% is payable in cash. Thereafter, the paid-in-kind interest ends and the cash interest rate of 4.25% is payable for the remainder of the term. Both of the Seller Loans are guaranteed by Noble-Cayman and each is secured by a mortgage on the applicable rig and by the pledge of the shares of the applicable single-purpose entity that owns the relevant rig. Each Seller Loan contains a debt to total capitalization ratio requirement that such ratio not exceed 0.55 at the end of each fiscal quarter, a $300.0 million minimum liquidity financial covenant and an asset and revenue covenant substantially similar to the 2026 Notes, as well as other covenants and provisions customarily found in secured transactions, including a cross-default provision. Each Seller Loan requires immediate repayment on the occurrence of certain events, including the termination of the drilling contract associated with the relevant rig or circumstances in connection with a material adverse effect. Senior Notes Interest Rate Adjustments Our Senior Notes due 2025 and our Senior Notes due 2045 are subject to provisions that vary the applicable interest rates based on our debt rating. Effective April 2018, these senior notes have reached the contractually defined maximum interest rate set for each rating agency and no further interest rate increases are possible. The interest rates on these senior notes may be decreased if our debt ratings were to be raised by either rating agency above specified levels. Our other outstanding senior notes do not contain provisions varying applicable interest rates based upon our credit ratings. Debt Tender Offers, Repayments and Open Market Repurchases In March 2019, we completed cash tender offers for our Senior Notes due 2020 (the “2020 Notes”), Senior Notes due 2021 (the “2021 Notes”), Senior Notes due 2022 (the “2022 Notes”) and Senior Notes due 2024 (the “2024 Notes”). Pursuant to such tender offers, we purchased $440.9 million aggregate principal amount of these senior notes for $400.0 million , plus accrued interest, using cash on hand and borrowings under the 2015 Credit Facility. As a result of this transaction, we recognized a net gain of approximately $31.3 million . In October 2018, we purchased $27.4 million aggregate principal amount of various tranches of our senior notes for approximately $20.2 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $6.9 million . In August 2018, we purchased $0.4 million aggregate principal amount of our Senior Notes due 2042 for approximately $0.3 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.1 million . In March 2018, we repaid the remaining aggregate principal amount of $126.6 million of our Senior Notes due 2018 (the “2018 Notes”) at maturity using cash on hand. In March 2018, we purchased $9.5 million aggregate principal amount of various tranches of our senior notes for approximately $8.7 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.5 million . In February 2018, we redeemed the remaining principal amount of $61.9 million of our Senior Notes due 2019 (the “2019 Notes”) for approximately $65.3 million , plus accrued interest. As a result of this transaction, we recognized a net loss of approximately $3.5 million . In February 2018 , we completed cash tender offers for the 2018 Notes, the 2019 Notes, the 2020 Notes, the 2021 Notes, the 2022 Notes, and the 2024 Notes. Pursuant to such tender offers, we purchased $754.2 million aggregate principal amount of these senior notes for $750.0 million , plus accrued interest, using the net proceeds of the 2026 Notes issuance and cash on hand. As a result of this transaction, we recognized a net loss of approximately $3.5 million . Covenants At December 31, 2019 , the 2017 Credit Facility contained certain financial covenants applicable to NHUK and its subsidiaries, including (i) a covenant that limits our ratio of Senior Guaranteed Indebtedness to Adjusted EBITDA as of the last day of each fiscal quarter, with such ratio not being permitted to exceed 4.0 to 1.0 for the fiscal quarters ending September 30, 2019 through December 31, 2020, 3.5 to 1.0 for the fiscal quarters ending March 31, 2021 through December 31, 2021 and 3.0 to 1.0 for the fiscal quarters ending March 31, 2022 and thereafter, (ii) a minimum Liquidity requirement of $300.0 million , (iii) a covenant that the ratio of the Rig Value (as defined in the 2017 Credit Facility) of Marketed Rigs (as defined in the 2017 Credit Facility) to the sum of commitments under the 2017 Credit Facility plus indebtedness for borrowed money of the borrowers and guarantors, in each case, that directly own Marketed Rigs, is not less than 3:00 to 1:00 at the end of each fiscal quarter and (iv) a covenant that, the ratio of (A) the Rig Value of the Closing Date Rigs (as defined in the 2017 Credit Facility) that are directly wholly owned by the borrowers and guarantors to (B) the Rig Value of the Closing Date Rigs owned by NHUK, subsidiaries of NHUK and certain local content affiliates, is not less than 80% at the end of each fiscal quarter (such covenants described in (iii) and (iv) of this paragraph, the “Guarantor Ratio Covenants”). The 2017 Credit Facility also includes restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2017 Credit Facility) would exceed $200.0 million and a requirement that any amounts drawn under the 2017 Credit Facility plus any undrawn amounts needed to cause us to be in compliance with the $300.0 million Liquidity covenant not exceed the amount of the Indenture Secured Debt Basket at the time of each borrowing. As of February 18, 2020, we had $335 million of borrowings outstanding under the 2017 Credit Facility, and we would have been able to borrow a maximum of an additional approximately $660 million thereunder. NHUK has guaranteed the obligations of the borrowers under the 2017 Credit Facility. In addition, certain indirect subsidiaries of Noble-UK that own rigs are guarantors under the 2017 Credit Facility. Certain other subsidiaries of Noble-UK may be required from time to time to guarantee the obligations of the borrowers under the 2017 Credit Facility in order maintain compliance with the Guarantor Ratio Covenants. The 2017 Credit Facility contains additional restrictive covenants generally applicable to NHUK and its subsidiaries, including restrictions on the incurrence of liens and indebtedness, mergers and other fundamental changes, restricted payments, repurchases and redemptions of indebtedness with maturities outside of the maturity of the 2017 Credit Facility, sale and leaseback transactions and transactions with affiliates. In addition to the covenants from the 2017 Credit Facility noted above, the covenants from the 2026 Notes described under “—Debt Issuance” above, and the covenants from the Seller Loans described under “—Seller Loans” above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. There are also restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At December 31, 2019 , our debt to total tangible capitalization ratio under our Seller Loans was approximately 0.50 and we were in compliance with all applicable debt covenants. We continually monitor compliance with the covenants under our 2017 Credit Facility, senior notes and Seller Loans and expect to remain in compliance throughout 2020. However, our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of all our debt, which could result in our inability to continue as a going concern. Five-year debt obligations At December 31, 2019 , aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2020 2021 2022 2023 2024 Thereafter Total $ 62,535 $ 82,937 $ 83,730 $ 388,462 $ 397,025 $ 2,872,216 $ 3,886,905 Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). The carrying amount of the 2017 Credit Facility approximates fair value as the interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “ Note 15— Fair Value of Financial Instruments .” The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes 4.90% Senior Notes due August 2020 $ 62,505 $ 60,660 $ 65,810 $ 60,177 4.625% Senior Notes due March 2021 79,854 64,262 92,967 84,931 3.95% Senior Notes due March 2022 21,181 12,170 41,617 37,096 7.75% Senior Notes due January 2024 389,800 211,035 783,350 613,719 7.95% Senior Notes due April 2025 446,962 228,515 446,517 339,035 7.875% Senior Notes due February 2026 739,371 546,353 738,075 647,085 6.20% Senior Notes due August 2040 390,526 149,134 390,454 245,242 6.05% Senior Notes due March 2041 389,809 142,646 389,693 247,171 5.25% Senior Notes due March 2042 478,122 176,265 477,996 277,056 8.95% Senior Notes due April 2045 390,763 164,664 390,672 311,392 Seller loans: Seller-financed secured loan due September 2022 62,453 36,968 60,251 57,902 Seller-financed secured loan due February 2023 55,658 31,175 — — Credit facility: 2017 Credit Facility matures January 2023 335,000 335,000 — — Total debt 3,842,004 2,158,847 3,877,402 2,920,806 Less: Current maturities of long-term debt 62,505 60,660 — — Long-term debt $ 3,779,499 $ 2,098,187 $ 3,877,402 $ 2,920,806 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Note 8— Equity Share Capital As of December 31, 2019 , Noble-UK had approximately 249.2 million shares outstanding and trading as compared to approximately 246.8 million shares outstanding and trading at December 31, 2018 . At our 2019 Annual General Meeting, shareholders authorized our Board of Directors to increase share capital through the issuance of up to approximately 83.1 million ordinary shares (at current nominal value of $0.01 per share). That authority to allot shares will expire at the end of our 2020 Annual General Meeting unless we seek an extension from shareholders at that time. Other than shares issued to our directors under our Noble Corporation plc 2017 Director Omnibus Plan, the authority was not used to allot shares during the year ended December 31, 2019 . The declaration and payment of dividends require the authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet in accordance with UK law. Therefore, Noble-UK is not permitted to pay dividends out of share capital, which includes share premium. Noble has not paid dividends since the third quarter of 2016. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions and other factors deemed relevant by our Board of Directors. Share Repurchases Under UK law, the Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. We currently do not have shareholder authority to repurchase shares. During the years ended December 31, 2019 , 2018 and 2017 , we did not repurchase any of our shares. Share-Based Compensation Plans Stock Plans During 2015, Noble Corporation plc shareholders approved a new equity plan, the Noble Corporation plc 2015 Omnibus Incentive Plan (the “Noble Incentive Plan”), which permits grants of options, stock appreciation rights (“SARs”), stock or stock unit awards or cash awards, any of which may be structured as a performance award, from time to time to employees who are to be granted awards under the Noble Incentive Plan. Neither consultants nor non-employee directors are eligible for awards under the Noble Incentive Plan. The Noble Incentive Plan replaced the Noble Corporation 1991 Stock Options and Restricted Stock Plan, as amended (the “1991 Plan”). The 1991 Plan was terminated, and equity awards have thereafter only been made under the Noble Incentive Plan. Stock option awards previously granted under the 1991 Plan remain outstanding in accordance with their terms. During 2019 , 2018 and 2017 , the Noble Incentive Plan was restated and shareholders approved amendments, primarily to increase the number of ordinary shares available for issuance as long-term incentive compensation under the Noble Incentive Plan by 5.8 million , 5.0 million and 3.7 million shares, respectively. The maximum aggregate number of ordinary shares that may be granted for any and all awards under the Noble Incentive Plan will not exceed 31.3 million shares and at December 31, 2019 , we had 13.2 million shares remaining available for grants to employees. During 2017 , upon shareholder approval, the Noble Corporation plc 2017 Director Omnibus Plan (the “Director Plan”) replaced the previous plans that were terminated. Equity awards to our non-employee directors have thereafter only been made under the Director Plan. No awards made under previous plans remain outstanding. During 2019 , shareholders approved amendments to increase the number of ordinary shares available for issuance under the Director Plan by 0.9 million shares, bringing the maximum aggregate number of ordinary shares that may be granted for any and all awards under the Director Plan to 1.8 million shares. At December 31, 2019 , we had 1.0 million shares remaining for grants to non-employee directors. Stock Options Options have a term of 10 years , an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three-year period. A summary of the status of stock options granted under the 1991 Plan as of December 31, 2019 , 2018 and 2017 and the changes during the year ended on those dates is presented below: 2019 2018 2017 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 1,103,242 $ 28.74 1,313,155 $ 29.51 1,420,175 $ 29.52 Expired (394,842 ) 24.85 (209,913 ) 33.56 (107,020 ) 29.74 Outstanding at end of year (1) 708,400 30.90 1,103,242 28.74 1,313,155 29.51 Exercisable at end of year (1) 708,400 $ 30.90 1,103,242 $ 28.74 1,313,155 $ 29.51 (1) Options outstanding and exercisable at December 31, 2019 had no intrinsic value. The following table summarizes additional information about stock options outstanding at December 31, 2019 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $25.41 53,934 2.03 $ 25.41 $25.42 to $30.59 277,177 2.10 30.59 $30.60 to $32.78 377,289 0.70 31.92 Total 708,400 1.33 $ 30.90 The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. There were no non-vested stock option balances at December 31, 2019 or any changes during the year ended December 31, 2019 . No new stock options were granted during the years ended December 31, 2019 , 2018 and 2017 . There was no compensation cost recognized during the years ended December 31, 2019 , 2018 and 2017 related to stock options. Restricted Stock Units (“RSUs”) We have awarded both Time Vested (“TVRSUs”) and Performance Vested (“PVRSUs”) RSUs under the Noble Incentive Plan. The TVRSUs generally vest over a three -year period. The number of PVRSUs which vest will depend on the degree of achievement of specified corporate performance criteria over a three -year performance period. Depending on the date the PVRSU was awarded, these criteria consist of market based criteria or market and performance based criteria. The TVRSUs are valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes. The market-based PVRSUs are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2019 2018 2017 Valuation assumptions: Expected volatility 59.6 % 61.8 % 56.4 % Risk-free interest rate 2.50 % 2.31 % 1.49 % Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. A summary of the RSUs awarded for each of the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 TVRSU Units awarded 4,639,119 3,578,212 3,231,225 Weighted-average share price at award date $ 3.02 $ 4.71 $ 6.96 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded 1,623,399 2,733,906 2,474,978 Weighted-average share price at award date $ 3.13 $ 4.55 $ 7.28 Three-year performance period ended December 31 2021 2020 2019 Weighted-average award date fair value $ 3.61 $ 2.96 $ 4.37 During the years ended December 31, 2019 , 2018 and 2017 , we awarded 280,635 , 267,204 and 197,316 shares, respectively, to our non-employee directors. A summary of the status of non-vested RSUs at December 31, 2019 and changes during the year ended December 31, 2019 is presented below: TVRSUs Outstanding Weighted Average Award-Date Fair Value PVRSUs Outstanding (1) Weighted Average Award-Date Fair Value Non-vested RSUs at January 1, 2019 5,224,403 $ 5.71 6,191,067 $ 4.38 Awarded 4,639,119 3.02 1,623,399 3.61 Vested (2,597,672 ) 6.08 (621,759 ) 3.81 Forfeited (936,821 ) 4.44 (2,338,355 ) 3.39 Non-vested RSUs at December 31, 2019 6,329,029 $ 3.89 4,854,352 $ 3.56 (1) For awards granted prior to 2019 , the number of PVRSUs shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. For awards granted during 2019 , the number of PVRSUs shown equals the units that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown. At December 31, 2019 , there wa s $12.7 million of total unrecognized compensation cost related to the TVRSUs, which is expected to be recognized over a remaining weighted-average period of 1.6 years . The total award-date fair value of TVRSUs vested during the year ended December 31, 2019 was $15.8 million . At December 31, 2019 , there was $5.9 million of total unrecognized compensation cost related to the PVRSUs, which is expected to be recognized over a remaining weighted-average period of 1.1 years . The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. Share-based amortization recognized during the years ended December 31, 2019 , 2018 and 2017 related to all restricted stock totaled $14.7 million ( $14.1 million net of income tax), $24.0 million ( $21.9 million net of income tax) and $29.1 million ( $26.3 million net of income tax), respectively. During the years ended December 31, 2019 , 2018 and 2017 , capitalized share-based amortization was zero |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9— Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” for the years ended December 31, 2019 and 2018 . All amounts within the tables are shown net of tax. Defined Benefit Pension Items (1) Foreign Currency Items Total Balance at December 31, 2017 $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Tax Cuts and Jobs Act (5,540 ) — (5,540 ) Balance at January 1, 2018 (33,143 ) (15,285 ) (48,428 ) Activity during period: Other comprehensive loss before reclassifications — (2,729 ) (2,729 ) Amounts reclassified from AOCI (5,915 ) — (5,915 ) Net other comprehensive loss (5,915 ) (2,729 ) (8,644 ) Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive income before reclassifications — 260 260 Amounts reclassified from AOCI (1,577 ) — (1,577 ) Net other comprehensive income (loss) (1,577 ) 260 (1,317 ) Balance at December 31, 2019 $ (40,635 ) $ (17,754 ) $ (58,389 ) (1) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “ Note 13— Employee Benefit Plans ” for additional information. |
Revenue and Customers
Revenue and Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Customers | Note 10— Revenue and Customers Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Consolidated Balance Sheets. The following table provides information about contract assets and contract liabilities from contracts with customers: December 31, 2019 December 31, 2018 Current contract assets $ 21,292 $ 25,298 Noncurrent contract assets 9,508 22,366 Total contract assets 30,800 47,664 Current contract liabilities (deferred revenue) (34,196 ) (32,906 ) Noncurrent contract liabilities (deferred revenue) (30,859 ) (47,847 ) Total contract liabilities $ (65,055 ) $ (80,753 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the years ended December 31, 2019 and 2018 are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2017 $ 55,749 $ (108,861 ) Amortization of deferred costs (32,420 ) — Additions to deferred costs 24,335 — Amortization of deferred revenue — 47,798 Additions to deferred revenue — (19,690 ) Total (8,085 ) 28,108 Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (39,936 ) — Additions to deferred costs 23,072 — Amortization of deferred revenue — 65,312 Additions to deferred revenue — (49,614 ) Total (16,864 ) 15,698 Net balance at December 31, 2019 $ 30,800 $ (65,055 ) Contract Costs Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations. These capital items are capitalized and depreciated in accordance with our existing property and equipment accounting policy. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement. Transaction Price Allocated to the Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Year Ending December 31, 2020 2021 2022 2023 2024 and beyond Total Floaters $ 17,252 $ 10,584 $ 7,798 $ 3,548 $ — $ 39,182 Jackups 16,912 7,230 1,732 — — 25,874 Total $ 34,164 $ 17,814 $ 9,530 $ 3,548 $ — $ 65,056 The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at December 31, 2019 . The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Floaters (1) $ 727,177 $ 561,825 Jackups 518,881 474,257 Total (1) $ 1,246,058 $ 1,036,082 (1) Includes the impact of the Noble Bully II contract buyout during the year ended December 31, 2019 . Exclusive of this item, revenue for the year ended December 31, 2019 would have been $560,319 for floaters and $1,079,200 for total rigs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 11— Leases Leases We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for real estate, equipment, storage, dock space and automobiles and are included within “Other current liabilities,” “Other assets” and “Other liabilities,” respectively, on our Consolidated Balance Sheets. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise. Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating Leases Operating lease right-of-use assets $ 33,480 Current operating lease liabilities 6,591 Long-term operating lease liabilities 26,778 Weighted average remaining lease term for operating leases (years) 7.7 Weighted average discounted rate for operating leases 9.7 % The components of lease cost were as follows: Twelve Months Ended December 31, 2019 Operating lease cost $ 8,878 Short-term lease cost 7,012 Variable lease cost 1,620 Total lease cost $ 17,510 Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,812 Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases 2020 $ 9,463 2021 7,734 2022 5,345 2023 3,527 2024 3,604 Thereafter 20,530 Total lease payments 50,203 Less: Interest (16,834 ) Present value of lease liability $ 33,369 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12— Income Taxes Noble-UK is a company which is a tax resident in the UK and, as such, will be subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK subsidiaries is not expected to be subject to UK corporation tax. Consequently, we have taken account of the above exemption and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes. The components of the net deferred taxes are as follows: 2019 2018 Deferred tax assets United States Net operating loss carry forwards $ 129,695 $ 95,577 Disallowed interest deduction carryforwards 92,030 51,423 Deferred pension plan amounts 10,447 11,887 Accrued expenses not currently deductible 8,434 9,688 Other 2,356 1,936 Non-United States Net operating loss carry forwards 22,426 26,441 Disallowed interest deduction carryforwards 13,942 6,254 Deferred pension plan amounts 787 670 Deferred tax assets 280,117 203,876 Less: valuation allowance (8,084 ) (12,306 ) Net deferred tax assets $ 272,033 $ 191,570 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (299,136 ) $ (254,669 ) Other (2,420 ) (6,482 ) Non-United States Excess of net book basis over remaining tax basis (4,780 ) (1,066 ) Other (1,342 ) (1,596 ) Deferred tax liabilities (307,678 ) (263,813 ) Net deferred tax liabilities $ (35,645 ) $ (72,243 ) Loss from continuing operations before income taxes consists of the following: Year Ended December 31, 2019 2018 2017 United States $ (65,062 ) $ (136,083 ) $ (81,329 ) Non-United States (844,022 ) (1,101,093 ) (368,485 ) Total $ (909,084 ) $ (1,237,176 ) $ (449,814 ) The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2019 2018 2017 Current- United States $ (34,726 ) $ (56,574 ) $ (227,707 ) Current- Non-United States 14,011 18,348 29,010 Deferred- United States (5,307 ) (67,371 ) 257,432 Deferred- Non-United States (12,518 ) (1,044 ) (16,106 ) Total $ (38,540 ) $ (106,641 ) $ 42,629 The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. 2019 2018 2017 Gross balance at January 1, $ 161,256 $ 174,437 $ 159,826 Additions based on tax positions related to current year 934 97 14,187 Additions for tax positions of prior years 224 25 1,284 Reductions for tax positions of prior years (28,542 ) (12,806 ) (860 ) Expiration of statutes (1,629 ) (497 ) — Tax settlements (1,406 ) — — Gross balance at December 31, 130,837 161,256 174,437 Related tax benefits (400 ) (1,008 ) (1,008 ) Net reserve at December 31, $ 130,437 $ 160,248 $ 173,429 The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2019 2018 Reserve for uncertain tax positions, excluding interest and penalties $ 130,437 $ 160,248 Interest and penalties included in “Other liabilities” 29,232 23,538 Reserve for uncertain tax positions, including interest and penalties $ 159,669 $ 183,786 At December 31, 2019 , the reserves for uncertain tax positions totaled $159.7 million (net of related tax benefits of $0.4 million ). If a portion or all of the December 31, 2019 reserves are not realized, the provision for income taxes could be reduced by up to $159.7 million . At December 31, 2018 , the reserves for uncertain tax positions totaled $183.8 million (net of related tax benefits of $1.0 million ). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. We estimate the potential changes could range from $80.0 million to $100.0 million . We include, as a component of our “Income tax benefit (provision),” potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $3.0 million in 2019 , an income tax expense of $5.1 million in 2018 and an income tax benefit of $4.7 million in 2017 . During the year ended December 31, 2019 , our income tax provision included a discrete item of $36.8 million as a result of an internal restructuring. During the year ended December 31, 2019, our income tax benefit included a net discrete tax benefit of $33.7 million following the settlement of the examination of our US tax returns for the taxable years ended December 31, 2010 and 2011 and a net tax benefit of $5.2 million following the settlement and expiration of taxable years ended December 31, 2005 and 2008 related to former Mexico tax operations. During the year ended December 31, 2019 , our income tax benefit included non-cash items of $2.6 million related to the impairment of two rigs and certain capital spares. During the year ended December 31, 2018 , our income tax provision included non-cash items of $35.6 million related to the impairment of three rigs and certain capital spares. See “ Note 6— Loss on Impairment ” for additional information. We conduct business globally and, as a result, we file numerous income tax returns in US and in non-US jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including in jurisdictions such as Brazil, Brunei, Bulgaria, Canada, Cyprus, Egypt, Ghana, Guyana, Hungary, Malta, Mexico, Nigeria, Norway, Saudi Arabia, Argentina, Australia, Denmark, Gabon, Luxembourg, Malaysia, Morocco, Myanmar, the Netherlands, Oman, Qatar, Tanzania, Timor-Leste, Singapore, Suriname, Switzerland, the United Kingdom and the United States. We are no longer subject to US Federal income tax examinations for years before 2012 and non-US income tax examinations for years before 2007. Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The income or loss of our non-UK subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 19 percent . The ongoing consultative process in the United Kingdom and a possible change in law could materially impact our tax rate on operations in the United Kingdom continental shelf. A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: Year Ended December 31, 2019 2018 2017 Effect of: Tax rates which are different than the UK and Cayman Island rates 4.3 % 5.0 % 23.4 % Tax impact of asset impairment and disposition 0.3 % 2.9 % 11.7 % Tax impact of restructuring (4.1 )% — % (76.1 )% Tax impact of the Tax Cuts and Jobs Act — % 2.1 % 33.4 % Tax impact of valuation allowance 0.5 % (1.0 )% — % Resolution of (reserve for) tax authority audits 3.2 % (0.4 )% (1.9 )% Total 4.2 % 8.6 % (9.5 )% Due to US foreign tax credit limitation constraints, for the years ended December 31, 2019 , 2018 and 2017 , the Company has made the determination to take foreign tax expense as a deduction against US taxable income. At December 31, 2019 , the Company asserts that its investment in certain subsidiaries is permanent in nature. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 13— Employee Benefit Plans Defined Benefit Plans Noble Drilling (Land Support) Limited, an indirect, wholly-owned subsidiary of Noble-UK (“NDLS”), maintains a pension plan that covers all of its salaried, non-union employees, whose most recent date of employment is prior to April 1, 2014 (referred to as our “non-US plan”). In addition to the non-US plan discussed above, we have a US noncontributory defined benefit pension plan that covers certain salaried employees and a US noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified US plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees' compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified US plans when required. The benefit amount that can be covered by the qualified US plans is limited under ERISA and the Internal Revenue Code of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salaried US plan. We refer to the qualified US plans and the excess benefit plan collectively as the “US plans.” During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016, to our non-US and US defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. However, these amendments will not affect any benefits earned through that date. A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Benefit obligation at beginning of year $ 54,898 $ 210,944 $ 61,952 $ 235,175 Service cost — — — — Interest cost 1,814 8,711 1,747 8,179 Actuarial loss (gain) 6,649 29,078 (2,683 ) (20,673 ) Plan amendments — — 285 — Benefits paid (2,821 ) (7,201 ) (3,282 ) (7,218 ) Settlements and curtailments — (1,283 ) — (4,519 ) Foreign exchange rate changes 1,945 — (3,121 ) — Benefit obligation at end of year $ 62,485 $ 240,249 $ 54,898 $ 210,944 A reconciliation of the changes in fair value of plan assets is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Fair value of plan assets at beginning of year $ 68,597 $ 165,730 $ 77,141 $ 189,240 Actual return on plan assets 8,282 35,597 (1,366 ) (16,326 ) Employer contributions — 1,317 — 4,553 Benefits paid (2,821 ) (7,201 ) (3,282 ) (7,218 ) Settlement and curtailment — (1,283 ) — (4,519 ) Foreign exchange rate changes 2,371 — (3,896 ) — Fair value of plan assets at end of year $ 76,429 $ 194,160 $ 68,597 $ 165,730 The funded status of the plans is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Funded status $ 13,944 $ (46,089 ) $ 13,699 $ (45,214 ) Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2019 2018 Non-US US Non-US US Other assets (noncurrent) $ 13,944 $ — $ 13,699 $ — Other liabilities (current) — (2,535 ) — (1,062 ) Other liabilities (noncurrent) — (43,555 ) — (44,152 ) Net amount recognized $ 13,944 $ (46,090 ) $ 13,699 $ (45,214 ) Amounts recognized in AOCI consist of: Years Ended December 31, 2019 2018 Non-US US Non-US US Net actuarial loss $ 4,758 $ 46,420 $ 3,622 $ 45,358 Prior service cost — — 273 — Deferred income tax asset (787 ) (9,748 ) (670 ) (9,524 ) Accumulated other comprehensive loss $ 3,971 $ 36,672 $ 3,225 $ 35,834 Pension costs include the following components: Years Ended December 31, 2019 2018 2017 Non-US US Non-US US Non-US US Service cost $ — $ — $ — $ — $ — $ — Interest cost 1,814 8,711 1,747 8,179 2,151 8,593 Return on plan assets (2,471 ) (10,313 ) (2,762 ) (11,914 ) (2,879 ) (11,764 ) Amortization of prior service cost 10 — — — — — Recognized net actuarial loss — 2,771 — 1,642 743 1,464 Settlement and curtailment gains — (37 ) — 135 (838 ) 82 Net pension benefit cost (gain) $ (647 ) $ 1,132 $ (1,015 ) $ (1,958 ) $ (823 ) $ (1,625 ) There is less than $0.1 million and $2.9 million estimated net actuarial losses and prior service costs for the non-US plan and the US plans, respectively, that will be amortized from AOCI into net periodic pension cost in 2020 . During the years ended December 31, 2019 , 2018 and 2017 , we adopted the Retirement Plan (“RP”) mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries for each of the respective years. The RP 2019 , 2018 and 2017 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. The adoption of the updated mortality tables and the mortality improvement scales decreased our pension liability on our US plans by approximately $2.1 million , $0.6 million and $1.6 million as of December 31, 2019 , 2018 and 2017 . During the fourth quarter of 2018, the UK High Court made a judgement confirming that UK pension schemes are required to equalize male and female members’ benefits for the effect of guaranteed minimum pensions (GMP). We have accounted for the impact of the GMP equalization as a plan amendment to our non-US plan, and the impact is included as a prior service cost as of December 31, 2019 , which will be amortized over the average life expectancy of the members at that date. Defined Benefit Plans—Disaggregated Plan Information Disaggregated information regarding our non-US and US plans is summarized below: Years Ended December 31, 2019 2018 Non-US US Non-US US Projected benefit obligation $ 62,485 $ 240,249 $ 54,898 $ 210,944 Accumulated benefit obligation 62,485 240,249 54,898 210,944 Fair value of plan assets 76,429 194,160 68,597 165,730 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2019 and 2018 . The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017 . Years Ended December 31, 2019 2018 Non-US US Non-US US Projected benefit obligation $ — $ 240,249 $ — $ 210,944 Fair value of plan assets — 194,160 — 165,730 The PBO for the unfunded excess benefit plan was $10.8 million at December 31, 2019 as compared to $10.5 million in 2018 , and is included under “US” in the above tables. The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2019 and 2018 . The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. Years Ended December 31, 2019 2018 Non-US US Non-US US Accumulated benefit obligation $ — $ 240,249 $ — $ 210,944 Fair value of plan assets — 194,160 — 165,730 The ABO for the unfunded excess benefit plan was $10.8 million at December 31, 2019 as compared to $10.5 million in 2018 , and is included under “US” in the above tables. Defined Benefit Plans—Key Assumptions The key assumptions for the plans are summarized below: Years Ended December 31, 2019 2018 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.10% 2.56% - 3.32% 2.90% 3.65% - 4.29% Rate of compensation increase N/A N/A N/A N/A Years Ended December 31, 2019 2018 2017 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.90% 3.65% - 4.29% 2.60% 2.84% - 3.66% 2.48% - 2.70% 3.00% - 4.24% Expected long-term return on assets 3.70% 5.40% - 6.50% 3.70% 5.75% - 6.50% 4.10% 6.00% - 6.50% Rate of compensation increase N/A N/A N/A N/A N/A N/A The discount rates used to calculate the net present value of future benefit obligations for our US plans is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plans reasonably match this index. For our non-US plan, the discount rate used to calculate the net present value of future benefit obligations is determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities. In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our US and non-US plans that use a portfolio return model. Defined Benefit Plans—Plan Assets Non-US Plan As of December 31, 2019 , the NDLS pension Scheme targets an asset allocation of 48.0% return-seeking securities (Growth) and 52.0% debt securities (Matching). The Trustees have decided to implement a de-risking strategy whereby the level of investment risk reduces as the Scheme’s funding level improves. Consistent with this strategy, the Scheme's Trustees will target an asset allocation of 30.0% return-seeking securities (Growth) and 70.0% in debt securities (Matching) to be implemented in 2020. The overall investment objective of the Scheme, as adopted by the Scheme’s Trustees, is to reach a fully funded position on the agreed de-risking basis of Gilts - 0.20% per annum. The objectives within the Scheme’s overall investment strategy is to outperform the cash + 4% per annum long term objective for Growth assets and to sufficiently hedge interest rate and inflation risk within the Matching portfolio in relation to the Scheme’s liabilities. By achieving these objectives, the Trustees believe the Scheme will be able to avoid significant volatility in the contribution rate and provide sufficient assets to cover the Scheme’s benefit obligations. To achieve this the Trustees have given Mercer, the appointed investment manager, full discretion in the day-to-day management of the Scheme’s assets and implementation of the de-risking strategy, who in turn invests in multiple underlying investment managers where appropriate. The Trustees meet with Mercer periodically to review and discuss their investment performance. The actual fair values of the non-US plan are as follows: Year Ended December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 903 $ 903 $ — $ — Equity securities: International companies 26,131 26,131 — — Fixed income securities: Corporate bonds 49,395 49,395 — — Total $ 76,429 $ 76,429 $ — $ — Year Ended December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 151 $ 151 $ — $ — Equity securities: International companies 25,585 25,585 — — Fixed income securities: Corporate bonds 42,861 42,861 — — Other — — — — Total $ 68,597 $ 68,597 $ — $ — US Plans The fundamental objective of the US plan (the “Plan”) is to provide the capital assets necessary to meet the financial obligations made to Plan participants. In order to meet this objective, the Investment Policy Statement depicts how the investment assets of the Plan are to be managed in accordance with the overall target asset allocation of approximately 41.0% equity securities, 57.7% fixed income securities, and 1.3% in cash and equivalents. The target asset allocation is intended to generate sufficient capital to meet Plan obligations and provide a portfolio rate of return equal to or greater than the return realized using appropriate blended, market benchmark over a full market cycle (usually a three to five year time period). Actual allocations may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee. For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level. No shares of Noble were included in equity securities at either December 31, 2019 or 2018 . The actual fair values of US plan assets are as follows: Year Ended December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,254 $ 2,254 $ — $ — Equity securities: United States 60,422 21,502 38,920 — International 23,470 23,470 — — Fixed income securities: Corporate bonds 75,131 74,253 878 — Municipal bonds 1,064 — 1,064 Treasury bonds 31,819 31,819 — — Total $ 194,160 $ 153,298 $ 40,862 $ — Year Ended December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,801 $ 4,801 $ — $ — Equity securities: United States 47,950 16,775 31,175 — International 17,838 17,838 — — Fixed income securities: Corporate bonds 64,802 59,648 5,154 — Treasury bonds 30,339 30,339 — — Total $ 165,730 $ 129,401 $ 36,329 $ — As of December 31, 2019 , no single security made up more than 10 percent of total assets of either the US or the non-US plans. Defined Benefit Plans—Cash Flows In 2019 , we made no contributions to our non-US plan and we made contributions of $1.3 million to our US plans. In 2018 , we made no contributions to our non-US plan and contributions of $4.6 million to our US plans. In 2017 , we made total contributions of $0.7 million and $2.3 million to our non-US and US plans, respectively. We expect our aggregate minimum contributions to our non-US and US plans in 2020 , subject to applicable law, to be zero and $2.5 million , respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion. The following table summarizes our estimated benefit payments at December 31, 2019 : Payments by Period Total 2020 2021 2022 2023 2024 Thereafter Estimated benefit payments Non-US plans $ 38,196 $ 5,947 $ 3,128 $ 3,232 $ 3,341 $ 3,454 $ 19,094 US plans 113,979 11,034 14,419 10,104 10,611 10,791 57,020 Total estimated benefit payments $ 152,175 $ 16,981 $ 17,547 $ 13,336 $ 13,952 $ 14,245 $ 76,114 Other Benefit Plans We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2019 and 2018 , our liability for the 401(k) Restoration Plan was $8.4 million and $8.2 million , respectively, and is included in “Accrued payroll and related costs.” In 2005, we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined in the plan. Participants in the plan become fully vested in the plan after three years of service. We sponsor other retirement, health and welfare plans and a 401(k) savings plan for the benefit of our employees. On January 1, 2019, the 401(k) savings plan and the profit sharing plan were merged into the Noble Drilling Services Inc. 401(k) and Profit Sharing Plan. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $2.4 million , $2.3 million and $3.1 million , respectively, for three years ended December 31, 2019 , 2018 and 2017 . The cost of maintaining these plans for continuing operations aggregated approximately $28.1 million , $25.0 million and $27.6 million in 2019 , 2018 and 2017 , respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 14— Derivative Instruments and Hedging Activities We are exposed to certain concentrations of interest rate and foreign currency exchange rate risk: periodically, we enter into derivative instruments to manage our exposure to fluctuations in these 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 have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which have historically settled monthly in the operations’ respective local currencies. All of these contracts had a maturity of less than 12 months. During 2019 and 2018 , we entered into forward contracts of approximately $15.8 million and zero , respectively, all of which settled during their respective years. At both December 31, 2019 and 2018 , we had no outstanding derivative contracts. Financial Statement Presentation The following table, together with “ Note 15— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Gain/(loss) reclassified from AOCI to “ Contract drilling services ” costs Cash flow hedges Foreign currency forward contracts $ 320 $ — There were no foreign currency forward contracts outstanding as of December 31, 2019 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 15— 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: December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 10,433 $ 10,433 $ — $ — December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 8,659 $ 8,659 $ — $ — Our cash and cash equivalents, and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16— Commitments and Contingencies Transocean Ltd. In January 2017, a subsidiary of Transocean Ltd. (“Transocean”) filed suit against us and certain of our subsidiaries seeking damages for patent infringement in a Texas federal court. The suit claims that five of our newbuild rigs that operated in the US Gulf of Mexico violated Transocean patents relating to what is generally referred to as dual-activity drilling, and Transocean is seeking royalties of a $10.0 million fee and a five percent license fee for the pertinent period of operation for each vessel and damages for the breach of contract. We were aware of the patents when we constructed the rigs. The patents are now expired in the United States and most other countries. While there is inherent risk in litigation, we do not believe that our rigs infringe the Transocean patents. Transocean also recently added another claim alleging that we breached a 2007 settlement agreement we entered into with Transocean relating to patent claims in respect of another Noble rig. We also do not believe there has been any breach of the 2007 agreement. The litigation continues, and a trial date has been set for May 2020. We continue to defend ourselves vigorously against this claim. Paragon Offshore On August 1, 2014, Noble-UK completed the Spin-off of a majority of its standard specification offshore drilling business through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. In February 2016, Paragon Offshore sought approval of a pre-negotiated plan of reorganization (the “Prior Plan”) by filing for voluntary relief under Chapter 11 of the United States Bankruptcy Code. As part of the Prior Plan, we entered into a settlement agreement with Paragon Offshore (the “Settlement Agreement”). The Prior Plan was rejected by the bankruptcy court in October 2016. In April 2017, Paragon Offshore filed a revised plan of reorganization (the “New Plan”) in its bankruptcy proceeding. Under the New Plan, Paragon Offshore no longer needed the Mexican tax bonding that Noble-UK was required to provide under the Settlement Agreement. Consequently, Paragon Offshore abandoned the Settlement Agreement as part of the New Plan, and the Settlement Agreement was terminated at the time of the filing of the New Plan. On May 2, 2017, Paragon Offshore announced that it had reached an agreement in principle with both its secured and unsecured creditors to revise the New Plan to create and fund a litigation trust to pursue litigation against us. On June 7, 2017, the revised New Plan was approved by the bankruptcy court and Paragon Offshore emerged from bankruptcy on July 18, 2017. On December 15, 2017, the litigation trust filed claims relating to the Spin-off against us and certain of our current and former officers and directors in the Delaware bankruptcy court that heard Paragon Offshore’s bankruptcy, and the litigation trust filed an amended complaint in October 2019. The amended complaint alleges claims of actual and constructive fraudulent conveyance, unjust enrichment and recharacterization of intercompany notes as equity claims against Noble and claims of breach of fiduciary duty and aiding and abetting breach of fiduciary duty against the officer and director defendants. The litigation trust is seeking damages of (i) approximately $1.7 billion from the Company, an amount equal to the amount borrowed by Paragon Offshore immediately prior to the Spin-off, (ii) an additional approximately $935 million relating to the transfer of intercompany receivables and notes from a Paragon subsidiary to a Noble subsidiary prior to the Spin-off (bringing the total claimed damages to approximately $2.6 billion ) , and (iii) unspecified amounts in respect of the claims against the officer and director defendants, all of whom have indemnification agreements with us. A trial date has been set for September 2020. We believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that the claims brought by the litigation trust are without merit. However, the Company continually assesses potential outcomes, including the probability of the parties ultimately resolving the matter through settlement in light of various factors, including given the complex factual issues involved, the uncertainty and risk inherent in this type of litigation, the time commitment and distraction of our organization, the potential effect of the ongoing litigation and uncertainty on our business, and the substantial expense incurred in litigating the claims. As such, the Company’s current estimated loss related to the final disposition of this matter is $100.0 million , which the Company recorded as a general and administrative expense for the year ended December 31, 2019 and is reflected as a current liability as of December 31, 2019 . As pre-trial matters progress, the Company’s estimated loss could change from time to time, and any such change individually or in the aggregate could be material. There is inherent risk and substantial expense in litigation, and the amount of damages that the plaintiff is seeking is substantial. If any of the litigation trust’s claims are successful, or if we elect to settle any claims (in part to reduce or eliminate the ongoing cost of defending the litigation and eliminate any risk of a larger judgment against us), any damages or other amounts we would be required to or agree to pay in excess of the amount we recognized at December 31, 2019 , could have a material adverse effect on our business, financial condition and results of operations, including impeding our ability to meet ongoing financial obligations or to continue as a going concern. Given the risks and considerations discussed above, we cannot predict with any degree of certainty what the outcome of the litigation may be. Furthermore, as discussed below, we cannot predict the amount of insurance coverage, if any, that we may have if we were to settle or be found liable in the litigation. We have directors’ and officers’ indemnification coverage for the officers and directors who have been sued by the litigation trust. The insurers have accepted coverage for the director and officer claims and we are continuing to discuss with them the scope of their reimbursement of litigation expenses. In addition, at the time of the Spin-off, we had entity coverage, or “Side C” coverage, which was meant to cover certain litigation claims up to the coverage limit of $150.0 million , including litigation expenses. We have made a claim for coverage of the litigation trust’s claims against Noble under such entity insurance. The insurers have rejected coverage for these claims. However, we intend to pursue coverage should the litigation be concluded adversely to us or should we settle the litigation. We cannot predict the amount of claims and expenses we may incur, pay or settle in the Paragon Offshore litigation that such insurance will cover, if any. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into the Separation Agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off, including the MSA and the TSA. As part of its final bankruptcy plan, Paragon Offshore rejected the Separation Agreements. Accordingly, the indemnity obligations that Paragon Offshore potentially would have owed us under the Separation Agreements have now terminated, including indemnities arising under the MSA and the TSA in respect of obligations related to Paragon Offshore’s business that were incurred through Noble-retained entities prior to the Spin-off. Likewise, any potential indemnity obligations that we would have owed Paragon Offshore under the Separation Agreements, including those under the MSA and the TSA in respect of Noble-UK’s business that was conducted prior to the Spin-off through Paragon Offshore-retained entities, are now also extinguished. In the absence of the Separation Agreements, liabilities relating to the respective parties will be borne by the owner of the legal entity or asset at issue and neither party will look to an allocation based on the historic relationship of an entity or asset to one of the party’s business, as had been the case under the Separation Agreements. The rejection and ultimate termination of the indemnity and related obligations under the Separation Agreements resulted in a number of accounting charges and benefits during the year ended December 31, 2017, and such termination may continue to affect us in the future as liabilities arise for which we would have been indemnified by Paragon Offshore or would have had to indemnify Paragon Offshore. We do not expect that, overall, the rejection of the Separation Agreements by Paragon Offshore will have a material adverse effect on our financial condition or liquidity. However, any loss we experience with respect to which we would have been able to secure indemnification from Paragon Offshore under one or more of the Separation Agreements could have an adverse impact on our results of operations in any period, which impact may be material depending on our results of operations during this down-cycle. During the year ended December 31, 2017, we recognized net charges of $15.9 million , with a non-cash loss of $1.5 million recorded in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations relating to Paragon Offshore’s emergence from bankruptcy. During the year ended December 31, 2019 , we recognized charges of $3.8 million recorded in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations relating to settlement of Mexico customs audits from rigs included in the Spin-off. Tax matters The Internal Revenue Service (“IRS”) has completed its examination procedures including all appeals and administrative reviews for the taxable years ended December 31, 2010 and 2011 . In June 2019, the IRS examination team notified us that it was no longer proposing any adjustments with respect to our tax reporting for the taxable years ended December 31, 2010 and December 31, 2011. During the third quarter of 2017, the IRS initiated its examination of our 2012 , 2013 , 2014 and 2015 tax returns. In October 2019, we received a notice that the IRS added our 2016 and 2017 tax returns to its examination. We believe that we have accurately reported all amounts in our 2012 , 2013 , 2014 , 2015 , 2016 and 2017 tax returns. Audit claims of approximately $74.0 million attributable to income and other business taxes were assessed against Noble entities in Mexico related to tax years 2005 and 2007 and in Australia related to tax years 2013 to 2016. We intend to vigorously defend our reported positions, and believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained upon challenge by a tax authority. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Other contingencies We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. We lease certain office space and warehouse facilities under cancelable and non-cancelable leases. Rent expense under these arrangements totaled $7.5 million and $8.3 million for the years ended December 31, 2018 and 2017 |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Note 17— Segment and Related Information We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. As of December 31, 2019 , our contract drilling services segment conducts contract drilling operations in Canada, Far East Asia, the Middle East, the North Sea, Oceania, South America and the US Gulf of Mexico. The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues for Year Ended December 31, Identifiable Assets as of December 31, 2019 2018 2017 2019 2018 Australia $ 33,623 $ — $ 12,262 $ 244,244 $ 243,388 Brazil — — — 8,910 13,299 Brunei — 3,080 45,450 — — Bulgaria 61,525 84,757 55,145 — 645,689 Canada 46,147 47,085 1,639 199,696 219,421 Curacao — — — 75,776 82,521 Denmark 31,076 35,855 44,671 238,413 242,831 East Timor — 33,733 — — — Egypt 49,209 112,473 — — 689,965 Gabon — — — 4,160 8,065 Guyana 132,414 50,839 — 1,807,296 1,250,390 Malaysia 251,497 91,052 131,696 30,012 665,822 Mexico — — — 28,032 27,542 Myanmar 56,207 16,572 — 151,116 152,629 Qatar 36,948 35,180 16,488 219,569 478,708 Saudi Arabia 154,807 156,989 140,453 673,884 380,421 Singapore — 1,769 — — 125,574 South Africa — — 48,228 — — Suriname 17,374 (3 ) 13,034 599,659 — Tanzania — 381 1,526 — — Turkey — — (3 ) — — United Arab Emirates — (17 ) 99,825 31,150 45,205 United Kingdom 243,063 194,602 209,338 1,373,524 1,152,596 United States 191,548 218,479 417,163 2,599,057 2,840,857 Total $ 1,305,438 $ 1,082,826 $ 1,236,915 $ 8,284,498 $ 9,264,923 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 18— Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $65.1 million and $80.8 million at December 31, 2019 and 2018 , 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 $30.8 million at December 31, 2019 as compared to $47.7 million at December 31, 2018 , and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman December 31, December 31, 2019 2018 2017 2019 2018 2017 Accounts receivable $ 2,057 $ 3,974 $ 114,456 $ 2,057 $ 3,974 $ 114,456 Other current assets 3,573 (2,722 ) 26,155 4,046 (2,700 ) 23,309 Other assets 16,218 (10,378 ) (89,021 ) 18,749 (6,424 ) (91,236 ) Accounts payable (2,279 ) 14,955 (14,625 ) (2,182 ) 14,795 (14,429 ) Other current liabilities (4,700 ) (13,940 ) 33,906 (4,549 ) (13,495 ) 35,033 Other liabilities (24,577 ) (26,829 ) (92,096 ) (24,577 ) (26,829 ) (87,213 ) Total net change in assets and liabilities $ (9,708 ) $ (34,940 ) $ (21,225 ) $ (6,456 ) $ (30,679 ) $ (20,080 ) Non-cash investing and financing activities Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of December 31, 2019 , 2018 and 2017 were $36.0 million , $52.1 million and $25.5 million , respectively. We entered into the $60.0 million 2018 Seller Loan to finance a portion of the purchase price for the Noble Johnny Whitstine in September 2018 . We entered into the $53.6 million 2019 Seller Loan to finance a portion of the purchase price for the Noble Joe Knight in February 2019 . See “ Note 7— Debt ” for additional information. Additional cash flow information is as follows: Noble - UK Noble - Cayman December 31, December 31, 2019 2018 2017 2019 2018 2017 Cash paid during the period for: Interest, net of amounts capitalized $ 289,457 $ 286,506 $ 246,960 $ 289,457 $ 286,506 $ 246,960 Income taxes (net of refunds) 8,181 (107,554 ) 30,590 8,181 (107,554 ) 30,590 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 19— Condensed Consolidating Financial Information Guarantees of Registered Securities Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is an issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2019 with respect to registered securities as follows (see “ Note 7— Debt ” for additional information): Notes (1) Issuer Guarantor 4.90% Senior Notes due 2020 NHIL Noble-Cayman 4.625% Senior Notes due 2021 NHIL Noble-Cayman 3.95% Senior Notes due 2022 NHIL Noble-Cayman 7.75% Senior Notes due 2024 NHIL Noble-Cayman 7.95% Senior Notes due 2025 NHIL Noble-Cayman 6.20% Senior Notes due 2040 NHIL Noble-Cayman 6.05% Senior Notes due 2041 NHIL Noble-Cayman 5.25% Senior Notes due 2042 NHIL Noble-Cayman 8.95% Senior Notes due 2045 NHIL Noble-Cayman (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. The following condensed consolidating financial statements of Noble-Cayman, NHIL 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 December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 104,575 $ — $ 104,575 Accounts receivable, net — — 198,665 — 198,665 Taxes receivable — 243 59,528 — 59,771 Short-term notes receivable from affiliates — — — — — Accounts receivable from affiliates — 61,075 1,403,347 (1,464,422 ) — Prepaid expenses and other current assets — — 57,890 — 57,890 Total current assets — 61,318 1,824,005 (1,464,422 ) 420,901 Property and equipment, at cost — — 10,306,625 — 10,306,625 Accumulated depreciation — — (2,572,701 ) — (2,572,701 ) Property and equipment, net — — 7,733,924 — 7,733,924 Notes receivable from affiliates — — 15,812 (15,812 ) — Investments in affiliates 3,765,687 7,690,324 — (11,456,011 ) — Other assets — — 128,467 — 128,467 Total assets $ 3,765,687 $ 7,751,642 $ 9,702,208 $ (12,936,245 ) $ 8,283,292 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ — $ 62,505 $ — $ — $ 62,505 Accounts payable — — 107,985 — 107,985 Accrued payroll and related costs — — 56,065 — 56,065 Accounts payable to affiliates 7,707 1,395,641 61,074 (1,464,422 ) — Taxes payable — — 30,715 — 30,715 Interest payable — 85,057 2,990 — 88,047 Other current liabilities — — 71,397 — 71,397 Total current liabilities 7,707 1,543,203 330,226 (1,464,422 ) 416,714 Long-term debt — 3,326,389 453,110 — 3,779,499 Notes payable to affiliates — 15,812 — (15,812 ) — Deferred income taxes — — 68,201 — 68,201 Other liabilities — — 260,898 — 260,898 Total liabilities 7,707 4,885,404 1,112,435 (1,480,234 ) 4,525,312 Commitments and contingencies Total shareholder equity 3,757,980 2,866,238 8,589,773 (11,456,011 ) 3,757,980 Noncontrolling interests — — — — — Total equity 3,757,980 2,866,238 8,589,773 (11,456,011 ) 3,757,980 Total liabilities and equity $ 3,765,687 $ 7,751,642 $ 9,702,208 $ (12,936,245 ) $ 8,283,292 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ 17,818 $ 356,557 $ — $ 374,375 Accounts receivable, net — — 200,722 — 200,722 Taxes receivable — — 20,498 — 20,498 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 275,726 61,046 4,823,902 (5,160,674 ) — Prepaid expenses and other current assets — — 61,917 — 61,917 Total current assets 275,726 78,864 8,639,258 (8,336,336 ) 657,512 Property and equipment, at cost — — 10,956,412 — 10,956,412 Accumulated depreciation — — (2,475,694 ) — (2,475,694 ) Property and equipment, net — — 8,480,718 — 8,480,718 Notes receivable from affiliates 5,145 — — (5,145 ) — Investments in affiliates 7,716,068 12,300,840 — (20,016,908 ) — Other assets 609 — 124,540 — 125,149 Total assets $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Current maturities of long-term debt — — — — — Accounts payable 45 — 125,192 — 125,237 Accrued payroll and related costs — — 50,284 — 50,284 Accounts payable to affiliates 3,725,506 1,098,395 336,773 (5,160,674 ) — Taxes payable — — 29,386 — 29,386 Interest payable 3 99,997 100 — 100,100 Other current liabilities — — 60,012 — 60,012 Total current liabilities 3,725,554 4,374,054 601,747 (8,336,336 ) 365,019 Long-term debt — 3,817,153 60,249 — 3,877,402 Notes payable to affiliates — — 5,145 (5,145 ) — Deferred income taxes — — 91,695 — 91,695 Other liabilities 19,929 — 255,866 — 275,795 Total liabilities 3,745,483 8,191,207 1,014,702 (8,341,481 ) 4,609,911 Commitments and contingencies Total shareholder equity 4,252,065 4,188,497 15,828,411 (20,016,908 ) 4,252,065 Noncontrolling interests — — 401,403 — 401,403 Total equity 4,252,065 4,188,497 16,229,814 (20,016,908 ) 4,653,468 Total liabilities and equity $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 1,246,058 $ — $ 1,246,058 Reimbursables and other — — 59,380 — 59,380 Total operating revenues — — 1,305,438 — 1,305,438 Operating costs and expenses Contract drilling services 82 — 696,183 — 696,265 Reimbursables — — 49,061 — 49,061 Depreciation and amortization — — 437,690 — 437,690 General and administrative 3 239 34,360 — 34,602 Loss on impairment — — 615,294 — 615,294 Total operating costs and expenses 85 239 1,832,588 — 1,832,912 Operating loss (85 ) (239 ) (527,150 ) — (527,474 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (546,044 ) (259,796 ) — 805,840 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax (3,821 ) (3,821 ) — 7,642 — Interest expense, net of amounts capitalized (11,372 ) (255,460 ) (19,040 ) 6,437 (279,435 ) Gain (loss) on extinguishment of debt, net — 31,266 (650 ) — 30,616 Interest income and other, net 194 (10 ) 12,923 (6,437 ) 6,670 Income (loss) before income taxes (561,128 ) (488,060 ) (533,917 ) 813,482 (769,623 ) Income tax benefit — — 38,540 — 38,540 Net income (loss) from continuing operations (561,128 ) (488,060 ) (495,377 ) 813,482 (731,083 ) Net loss from discontinuing operations, net of tax — — (3,821 ) — (3,821 ) Net income (loss) (561,128 ) (488,060 ) (499,198 ) 813,482 (734,904 ) Net income attributable to noncontrolling interests — — 173,776 — 173,776 Net income (loss) attributable to Noble Corporation (561,128 ) (488,060 ) (325,422 ) 813,482 (561,128 ) Other comprehensive income (loss), net (1,317 ) — (1,317 ) 1,317 (1,317 ) Comprehensive income (loss) attributable to Noble Corporation $ (562,445 ) $ (488,060 ) $ (326,739 ) $ 814,799 $ (562,445 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 1,036,082 $ — $ 1,036,082 Reimbursables and other — — 46,744 — 46,744 Total operating revenues — — 1,082,826 — 1,082,826 Operating costs and expenses Contract drilling services 2 (22 ) 628,148 — 628,128 Reimbursables — — 37,084 — 37,084 Depreciation and amortization — — 482,660 — 482,660 General and administrative 57 214 37,932 — 38,203 Loss on impairment — — 802,133 — 802,133 Total operating costs and expenses 59 192 1,987,957 — 1,988,208 Operating loss (59 ) (192 ) (905,131 ) — (905,382 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (2,738,475 ) (258,687 ) — 2,997,162 — Interest expense, net of amounts capitalized (1,324 ) (449,824 ) (1,911,822 ) 2,065,359 (297,611 ) Gain (loss) on extinguishment of debt, net (2,336 ) 12,651 (12,108 ) — (1,793 ) Interest income (expense) and other, net 1,897,709 (74 ) 176,006 (2,065,359 ) 8,282 Income (loss) before income taxes (844,485 ) (696,126 ) (2,653,055 ) 2,997,162 (1,196,504 ) Income tax benefit — — 106,534 — 106,534 Net income (loss) (844,485 ) (696,126 ) (2,546,521 ) 2,997,162 (1,089,970 ) Net income attributable to noncontrolling interests — — 245,485 — 245,485 Net income (loss) attributable to Noble Corporation (844,485 ) (696,126 ) (2,301,036 ) 2,997,162 (844,485 ) Other comprehensive income (loss), net (8,644 ) — (8,644 ) 8,644 (8,644 ) Comprehensive income (loss) attributable to Noble Corporation $ (853,129 ) $ (696,126 ) $ (2,309,680 ) $ 3,005,806 $ (853,129 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 168,592 $ — $ — $ 1,086,320 $ (47,886 ) $ 1,207,026 Reimbursables and other — — 3,443 — — 26,446 — 29,889 Total operating revenues — — 172,035 — — 1,112,766 (47,886 ) 1,236,915 Operating costs and expenses Contract drilling services 304 12,090 43,161 3,115 — 629,699 (47,886 ) 640,483 Reimbursables — — 1,992 — — 16,443 — 18,435 Depreciation and amortization — — 58,236 — — 484,883 — 543,119 General and administrative 129 5,761 — 1,588 9 33,600 — 41,087 Loss on impairment — — 45,012 — — 76,627 — 121,639 Total operating costs and expenses 433 17,851 148,401 4,703 9 1,241,252 (47,886 ) 1,364,763 Operating income (loss) (433 ) (17,851 ) 23,634 (4,703 ) (9 ) (128,486 ) — (127,848 ) Other income (expense) Income (loss) of unconsolidated affiliates - discontinued operations, net of tax (476,382 ) (528,702 ) 82,596 188,809 17,874 — 715,805 — Income (loss) of unconsolidated affiliates - continuing operations 2,967 4,566 — — — — (7,533 ) — Interest expense, net of amounts capitalized (10,951 ) (32,838 ) (13,493 ) (430,580 ) (15,288 ) (130,442 ) 341,603 (291,989 ) Interest income (expense ) and other, net 10,483 (141 ) 87,287 4,771 224,772 22,164 (341,603 ) 7,733 Income (loss) before income taxes (474,316 ) (574,966 ) 180,024 (241,703 ) 227,349 (236,764 ) 708,272 (412,104 ) Income tax benefit (provision) — 241,960 (440 ) — — (284,115 ) — (42,595 ) Net income (loss) from continuing operations (474,316 ) (333,006 ) 179,584 (241,703 ) 227,349 (520,879 ) 708,272 (454,699 ) Net income (loss) from discontinued operations, net of tax — (1,598 ) — — — 4,565 — 2,967 Net income (loss) (474,316 ) (334,604 ) 179,584 (241,703 ) 227,349 (516,314 ) 708,272 (451,732 ) Net income attributable to noncontrolling interests — — — — — (20,589 ) (1,995 ) (22,584 ) Net income (loss) attributable to Noble Corporation (474,316 ) (334,604 ) 179,584 (241,703 ) 227,349 (536,903 ) 706,277 (474,316 ) Other comprehensive income (loss), net 9,252 — — — — 9,252 (9,252 ) 9,252 Comprehensive income (loss) attributable to Noble Corporation $ (465,064 ) $ (334,604 ) $ 179,584 $ (241,703 ) $ 227,349 $ (527,651 ) $ 697,025 $ (465,064 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ (15,941 ) $ (266,939 ) $ 509,786 $ — $ 226,906 Cash flows from investing activities Capital expenditures — — (268,783 ) — (268,783 ) Proceeds from disposal of assets — — 12,753 — 12,753 Notes receivable to (from) affiliates 5,145 — (15,812 ) 10,667 — Net cash provided by (used in) investing activities 5,145 — (271,842 ) 10,667 (256,030 ) Cash flows from financing activities Borrowings on credit facilities 300,000 — 455,000 — 755,000 Debt issuance costs — — (1,092 ) — (1,092 ) Repayments of credit facilities (300,000 ) — (120,000 ) — (420,000 ) Repayments of senior notes — (400,000 ) — — (400,000 ) Purchase of noncontrolling interests — — (106,744 ) — (106,744 ) Dividends paid to noncontrolling interests — — (25,109 ) — (25,109 ) Distributions to parent company, net (42,103 ) — — — (42,103 ) Advances (to) from affiliates 52,899 633,309 (686,208 ) — — Notes payable to affiliates — 15,812 (5,145 ) (10,667 ) — Net cash provided by (used in) financing activities 10,796 249,121 (489,298 ) (10,667 ) (240,048 ) Net change in cash, cash equivalents and restricted cash — (17,818 ) (251,354 ) — (269,172 ) Cash, cash equivalents and restricted cash, beginning of period — 17,818 357,232 — 375,050 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 105,878 $ — $ 105,878 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 1,920,724 $ (426,298 ) $ (1,281,667 ) $ — $ 212,759 Cash flows from investing activities Capital expenditures — — (194,779 ) — (194,779 ) Proceeds from disposal of assets — — 5,402 — 5,402 Net cash used in investing activities — — (189,377 ) — (189,377 ) Cash flows from financing activities Repayments of senior notes — (759,053 ) (213,655 ) — (972,708 ) Issuance of senior notes — 750,000 — — 750,000 Debt issuance costs (845 ) (13,027 ) (1,767 ) — (15,639 ) Dividends paid to noncontrolling interests — — (27,579 ) — (27,579 ) Distributions to parent company, net (44,417 ) — — — (44,417 ) Advances (to) from affiliates (1,875,473 ) 436,872 1,438,601 — — Net cash provided by (used in) financing activities (1,920,735 ) 414,792 1,195,600 — (310,343 ) Net change in cash, cash equivalents and restricted cash (11 ) (11,506 ) (275,444 ) — (286,961 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ 17,818 $ 357,232 $ — $ 375,050 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 32,195 $ 100,883 $ 209,898 $ (403,391 ) $ 217,080 $ 298,409 $ — $ 455,074 Cash flows from investing activities Capital expenditures — — (3,622 ) — — (117,085 ) — (120,707 ) Proceeds from disposal of assets — — 46 — — 2,336 — 2,382 Net cash provided by (used in) investing activities — — (3,576 ) — — (114,749 ) — (118,325 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Issuance of senior notes — — — — — — — — Tender offer premium — — — — — — — — Debt issuance costs on senior notes and credit facilities — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (56,881 ) — (56,881 ) Distributions to parent company, net 28,352 — — — — — — 28,352 Advances (to) from affiliates (63,073 ) (100,883 ) (194,017 ) 732,757 (217,080 ) (157,704 ) — — Net cash provided by (used in) financing activities (34,721 ) (100,883 ) (194,017 ) 432,715 (217,080 ) (214,585 ) — (328,571 ) Net change in cash, cash equivalents and restricted cash (2,526 ) — 12,305 29,324 — (30,925 ) — 8,178 Cash, cash equivalents and restricted cash, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash, cash equivalents and restricted cash, end of period $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 |
Unaudited Interim Financial Dat
Unaudited Interim Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Data | Note 20— Unaudited Interim Financial Data Unaudited interim consolidated financial information from continuing operations for Noble-UK is as follows: Quarter Ended March 31 June 30 September 30 December 31 2019 Operating revenues $ 282,888 $ 292,936 $ 275,526 $ 454,088 Operating income (loss) (23,812 ) (118,710 ) (640,012 ) 116,261 Net loss from continuing operations (67,068 ) (151,960 ) (444,871 ) (32,870 ) Net loss from discontinued operations, net of tax (3,821 ) — — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Diluted Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Quarter Ended March 31 June 30 September 30 December 31 2018 Operating revenues $ 235,157 $ 258,369 $ 279,408 $ 309,892 Operating loss (56,880 ) (845,606 ) (21,843 ) (21,745 ) Net loss from continuing operations (142,334 ) (628,063 ) (81,591 ) (33,062 ) Net loss from discontinued operations, net of tax — — — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Loss from continuing operations (0.58 ) (2.55 ) (0.33 ) (0.13 ) Diluted Loss from continuing operations (0.58 ) (2.55 ) (0.33 ) (0.13 ) (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net loss per share may not equal the total computed for the year. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. As of December 31, 2019 , our fleet of 25 drilling rigs consisted of 12 floaters and 13 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The 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. Beginning in 2019 , we combined the semisubmersibles and drillships in our contract drilling services fleet into a single category, floaters, for reporting purposes. We have made certain reclassifications to prior year so as to conform to such current period presentation. The reclassification did not have a material effect on our Condensed Consolidated Statements of Operations or related disclosures. |
Principles of Consolidation | The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Until December 3, 2019 our consolidated financial statements included the accounts of two joint ventures, in each of which we owned a 50 percent interest. On December 3, 2019, we acquired the remaining 50 percent interest not owned by us and as a result the two joint ventures became our wholly-owned subsidiaries. Our historical ownership interest in the joint ventures met the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we determined that we were the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. |
Restricted Cash | Restricted Cash |
Accounts Receivable | Accounts Receivable |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years . Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years . Included in accounts payable were $36.0 million and $52.1 million of capital accruals as of December 31, 2019 and 2018 , respectively. Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in “ Note 5— Property and Equipment .” |
Fair Value Measurements | Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets; Level 2 - Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3 - Valuations based on unobservable inputs. |
Revenue Recognition | Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below. The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour. Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract. In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract. Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Consolidated Balance Sheets. Capital Modification Revenue . From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses . We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed. Deferred revenues from drilling contracts totaled $65.1 million and $80.8 million at December 31, 2019 and 2018 , 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 $30.8 million at December 31, 2019 as compared to $47.7 million at December 31, 2018 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses. |
Income Taxes | Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes. |
Insurance Reserves | Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. |
Earnings per Share | Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the two-class method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method. |
Share-Based Compensation Plans | Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. |
Litigation Contingencies | Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount. |
Discontinued Operations | Discontinued Operations 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 plc (“Paragon Offshore”), to the holders of Noble’s ordinary shares. 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. |
Certain Significant Estimates | Certain Significant Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. |
Accounting Pronouncements | Accounting Pronouncements Accounting Standards Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842, “Leases”), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, time and uncertainty of cash flows arising from lease agreements. We adopted this standard, on a modified retrospective basis, effective January 1, 2019 and did not restate comparative periods. Our adoption did not have a material effect on our consolidated financial statements. With respect to leases in which we are the lessee, we recognized a lease liability and a corresponding right-of-use asset of approximately $28.0 million on our Consolidated Balance Sheet as of January 1, 2019. We have elected the package of practical expedients that permits us to not reassess (1) whether previously expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. In addition, we have elected the hindsight practical expedient in connection with our adoption of the new lease standard. As lessee, we have made the accounting policy election to not recognize a right-of-use asset lease and lease liability for leases with a term of 12 months or less. We will recognize lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease and non-lease components. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have concluded the non-lease service of operating our equipment and providing expertise in the drilling of the client’s well is predominant in our drilling contracts. We have applied the practical expedient to account for the lease and associated nonlease components as a single component. With the election of the practical expedient, we will continue to present a single performance obligation under the new revenue guidance in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers.” Recently Issued Accounting Standards In December 2019 , the FASB issued ASU No. 2019 -12, which amends ASC Subtopic 740, “Income Taxes” This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We are evaluating what impact, if any, the adoption of this guidance will have on our consolidated financial statements. In August 2018 , the FASB issued ASU No. 2018 -14, which amends ASC Subtopic 715-20, “Compensation — Retirement Benefits — Defined Benefit Plans — General.” This update applies to all employers that sponsor defined benefit pension or other postretirement plans and is part of the disclosure framework project to improve the effectiveness of disclosures in notes to the financial statements. The amendment is effective for fiscal years ending after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326, “Measurement of Credit Losses on Financial Instruments”), which requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income, including loans, debt securities, trade receivables, net investments in leases and available-for-sale debt securities. This guidance will be effective for annual and interim periods beginning after December 15, 2019. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted loss per share for Noble-UK: Year Ended December 31, 2019 2018 2017 Numerator: Basic Net loss from continuing operations $ (696,769 ) $ (885,050 ) $ (515,025 ) Net loss from discontinued operations, net of tax (3,821 ) — (1,486 ) Net loss attributable to Noble Corporation plc $ (700,590 ) $ (885,050 ) $ (516,511 ) Diluted Net loss from continuing operations $ (696,769 ) $ (885,050 ) $ (515,025 ) Net loss from discontinued operations, net of tax (3,821 ) — (1,486 ) Net loss attributable to Noble Corporation plc $ (700,590 ) $ (885,050 ) $ (516,511 ) Denominator: Weighted average shares outstanding - basic 248,949 246,614 244,743 Weighted average shares outstanding - diluted 248,949 246,614 244,743 Loss per share Basic: Loss from continuing operations $ (2.79 ) $ (3.59 ) $ (2.10 ) Loss from discontinued operations (0.02 ) — (0.01 ) Net loss attributable to Noble Corporation plc $ (2.81 ) $ (3.59 ) $ (2.11 ) Diluted: Loss from continuing operations $ (2.79 ) $ (3.59 ) $ (2.10 ) Loss from discontinued operations (0.02 ) — (0.01 ) Net loss attributable to Noble Corporation plc $ (2.81 ) $ (3.59 ) $ (2.11 ) Dividends per share $ — $ — $ — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, for Noble-UK consisted of the following: Year Ended December 31, 2019 2018 Drilling equipment and facilities $ 10,014,314 $ 10,546,376 Construction in progress 88,904 209,091 Other 203,407 200,945 Property and equipment, at cost $ 10,306,625 $ 10,956,412 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | At December 31, 2019 , aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2020 2021 2022 2023 2024 Thereafter Total $ 62,535 $ 82,937 $ 83,730 $ 388,462 $ 397,025 $ 2,872,216 $ 3,886,905 |
Schedule of Debt | The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes 4.90% Senior Notes due August 2020 $ 62,505 $ 60,660 $ 65,810 $ 60,177 4.625% Senior Notes due March 2021 79,854 64,262 92,967 84,931 3.95% Senior Notes due March 2022 21,181 12,170 41,617 37,096 7.75% Senior Notes due January 2024 389,800 211,035 783,350 613,719 7.95% Senior Notes due April 2025 446,962 228,515 446,517 339,035 7.875% Senior Notes due February 2026 739,371 546,353 738,075 647,085 6.20% Senior Notes due August 2040 390,526 149,134 390,454 245,242 6.05% Senior Notes due March 2041 389,809 142,646 389,693 247,171 5.25% Senior Notes due March 2042 478,122 176,265 477,996 277,056 8.95% Senior Notes due April 2045 390,763 164,664 390,672 311,392 Seller loans: Seller-financed secured loan due September 2022 62,453 36,968 60,251 57,902 Seller-financed secured loan due February 2023 55,658 31,175 — — Credit facility: 2017 Credit Facility matures January 2023 335,000 335,000 — — Total debt 3,842,004 2,158,847 3,877,402 2,920,806 Less: Current maturities of long-term debt 62,505 60,660 — — Long-term debt $ 3,779,499 $ 2,098,187 $ 3,877,402 $ 2,920,806 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Stock Options Granted | A summary of the status of stock options granted under the 1991 Plan as of December 31, 2019 , 2018 and 2017 and the changes during the year ended on those dates is presented below: 2019 2018 2017 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 1,103,242 $ 28.74 1,313,155 $ 29.51 1,420,175 $ 29.52 Expired (394,842 ) 24.85 (209,913 ) 33.56 (107,020 ) 29.74 Outstanding at end of year (1) 708,400 30.90 1,103,242 28.74 1,313,155 29.51 Exercisable at end of year (1) 708,400 $ 30.90 1,103,242 $ 28.74 1,313,155 $ 29.51 (1) Options outstanding and exercisable at December 31, 2019 had no intrinsic value. |
Additional Information about Stock Options Outstanding | The following table summarizes additional information about stock options outstanding at December 31, 2019 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $25.41 53,934 2.03 $ 25.41 $25.42 to $30.59 277,177 2.10 30.59 $30.60 to $32.78 377,289 0.70 31.92 Total 708,400 1.33 $ 30.90 |
Assumptions used to Value Performance-Vested Restricted Stock Awards | The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2019 2018 2017 Valuation assumptions: Expected volatility 59.6 % 61.8 % 56.4 % Risk-free interest rate 2.50 % 2.31 % 1.49 % |
Summary of Restricted Share Awards | A summary of the RSUs awarded for each of the years ended December 31, 2019 , 2018 and 2017 is as follows: 2019 2018 2017 TVRSU Units awarded 4,639,119 3,578,212 3,231,225 Weighted-average share price at award date $ 3.02 $ 4.71 $ 6.96 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded 1,623,399 2,733,906 2,474,978 Weighted-average share price at award date $ 3.13 $ 4.55 $ 7.28 Three-year performance period ended December 31 2021 2020 2019 Weighted-average award date fair value $ 3.61 $ 2.96 $ 4.37 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested RSUs at December 31, 2019 and changes during the year ended December 31, 2019 is presented below: TVRSUs Outstanding Weighted Average Award-Date Fair Value PVRSUs Outstanding (1) Weighted Average Award-Date Fair Value Non-vested RSUs at January 1, 2019 5,224,403 $ 5.71 6,191,067 $ 4.38 Awarded 4,639,119 3.02 1,623,399 3.61 Vested (2,597,672 ) 6.08 (621,759 ) 3.81 Forfeited (936,821 ) 4.44 (2,338,355 ) 3.39 Non-vested RSUs at December 31, 2019 6,329,029 $ 3.89 4,854,352 $ 3.56 (1) For awards granted prior to 2019 , the number of PVRSUs shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. For awards granted during 2019 , the number of PVRSUs shown equals the units that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in AOCI by Component | The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” for the years ended December 31, 2019 and 2018 . All amounts within the tables are shown net of tax. Defined Benefit Pension Items (1) Foreign Currency Items Total Balance at December 31, 2017 $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Tax Cuts and Jobs Act (5,540 ) — (5,540 ) Balance at January 1, 2018 (33,143 ) (15,285 ) (48,428 ) Activity during period: Other comprehensive loss before reclassifications — (2,729 ) (2,729 ) Amounts reclassified from AOCI (5,915 ) — (5,915 ) Net other comprehensive loss (5,915 ) (2,729 ) (8,644 ) Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive income before reclassifications — 260 260 Amounts reclassified from AOCI (1,577 ) — (1,577 ) Net other comprehensive income (loss) (1,577 ) 260 (1,317 ) Balance at December 31, 2019 $ (40,635 ) $ (17,754 ) $ (58,389 ) (1) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “ Note 13— Employee Benefit Plans ” for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table provides information about contract assets and contract liabilities from contracts with customers: December 31, 2019 December 31, 2018 Current contract assets $ 21,292 $ 25,298 Noncurrent contract assets 9,508 22,366 Total contract assets 30,800 47,664 Current contract liabilities (deferred revenue) (34,196 ) (32,906 ) Noncurrent contract liabilities (deferred revenue) (30,859 ) (47,847 ) Total contract liabilities $ (65,055 ) $ (80,753 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the years ended December 31, 2019 and 2018 are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2017 $ 55,749 $ (108,861 ) Amortization of deferred costs (32,420 ) — Additions to deferred costs 24,335 — Amortization of deferred revenue — 47,798 Additions to deferred revenue — (19,690 ) Total (8,085 ) 28,108 Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (39,936 ) — Additions to deferred costs 23,072 — Amortization of deferred revenue — 65,312 Additions to deferred revenue — (49,614 ) Total (16,864 ) 15,698 Net balance at December 31, 2019 $ 30,800 $ (65,055 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Year Ending December 31, 2020 2021 2022 2023 2024 and beyond Total Floaters $ 17,252 $ 10,584 $ 7,798 $ 3,548 $ — $ 39,182 Jackups 16,912 7,230 1,732 — — 25,874 Total $ 34,164 $ 17,814 $ 9,530 $ 3,548 $ — $ 65,056 |
Disaggregation of revenue by rig types | The following table provides information about contract drilling revenue by rig types: Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018 Floaters (1) $ 727,177 $ 561,825 Jackups 518,881 474,257 Total (1) $ 1,246,058 $ 1,036,082 (1) Includes the impact of the Noble Bully II contract buyout during the year ended December 31, 2019 . Exclusive of this item, revenue for the year ended December 31, 2019 would have been $560,319 for floaters and $1,079,200 for total rigs. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Financial Information and Lease Cost | Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating Leases Operating lease right-of-use assets $ 33,480 Current operating lease liabilities 6,591 Long-term operating lease liabilities 26,778 Weighted average remaining lease term for operating leases (years) 7.7 Weighted average discounted rate for operating leases 9.7 % The components of lease cost were as follows: Twelve Months Ended December 31, 2019 Operating lease cost $ 8,878 Short-term lease cost 7,012 Variable lease cost 1,620 Total lease cost $ 17,510 Supplemental cash flow information related to leases was as follows: Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,812 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases 2020 $ 9,463 2021 7,734 2022 5,345 2023 3,527 2024 3,604 Thereafter 20,530 Total lease payments 50,203 Less: Interest (16,834 ) Present value of lease liability $ 33,369 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: 2019 2018 Deferred tax assets United States Net operating loss carry forwards $ 129,695 $ 95,577 Disallowed interest deduction carryforwards 92,030 51,423 Deferred pension plan amounts 10,447 11,887 Accrued expenses not currently deductible 8,434 9,688 Other 2,356 1,936 Non-United States Net operating loss carry forwards 22,426 26,441 Disallowed interest deduction carryforwards 13,942 6,254 Deferred pension plan amounts 787 670 Deferred tax assets 280,117 203,876 Less: valuation allowance (8,084 ) (12,306 ) Net deferred tax assets $ 272,033 $ 191,570 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (299,136 ) $ (254,669 ) Other (2,420 ) (6,482 ) Non-United States Excess of net book basis over remaining tax basis (4,780 ) (1,066 ) Other (1,342 ) (1,596 ) Deferred tax liabilities (307,678 ) (263,813 ) Net deferred tax liabilities $ (35,645 ) $ (72,243 ) |
Income (Loss) from Continuing Operations Before Income Taxes | Loss from continuing operations before income taxes consists of the following: Year Ended December 31, 2019 2018 2017 United States $ (65,062 ) $ (136,083 ) $ (81,329 ) Non-United States (844,022 ) (1,101,093 ) (368,485 ) Total $ (909,084 ) $ (1,237,176 ) $ (449,814 ) |
Income Tax Provision for Continuing Operations | The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2019 2018 2017 Current- United States $ (34,726 ) $ (56,574 ) $ (227,707 ) Current- Non-United States 14,011 18,348 29,010 Deferred- United States (5,307 ) (67,371 ) 257,432 Deferred- Non-United States (12,518 ) (1,044 ) (16,106 ) Total $ (38,540 ) $ (106,641 ) $ 42,629 |
Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties | The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. 2019 2018 2017 Gross balance at January 1, $ 161,256 $ 174,437 $ 159,826 Additions based on tax positions related to current year 934 97 14,187 Additions for tax positions of prior years 224 25 1,284 Reductions for tax positions of prior years (28,542 ) (12,806 ) (860 ) Expiration of statutes (1,629 ) (497 ) — Tax settlements (1,406 ) — — Gross balance at December 31, 130,837 161,256 174,437 Related tax benefits (400 ) (1,008 ) (1,008 ) Net reserve at December 31, $ 130,437 $ 160,248 $ 173,429 |
Summary of Liabilities Related to Reserve for Uncertain Tax Positions | The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2019 2018 Reserve for uncertain tax positions, excluding interest and penalties $ 130,437 $ 160,248 Interest and penalties included in “Other liabilities” 29,232 23,538 Reserve for uncertain tax positions, including interest and penalties $ 159,669 $ 183,786 |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below: Year Ended December 31, 2019 2018 2017 Effect of: Tax rates which are different than the UK and Cayman Island rates 4.3 % 5.0 % 23.4 % Tax impact of asset impairment and disposition 0.3 % 2.9 % 11.7 % Tax impact of restructuring (4.1 )% — % (76.1 )% Tax impact of the Tax Cuts and Jobs Act — % 2.1 % 33.4 % Tax impact of valuation allowance 0.5 % (1.0 )% — % Resolution of (reserve for) tax authority audits 3.2 % (0.4 )% (1.9 )% Total 4.2 % 8.6 % (9.5 )% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans | A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Benefit obligation at beginning of year $ 54,898 $ 210,944 $ 61,952 $ 235,175 Service cost — — — — Interest cost 1,814 8,711 1,747 8,179 Actuarial loss (gain) 6,649 29,078 (2,683 ) (20,673 ) Plan amendments — — 285 — Benefits paid (2,821 ) (7,201 ) (3,282 ) (7,218 ) Settlements and curtailments — (1,283 ) — (4,519 ) Foreign exchange rate changes 1,945 — (3,121 ) — Benefit obligation at end of year $ 62,485 $ 240,249 $ 54,898 $ 210,944 |
Reconciliation of Changes in Fair Value of Plan Assets | A reconciliation of the changes in fair value of plan assets is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Fair value of plan assets at beginning of year $ 68,597 $ 165,730 $ 77,141 $ 189,240 Actual return on plan assets 8,282 35,597 (1,366 ) (16,326 ) Employer contributions — 1,317 — 4,553 Benefits paid (2,821 ) (7,201 ) (3,282 ) (7,218 ) Settlement and curtailment — (1,283 ) — (4,519 ) Foreign exchange rate changes 2,371 — (3,896 ) — Fair value of plan assets at end of year $ 76,429 $ 194,160 $ 68,597 $ 165,730 |
Funded Status of Plans | The funded status of the plans is as follows: Years Ended December 31, 2019 2018 Non-US US Non-US US Funded status $ 13,944 $ (46,089 ) $ 13,699 $ (45,214 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2019 2018 Non-US US Non-US US Other assets (noncurrent) $ 13,944 $ — $ 13,699 $ — Other liabilities (current) — (2,535 ) — (1,062 ) Other liabilities (noncurrent) — (43,555 ) — (44,152 ) Net amount recognized $ 13,944 $ (46,090 ) $ 13,699 $ (45,214 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCI consist of: Years Ended December 31, 2019 2018 Non-US US Non-US US Net actuarial loss $ 4,758 $ 46,420 $ 3,622 $ 45,358 Prior service cost — — 273 — Deferred income tax asset (787 ) (9,748 ) (670 ) (9,524 ) Accumulated other comprehensive loss $ 3,971 $ 36,672 $ 3,225 $ 35,834 |
Pension Costs | Pension costs include the following components: Years Ended December 31, 2019 2018 2017 Non-US US Non-US US Non-US US Service cost $ — $ — $ — $ — $ — $ — Interest cost 1,814 8,711 1,747 8,179 2,151 8,593 Return on plan assets (2,471 ) (10,313 ) (2,762 ) (11,914 ) (2,879 ) (11,764 ) Amortization of prior service cost 10 — — — — — Recognized net actuarial loss — 2,771 — 1,642 743 1,464 Settlement and curtailment gains — (37 ) — 135 (838 ) 82 Net pension benefit cost (gain) $ (647 ) $ 1,132 $ (1,015 ) $ (1,958 ) $ (823 ) $ (1,625 ) |
Disaggregated Plan Information | Disaggregated information regarding our non-US and US plans is summarized below: Years Ended December 31, 2019 2018 Non-US US Non-US US Projected benefit obligation $ 62,485 $ 240,249 $ 54,898 $ 210,944 Accumulated benefit obligation 62,485 240,249 54,898 210,944 Fair value of plan assets 76,429 194,160 68,597 165,730 |
Plans in which PBO Exceeded Fair Value | The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2019 and 2018 . The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017 . Years Ended December 31, 2019 2018 Non-US US Non-US US Projected benefit obligation $ — $ 240,249 $ — $ 210,944 Fair value of plan assets — 194,160 — 165,730 |
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets | The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2019 and 2018 . The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. Years Ended December 31, 2019 2018 Non-US US Non-US US Accumulated benefit obligation $ — $ 240,249 $ — $ 210,944 Fair value of plan assets — 194,160 — 165,730 |
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: Years Ended December 31, 2019 2018 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.10% 2.56% - 3.32% 2.90% 3.65% - 4.29% Rate of compensation increase N/A N/A N/A N/A Years Ended December 31, 2019 2018 2017 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.90% 3.65% - 4.29% 2.60% 2.84% - 3.66% 2.48% - 2.70% 3.00% - 4.24% Expected long-term return on assets 3.70% 5.40% - 6.50% 3.70% 5.75% - 6.50% 4.10% 6.00% - 6.50% Rate of compensation increase N/A N/A N/A N/A N/A N/A |
Actual Fair Values of Defined Benefit Plans | The actual fair values of US plan assets are as follows: Year Ended December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,254 $ 2,254 $ — $ — Equity securities: United States 60,422 21,502 38,920 — International 23,470 23,470 — — Fixed income securities: Corporate bonds 75,131 74,253 878 — Municipal bonds 1,064 — 1,064 Treasury bonds 31,819 31,819 — — Total $ 194,160 $ 153,298 $ 40,862 $ — Year Ended December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,801 $ 4,801 $ — $ — Equity securities: United States 47,950 16,775 31,175 — International 17,838 17,838 — — Fixed income securities: Corporate bonds 64,802 59,648 5,154 — Treasury bonds 30,339 30,339 — — Total $ 165,730 $ 129,401 $ 36,329 $ — The actual fair values of the non-US plan are as follows: Year Ended December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 903 $ 903 $ — $ — Equity securities: International companies 26,131 26,131 — — Fixed income securities: Corporate bonds 49,395 49,395 — — Total $ 76,429 $ 76,429 $ — $ — Year Ended December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 151 $ 151 $ — $ — Equity securities: International companies 25,585 25,585 — — Fixed income securities: Corporate bonds 42,861 42,861 — — Other — — — — Total $ 68,597 $ 68,597 $ — $ — |
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2019 : Payments by Period Total 2020 2021 2022 2023 2024 Thereafter Estimated benefit payments Non-US plans $ 38,196 $ 5,947 $ 3,128 $ 3,232 $ 3,341 $ 3,454 $ 19,094 US plans 113,979 11,034 14,419 10,104 10,611 10,791 57,020 Total estimated benefit payments $ 152,175 $ 16,981 $ 17,547 $ 13,336 $ 13,952 $ 14,245 $ 76,114 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following table, together with “ Note 15— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the years ended December 31, 2019 and 2018 : Year Ended December 31, 2019 2018 Gain/(loss) reclassified from AOCI to “ Contract drilling services ” costs Cash flow hedges Foreign currency forward contracts $ 320 $ — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 10,433 $ 10,433 $ — $ — December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 8,659 $ 8,659 $ — $ — |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenues and Identifiable Assets by Country Based on the Location of the Service Provided | The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues for Year Ended December 31, Identifiable Assets as of December 31, 2019 2018 2017 2019 2018 Australia $ 33,623 $ — $ 12,262 $ 244,244 $ 243,388 Brazil — — — 8,910 13,299 Brunei — 3,080 45,450 — — Bulgaria 61,525 84,757 55,145 — 645,689 Canada 46,147 47,085 1,639 199,696 219,421 Curacao — — — 75,776 82,521 Denmark 31,076 35,855 44,671 238,413 242,831 East Timor — 33,733 — — — Egypt 49,209 112,473 — — 689,965 Gabon — — — 4,160 8,065 Guyana 132,414 50,839 — 1,807,296 1,250,390 Malaysia 251,497 91,052 131,696 30,012 665,822 Mexico — — — 28,032 27,542 Myanmar 56,207 16,572 — 151,116 152,629 Qatar 36,948 35,180 16,488 219,569 478,708 Saudi Arabia 154,807 156,989 140,453 673,884 380,421 Singapore — 1,769 — — 125,574 South Africa — — 48,228 — — Suriname 17,374 (3 ) 13,034 599,659 — Tanzania — 381 1,526 — — Turkey — — (3 ) — — United Arab Emirates — (17 ) 99,825 31,150 45,205 United Kingdom 243,063 194,602 209,338 1,373,524 1,152,596 United States 191,548 218,479 417,163 2,599,057 2,840,857 Total $ 1,305,438 $ 1,082,826 $ 1,236,915 $ 8,284,498 $ 9,264,923 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Financial Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman December 31, December 31, 2019 2018 2017 2019 2018 2017 Accounts receivable $ 2,057 $ 3,974 $ 114,456 $ 2,057 $ 3,974 $ 114,456 Other current assets 3,573 (2,722 ) 26,155 4,046 (2,700 ) 23,309 Other assets 16,218 (10,378 ) (89,021 ) 18,749 (6,424 ) (91,236 ) Accounts payable (2,279 ) 14,955 (14,625 ) (2,182 ) 14,795 (14,429 ) Other current liabilities (4,700 ) (13,940 ) 33,906 (4,549 ) (13,495 ) 35,033 Other liabilities (24,577 ) (26,829 ) (92,096 ) (24,577 ) (26,829 ) (87,213 ) Total net change in assets and liabilities $ (9,708 ) $ (34,940 ) $ (21,225 ) $ (6,456 ) $ (30,679 ) $ (20,080 ) |
Additional Cash Flow Information | Additional cash flow information is as follows: Noble - UK Noble - Cayman December 31, December 31, 2019 2018 2017 2019 2018 2017 Cash paid during the period for: Interest, net of amounts capitalized $ 289,457 $ 286,506 $ 246,960 $ 289,457 $ 286,506 $ 246,960 Income taxes (net of refunds) 8,181 (107,554 ) 30,590 8,181 (107,554 ) 30,590 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is an issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2019 with respect to registered securities as follows (see “ Note 7— Debt ” for additional information): Notes (1) Issuer Guarantor 4.90% Senior Notes due 2020 NHIL Noble-Cayman 4.625% Senior Notes due 2021 NHIL Noble-Cayman 3.95% Senior Notes due 2022 NHIL Noble-Cayman 7.75% Senior Notes due 2024 NHIL Noble-Cayman 7.95% Senior Notes due 2025 NHIL Noble-Cayman 6.20% Senior Notes due 2040 NHIL Noble-Cayman 6.05% Senior Notes due 2041 NHIL Noble-Cayman 5.25% Senior Notes due 2042 NHIL Noble-Cayman 8.95% Senior Notes due 2045 NHIL Noble-Cayman (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. |
Condensed Consolidating Balance Sheet | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 104,575 $ — $ 104,575 Accounts receivable, net — — 198,665 — 198,665 Taxes receivable — 243 59,528 — 59,771 Short-term notes receivable from affiliates — — — — — Accounts receivable from affiliates — 61,075 1,403,347 (1,464,422 ) — Prepaid expenses and other current assets — — 57,890 — 57,890 Total current assets — 61,318 1,824,005 (1,464,422 ) 420,901 Property and equipment, at cost — — 10,306,625 — 10,306,625 Accumulated depreciation — — (2,572,701 ) — (2,572,701 ) Property and equipment, net — — 7,733,924 — 7,733,924 Notes receivable from affiliates — — 15,812 (15,812 ) — Investments in affiliates 3,765,687 7,690,324 — (11,456,011 ) — Other assets — — 128,467 — 128,467 Total assets $ 3,765,687 $ 7,751,642 $ 9,702,208 $ (12,936,245 ) $ 8,283,292 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ — $ 62,505 $ — $ — $ 62,505 Accounts payable — — 107,985 — 107,985 Accrued payroll and related costs — — 56,065 — 56,065 Accounts payable to affiliates 7,707 1,395,641 61,074 (1,464,422 ) — Taxes payable — — 30,715 — 30,715 Interest payable — 85,057 2,990 — 88,047 Other current liabilities — — 71,397 — 71,397 Total current liabilities 7,707 1,543,203 330,226 (1,464,422 ) 416,714 Long-term debt — 3,326,389 453,110 — 3,779,499 Notes payable to affiliates — 15,812 — (15,812 ) — Deferred income taxes — — 68,201 — 68,201 Other liabilities — — 260,898 — 260,898 Total liabilities 7,707 4,885,404 1,112,435 (1,480,234 ) 4,525,312 Commitments and contingencies Total shareholder equity 3,757,980 2,866,238 8,589,773 (11,456,011 ) 3,757,980 Noncontrolling interests — — — — — Total equity 3,757,980 2,866,238 8,589,773 (11,456,011 ) 3,757,980 Total liabilities and equity $ 3,765,687 $ 7,751,642 $ 9,702,208 $ (12,936,245 ) $ 8,283,292 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ 17,818 $ 356,557 $ — $ 374,375 Accounts receivable, net — — 200,722 — 200,722 Taxes receivable — — 20,498 — 20,498 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 275,726 61,046 4,823,902 (5,160,674 ) — Prepaid expenses and other current assets — — 61,917 — 61,917 Total current assets 275,726 78,864 8,639,258 (8,336,336 ) 657,512 Property and equipment, at cost — — 10,956,412 — 10,956,412 Accumulated depreciation — — (2,475,694 ) — (2,475,694 ) Property and equipment, net — — 8,480,718 — 8,480,718 Notes receivable from affiliates 5,145 — — (5,145 ) — Investments in affiliates 7,716,068 12,300,840 — (20,016,908 ) — Other assets 609 — 124,540 — 125,149 Total assets $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Current maturities of long-term debt — — — — — Accounts payable 45 — 125,192 — 125,237 Accrued payroll and related costs — — 50,284 — 50,284 Accounts payable to affiliates 3,725,506 1,098,395 336,773 (5,160,674 ) — Taxes payable — — 29,386 — 29,386 Interest payable 3 99,997 100 — 100,100 Other current liabilities — — 60,012 — 60,012 Total current liabilities 3,725,554 4,374,054 601,747 (8,336,336 ) 365,019 Long-term debt — 3,817,153 60,249 — 3,877,402 Notes payable to affiliates — — 5,145 (5,145 ) — Deferred income taxes — — 91,695 — 91,695 Other liabilities 19,929 — 255,866 — 275,795 Total liabilities 3,745,483 8,191,207 1,014,702 (8,341,481 ) 4,609,911 Commitments and contingencies Total shareholder equity 4,252,065 4,188,497 15,828,411 (20,016,908 ) 4,252,065 Noncontrolling interests — — 401,403 — 401,403 Total equity 4,252,065 4,188,497 16,229,814 (20,016,908 ) 4,653,468 Total liabilities and equity $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 |
Condensed Consolidating Statement of Income (Loss) | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 1,246,058 $ — $ 1,246,058 Reimbursables and other — — 59,380 — 59,380 Total operating revenues — — 1,305,438 — 1,305,438 Operating costs and expenses Contract drilling services 82 — 696,183 — 696,265 Reimbursables — — 49,061 — 49,061 Depreciation and amortization — — 437,690 — 437,690 General and administrative 3 239 34,360 — 34,602 Loss on impairment — — 615,294 — 615,294 Total operating costs and expenses 85 239 1,832,588 — 1,832,912 Operating loss (85 ) (239 ) (527,150 ) — (527,474 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (546,044 ) (259,796 ) — 805,840 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax (3,821 ) (3,821 ) — 7,642 — Interest expense, net of amounts capitalized (11,372 ) (255,460 ) (19,040 ) 6,437 (279,435 ) Gain (loss) on extinguishment of debt, net — 31,266 (650 ) — 30,616 Interest income and other, net 194 (10 ) 12,923 (6,437 ) 6,670 Income (loss) before income taxes (561,128 ) (488,060 ) (533,917 ) 813,482 (769,623 ) Income tax benefit — — 38,540 — 38,540 Net income (loss) from continuing operations (561,128 ) (488,060 ) (495,377 ) 813,482 (731,083 ) Net loss from discontinuing operations, net of tax — — (3,821 ) — (3,821 ) Net income (loss) (561,128 ) (488,060 ) (499,198 ) 813,482 (734,904 ) Net income attributable to noncontrolling interests — — 173,776 — 173,776 Net income (loss) attributable to Noble Corporation (561,128 ) (488,060 ) (325,422 ) 813,482 (561,128 ) Other comprehensive income (loss), net (1,317 ) — (1,317 ) 1,317 (1,317 ) Comprehensive income (loss) attributable to Noble Corporation $ (562,445 ) $ (488,060 ) $ (326,739 ) $ 814,799 $ (562,445 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 1,036,082 $ — $ 1,036,082 Reimbursables and other — — 46,744 — 46,744 Total operating revenues — — 1,082,826 — 1,082,826 Operating costs and expenses Contract drilling services 2 (22 ) 628,148 — 628,128 Reimbursables — — 37,084 — 37,084 Depreciation and amortization — — 482,660 — 482,660 General and administrative 57 214 37,932 — 38,203 Loss on impairment — — 802,133 — 802,133 Total operating costs and expenses 59 192 1,987,957 — 1,988,208 Operating loss (59 ) (192 ) (905,131 ) — (905,382 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (2,738,475 ) (258,687 ) — 2,997,162 — Interest expense, net of amounts capitalized (1,324 ) (449,824 ) (1,911,822 ) 2,065,359 (297,611 ) Gain (loss) on extinguishment of debt, net (2,336 ) 12,651 (12,108 ) — (1,793 ) Interest income (expense) and other, net 1,897,709 (74 ) 176,006 (2,065,359 ) 8,282 Income (loss) before income taxes (844,485 ) (696,126 ) (2,653,055 ) 2,997,162 (1,196,504 ) Income tax benefit — — 106,534 — 106,534 Net income (loss) (844,485 ) (696,126 ) (2,546,521 ) 2,997,162 (1,089,970 ) Net income attributable to noncontrolling interests — — 245,485 — 245,485 Net income (loss) attributable to Noble Corporation (844,485 ) (696,126 ) (2,301,036 ) 2,997,162 (844,485 ) Other comprehensive income (loss), net (8,644 ) — (8,644 ) 8,644 (8,644 ) Comprehensive income (loss) attributable to Noble Corporation $ (853,129 ) $ (696,126 ) $ (2,309,680 ) $ 3,005,806 $ (853,129 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 168,592 $ — $ — $ 1,086,320 $ (47,886 ) $ 1,207,026 Reimbursables and other — — 3,443 — — 26,446 — 29,889 Total operating revenues — — 172,035 — — 1,112,766 (47,886 ) 1,236,915 Operating costs and expenses Contract drilling services 304 12,090 43,161 3,115 — 629,699 (47,886 ) 640,483 Reimbursables — — 1,992 — — 16,443 — 18,435 Depreciation and amortization — — 58,236 — — 484,883 — 543,119 General and administrative 129 5,761 — 1,588 9 33,600 — 41,087 Loss on impairment — — 45,012 — — 76,627 — 121,639 Total operating costs and expenses 433 17,851 148,401 4,703 9 1,241,252 (47,886 ) 1,364,763 Operating income (loss) (433 ) (17,851 ) 23,634 (4,703 ) (9 ) (128,486 ) — (127,848 ) Other income (expense) Income (loss) of unconsolidated affiliates - discontinued operations, net of tax (476,382 ) (528,702 ) 82,596 188,809 17,874 — 715,805 — Income (loss) of unconsolidated affiliates - continuing operations 2,967 4,566 — — — — (7,533 ) — Interest expense, net of amounts capitalized (10,951 ) (32,838 ) (13,493 ) (430,580 ) (15,288 ) (130,442 ) 341,603 (291,989 ) Interest income (expense ) and other, net 10,483 (141 ) 87,287 4,771 224,772 22,164 (341,603 ) 7,733 Income (loss) before income taxes (474,316 ) (574,966 ) 180,024 (241,703 ) 227,349 (236,764 ) 708,272 (412,104 ) Income tax benefit (provision) — 241,960 (440 ) — — (284,115 ) — (42,595 ) Net income (loss) from continuing operations (474,316 ) (333,006 ) 179,584 (241,703 ) 227,349 (520,879 ) 708,272 (454,699 ) Net income (loss) from discontinued operations, net of tax — (1,598 ) — — — 4,565 — 2,967 Net income (loss) (474,316 ) (334,604 ) 179,584 (241,703 ) 227,349 (516,314 ) 708,272 (451,732 ) Net income attributable to noncontrolling interests — — — — — (20,589 ) (1,995 ) (22,584 ) Net income (loss) attributable to Noble Corporation (474,316 ) (334,604 ) 179,584 (241,703 ) 227,349 (536,903 ) 706,277 (474,316 ) Other comprehensive income (loss), net 9,252 — — — — 9,252 (9,252 ) 9,252 Comprehensive income (loss) attributable to Noble Corporation $ (465,064 ) $ (334,604 ) $ 179,584 $ (241,703 ) $ 227,349 $ (527,651 ) $ 697,025 $ (465,064 ) |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2019 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ (15,941 ) $ (266,939 ) $ 509,786 $ — $ 226,906 Cash flows from investing activities Capital expenditures — — (268,783 ) — (268,783 ) Proceeds from disposal of assets — — 12,753 — 12,753 Notes receivable to (from) affiliates 5,145 — (15,812 ) 10,667 — Net cash provided by (used in) investing activities 5,145 — (271,842 ) 10,667 (256,030 ) Cash flows from financing activities Borrowings on credit facilities 300,000 — 455,000 — 755,000 Debt issuance costs — — (1,092 ) — (1,092 ) Repayments of credit facilities (300,000 ) — (120,000 ) — (420,000 ) Repayments of senior notes — (400,000 ) — — (400,000 ) Purchase of noncontrolling interests — — (106,744 ) — (106,744 ) Dividends paid to noncontrolling interests — — (25,109 ) — (25,109 ) Distributions to parent company, net (42,103 ) — — — (42,103 ) Advances (to) from affiliates 52,899 633,309 (686,208 ) — — Notes payable to affiliates — 15,812 (5,145 ) (10,667 ) — Net cash provided by (used in) financing activities 10,796 249,121 (489,298 ) (10,667 ) (240,048 ) Net change in cash, cash equivalents and restricted cash — (17,818 ) (251,354 ) — (269,172 ) Cash, cash equivalents and restricted cash, beginning of period — 17,818 357,232 — 375,050 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 105,878 $ — $ 105,878 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2018 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 1,920,724 $ (426,298 ) $ (1,281,667 ) $ — $ 212,759 Cash flows from investing activities Capital expenditures — — (194,779 ) — (194,779 ) Proceeds from disposal of assets — — 5,402 — 5,402 Net cash used in investing activities — — (189,377 ) — (189,377 ) Cash flows from financing activities Repayments of senior notes — (759,053 ) (213,655 ) — (972,708 ) Issuance of senior notes — 750,000 — — 750,000 Debt issuance costs (845 ) (13,027 ) (1,767 ) — (15,639 ) Dividends paid to noncontrolling interests — — (27,579 ) — (27,579 ) Distributions to parent company, net (44,417 ) — — — (44,417 ) Advances (to) from affiliates (1,875,473 ) 436,872 1,438,601 — — Net cash provided by (used in) financing activities (1,920,735 ) 414,792 1,195,600 — (310,343 ) Net change in cash, cash equivalents and restricted cash (11 ) (11,506 ) (275,444 ) — (286,961 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ 17,818 $ 357,232 $ — $ 375,050 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 32,195 $ 100,883 $ 209,898 $ (403,391 ) $ 217,080 $ 298,409 $ — $ 455,074 Cash flows from investing activities Capital expenditures — — (3,622 ) — — (117,085 ) — (120,707 ) Proceeds from disposal of assets — — 46 — — 2,336 — 2,382 Net cash provided by (used in) investing activities — — (3,576 ) — — (114,749 ) — (118,325 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Issuance of senior notes — — — — — — — — Tender offer premium — — — — — — — — Debt issuance costs on senior notes and credit facilities — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (56,881 ) — (56,881 ) Distributions to parent company, net 28,352 — — — — — — 28,352 Advances (to) from affiliates (63,073 ) (100,883 ) (194,017 ) 732,757 (217,080 ) (157,704 ) — — Net cash provided by (used in) financing activities (34,721 ) (100,883 ) (194,017 ) 432,715 (217,080 ) (214,585 ) — (328,571 ) Net change in cash, cash equivalents and restricted cash (2,526 ) — 12,305 29,324 — (30,925 ) — 8,178 Cash, cash equivalents and restricted cash, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash, cash equivalents and restricted cash, end of period $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 |
Unaudited Interim Financial D_2
Unaudited Interim Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Interim Financial Information | Unaudited interim consolidated financial information from continuing operations for Noble-UK is as follows: Quarter Ended March 31 June 30 September 30 December 31 2019 Operating revenues $ 282,888 $ 292,936 $ 275,526 $ 454,088 Operating income (loss) (23,812 ) (118,710 ) (640,012 ) 116,261 Net loss from continuing operations (67,068 ) (151,960 ) (444,871 ) (32,870 ) Net loss from discontinued operations, net of tax (3,821 ) — — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Diluted Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Quarter Ended March 31 June 30 September 30 December 31 2018 Operating revenues $ 235,157 $ 258,369 $ 279,408 $ 309,892 Operating loss (56,880 ) (845,606 ) (21,843 ) (21,745 ) Net loss from continuing operations (142,334 ) (628,063 ) (81,591 ) (33,062 ) Net loss from discontinued operations, net of tax — — — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Loss from continuing operations (0.58 ) (2.55 ) (0.33 ) (0.13 ) Diluted Loss from continuing operations (0.58 ) (2.55 ) (0.33 ) (0.13 ) (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net loss per share may not equal the total computed for the year. |
Organization and Significant _3
Organization and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($)vesselfloatersrig | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)joint_venturevesselfloatersrigsegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 03, 2019 | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Number of rigs | rig | 25 | 25 | |||||||||||
Number of floaters | floaters | 12 | 12 | |||||||||||
Number of jackups | vessel | 13 | 13 | |||||||||||
Number of reportable segments | segment | 1 | ||||||||||||
Number of joint ventures | joint_venture | 2 | ||||||||||||
Percent of interest in joint ventures | 50.00% | ||||||||||||
Interest acquired | 50.00% | ||||||||||||
Cash and cash equivalents | $ 104,621 | $ 375,232 | $ 104,621 | $ 375,232 | |||||||||
Restricted cash | 1,300 | 700 | 1,300 | 700 | |||||||||
Allowance for doubtful accounts on receivables | 1,900 | 2,200 | 1,900 | 2,200 | |||||||||
Capital accruals | $ 36,000 | 52,100 | |||||||||||
Period for incurring maintenance costs, minimum | 3 years | ||||||||||||
Period for incurring maintenance costs, maximum | 5 years | ||||||||||||
Deferred revenues | 65,055 | 80,753 | $ 65,055 | 80,753 | $ 108,861 | ||||||||
Deferred expenses under drilling contracts | 30,800 | 47,700 | 30,800 | 47,700 | |||||||||
Loss reserves for personal injury and protection claims | 27,900 | 22,400 | 27,900 | 22,400 | |||||||||
Net loss from discontinued operations, net of tax | 0 | $ 0 | $ 0 | $ (3,821) | 0 | $ 0 | $ 0 | $ 0 | (3,821) | 0 | (1,486) | ||
Present value of lease liability | 33,369 | 33,369 | |||||||||||
Operating lease right-of-use assets | $ 33,480 | $ 33,480 | |||||||||||
Accounting Standards Update 2016-02 | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Present value of lease liability | $ 28,000 | ||||||||||||
Operating lease right-of-use assets | $ 28,000 | ||||||||||||
Drilling Equipment | Minimum | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Maximum useful life of property plant and equipment | 3 years | ||||||||||||
Drilling Equipment | Maximum | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Maximum useful life of property plant and equipment | 30 years | ||||||||||||
Other | Minimum | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Maximum useful life of property plant and equipment | 2 years | ||||||||||||
Other | Maximum | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Maximum useful life of property plant and equipment | 40 years | ||||||||||||
Bully Joint Venture | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Carrying amount of the drillships | 700,000 | 700,000 | |||||||||||
Cash and cash equivalents | $ 45,200 | $ 45,200 | |||||||||||
Borrowings By Paragon Offshore | Mexico | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Net loss from discontinued operations, net of tax | $ (3,800) | $ 1,500 |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Details) $ in Thousands | Dec. 03, 2019USD ($) | Dec. 31, 2019USD ($)joint_venturerig | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule Of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures | joint_venture | 2 | |||
Number of bully class drillships | rig | 2 | |||
Percentage of dividends paid to joint venture partner | 50.00% | |||
Loss on impairment | $ 615,294 | $ 802,133 | $ 121,639 | |
Cash and cash equivalents | 104,621 | 375,232 | ||
Bully I | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50.00% | |||
Bully II | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50.00% | |||
Bully Joint Venture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 106,700 | |||
Dividends approved and paid | 50,200 | 55,200 | $ 113,800 | |
Carrying amount of the drillships | 700,000 | |||
Loss on impairment | 265,000 | 250,300 | ||
Cash and cash equivalents | 45,200 | |||
Floaters | Bully Joint Venture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Loss on impairment | $ 595,500 | $ 550,300 | ||
Subsidiary Of Royal Dutch Shell PLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from contract termination | $ 166,900 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic | |||||||||||
Net loss from continuing operations | $ (32,870) | $ (444,871) | $ (151,960) | $ (67,068) | $ (33,062) | $ (81,591) | $ (628,063) | $ (142,334) | $ (696,769) | $ (885,050) | $ (515,025) |
Net loss from discontinued operations, net of tax | (3,821) | 0 | (1,486) | ||||||||
Net loss attributable to Noble Corporation plc | (700,590) | (885,050) | (516,511) | ||||||||
Diluted | |||||||||||
Net loss from discontinued operations, net of tax | (3,821) | 0 | (1,486) | ||||||||
Net loss from continuing operations | $ (32,870) | $ (444,871) | $ (151,960) | $ (67,068) | $ (33,062) | $ (81,591) | $ (628,063) | $ (142,334) | (696,769) | (885,050) | (515,025) |
Net loss attributable to Noble Corporation plc | $ (700,590) | $ (885,050) | $ (516,511) | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding - basic (in shares) | 248,949,000 | 246,614,000 | 244,743,000 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 248,949,000 | 246,614,000 | 244,743,000 | ||||||||
Basic: | |||||||||||
Loss from continuing operations (usd per share) | $ (0.13) | $ (1.79) | $ (0.61) | $ (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | $ (2.79) | $ (3.59) | $ (2.10) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) | (0.02) | 0 | (0.01) | ||||
Net income (loss) (usd per share) | (2.81) | (3.59) | (2.11) | ||||||||
Diluted: | |||||||||||
Loss from continuing operations (usd per share) | (0.13) | (1.79) | (0.61) | (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | (2.79) | (3.59) | (2.10) |
Loss from discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ (0.02) | (0.02) | 0 | (0.01) | ||||
Net income (loss) (usd per share) | (2.81) | (3.59) | (2.11) | ||||||||
Dividends per share (usd per share) | $ 0 | $ 0 | $ 0 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share (in shares) | 11.9 | 12.5 | 12 |
Receivables from Customers (Det
Receivables from Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Receivables disputed by customer and written off | $ 0 | $ 0 | $ 29,032 | |
Petroleos Mexicanos | Contract drilling services | Uncollectible receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Receivables disputed by customer and written off | $ 14,400 | |||
Petroleos Mexicanos | Other assets | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Approximate receivable | $ 14,400 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 21, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, at cost | $ 10,306,625 | $ 10,956,412 | ||||
Capital expenditures | 306,400 | 281,300 | $ 111,100 | |||
Capitalized interest on construction-in-progress | 9,600 | 2,900 | 0 | |||
Loss on impairment | 615,294 | 802,133 | 121,639 | |||
Drilling equipment and facilities | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, at cost | 10,014,314 | 10,546,376 | ||||
Construction in progress | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, at cost | 88,904 | 209,091 | ||||
Other | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, at cost | 203,407 | 200,945 | ||||
Maritime Equipment, Noble Joe Knight | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Purchase price of asset acquired | $ 83,800 | |||||
Rig | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Purchase price of asset acquired | $ 93,800 | |||||
Seller-financed secured loan due September 2022 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Financed value | 53,600 | 60,000 | $ 60,000 | |||
Seller Financing | Seller-financed secured loan due September 2022 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash paid to acquire asset | $ 30,200 | $ 33,800 | ||||
Contract drilling services | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Contract drilling services costs | $ 698,343 | $ 629,937 | 642,937 | |||
Contract drilling services | Hurricane | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Contract drilling services costs | $ 14,300 |
Loss on Impairment (Details)
Loss on Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Loss on impairment | $ 615,294 | $ 802,133 | $ 121,639 |
Bully Joint Venture | |||
Loss Contingencies [Line Items] | |||
Loss on impairment | 265,000 | 250,300 | |
Bully Joint Venture | Floaters | |||
Loss Contingencies [Line Items] | |||
Loss on impairment | $ 595,500 | $ 550,300 |
Debt - Additional Information (
Debt - Additional Information (Details) | Dec. 20, 2019USD ($) | Feb. 28, 2019USD ($) | Sep. 21, 2018USD ($) | Jan. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2020 | Feb. 18, 2020USD ($) | Jul. 31, 2019USD ($) | Jan. 03, 2018USD ($) | Dec. 21, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ 30,616,000 | $ (1,793,000) | $ 0 | |||||||||||||||||
Seller Loan Due September 2022 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Financed value | $ 53,600,000 | $ 60,000,000 | $ 60,000,000 | |||||||||||||||||
Principal payment due | 5.00% | |||||||||||||||||||
Seller Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum debt to tangible capitalization covenant | 50.00% | |||||||||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 | |||||||||||||||||||
Credit facility: | 2015 Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Net loss recognized | $ (2,300,000) | |||||||||||||||||||
Extinguishment of debt | $ 300,000,000 | |||||||||||||||||||
Credit facility: | 2017 Credit Facility matures January 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,300,000,000 | $ 1,500,000,000 | ||||||||||||||||||
Net loss recognized | $ (700,000) | |||||||||||||||||||
Outstanding borrowings | 335,000,000 | |||||||||||||||||||
Credit facility: | 2017 Credit Facility matures January 2023 | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Available to borrowing capacity under credit facilities | 660,000,000 | |||||||||||||||||||
Credit facility: | Revolving Credit Facility | 2017 Credit Facility matures January 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount credit facility can be increased | $ 500,000,000 | |||||||||||||||||||
Minimum liquidity | $ 300,000,000 | |||||||||||||||||||
Debt covenant, rig value of marketed rigs to indebtedness, required minimum ratio | 3 | |||||||||||||||||||
Debt covenants, rig value of closing date rigs, required minimum ratio | 0.80 | |||||||||||||||||||
Debt restrictive covenants, maximum available cash after borrowings | $ 200,000,000 | |||||||||||||||||||
Credit facility: | Letter of Credit | 2017 Credit Facility matures January 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Available to borrowing capacity under credit facilities | 15,000,000 | |||||||||||||||||||
Outstanding borrowings | 9,000,000 | |||||||||||||||||||
Credit facility: | Letters Of Credit and Surety Bonds | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Outstanding borrowings | $ 12,200,000 | |||||||||||||||||||
Senior notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Extinguishment of debt | $ 126,600,000 | |||||||||||||||||||
Purchase of senior notes | $ 440,900,000 | $ 27,400,000 | $ 400,000 | 9,500,000 | $ 754,200,000 | |||||||||||||||
Repurchase amount | 400,000,000 | 20,200,000 | 300,000 | 8,700,000 | 750,000,000 | |||||||||||||||
Gain (loss) on extinguishment of debt, net | $ 31,300,000 | $ 6,900,000 | $ 100,000 | $ 500,000 | (3,500,000) | |||||||||||||||
Senior notes | Senior Notes due 2026 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Face value of senior notes | 750,000,000 | |||||||||||||||||||
Senior notes | Senior Notes due 2026 | NHIL | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from issuance of debt | $ 737,400,000 | |||||||||||||||||||
Required percentage of book value of material drilling equipment for subsidiary guarantors | 85.00% | 85.00% | ||||||||||||||||||
Senior notes | 7.50% Senior Notes due March 2019 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Purchase of senior notes | 61,900,000 | |||||||||||||||||||
Repurchase amount | 65,300,000 | |||||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ (3,500,000) | |||||||||||||||||||
Interest rate on senior notes | 7.50% | |||||||||||||||||||
Senior notes | 5.75% Senior Notes due March 2018 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate on senior notes | 5.75% | |||||||||||||||||||
Seller loans: | Seller Loan Due September 2022 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate, paid in cash | 4.25% | 4.25% | ||||||||||||||||||
Paid-in-kind interest rate | 1.25% | |||||||||||||||||||
Paid in cash and paid-in-kind interest rate | 8.91% | |||||||||||||||||||
Senior unsecured revolving credit facility maturity period | 4 years | |||||||||||||||||||
Seller loans: | Seller Loans | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt to total capitalization ratio requirement | 0.55 | |||||||||||||||||||
Minimum liquidity | $ 300,000,000 | |||||||||||||||||||
Maritime Equipment, Noble Joe Knight | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Purchase price of asset acquired | $ 83,800,000 | |||||||||||||||||||
Rig | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Purchase price of asset acquired | $ 93,800,000 | |||||||||||||||||||
LIBOR | Credit facility: | Revolving Credit Facility | 2017 Credit Facility matures January 2023 | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Contractual rate | 4.25% | |||||||||||||||||||
Subsequent Event | Credit facility: | Revolving Credit Facility | 2017 Credit Facility matures January 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Available to borrowing capacity under credit facilities | $ 660,000,000 | |||||||||||||||||||
Outstanding borrowings | $ 335,000,000 | |||||||||||||||||||
Redemption period | Seller Loan Due February 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal payment due | 95.00% | |||||||||||||||||||
Redemption period | Seller Loan Due September 2022 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal payment due | 95.00% | |||||||||||||||||||
Forecast | 2017 Credit Facility matures January 2023 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum consolidated leverage ratio | 3 | 3.5 | 4 |
Debt - Aggregate Principal Repa
Debt - Aggregate Principal Repayments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 62,535 |
2021 | 82,937 |
2022 | 83,730 |
2023 | 388,462 |
2024 | 397,025 |
Thereafter | 2,872,216 |
Total | $ 3,886,905 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 62,505 | $ 0 |
4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 3,842,004 | 3,877,402 |
Current maturities of long-term debt | 62,505 | 0 |
Long-term debt | 3,779,499 | 3,877,402 |
Senior notes | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 2,158,847 | 2,920,806 |
Current maturities of long-term debt | 60,660 | 0 |
Long-term debt | $ 2,098,187 | 2,920,806 |
Senior notes | 4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior notes | 4.90% Senior Notes due August 2020 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 62,505 | 65,810 |
Senior notes | 4.90% Senior Notes due August 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 60,660 | 60,177 |
Senior notes | 4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
Senior notes | 4.625% Senior Notes due March 2021 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 79,854 | 92,967 |
Senior notes | 4.625% Senior Notes due March 2021 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 64,262 | 84,931 |
Senior notes | 3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior notes | 3.95% Senior Notes due March 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 21,181 | 41,617 |
Senior notes | 3.95% Senior Notes due March 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 12,170 | 37,096 |
Senior notes | 7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior notes | 7.75% Senior Notes due January 2024 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 389,800 | 783,350 |
Senior notes | 7.75% Senior Notes due January 2024 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 211,035 | 613,719 |
Senior notes | 7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Senior notes | 7.95% Senior Notes due April 2025 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 446,962 | 446,517 |
Senior notes | 7.95% Senior Notes due April 2025 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 228,515 | 339,035 |
Senior notes | 7.875% Senior Notes due February 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.875% | |
Senior notes | 7.875% Senior Notes due February 2026 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 739,371 | 738,075 |
Senior notes | 7.875% Senior Notes due February 2026 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 546,353 | 647,085 |
Senior notes | 6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior notes | 6.20% Senior Notes due August 2040 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 390,526 | 390,454 |
Senior notes | 6.20% Senior Notes due August 2040 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 149,134 | 245,242 |
Senior notes | 6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior notes | 6.05% Senior Notes due March 2041 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 389,809 | 389,693 |
Senior notes | 6.05% Senior Notes due March 2041 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 142,646 | 247,171 |
Senior notes | 5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior notes | 5.25% Senior Notes due March 2042 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 478,122 | 477,996 |
Senior notes | 5.25% Senior Notes due March 2042 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 176,265 | 277,056 |
Senior notes | 8.95% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Senior notes | 8.95% Senior Notes due April 2045 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 390,763 | 390,672 |
Senior notes | 8.95% Senior Notes due April 2045 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 164,664 | 311,392 |
Seller loans: | Seller-financed secured loan due September 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | 62,453 | 60,251 |
Seller loans: | Seller-financed secured loan due September 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 36,968 | 57,902 |
Seller loans: | Seller-financed secured loan due February 2023 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | 55,658 | 0 |
Seller loans: | Seller-financed secured loan due February 2023 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 31,175 | 0 |
Credit facility: | 2017 Credit Facility matures January 2023 | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 335,000 | |
Revolving Credit Facility | Credit facility: | 2017 Credit Facility matures January 2023 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 335,000 | 0 |
Revolving Credit Facility | Credit facility: | 2017 Credit Facility matures January 2023 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 335,000 | $ 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding and trading (in shares) | 249,200,000 | 246,794,000 | |
Additional conditionally authorized shares without additional shareholder approval (in shares) | 83,100,000 | ||
Current nominal value per share | $ 0.01 | ||
Repurchases of shares (in shares) | 0 | 0 | |
Non-vest stock options (in shares) | 0 | ||
Stock options granted (in shares) | 0 | 0 | 0 |
Compensation cost recognized | $ 0 | ||
TVRSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
2015 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares authorized under plan (in shares) | 5,800,000 | 5,000,000 | 3,700,000 |
Total number of shares issuable under stock option plan (in shares) | 31,300,000 | ||
Remaining number of shares available for grants (in shares) | 13,200,000 | ||
Stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option exercisable term | 10 years | ||
Compensation cost recognized | $ 0 | $ 0 | |
TVRSUs Outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average vesting period (years) | 3 years | ||
Total unrecognized compensation cost | $ 12,700,000 | ||
Period for recognizing unrecognized compensation cost | 1 year 7 months 6 days | ||
Incremental fair value awarded as a result of the issuance of awards | $ 15,800,000 | ||
Performance shares forfeited in period | 936,821 | ||
PVRSUs Outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average vesting period (years) | 3 years | ||
Period for recognizing unrecognized compensation cost | 1 year 1 month 6 days | ||
Total unrecognized compensation cost | $ 5,900,000 | ||
Performance shares forfeited in period | 2,338,355 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost recognized | $ 14,700,000 | $ 24,000,000 | 29,100,000 |
Compensation cost recognized net of tax | 14,100,000 | 21,900,000 | $ 26,300,000 |
Capitalized compensation costs | $ 0 | $ 0 | |
Director Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares authorized under plan (in shares) | 900,000 | ||
Total number of shares issuable under stock option plan (in shares) | 1,800,000 | ||
Remaining number of shares available for grants (in shares) | 1,000,000 | ||
Non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrestricted shares awarded (in shares) | 280,635 | 267,204 | 197,316 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Granted (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares Underlying Options | |||
Outstanding at beginning of year (in shares) | 1,103,242 | 1,313,155 | 1,420,175 |
Expired (in shares) | (394,842) | (209,913) | (107,020) |
Outstanding at end of year (in shares) | 708,400 | 1,103,242 | 1,313,155 |
Exercisable at end of year (in shares) | 708,400 | 1,103,242 | 1,313,155 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 28.74 | $ 29.51 | $ 29.52 |
Expired (usd per share) | 24.85 | 33.56 | 29.74 |
Outstanding at end of year (usd per share) | 30.90 | 28.74 | 29.51 |
Exercisable at end of year (usd per share) | $ 30.90 | $ 28.74 | $ 29.51 |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Equity - Additional Information
Equity - Additional Information About Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Shares Underlying Options | shares | 708,400 |
Weighted Average Remaining Life (Years) | 1 year 3 months 29 days |
Weighted Average Exercise Price | $ 30.90 |
$20.49 to $25.41 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 20.49 |
Exercise price range, upper range limit | $ 25.41 |
Number of Shares Underlying Options | shares | 53,934 |
Weighted Average Remaining Life (Years) | 2 years 10 days |
Weighted Average Exercise Price | $ 25.41 |
$25.42 to $30.59 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 25.42 |
Exercise price range, upper range limit | $ 30.59 |
Number of Shares Underlying Options | shares | 277,177 |
Weighted Average Remaining Life (Years) | 2 years 1 month 6 days |
Weighted Average Exercise Price | $ 30.59 |
$30.60 to $32.78 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 30.60 |
Exercise price range, upper range limit | $ 32.78 |
Number of Shares Underlying Options | shares | 377,289 |
Weighted Average Remaining Life (Years) | 21 days |
Weighted Average Exercise Price | $ 31.92 |
Equity - Assumptions used to Va
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Awards (Details) - Restricted Stock Awards | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation assumptions: | |||
Expected volatility | 59.60% | 61.80% | 56.40% |
Risk-free interest rate | 2.50% | 2.31% | 1.49% |
Equity - Summary of Restricted
Equity - Summary of Restricted Share Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TVRSU | |||
Schedule Of Share Based Compensation Arrangements By Restricted Stock Award [Abstract] | |||
Units awarded (in shares) | 4,639,119 | 3,578,212 | 3,231,225 |
Weighted-average share price at award date (usd per share) | $ 3.02 | $ 4.71 | $ 6.96 |
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
PVRSU | |||
Schedule Of Share Based Compensation Arrangements By Restricted Stock Award [Abstract] | |||
Units awarded (in shares) | 1,623,399 | 2,733,906 | 2,474,978 |
Weighted-average share price at award date (usd per share) | $ 3.13 | $ 4.55 | $ 7.28 |
Weighted-average award-date fair value (usd per share) | $ 3.61 | $ 2.96 | $ 4.37 |
Equity - Summary of Status of N
Equity - Summary of Status of Non-Vested Restricted Shares (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
TVRSUs Outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested RSUs, beginning balance (in shares) | 5,224,403 |
Awarded (in shares) | 4,639,119 |
Vested (in shares) | (2,597,672) |
Forfeited (in shares) | (936,821) |
Non-vested RSUs, ending balance (in shares) | 6,329,029 |
Weighted Average Award-Date Fair Value | |
Non-vested RSUs, beginning balance (usd per share) | $ / shares | $ 5.71 |
Awarded (usd per share) | $ / shares | 3.02 |
Vested (usd per share) | $ / shares | 6.08 |
Forfeited (usd per share) | $ / shares | 4.44 |
Non-vested RSUs, ending balance (usd per share) | $ / shares | $ 3.89 |
PVRSUs Outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested RSUs, beginning balance (in shares) | 6,191,067 |
Awarded (in shares) | 1,623,399 |
Vested (in shares) | (621,759) |
Forfeited (in shares) | (2,338,355) |
Non-vested RSUs, ending balance (in shares) | 4,854,352 |
Weighted Average Award-Date Fair Value | |
Non-vested RSUs, beginning balance (usd per share) | $ / shares | $ 4.38 |
Awarded (usd per share) | $ / shares | 3.61 |
Vested (usd per share) | $ / shares | 3.81 |
Forfeited (usd per share) | $ / shares | 3.39 |
Non-vested RSUs, ending balance (usd per share) | $ / shares | $ 3.56 |
Minimum number of performance vested shares | 0 |
Target level of performance, percent | 50.00% |
Maximum level of performance, percent | 200.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 4,654,574 | $ 5,950,628 | $ 6,467,445 |
Stranded tax effect resulting from the Tax Cuts and Jobs Act | (5,540) | ||
Beginning balance, adjusted balance | 5,800,747 | ||
Other comprehensive loss before reclassifications | 260 | (2,729) | |
Amounts reclassified from AOCI | (1,577) | (5,915) | |
Other comprehensive income (loss), net | (1,317) | (8,644) | 9,252 |
Ending balance | 3,658,972 | 4,654,574 | 5,950,628 |
Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (39,058) | (27,603) | |
Stranded tax effect resulting from the Tax Cuts and Jobs Act | (5,540) | ||
Beginning balance, adjusted balance | (33,143) | ||
Other comprehensive loss before reclassifications | 0 | 0 | |
Amounts reclassified from AOCI | (1,577) | (5,915) | |
Other comprehensive income (loss), net | (1,577) | (5,915) | |
Ending balance | (40,635) | (39,058) | (27,603) |
Foreign Currency Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (18,014) | (15,285) | |
Stranded tax effect resulting from the Tax Cuts and Jobs Act | 0 | ||
Beginning balance, adjusted balance | (15,285) | ||
Other comprehensive loss before reclassifications | 260 | (2,729) | |
Amounts reclassified from AOCI | 0 | 0 | |
Other comprehensive income (loss), net | 260 | (2,729) | |
Ending balance | (17,754) | (18,014) | (15,285) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (57,072) | (42,888) | (52,140) |
Beginning balance, adjusted balance | (48,428) | ||
Other comprehensive income (loss), net | (1,317) | (8,644) | 9,252 |
Ending balance | $ (58,389) | $ (57,072) | $ (42,888) |
Revenue and Customers - Additio
Revenue and Customers - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Payment term | P30D |
Revenue and Customers - Receiva
Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | |||
Current contract assets | $ 21,292 | $ 25,298 | |
Noncurrent contract assets | 9,508 | 22,366 | |
Total contract assets | 30,800 | 47,664 | $ 55,749 |
Current contract liabilities (deferred revenue) | (34,196) | (32,906) | |
Noncurrent contract liabilities (deferred revenue) | (30,859) | (47,847) | |
Total contract liabilities | $ (65,055) | $ (80,753) | $ (108,861) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change In Contract With Customer, Asset And Liability [Roll Forward] | ||
Contract assets, beginning balance | $ 47,664 | $ 55,749 |
Contract liabilities, beginning balance | (80,753) | (108,861) |
Amortization of deferred costs | (39,936) | (32,420) |
Additions to deferred costs | 23,072 | 24,335 |
Amortization of deferred revenue | (65,312) | (47,798) |
Additions to deferred revenue | (49,614) | (19,690) |
Total | (16,864) | (8,085) |
Total | 15,698 | 28,108 |
Contract assets, ending balance | 30,800 | 47,664 |
Contract liabilities, ending balance | $ (65,055) | $ (80,753) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 34,164 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 17,814 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 9,530 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 3,548 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 65,056 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 17,252 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 10,584 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 7,798 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 3,548 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 39,182 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 16,912 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 7,230 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 1,732 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 25,874 |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 309,892 | $ 279,408 | $ 258,369 | $ 235,157 | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 |
Contract drilling services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | $ 1,207,026 | ||||||||
Floaters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 727,177 | 561,825 | |||||||||
Jackups | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 518,881 | $ 474,257 | |||||||||
Drillships, Exclusive of contract termination | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 560,319 | ||||||||||
Contract Drilling Services, Exclusive of contract termination | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | $ 1,079,200 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 33,480 |
Current operating lease liabilities | 6,591 |
Long-term operating lease liabilities | $ 26,778 |
Weighted average remaining lease term for operating leases (years) | 7 years 8 months 12 days |
Weighted average discounted rate for operating leases | 9.70% |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 8,878 |
Short-term lease cost | 7,012 |
Variable lease cost | 1,620 |
Total lease cost | $ 17,510 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 8,812 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 9,463 |
2021 | 7,734 |
2022 | 5,345 |
2023 | 3,527 |
2024 | 3,604 |
Thereafter | 20,530 |
Total lease payments | 50,203 |
Less: Interest | (16,834) |
Present value of lease liability | $ 33,369 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Deferred tax assets | $ 280,117 | $ 203,876 |
Less: valuation allowance | (8,084) | (12,306) |
Net deferred tax assets | 272,033 | 191,570 |
Deferred tax liabilities | ||
Deferred tax liabilities | (307,678) | (263,813) |
Net deferred tax liabilities | (35,645) | (72,243) |
United States | ||
Deferred tax assets | ||
Net operating loss carry forwards | 129,695 | 95,577 |
Disallowed interest deduction carryforwards | 92,030 | 51,423 |
Deferred pension plan amounts | 10,447 | 11,887 |
Accrued expenses not currently deductible | 8,434 | 9,688 |
Other | 2,356 | 1,936 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | (299,136) | (254,669) |
Other | (2,420) | (6,482) |
Non-US | ||
Deferred tax assets | ||
Net operating loss carry forwards | 22,426 | 26,441 |
Disallowed interest deduction carryforwards | 13,942 | 6,254 |
Deferred pension plan amounts | 787 | 670 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | (4,780) | (1,066) |
Other | $ (1,342) | $ (1,596) |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (65,062) | $ (136,083) | $ (81,329) |
Non-US | (844,022) | (1,101,093) | (368,485) |
Total | $ (909,084) | $ (1,237,176) | $ (449,814) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current- United States | $ (34,726) | $ (56,574) | $ (227,707) |
Current- Non-US | 14,011 | 18,348 | 29,010 |
Deferred- United States | (5,307) | (67,371) | 257,432 |
Deferred- Non-US | (12,518) | (1,044) | (16,106) |
Total | $ (38,540) | $ (106,641) | $ 42,629 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross balance at January 1, | $ 161,256 | $ 174,437 | $ 159,826 |
Additions based on tax positions related to current year | 934 | 97 | 14,187 |
Additions for tax positions of prior years | 224 | 25 | 1,284 |
Reductions for tax positions of prior years | (28,542) | (12,806) | (860) |
Expiration of statutes | (1,629) | (497) | 0 |
Tax settlements | (1,406) | 0 | 0 |
Gross balance at December 31, | 130,837 | 161,256 | 174,437 |
Related tax benefits | (400) | (1,008) | (1,008) |
Net reserve at December 31, | $ 130,437 | $ 160,248 | $ 173,429 |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Reserve for uncertain tax positions, excluding interest and penalties | $ 130,437 | $ 160,248 | $ 173,429 |
Interest and penalties included in “Other liabilities” | 29,232 | 23,538 | |
Reserve for uncertain tax positions, including interest and penalties | $ 159,669 | $ 183,786 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reserves for uncertain tax positions | $ 159,669 | $ 183,786 | |
Related tax benefits | 400 | 1,008 | $ 1,008 |
Amount provision for income taxes reduced if reserves not realized | 159,700 | ||
Interest and penalties resulted in an income tax expense | 3,000 | 5,100 | $ 4,700 |
Provision for non-cash items related to impairment of three rigs | 2,600 | $ 35,600 | |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Estimate potential changes ranges | 80,000 | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Estimate potential changes ranges | 100,000 | ||
UK income tax | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Interest and penalties resulted in an income tax expense | $ 36,800 | ||
Statutory rate | 19.00% | ||
2010 and 2011 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit included net discrete tax benefit | $ (33,700) | ||
2005 and 2008 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Income tax benefit included net discrete tax benefit | $ (5,200) |
Income Taxes - Effective Tax Re
Income Taxes - Effective Tax Reconciliation (Details) - UK income tax | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Tax rates which are different than the UK and Cayman Island rates | 4.30% | 5.00% | 23.40% |
Tax impact of asset impairment and disposition | 0.30% | 2.90% | 11.70% |
Tax impact of tax restructuring | (4.10%) | 0.00% | (76.10%) |
Tax impact of the Tax Cuts and Jobs Act | 0.00% | 2.10% | 33.40% |
Tax impact of valuation allowance | 0.50% | (1.00%) | 0.00% |
Resolution of (reserve for) tax authority audits | 3.20% | (0.40%) | (1.90%) |
Total | 4.20% | 8.60% | (9.50%) |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-US | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 54,898 | $ 61,952 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 1,814 | 1,747 | 2,151 |
Actuarial loss (gain) | 6,649 | (2,683) | |
Plan amendments | 0 | 285 | |
Benefits paid | (2,821) | (3,282) | |
Settlements and curtailments | 0 | 0 | |
Foreign exchange rate changes | 1,945 | (3,121) | |
Benefit obligation at end of year | 62,485 | 54,898 | 61,952 |
US plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 210,944 | 235,175 | |
Service cost | 0 | 0 | 0 |
Interest cost | 8,711 | 8,179 | 8,593 |
Actuarial loss (gain) | 29,078 | (20,673) | |
Plan amendments | 0 | 0 | |
Benefits paid | (7,201) | (7,218) | |
Settlements and curtailments | (1,283) | (4,519) | |
Foreign exchange rate changes | 0 | 0 | |
Benefit obligation at end of year | $ 240,249 | $ 210,944 | $ 235,175 |
Employee Benefit Plans - Reco_2
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-US | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 68,597,000 | $ 77,141,000 | |
Actual return on plan assets | 8,282,000 | (1,366,000) | |
Employer contributions | 0 | 0 | $ 700,000 |
Benefits paid | (2,821,000) | (3,282,000) | |
Settlement and curtailment | 0 | 0 | |
Foreign exchange rate changes | 2,371,000 | (3,896,000) | |
Fair value of plan assets at end of year | 76,429,000 | 68,597,000 | 77,141,000 |
US plans | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 165,730,000 | 189,240,000 | |
Actual return on plan assets | 35,597,000 | (16,326,000) | |
Employer contributions | 1,317,000 | 4,553,000 | 2,300,000 |
Benefits paid | (7,201,000) | (7,218,000) | |
Settlement and curtailment | (1,283,000) | (4,519,000) | |
Foreign exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of year | $ 194,160,000 | $ 165,730,000 | $ 189,240,000 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ 13,944 | $ 13,699 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (46,089) | $ (45,214) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $ 13,944 | $ 13,699 |
Other liabilities (current) | 0 | 0 |
Other liabilities (noncurrent) | 0 | 0 |
Net amount recognized | 13,944 | 13,699 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 0 | 0 |
Other liabilities (current) | (2,535) | (1,062) |
Other liabilities (noncurrent) | (43,555) | (44,152) |
Net amount recognized | $ (46,090) | $ (45,214) |
Employee Benefit Plans - Amou_2
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 4,758 | $ 3,622 |
Prior service cost | 0 | 273 |
Deferred income tax asset | (787) | (670) |
Accumulated other comprehensive loss | 3,971 | 3,225 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 46,420 | 45,358 |
Prior service cost | 0 | 0 |
Deferred income tax asset | (9,748) | (9,524) |
Accumulated other comprehensive loss | $ 36,672 | $ 35,834 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,814 | 1,747 | 2,151 |
Return on plan assets | (2,471) | (2,762) | (2,879) |
Amortization of prior service cost | 10 | 0 | 0 |
Recognized net actuarial loss | 0 | 0 | 743 |
Settlement and curtailment gains | 0 | 0 | (838) |
Net pension benefit cost (gain) | (647) | (1,015) | (823) |
US plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 8,711 | 8,179 | 8,593 |
Return on plan assets | (10,313) | (11,914) | (11,764) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial loss | 2,771 | 1,642 | 1,464 |
Settlement and curtailment gains | (37) | 135 | 82 |
Net pension benefit cost (gain) | $ 1,132 | $ (1,958) | $ (1,625) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 20, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Market cycle minimum period in which objective should be met over | 3 years | |||
Market cycle maximum period in which objective should be met over | 5 years | |||
Investment equity securities | $ 0 | $ 0 | ||
Costs for maintaining contribution plans | 28,100,000 | 25,000,000 | $ 27,600,000 | |
Restoration Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Liability under the restoration plan | $ 8,400,000 | 8,200,000 | ||
Noble Drilling Corporation Profit Sharing Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of years of service for the participants in the plan to become fully vested | 3 years | |||
Plan participants’ contributions | $ 2,400,000 | 2,300,000 | 3,100,000 | |
Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 41.00% | |||
Debt security | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 57.70% | |||
Cash holdings | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 1.30% | |||
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial losses and prior service costs (less than) | $ 100,000 | |||
Projected benefit obligation | 0 | 0 | ||
Accumulated benefit obligation | $ 0 | 0 | ||
Defined benefit plan, investment within plan asset category, de-risking basis of gilts, percentage | (0.20%) | |||
Defined benefit plan, investment within plan asset category, minimum outperformance versus cash, percentage | 4.00% | |||
Employer contributions | $ 0 | 0 | 700,000 | |
Expected contribution to non-U.S. and U.S pension plans | $ 0 | |||
Non-US | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 48.00% | |||
Non-US | Debt security | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 52.00% | |||
US plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial losses and prior service costs (less than) | $ 2,900,000 | |||
Decrease in pension liability | 2,100,000 | 600,000 | 1,600,000 | |
Projected benefit obligation | 240,249,000 | 210,944,000 | ||
Accumulated benefit obligation | 240,249,000 | 210,944,000 | ||
Employer contributions | 1,317,000 | 4,553,000 | $ 2,300,000 | |
Expected contribution to non-U.S. and U.S pension plans | 2,500,000 | |||
US plans | Unfunded excess benefit plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 10,800,000 | 10,500,000 | ||
Accumulated benefit obligation | $ 10,800,000 | $ 10,500,000 | ||
Subsequent Event | Non-US | Equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 30.00% | |||
Subsequent Event | Non-US | Debt security | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company's overall investments | 70.00% |
Employee Benefit Plans - Disagg
Employee Benefit Plans - Disaggregated Plan Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 62,485 | $ 54,898 | $ 61,952 |
Accumulated benefit obligation | 62,485 | 54,898 | |
Fair value of plan assets | 76,429 | 68,597 | 77,141 |
US plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 240,249 | 210,944 | 235,175 |
Accumulated benefit obligation | 240,249 | 210,944 | |
Fair value of plan assets | $ 194,160 | $ 165,730 | $ 189,240 |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 0 |
Fair value of plan assets | 0 | 0 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 240,249 | 210,944 |
Fair value of plan assets | $ 194,160 | $ 165,730 |
Employee Benefit Plans - Plan_2
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 0 | $ 0 |
Fair value of plan assets | 0 | 0 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 240,249 | 210,944 |
Fair value of plan assets | $ 194,160 | $ 165,730 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-US | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.10% | 2.90% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.90% | 2.60% | |
Expected long-term return on assets | 3.70% | 3.70% | 4.10% |
Non-US | Minimum | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.48% | ||
Non-US | Maximum | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.70% | ||
US plans | Minimum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.56% | 3.65% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.65% | 2.84% | 3.00% |
Expected long-term return on assets | 5.40% | 5.75% | |
US plans | Maximum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.32% | 4.29% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 4.29% | 3.66% | 4.24% |
Expected long-term return on assets | 6.50% | 6.50% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | $ 76,429 | $ 68,597 | |
Estimated Fair Value Measurements | 76,429 | 68,597 | $ 77,141 |
Non-US | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 76,429 | 68,597 | |
Non-US | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 903 | 151 | |
Non-US | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 903 | 151 | |
Non-US | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 26,131 | 25,585 | |
Non-US | Equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 26,131 | 25,585 | |
Non-US | Equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 49,395 | 42,861 | |
Non-US | Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 49,395 | 42,861 | |
Non-US | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-US | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 0 | ||
Non-US | Other | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
Non-US | Other | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
Non-US | Other | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
US plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 194,160 | 165,730 | |
Estimated Fair Value Measurements | 194,160 | 165,730 | $ 189,240 |
US plans | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 153,298 | 129,401 | |
US plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 40,862 | 36,329 | |
US plans | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 2,254 | 4,801 | |
US plans | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 2,254 | 4,801 | |
US plans | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | United States, equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 60,422 | 47,950 | |
US plans | United States, equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 21,502 | 16,775 | |
US plans | United States, equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 38,920 | 31,175 | |
US plans | United States, equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | International, equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 23,470 | 17,838 | |
US plans | International, equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 23,470 | 17,838 | |
US plans | International, equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | International, equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 75,131 | 64,802 | |
US plans | Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 74,253 | 59,648 | |
US plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 878 | 5,154 | |
US plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | Municipal bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 1,064 | ||
US plans | Municipal bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
US plans | Municipal bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 1,064 | ||
US plans | Treasury bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 31,819 | 30,339 | |
US plans | Treasury bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 31,819 | 30,339 | |
US plans | Treasury bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
US plans | Treasury bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $ 0 | $ 0 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $ 152,175 |
2020 | 16,981 |
2021 | 17,547 |
2022 | 13,336 |
2023 | 13,952 |
2024 | 14,245 |
Thereafter | 76,114 |
Non-US plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 38,196 |
2020 | 5,947 |
2021 | 3,128 |
2022 | 3,232 |
2023 | 3,341 |
2024 | 3,454 |
Thereafter | 19,094 |
US plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 113,979 |
2020 | 11,034 |
2021 | 14,419 |
2022 | 10,104 |
2023 | 10,611 |
2024 | 10,791 |
Thereafter | $ 57,020 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - Foreign currency forward contracts | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract |
Derivative [Line Items] | ||
Notional amount | $ | $ 15,800,000 | $ 0 |
Number of contracts outstanding | contract | 0 | 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Details) - Foreign currency forward contracts - Designated as hedging - Contract drilling services - Cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCI to “Contract drilling services” costs | $ 320 | |
Gain/(loss) reclassified from AOCL to Contract drilling services costs | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Quoted Prices in Active Markets (Level 1) | ||
Assets - | ||
Marketable securities | $ 10,433 | $ 8,659 |
Significant Other Observable Inputs (Level 2) | ||
Assets - | ||
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets - | ||
Marketable securities | 0 | 0 |
Carrying Value | ||
Assets - | ||
Marketable securities | $ 10,433 | $ 8,659 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Dec. 15, 2017USD ($) | Jan. 31, 2017USD ($)rig | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | |||||||||||||
Number of newbuild rigs allegedly infringing patent | rig | 5 | ||||||||||||
Damages sought | $ 10,000,000 | ||||||||||||
License fee percentage | 5.00% | ||||||||||||
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 3,821,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,821,000 | $ 0 | $ 1,486,000 | ||
Years of effectiveness of employment agreements after the termination of employment | 3 years | ||||||||||||
Rent expense | $ 7,500,000 | 8,300,000 | |||||||||||
Minimum | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Approximate audit claims assessed | $ 80,000,000 | ||||||||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ||||||||||||
Paragon Offshore | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Damages sought | $ 1,700,000,000 | $ 2,600,000,000 | |||||||||||
Coverage limit | 150,000,000 | ||||||||||||
Net charges recognized relating to Paragon Offshore emergence from bankruptcy | 15,900,000 | ||||||||||||
Net loss from discontinued operations, net of tax | 1,500,000 | ||||||||||||
Customs And Other Business Taxes | Mexico | Non-US | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Approximate audit claims assessed | 74,000,000 | ||||||||||||
Transfer Of Intercompany Receivables And Notes From A Paragon Subsidiary To A Noble Subsidiary | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Damages sought | $ 935,000,000 | ||||||||||||
Borrowings By Paragon Offshore | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Loss estimate | $ 100,000,000 | 100,000,000 | |||||||||||
Borrowings By Paragon Offshore | Mexico | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Net loss from discontinued operations, net of tax | $ 3,800,000 | $ (1,500,000) |
Segment and Related Informati_3
Segment and Related Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Number of reportable segments | segment | 1 | ||||||||||
Total revenues | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 309,892 | $ 279,408 | $ 258,369 | $ 235,157 | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 |
Identifiable Assets | 8,284,498 | 9,264,923 | 8,284,498 | 9,264,923 | |||||||
Australia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 33,623 | 0 | 12,262 | ||||||||
Identifiable Assets | 244,244 | 243,388 | 244,244 | 243,388 | |||||||
Brazil | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 8,910 | 13,299 | 8,910 | 13,299 | |||||||
Brunei | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 3,080 | 45,450 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Bulgaria | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 61,525 | 84,757 | 55,145 | ||||||||
Identifiable Assets | 0 | 645,689 | 0 | 645,689 | |||||||
Canada | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 46,147 | 47,085 | 1,639 | ||||||||
Identifiable Assets | 199,696 | 219,421 | 199,696 | 219,421 | |||||||
Curacao | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 75,776 | 82,521 | 75,776 | 82,521 | |||||||
Denmark | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 31,076 | 35,855 | 44,671 | ||||||||
Identifiable Assets | 238,413 | 242,831 | 238,413 | 242,831 | |||||||
East Timor | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 33,733 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Egypt | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 49,209 | 112,473 | 0 | ||||||||
Identifiable Assets | 0 | 689,965 | 0 | 689,965 | |||||||
Gabon | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 4,160 | 8,065 | 4,160 | 8,065 | |||||||
Guyana | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 132,414 | 50,839 | 0 | ||||||||
Identifiable Assets | 1,807,296 | 1,250,390 | 1,807,296 | 1,250,390 | |||||||
Malaysia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 251,497 | 91,052 | 131,696 | ||||||||
Identifiable Assets | 30,012 | 665,822 | 30,012 | 665,822 | |||||||
Mexico | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 28,032 | 27,542 | 28,032 | 27,542 | |||||||
Myanmar | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 56,207 | 16,572 | 0 | ||||||||
Identifiable Assets | 151,116 | 152,629 | 151,116 | 152,629 | |||||||
Qatar | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 36,948 | 35,180 | 16,488 | ||||||||
Identifiable Assets | 219,569 | 478,708 | 219,569 | 478,708 | |||||||
Saudi Arabia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 154,807 | 156,989 | 140,453 | ||||||||
Identifiable Assets | 673,884 | 380,421 | 673,884 | 380,421 | |||||||
Singapore | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 1,769 | 0 | ||||||||
Identifiable Assets | 0 | 125,574 | 0 | 125,574 | |||||||
South Africa | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | 48,228 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Suriname | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 17,374 | (3) | 13,034 | ||||||||
Identifiable Assets | 599,659 | 0 | 599,659 | 0 | |||||||
Tanzania | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 381 | 1,526 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Turkey | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 0 | (3) | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
United Arab Emirates | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | (17) | 99,825 | ||||||||
Identifiable Assets | 31,150 | 45,205 | 31,150 | 45,205 | |||||||
United Kingdom | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 243,063 | 194,602 | 209,338 | ||||||||
Identifiable Assets | 1,373,524 | 1,152,596 | 1,373,524 | 1,152,596 | |||||||
United States | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Total revenues | 191,548 | 218,479 | $ 417,163 | ||||||||
Identifiable Assets | $ 2,599,057 | $ 2,840,857 | $ 2,599,057 | $ 2,840,857 |
Supplemental Financial Inform_3
Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 21, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Supplemental Financial Information [Line Items] | ||||||
Deferred revenues | $ 65,055 | $ 80,753 | $ 108,861 | |||
Deferred expenses under drilling contracts | 30,800 | 47,700 | ||||
Aramco | Prepaid expenses and other current assets | ||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||
Additions to property and equipment | 36,000 | 52,100 | $ 25,500 | |||
Contract drilling services | ||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||
Deferred revenues | $ 65,100 | $ 80,800 | ||||
Seller-financed secured loan due September 2022 | ||||||
Schedule Of Supplemental Financial Information [Line Items] | ||||||
Financed value | $ 53,600 | $ 60,000 | $ 60,000 |
Supplemental Financial Inform_4
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Net change in other assets and liabilities | $ (9,708) | $ (34,940) | $ (21,225) |
Noble-UK | |||
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | 2,057 | 3,974 | 114,456 |
Other current assets | 3,573 | (2,722) | 26,155 |
Other assets | 16,218 | (10,378) | (89,021) |
Accounts payable | (2,279) | 14,955 | (14,625) |
Other current liabilities | (4,700) | (13,940) | 33,906 |
Other liabilities | (24,577) | (26,829) | (92,096) |
Net change in other assets and liabilities | (9,708) | (34,940) | (21,225) |
Noble - Cayman | |||
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | 2,057 | 3,974 | 114,456 |
Other current assets | 4,046 | (2,700) | 23,309 |
Other assets | 18,749 | (6,424) | (91,236) |
Accounts payable | (2,182) | 14,795 | (14,429) |
Other current liabilities | (4,549) | (13,495) | 35,033 |
Other liabilities | (24,577) | (26,829) | (87,213) |
Net change in other assets and liabilities | $ (6,456) | $ (30,679) | $ (20,080) |
Supplemental Financial Inform_5
Supplemental Financial Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noble-UK | |||
Supplemental Cash Flow Elements [Abstract] | |||
Interest, net of amounts capitalized | $ 289,457 | $ 286,506 | $ 246,960 |
Income taxes (net of refunds) | 8,181 | (107,554) | 30,590 |
Noble - Cayman | |||
Supplemental Cash Flow Elements [Abstract] | |||
Interest, net of amounts capitalized | 289,457 | 286,506 | 246,960 |
Income taxes (net of refunds) | $ 8,181 | $ (107,554) | $ 30,590 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Guarantor Obligations (Details) | Dec. 31, 2019 |
4.90% Senior Notes due August 2020 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.90% |
4.625% Senior Notes due March 2021 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.625% |
3.95% Senior Notes due March 2022 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 3.95% |
7.75% Senior Notes due January 2024 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 7.75% |
7.95% Senior Notes due April 2025 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 7.95% |
6.20% Senior Notes due August 2040 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.20% |
6.05% Senior Notes due March 2041 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.05% |
5.25% Senior Notes due March 2042 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 5.25% |
8.70% Senior Notes due April 2045 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 8.95% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 104,621 | $ 375,232 | ||
Accounts receivable, net | 198,665 | 200,722 | ||
Taxes receivable | 59,771 | 20,498 | ||
Prepaid expenses and other current assets | 59,050 | 62,604 | ||
Total current assets | 422,107 | 659,056 | ||
Property and equipment, at cost | 10,306,625 | 10,956,412 | ||
Accumulated depreciation | (2,572,701) | (2,475,694) | ||
Property and equipment, net | 7,733,924 | 8,480,718 | ||
Other assets | 128,467 | 125,149 | ||
Total assets | 8,284,498 | 9,264,923 | ||
Current liabilities | ||||
Current maturities of long-term debt | 62,505 | 0 | ||
Accounts payable | 108,208 | 125,557 | ||
Accrued payroll and related costs | 56,056 | 50,284 | ||
Taxes payable | 30,715 | 29,386 | ||
Interest payable | 88,047 | 100,100 | ||
Other current liabilities | 171,397 | 60,130 | ||
Total current liabilities | 516,928 | 365,457 | ||
Long-term debt | 3,779,499 | 3,877,402 | ||
Deferred income taxes | 68,201 | 91,695 | ||
Other liabilities | 260,898 | 275,795 | ||
Total liabilities | 4,625,526 | 4,610,349 | ||
Commitments and contingencies | ||||
Total shareholder equity | 3,658,972 | 4,253,171 | ||
Noncontrolling interests | 0 | 401,403 | ||
Total equity | 3,658,972 | 4,654,574 | $ 5,950,628 | $ 6,467,445 |
Total liabilities and equity | 8,284,498 | 9,264,923 | ||
Noble Corp | ||||
Current assets | ||||
Cash and cash equivalents | 104,575 | 374,375 | ||
Accounts receivable, net | 198,665 | 200,722 | ||
Taxes receivable | 59,771 | 20,498 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 57,890 | 61,917 | ||
Total current assets | 420,901 | 657,512 | ||
Property and equipment, at cost | 10,306,625 | 10,956,412 | ||
Accumulated depreciation | (2,572,701) | (2,475,694) | ||
Property and equipment, net | 7,733,924 | 8,480,718 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 128,467 | 125,149 | ||
Total assets | 8,283,292 | 9,263,379 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 62,505 | 0 | ||
Accounts payable | 107,985 | 125,237 | ||
Accrued payroll and related costs | 56,065 | 50,284 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 30,715 | 29,386 | ||
Interest payable | 88,047 | 100,100 | ||
Other current liabilities | 71,397 | 60,012 | ||
Total current liabilities | 416,714 | 365,019 | ||
Long-term debt | 3,779,499 | 3,877,402 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 68,201 | 91,695 | ||
Other liabilities | 260,898 | 275,795 | ||
Total liabilities | 4,525,312 | 4,609,911 | ||
Commitments and contingencies | ||||
Total shareholder equity | 3,757,980 | 4,252,065 | ||
Noncontrolling interests | 0 | 401,403 | ||
Total equity | 3,757,980 | 4,653,468 | $ 5,950,014 | $ 6,391,977 |
Total liabilities and equity | 8,283,292 | 9,263,379 | ||
Noble Corp | Consolidating Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | (3,175,662) | ||
Accounts receivable from affiliates | (1,464,422) | (5,160,674) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (1,464,422) | (8,336,336) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (15,812) | (5,145) | ||
Investments in affiliates | (11,456,011) | (20,016,908) | ||
Other assets | 0 | 0 | ||
Total assets | (12,936,245) | (28,358,389) | ||
Current liabilities | ||||
Short-term notes payables to affiliates | (3,175,662) | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (1,464,422) | (5,160,674) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (1,464,422) | (8,336,336) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (15,812) | (5,145) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (1,480,234) | (8,341,481) | ||
Commitments and contingencies | ||||
Total shareholder equity | (11,456,011) | (20,016,908) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (11,456,011) | (20,016,908) | ||
Total liabilities and equity | (12,936,245) | (28,358,389) | ||
Noble Corp | Noble - Cayman | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 275,726 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 275,726 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 5,145 | ||
Investments in affiliates | 3,765,687 | 7,716,068 | ||
Other assets | 0 | 609 | ||
Total assets | 3,765,687 | 7,997,548 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 45 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 7,707 | 3,725,506 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 3 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 7,707 | 3,725,554 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 19,929 | ||
Total liabilities | 7,707 | 3,745,483 | ||
Commitments and contingencies | ||||
Total shareholder equity | 3,757,980 | 4,252,065 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,757,980 | 4,252,065 | ||
Total liabilities and equity | 3,765,687 | 7,997,548 | ||
Noble Corp | NHIL | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 17,818 | ||
Accounts receivable, net | 0 | 0 | ||
Taxes receivable | 243 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 61,075 | 61,046 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 61,318 | 78,864 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 7,690,324 | 12,300,840 | ||
Other assets | 0 | 0 | ||
Total assets | 7,751,642 | 12,379,704 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 3,175,662 | |||
Current maturities of long-term debt | 62,505 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 1,395,641 | 1,098,395 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 85,057 | 99,997 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1,543,203 | 4,374,054 | ||
Long-term debt | 3,326,389 | 3,817,153 | ||
Notes payable to affiliates | 15,812 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 4,885,404 | 8,191,207 | ||
Commitments and contingencies | ||||
Total shareholder equity | 2,866,238 | 4,188,497 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 2,866,238 | 4,188,497 | ||
Total liabilities and equity | 7,751,642 | 12,379,704 | ||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||
Current assets | ||||
Cash and cash equivalents | 104,575 | 356,557 | ||
Accounts receivable, net | 198,665 | 200,722 | ||
Taxes receivable | 59,528 | 20,498 | ||
Short-term notes receivable from affiliates | 0 | 3,175,662 | ||
Accounts receivable from affiliates | 1,403,347 | 4,823,902 | ||
Prepaid expenses and other current assets | 57,890 | 61,917 | ||
Total current assets | 1,824,005 | 8,639,258 | ||
Property and equipment, at cost | 10,306,625 | 10,956,412 | ||
Accumulated depreciation | (2,572,701) | (2,475,694) | ||
Property and equipment, net | 7,733,924 | 8,480,718 | ||
Notes receivable from affiliates | 15,812 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 128,467 | 124,540 | ||
Total assets | 9,702,208 | 17,244,516 | ||
Current liabilities | ||||
Short-term notes payables to affiliates | 0 | |||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 107,985 | 125,192 | ||
Accrued payroll and related costs | 56,065 | 50,284 | ||
Accounts payable to affiliates | 61,074 | 336,773 | ||
Taxes payable | 30,715 | 29,386 | ||
Interest payable | 2,990 | 100 | ||
Other current liabilities | 71,397 | 60,012 | ||
Total current liabilities | 330,226 | 601,747 | ||
Long-term debt | 453,110 | 60,249 | ||
Notes payable to affiliates | 0 | 5,145 | ||
Deferred income taxes | 68,201 | 91,695 | ||
Other liabilities | 260,898 | 255,866 | ||
Total liabilities | 1,112,435 | 1,014,702 | ||
Commitments and contingencies | ||||
Total shareholder equity | 8,589,773 | 15,828,411 | ||
Noncontrolling interests | 0 | 401,403 | ||
Total equity | 8,589,773 | 16,229,814 | ||
Total liabilities and equity | $ 9,702,208 | $ 17,244,516 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 309,892 | $ 279,408 | $ 258,369 | $ 235,157 | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 |
Operating costs and expenses | |||||||||||
Depreciation and amortization | 440,221 | 486,530 | 547,990 | ||||||||
General and administrative | 168,792 | 73,216 | 71,634 | ||||||||
Loss on impairment | 615,294 | 802,133 | 121,639 | ||||||||
Total operating costs and expenses | 1,971,711 | 2,028,900 | 1,402,635 | ||||||||
Operating loss | $ 116,261 | $ (640,012) | $ (118,710) | $ (23,812) | $ (21,745) | $ (21,843) | $ (845,606) | $ (56,880) | (666,273) | (946,074) | (165,720) |
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (279,435) | (297,611) | (291,989) | ||||||||
Gain (loss) on extinguishment of debt, net | 30,616 | (1,793) | 0 | ||||||||
Interest income (expense) and other, net | 6,007 | 8,302 | 7,897 | ||||||||
Loss from continuing operations before income taxes | (909,085) | (1,237,176) | (449,812) | ||||||||
Income tax benefit (provision) | 38,540 | 106,641 | (42,629) | ||||||||
Net loss from continuing operations | (870,545) | (1,130,535) | (492,441) | ||||||||
Net loss from discontinued operations, net of tax | (3,821) | 0 | (1,486) | ||||||||
Net loss | (874,366) | (1,130,535) | (493,927) | ||||||||
Net income attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) | ||||||||
Net income (loss) attributable to the company | (700,590) | (885,050) | (516,511) | ||||||||
Other comprehensive income, net | (1,317) | (8,644) | 9,252 | ||||||||
Comprehensive income (loss) attributable to the company | (701,907) | (893,694) | (507,259) | ||||||||
Noble Corp | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,305,438 | 1,082,826 | 1,236,915 | ||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 437,690 | 482,660 | 543,119 | ||||||||
General and administrative | 34,602 | 38,203 | 41,087 | ||||||||
Loss on impairment | 615,294 | 802,133 | 121,639 | ||||||||
Total operating costs and expenses | 1,832,912 | 1,988,208 | 1,364,763 | ||||||||
Operating loss | (527,474) | (905,382) | (127,848) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | 0 | |||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 | 0 | ||||||||
Interest expense, net of amounts capitalized | (279,435) | (297,611) | (291,989) | ||||||||
Gain (loss) on extinguishment of debt, net | 30,616 | (1,793) | 0 | ||||||||
Interest income (expense) and other, net | 6,670 | 8,282 | 7,733 | ||||||||
Loss from continuing operations before income taxes | (769,623) | (1,196,504) | (412,104) | ||||||||
Income tax benefit (provision) | 38,540 | 106,534 | (42,595) | ||||||||
Net loss from continuing operations | (731,083) | (1,089,970) | (454,699) | ||||||||
Net loss from discontinued operations, net of tax | (3,821) | 0 | 2,967 | ||||||||
Net loss | (734,904) | (1,089,970) | (451,732) | ||||||||
Net income attributable to noncontrolling interests | 173,776 | 245,485 | (22,584) | ||||||||
Net income (loss) attributable to the company | (561,128) | (844,485) | (474,316) | ||||||||
Other comprehensive income, net | (1,317) | (8,644) | 9,252 | ||||||||
Comprehensive income (loss) attributable to the company | (562,445) | (853,129) | (465,064) | ||||||||
Noble Corp | Consolidating Adjustments | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | (47,886) | ||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 0 | 0 | (47,886) | ||||||||
Operating loss | 0 | 0 | 0 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 7,642 | 715,805 | |||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 805,840 | 2,997,162 | (7,533) | ||||||||
Interest expense, net of amounts capitalized | 6,437 | 2,065,359 | 341,603 | ||||||||
Gain (loss) on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income (expense) and other, net | (6,437) | (2,065,359) | (341,603) | ||||||||
Loss from continuing operations before income taxes | 813,482 | 2,997,162 | 708,272 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net loss from continuing operations | 813,482 | 708,272 | |||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | 813,482 | 2,997,162 | 708,272 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | (1,995) | ||||||||
Net income (loss) attributable to the company | 813,482 | 2,997,162 | 706,277 | ||||||||
Other comprehensive income, net | 1,317 | 8,644 | (9,252) | ||||||||
Comprehensive income (loss) attributable to the company | 814,799 | 3,005,806 | 697,025 | ||||||||
Noble Corp | Noble - Cayman | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 3 | 57 | 129 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 85 | 59 | 433 | ||||||||
Operating loss | (85) | (59) | (433) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (3,821) | (476,382) | |||||||||
Income (loss) of unconsolidated affiliates - continuing operations | (546,044) | (2,738,475) | 2,967 | ||||||||
Interest expense, net of amounts capitalized | (11,372) | (1,324) | (10,951) | ||||||||
Gain (loss) on extinguishment of debt, net | 0 | (2,336) | |||||||||
Interest income (expense) and other, net | 194 | 1,897,709 | 10,483 | ||||||||
Loss from continuing operations before income taxes | (561,128) | (844,485) | (474,316) | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net loss from continuing operations | (561,128) | (474,316) | |||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | (561,128) | (844,485) | (474,316) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | (561,128) | (844,485) | (474,316) | ||||||||
Other comprehensive income, net | (1,317) | (8,644) | 9,252 | ||||||||
Comprehensive income (loss) attributable to the company | (562,445) | (853,129) | (465,064) | ||||||||
Noble Corp | NHUS | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 0 | ||||||||||
General and administrative | 5,761 | ||||||||||
Loss on impairment | 0 | ||||||||||
Total operating costs and expenses | 17,851 | ||||||||||
Operating loss | (17,851) | ||||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (528,702) | ||||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 4,566 | ||||||||||
Interest expense, net of amounts capitalized | (32,838) | ||||||||||
Interest income (expense) and other, net | (141) | ||||||||||
Loss from continuing operations before income taxes | (574,966) | ||||||||||
Income tax benefit (provision) | 241,960 | ||||||||||
Net loss from continuing operations | (333,006) | ||||||||||
Net loss from discontinued operations, net of tax | (1,598) | ||||||||||
Net loss | (334,604) | ||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||
Net income (loss) attributable to the company | (334,604) | ||||||||||
Other comprehensive income, net | 0 | ||||||||||
Comprehensive income (loss) attributable to the company | (334,604) | ||||||||||
Noble Corp | NDH | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 172,035 | ||||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 58,236 | ||||||||||
General and administrative | 0 | ||||||||||
Loss on impairment | 45,012 | ||||||||||
Total operating costs and expenses | 148,401 | ||||||||||
Operating loss | 23,634 | ||||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 82,596 | ||||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | ||||||||||
Interest expense, net of amounts capitalized | (13,493) | ||||||||||
Interest income (expense) and other, net | 87,287 | ||||||||||
Loss from continuing operations before income taxes | 180,024 | ||||||||||
Income tax benefit (provision) | (440) | ||||||||||
Net loss from continuing operations | 179,584 | ||||||||||
Net loss from discontinued operations, net of tax | 0 | ||||||||||
Net loss | 179,584 | ||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||
Net income (loss) attributable to the company | 179,584 | ||||||||||
Other comprehensive income, net | 0 | ||||||||||
Comprehensive income (loss) attributable to the company | 179,584 | ||||||||||
Noble Corp | NHIL | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 239 | 214 | 1,588 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 239 | 192 | 4,703 | ||||||||
Operating loss | (239) | (192) | (4,703) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (3,821) | 188,809 | |||||||||
Income (loss) of unconsolidated affiliates - continuing operations | (259,796) | (258,687) | 0 | ||||||||
Interest expense, net of amounts capitalized | (255,460) | (449,824) | (430,580) | ||||||||
Gain (loss) on extinguishment of debt, net | 31,266 | 12,651 | |||||||||
Interest income (expense) and other, net | (10) | (74) | 4,771 | ||||||||
Loss from continuing operations before income taxes | (488,060) | (696,126) | (241,703) | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net loss from continuing operations | (488,060) | (241,703) | |||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net loss | (488,060) | (696,126) | (241,703) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | (488,060) | (696,126) | (241,703) | ||||||||
Other comprehensive income, net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the company | (488,060) | (696,126) | (241,703) | ||||||||
Noble Corp | NDS6 | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 0 | ||||||||||
General and administrative | 9 | ||||||||||
Loss on impairment | 0 | ||||||||||
Total operating costs and expenses | 9 | ||||||||||
Operating loss | (9) | ||||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 17,874 | ||||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | ||||||||||
Interest expense, net of amounts capitalized | (15,288) | ||||||||||
Interest income (expense) and other, net | 224,772 | ||||||||||
Loss from continuing operations before income taxes | 227,349 | ||||||||||
Income tax benefit (provision) | 0 | ||||||||||
Net loss from continuing operations | 227,349 | ||||||||||
Net loss from discontinued operations, net of tax | 0 | ||||||||||
Net loss | 227,349 | ||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||
Net income (loss) attributable to the company | 227,349 | ||||||||||
Other comprehensive income, net | 0 | ||||||||||
Comprehensive income (loss) attributable to the company | 227,349 | ||||||||||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,112,766 | ||||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 484,883 | ||||||||||
General and administrative | 33,600 | ||||||||||
Loss on impairment | 76,627 | ||||||||||
Total operating costs and expenses | 1,241,252 | ||||||||||
Operating loss | (128,486) | ||||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | ||||||||||
Interest expense, net of amounts capitalized | (130,442) | ||||||||||
Interest income (expense) and other, net | 22,164 | ||||||||||
Loss from continuing operations before income taxes | (236,764) | ||||||||||
Income tax benefit (provision) | (284,115) | ||||||||||
Net loss from continuing operations | (520,879) | ||||||||||
Net loss from discontinued operations, net of tax | 4,565 | ||||||||||
Net loss | (516,314) | ||||||||||
Net income attributable to noncontrolling interests | (20,589) | ||||||||||
Net income (loss) attributable to the company | (536,903) | ||||||||||
Other comprehensive income, net | 9,252 | ||||||||||
Comprehensive income (loss) attributable to the company | (527,651) | ||||||||||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,305,438 | 1,082,826 | |||||||||
Operating costs and expenses | |||||||||||
Depreciation and amortization | 437,690 | 482,660 | |||||||||
General and administrative | 34,360 | 37,932 | |||||||||
Loss on impairment | 615,294 | 802,133 | |||||||||
Total operating costs and expenses | 1,832,588 | 1,987,957 | |||||||||
Operating loss | (527,150) | (905,131) | |||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Income (loss) of unconsolidated affiliates - continuing operations | 0 | 0 | |||||||||
Interest expense, net of amounts capitalized | (19,040) | (1,911,822) | |||||||||
Gain (loss) on extinguishment of debt, net | (650) | (12,108) | |||||||||
Interest income (expense) and other, net | 12,923 | 176,006 | |||||||||
Loss from continuing operations before income taxes | (533,917) | (2,653,055) | |||||||||
Income tax benefit (provision) | 38,540 | 106,534 | |||||||||
Net loss from continuing operations | (495,377) | ||||||||||
Net loss from discontinued operations, net of tax | (3,821) | ||||||||||
Net loss | (499,198) | (2,546,521) | |||||||||
Net income attributable to noncontrolling interests | 173,776 | 245,485 | |||||||||
Net income (loss) attributable to the company | (325,422) | (2,301,036) | |||||||||
Other comprehensive income, net | (1,317) | (8,644) | |||||||||
Comprehensive income (loss) attributable to the company | (326,739) | (2,309,680) | |||||||||
Contract drilling services | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | 1,207,026 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 698,343 | 629,937 | 642,937 | ||||||||
Contract drilling services | Noble Corp | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | 1,207,026 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 696,265 | 628,128 | 640,483 | ||||||||
Contract drilling services | Noble Corp | Consolidating Adjustments | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | (47,886) | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | 0 | (47,886) | ||||||||
Contract drilling services | Noble Corp | Noble - Cayman | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 82 | 2 | 304 | ||||||||
Contract drilling services | Noble Corp | NHUS | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 12,090 | ||||||||||
Contract drilling services | Noble Corp | NDH | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 168,592 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 43,161 | ||||||||||
Contract drilling services | Noble Corp | NHIL | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | (22) | 3,115 | ||||||||
Contract drilling services | Noble Corp | NDS6 | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | ||||||||||
Contract drilling services | Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,086,320 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 629,699 | ||||||||||
Contract drilling services | Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 1,246,058 | 1,036,082 | |||||||||
Operating costs and expenses | |||||||||||
Cost of services | 696,183 | 628,148 | |||||||||
Reimbursables and other | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 59,380 | 46,744 | 29,889 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 49,061 | 37,084 | 18,435 | ||||||||
Reimbursables and other | Noble Corp | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 59,380 | 46,744 | 29,889 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 49,061 | 37,084 | 18,435 | ||||||||
Reimbursables and other | Noble Corp | Consolidating Adjustments | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | 0 | 0 | ||||||||
Reimbursables and other | Noble Corp | Noble - Cayman | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | 0 | 0 | ||||||||
Reimbursables and other | Noble Corp | NHUS | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | ||||||||||
Reimbursables and other | Noble Corp | NDH | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 3,443 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 1,992 | ||||||||||
Reimbursables and other | Noble Corp | NHIL | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | 0 | 0 | ||||||||
Reimbursables and other | Noble Corp | NDS6 | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 0 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | 0 | ||||||||||
Reimbursables and other | Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 26,446 | ||||||||||
Operating costs and expenses | |||||||||||
Cost of services | $ 16,443 | ||||||||||
Reimbursables and other | Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Operating revenues | 59,380 | 46,744 | |||||||||
Operating costs and expenses | |||||||||||
Cost of services | $ 49,061 | $ 37,084 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | $ 186,771 | $ 171,851 | $ 416,675 |
Cash flows from investing activities | |||
Capital expenditures | 268,783 | 194,779 | 120,707 |
Proceeds from disposal of assets | 12,753 | 5,402 | 2,382 |
Net cash used in investing activities | (256,030) | (189,377) | (118,325) |
Cash flows from financing activities | |||
Borrowings on credit facilities | 755,000 | 0 | 0 |
Issuance of senior notes | 0 | 750,000 | 0 |
Debt issuance costs | (1,092) | (15,639) | (42) |
Repayments of credit facilities | (420,000) | 0 | 0 |
Repayments of senior notes | (400,000) | (972,708) | (300,000) |
Dividends paid to noncontrolling interests | (25,109) | (27,579) | (56,881) |
Net cash used in financing activities | (200,724) | (269,396) | (361,243) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (269,983) | (286,922) | (62,893) |
Cash, cash equivalents and restricted cash, beginning of period | 375,907 | 662,829 | 725,722 |
Cash, cash equivalents and restricted cash, end of period | 105,924 | 375,907 | 662,829 |
Consolidating Adjustments | |||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Other Non-guarantor Subsidiaries of Noble | |||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Noble Corp | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 226,906 | 212,759 | 455,074 |
Cash flows from investing activities | |||
Capital expenditures | 268,783 | 194,779 | 120,707 |
Proceeds from disposal of assets | 12,753 | 5,402 | 2,382 |
Notes receivable to (from) affiliates | 0 | ||
Net cash used in investing activities | (256,030) | (189,377) | (118,325) |
Cash flows from financing activities | |||
Borrowings on credit facilities | 755,000 | 0 | 0 |
Issuance of senior notes | 0 | 750,000 | 0 |
Tender offer premium | 0 | ||
Debt issuance costs | (1,092) | (15,639) | (42) |
Repayments of credit facilities | (420,000) | 0 | 0 |
Repayments of senior notes | (400,000) | (972,708) | (300,000) |
Purchase of noncontrolling interests | (106,744) | ||
Dividends paid to noncontrolling interests | (25,109) | (27,579) | (56,881) |
Contributions (distributions) from (to) parent company, net | (42,103) | (44,417) | 28,352 |
Advances (to) from affiliates | 0 | 0 | 0 |
Notes payable to affiliates | 0 | ||
Net cash used in financing activities | (240,048) | (310,343) | (328,571) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (269,172) | (286,961) | 8,178 |
Cash, cash equivalents and restricted cash, beginning of period | 375,050 | 662,011 | 653,833 |
Cash, cash equivalents and restricted cash, end of period | 105,878 | 375,050 | 662,011 |
Noble Corp | Consolidating Adjustments | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable to (from) affiliates | 10,667 | ||
Net cash used in investing activities | 10,667 | 0 | 0 |
Cash flows from financing activities | |||
Borrowings on credit facilities | 0 | ||
Issuance of senior notes | 0 | ||
Tender offer premium | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Repayments of credit facilities | 0 | ||
Repayments of senior notes | 0 | 0 | 0 |
Purchase of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 0 | 0 | 0 |
Notes payable to affiliates | (10,667) | ||
Net cash used in financing activities | (10,667) | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | 0 |
Noble Corp | Noble - Cayman | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | (15,941) | 1,920,724 | 32,195 |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable to (from) affiliates | 5,145 | ||
Net cash used in investing activities | 5,145 | 0 | 0 |
Cash flows from financing activities | |||
Borrowings on credit facilities | 300,000 | ||
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs | 0 | (845) | 0 |
Repayments of credit facilities | (300,000) | ||
Repayments of senior notes | 0 | 0 | 0 |
Purchase of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | (42,103) | (44,417) | 28,352 |
Advances (to) from affiliates | 52,899 | (1,875,473) | (63,073) |
Notes payable to affiliates | 0 | ||
Net cash used in financing activities | 10,796 | (1,920,735) | (34,721) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | (11) | (2,526) |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 11 | 2,537 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | 11 |
Noble Corp | NHUS | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 100,883 | ||
Cash flows from investing activities | |||
Capital expenditures | 0 | ||
Proceeds from disposal of assets | 0 | ||
Net cash used in investing activities | 0 | ||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Tender offer premium | 0 | ||
Debt issuance costs | 0 | ||
Repayments of senior notes | 0 | ||
Dividends paid to noncontrolling interests | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | ||
Advances (to) from affiliates | (100,883) | ||
Net cash used in financing activities | (100,883) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | ||
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | |
Cash, cash equivalents and restricted cash, end of period | 0 | ||
Noble Corp | NDH | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 209,898 | ||
Cash flows from investing activities | |||
Capital expenditures | 3,622 | ||
Proceeds from disposal of assets | 46 | ||
Net cash used in investing activities | (3,576) | ||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Tender offer premium | 0 | ||
Debt issuance costs | 0 | ||
Repayments of senior notes | 0 | ||
Dividends paid to noncontrolling interests | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | ||
Advances (to) from affiliates | (194,017) | ||
Net cash used in financing activities | (194,017) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 12,305 | ||
Cash, cash equivalents and restricted cash, beginning of period | 23,160 | 10,855 | |
Cash, cash equivalents and restricted cash, end of period | 23,160 | ||
Noble Corp | NHIL | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | (266,939) | (426,298) | (403,391) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities | |||
Borrowings on credit facilities | 0 | ||
Issuance of senior notes | 750,000 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs | 0 | (13,027) | (42) |
Repayments of credit facilities | 0 | ||
Repayments of senior notes | (400,000) | (759,053) | (300,000) |
Purchase of noncontrolling interests | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | 0 | 0 |
Advances (to) from affiliates | 633,309 | 436,872 | 732,757 |
Notes payable to affiliates | 15,812 | ||
Net cash used in financing activities | 249,121 | 414,792 | 432,715 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (17,818) | (11,506) | 29,324 |
Cash, cash equivalents and restricted cash, beginning of period | 17,818 | 29,324 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 17,818 | 29,324 |
Noble Corp | NDS6 | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 217,080 | ||
Cash flows from investing activities | |||
Capital expenditures | 0 | ||
Proceeds from disposal of assets | 0 | ||
Net cash used in investing activities | 0 | ||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Tender offer premium | 0 | ||
Debt issuance costs | 0 | ||
Repayments of senior notes | 0 | ||
Dividends paid to noncontrolling interests | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | ||
Advances (to) from affiliates | (217,080) | ||
Net cash used in financing activities | (217,080) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | ||
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | |
Cash, cash equivalents and restricted cash, end of period | 0 | ||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 298,409 | ||
Cash flows from investing activities | |||
Capital expenditures | 117,085 | ||
Proceeds from disposal of assets | 2,336 | ||
Net cash used in investing activities | (114,749) | ||
Cash flows from financing activities | |||
Issuance of senior notes | 0 | ||
Tender offer premium | 0 | ||
Debt issuance costs | 0 | ||
Repayments of senior notes | 0 | ||
Dividends paid to noncontrolling interests | (56,881) | ||
Contributions (distributions) from (to) parent company, net | 0 | ||
Advances (to) from affiliates | (157,704) | ||
Net cash used in financing activities | (214,585) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (30,925) | ||
Cash, cash equivalents and restricted cash, beginning of period | 609,516 | 640,441 | |
Cash, cash equivalents and restricted cash, end of period | 609,516 | ||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 509,786 | (1,281,667) | |
Cash flows from investing activities | |||
Capital expenditures | 268,783 | 194,779 | |
Proceeds from disposal of assets | 12,753 | 5,402 | |
Notes receivable to (from) affiliates | (15,812) | ||
Net cash used in investing activities | (271,842) | (189,377) | |
Cash flows from financing activities | |||
Borrowings on credit facilities | 455,000 | ||
Debt issuance costs | (1,092) | (1,767) | |
Repayments of credit facilities | (120,000) | ||
Repayments of senior notes | 0 | (213,655) | |
Purchase of noncontrolling interests | (106,744) | ||
Dividends paid to noncontrolling interests | (25,109) | (27,579) | |
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | (686,208) | 1,438,601 | |
Notes payable to affiliates | (5,145) | ||
Net cash used in financing activities | (489,298) | 1,195,600 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (251,354) | (275,444) | |
Cash, cash equivalents and restricted cash, beginning of period | 357,232 | 632,676 | |
Cash, cash equivalents and restricted cash, end of period | $ 105,878 | $ 357,232 | $ 632,676 |
Unaudited Interim Financial D_3
Unaudited Interim Financial Data - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 309,892 | $ 279,408 | $ 258,369 | $ 235,157 | $ 1,305,438 | $ 1,082,826 | $ 1,236,915 |
Operating income (loss) | 116,261 | (640,012) | (118,710) | (23,812) | (21,745) | (21,843) | (845,606) | (56,880) | (666,273) | (946,074) | (165,720) |
Net loss from continuing operations | (32,870) | (444,871) | (151,960) | (67,068) | (33,062) | (81,591) | (628,063) | (142,334) | (696,769) | (885,050) | (515,025) |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (3,821) | $ 0 | $ 0 | $ 0 | $ 0 | $ (3,821) | $ 0 | $ (1,486) |
Basic: | |||||||||||
Loss from continuing operations (usd per share) | $ (0.13) | $ (1.79) | $ (0.61) | $ (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | $ (2.79) | $ (3.59) | $ (2.10) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) | (0.02) | 0 | (0.01) | ||||
Diluted: | |||||||||||
Loss from continuing operations (usd per share) | (0.13) | (1.79) | (0.61) | (0.27) | $ (0.13) | $ (0.33) | $ (2.55) | $ (0.58) | (2.79) | (3.59) | (2.10) |
Loss from discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ (0.02) | $ (0.02) | $ 0 | $ (0.01) |
Uncategorized Items - a201910-k
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,488,000) |
Stockholders' Equity, Adjustment, Intra-Entity Asset Transfers, Tax Effect | ne_StockholdersEquityAdjustmentIntraEntityAssetTransfersTaxEffect | 148,393,000 |
Noble Corporation [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,488,000) |
Stockholders' Equity, Adjustment, Intra-Entity Asset Transfers, Tax Effect | ne_StockholdersEquityAdjustmentIntraEntityAssetTransfersTaxEffect | 148,393,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Adjustment, Tax Cuts And Jobs Act, Tax Effect | ne_StockholdersEquityAdjustmentTaxCutsAndJobsActTaxEffect | (5,540,000) |
AOCI Attributable to Parent [Member] | Noble Corporation [Member] | ||
Stockholders' Equity, Adjustment, Tax Cuts And Jobs Act, Tax Effect | ne_StockholdersEquityAdjustmentTaxCutsAndJobsActTaxEffect | (5,540,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,488,000) |
Stockholders' Equity, Adjustment, Intra-Entity Asset Transfers, Tax Effect | ne_StockholdersEquityAdjustmentIntraEntityAssetTransfersTaxEffect | 148,393,000 |
Stockholders' Equity, Adjustment, Tax Cuts And Jobs Act, Tax Effect | ne_StockholdersEquityAdjustmentTaxCutsAndJobsActTaxEffect | 5,540,000 |
Retained Earnings [Member] | Noble Corporation [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,488,000) |
Stockholders' Equity, Adjustment, Intra-Entity Asset Transfers, Tax Effect | ne_StockholdersEquityAdjustmentIntraEntityAssetTransfersTaxEffect | 148,393,000 |
Stockholders' Equity, Adjustment, Tax Cuts And Jobs Act, Tax Effect | ne_StockholdersEquityAdjustmentTaxCutsAndJobsActTaxEffect | $ 5,540,000 |