Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | Noble Corp plc | ||
Trading Symbol | NE | ||
Entity Central Index Key | 1,458,891 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 244,776,217 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 876 | ||
Noble Corp | |||
Document Information [Line Items] | |||
Entity Registrant Name | Noble Corporation | ||
Entity Central Index Key | 1,169,055 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 261,245,693 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 662,829 | $ 725,722 |
Accounts receivable, net | 204,696 | 319,152 |
Taxes receivable | 105,345 | 55,480 |
Prepaid expenses and other current assets | 66,105 | 92,260 |
Total current assets | 1,038,975 | 1,192,614 |
Property and equipment, at cost | 12,034,331 | 12,364,888 |
Accumulated depreciation | (2,545,091) | (2,302,940) |
Property and equipment, net | 9,489,240 | 10,061,948 |
Other assets | 266,444 | 185,555 |
Total assets | 10,794,659 | 11,440,117 |
Current liabilities | ||
Current maturities of long-term debt | 249,843 | 299,882 |
Accounts payable | 84,032 | 108,224 |
Accrued payroll and related costs | 54,904 | 48,383 |
Taxes payable | 34,391 | 46,561 |
Interest payable | 98,189 | 61,299 |
Other current liabilities | 71,665 | 68,944 |
Total current liabilities | 593,024 | 633,293 |
Long-term debt | 3,795,867 | 4,040,229 |
Deferred income taxes | 164,962 | 2,084 |
Other liabilities | 290,178 | 297,066 |
Total liabilities | 4,844,031 | 4,972,672 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock | 2,450 | 2,432 |
Additional paid-in capital | 678,922 | 654,168 |
Retained earnings | 4,637,677 | 5,154,221 |
Accumulated other comprehensive loss | (42,888) | (52,140) |
Total shareholders' equity | 5,276,161 | 5,758,681 |
Noncontrolling interests | 674,467 | 708,764 |
Total equity | 5,950,628 | 6,467,445 |
Total liabilities and equity | 10,794,659 | 11,440,117 |
Noble Corp | ||
Current assets | ||
Cash and cash equivalents | 662,011 | 653,833 |
Accounts receivable, net | 204,696 | 319,152 |
Taxes receivable | 105,345 | 55,480 |
Prepaid expenses and other current assets | 65,441 | 88,749 |
Total current assets | 1,037,493 | 1,117,214 |
Property and equipment, at cost | 12,034,331 | 12,364,888 |
Accumulated depreciation | (2,545,091) | (2,302,940) |
Property and equipment, net | 9,489,240 | 10,061,948 |
Other assets | 266,528 | 178,552 |
Total assets | 10,793,261 | 11,357,714 |
Current liabilities | ||
Current maturities of long-term debt | 249,843 | 299,882 |
Accounts payable | 83,873 | 107,868 |
Accrued payroll and related costs | 54,904 | 48,319 |
Taxes payable | 33,965 | 46,561 |
Interest payable | 98,189 | 61,299 |
Other current liabilities | 71,466 | 67,312 |
Total current liabilities | 592,240 | 631,241 |
Long-term debt | 3,795,867 | 4,040,229 |
Deferred income taxes | 164,962 | 2,084 |
Other liabilities | 290,178 | 292,183 |
Total liabilities | 4,843,247 | 4,965,737 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 623,137 | 594,091 |
Retained earnings | 4,669,173 | 5,115,137 |
Accumulated other comprehensive loss | (42,888) | (52,140) |
Total shareholders' equity | 5,275,547 | 5,683,213 |
Noncontrolling interests | 674,467 | 708,764 |
Total equity | 5,950,014 | 6,391,977 |
Total liabilities and equity | $ 10,793,261 | $ 11,357,714 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, shares outstanding | 244,971 | 243,239 |
Noble Corp | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues | |||
Contract drilling services | $ 1,207,026 | $ 2,242,200 | $ 3,261,610 |
Reimbursables and other | 29,889 | 59,865 | 90,642 |
Total operating revenues | 1,236,915 | 2,302,065 | 3,352,252 |
Operating costs and expenses | |||
Contract drilling services | 640,489 | 879,438 | 1,232,529 |
Reimbursables | 18,435 | 45,499 | 70,276 |
Depreciation and amortization | 547,990 | 611,067 | 634,305 |
General and administrative | 71,634 | 69,258 | 76,843 |
Loss on impairment | 121,639 | 1,458,749 | 418,298 |
Total operating costs and expenses | 1,400,187 | 3,064,011 | 2,432,251 |
Operating income (loss) | (163,272) | (761,946) | 920,001 |
Other income (expense) | |||
Interest expense, net of amount capitalized | (291,989) | (222,915) | (213,854) |
Gain on extinguishment of debt, net | 0 | 17,814 | 0 |
Interest income and other, net | 5,449 | 18 | 36,286 |
Income (loss) from continuing operations before income taxes | (449,812) | (967,029) | 742,433 |
Income tax benefit (provision) | (42,629) | 109,156 | (159,232) |
Net income (loss) from continuing operations | (492,441) | (857,873) | 583,201 |
Net income (loss) from discontinued operations, net of tax | (1,486) | 0 | 0 |
Net income (loss) | (493,927) | (857,873) | 583,201 |
Net (income) attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) |
Net income (loss) attributable to the company | (516,511) | (929,580) | 511,000 |
Income (loss) from continuing operations | (515,025) | (929,580) | 511,000 |
Net loss from discontinued operations, net of tax | (1,486) | 0 | 0 |
Net income (loss) attributable to the company | $ (516,511) | $ (929,580) | $ 511,000 |
Basic: | |||
Income (loss) from continuing operations (usd per share) | $ (2.10) | $ (3.82) | $ 2.06 |
Loss from discontinued operations (usd per share) | (0.01) | 0 | 0 |
Net income (loss) (usd per share) | (2.11) | (3.82) | 2.06 |
Diluted: | |||
Income (loss) from continuing operations (usd per share) | (2.10) | (3.82) | 2.06 |
Loss from discontinued operations (usd per share) | (0.01) | 0 | 0 |
Net income (loss) (usd per share) | $ (2.11) | $ (3.82) | $ 2.06 |
Weighted- Average Shares Outstanding | |||
Basic (in shares) | 244,743 | 243,127 | 242,146 |
Diluted (in shares) | 244,743 | 243,127 | 247,402 |
Noble Corp | |||
Operating revenues | |||
Contract drilling services | $ 1,207,026 | $ 2,242,200 | $ 3,261,610 |
Reimbursables and other | 29,889 | 60,565 | 90,842 |
Total operating revenues | 1,236,915 | 2,302,765 | 3,352,452 |
Operating costs and expenses | |||
Contract drilling services | 638,035 | 873,661 | 1,226,377 |
Reimbursables | 18,435 | 45,499 | 70,276 |
Depreciation and amortization | 543,119 | 611,013 | 633,244 |
General and administrative | 41,087 | 46,045 | 55,435 |
Loss on impairment | 121,639 | 1,458,749 | 418,298 |
Total operating costs and expenses | 1,362,315 | 3,034,967 | 2,403,630 |
Operating income (loss) | (125,400) | (732,202) | 948,822 |
Other income (expense) | |||
Interest expense, net of amount capitalized | (291,989) | (222,915) | (213,854) |
Gain on extinguishment of debt, net | 0 | 17,814 | 0 |
Interest income and other, net | 5,285 | 133 | 34,664 |
Income (loss) from continuing operations before income taxes | (412,104) | (937,170) | 769,632 |
Income tax benefit (provision) | (42,595) | 109,163 | (162,620) |
Net income (loss) from continuing operations | (454,699) | (828,007) | 607,012 |
Net income (loss) from discontinued operations, net of tax | 2,967 | 0 | 0 |
Net income (loss) | (451,732) | (828,007) | 607,012 |
Net (income) attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) |
Net income (loss) attributable to the company | (474,316) | (899,714) | 534,811 |
Net income (loss) attributable to the company | $ (474,316) | $ (899,714) | $ 534,811 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ (493,927) | $ (857,873) | $ 583,201 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 990 | (19) | (5,278) |
Net pension plan gain (loss) (net of tax provision (benefit) of $523, ($1,828) and $4,021 for the year ended December 31, 2017, 2016 and 2015, respectively) | 6,774 | (8,237) | 7,099 |
Amortization of deferred pension plan amounts (net of tax provision of $623, $1,635 and $2,297 for the year ended December 31, 2017, 2016 and 2015, respectively) | 1,393 | 3,127 | 4,422 |
Net pension plan curtailment and settlement expense (net of tax provision of zero, $7,218 and zero for the year ended December 31, 2017, 2016 and 2015, respectively) | 95 | 15,216 | 0 |
Prior service cost arising during the period (net of tax provision of zero, $344 and zero for the year ended December 31, 2017, 2016 and 2015, respectively) | 0 | 948 | 0 |
Other comprehensive income, net | 9,252 | 11,035 | 6,243 |
Net comprehensive (income) attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) |
Comprehensive income (loss) attributable to the company | (507,259) | (918,545) | 517,243 |
Noble Corp | |||
Net income (loss) | (451,732) | (828,007) | 607,012 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 990 | (19) | (5,278) |
Net pension plan gain (loss) (net of tax provision (benefit) of $523, ($1,828) and $4,021 for the year ended December 31, 2017, 2016 and 2015, respectively) | 6,774 | (8,237) | 7,099 |
Amortization of deferred pension plan amounts (net of tax provision of $623, $1,635 and $2,297 for the year ended December 31, 2017, 2016 and 2015, respectively) | 1,393 | 3,127 | 4,422 |
Net pension plan curtailment and settlement expense (net of tax provision of zero, $7,218 and zero for the year ended December 31, 2017, 2016 and 2015, respectively) | 95 | 15,216 | 0 |
Prior service cost arising during the period (net of tax provision of zero, $344 and zero for the year ended December 31, 2017, 2016 and 2015, respectively) | 0 | 948 | 0 |
Other comprehensive income, net | 9,252 | 11,035 | 6,243 |
Net comprehensive (income) attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) |
Comprehensive income (loss) attributable to the company | $ (465,064) | $ (888,679) | $ 541,054 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Benefit plans, before reclassifications, tax | $ 523 | $ (1,828) | $ 4,021 |
Benefit plans, reclassification adjustments, tax | 623 | 1,635 | 2,297 |
Benefit plans, settlement for curtailments, tax | 0 | 7,218 | 0 |
Benefit plans, prior service costs, tax | 0 | 344 | 0 |
Noble Corp | |||
Benefit plans, reclassification adjustments, tax | $ 623 | $ 1,635 | $ 2,297 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income (loss) | $ (493,927) | $ (857,873) | $ 583,201 |
Adjustments to reconcile net income to net cash flow from operating activities: | |||
Depreciation and amortization | 547,990 | 611,067 | 634,305 |
Loss on impairment | 121,639 | 1,458,749 | 418,298 |
Gain on extinguishment of debt, net | 0 | (17,814) | 0 |
Deferred income taxes | 241,326 | (189,897) | (36,172) |
Amortization of share-based compensation | 29,115 | 34,720 | 39,172 |
Other long-term asset write-off | 29,032 | 0 | 0 |
Net change in other assets and liabilities | (21,237) | 87,124 | 126,103 |
Net cash provided by operating activities | 453,938 | 1,126,076 | 1,764,907 |
Cash flows from investing activities | |||
Capital expenditures | (111,140) | (659,925) | (422,544) |
Change in accrued capital expenditures | (46,830) | (34,814) | (14,607) |
Proceeds from disposal of assets | 2,382 | 24,808 | 4,614 |
Net cash used in investing activities | (155,588) | (669,931) | (432,537) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | (1,123,495) |
Issuance of senior notes | 0 | 980,100 | 1,092,728 |
Repayments of debt | (300,000) | (1,049,338) | (350,000) |
Debt issuance costs on senior notes and credit facility | (42) | (12,111) | (16,070) |
Dividend payments | 0 | (47,534) | (315,534) |
Dividends paid to noncontrolling interests | (56,881) | (85,944) | (71,504) |
Repurchases of shares | 0 | 0 | (100,630) |
Tender offer premium | 0 | (24,649) | 0 |
Employee stock transactions | (4,320) | (3,192) | (4,130) |
Net cash used in financing activities | (361,243) | (242,668) | (888,635) |
Net increase (decrease) in cash and cash equivalents | (62,893) | 213,477 | 443,735 |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 662,829 | 725,722 | 512,245 |
Noble Corp | |||
Cash flows from operating activities | |||
Net income (loss) | (451,732) | (828,007) | 607,012 |
Adjustments to reconcile net income to net cash flow from operating activities: | |||
Depreciation and amortization | 543,119 | 611,013 | 633,244 |
Loss on impairment | 121,639 | 1,458,749 | 418,298 |
Gain on extinguishment of debt, net | 0 | (17,814) | 0 |
Deferred income taxes | 241,326 | (189,897) | (34,108) |
Capital contribution by parent - share-based compensation | 29,046 | 32,782 | 30,652 |
Other long-term asset write-off | 29,030 | 0 | 0 |
Net change in other assets and liabilities | (20,091) | 89,445 | 92,409 |
Net cash provided by operating activities | 492,337 | 1,156,271 | 1,747,507 |
Cash flows from investing activities | |||
Capital expenditures | (111,140) | (659,925) | (422,544) |
Change in accrued capital expenditures | (46,830) | (34,814) | (14,607) |
Proceeds from disposal of assets | 2,382 | 24,808 | 4,614 |
Net cash used in investing activities | (155,588) | (669,931) | (432,537) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | (1,123,495) |
Issuance of senior notes | 0 | 980,100 | 1,092,728 |
Repayments of debt | (300,000) | (1,049,338) | (350,000) |
Debt issuance costs on senior notes and credit facility | (42) | (12,111) | (16,070) |
Dividends paid to noncontrolling interests | (56,881) | (85,944) | (71,504) |
Tender offer premium | 0 | (24,649) | 0 |
Contributions (distributions) from (to) parent company, net | 28,352 | ||
Contributions (distributions) from (to) parent company, net | (152,360) | (400,614) | |
Net cash used in financing activities | (328,571) | (344,302) | (868,955) |
Net increase (decrease) in cash and cash equivalents | 8,178 | 142,038 | 446,015 |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 662,011 | $ 653,833 | $ 511,795 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Noble Corp | Noble CorpCommon Stock | Noble CorpCapital in Excess of Par Value | Noble CorpRetained Earnings | Noble CorpAccumulated Other Comprehensive Income (Loss) | Noble CorpNoncontrolling Interests | |
Beginning balance at Dec. 31, 2014 | $ 7,287,034 | $ 2,475 | $ 695,638 | $ 5,936,035 | $ (69,418) | $ 722,304 | $ 7,218,782 | $ 26,125 | $ 530,657 | $ 6,009,114 | $ (69,418) | $ 722,304 | |
Beginning Balance, Shares at Dec. 31, 2014 | 247,501,000 | 261,246,000 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 39,172 | 39,172 | |||||||||||
Issuance of share-based compensation shares | (4,171) | $ 7 | (4,178) | ||||||||||
Issuance of share-based compensation shares, Shares | 685,000 | ||||||||||||
Tax benefit of equity transactions | $ (1,581) | (1,581) | |||||||||||
Repurchases of shares, Shares | (6,200,000) | (6,209,000) | |||||||||||
Repurchases of shares | $ (100,630) | $ (62) | (100,568) | ||||||||||
Distributions to parent company, net | (376,714) | (376,714) | |||||||||||
Capital contribution by parent - share- based compensation | 30,652 | 30,652 | |||||||||||
Net income (loss) | 583,201 | 511,000 | 72,201 | 607,012 | 534,811 | 0 | 72,201 | ||||||
Dividends paid to noncontrolling interests | (71,504) | (71,504) | (71,504) | 0 | (71,504) | ||||||||
Dividends equivalents | (315,534) | (315,534) | |||||||||||
Other comprehensive income, net | 6,243 | 6,243 | 6,243 | 6,243 | 0 | ||||||||
Ending Balance at Dec. 31, 2015 | 7,422,230 | $ 2,420 | 628,483 | 6,131,501 | (63,175) | 723,001 | 7,414,471 | $ 26,125 | 561,309 | 6,167,211 | (63,175) | 723,001 | |
Ending Balance, Shares at Dec. 31, 2015 | 241,977,000 | 261,246,000 | |||||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | 34,720 | 34,720 | |||||||||||
Issuance of share-based compensation shares | (3,613) | $ 12 | (3,625) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,262,000 | ||||||||||||
Tax benefit of equity transactions | $ (5,410) | (5,410) | |||||||||||
Repurchases of shares, Shares | 0 | ||||||||||||
Distributions to parent company, net | (152,360) | (152,360) | |||||||||||
Capital contribution by parent - share- based compensation | 32,782 | 32,782 | |||||||||||
Net income (loss) | $ (857,873) | (929,580) | 71,707 | (828,007) | (899,714) | 71,707 | |||||||
Dividends paid to noncontrolling interests | (85,944) | (85,944) | (85,944) | (85,944) | |||||||||
Dividends equivalents | (47,700) | (47,700) | |||||||||||
Other comprehensive income, net | 11,035 | 11,035 | 11,035 | 11,035 | |||||||||
Ending 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 | |
Ending Balance, Shares at Dec. 31, 2016 | 243,239,000 | 243,239,000 | 261,246,000 | 261,246,000 | |||||||||
Employee related equity activity | |||||||||||||
Amortization of share-based compensation | $ 29,115 | 29,115 | |||||||||||
Issuance of share-based compensation shares | (5) | $ 18 | (23) | ||||||||||
Issuance of share-based compensation shares, Shares | 1,732,000 | ||||||||||||
Shares withheld for taxes on equity transactions | $ (4,338) | (4,338) | |||||||||||
Repurchases of shares, Shares | 0 | ||||||||||||
Contributions from parent company, net | $ 28,352 | 28,352 | |||||||||||
Capital contribution by parent - share- based compensation | 29,046 | 29,046 | |||||||||||
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 equivalents | [1] | (33) | (33) | ||||||||||
Other comprehensive income, 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, Shares at Dec. 31, 2017 | 244,971,000 | 244,971,000 | 261,246,000 | 261,246,000 | |||||||||
[1] | Activity associated with dividend equivalents, which are related to 2016 performance awards to be paid upon vesting. |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 with our global fleet of mobile offshore drilling units. As of December 31, 2017 , our fleet consisted of eight drillships, six semisubmersibles and 14 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The 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. Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements also include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. The combined carrying amount of the Bully -class drillships at December 31, 2017 and 2016 totaled $1.3 billion and $1.4 billion , respectively. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $41.6 million at December 31, 2017 as compared to approximately $34.7 million at December 31, 2016 . Prior Period Reclassification We have made certain reclassifications to our prior period amounts in our operating revenue on our Consolidated Statements of Operations by combining our other revenue with reimbursables revenue to conform to the current period presentation. Such reclassification did not have a material effect on our results of operations and had no effect on our financial position or cash flows. We have made certain reclassifications to our prior period amounts in our operating and investing sections on our Consolidated Statements of Cash Flows in accordance with ASU No. 2016-9, which amends ASC Topic 718, “Compensation— Stock Compensation.” See “— Accounting Pronouncements” below. Foreign Currency Translation Although we are a UK company, our functional currency is the U.S. dollar, and we define any non-U.S. dollar denominated currency as “foreign currencies”. In non-U.S. locations where the U.S. 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-U.S. 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 U.S. 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, 2017 . 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. 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, 2017 and 2016 was $20.8 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 $21.0 million and $25.8 million of capital accruals as of December 31, 2017 and 2016 , 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 property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For more detailed information, see “ Note 6— 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 Our typical dayrate drilling contract revenue, excluding taxes or duty, require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income or loss over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $114.3 million and $134.4 million at December 31, 2017 and 2016 , 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 $55.7 million at December 31, 2017 as compared to $72.8 million at December 31, 2016 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. In April 2015 , we agreed to contract dayrate reductions for five rigs working for Saudi Aramco. Given current market conditions and based on discussions with the customer, we do not expect the rates for the rigs currently working for Saudi Aramco to return to the original contract rates during the remaining contract terms. In accordance with accounting guidance, we are recognizing the rate reductions on a straight-line basis over the remaining life of these Saudi Aramco contracts. At December 31, 2017 and 2016 , two of the five original rigs had revenues recorded in excess of billings as a result of this recognition which totaled $6.9 million and $17.9 million , respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. 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 U.S., UK or 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 U.S. Internal Revenue Service (“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. On December 22, 2017, the President of the United States signed The Act into law. The Act represents major tax reform legislation that, among other provisions, reduces the U.S. corporate tax rate. The Company recognized the income tax effects of the Act in its 2017 financial statements, including $109.0 million of tax benefit recorded principally due to the write-down of our net deferred tax liabilities, in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, in the reporting period in which the Act was enacted. Based on guidance issued from Staff Accounting Bulletin No. 118 ("SAB 118"), the Company has not provided provisional estimates for items in which the accounting for certain income tax effects of the Act is incomplete and as such, the Company will continue to apply ASC 740 on the basis of the laws in effect immediately before the enactment of the Act. See “ Note 10— Income Taxes ,” for further information on the financial statement impact of the Act. The Act introduces a new anti-deferral provision, which subjects a U.S. parent shareholder to current tax on certain income referred to as Global Intangible Low-Taxed Income (“GILTI”), of its foreign subsidiaries. The company has not made any adjustments related to potential GILTI tax in its financial statements and has adopted a policy to treat tax due on future U.S. inclusions in taxable income as period costs when incurred. 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, 2017 and 2016 , loss reserves for personal injury and protection claims totaled $22.0 million and $22.1 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. Discontinued Operations On August 1, 2014 , Noble-UK completed the separation and 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 (the “Spin-off”). 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 certain separation agreements to effect the separation and Spin-off of Paragon Offshore and govern the relationship between the parties after the Spin-off (the “Separation Agreements”), including the Master Service 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. For additional information related to the Paragon Spin-off, refer to “ Note 14— 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 March 2016 , the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This standard is effective for interim and annual reporting periods beginning after December 31, 2016 and we adopted the standard as of January 1, 2017 . Under the new provision, current period excess tax benefits related to stock compensation are now recognized in our Consolidated Statement of Operations in “Provision for income taxes,” rather than on our Consolidated Balance Sheet and Consolidated Statement of Cash Flows. This update has been applied on a prospective basis. Changes to our Consolidated Statement of Cash Flows related to the reclassification of prior period excess tax benefits and employee taxes paid for share-based payment arrangements have been implemented on a retrospective basis. In accordance with our adoption of this update, prior period excess tax benefits of approximately $5.5 million and $1.6 million , previously classified as a financing activity in “Employee stock transactions” in the Consolidated Statement of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, are now classified as an operating activity in “Net change in other assets and liabilities” on the accompanying Consolidated Statement of Cash Flows for the comparative periods. Additionally, prior period employee taxes paid for share-based payment arrangements of approximately $3.2 million and $4.1 million , previously classified as an operating activity in “Net change in other assets and liabilities” in the Consolidated Statement of Cash Flows for the year ended December 31, 2016 and 2015, respectively, are now classified as a financing activity in “Employee stock transactions” on the accompanying Consolidated Statement of Cash Flows for the comparative periods. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017 , including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016 . We have formed an implementation work team, completed training on ASC Topic 606 and are finishing a project to review relevant contracts. We have adopted the new standard effective January 1, 2018 under the modified retrospective approach. With respect to our revenue recognized, as of December 31, 2017 , we have qualitatively assessed that the effect of adoption will have an impact to deferred revenues in either “Other current liabilities” or “Other liabilities”, to revenues recorded in excess of billings recorded in “Prepaid expenses and other current assets,” and the net impact recorded to “Retained earnings” on our accompanying Consolidated Balance Sheets. Quantitatively, we estimate that the effect of our retrospective adoption will be immaterial. Therefore, with respect to our modified retrospective adoption, we do not anticipate a change to our financial presentation on our Consolidated Balance Sheets as of December 31, 2017 . In February 2016 , the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 . Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. We expect to adopt ASC 842 effective January 1, 2019 . We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our consolidated financial statements and related disclosures will be presented. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets upon adoption. We are currently evaluating any other impacts ASC 842, including any newly issued guidance, will have on our consolidated financial statements and related disclosures. To facilitate that evaluation, we have completed training on the ASU, formed an implementation team and started the review and documentation of contracts. In October 2016 , the FASB issued ASU No. 2016-16 which amends ASC Topic 740, “Income Taxes.” The amendments in this update improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This standard is effective for interim and annual reporting periods beginning after December 15, 2017 and will be applied on a modified retrospective basis. As a result of the modified retrospective application, we will reduce “Other assets” in our Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $148.0 million as of January 1, 2018 . In February 2017 , the FASB issued ASU No. 2017-6, which amends ASC Topic 960, “Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” The amendments in this update clarify presentation requirements for an employee benefit plan’s interest in a master trust and require more detailed disclosures of the plan’s interest in the master trust. The amendments also eliminate a redundancy relating to 401(h) account disclosures. This standard is effective for fiscal years beginning after December 15, 2018 , with early application permitted. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In February 2018 , the FASB issued ASU No. 2018-2, which amends ASC Topic 220, “Income Statement—Reporting Comprehensive Income.” The amendments in this update allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Act. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 ; however, we expect to early adopt ASC 220 effective January 1, 2018 . The amendment should be applied on a retrospective basis to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. As a result of the retrospective application, we will reduce “Accumulated Other Comprehensive Income” with a cumulative adjustment to “Retained Earnings” of approximately $5.5 million as of January 1, 2018 . 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. 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 with our global fleet of mobile offshore drilling units. As of December 31, 2017 , our fleet consisted of eight drillships, six semisubmersibles and 14 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The 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. Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements also include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. The combined carrying amount of the Bully -class drillships at December 31, 2017 and 2016 totaled $1.3 billion and $1.4 billion , respectively. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $41.6 million at December 31, 2017 as compared to approximately $34.7 million at December 31, 2016 . Prior Period Reclassification We have made certain reclassifications to our prior period amounts in our operating revenue on our Consolidated Statements of Operations by combining our other revenue with reimbursables revenue to conform to the current period presentation. Such reclassification did not have a material effect on our results of operations and had no effect on our financial position or cash flows. We have made certain reclassifications to our prior period amounts in our operating and investing sections on our Consolidated Statements of Cash Flows in accordance with ASU No. 2016-9, which amends ASC Topic 718, “Compensation— Stock Compensation.” See “— Accounting Pronouncements” below. Foreign Currency Translation Although we are a UK company, our functional currency is the U.S. dollar, and we define any non-U.S. dollar denominated currency as “foreign currencies”. In non-U.S. locations where the U.S. 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-U.S. 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 U.S. 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, 2017 . 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. 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, 2017 and 2016 was $20.8 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 |
Consolidated Joint Ventures
Consolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 2— Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully -class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets. During the years ended December 31, 2017 , 2016 and 2015 , the Bully joint ventures approved and paid dividends totaling $113.8 million , $171.9 million and $143.0 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at December 31, 2017 and 2016 totaled $1.3 billion and $1.4 billion , respectively. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $41.6 million at December 31, 2017 as compared to approximately $34.7 million at December 31, 2016 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3— Earnings Per Share The following table presents the computation of basic and diluted earnings per share for Noble-UK: Year Ended December 31, 2017 2016 2015 Numerator: Basic Net income (loss) attributable to Noble-UK $ (516,511 ) $ (929,580 ) $ 511,000 Net income (loss) from discontinued operations, net of tax 1,486 — — Earnings allocated to unvested share-based payment awards — — (10,856 ) Net income (loss) from continuing operations to common shareholders - basic $ (515,025 ) $ (929,580 ) $ 500,144 Diluted Net income (loss) attributable to Noble-UK $ (516,511 ) $ (929,580 ) $ 511,000 Net income (loss) from discontinued operations, net of tax 1,486 — — Net income (loss) from continuing operations to common shareholders - diluted $ (515,025 ) $ (929,580 ) $ 511,000 Denominator: Weighted average shares outstanding - basic 244,743 243,127 242,146 Incremental shares issuable from assumed exercise of stock — — 5,256 Weighted average shares outstanding - diluted 244,743 243,127 247,402 Earnings per share Basic: Income (loss) from continuing operations $ (2.10 ) $ (3.82 ) $ 2.06 Income (loss) from discontinued operations (0.01 ) — — Net income (loss) attributable to Noble-UK $ (2.11 ) $ (3.82 ) $ 2.06 Diluted: Income (loss) from continuing operations $ (2.10 ) $ (3.82 ) $ 2.06 Income (loss) from discontinued operations (0.01 ) — — Net income (loss) attributable to Noble-UK $ (2.11 ) $ (3.82 ) $ 2.06 Dividends per share $ — $ 0.20 $ 1.28 Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the years ended December 31, 2017 and 2016 , 12.0 million and 9.9 million share-based awards, respectively, were excluded from the diluted earnings per share since the effect would have been anti-dilutive. For the year ended December 31, 2015 , approximately 1.7 million underlying stock options were excluded from the diluted earnings per share as such stock options were anti-dilutive. |
Receivables from Customers
Receivables from Customers | 12 Months Ended |
Dec. 31, 2017 | |
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. During the year ended December 31, 2017 , Paragon Offshore has 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 the accompanying Consolidated Statements of Operations during the year ended December 31, 2017 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Drilling equipment and facilities $ 11,746,629 $ 12,048,571 Construction in progress 83,509 112,103 Other 204,193 204,214 Property and equipment, at cost $ 12,034,331 $ 12,364,888 Capital expenditures, including capitalized interest, totaled $111.1 million , $659.9 million and $422.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. During the year ended December 31, 2017 , there was no capitalized interest due to the completion of our newbuild program. Capitalized interest was $22.4 million and $25.0 million for the years ended December 31, 2016 and 2015 , respectively. We took delivery of our final newbuild project, the heavy-duty, harsh environment jackup, the Noble Lloyd Noble , in July 2016 , which commenced operations in November 2016 under a four -year contract in the North Sea. The Noble Sam Hartley commenced operations in January 2016 . 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 U.S. Gulf of Mexico region. During the years ended December 31, 2017 , 2016 , and 2015 we recognized a non-cash loss on impairment of $121.6 million , $1.5 billion and $418.3 million , respectively, related to our long-lived assets. See “ Note 6— Impairment ” for additional information. |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment | Note 6— Impairment 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 circumstances that suggest the value of an asset may not be recoverable. An impairment loss on our property and equipment may exist when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. An impairment loss may be recognized when the excess of the asset's carrying value exceeds the estimated fair value. We estimate the fair value by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. Assumptions used in our assessment included, but were not limited to, timing of future contract awards and expected operating day rates, operating costs, utilization rates, capital expenditures, reactivation costs and estimated economic useful lives. In addition, if we believe that one of our drilling units is no longer marketable or is otherwise unlikely to return to active service, we may elect to retire the unit and/or sell the unit at a value that may be substantially below its book value, and recognize an impairment charge that reduces the asset’s carrying value to the estimated fair value. During the years ended December 31, 2017 , 2016 , and 2015 , we recognized a non-cash loss on impairment of $121.6 million , $1.5 billion and $418.3 million , respectively, related to certain rigs and related capital spares. 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 . During the year ended December 31, 2016 , in connection with our impairment analysis, we impaired the carrying values to estimated fair values for the Noble Amos Runne r, Noble Clyde Boudreaux and Noble Dave Beard and recorded a charge of $1.0 billion related to these units. In addition, we concluded that the semisubmersible, the Noble Homer Ferrington, and certain capital spare equipment would not be utilized in the foreseeable future, and we recognized impairment charges of approximately $120.1 million and $170.5 million , respectively. Further, we decided to retire our semisubmersible, Noble Max Smith , which was sold for $1.2 million after we recognized an impairment charge during the year of approximately $164.8 million . During the year ended December 31, 2015 , we decided that we would no longer market one of our drillships, the Noble Discoverer . The decision was a result of the termination of the contract for this rig by Shell in December 2015 and the decreased opportunities for rigs of this type in the current marketplace. We also reviewed assumptions on the future marketability of one of our jackups, the Noble Charles Copeland , after its contract completion in late September 2015 , with consideration given to its years in service, limited technical features and anticipated capital requirements in light of the current market conditions, and we decided to discontinue marketing this unit. Additionally, based upon an analysis of capital spare equipment, we elected to retire certain capital spare equipment. Accordingly, we recorded an impairment charge of $406.0 million for the year ended December 31, 2015 for these rigs and certain capital spares. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Credit Facilities and Commercial Paper Program 2015 Credit Facility At December 31, 2017 , we had a five -year $2.4 billion senior unsecured credit facility that matures in January 2020 and which is guaranteed by our indirect, wholly owned subsidiaries, Noble Holding (U.S.) LLC (“NHUS”) and Noble Holding International Limited (“NHIL”) (the “2015 Credit Facility”). The 2015 Credit Facility also provided us with the ability to issue up to $500.0 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At December 31, 2017 , we had no borrowings outstanding or letters of credit issued under our 2015 Credit Facility. On December 19, 2017 , we entered into the First Amendment and Consent and Successor Agent Agreement, (the “Amendment”) amending the 2015 Credit Facility. Upon certain conditions, including the entering into of the Company's 2017 Credit Facility (as defined below), the Amendment provides for, on or after January 3, 2018 , among other things (i) a reduction in the aggregate principal amount of commitments under the 2015 Credit Facility to $300.0 million and (ii) the reduction of the 2015 Credit Facility's letter of credit subfacility to zero dollars. The maturity of the 2015 Credit Facility remains January 2020 . 2017 Credit Facility On December 21, 2017 , Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman (“NCL”); Noble International Finance Company (“NIFCO”); and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Noble-UK (“NHUK”), as parent guarantor, entered into a new senior unsecured credit agreement (the “ 2017 Credit Facility” and together with the 2015 Credit Facility, the “Credit Facilities”). The maximum aggregate amount of borrowings under the 2017 Credit Facility of $1.5 billion became available on January 3, 2018 upon the effectiveness of the commitment reduction under the 2015 Credit Facility. Borrowings under the 2017 Credit Facility are subject to certain conditions precedent, including that there be no unused commitments to advance loans under the 2015 Credit Facility. The 2017 Credit Facility provides for a letter of credit subfacility currently in the amount of $15.0 million , with the ability to increase such amount up to $500.0 million . Borrowings may be used for working capital and other general corporate purposes. The 2017 Credit Facility has an initial maturity of up to five years from the date on which the borrowings became available, or January 3, 2023 . At December 31, 2017 , we had no borrowings outstanding or letters of credit issued under the 2017 Credit Facility. Both of our Credit Facilities have provisions which vary the applicable interest rates for borrowings based upon our debt ratings. We also pay a facility fee under each of the Credit Facilities on the daily unused amount of the underlying commitment which varies depending on our credit ratings. At December 31, 2017 , the interest rates in effect under our Credit Facilities are the highest permitted interest rates under those agreements. Debt Issuances In December 2016 , we issued $1.0 billion aggregate principal amount of the 2024 Notes, which we issued through our indirect wholly-owned subsidiary, NHIL. The net proceeds of approximately $967.6 million , after estimated expenses, were primarily used to retire a portion of our near-term senior notes in a related tender offer and the remaining portion was used for general corporate purposes. In January 2018, we issued and sold $750.0 million aggregate principal amount of our Senior Notes due 2026, which is described further in “ Note 19— Subsequent Events .” Senior Notes Interest Rate Adjustments During 2017 and 2016 , we experienced debt rating downgrades by Moody’s Investors Service and S&P Global Ratings, which reduced our debt ratings significantly below investment grade. As a result of these downgrades, we experienced interest rate increases during 2017 and 2016 on the 2018 Notes, 2025 Notes and 2045 Notes, all of which are subject to provisions that vary the applicable interest rates based on our debt rating. On October 18, 2017 S&P Global Ratings further reduced our debt rating, which will increase the interest rates on the 2025 Notes and 2045 Notes to 7.95% and 8.95% , respectively, beginning in April 2018 . Once the new interest rates take effect in April 2018 , these senior notes will have reached the contractually-defined maximum interest rate set for each rating agency and no further interest rate increase will occur. Our other outstanding senior notes, including the 2024 Notes issued in December 2016 , and 2026 Notes issued in January 2018 , do not contain provisions varying applicable interest rates based upon our credit ratings. Debt Tender Offers and Repayments In March 2017 , we repaid our 2017 Notes using cash on hand. We anticipate using cash on hand to repay the outstanding balance of our $300 million 2018 Notes, maturing in March 2018 . In February 2018 , we completed an optional redemption of our remaining 2019 Notes, which is described further in “ Note 19— Subsequent Events .” In December 2016 , we commenced cash tender offers for our 2020 Notes, 2021 Notes and 2022 Notes. On December 28, 2016 , we purchased $762.3 million of these Senior Notes for $750.0 million , plus accrued interest, using a portion of the net proceeds of the $1.0 billion 2024 Notes issuance in December 2016 . In December 2016 , as a result of these tender offers, we recognized a net gain of approximately $6.7 million . In March 2016 , we commenced cash tender offers for our 2020 Notes and our 2021 Notes. On April 1, 2016 , we purchased $36.0 million of these Senior Notes for $24.0 million , plus accrued interest, using cash on hand. In April 2016 , as a result of these tender offers, we recognized a net gain of approximately $11.1 million . Covenants The 2015 Credit Facility is guaranteed by NHUS and NHIL. The 2015 Credit Facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the 2015 Credit Facility, to 0.60 . At December 31, 2017 , our ratio of debt to tangible capitalization was approximately 0.43 . We were in compliance with all covenants under the 2015 Credit Facility as of December 31, 2017 . The 2017 Credit Facility contains certain financial covenants (as defined in the 2017 Credit Facility) applicable to NHUK and its subsidiaries, including (i) a covenant restricting debt to total tangible capitalization to not greater than 55% at the end of each fiscal quarter, (ii) a minimum Liquidity requirement of $300.0 million , (iii) a covenant that, beginning with the fiscal quarter ending March 31, 2018 , the ratio of the Rig Value of Marketed Rigs to the sum of commitments under the 2017 Credit Facility plus indebtedness for borrowed money of the borrowers and guarantors, in each case, that directly own Marketed Rigs, is not less than 3:00 to 1:00 at the end of each fiscal quarter and (iv) a covenant that, beginning with the fiscal quarter ending March 31, 2018 , the ratio of (A) the Rig Value of the Closing Date Rigs that are directly wholly owned by the borrowers and guarantors to (B) the Rig Value of the Closing Date Rigs owned by NHUK, subsidiaries of NHUK and certain local content affiliates, is not less than 80% at the end of each fiscal quarter (such covenants described in (iii) and (iv) of this paragraph, the “Guarantor Ratio Covenants”). The 2017 Credit Facility also includes restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2017 Credit Facility) would exceed $200.0 million . NHUK has guaranteed the obligations of the borrowers under the 2017 Credit Facility. Certain other subsidiaries of Noble-UK will 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 covenants generally applicable to NHUK and its subsidiaries that NCL considers usual and customary for an agreement of this type, including compliance with laws (including environmental laws, ERISA and anti-corruption and sanctions laws), delivery of quarterly and annual financial statements, maintenance and operation of property, 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. Borrowings under the 2017 Credit Facility are subject to acceleration upon the occurrence of events of default that NCL considers usual and customary for an agreement of this type. In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring debt or assuming certain liens and on entering into sale and lease-back transactions. The indenture for the 2026 Notes that we issued in January 2018 places more limitations on us and our subsidiaries than our other senior note indentures. See “—Debt Issuances” above. At December 31, 2017 , we were in compliance with all of the debt covenants under our Credit Facilities and senior notes. We continually monitor compliance with the covenants under our Credit Facilities and senior notes and expect to remain in compliance throughout 2018 . Five-year debt obligations At December 31, 2017 , aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2018 2019 2020 2021 2022 Thereafter Total $ 250,000 $ 201,695 $ 167,766 $ 208,675 $ 125,661 $ 3,150,000 $ 4,103,797 Carrying value and estimated fair values Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in “ Note 13— Fair Value of Financial Instruments .” The following table presents the carrying value and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes 2.50% Senior Notes due March 2017 $ — $ — $ 299,992 $ 299,128 5.75% Senior Notes due March 2018 249,959 250,830 249,771 249,808 7.50% Senior Notes due March 2019 201,695 206,881 201,695 209,524 4.90% Senior Notes due August 2020 167,625 163,283 167,576 167,329 4.625% Senior Notes due March 2021 208,568 195,687 208,538 196,416 3.95% Senior Notes due March 2022 125,518 107,348 125,488 112,791 7.75% Senior Notes due January 2024 982,301 861,160 980,117 945,317 7.70% Senior Notes due April 2025 449,008 380,732 448,909 423,267 6.20% Senior Notes due August 2040 399,900 274,988 399,898 280,221 6.05% Senior Notes due March 2041 397,800 273,988 397,758 273,854 5.25% Senior Notes due March 2042 498,400 315,430 498,369 325,814 8.70% Senior Notes due April 2045 394,659 320,396 394,613 328,608 Total debt 4,075,433 3,350,723 4,372,724 3,812,077 Less: Unamortized debt issuance costs (29,723 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,843 ) (250,830 ) (299,882 ) (299,128 ) Long-term debt, net of debt issuance costs $ 3,795,867 $ 3,099,893 $ 4,040,229 $ 3,512,949 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million and $0.1 million at December 31, 2017 and 2016 , respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Note 8— Equity Share Capital As of December 31, 2017 Noble-UK had approximately 245.0 million shares outstanding and trading as compared to approximately 243.2 million shares outstanding and trading at December 31, 2016 . Repurchased shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. 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 laws. Therefore, Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The resumption of the payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors. Share Repurchases The Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. In December 2014, we received shareholder approval to repurchase up to 37 million ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. The authority to make such repurchases expired at the end of the Company’s 2016 annual general meeting of shareholders, which was held on April 22, 2016 . During 2015, we repurchased 6.2 million of our ordinary shares covered by this authorization at an average price of $16.10 per share, excluding commissions and stamp tax, for a total cost of approximately $100.6 million . All shares repurchased were made in the open market pursuant to the share repurchase program discussed above, and all shares repurchased were immediately canceled. During the years ended December 31, 2017 and 2016 , 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 2015 Omnibus Incentive Plan (the “2015 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 2015 Incentive Plan. Neither consultants nor non-employee directors are eligible for awards under the 2015 Incentive Plan. During 2017 and 2016 , the 2015 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 2015 Incentive Plan by 3.7 million and 9.5 million shares, respectively. The maximum aggregate number of ordinary shares that may be granted for any and all awards under the 2015 Incentive Plan will not exceed 20.5 million shares and at December 31, 2017 , we had 10.4 million shares remaining available for grants to employees. The Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended (the “1991 Plan”), provides for the granting of options to purchase our shares, with or without stock appreciation rights, and the awarding of restricted shares or units to selected employees. Upon shareholder approval of the 2015 Incentive Plan, as described above, the 1991 Plan was terminated and equity based awards to employees are now made only through the 2015 Incentive Plan. Equity based awards previously granted under the 1991 Plan remain outstanding in accordance with their terms, which include the 1991 Plan. Prior to 2017 , we used the Noble Corporation 1992 Nonqualified Stock Options and Share Plan for Non-Employee Directors (the “1992 Plan”), to issue stock awards to non-employee directors. During 2017 , upon shareholder approval, the Noble Corporation plc 2017 Director Omnibus Plan (the “Director Plan”) replaced the 1992 Plan. At the same time, the 1992 Plan was terminated and equity based awards to non-employee directors are now made only through the Director Plan. 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 both the 1991 Plan and 1992 Plan as of December 31, 2017 , 2016 and 2015 and the changes during the year ended on those dates is presented below: 2017 2016 2015 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 1,420,175 $ 29.52 1,677,154 $ 29.48 1,958,633 $ 28.43 Expired (107,020 ) 29.74 (256,979 ) 29.22 (281,479 ) 22.17 Outstanding at end of year (1) 1,313,155 29.51 1,420,175 29.52 1,677,154 29.48 Exercisable at end of year (1) 1,313,155 $ 29.51 1,420,175 $ 29.52 1,677,154 $ 29.48 (1) Options outstanding and exercisable at December 31, 2017 had no intrinsic value. The following table summarizes additional information about stock options outstanding at December 31, 2017 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $26.18 302,854 2.67 $ 21.37 $26.19 to $31.51 360,936 5.10 30.59 $31.52 to $35.73 649,365 3.16 32.70 Total 1,313,155 3.58 $ 29.51 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 U.S. Treasury yield curve in effect at the time of grant. There were no non-vested stock option balances at December 31, 2017 or any changes during the year ended December 31, 2017 . No new stock options were granted during the years ended December 31, 2017 , 2016 and 2015 . There was no compensation cost recognized during the years ended December 31, 2017 and 2016 , respectively, related to stock options. Compensation cost recognized during the year ended December 31, 2015 related to stock options totaled $0.1 million . Restricted Stock Units (“RSUs”) We have awarded both TVRSUs and PVRSUs under the 1991 Plan and the 2015 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. These criteria are strictly market-based criteria as defined by FASB standards. 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: 2017 2016 2015 Valuation assumptions: Expected volatility 56.4 % 40.7 % 34.0 % Expected dividend yield — % — % 9.4 % Risk-free interest rate 1.49 % 0.97 % 0.8 % 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, 2017, 2016 and 2015 is as follows: 2017 2016 2015 TVRSU Units awarded (maximum available) 3,231,225 3,624,182 2,004,311 Weighted-average share price at award date $ 6.96 $ 7.78 $ 15.90 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded (maximum available) 2,474,978 2,914,044 1,205,130 Weighted-average share price at award date $ 7.28 $ 7.79 $ 15.94 Three-year performance period ended December 31 2019 2018 2017 Weighted-average award-date fair value $ 4.37 $ 3.81 $ 9.12 During the years ended December 31, 2017 , 2016 and 2015 , we awarded 212,849 , 227,937 and 99,063 shares, respectively, to our employees. During the year ended December 31, 2017 , we awarded 197,316 shares to our non-employee directors. A summary of the status of non-vested RSUs at December 31, 2017 and changes during the year ended December 31, 2017 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, 2017 4,089,167 $ 11.18 4,378,825 $ 7.85 Awarded 3,231,225 6.96 2,474,978 4.37 Vested (1,768,175 ) 47.20 (367,794 ) 65.56 Forfeited (508,715 ) 8.41 (840,555 ) 10.67 Non-vested RSUs at December 31, 2017 5,043,502 $ 7.95 5,645,454 $ 4.98 (1) 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. At December 31, 2017 , there was $21.5 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, 2017 was $23.8 million . At December 31, 2017 , there was $9.8 million of total unrecognized compensation cost related to the PVRSUs, which is expected to be recognized over a remaining weighted-average period of 1.5 years . The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. In February 2018, 603,440 PVRSUs for the 2015-2017 performance period were forfeited. Share-based amortization recognized during the years ended December 31, 2017 , 2016 and 2015 related to all restricted stock totaled $29.1 million ( $26.3 million net of income tax), $34.7 million ( $31.0 million net of income tax) and $39.0 million ( $31.0 million net of income tax), respectively. During the year ended December 31, 2017 , capitalized share-based amortization was zero . During the years ended December 31, 2016 and 2015 , capitalized share-based amortization totaled approximately $0.2 million and $1.0 million , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
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 AOCI for the years ended December 31, 2017 and 2016 . All amounts within the tables are shown net of tax. Unrealized Gains /(Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications 1,187 (8,237 ) (19 ) (7,069 ) Amounts reclassified from AOCI (1,187 ) 19,291 — 18,104 Net other comprehensive income (loss) — 11,054 (19 ) 11,035 Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income before reclassifications 1,239 6,630 990 8,859 Amounts reclassified from AOCI (1,239 ) 1,632 — 393 Net other comprehensive income — 8,262 990 9,252 Balance at December 31, 2017 $ — $ (27,603 ) $ (15,285 ) $ (42,888 ) (1) Unrealized gains/(losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCI are recognized through “Contract drilling services” costs on our Consolidated Statements of Operations. See “ Note 12— Derivative Instruments and Hedging Activities ” for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” “See Note 11— Employee Benefit Plans ” for additional information. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10— 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. Prior to the redomiciliation, Noble-Swiss was the group holding company and was exempt from Swiss cantonal and communal income tax on its worldwide income or loss, and was also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying participations. It is expected that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We do not expect the redomiciliation from Switzerland to the UK to have a material impact on our effective tax rate. Consequently, we have taken account of those tax exemptions 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. On December 22, 2017 , the President of the United States signed The Act into law. The Act makes significant changes to various areas of U.S. federal income tax law by, among other things, lowering corporate income tax rates, implementing the territorial tax system, and rules limiting base erosion, and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries of U.S parent shareholders. The Company recognized the income tax effects of the Act in its 2017 financial statements in accordance with ASC Topic 740, Income Taxes, in the reporting period in which the Act was enacted. Based on guidance issued from SAB 118, the Company has not provided provisional estimates for items in which the accounting for certain income tax effects of the Act is incomplete and as such, the Company will continue to apply ASC 740 on the basis of the laws in effect immediately before the enactment of the Act. The changes to existing U.S. tax law as a result of the Act, which had an impact on the Company's federal income taxes for 2017 , are as follows: • The Act reduces the federal corporate income tax rate to 21% from 35% effective January 1, 2018 . Accordingly, the Company recorded a financial statement benefit of $109.0 million as a result of the remeasurement of its net deferred tax liabilities during the quarter ended December 31, 2017 . • The Act provides for a Deemed Repatriation Transition Tax (the “Transition Tax”), which is a one-time tax on previously untaxed accumulated earnings and profits (“E&P”) of certain foreign subsidiaries. For the quarter ended December 31, 2017 , no additional income taxes were provided for as the Company has estimated there to be no untaxed accumulated E&P. • The Act provides for immediate an deduction of 100% of the costs of qualified property that is placed in service after September 27, 2017 and before January 1, 2023 .The deduction will phase out by 20 percentage points each calendar year for qualified property that is placed in service after December 21, 2022 . The company has estimated no material impact from this provision for the quarter ended December 31, 2017 . The estimates above are provisional amounts based on information available as of December 31, 2017 . These amounts are subject to changes as we refine our estimates and our interpretation of the Act. Any adjustments to these provisional amounts will be included in the financial statements in the reporting period in which such adjustments are determined, which will be no later than the fourth quarter of 2018. Other provisions of the Act, which are effective January 1, 2018 and could have an impact on the Company's financial results for 2018 and later periods are as follows: • The Act limits the deduction of business interest to 30% of “adjusted taxable income”, which is taxable income computed without regard to (i) any items not attributable to a trade or business, (ii) business interest income and business interest expense, (iii) any net operating loss deduction, and (iv) for taxable years beginning before January 1, 2022, deductions for depreciation , amortization and depletion. This limitation could result in a deferral or permanent reduction in the amount of interest that is deductible for U.S. federal income tax purposes after 2017 . • The Act eliminates the U.S. federal income tax carryback provision for net operating losses (“NOLs”) generated after 2017 and limits the taxpayer's ability to utilize NOL carryforwards to 80% of taxable income. These changes could impact the company's valuation allowance assessment for NOLs generated after December 31, 2017 . • The Act includes an anti-base erosion provision which establishes a tax on certain payments made by U.S. corporate taxpayers to related foreign persons, also referred to as Base Erosion and Anti-Abuse Tax (“BEAT”). The company is continuing to gather additional information to determine the ultimate impact of BEAT. • The Act introduces a new anti-deferral provision, which subjects a U.S. parent shareholder to current tax on certain income referred to as GILTI, of its foreign subsidiaries. The company has not made any adjustments related to potential GILTI tax in its financial statements and has adopted a policy to treat tax due on future U.S. inclusions in taxable income as period costs when incurred. The components of the net deferred taxes are as follows: 2017 2016 Deferred tax assets United States Excess of net tax basis over remaining book basis $ — $ 56,351 Deferred pension plan amounts 10,758 16,797 Accrued expenses not currently deductible 11,585 19,012 Other 2,150 6,803 Non-U.S. Net operating loss carry forwards — 3,800 Deferred pension plan amounts 134 3,120 Accrued expense not currently deductible 14,085 2,064 Deferred tax assets 38,712 107,947 Less: valuation allowance — (3,800 ) Net deferred tax assets $ 38,712 $ 104,147 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (182,401 ) $ — Other (6,652 ) (7,672 ) Non-U.S. Excess of net book basis over remaining tax basis — (200 ) Other (402 ) (4,305 ) Deferred tax liabilities (189,455 ) (12,177 ) Net deferred tax assets (liabilities) $ (150,743 ) $ 91,970 Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2017 2016 2015 United States $ (81,329 ) $ (428,087 ) $ 4,031 Non-U.S. (368,485 ) (538,942 ) 738,402 Total $ (449,814 ) $ (967,029 ) $ 742,433 The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2017 2016 2015 Current- United States $ (227,707 ) $ 61,928 $ 113,648 Current- Non-U.S. 29,010 18,813 81,756 Deferred- United States 257,432 (189,880 ) (38,103 ) Deferred- Non-U.S. (16,106 ) (17 ) 1,931 Total $ 42,629 $ (109,156 ) $ 159,232 The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. In 2016 , we released an uncertain tax position in Libya in the gross amount of $40 million coupled with a related tax benefit of $13 million . 2017 2016 2015 Gross balance at January 1, $ 159,826 $ 169,687 $ 108,812 Additions based on tax positions related to current year 14,187 15,665 31,022 Additions for tax positions of prior years 1,284 18,662 47,561 Reductions for tax positions of prior years (860 ) (43,701 ) (11,945 ) Expiration of statutes — (487 ) (1,237 ) Tax settlements — — (4,526 ) Gross balance at December 31, 174,437 159,826 169,687 Related tax benefits (1,008 ) (1,008 ) (14,369 ) Net reserve at December 31, $ 173,429 $ 158,818 $ 155,318 The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2017 2016 Reserve for uncertain tax positions, excluding interest and penalties $ 173,429 $ 158,818 Interest and penalties included in “Other liabilities” 18,431 13,702 Reserve for uncertain tax positions, including interest and penalties $ 191,860 $ 172,520 At December 31, 2017 , the reserves for uncertain tax positions totaled $191.9 million (net of related tax benefits of 1.0 million ). If the December 31, 2017 reserves are not realized, the provision for income taxes would be reduced by $186.6 million . At December 31, 2016 , the reserves for uncertain tax positions totaled $172.5 million (net of related tax benefits of 1.0 million ). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. We include, as a component of our “Income tax provision,” potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax expense of $4.7 million in 2017 , an income tax expense of $2.7 million in 2016 and an income tax benefit of $2.9 million in 2015 . During the year ended December 31, 2017 , our income tax provision included a non-cash, discrete item of $260.7 million as the result of an internal tax restructuring, which was implemented to reduce costs associated with the ownership of multiple legal entities, simplify the overall legal entity structure, ease deployment of cash throughout the business and consolidate operations into one centralized group of entities. As of December 31, 2017 , we recorded deferred charges of $145.3 million related to the deferral of income tax expense on intercompany asset transfers as a result of our internal tax restructuring. The deferred charges are included in “Other assets” on the accompanying Consolidated Balance Sheet and are amortized as a component of income tax expense over the remaining life of the underlying assets. We conduct business globally and, as a result, we file numerous income tax returns in U.S. and in non-U.S. 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, Cyprus, Mexico, Norway, Saudi Arabia, Argentina, Australia, Denmark, Gabon, Luxembourg, Malaysia, the Netherlands, Tanzania, Singapore, Switzerland, the United Kingdom and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2010 and non-U.S. income tax examinations for years before 2000. 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, 2017 2016 2015 Effect of: Tax rates which are different than the UK and Cayman Island rates 23.4 % 8.4 % 14.4 % Tax impact of asset impairment 11.7 % 3.9 % 5.3 % Tax impact of tax restructuring (76.1 )% — % — % Tax impact of tax reform 33.4 % — % — % Reserve for (resolution of) tax authority audits (1.9 )% (1.0 )% 1.7 % Total (9.5 )% 11.3 % 21.4 % We generated and fully utilized U.S. foreign tax credits of $15.0 million in 2015 . Due to foreign tax credit limitation constraints, in 2017 and 2016 , the Company has made the determination to take foreign tax expense as a deduction against U.S. taxable income. At December 31, 2017 , the company asserts that the investment in foreign subsidiaries is permanent in nature, and estimates that there are no net cumulative earnings in its foreign subsidiaries. At December 31, 2016 , we had no undistributed earnings of our subsidiaries for which deferred income taxes have not been provided. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11— Employee Benefit Plans Defined Benefit Plans Noble maintains two pension plans for certain of our employees whose most recent date of employment is prior to April 1, 2014 operating in the North Sea, the Noble Drilling (Land Support) Limited (“NDLS”) and the Noble Resources Limited (“NRL”), both indirect, wholly-owned subsidiaries of Noble-UK. Reference to our “non-U.S. plans” included throughout this report relates to both the NDLS and NRL plans, as well as the activity for the two legacy plans for the periods prior to the Spin-off. In addition to the non-U.S. plans discussed above, we have two U.S. noncontributory defined benefit pension plans: one which covers certain salaried employees and one which covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). These plans 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 credit balances available to us under the plan, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) 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 salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans.” During the fourth quarter of 2016 , we approved amendments, effective as of December 31, 2016 , to our non-U.S. and U.S. defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016 . However, these amendments will not affect any benefits earned through that date. During the years ended December 31, 2017 , we made contributions to our pension plans of approximately $0.6 million , which satisfied our obligations under our defined benefit plan for the North Sea region. A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Benefit obligation at beginning of year $ 72,347 $ 216,577 $ 69,372 $ 228,390 Service cost — — 2,914 6,647 Interest cost 2,151 8,593 2,412 9,557 Actuarial loss (gain) (11,265 ) 19,113 19,296 (5,178 ) Benefits paid (2,836 ) (6,795 ) (3,515 ) (5,747 ) Settlements and curtailments (4,825 ) (2,313 ) (5,735 ) (17,092 ) Plan participants’ contributions — — 307 — Foreign exchange rate changes 6,380 — (12,704 ) — Benefit obligation at end of year $ 61,952 $ 235,175 $ 72,347 $ 216,577 A reconciliation of the changes in fair value of plan assets is as follows: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Fair value of plan assets at beginning of year $ 71,286 $ 171,240 $ 75,855 $ 167,947 Actual return on plan assets 5,594 24,760 9,371 8,657 Employer contributions 651 2,348 2,832 383 Benefits paid (2,836 ) (6,795 ) (3,515 ) (5,747 ) Plan participants’ contributions — — 307 — Settlement and curtailment (4,597 ) (2,313 ) — — Foreign exchange rate changes 7,043 — (13,564 ) — Fair value of plan assets at end of year $ 77,141 $ 189,240 $ 71,286 $ 171,240 The funded status of the plans is as follows: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Funded status $ 15,189 $ (45,935 ) $ (1,061 ) $ (45,337 ) Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Other assets (noncurrent) $ 15,189 $ — $ 313 $ 229 Other liabilities (current) — (2,312 ) — (3,857 ) Other liabilities (noncurrent) — (43,623 ) (1,374 ) (41,709 ) Net amount recognized $ 15,189 $ (45,935 ) $ (1,061 ) $ (45,337 ) Amounts recognized in AOCI consist of: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Net actuarial loss $ 2,258 $ 39,569 $ 17,035 $ 34,200 Deferred income tax asset (375 ) (13,849 ) (3,120 ) (12,250 ) Accumulated other comprehensive loss $ 1,883 $ 25,720 $ 13,915 $ 21,950 Pension costs include the following components: Years Ended December 31, 2017 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 2,914 $ 6,647 $ 3,344 $ 8,596 Interest cost 2,151 8,593 2,412 9,557 2,546 9,198 Return on plan assets (2,879 ) (11,764 ) (3,393 ) (12,389 ) (3,673 ) (13,146 ) Amortization of prior service cost — — 104 118 104 142 Recognized net actuarial loss 743 1,464 142 4,398 315 6,158 Settlement and curtailment gains (838 ) 82 600 200 — — Net pension benefit cost (gain) $ (823 ) $ (1,625 ) $ 2,779 $ 8,531 $ 2,636 $ 10,948 There is no estimated net actuarial losses or prior service cost for either of the non-U.S. plans or U.S. plans that will be amortized from AOCI into net periodic pension cost in 2018 . During the years ended December 31, 2017 , 2016 and 2015 , 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 2017 , 2016 and 2015 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 U.S. plans by approximately $1.6 million , $2.9 million and $3.0 million as of December 31, 2017 , 2016 and 2015 . Defined Benefit Plans—Disaggregated Plan Information Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 61,952 $ 235,175 $ 72,347 $ 216,577 Accumulated benefit obligation 61,952 235,175 72,347 216,577 Fair value of plan assets 77,141 189,240 71,286 171,240 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2017 and 2016 . 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, 2016 . Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ — $ 235,175 $ 5,015 $ 189,244 Fair value of plan assets — 189,240 3,642 143,678 The PBO for the unfunded excess benefit plan was $16.4 million at December 31, 2017 as compared to $16.9 million in 2016 , and is included under “U.S.” 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, 2017 and 2016 . 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 will accrue no future benefits under the plans after December 31, 2016 . Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Accumulated benefit obligation $ — $ 235,175 $ 5,015 $ 189,244 Fair value of plan assets — 189,240 3,642 143,678 The ABO for the unfunded excess benefit plan was $16.4 million at December 31, 2017 as compared to $16.9 million in 2016 , and is included under “U.S.” in the above tables. Defined Benefit Plans—Key Assumptions The key assumptions for the plans are summarized below: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.60 % 2.84%-3.66% 2.15%-2.70% 3.00%-4.24% Rate of compensation increase N/A N/A 3.6 % N/A Years Ended December 31, 2017 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.48%-2.70% 3.00%-4.24% 2.15%-3.90% 3.09%-4.48% 2.60%-3.70% 2.98%-4.38% Expected long-term return on assets 4.10 % 6.00%-6.50% 1.60%-5.00% 7.00 % 1.60%-4.90% 7.50 % Rate of compensation increase N/A N/A 3.60%-4.20% N/A 3.60%-4.10% 2.00%-5.00% The discount rate used to calculate the net present value of future benefit obligations for our U.S. plan 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 plan reasonably match this index. For non-U.S. plans, the discount rates used to calculate the net present value of future benefit obligations are 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 U.S. and non U.S. plans that use a portfolio return model. Defined Benefit Plans—Plan Assets Non-U.S. Plans The NDLS pension plan has a target asset allocation of 70 percent equity securities and 30 percent debt securities. The investment objective of the plan, as adopted by the plan’s trustees, is to achieve a favorable return against a benchmark of blended United Kingdom market indices. By achieving this objective, the trustees believe the plan will be able to avoid significant volatility in the contribution rate and provide sufficient plan assets to cover the plan’s benefit obligations were the plan to be liquidated. To achieve these objectives, the trustees have given the plan’s investment managers full discretion in the day-to-day management of the plan’s assets. The plan’s assets are invested with two investment managers. The performance objective communicated to one of these investment managers is to exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts All Stocks index by 1.25 percent per annum gross of fees over rolling three year periods. The performance objective communicated to the other investment manager is to exceed a blend of FTSE’s All Share index, All World North America index, All World Europe index and All World Asia Pacific index by 1.00 to 2.00 percent per annum gross of fees over rolling five year periods. This investment manager is prohibited by the trustees from investing in real estate. The trustees meet with the investment managers periodically to review and discuss their investment performance. The actual fair values of Non-U.S. pension plans are as follows: Year Ended December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 280 $ 280 $ — $ — Equity securities: International companies 54,145 54,145 — — Fixed income securities: Corporate bonds 22,716 22,716 — — Total $ 77,141 $ 77,141 $ — $ — Year Ended December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 337 $ 337 $ — $ — Equity securities: International companies 46,845 46,845 — — Fixed income securities: Corporate bonds 20,462 20,462 — — Other 3,642 — — 3,642 Total $ 71,286 $ 67,644 $ — $ 3,642 U.S. Plans The Trust invests in equity securities, fixed income debt securities, and cash equivalents and other short-term investments. The Trust may invest in these investments directly or through pooled vehicles, including mutual funds. The Company’s overall investment strategy, or target range, is to achieve a mix of approximately 31.5 percent in equity securities, 67.3 percent in debt securities and 1.2 percent in cash holdings. Actual results 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. The performance objective of the Trust is to outperform the return of the Total Index Composite as constructed to reflect the target allocation weightings for each asset class. This objective should be met over a market cycle, which is defined as a period not less than three years or more than five years. U.S. equity securities (common stock, convertible preferred stock and convertible bonds) should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Non-U.S. equity securities (common stock, convertible preferred stock and convertible bonds), either from developed or emerging markets, should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Fixed income debt securities should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. 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, 2017 or 2016 . The actual fair values of U.S. pension plan assets are as follows: Year Ended December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 3,275 $ 3,275 $ — $ — Equity securities: United States 43,535 16,430 27,105 — International 17,712 17,712 — — Fixed income securities: Corporate bonds 40,793 40,793 — — Treasury bonds 83,925 83,925 — — Total $ 189,240 $ 162,135 $ 27,105 $ — Year Ended December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,524 $ 2,524 $ — $ — Equity securities: United States 80,264 80,264 — — International 34,049 34,049 — — Fixed income securities: Corporate bonds 54,403 54,403 — — Total $ 171,240 $ 171,240 $ — $ — As of December 31, 2017 , no single security made up more than 10 percent of total assets of either the U.S. or the Non-U.S. plans. Defined Benefit Plans—Cash Flows In 2017 , we made total contributions of $0.7 million and $2.3 million to our non-U.S. and U.S. pension plans, respectively. In 2016 , we made total contributions of $2.8 million and $0.4 million to our non-U.S. and U.S. pension plans, respectively. In 2015 , we made total contributions of $2.2 million and $0.5 million to our non-U.S. and U.S. pension plans, respectively. We expect our aggregate minimum contributions to our non-U.S. and U.S. plans in 2018 , subject to applicable law, to be zero and $2.3 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, 2017 : Payments by Period Total 2018 2019 2020 2021 2022 Thereafter Estimated benefit payments Non U.S. plans $ 36,203 $ 3,079 $ 3,189 $ 3,301 $ 3,419 $ 3,540 $ 19,675 U.S. plans 109,410 9,544 8,904 9,342 13,359 12,350 55,911 Total estimated benefit payments $ 145,613 $ 12,623 $ 12,093 $ 12,643 $ 16,778 $ 15,890 $ 75,586 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 both December 31, 2017 and 2016 , our liability for the 401(k) Restoration Plan was $8.8 million and $7.7 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. Participants in the plan become fully vested in the plan after three -years of service. 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 $3.1 million , $6.0 million and $6.5 million , respectively, for three years ended December 31, 2017 , 2016 and 2015 . We sponsor other retirement, health and welfare plans and a 401(k) savings plan for the benefit of our employees. The cost of maintaining these plans for continuing operations aggregated approximately $27.6 million , $37.2 million and $54.8 million in 2017 , 2016 and 2015 , 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, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 12— Derivative Instruments and Hedging Activities We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. On May 10, 2016 , Freeport-McMoRan Inc. (“Freeport”), Freeport-McMoRan Oil & Gas LLC and one of our subsidiaries entered into an agreement terminating the contracts on the Noble Sam Croft and Noble Tom Madden (“FCX Settlement”), which were scheduled to end in July 2017 and November 2017, respectively. The FCX Settlement included two contingent payments, which are further discussed below. We accounted for these contingent payments as derivative instruments that did not qualify under the FASB standards for hedge accounting treatment, and therefore, changes in fair values were recognized as a loss in our accompanying Consolidated Statements of Operations. Cash Flow Hedges Several of our regional shorebases, including our North Sea operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. During 2017 and 2016 , we entered into forward contracts of approximately $37.6 million and $53.1 million , respectively, all of which settled during their respective years. At both December 31, 2017 and 2016 , we had no outstanding derivative contracts. FCX Settlement Pursuant to the FCX Settlement, Noble could have received contingent payments from the FCX Settlement on September 30, 2017 , depending on the average price of oil over a 12 -month period from June 30, 2016 through June 30, 2017. The average price of oil was calculated using the daily closing price of West Texas Intermediate crude oil (“WTI”) (CL1) on the New York Mercantile Exchange for the period of June 30, 2016 through June 30, 2017 . If the price of WTI averaged more than $50 per barrel during such period, Freeport would have paid $25.0 million to Noble. In addition to the $25.0 million contingent payment, if the price of WTI averaged more than $65 per barrel during such period, Freeport would have paid an additional $50.0 million to Noble. These contingent payments did not qualify for hedge accounting treatment under FASB standards, and therefore, the change in fair value was recognized as a loss in our Consolidated Statements of Operations. These contingent payments are referred to as non-designated derivatives in the following tables. The price of WTI did not average more than $50 per barrel during the 12-month period. As of June 30, 2017, the fair value of these contingent payments was reduced to zero , as the period for earning the contingent payments had ended. Financial Statement Presentation The following table, together with “ Note 13— Fair Value of Financial Instruments ,” summarizes the financial statement presentation and fair value of our derivative positions as of December 31, 2017 and 2016 : Estimated fair value Balance sheet classification December 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ — $ 14,400 The following table, together with “ Note 13— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the years ended December 31, 2017 and 2016 : Year Ended December 31, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCI Gain/(loss) reclassified from AOCI to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ (1,239 ) $ (1,187 ) $ — $ — $ 1,239 $ 1,187 Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (14,400 ) $ 14,400 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 13— Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,321 $ 7,321 $ — $ — December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,246 $ 6,246 $ — $ — FCX Settlement $ 14,400 $ — $ — $ 14,400 Our cash and cash equivalents, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. The following table presents the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the years ended December 31, 2017 and 2016 : Balance as of December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (3,200 ) Balance as of December 31, 2016 14,400 Change in fair value recognized in earnings (14,400 ) Balance as of December 31, 2017 $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14— Commitments and Contingencies Transocean Ltd. In January 2017 , a subsidiary of Transocean Ltd. (“Transocean”) filed suit against us and certain of our subsidiaries for patent infringement in a Texas federal court. The suit claims that five of our newbuild rigs that operated in the U.S. Gulf of Mexico violated Transocean patents relating to what is generally referred to as dual-activity drilling. We were aware of the patents when we constructed the rigs, and we do not believe that our rigs infringe the Transocean patents, which are now expired. The lawsuit is proceeding and we intend to defend ourselves vigorously against this claim. Department of Justice settlement. In December 2014 , one of our subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding our former drillship, the Noble Discoverer , and the Kulluk, a rig we were providing contract labor services for, in respect of violations of applicable law discovered in connection with a 2012 Coast Guard inspection in Alaska and our own subsequent internal investigation. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk . The subsidiary paid $8.2 million in fines and $4.0 million in community service payments and was placed on probation for four years , with the right to petition the court for early dismissal of probation after three years . We were granted our motion to early terminate the plea agreement effective as of March 1, 2018 . If, during the remaining term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan in connection with the settlement. Brazil commercial agent. We have used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. We understand that this agent has represented a number of different companies in Brazil over many years, including several offshore drilling contractors. In November 2015 , this agent pled guilty in Brazil in connection with the award of a drilling contract to a competitor and implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. Following news reports relating to the agent’s involvement in the Brazil investigation in connection with his activities with other companies, we conducted a review, which is now substantially complete, of our relationship with the agent and with Petrobras. We have been in contact with the SEC, the Brazilian federal prosecutor’s office and the DOJ about this matter. We have cooperated with these agencies and they are aware of our internal review. To our knowledge, neither the agent, nor the government authorities investigating the matter, has alleged that the agent or Noble acted improperly in connection with our contracts with Petrobras. Paragon Offshore. On August 1, 2014 , Noble-UK completed the Spin-off of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. In February 2016 , Paragon Offshore sought approval of a pre-negotiated plan of reorganization (the “ Prior Plan ” ) by filing for voluntary relief under Chapter 11 of the United States Bankruptcy Code. As part of the Prior Plan, we entered into a settlement agreement with Paragon Offshore (the “Settlement Agreement”). The Prior Plan was rejected by the bankruptcy court in October 2016 . In April 2017 , Paragon Offshore filed an updated disclosure statement and a revised plan of reorganization (the “New Plan”) in its bankruptcy proceeding. Under the New Plan, including Paragon Offshore ’s revised business plan, Paragon Offshore no longer needed the Mexican tax bonding that Noble-UK was to provide under the Settlement Agreement . As a result, the Settlement Agreement was no longer applicable to the ongoing business of Paragon Offshore. Consequently, Paragon Offshore abandoned the Settlement Agreement as part of the New Plan, and the Settlement Agreement was terminated at the time of the filing of the New Plan. On May 2, 2017 , Paragon Offshore announced that it had reached an agreement in principle with both its secured and unsecured creditors to revise the New Plan to, among other things, create and fund a $10.0 million litigation trust to pursue litigation against us. On June 7, 2017 , the revised New Plan was approved by the bankruptcy court and Paragon Offshore emerged from bankruptcy on July 18, 2017 . On December 15, 2017 , the litigation trust filed claims relating to the Spin-off against us and certain of our current and former officers and directors in the Delaware bankruptcy court that heard Paragon Offshore’s bankruptcy. The complaint alleges claims of alleged actual and constructive fraudulent conveyance, unjust enrichment and recharacterization of intercompany notes as equity claims against Noble and claims of breach of fiduciary duty and aiding and abetting breach of fiduciary duty against the officer and director defendants. We continue to believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that the claims brought by the litigation trust are without merit and will be contested vigorously by us. If any of the litigation trust’s claims are successful, or if we elect to settle any claims, any damages or other amounts we would be required to or agree to pay could have a material adverse effect on our business, financial condition and results of operations. The litigation is in the very early stages, no schedule has been established, and we are not able to predict when, or if, the matters will go to trial or otherwise be concluded. We may be required to establish reserves on our financial statements in advance of the conclusion of the litigation. Such reserves may be substantial and could have a material adverse effect on our financial condition as presented in such financial statements. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into 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 has resulted in a number of accounting charges and benefits for 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 in “Net loss from discontinued operations, net of tax” on our Consolidated Statements of Operations related to Paragon Offshore's emergence from bankruptcy. Tax matters. During 2014 , the IRS began its examination of our tax reporting in the U.S. for the taxable years ended December 31, 2010 and 2011 . The IRS examination team has completed its examination of our 2010 and 2011 U.S. tax returns and proposed adjustments and deficiencies with respect to certain items that were reported by us for the 2010 and 2011 tax year. On December 19, 2016 , we received the Revenue Agent Report (“RAR”) from the IRS. We believe that we have accurately reported all amounts in our tax returns, and have submitted administrative protests with the IRS Office of Appeals contesting the examination team’s proposed adjustments. We intend to vigorously defend our reported positions, and believe the ultimate resolution of the adjustments proposed by the IRS examination team will not have a material adverse effect on our consolidated financial statements. During the third quarter of 2017 , the IRS initiated its examination of our 2012 , 2013 , 2014 and 2015 tax returns. In previous periods, we reported that Mexican and Brazilian authorities had made significant tax assessments against Paragon Offshore entities, a portion of which related to Noble’s business that operated through Paragon Offshore-retained entities in Mexico and Brazil prior to the spin-off. As a result of the termination of the Separation Agreements, we no longer have any indemnity obligations in respect of these tax claims made against Paragon Offshore entities, and responsibility for these claims has reverted back to the applicable Paragon Offshore entity. Audit claims of approximately $48.3 million attributable to income and other business taxes have been assessed against Noble entities in Mexico. In previous periods, we also reported that Petrobras had notified us that it was challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009 . Petrobras had also notified us that if Petrobras was ultimately forced to pay such withholding taxes, it would seek reimbursement from Paragon Offshore who would then seek reimbursement from us for the portion of the withholding that was allocable to our drilling rigs. As a result of the termination of the Separation Agreements, we no longer have any indemnity obligation in respect of these withholding claims made against a Paragon Offshore entity, and responsibility for these claims has reverted back to the applicable Paragon Offshore entity. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Other legal matters. We 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 $8.3 million , $7.8 million and $8.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The table below depicts future minimum rental commitments under our operating leases as of December 31, 2017 : 2018 2019 2020 2021 2022 Thereafter Total $ 18,720 $ 14,046 $ 2,564 $ 1,853 $ 1,586 $ 3,840 $ 42,609 |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Note 15— 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, 2017 , 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 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, 2017 2016 2015 2017 2016 Africa $ 48,228 $ 1,803 $ — $ — $ 673,486 Argentina — 51,627 111,589 — — Australia 12,262 89,847 204,822 257,415 — Brazil — 27,640 78,683 25,645 25,474 Brunei 45,450 42,710 — 119 312,494 Bulgaria 55,145 78,985 — 657,806 — Canada 1,639 — — 238,902 — Curacao — — — 647,554 — Denmark 44,671 46,342 77,934 250,851 250,776 Gabon — 23,385 90,082 8,378 — Libya — — 136,406 — — Malaysia 131,696 168,826 149,597 293,297 747,059 Mexico — — — 27,391 — Qatar 16,488 608 — — 263,108 Saudi Arabia 140,453 120,132 226,251 455,296 443,965 Singapore — — — 911,515 230,897 Suriname 13,034 — — — — Tanzania 1,526 48,394 — — — The Netherlands — 42 67,765 — — Turkey (3 ) — 97,065 — — United Arab Emirates 99,825 86,446 67,117 590,863 591,306 United Kingdom 209,338 95,621 87,896 894,902 1,475,651 United States 417,163 1,404,365 1,941,485 5,534,725 6,399,119 Other — 15,292 15,560 — 26,782 Total $ 1,236,915 $ 2,302,065 $ 3,352,252 $ 10,794,659 $ 11,440,117 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 16— Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $114.3 million and $134.4 million at December 31, 2017 and 2016 , 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 $55.7 million at December 31, 2017 as compared to $72.8 million at December 31, 2016 , 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. In April 2015 , we agreed to contract dayrate reductions for five rigs working for Saudi Arabian Oil Company (“Saudi Aramco”), which were effective from January 1, 2015 through December 31, 2015 . These rates were once again adjusted downward in 2016 to the adjusted 2015 levels for the then-operating rigs. Given current market conditions and based on discussions with the customer, we do not expect the rates to return to the original contract rates on the remaining terms of the contracts. In accordance with accounting standards, we are recognizing the reductions on a straight-line basis over the remaining life of the existing Saudi Aramco contracts. At December 31, 2017 and 2016 revenues recorded in excess of billings as a result of this recognition totaled $6.9 million and $17.9 million , respectively, of which $6.9 million and $9.2 million , respectively, are included in “Prepaid expenses and other current assets” and $8.7 million , as of December 31, 2016 , is included in “Other assets,” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman December 31, December 31, 2017 2016 2015 2017 2016 2015 Accounts receivable $ 114,456 $ 179,779 $ 70,165 $ 114,456 $ 179,779 $ 70,165 Other current assets (23,710 ) 81,702 61,514 (26,556 ) 79,682 23,047 Other assets (87,377 ) 139,872 106,354 (89,591 ) 137,792 89,877 Accounts payable 22,638 (84,873 ) (30,771 ) 22,834 (83,085 ) (28,538 ) Other current liabilities 34,568 (209,739 ) (54,940 ) 35,695 (205,969 ) (34,024 ) Other liabilities (81,812 ) (19,617 ) (26,219 ) (76,929 ) (20,960 ) (25,562 ) $ (21,237 ) $ 87,124 $ 126,103 $ (20,091 ) $ 87,239 $ 94,965 Additional cash flow information is as follows: Noble - UK Noble - Cayman December 31, December 31, 2017 2016 2015 2017 2016 2015 Cash paid during the period for: Interest, net of amounts capitalized $ 246,960 $ 232,907 $ 190,917 $ 246,960 $ 232,907 $ 190,917 Income taxes (net of refunds) $ 30,590 $ 100,544 $ 89,292 $ 30,590 $ 100,717 $ 88,948 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A N/A N/A N/A N/A In accordance with our adoption of ASU No. 2016-9, prior period excess tax benefits, which were previously classified as a financing activity in “Employee stock transactions,” are now classified as an operating activity in “Net change in other assets and liabilities” on our Consolidated Statement of Cash Flows and current period excess tax benefits are now recognized in our Consolidated Statement of Operations through income taxes. Additionally, shares withheld for taxes on employee stock transactions, which were previously classified as an operating activity in “Net change in other assets and liabilities,” are now classified as a financing activity in “Employee stock transactions” on our Consolidated Statement of Cash Flows. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 17— Condensed Consolidating Financial Information Guarantees of Registered Securities Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2017 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHUS Noble-Cayman Noble Drilling Holding, LLC (“NDH” ) Noble Drilling Services 6 LLC (“NDS6”) $168 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $209 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $126 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $1 billion 7.75% Senior Notes due 2024 NHIL Noble-Cayman $450 million 7.70% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 8.70% Senior Notes due 2045 NHIL Noble-Cayman The following consolidating financial statements of Noble-Cayman, NHUS, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 Accounts receivable — — 24,722 — — 179,974 — 204,696 Taxes receivable — 93,302 3 — — 12,040 — 105,345 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 594,456 1,454 144,367 60,945 465,749 5,813,846 (7,080,817 ) — Prepaid expenses and other current assets — — 1,477 — 1 63,963 — 65,441 Total current assets 594,467 94,756 313,205 90,269 2,839,202 6,679,339 (9,573,745 ) 1,037,493 Property and equipment, at cost — — 857,784 — — 11,176,547 — 12,034,331 Accumulated depreciation — — (110,005 ) — — (2,435,086 ) — (2,545,091 ) Property and equipment, net — — 747,779 — — 8,741,461 — 9,489,240 Notes receivable from affiliates 3,177,248 — 1,199,815 — 3,943,299 1,175,300 (9,495,662 ) — Investments in affiliates 4,933,978 4,550,358 5,252,135 12,560,598 7,237,474 — (34,534,543 ) — Other assets 2,663 16,775 8,372 — — 238,718 — 266,528 Total assets $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 1,605,243 $ — $ — $ — $ 887,685 $ (2,492,928 ) $ — Current maturities of long-term debt — — — 249,843 — — — 249,843 Accounts payable — — 1,467 — — 82,406 — 83,873 Accrued payroll and related costs — — 4,780 — — 50,124 — 54,904 Accounts payable to affiliates 3,410,669 393,073 1,770,066 661,375 — 845,634 (7,080,817 ) — Taxes payable — — — — — 33,965 — 33,965 Interest payable 2,211 — — 83,960 12,018 — — 98,189 Other current liabilities — — 5,169 — — 66,297 — 71,466 Total current liabilities 3,412,880 1,998,316 1,781,482 995,178 12,018 1,966,111 (9,573,745 ) 592,240 Long-term debt — — — 3,594,332 201,535 — — 3,795,867 Notes payable to affiliates — 700,000 474,637 3,175,663 — 5,145,362 (9,495,662 ) — Deferred income taxes — — 5 — — 164,957 — 164,962 Other liabilities 19,929 — 30,330 — — 239,919 — 290,178 Total liabilities 3,432,809 2,698,316 2,286,454 7,765,173 213,553 7,516,349 (19,069,407 ) 4,843,247 Commitments and contingencies Total shareholder equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 8,644,002 (34,534,543 ) 5,275,547 Noncontrolling interests — — — — — 674,467 — 674,467 Total equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 9,318,469 (34,534,543 ) 5,950,014 Total liabilities and equity $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 Accounts receivable — — 33,162 — — 285,990 — 319,152 Taxes receivable — 21,428 — — — 34,052 — 55,480 Short-term notes receivable from affiliates — — 243,915 — 1,349,708 52,611 (1,646,234 ) — Accounts receivable from affiliates 361,313 — 137,476 67,560 85,274 3,038,658 (3,690,281 ) — Prepaid expenses and other current assets 270 — 1,611 — — 86,868 — 88,749 Total current assets 364,120 21,428 427,019 67,560 1,434,982 4,138,620 (5,336,515 ) 1,117,214 Property and equipment, at cost — — 2,376,862 — — 9,988,026 — 12,364,888 Accumulated depreciation — — (428,308 ) — — (1,874,632 ) — (2,302,940 ) Property and equipment, net — — 1,948,554 — — 8,113,394 — 10,061,948 Notes receivable from affiliates 3,304,672 — 112,706 69,564 5,000 1,798,614 (5,290,556 ) — Investments in affiliates 2,848,855 2,007,016 1,411,874 8,369,728 6,129,082 — (20,766,555 ) — Other assets 4,292 — 5,687 — — 168,573 — 178,552 Total assets $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 171,925 $ — $ — $ — $ 1,474,309 $ (1,646,234 ) $ — Current maturities of long-term debt — — — 299,882 — — — 299,882 Accounts payable — — 4,228 — — 103,640 — 107,868 Accrued payroll and related costs — — 4,882 — — 43,437 — 48,319 Accounts payable to affiliates 818,737 111,801 1,995,788 123,642 — 640,313 (3,690,281 ) — Taxes payable — — — — — 46,561 — 46,561 Interest payable 48 — — 56,839 4,412 — — 61,299 Other current liabilities 12 — 4,296 — — 63,004 — 67,312 Total current liabilities 818,797 283,726 2,009,194 480,363 4,412 2,371,264 (5,336,515 ) 631,241 Long-term debt — — — 3,838,807 201,422 — — 4,040,229 Notes payable to affiliates — 700,000 467,139 744,181 — 3,379,236 (5,290,556 ) — Deferred income taxes — — 534 — — 1,550 — 2,084 Other liabilities 19,929 — 24,035 — — 248,219 — 292,183 Total liabilities 838,726 983,726 2,500,902 5,063,351 205,834 6,000,269 (10,627,071 ) 4,965,737 Commitments and contingencies Total shareholder equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 7,106,323 (20,362,710 ) 5,683,213 Noncontrolling interests — — — — — 1,112,609 (403,845 ) 708,764 Total equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 8,218,932 (20,766,555 ) 6,391,977 Total liabilities and equity $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) 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 — 627,251 (47,886 ) 638,035 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 1,238,804 (47,886 ) 1,362,315 Operating income (loss) (433 ) (17,851 ) 23,634 (4,703 ) (9 ) (126,038 ) — (125,400 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (476,382 ) (528,702 ) 82,596 188,809 17,874 — 715,805 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 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 and other, net 10,483 (141 ) 87,287 4,771 224,772 19,716 (341,603 ) 5,285 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 discontinuing 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) loss 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 OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2016 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 250,049 $ — $ — $ 2,086,848 $ (94,697 ) $ 2,242,200 Reimbursables and other — — 9,190 — — 51,375 — 60,565 Total operating revenues — — 259,239 — — 2,138,223 (94,697 ) 2,302,765 Operating costs and expenses Contract drilling services 4,532 18,902 70,801 84,309 — 789,814 (94,697 ) 873,661 Reimbursables — — 8,231 — — 37,268 — 45,499 Depreciation and amortization — — 91,802 — — 519,211 — 611,013 General and administrative 1,264 8,716 — 40,082 1 (4,018 ) — 46,045 Loss on impairment — — — — — 1,458,749 — 1,458,749 Total operating costs and expenses 5,796 27,618 170,834 124,391 1 2,801,024 (94,697 ) 3,034,967 Operating income (loss) (5,796 ) (27,618 ) 88,405 (124,391 ) (1 ) (662,801 ) — (732,202 ) Other income (expense) Income (loss) of unconsolidated affiliates (962,662 ) (257,142 ) (980,099 ) (333,446 ) 515,518 — 2,017,831 — Interest expense, net of amounts capitalized (27,891 ) (70,494 ) (11,461 ) (228,423 ) (15,117 ) (122,345 ) 252,816 (222,915 ) Gain on extinguishment of debt, net — — — 17,814 — — — 17,814 Interest income and other, net 96,635 120 12,616 20,412 15,058 108,108 (252,816 ) 133 Income (loss) before income taxes (899,714 ) (355,134 ) (890,539 ) (648,034 ) 515,458 (677,038 ) 2,017,831 (937,170 ) Income tax benefit (provision) — (42,522 ) 163 — — 151,522 — 109,163 Net Income (loss) (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (525,516 ) 2,017,831 (828,007 ) Net income attributable to noncontrolling interests — — — — — (39,294 ) (32,413 ) (71,707 ) Net income (loss) attributable to Noble Corporation (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (564,810 ) 1,985,418 (899,714 ) Other comprehensive income (loss), net 11,035 — — — — 11,035 (11,035 ) 11,035 Comprehensive income (loss) attributable to Noble Corporation $ (888,679 ) $ (397,656 ) $ (890,376 ) $ (648,034 ) $ 515,458 $ (553,775 ) $ 1,974,383 $ (888,679 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2015 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 354,657 $ — $ — $ 3,325,608 $ (418,655 ) $ 3,261,610 Reimbursables and other — — 18,529 — — 72,313 — 90,842 Total operating revenues — — 373,186 — — 3,397,921 (418,655 ) 3,352,452 Operating costs and expenses Contract drilling services 3,611 19,160 395,365 84,005 — 1,142,891 (418,655 ) 1,226,377 Reimbursables — — 13,686 — — 56,590 — 70,276 Depreciation and amortization — — 77,187 — — 556,057 — 633,244 General and administrative 1,138 8,683 — 38,167 1 7,446 — 55,435 Loss on impairment — — 13 — — 418,285 — 418,298 Total operating costs and expenses 4,749 27,843 486,251 122,172 — 1 2,181,269 (418,655 ) 2,403,630 Operating income (loss) (4,749 ) (27,843 ) (113,065 ) (122,172 ) (1 ) 1,216,652 — 948,822 Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations 591,297 73,319 190,335 936,429 647,856 — (2,439,236 ) — Interest expense, net of amounts capitalized (75,925 ) (4,932 ) (12,110 ) (224,894 ) (25,578 ) (68,670 ) 198,255 (213,854 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 24,188 4,852 52,026 71,617 5,165 75,071 (198,255 ) 34,664 Income (loss) from continuing operations before income taxes 534,811 45,396 117,186 660,980 627,442 1,223,053 (2,439,236 ) 769,632 Income tax provision — (77,929 ) (4,466 ) — — (80,225 ) — (162,620 ) Net income (loss) 534,811 (32,533 ) 112,720 660,980 627,442 1,142,828 (2,439,236 ) 607,012 Net (income) loss attributable to noncontrolling interests — — — — — (105,240 ) 33,039 (72,201 ) Net income (loss) attributable to Noble Corporation 534,811 (32,533 ) 112,720 660,980 627,442 1,037,588 (2,406,197 ) 534,811 Other comprehensive income (loss), net 6,243 — — — — 6,243 (6,243 ) 6,243 Comprehensive income (loss) attributable to Noble Corporation $ 541,054 $ (32,533 ) $ 112,720 $ 660,980 $ 627,442 $ 1,043,831 $ (2,412,440 ) $ 541,054 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 $ 335,672 $ — $ 492,337 Cash flows from investing activities Capital expenditures — — (3,622 ) — — (154,348 ) — (157,970 ) Proceeds from disposal of assets — — 46 — — 2,336 — 2,382 Net cash used in investing activities — — (3,576 ) — — (152,012 ) — (155,588 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (56,881 ) — (56,881 ) Contributions from 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 and cash equivalents (2,526 ) — 12,305 29,324 — (30,925 ) — 8,178 Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016 (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 $ 97,388 $ (150,735 ) $ 149,431 $ (344,112 ) $ (60 ) $ 1,404,359 $ — $ 1,156,271 Cash flows from investing activities Capital expenditures — — (492,985 ) — — (201,754 ) — (694,739 ) Proceeds from disposal of assets — — — — — 24,808 — 24,808 Net cash used in investing activities — — (492,985 ) — — (176,946 ) — (669,931 ) Cash flows from financing activities Repayment of long-term debt — — — (1,049,338 ) — — — (1,049,338 ) Issuance of senior notes — — — 980,100 — — — 980,100 Tender offer premium — — — (24,649 ) — — — (24,649 ) Debt issuance costs on senior notes and credit facilities — — — (12,111 ) — — — (12,111 ) Dividends paid to noncontrolling interests — — — — — (85,944 ) — (85,944 ) Distributions to parent company, net (152,360 ) — — — — — — (152,360 ) Advances (to) from affiliates 55,882 150,735 352,308 450,110 60 (1,009,095 ) — — Net cash provided by (used in) financing activities (96,478 ) 150,735 352,308 344,112 60 (1,095,039 ) — (344,302 ) Net change in cash and cash equivalents 910 — 8,754 — — 132,374 — 142,038 Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015 (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 $ (31,562 ) $ (53,686 ) $ 15,207 $ (267,735 ) $ (20,292 ) $ 2,105,575 $ — $ 1,747,507 Cash flows from investing activities Capital expenditures — — (116,594 ) — — (320,557 ) — (437,151 ) Proceeds from disposal of assets — — — — — 4,614 — 4,614 Notes receivable from affiliates 124,951 — — 608,771 — — (733,722 ) — Net cash provided by (used in) investing activities 124,951 — (116,594 ) 608,771 — (315,943 ) (733,722 ) (432,537 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (71,504 ) — (71,504 ) Distributions to parent company, net (400,614 ) — — — — — — (400,614 ) Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Advances (to) from affiliates 2,047,563 53,686 103,234 (1,074,144 ) 20,292 (1,150,631 ) — — Net cash provided by (used in) financing activities (91,767 ) 53,686 103,234 (341,036 ) 20,292 (1,347,086 ) 733,722 (868,955 ) Net change in cash and cash equivalents 1,622 — 1,847 — — 442,546 — 446,015 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 |
Unaudited Interim Financial Dat
Unaudited Interim Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Data | Note 18— Unaudited Interim Financial Data Unaudited interim consolidated financial information from continuing operations for Noble-UK is as follows: Quarters Ended March 31 June 30 September 30 December 31 2017 Operating revenues $ 362,976 $ 278,142 $ 266,212 $ 329,585 Operating income (loss) 45,847 (43,875 ) (55,588 ) (109,656 ) Net loss from continuing operations (301,694 ) (91,864 ) (96,792 ) (24,675 ) Net loss from discontinued operations, net of tax — (1,486 ) — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Net loss from continuing operations (1.24 ) (0.37 ) (0.40 ) (0.10 ) Net loss from discontinued operations, net of tax — (0.01 ) — — Diluted Net loss from continuing operations (1.24 ) (0.37 ) (0.40 ) (0.10 ) Net loss from discontinued operations, net of tax — (0.01 ) — — Quarter Ended March 31 June 30 September 30 December 31 2016 Operating revenues $ 611,973 $ 894,783 $ 385,153 $ 410,156 Operating income (loss) 175,460 449,714 (2,208 ) (1,384,912 ) Net income (loss) from continuing operations attributable to Noble-UK 105,485 322,866 (55,081 ) (1,302,850 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic Net income (loss) from continuing operations 0.42 1.28 (0.23 ) (5.36 ) Diluted Net income (loss) from continuing operations 0.42 1.28 (0.23 ) (5.36 ) (1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19— Subsequent Events 2015 Credit Facility Amendment Effectiveness On January 3, 2018 , the Amendment to the 2015 Credit Facility became fully effective. The Amendment caused, among other things a reduction in the aggregate principal amount of commitments under the 2015 Credit Facility to $300.0 million and the reduction of the 2015 Credit Facility's letter of credit sub-facility to zero dollars. The maturity of the 2015 Credit Facility remains January 2020 . 2017 Credit Facility Amendment Effectiveness On January 3, 2018 , borrowings up to a maximum aggregate amount of $1.5 billion became available under the 2017 Credit Facility. The 2017 Credit Facility matures in January 2023 . Debt Issuance On January 31, 2018 , NHIL issued and sold $750.0 million aggregate principal amount of the 2026 Notes, through our indirect wholly-owned subsidiary, NHIL. The 2026 Notes are issued under an indenture by and among NHIL, Noble-Cayman, certain other subsidiaries of Noble-Cayman named therein (the “Subsidiary Guarantors”), and are guaranteed by Noble-Cayman and the Guarantor Subsidiaries. The proceeds of the offering of approximately $737.0 million , after estimated expenses, were used to retire a portion of our near-term senior notes in a related tender offer. The 2026 Notes are redeemable, in whole or in part, prior to February 1, 2021 , at a redemption price equal to 100% of the aggregate principal amount of the 2026 Notes being redeemed, plus a make-whole premium. The 2026 Notes are redeemable prior to February 1, 2021 , at a redemption price equal to 40% of the aggregate principal amount in the event of an equity offering. Further, the 2026 Notes may be redeemed in whole as a result of changes in tax law. On or after February 1, 2021 , we may redeem all or any portion of the 2026 Notes at various redemption prices set forth in the indenture. Upon (i) the occurrence of a change of control and (ii) a downgrade of the rating of the 2026 Notes within 60 days after the change of control by at least two of Moody’s Investors Service, Inc., Standard & Poor’s Financial Services LLC or Fitch Ratings Inc., We will be required to make an offer to repurchase all outstanding 2026 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2026 Notes repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. The indenture for the 2026 Notes contains certain covenants and restrictions, including, among others, restrictions on our and our subsidiaries’ ability, as applicable, to create certain liens, enter into certain sale and leaseback transactions, merge or consolidate with another entity, sell all or substantially all of their assets and allow our subsidiaries to incur certain additional indebtedness. Additionally, the Subsidiary Guarantors must own, directly or indirectly, (i) assets comprising at least 85% of the revenue of Noble-Cayman and its subsidiaries on a consolidated basis and (ii) jackups, semisubmersibles, drillships, submersibles or other mobile offshore drilling units of material importance, the combined book value of which comprises at least 85% of the combined book value of all such assets of Noble-Cayman and its subsidiaries on a consolidated basis, in each case, with respect to the most recently completed fiscal year. Tender Offer In January 2018 , we commenced cash tender offers for our 2018 Notes, 2019 Notes, 2020 Notes, 2021 Notes, 2022 Notes and 2024 Notes. On February 1, 2018 , we purchased $754.2 million aggregate principal amount of these senior notes for $750.0 million , plus accrued interest, using the net proceeds of the $750.0 million 2026 Notes issuance in January 2018 and cash on hand. In February 2018 , as a result of this transaction, we recognized a net loss of approximately $2.0 million . In February 2018 , we purchased an aggregate principal amount of $61.9 million of the remaining 2019 Notes for approximately $65.3 million , plus accrued interest, in accordance with the optional redemption feature in our indenture. As a result of this transaction, we recognized a net loss of approximately $3.5 million . |
Organization and Significant 28
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 with our global fleet of mobile offshore drilling units. As of December 31, 2017 , our fleet consisted of eight drillships, six semisubmersibles and 14 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The 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. |
Consolidation | Principles of Consolidation The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements also include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. |
Prior Period Reclassification | Prior Period Reclassification We have made certain reclassifications to our prior period amounts in our operating revenue on our Consolidated Statements of Operations by combining our other revenue with reimbursables revenue to conform to the current period presentation. Such reclassification did not have a material effect on our results of operations and had no effect on our financial position or cash flows. |
Foreign Currency Translations | Foreign Currency Translation Although we are a UK company, our functional currency is the U.S. dollar, and we define any non-U.S. dollar denominated currency as “foreign currencies”. In non-U.S. locations where the U.S. 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-U.S. 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 U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. |
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. |
Accounts Receivable | 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. |
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 $21.0 million and $25.8 million of capital accruals as of December 31, 2017 and 2016 , 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 property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For more detailed information, see “ Note 6— Impairment .” |
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 Our typical dayrate drilling contract revenue, excluding taxes or duty, require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured. In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income or loss over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities. Deferred revenues from drilling contracts totaled $114.3 million and $134.4 million at December 31, 2017 and 2016 , 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 $55.7 million at December 31, 2017 as compared to $72.8 million at December 31, 2016 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. In April 2015 , we agreed to contract dayrate reductions for five rigs working for Saudi Aramco. Given current market conditions and based on discussions with the customer, we do not expect the rates for the rigs currently working for Saudi Aramco to return to the original contract rates during the remaining contract terms. In accordance with accounting guidance, we are recognizing the rate reductions on a straight-line basis over the remaining life of these Saudi Aramco contracts. At December 31, 2017 and 2016 , two of the five original rigs had revenues recorded in excess of billings as a result of this recognition which totaled $6.9 million and $17.9 million , respectively, and are included in either “Prepaid expenses and other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. 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 U.S., UK or 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 U.S. Internal Revenue Service (“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. |
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. 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. |
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. |
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 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 (the “Spin-off”). 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 Standards Adopted In March 2016 , the FASB issued ASU No. 2016-9, which amends ASC Topic 718, “Compensation – Stock Compensation.” This amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This standard is effective for interim and annual reporting periods beginning after December 31, 2016 and we adopted the standard as of January 1, 2017 . Under the new provision, current period excess tax benefits related to stock compensation are now recognized in our Consolidated Statement of Operations in “Provision for income taxes,” rather than on our Consolidated Balance Sheet and Consolidated Statement of Cash Flows. This update has been applied on a prospective basis. Changes to our Consolidated Statement of Cash Flows related to the reclassification of prior period excess tax benefits and employee taxes paid for share-based payment arrangements have been implemented on a retrospective basis. In accordance with our adoption of this update, prior period excess tax benefits of approximately $5.5 million and $1.6 million , previously classified as a financing activity in “Employee stock transactions” in the Consolidated Statement of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, are now classified as an operating activity in “Net change in other assets and liabilities” on the accompanying Consolidated Statement of Cash Flows for the comparative periods. Additionally, prior period employee taxes paid for share-based payment arrangements of approximately $3.2 million and $4.1 million , previously classified as an operating activity in “Net change in other assets and liabilities” in the Consolidated Statement of Cash Flows for the year ended December 31, 2016 and 2015, respectively, are now classified as a financing activity in “Employee stock transactions” on the accompanying Consolidated Statement of Cash Flows for the comparative periods. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-9, which creates Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU No. 2014-9 supersedes the cost guidance in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts,” and creates new Subtopic 340-40, “Other Assets and Deferred Costs—Contracts with Customers.” In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The amendments in ASU No. 2014-9 are effective for annual reporting periods beginning after December 15, 2017 , including interim periods within that reporting period, and early application is permitted for periods beginning after December 15, 2016 . We have formed an implementation work team, completed training on ASC Topic 606 and are finishing a project to review relevant contracts. We have adopted the new standard effective January 1, 2018 under the modified retrospective approach. With respect to our revenue recognized, as of December 31, 2017 , we have qualitatively assessed that the effect of adoption will have an impact to deferred revenues in either “Other current liabilities” or “Other liabilities”, to revenues recorded in excess of billings recorded in “Prepaid expenses and other current assets,” and the net impact recorded to “Retained earnings” on our accompanying Consolidated Balance Sheets. Quantitatively, we estimate that the effect of our retrospective adoption will be immaterial. Therefore, with respect to our modified retrospective adoption, we do not anticipate a change to our financial presentation on our Consolidated Balance Sheets as of December 31, 2017 . In February 2016 , the FASB issued ASU No. 2016-2, which creates ASC Topic 842, “Leases.” This update increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 . Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances. We expect to adopt ASC 842 effective January 1, 2019 . We expect to apply the modified retrospective approach to our adoption. Our adoption will have an impact on how our consolidated financial statements and related disclosures will be presented. With respect to leases whereby we are the lessee, we are currently expecting to recognize lease liabilities and offsetting “right of use” assets upon adoption. We are currently evaluating any other impacts ASC 842, including any newly issued guidance, will have on our consolidated financial statements and related disclosures. To facilitate that evaluation, we have completed training on the ASU, formed an implementation team and started the review and documentation of contracts. In October 2016 , the FASB issued ASU No. 2016-16 which amends ASC Topic 740, “Income Taxes.” The amendments in this update improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This standard is effective for interim and annual reporting periods beginning after December 15, 2017 and will be applied on a modified retrospective basis. As a result of the modified retrospective application, we will reduce “Other assets” in our Consolidated Balance Sheet with a cumulative adjustment to retained earnings of approximately $148.0 million as of January 1, 2018 . In February 2017 , the FASB issued ASU No. 2017-6, which amends ASC Topic 960, “Defined Benefit Pension Plans,” ASC Topic 962, “Defined Contribution Pension Plans” and ASC Topic 965, “Health and Welfare Benefit Plans.” The amendments in this update clarify presentation requirements for an employee benefit plan’s interest in a master trust and require more detailed disclosures of the plan’s interest in the master trust. The amendments also eliminate a redundancy relating to 401(h) account disclosures. This standard is effective for fiscal years beginning after December 15, 2018 , with early application permitted. We are evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. In February 2018 , the FASB issued ASU No. 2018-2, which amends ASC Topic 220, “Income Statement—Reporting Comprehensive Income.” The amendments in this update allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Act. This standard is effective for interim and annual reporting periods beginning after December 15, 2018 ; however, we expect to early adopt ASC 220 effective January 1, 2018 . The amendment should be applied on a retrospective basis to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. As a result of the retrospective application, we will reduce “Accumulated Other Comprehensive Income” with a cumulative adjustment to “Retained Earnings” of approximately $5.5 million as of January 1, 2018 . 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted earnings per share for Noble-UK: Year Ended December 31, 2017 2016 2015 Numerator: Basic Net income (loss) attributable to Noble-UK $ (516,511 ) $ (929,580 ) $ 511,000 Net income (loss) from discontinued operations, net of tax 1,486 — — Earnings allocated to unvested share-based payment awards — — (10,856 ) Net income (loss) from continuing operations to common shareholders - basic $ (515,025 ) $ (929,580 ) $ 500,144 Diluted Net income (loss) attributable to Noble-UK $ (516,511 ) $ (929,580 ) $ 511,000 Net income (loss) from discontinued operations, net of tax 1,486 — — Net income (loss) from continuing operations to common shareholders - diluted $ (515,025 ) $ (929,580 ) $ 511,000 Denominator: Weighted average shares outstanding - basic 244,743 243,127 242,146 Incremental shares issuable from assumed exercise of stock — — 5,256 Weighted average shares outstanding - diluted 244,743 243,127 247,402 Earnings per share Basic: Income (loss) from continuing operations $ (2.10 ) $ (3.82 ) $ 2.06 Income (loss) from discontinued operations (0.01 ) — — Net income (loss) attributable to Noble-UK $ (2.11 ) $ (3.82 ) $ 2.06 Diluted: Income (loss) from continuing operations $ (2.10 ) $ (3.82 ) $ 2.06 Income (loss) from discontinued operations (0.01 ) — — Net income (loss) attributable to Noble-UK $ (2.11 ) $ (3.82 ) $ 2.06 Dividends per share $ — $ 0.20 $ 1.28 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Drilling equipment and facilities $ 11,746,629 $ 12,048,571 Construction in progress 83,509 112,103 Other 204,193 204,214 Property and equipment, at cost $ 12,034,331 $ 12,364,888 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | At December 31, 2017 , aggregate principal repayments of total debt for the next five years and thereafter are as follows: 2018 2019 2020 2021 2022 Thereafter Total $ 250,000 $ 201,695 $ 167,766 $ 208,675 $ 125,661 $ 3,150,000 $ 4,103,797 |
Schedule of Debt | The following table presents the carrying value and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes 2.50% Senior Notes due March 2017 $ — $ — $ 299,992 $ 299,128 5.75% Senior Notes due March 2018 249,959 250,830 249,771 249,808 7.50% Senior Notes due March 2019 201,695 206,881 201,695 209,524 4.90% Senior Notes due August 2020 167,625 163,283 167,576 167,329 4.625% Senior Notes due March 2021 208,568 195,687 208,538 196,416 3.95% Senior Notes due March 2022 125,518 107,348 125,488 112,791 7.75% Senior Notes due January 2024 982,301 861,160 980,117 945,317 7.70% Senior Notes due April 2025 449,008 380,732 448,909 423,267 6.20% Senior Notes due August 2040 399,900 274,988 399,898 280,221 6.05% Senior Notes due March 2041 397,800 273,988 397,758 273,854 5.25% Senior Notes due March 2042 498,400 315,430 498,369 325,814 8.70% Senior Notes due April 2045 394,659 320,396 394,613 328,608 Total debt 4,075,433 3,350,723 4,372,724 3,812,077 Less: Unamortized debt issuance costs (29,723 ) (32,613 ) Less: Current maturities of long-term debt (1) (249,843 ) (250,830 ) (299,882 ) (299,128 ) Long-term debt, net of debt issuance costs $ 3,795,867 $ 3,099,893 $ 4,040,229 $ 3,512,949 (1) Presented net of current portion of unamortized debt issuance costs of $0.1 million and $0.1 million at December 31, 2017 and 2016 , respectively. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Stock Options Granted | A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2017 , 2016 and 2015 and the changes during the year ended on those dates is presented below: 2017 2016 2015 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 1,420,175 $ 29.52 1,677,154 $ 29.48 1,958,633 $ 28.43 Expired (107,020 ) 29.74 (256,979 ) 29.22 (281,479 ) 22.17 Outstanding at end of year (1) 1,313,155 29.51 1,420,175 29.52 1,677,154 29.48 Exercisable at end of year (1) 1,313,155 $ 29.51 1,420,175 $ 29.52 1,677,154 $ 29.48 (1) Options outstanding and exercisable at December 31, 2017 had no intrinsic value. |
Additional Information about Stock Options Outstanding | The following table summarizes additional information about stock options outstanding at December 31, 2017 : Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $26.18 302,854 2.67 $ 21.37 $26.19 to $31.51 360,936 5.10 30.59 $31.52 to $35.73 649,365 3.16 32.70 Total 1,313,155 3.58 $ 29.51 |
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: 2017 2016 2015 Valuation assumptions: Expected volatility 56.4 % 40.7 % 34.0 % Expected dividend yield — % — % 9.4 % Risk-free interest rate 1.49 % 0.97 % 0.8 % |
Summary of Restricted Share Awards | A summary of the RSUs awarded for each of the years ended December 31, 2017, 2016 and 2015 is as follows: 2017 2016 2015 TVRSU Units awarded (maximum available) 3,231,225 3,624,182 2,004,311 Weighted-average share price at award date $ 6.96 $ 7.78 $ 15.90 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded (maximum available) 2,474,978 2,914,044 1,205,130 Weighted-average share price at award date $ 7.28 $ 7.79 $ 15.94 Three-year performance period ended December 31 2019 2018 2017 Weighted-average award-date fair value $ 4.37 $ 3.81 $ 9.12 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested RSUs at December 31, 2017 and changes during the year ended December 31, 2017 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, 2017 4,089,167 $ 11.18 4,378,825 $ 7.85 Awarded 3,231,225 6.96 2,474,978 4.37 Vested (1,768,175 ) 47.20 (367,794 ) 65.56 Forfeited (508,715 ) 8.41 (840,555 ) 10.67 Non-vested RSUs at December 31, 2017 5,043,502 $ 7.95 5,645,454 $ 4.98 (1) 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. |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in AOCL by Component | The following table presents the changes in the accumulated balances for each component of AOCI for the years ended December 31, 2017 and 2016 . All amounts within the tables are shown net of tax. Unrealized Gains /(Losses) on Cash Flow Hedges (1) Defined Benefit Pension Items (2) Foreign Currency Items Total Balance at December 31, 2015 $ — $ (46,919 ) $ (16,256 ) $ (63,175 ) Activity during period: Other comprehensive income (loss) before reclassifications 1,187 (8,237 ) (19 ) (7,069 ) Amounts reclassified from AOCI (1,187 ) 19,291 — 18,104 Net other comprehensive income (loss) — 11,054 (19 ) 11,035 Balance at December 31, 2016 $ — $ (35,865 ) $ (16,275 ) $ (52,140 ) Activity during period: Other comprehensive income before reclassifications 1,239 6,630 990 8,859 Amounts reclassified from AOCI (1,239 ) 1,632 — 393 Net other comprehensive income — 8,262 990 9,252 Balance at December 31, 2017 $ — $ (27,603 ) $ (15,285 ) $ (42,888 ) (1) Unrealized gains/(losses) on cash flow hedges are related to foreign currency forward contracts. Reclassifications from AOCI are recognized through “Contract drilling services” costs on our Consolidated Statements of Operations. See “ Note 12— Derivative Instruments and Hedging Activities ” for additional information. (2) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through either “Contract drilling services” or “General and administrative.” “See Note 11— Employee Benefit Plans ” for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: 2017 2016 Deferred tax assets United States Excess of net tax basis over remaining book basis $ — $ 56,351 Deferred pension plan amounts 10,758 16,797 Accrued expenses not currently deductible 11,585 19,012 Other 2,150 6,803 Non-U.S. Net operating loss carry forwards — 3,800 Deferred pension plan amounts 134 3,120 Accrued expense not currently deductible 14,085 2,064 Deferred tax assets 38,712 107,947 Less: valuation allowance — (3,800 ) Net deferred tax assets $ 38,712 $ 104,147 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (182,401 ) $ — Other (6,652 ) (7,672 ) Non-U.S. Excess of net book basis over remaining tax basis — (200 ) Other (402 ) (4,305 ) Deferred tax liabilities (189,455 ) (12,177 ) Net deferred tax assets (liabilities) $ (150,743 ) $ 91,970 |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes consists of the following: Year Ended December 31, 2017 2016 2015 United States $ (81,329 ) $ (428,087 ) $ 4,031 Non-U.S. (368,485 ) (538,942 ) 738,402 Total $ (449,814 ) $ (967,029 ) $ 742,433 |
Income Tax Provision for Continuing Operations | The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2017 2016 2015 Current- United States $ (227,707 ) $ 61,928 $ 113,648 Current- Non-U.S. 29,010 18,813 81,756 Deferred- United States 257,432 (189,880 ) (38,103 ) Deferred- Non-U.S. (16,106 ) (17 ) 1,931 Total $ 42,629 $ (109,156 ) $ 159,232 |
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. In 2016 , we released an uncertain tax position in Libya in the gross amount of $40 million coupled with a related tax benefit of $13 million . 2017 2016 2015 Gross balance at January 1, $ 159,826 $ 169,687 $ 108,812 Additions based on tax positions related to current year 14,187 15,665 31,022 Additions for tax positions of prior years 1,284 18,662 47,561 Reductions for tax positions of prior years (860 ) (43,701 ) (11,945 ) Expiration of statutes — (487 ) (1,237 ) Tax settlements — — (4,526 ) Gross balance at December 31, 174,437 159,826 169,687 Related tax benefits (1,008 ) (1,008 ) (14,369 ) Net reserve at December 31, $ 173,429 $ 158,818 $ 155,318 |
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: 2017 2016 Reserve for uncertain tax positions, excluding interest and penalties $ 173,429 $ 158,818 Interest and penalties included in “Other liabilities” 18,431 13,702 Reserve for uncertain tax positions, including interest and penalties $ 191,860 $ 172,520 |
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, 2017 2016 2015 Effect of: Tax rates which are different than the UK and Cayman Island rates 23.4 % 8.4 % 14.4 % Tax impact of asset impairment 11.7 % 3.9 % 5.3 % Tax impact of tax restructuring (76.1 )% — % — % Tax impact of tax reform 33.4 % — % — % Reserve for (resolution of) tax authority audits (1.9 )% (1.0 )% 1.7 % Total (9.5 )% 11.3 % 21.4 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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-U.S. and U.S. plans is as follows: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Benefit obligation at beginning of year $ 72,347 $ 216,577 $ 69,372 $ 228,390 Service cost — — 2,914 6,647 Interest cost 2,151 8,593 2,412 9,557 Actuarial loss (gain) (11,265 ) 19,113 19,296 (5,178 ) Benefits paid (2,836 ) (6,795 ) (3,515 ) (5,747 ) Settlements and curtailments (4,825 ) (2,313 ) (5,735 ) (17,092 ) Plan participants’ contributions — — 307 — Foreign exchange rate changes 6,380 — (12,704 ) — Benefit obligation at end of year $ 61,952 $ 235,175 $ 72,347 $ 216,577 |
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, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Fair value of plan assets at beginning of year $ 71,286 $ 171,240 $ 75,855 $ 167,947 Actual return on plan assets 5,594 24,760 9,371 8,657 Employer contributions 651 2,348 2,832 383 Benefits paid (2,836 ) (6,795 ) (3,515 ) (5,747 ) Plan participants’ contributions — — 307 — Settlement and curtailment (4,597 ) (2,313 ) — — Foreign exchange rate changes 7,043 — (13,564 ) — Fair value of plan assets at end of year $ 77,141 $ 189,240 $ 71,286 $ 171,240 |
Funded Status of Plans | The funded status of the plans is as follows: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Funded status $ 15,189 $ (45,935 ) $ (1,061 ) $ (45,337 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Other assets (noncurrent) $ 15,189 $ — $ 313 $ 229 Other liabilities (current) — (2,312 ) — (3,857 ) Other liabilities (noncurrent) — (43,623 ) (1,374 ) (41,709 ) Net amount recognized $ 15,189 $ (45,935 ) $ (1,061 ) $ (45,337 ) |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCI consist of: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Net actuarial loss $ 2,258 $ 39,569 $ 17,035 $ 34,200 Deferred income tax asset (375 ) (13,849 ) (3,120 ) (12,250 ) Accumulated other comprehensive loss $ 1,883 $ 25,720 $ 13,915 $ 21,950 |
Pension Costs | Pension costs include the following components: Years Ended December 31, 2017 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Service cost $ — $ — $ 2,914 $ 6,647 $ 3,344 $ 8,596 Interest cost 2,151 8,593 2,412 9,557 2,546 9,198 Return on plan assets (2,879 ) (11,764 ) (3,393 ) (12,389 ) (3,673 ) (13,146 ) Amortization of prior service cost — — 104 118 104 142 Recognized net actuarial loss 743 1,464 142 4,398 315 6,158 Settlement and curtailment gains (838 ) 82 600 200 — — Net pension benefit cost (gain) $ (823 ) $ (1,625 ) $ 2,779 $ 8,531 $ 2,636 $ 10,948 |
Disaggregated Plan Information | Disaggregated information regarding our non-U.S. and U.S. plans is summarized below: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ 61,952 $ 235,175 $ 72,347 $ 216,577 Accumulated benefit obligation 61,952 235,175 72,347 216,577 Fair value of plan assets 77,141 189,240 71,286 171,240 |
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, 2017 and 2016 . 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, 2016 . Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Projected benefit obligation $ — $ 235,175 $ 5,015 $ 189,244 Fair value of plan assets — 189,240 3,642 143,678 |
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, 2017 and 2016 . 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 will accrue no future benefits under the plans after December 31, 2016 . Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Accumulated benefit obligation $ — $ 235,175 $ 5,015 $ 189,244 Fair value of plan assets — 189,240 3,642 143,678 |
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: Years Ended December 31, 2017 2016 Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine benefit obligations: Discount Rate 2.60 % 2.84%-3.66% 2.15%-2.70% 3.00%-4.24% Rate of compensation increase N/A N/A 3.6 % N/A Years Ended December 31, 2017 2016 2015 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.48%-2.70% 3.00%-4.24% 2.15%-3.90% 3.09%-4.48% 2.60%-3.70% 2.98%-4.38% Expected long-term return on assets 4.10 % 6.00%-6.50% 1.60%-5.00% 7.00 % 1.60%-4.90% 7.50 % Rate of compensation increase N/A N/A 3.60%-4.20% N/A 3.60%-4.10% 2.00%-5.00% |
Actual Fair Values of Defined Benefit Plans | The actual fair values of U.S. pension plan assets are as follows: Year Ended December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 3,275 $ 3,275 $ — $ — Equity securities: United States 43,535 16,430 27,105 — International 17,712 17,712 — — Fixed income securities: Corporate bonds 40,793 40,793 — — Treasury bonds 83,925 83,925 — — Total $ 189,240 $ 162,135 $ 27,105 $ — Year Ended December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 2,524 $ 2,524 $ — $ — Equity securities: United States 80,264 80,264 — — International 34,049 34,049 — — Fixed income securities: Corporate bonds 54,403 54,403 — — Total $ 171,240 $ 171,240 $ — $ — The actual fair values of Non-U.S. pension plans are as follows: Year Ended December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 280 $ 280 $ — $ — Equity securities: International companies 54,145 54,145 — — Fixed income securities: Corporate bonds 22,716 22,716 — — Total $ 77,141 $ 77,141 $ — $ — Year Ended December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 337 $ 337 $ — $ — Equity securities: International companies 46,845 46,845 — — Fixed income securities: Corporate bonds 20,462 20,462 — — Other 3,642 — — 3,642 Total $ 71,286 $ 67,644 $ — $ 3,642 |
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2017 : Payments by Period Total 2018 2019 2020 2021 2022 Thereafter Estimated benefit payments Non U.S. plans $ 36,203 $ 3,079 $ 3,189 $ 3,301 $ 3,419 $ 3,540 $ 19,675 U.S. plans 109,410 9,544 8,904 9,342 13,359 12,350 55,911 Total estimated benefit payments $ 145,613 $ 12,623 $ 12,093 $ 12,643 $ 16,778 $ 15,890 $ 75,586 |
Derivative Instruments and He36
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Financial Statement Presentation and Fair Value of Derivative Positions | The following table, together with “ Note 13— Fair Value of Financial Instruments ,” summarizes the financial statement presentation and fair value of our derivative positions as of December 31, 2017 and 2016 : Estimated fair value Balance sheet classification December 31, December 31, Asset derivatives Non-designated derivatives FCX Settlement Prepaid expenses and other current assets $ — $ 14,400 |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following table, together with “ Note 13— Fair Value of Financial Instruments ,” summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCI or as “Contract drilling services” revenue or costs for the years ended December 31, 2017 and 2016 : Year Ended December 31, 2017 2016 2017 2016 2017 2016 Unrealized gain/(loss) recognized through AOCI Gain/(loss) reclassified from AOCI to "Contract drilling services" costs Gain/(loss) recognized through "Contract drilling services" revenue Cash flow hedges Foreign currency forward contracts $ (1,239 ) $ (1,187 ) $ — $ — $ 1,239 $ 1,187 Non-designated derivatives FCX Settlement $ — $ — $ — $ — $ (14,400 ) $ 14,400 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: December 31, 2017 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,321 $ 7,321 $ — $ — December 31, 2016 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 6,246 $ 6,246 $ — $ — FCX Settlement $ 14,400 $ — $ — $ 14,400 |
Schedule of Activity Related to FCX Settlement Asset | The following table presents the activity related to the FCX Settlement asset classified within Level 3 of the valuation hierarchy for the years ended December 31, 2017 and 2016 : Balance as of December 31, 2015 $ — Fair value recognized in earnings 17,600 Change in fair value recognized in earnings (3,200 ) Balance as of December 31, 2016 14,400 Change in fair value recognized in earnings (14,400 ) Balance as of December 31, 2017 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The table below depicts future minimum rental commitments under our operating leases as of December 31, 2017 : 2018 2019 2020 2021 2022 Thereafter Total $ 18,720 $ 14,046 $ 2,564 $ 1,853 $ 1,586 $ 3,840 $ 42,609 |
Segment and Related Informati39
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 2017 2016 Africa $ 48,228 $ 1,803 $ — $ — $ 673,486 Argentina — 51,627 111,589 — — Australia 12,262 89,847 204,822 257,415 — Brazil — 27,640 78,683 25,645 25,474 Brunei 45,450 42,710 — 119 312,494 Bulgaria 55,145 78,985 — 657,806 — Canada 1,639 — — 238,902 — Curacao — — — 647,554 — Denmark 44,671 46,342 77,934 250,851 250,776 Gabon — 23,385 90,082 8,378 — Libya — — 136,406 — — Malaysia 131,696 168,826 149,597 293,297 747,059 Mexico — — — 27,391 — Qatar 16,488 608 — — 263,108 Saudi Arabia 140,453 120,132 226,251 455,296 443,965 Singapore — — — 911,515 230,897 Suriname 13,034 — — — — Tanzania 1,526 48,394 — — — The Netherlands — 42 67,765 — — Turkey (3 ) — 97,065 — — United Arab Emirates 99,825 86,446 67,117 590,863 591,306 United Kingdom 209,338 95,621 87,896 894,902 1,475,651 United States 417,163 1,404,365 1,941,485 5,534,725 6,399,119 Other — 15,292 15,560 — 26,782 Total $ 1,236,915 $ 2,302,065 $ 3,352,252 $ 10,794,659 $ 11,440,117 |
Supplemental Financial Inform40
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman December 31, December 31, 2017 2016 2015 2017 2016 2015 Accounts receivable $ 114,456 $ 179,779 $ 70,165 $ 114,456 $ 179,779 $ 70,165 Other current assets (23,710 ) 81,702 61,514 (26,556 ) 79,682 23,047 Other assets (87,377 ) 139,872 106,354 (89,591 ) 137,792 89,877 Accounts payable 22,638 (84,873 ) (30,771 ) 22,834 (83,085 ) (28,538 ) Other current liabilities 34,568 (209,739 ) (54,940 ) 35,695 (205,969 ) (34,024 ) Other liabilities (81,812 ) (19,617 ) (26,219 ) (76,929 ) (20,960 ) (25,562 ) $ (21,237 ) $ 87,124 $ 126,103 $ (20,091 ) $ 87,239 $ 94,965 |
Additional Cash Flow Information | Additional cash flow information is as follows: Noble - UK Noble - Cayman December 31, December 31, 2017 2016 2015 2017 2016 2015 Cash paid during the period for: Interest, net of amounts capitalized $ 246,960 $ 232,907 $ 190,917 $ 246,960 $ 232,907 $ 190,917 Income taxes (net of refunds) $ 30,590 $ 100,544 $ 89,292 $ 30,590 $ 100,717 $ 88,948 Non-cash activities during the period: Spin-off of Paragon Offshore N/A N/A N/A N/A N/A N/A |
Condensed Consolidating Finan41
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2017 as follows: Issuer Notes (Co-Issuer(s)) Guarantor $250 million 5.75% Senior Notes due 2018 NHIL Noble-Cayman $202 million 7.50% Senior Notes due 2019 NHUS Noble-Cayman Noble Drilling Holding, LLC (“NDH” ) Noble Drilling Services 6 LLC (“NDS6”) $168 million 4.90% Senior Notes due 2020 NHIL Noble-Cayman $209 million 4.625% Senior Notes due 2021 NHIL Noble-Cayman $126 million 3.95% Senior Notes due 2022 NHIL Noble-Cayman $1 billion 7.75% Senior Notes due 2024 NHIL Noble-Cayman $450 million 7.70% Senior Notes due 2025 NHIL Noble-Cayman $400 million 6.20% Senior Notes due 2040 NHIL Noble-Cayman $400 million 6.05% Senior Notes due 2041 NHIL Noble-Cayman $500 million 5.25% Senior Notes due 2042 NHIL Noble-Cayman $400 million 8.70% Senior Notes due 2045 NHIL Noble-Cayman |
Condensed Consolidating Balance Sheet | The following consolidating financial statements of Noble-Cayman, NHUS, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble - NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 Accounts receivable — — 24,722 — — 179,974 — 204,696 Taxes receivable — 93,302 3 — — 12,040 — 105,345 Short-term notes receivable from affiliates — — 119,476 — 2,373,452 — (2,492,928 ) — Accounts receivable from affiliates 594,456 1,454 144,367 60,945 465,749 5,813,846 (7,080,817 ) — Prepaid expenses and other current assets — — 1,477 — 1 63,963 — 65,441 Total current assets 594,467 94,756 313,205 90,269 2,839,202 6,679,339 (9,573,745 ) 1,037,493 Property and equipment, at cost — — 857,784 — — 11,176,547 — 12,034,331 Accumulated depreciation — — (110,005 ) — — (2,435,086 ) — (2,545,091 ) Property and equipment, net — — 747,779 — — 8,741,461 — 9,489,240 Notes receivable from affiliates 3,177,248 — 1,199,815 — 3,943,299 1,175,300 (9,495,662 ) — Investments in affiliates 4,933,978 4,550,358 5,252,135 12,560,598 7,237,474 — (34,534,543 ) — Other assets 2,663 16,775 8,372 — — 238,718 — 266,528 Total assets $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 1,605,243 $ — $ — $ — $ 887,685 $ (2,492,928 ) $ — Current maturities of long-term debt — — — 249,843 — — — 249,843 Accounts payable — — 1,467 — — 82,406 — 83,873 Accrued payroll and related costs — — 4,780 — — 50,124 — 54,904 Accounts payable to affiliates 3,410,669 393,073 1,770,066 661,375 — 845,634 (7,080,817 ) — Taxes payable — — — — — 33,965 — 33,965 Interest payable 2,211 — — 83,960 12,018 — — 98,189 Other current liabilities — — 5,169 — — 66,297 — 71,466 Total current liabilities 3,412,880 1,998,316 1,781,482 995,178 12,018 1,966,111 (9,573,745 ) 592,240 Long-term debt — — — 3,594,332 201,535 — — 3,795,867 Notes payable to affiliates — 700,000 474,637 3,175,663 — 5,145,362 (9,495,662 ) — Deferred income taxes — — 5 — — 164,957 — 164,962 Other liabilities 19,929 — 30,330 — — 239,919 — 290,178 Total liabilities 3,432,809 2,698,316 2,286,454 7,765,173 213,553 7,516,349 (19,069,407 ) 4,843,247 Commitments and contingencies Total shareholder equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 8,644,002 (34,534,543 ) 5,275,547 Noncontrolling interests — — — — — 674,467 — 674,467 Total equity 5,275,547 1,963,573 5,234,852 4,885,694 13,806,422 9,318,469 (34,534,543 ) 5,950,014 Total liabilities and equity $ 8,708,356 $ 4,661,889 $ 7,521,306 $ 12,650,867 $ 14,019,975 $ 16,834,818 $ (53,603,950 ) $ 10,793,261 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 Accounts receivable — — 33,162 — — 285,990 — 319,152 Taxes receivable — 21,428 — — — 34,052 — 55,480 Short-term notes receivable from affiliates — — 243,915 — 1,349,708 52,611 (1,646,234 ) — Accounts receivable from affiliates 361,313 — 137,476 67,560 85,274 3,038,658 (3,690,281 ) — Prepaid expenses and other current assets 270 — 1,611 — — 86,868 — 88,749 Total current assets 364,120 21,428 427,019 67,560 1,434,982 4,138,620 (5,336,515 ) 1,117,214 Property and equipment, at cost — — 2,376,862 — — 9,988,026 — 12,364,888 Accumulated depreciation — — (428,308 ) — — (1,874,632 ) — (2,302,940 ) Property and equipment, net — — 1,948,554 — — 8,113,394 — 10,061,948 Notes receivable from affiliates 3,304,672 — 112,706 69,564 5,000 1,798,614 (5,290,556 ) — Investments in affiliates 2,848,855 2,007,016 1,411,874 8,369,728 6,129,082 — (20,766,555 ) — Other assets 4,292 — 5,687 — — 168,573 — 178,552 Total assets $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 171,925 $ — $ — $ — $ 1,474,309 $ (1,646,234 ) $ — Current maturities of long-term debt — — — 299,882 — — — 299,882 Accounts payable — — 4,228 — — 103,640 — 107,868 Accrued payroll and related costs — — 4,882 — — 43,437 — 48,319 Accounts payable to affiliates 818,737 111,801 1,995,788 123,642 — 640,313 (3,690,281 ) — Taxes payable — — — — — 46,561 — 46,561 Interest payable 48 — — 56,839 4,412 — — 61,299 Other current liabilities 12 — 4,296 — — 63,004 — 67,312 Total current liabilities 818,797 283,726 2,009,194 480,363 4,412 2,371,264 (5,336,515 ) 631,241 Long-term debt — — — 3,838,807 201,422 — — 4,040,229 Notes payable to affiliates — 700,000 467,139 744,181 — 3,379,236 (5,290,556 ) — Deferred income taxes — — 534 — — 1,550 — 2,084 Other liabilities 19,929 — 24,035 — — 248,219 — 292,183 Total liabilities 838,726 983,726 2,500,902 5,063,351 205,834 6,000,269 (10,627,071 ) 4,965,737 Commitments and contingencies Total shareholder equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 7,106,323 (20,362,710 ) 5,683,213 Noncontrolling interests — — — — — 1,112,609 (403,845 ) 708,764 Total equity 5,683,213 1,044,718 1,404,938 3,443,501 7,363,230 8,218,932 (20,766,555 ) 6,391,977 Total liabilities and equity $ 6,521,939 $ 2,028,444 $ 3,905,840 $ 8,506,852 $ 7,569,064 $ 14,219,201 $ (31,393,626 ) $ 11,357,714 |
Condensed Consolidating Statement of Income | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2017 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) 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 — 627,251 (47,886 ) 638,035 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 1,238,804 (47,886 ) 1,362,315 Operating income (loss) (433 ) (17,851 ) 23,634 (4,703 ) (9 ) (126,038 ) — (125,400 ) Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations (476,382 ) (528,702 ) 82,596 188,809 17,874 — 715,805 — Income (loss) of unconsolidated affiliates - discontinued operations, net of tax 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 and other, net 10,483 (141 ) 87,287 4,771 224,772 19,716 (341,603 ) 5,285 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 discontinuing 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) loss 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 OPERATIONS and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2016 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 250,049 $ — $ — $ 2,086,848 $ (94,697 ) $ 2,242,200 Reimbursables and other — — 9,190 — — 51,375 — 60,565 Total operating revenues — — 259,239 — — 2,138,223 (94,697 ) 2,302,765 Operating costs and expenses Contract drilling services 4,532 18,902 70,801 84,309 — 789,814 (94,697 ) 873,661 Reimbursables — — 8,231 — — 37,268 — 45,499 Depreciation and amortization — — 91,802 — — 519,211 — 611,013 General and administrative 1,264 8,716 — 40,082 1 (4,018 ) — 46,045 Loss on impairment — — — — — 1,458,749 — 1,458,749 Total operating costs and expenses 5,796 27,618 170,834 124,391 1 2,801,024 (94,697 ) 3,034,967 Operating income (loss) (5,796 ) (27,618 ) 88,405 (124,391 ) (1 ) (662,801 ) — (732,202 ) Other income (expense) Income (loss) of unconsolidated affiliates (962,662 ) (257,142 ) (980,099 ) (333,446 ) 515,518 — 2,017,831 — Interest expense, net of amounts capitalized (27,891 ) (70,494 ) (11,461 ) (228,423 ) (15,117 ) (122,345 ) 252,816 (222,915 ) Gain on extinguishment of debt, net — — — 17,814 — — — 17,814 Interest income and other, net 96,635 120 12,616 20,412 15,058 108,108 (252,816 ) 133 Income (loss) before income taxes (899,714 ) (355,134 ) (890,539 ) (648,034 ) 515,458 (677,038 ) 2,017,831 (937,170 ) Income tax benefit (provision) — (42,522 ) 163 — — 151,522 — 109,163 Net Income (loss) (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (525,516 ) 2,017,831 (828,007 ) Net income attributable to noncontrolling interests — — — — — (39,294 ) (32,413 ) (71,707 ) Net income (loss) attributable to Noble Corporation (899,714 ) (397,656 ) (890,376 ) (648,034 ) 515,458 (564,810 ) 1,985,418 (899,714 ) Other comprehensive income (loss), net 11,035 — — — — 11,035 (11,035 ) 11,035 Comprehensive income (loss) attributable to Noble Corporation $ (888,679 ) $ (397,656 ) $ (890,376 ) $ (648,034 ) $ 515,458 $ (553,775 ) $ 1,974,383 $ (888,679 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF INCOME and COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2015 (Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data) Noble- NHUS NDH NHIL NDS6 Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 354,657 $ — $ — $ 3,325,608 $ (418,655 ) $ 3,261,610 Reimbursables and other — — 18,529 — — 72,313 — 90,842 Total operating revenues — — 373,186 — — 3,397,921 (418,655 ) 3,352,452 Operating costs and expenses Contract drilling services 3,611 19,160 395,365 84,005 — 1,142,891 (418,655 ) 1,226,377 Reimbursables — — 13,686 — — 56,590 — 70,276 Depreciation and amortization — — 77,187 — — 556,057 — 633,244 General and administrative 1,138 8,683 — 38,167 1 7,446 — 55,435 Loss on impairment — — 13 — — 418,285 — 418,298 Total operating costs and expenses 4,749 27,843 486,251 122,172 — 1 2,181,269 (418,655 ) 2,403,630 Operating income (loss) (4,749 ) (27,843 ) (113,065 ) (122,172 ) (1 ) 1,216,652 — 948,822 Other income (expense) Income (loss) of unconsolidated affiliates - continuing operations 591,297 73,319 190,335 936,429 647,856 — (2,439,236 ) — Interest expense, net of amounts capitalized (75,925 ) (4,932 ) (12,110 ) (224,894 ) (25,578 ) (68,670 ) 198,255 (213,854 ) Gain on extinguishment of debt, net — — — — — — — — Interest income and other, net 24,188 4,852 52,026 71,617 5,165 75,071 (198,255 ) 34,664 Income (loss) from continuing operations before income taxes 534,811 45,396 117,186 660,980 627,442 1,223,053 (2,439,236 ) 769,632 Income tax provision — (77,929 ) (4,466 ) — — (80,225 ) — (162,620 ) Net income (loss) 534,811 (32,533 ) 112,720 660,980 627,442 1,142,828 (2,439,236 ) 607,012 Net (income) loss attributable to noncontrolling interests — — — — — (105,240 ) 33,039 (72,201 ) Net income (loss) attributable to Noble Corporation 534,811 (32,533 ) 112,720 660,980 627,442 1,037,588 (2,406,197 ) 534,811 Other comprehensive income (loss), net 6,243 — — — — 6,243 (6,243 ) 6,243 Comprehensive income (loss) attributable to Noble Corporation $ 541,054 $ (32,533 ) $ 112,720 $ 660,980 $ 627,442 $ 1,043,831 $ (2,412,440 ) $ 541,054 |
Condensed Consolidating Statement of Cash Flows | 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 $ 335,672 $ — $ 492,337 Cash flows from investing activities Capital expenditures — — (3,622 ) — — (154,348 ) — (157,970 ) Proceeds from disposal of assets — — 46 — — 2,336 — 2,382 Net cash used in investing activities — — (3,576 ) — — (152,012 ) — (155,588 ) Cash flows from financing activities Repayment of long-term debt — — — (300,000 ) — — — (300,000 ) Debt issuance costs on senior notes and credit facility — — — (42 ) — — — (42 ) Dividends paid to noncontrolling interests — — — — — (56,881 ) — (56,881 ) Contributions from 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 and cash equivalents (2,526 ) — 12,305 29,324 — (30,925 ) — 8,178 Cash and cash equivalents, beginning of period 2,537 — 10,855 — — 640,441 — 653,833 Cash and cash equivalents, end of period $ 11 $ — $ 23,160 $ 29,324 $ — $ 609,516 $ — $ 662,011 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016 (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 $ 97,388 $ (150,735 ) $ 149,431 $ (344,112 ) $ (60 ) $ 1,404,359 $ — $ 1,156,271 Cash flows from investing activities Capital expenditures — — (492,985 ) — — (201,754 ) — (694,739 ) Proceeds from disposal of assets — — — — — 24,808 — 24,808 Net cash used in investing activities — — (492,985 ) — — (176,946 ) — (669,931 ) Cash flows from financing activities Repayment of long-term debt — — — (1,049,338 ) — — — (1,049,338 ) Issuance of senior notes — — — 980,100 — — — 980,100 Tender offer premium — — — (24,649 ) — — — (24,649 ) Debt issuance costs on senior notes and credit facilities — — — (12,111 ) — — — (12,111 ) Dividends paid to noncontrolling interests — — — — — (85,944 ) — (85,944 ) Distributions to parent company, net (152,360 ) — — — — — — (152,360 ) Advances (to) from affiliates 55,882 150,735 352,308 450,110 60 (1,009,095 ) — — Net cash provided by (used in) financing activities (96,478 ) 150,735 352,308 344,112 60 (1,095,039 ) — (344,302 ) Net change in cash and cash equivalents 910 — 8,754 — — 132,374 — 142,038 Cash and cash equivalents, beginning of period 1,627 — 2,101 — — 508,067 — 511,795 Cash and cash equivalents, end of period $ 2,537 $ — $ 10,855 $ — $ — $ 640,441 $ — $ 653,833 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015 (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 $ (31,562 ) $ (53,686 ) $ 15,207 $ (267,735 ) $ (20,292 ) $ 2,105,575 $ — $ 1,747,507 Cash flows from investing activities Capital expenditures — — (116,594 ) — — (320,557 ) — (437,151 ) Proceeds from disposal of assets — — — — — 4,614 — 4,614 Notes receivable from affiliates 124,951 — — 608,771 — — (733,722 ) — Net cash provided by (used in) investing activities 124,951 — (116,594 ) 608,771 — (315,943 ) (733,722 ) (432,537 ) Cash flows from financing activities Net change in borrowings outstanding on bank credit facilities (1,123,495 ) — — — — — — (1,123,495 ) Repayment of long-term debt — — — (350,000 ) — — — (350,000 ) Issuance of senior notes — — — 1,092,728 — — — 1,092,728 Debt issuance costs on senior notes and credit facilities (6,450 ) — — (9,620 ) — — — (16,070 ) Dividends paid to noncontrolling interests — — — — — (71,504 ) — (71,504 ) Distributions to parent company, net (400,614 ) — — — — — — (400,614 ) Notes payable to affiliates (608,771 ) — — — — (124,951 ) 733,722 — Advances (to) from affiliates 2,047,563 53,686 103,234 (1,074,144 ) 20,292 (1,150,631 ) — — Net cash provided by (used in) financing activities (91,767 ) 53,686 103,234 (341,036 ) 20,292 (1,347,086 ) 733,722 (868,955 ) Net change in cash and cash equivalents 1,622 — 1,847 — — 442,546 — 446,015 Cash and cash equivalents, beginning of period 5 — 254 — — 65,521 — 65,780 Cash and cash equivalents, end of period $ 1,627 $ — $ 2,101 $ — $ — $ 508,067 $ — $ 511,795 |
Unaudited Interim Financial D42
Unaudited Interim Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Quarters Ended March 31 June 30 September 30 December 31 2017 Operating revenues $ 362,976 $ 278,142 $ 266,212 $ 329,585 Operating income (loss) 45,847 (43,875 ) (55,588 ) (109,656 ) Net loss from continuing operations (301,694 ) (91,864 ) (96,792 ) (24,675 ) Net loss from discontinued operations, net of tax — (1,486 ) — — Net loss per share from continuing operations attributable to Noble-UK (1) Basic Net loss from continuing operations (1.24 ) (0.37 ) (0.40 ) (0.10 ) Net loss from discontinued operations, net of tax — (0.01 ) — — Diluted Net loss from continuing operations (1.24 ) (0.37 ) (0.40 ) (0.10 ) Net loss from discontinued operations, net of tax — (0.01 ) — — Quarter Ended March 31 June 30 September 30 December 31 2016 Operating revenues $ 611,973 $ 894,783 $ 385,153 $ 410,156 Operating income (loss) 175,460 449,714 (2,208 ) (1,384,912 ) Net income (loss) from continuing operations attributable to Noble-UK 105,485 322,866 (55,081 ) (1,302,850 ) Net income (loss) per share from continuing operations attributable to Noble-UK (1) Basic Net income (loss) from continuing operations 0.42 1.28 (0.23 ) (5.36 ) Diluted Net income (loss) from continuing operations 0.42 1.28 (0.23 ) (5.36 ) (1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year. |
Organization and Significant 43
Organization and Significant Accounting Policies (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($)VesselRig | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)SegmentVesselRigJointVenture | Dec. 31, 2016USD ($)Rig | Dec. 31, 2015USD ($)Rig | Apr. 30, 2015Rig | Dec. 31, 2014USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of drillships | Vessel | 8 | 8 | ||||||||
Number of semisubmersibles | Vessel | 6 | 6 | ||||||||
Number of jackups | Vessel | 14 | 14 | ||||||||
Number of reportable segments | Segment | 1 | |||||||||
Number of joint ventures | JointVenture | 2 | |||||||||
Percent of interest in joint ventures | 50.00% | |||||||||
Cash and cash equivalents | $ 662,829 | $ 662,829 | $ 725,722 | $ 512,245 | $ 68,510 | |||||
Allowance for doubtful accounts on receivables | 20,800 | 20,800 | 20,800 | |||||||
Capital accruals | $ 21,000 | 25,800 | ||||||||
Period for incurring maintenance costs, minimum | 3 years | |||||||||
Period for incurring maintenance costs, maximum | 5 years | |||||||||
Deferred revenues under drilling contracts | 114,300 | $ 114,300 | 134,400 | |||||||
Deferred expenses under drilling contracts | 55,700 | 55,700 | 72,800 | |||||||
Tax Cuts and Jobs Act of 2017, tax benefit | 109,000 | |||||||||
Loss reserves for personal injury and protection claims | 22,000 | 22,000 | 22,100 | |||||||
Net loss from discontinued operations, net of tax | 0 | $ 0 | $ (1,486) | $ 0 | (1,486) | 0 | 0 | |||
Net cash provided by (used in) operating activities | 453,938 | 1,126,076 | 1,764,907 | |||||||
Other assets | 266,444 | 266,444 | 185,555 | |||||||
Retained earnings | 4,637,677 | 4,637,677 | 5,154,221 | |||||||
Accounting Standards Update 2016-09, Excess Tax Benefit Component | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net cash provided by (used in) operating activities | 5,500 | 1,600 | ||||||||
Accounting Standards Update 2016-09, Statutory Tax Withholding Component | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net cash provided by (used in) operating activities | $ (3,200) | $ (4,100) | ||||||||
Accounting Standards Update 2016-16 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Other assets | (148,000) | (148,000) | ||||||||
Retained earnings | $ (148,000) | $ (148,000) | ||||||||
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 | |||||||||
Aramco | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of rigs | Rig | 5 | 5 | 5 | 5 | ||||||
Number of rigs with revenues in excess of billings | Rig | 2 | 2 | 2 | |||||||
Revenues recorded in excess of billings | $ 6,900 | $ 6,900 | $ 17,900 | |||||||
Prepaid Expenses And Other Current Assets Or Other Assets | Aramco | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Revenues recorded in excess of billings | 6,900 | 6,900 | 17,900 | |||||||
Bully Joint Venture | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Carrying amount of the drillships | 1,300,000 | 1,300,000 | 1,400,000 | |||||||
Cash and cash equivalents | $ 41,600 | $ 41,600 | $ 34,700 | |||||||
Accumulated Other Comprehensive Income (Loss) | Forecast | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Tax Cuts and Jobs Act of 2017, reclassification | $ (5,500) | |||||||||
Retained Earnings | Forecast | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Tax Cuts and Jobs Act of 2017, reclassification | $ 5,500 |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)RigJointVenture | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||
Percent of interest in joint ventures | 50.00% | |||
Number of joint ventures | JointVenture | 2 | |||
Number of bully class drillships | Rig | 2 | |||
Percentage of dividends paid to joint venture partner | 50.00% | |||
Cash and cash equivalents | $ 662,829 | $ 725,722 | $ 512,245 | $ 68,510 |
Bully Joint Venture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Dividends approved and paid | 113,800 | 171,900 | $ 143,000 | |
Carrying amount of the drillships | 1,300,000 | 1,400,000 | ||
Cash and cash equivalents | $ 41,600 | $ 34,700 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic | ||||||||||||
Net income (loss) attributable to the company | $ (24,675) | $ (96,792) | $ (91,864) | $ (301,694) | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | $ (516,511) | $ (929,580) | $ 511,000 | |
Net income (loss) from discontinued operations, net of tax | 0 | 0 | 1,486 | 0 | 1,486 | 0 | 0 | |||||
Earnings allocated to unvested share-based payment awards | 0 | 0 | (10,856) | |||||||||
Net income (loss) from continuing operations to common shareholders - basic | (515,025) | (929,580) | 500,144 | |||||||||
Diluted | ||||||||||||
Net income (loss) attributable to the company | (24,675) | (96,792) | (91,864) | (301,694) | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | (516,511) | (929,580) | 511,000 | |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 1,486 | $ 0 | 1,486 | 0 | 0 | |||||
Net income (loss) from continuing operations to common shareholders - diluted | $ (515,025) | $ (929,580) | $ 511,000 | |||||||||
Denominator: | ||||||||||||
Weighted average shares outstanding - basic (in shares) | 244,743 | 243,127 | 242,146 | |||||||||
Incremental shares issuable from assumed exercise of stock options and unvested share-based payment awards | 0 | 0 | 5,256 | |||||||||
Weighted average shares outstanding - diluted (in shares) | 244,743 | 243,127 | 247,402 | 244,743 | 243,127 | 247,402 | ||||||
Basic: | ||||||||||||
Income (loss) from continuing operations (usd per share) | $ (0.10) | $ (0.40) | $ (0.37) | $ (1.24) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (2.10) | $ (3.82) | $ 2.06 | |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.01) | 0 | (0.01) | 0 | 0 | |||||
Net income (loss) (usd per share) | (2.11) | (3.82) | 2.06 | |||||||||
Diluted: | ||||||||||||
Income (loss) from continuing operations (usd per share) | (0.10) | (0.40) | (0.37) | (1.24) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | (2.10) | (3.82) | 2.06 | |
Loss from discontinued operations (usd per share) | $ 0 | $ 0 | $ (0.01) | $ 0 | (0.01) | 0 | 0 | |||||
Net income (loss) (usd per share) | (2.11) | (3.82) | 2.06 | |||||||||
Dividends per share (usd per share) | $ 0 | $ 0.2 | $ 1.28 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the diluted net income per share | 12 | 9.9 | 1.7 |
Receivables from Customers (Det
Receivables from Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Receivables disputed by customer and written off | $ 29,032 | $ 0 | $ 0 |
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 (Detail)
Property and Equipment (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | $ 12,034,331,000 | $ 12,364,888,000 | ||
Capital expenditures | 111,140,000 | 659,925,000 | $ 422,544,000 | |
Capitalized interest on construction-in-progress | 0 | 22,400,000 | 25,000,000 | |
Contract drilling services costs | 640,489,000 | 879,438,000 | 1,232,529,000 | |
Loss on impairment | 121,639,000 | 1,458,749,000 | $ 418,298,000 | |
Hurricane | ||||
Property, Plant and Equipment [Line Items] | ||||
Contract drilling services costs | 14,300,000 | |||
Drilling equipment and facilities | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | 11,746,629,000 | 12,048,571,000 | ||
Drilling equipment and facilities | Noble Lloyd Noble | ||||
Property, Plant and Equipment [Line Items] | ||||
Term of contract | 4 years | |||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | 83,509,000 | 112,103,000 | ||
Other | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | $ 204,193,000 | $ 204,214,000 |
Impairment (Details)
Impairment (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Rig | Sep. 30, 2015Rig | |
Loss Contingencies [Line Items] | ||||
Loss on impairment | $ 121,639 | $ 1,458,749 | $ 418,298 | |
Proceeds from disposal of assets | $ 2,382 | 24,808 | 4,614 | |
Noble Amos Runner, Noble Clyde Boudreaux And Noble Dave Beard | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 1,000,000 | |||
Noble Homer Ferrington | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 120,100 | |||
Capital Spare Equipment | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 170,500 | $ 406,000 | ||
Noble Max Smith | ||||
Loss Contingencies [Line Items] | ||||
Impairment related charges | 164,800 | |||
Proceeds from disposal of assets | $ 1,200 | |||
Noble Discoverer | ||||
Loss Contingencies [Line Items] | ||||
Number of drillships discontinued | Rig | 1 | |||
Noble Charles Copeland | ||||
Loss Contingencies [Line Items] | ||||
Number of jackups discontinued | Rig | 1 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2018 | Feb. 01, 2018USD ($) | Jan. 31, 2018USD ($) | Jan. 03, 2018USD ($) | Dec. 28, 2016USD ($) | Apr. 01, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, principal amount | $ 4,103,797,000 | ||||||||||||
Gain on extinguishment of debt, net | 0 | $ 17,814,000 | $ 0 | ||||||||||
NHIL | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gain on extinguishment of debt, net | 17,814,000 | $ 0 | |||||||||||
7.70% Senior Notes due April 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | $ 450,000,000 | ||||||||||||
Interest rate on senior notes | 7.70% | ||||||||||||
8.70% Senior Notes due April 2045 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | $ 400,000,000 | ||||||||||||
Interest rate on senior notes | 8.70% | ||||||||||||
4.90% Senior Notes and 4.625% Senior Notes due in August 2020 and March 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | $ 36,000,000 | ||||||||||||
Purchase of senior notes | $ 24,000,000 | ||||||||||||
Gain on extinguishment of debt, net | $ 11,100,000 | ||||||||||||
5.75% Senior Notes due March 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | $ 250,000,000 | ||||||||||||
Interest rate on senior notes | 5.75% | ||||||||||||
Line of Credit | 2015 Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior unsecured revolving credit facility maturity period | 5 years | ||||||||||||
Maximum borrowing capacity under credit facilities | $ 2,400,000,000 | ||||||||||||
Outstanding borrowings | $ 0 | ||||||||||||
Line of Credit | 2017 Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Senior unsecured revolving credit facility maturity period | 5 years | ||||||||||||
Outstanding borrowings | $ 0 | ||||||||||||
Line of Credit | 2017 Credit Facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,501,500,000 | ||||||||||||
Line of Credit | Revolving Credit Facility | 2015 Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum debt to tangible capitalization covenant | 60.00% | ||||||||||||
Line of credit facility debt to tangible capitalization ratio | 43.00% | ||||||||||||
Line of Credit | Revolving Credit Facility | 2015 Credit Facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | 300,000,000 | ||||||||||||
Line of Credit | Revolving Credit Facility | 2017 Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum debt to tangible capitalization covenant | 55.00% | ||||||||||||
Debt covenant, rig value of marketed rigs to indebtedness, required minimum ratio | 3 | ||||||||||||
Debt covenants, rig value of closing date rigs, required minimum ratio | 0.8 | ||||||||||||
Debt restrictive covenants, maximum available cash after borrowings | $ 200,000,000 | ||||||||||||
Line of Credit | Revolving Credit Facility | 2017 Credit Facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | 1,501,500,000 | ||||||||||||
Amount credit facility can be increased | 500,000,000 | ||||||||||||
Line of Credit | Letter of Credit | 2015 Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | ||||||||||||
Line of Credit | Letter of Credit | 2015 Credit Facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | 0 | ||||||||||||
Line of Credit | Letter of Credit | 2017 Credit Facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity under credit facilities | $ 15,000,000 | ||||||||||||
Senior notes | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchase of senior notes | $ 754,200,000 | ||||||||||||
Repurchase amount | $ 750,000,000 | ||||||||||||
Gain on extinguishment of debt, net | $ (2,000,000) | ||||||||||||
Senior notes | Senior unsecured note | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||||||||
Senior notes | Senior unsecured note | NHIL | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | 1,000,000,000 | $ 1,000,000,000 | |||||||||||
Approximate net proceeds from senior notes issuance | $ 967,600,000 | ||||||||||||
Senior notes | Senior Notes due 2026 | Subsequent event | NHIL | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face value of senior notes | $ 750,000,000 | ||||||||||||
Senior notes | 7.70% Senior Notes due April 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 7.70% | ||||||||||||
Senior notes | 7.70% Senior Notes due April 2025 | Forecast | Standard And Poor Global Ratings | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 7.95% | ||||||||||||
Senior notes | 8.70% Senior Notes due April 2045 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 8.70% | ||||||||||||
Senior notes | 8.70% Senior Notes due April 2045 | Forecast | Standard And Poor Global Ratings | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 8.95% | ||||||||||||
Senior notes | 2.50% Senior Notes due March 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 2.50% | 2.50% | |||||||||||
Senior notes | 5.75% Senior Notes due March 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate on senior notes | 5.75% | ||||||||||||
Senior notes | 5.75% Senior Notes due March 2018 | Forecast | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding balance to be repaid | $ 300,000,000 | ||||||||||||
Senior notes | Multiple senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchase of senior notes | $ 762,300,000 | ||||||||||||
Repurchase amount | $ 750,000,000 | ||||||||||||
Gain on extinguishment of debt, net | $ 6,700,000 |
Debt - Aggregate Principal Repa
Debt - Aggregate Principal Repayments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | $ 250,000 |
2,019 | 201,695 |
2,020 | 167,766 |
2,021 | 208,675 |
2,022 | 125,661 |
Thereafter | 3,150,000 |
Long-term debt, principal amount | $ 4,103,797 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Less: Current maturities of long-term debt | $ (249,843) | $ (299,882) |
Unamortized debt issuance expense, current | $ 100 | 100 |
5.75% Senior Notes due March 2018 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
7.50% Senior Notes due March 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
7.70% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.70% | |
6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
8.70% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.70% | |
Senior notes | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 4,075,433 | 4,372,724 |
Less: Unamortized debt issuance costs | (29,723) | (32,613) |
Less: Current maturities of long-term debt | (249,843) | (299,882) |
Long-term debt, net of debt issuance costs | 3,795,867 | 4,040,229 |
Senior notes | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 3,350,723 | 3,812,077 |
Less: Current maturities of long-term debt | (250,830) | (299,128) |
Long-term debt, net of debt issuance costs | 3,099,893 | $ 3,512,949 |
Senior notes | 2.50% Senior Notes due March 2017 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 2.50% | |
Senior notes | 2.50% Senior Notes due March 2017 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | $ 299,992 |
Senior notes | 2.50% Senior Notes due March 2017 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 299,128 |
Senior notes | 5.75% Senior Notes due March 2018 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.75% | |
Senior notes | 5.75% Senior Notes due March 2018 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 249,959 | 249,771 |
Senior notes | 5.75% Senior Notes due March 2018 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250,830 | 249,808 |
Senior notes | 7.50% Senior Notes due March 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.50% | |
Senior notes | 7.50% Senior Notes due March 2019 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 201,695 | 201,695 |
Senior notes | 7.50% Senior Notes due March 2019 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 206,881 | 209,524 |
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 | $ 167,625 | 167,576 |
Senior notes | 4.90% Senior Notes due August 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 163,283 | 167,329 |
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 | $ 208,568 | 208,538 |
Senior notes | 4.625% Senior Notes due March 2021 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 195,687 | 196,416 |
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 | $ 125,518 | 125,488 |
Senior notes | 3.95% Senior Notes due March 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 107,348 | 112,791 |
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 | $ 982,301 | 980,117 |
Senior notes | 7.75% Senior Notes due January 2024 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 861,160 | 945,317 |
Senior notes | 7.70% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.70% | |
Senior notes | 7.70% Senior Notes due April 2025 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 449,008 | 448,909 |
Senior notes | 7.70% Senior Notes due April 2025 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 380,732 | 423,267 |
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 | $ 399,900 | 399,898 |
Senior notes | 6.20% Senior Notes due August 2040 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 274,988 | 280,221 |
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 | $ 397,800 | 397,758 |
Senior notes | 6.05% Senior Notes due March 2041 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 273,988 | 273,854 |
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 | $ 498,400 | 498,369 |
Senior notes | 5.25% Senior Notes due March 2042 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 315,430 | 325,814 |
Senior notes | 8.70% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.70% | |
Senior notes | 8.70% Senior Notes due April 2045 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 394,659 | 394,613 |
Senior notes | 8.70% Senior Notes due April 2045 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | $ 320,396 | $ 328,608 |
Equity - Narrative (Detail)
Equity - Narrative (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2018 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding and trading | 244,971,000 | 243,239,000 | |||
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | ||||
Current nominal value per share | $ 0.01 | ||||
Number of shares authorized to be repurchased | 37,000,000 | ||||
Shares outstanding repurchased percentage | 15.00% | ||||
Repurchases of shares, Shares | 0 | 0 | 6,200,000 | ||
Repurchases of shares | $ 100,630,000 | ||||
Repurchases of shares, average price per share (usd per share) | $ 16.10 | ||||
Stock options granted | 0 | 0 | 0 | ||
Compensation cost recognized | $ 0 | ||||
2015 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares authorized under plan | 3,700,000 | 9,500,000 | |||
Total number of shares issuable under stock option plan | 20,500,000 | ||||
Remaining number of shares available for grants | 10,400,000 | ||||
Stock option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option exercisable term | 10 years | ||||
Compensation cost recognized | $ 0 | $ 100,000 | |||
Weighted-average vesting period (years) | 3 years | ||||
TVRSU's Outstanding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incremental fair value awarded as a result of the issuance of awards | $ 23,800,000 | ||||
Weighted-average vesting period (years) | 3 years | ||||
Total unrecognized compensation cost | $ 21,500,000 | ||||
Period for recognizing unrecognized compensation cost | 1 year 7 months 12 days | ||||
Performance shares forfeited in period | 508,715 | ||||
PVRSU's 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 6 months 12 days | ||||
Total unrecognized compensation cost | $ 9,800,000 | ||||
Performance shares forfeited in period | 840,555 | ||||
Performance Vested Shares for 2012-2014 Performance Period | Subsequent event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance shares forfeited in period | 603,440 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost recognized | $ 29,100,000 | $ 34,700,000 | 39,000,000 | ||
Compensation cost recognized net of tax | $ 26,300,000 | 31,000,000 | 31,000,000 | ||
Capitalized compensation costs | $ 200,000 | $ 1,000,000 | |||
Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrestricted shares awarded | 212,849 | 227,937 | 99,063 | ||
Non-employee directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrestricted shares awarded | 197,316 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Granted (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, Number of Shares Underlying Options (in shares) | 1,420,175 | 1,677,154 | 1,958,633 |
Expired, Number of Shares Underlying Options (in shares) | (107,020) | (256,979) | (281,479) |
Outstanding at end of year, Number of Shares Underlying Options (in shares) | 1,313,155 | 1,420,175 | 1,677,154 |
Exercisable at end of year, Number of Shares Underlying Options (in shares) | 1,313,155 | 1,420,175 | 1,677,154 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of year, Weighted Average Exercise Price (usd per share) | $ 29.52 | $ 29.48 | $ 28.43 |
Expired, Weighted Average Exercise Price (usd per share) | 29.74 | 29.22 | 22.17 |
Outstanding at end of year, Weighted Average Exercise Price (usd per share) | 29.51 | 29.52 | 29.48 |
Exercisable at end of year, Weighted Average Exercise Price (usd per share) | $ 29.51 | $ 29.52 | $ 29.48 |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Equity - Additional Information
Equity - Additional Information About Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 1,313,155 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 3 years 3 months 119 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 29.51 |
$20.49 to $26.18 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 20.49 |
Exercise price range, upper range limit | $ 26.18 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 302,854 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 2 years 8 months 1 day |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 21.37 |
$26.19 to $31.51 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 26.19 |
Exercise price range, upper range limit | $ 31.51 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 360,936 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 5 years 1 month 6 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 30.59 |
$31.52 to $35.73 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit | 31.52 |
Exercise price range, upper range limit | $ 35.73 |
Options Outstanding and Exercisable, Number of Shares Underlying Options (in shares) | shares | 649,365 |
Options Outstanding and Exercisable, Weighted Average Remaining Life (Years) | 3 years 1 month 28 days |
Options Outstanding and Exercisable, Weighted Average Exercise Price (usd per share) | $ 32.70 |
Equity - Assumptions used to Va
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Awards (Detail) - Restricted Stock Awards [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation assumptions: | |||
Expected volatility | 56.40% | 40.70% | 34.00% |
Expected dividend yield | 0.00% | 0.00% | 9.40% |
Risk-free interest rate | 1.49% | 0.97% | 0.80% |
Equity - Summary of Restricted
Equity - Summary of Restricted Share Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
TVRSU | |||
PVRSU | |||
Units awarded (maximum available) (in shares) | 3,231,225 | 3,624,182 | 2,004,311 |
Weighted-average share price at award date (usd per share) | $ 6.96 | $ 7.78 | $ 15.90 |
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
PVRSU | |||
PVRSU | |||
Units awarded (maximum available) (in shares) | 2,474,978 | 2,914,044 | 1,205,130 |
Weighted-average share price at award date (usd per share) | $ 7.28 | $ 7.79 | $ 15.94 |
Three-year performance period ended December 31 | 2,019 | 2,018 | 2,017 |
Awarded, Weighted-average award-date fair value (usd per share) | $ 4.37 | $ 3.81 | $ 9.12 |
Equity - Summary of Status of N
Equity - Summary of Status of Non-Vested Restricted Shares (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
TVRSU's Outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning balance (in shares) | 4,089,167 |
Awarded (in shares) | 3,231,225 |
Vested (in shares) | (1,768,175) |
Forfeited (in shares) | (508,715) |
Outstanding, Ending balance (in shares) | 5,043,502 |
Weighted Average Award-Date Fair Value | |
Weighted Average Award-Date Fair Value, Beginning balance (usd per share) | $ / shares | $ 11.18 |
Awarded, Weighted-average award-date fair value (usd per share) | $ / shares | 6.96 |
Vested, Weighted Average Award-Date Fair Value (usd per share) | $ / shares | 47.20 |
Forfeited, Weighted Average Award-Date Fair Value (usd per share) | $ / shares | 8.41 |
Weighted Average Award-Date Fair Value, Ending balance (usd per share) | $ / shares | $ 7.95 |
PVRSU's Outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning balance (in shares) | 4,378,825 |
Awarded (in shares) | 2,474,978 |
Vested (in shares) | (367,794) |
Forfeited (in shares) | (840,555) |
Outstanding, Ending balance (in shares) | 5,645,454 |
Weighted Average Award-Date Fair Value | |
Weighted Average Award-Date Fair Value, Beginning balance (usd per share) | $ / shares | $ 7.85 |
Awarded, Weighted-average award-date fair value (usd per share) | $ / shares | 4.37 |
Vested, Weighted Average Award-Date Fair Value (usd per share) | $ / shares | 65.56 |
Forfeited, Weighted Average Award-Date Fair Value (usd per share) | $ / shares | 10.67 |
Weighted Average Award-Date Fair Value, Ending balance (usd per share) | $ / shares | $ 4.98 |
Minimum number of performance vested shares | 0 |
Target level of performance, percent | 50.00% |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 6,467,445 | $ 7,422,230 | $ 7,287,034 |
Other comprehensive income (loss) before reclassifications | 8,859 | (7,069) | |
Amounts reclassified from AOCI | 393 | 18,104 | |
Other comprehensive income, net | 9,252 | 11,035 | 6,243 |
Ending Balance | 5,950,628 | 6,467,445 | 7,422,230 |
Unrealized Gains /(Losses) on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | 1,239 | 1,187 | |
Amounts reclassified from AOCI | (1,239) | (1,187) | |
Other comprehensive income, net | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Defined Benefit Pension Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (35,865) | (46,919) | |
Other comprehensive income (loss) before reclassifications | 6,630 | (8,237) | |
Amounts reclassified from AOCI | 1,632 | 19,291 | |
Other comprehensive income, net | 8,262 | 11,054 | |
Ending Balance | (27,603) | (35,865) | (46,919) |
Foreign Currency Items | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (16,275) | (16,256) | |
Other comprehensive income (loss) before reclassifications | 990 | (19) | |
Amounts reclassified from AOCI | 0 | 0 | |
Other comprehensive income, net | 990 | (19) | |
Ending Balance | (15,285) | (16,275) | (16,256) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (52,140) | (63,175) | (69,418) |
Other comprehensive income, net | 9,252 | 11,035 | 6,243 |
Ending Balance | $ (42,888) | $ (52,140) | $ (63,175) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Deferred tax assets | $ 38,712 | $ 107,947 |
Less: valuation allowance | 0 | (3,800) |
Net deferred tax assets | 38,712 | 104,147 |
Deferred tax liabilities | ||
Deferred tax liabilities | (189,455) | (12,177) |
Net deferred tax assets (liabilities) | (150,743) | |
Net deferred tax assets (liabilities) | 91,970 | |
United States | ||
Deferred tax assets | ||
Excess of net tax basis over remaining book basis | 0 | 56,351 |
Deferred pension plan amounts | 10,758 | 16,797 |
Accrued expenses not currently deductible | 11,585 | 19,012 |
Other | 2,150 | 6,803 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | (182,401) | 0 |
Other | (6,652) | (7,672) |
Non-U.S. | ||
Deferred tax assets | ||
Deferred pension plan amounts | 134 | 3,120 |
Accrued expenses not currently deductible | 14,085 | 2,064 |
Net operating loss carry forwards | 0 | 3,800 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | 0 | (200) |
Other | $ (402) | $ (4,305) |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (81,329) | $ (428,087) | $ 4,031 |
Non-U.S. | (368,485) | (538,942) | 738,402 |
Total | $ (449,814) | $ (967,029) | $ 742,433 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current- United States | $ (227,707) | $ 61,928 | $ 113,648 |
Current- Non-U.S. | 29,010 | 18,813 | 81,756 |
Deferred- United States | 257,432 | (189,880) | (38,103) |
Deferred- United States | (16,106) | (17) | 1,931 |
Total | $ 42,629 | $ (109,156) | $ 159,232 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross balance at January 1, | $ 159,826 | $ 169,687 | $ 108,812 |
Additions based on tax positions related to current year | 14,187 | 15,665 | 31,022 |
Additions for tax positions of prior years | 1,284 | 18,662 | 47,561 |
Reductions for tax positions of prior years | (860) | (43,701) | (11,945) |
Expiration of statutes | 0 | (487) | (1,237) |
Tax settlements | 0 | 0 | (4,526) |
Gross balance at December 31, | 174,437 | 159,826 | 169,687 |
Related tax benefits | (1,008) | (1,008) | (14,369) |
Net reserve at December 31, | 173,429 | 158,818 | $ 155,318 |
Non-U.S. | Libya | In 2016 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross balance at January 1, | $ 40,000 | ||
Gross balance at December 31, | 40,000 | ||
Related tax benefits | $ (13,000) |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Reserve for uncertain tax positions, excluding interest and penalties | $ 173,429 | $ 158,818 | $ 155,318 |
Interest and penalties included in “Other liabilities” | 18,431 | 13,702 | |
Reserve for uncertain tax positions, including interest and penalties | $ 191,860 | $ 172,520 |
Income Taxes - Effective Tax Re
Income Taxes - Effective Tax Reconciliation (Details) - UK income tax | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Tax rates which are different than the UK and Cayman Island rates | 23.40% | 8.40% | 14.40% |
Tax impact of asset impairment | 11.70% | 3.90% | 5.30% |
Tax impact of tax restructuring | (76.10%) | 0.00% | 0.00% |
Tax impact of tax reform | 33.40% | 0.00% | 0.00% |
Reserve for (resolution of) tax authority audits | (1.90%) | (1.00%) | 1.70% |
Total | (9.50%) | 11.30% | 21.40% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act of 2017, tax benefit | $ 109,000,000 | |||
Unrecognized tax benefits | 174,437,000 | $ 159,826,000 | $ 169,687,000 | $ 108,812,000 |
Reserves for uncertain tax positions | 191,860,000 | 172,520,000 | ||
Related tax benefits | 1,008,000 | 1,008,000 | 14,369,000 | |
Amount provision for income taxes reduced if reserves not realized | $ 186,600,000 | |||
Operational period | 12 months | |||
Interest and penalties resulted in an income tax expense | $ 4,700,000 | 2,700,000 | 2,900,000 | |
Non-cash discrete item included in income tax provision from internal tax restructuring | 260,700,000 | |||
Deferred charges related to deferral of income tax expense related to internal tax restructuring | $ 145,300,000 | |||
Foreign tax credits generated and utilized | $ 15,000,000 | |||
Undistributed earnings in foreign subsidiaries | $ 0 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)planinvestment_manager | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension plans, salaried employees | plan | 1 | ||
Number of pension plans, hourly employees | plan | 1 | ||
Number of investment managers | investment_manager | 2 | ||
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 | |
Employer contributions | 600,000 | ||
Costs for maintaining contribution plans | 27,600,000 | 37,200,000 | $ 54,800,000 |
Restoration Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability under the restoration plan | $ 8,800,000 | 7,700,000 | |
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 | $ 3,100,000 | 6,000,000 | 6,500,000 |
Cash holdings | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 1.20% | ||
Investment Manager 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest rate range maximum | 1.25% | ||
Period for investment manager to reach performance objective | 3 years | ||
Investment Manager 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest rate range maximum | 200.00% | ||
Period for investment manager to reach performance objective | 5 years | ||
Interest rate range minimum | 100.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 31.50% | ||
Equity securities | Noble Drilling Land Support (NDLS) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 70.00% | ||
Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 67.30% | ||
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 | ||
Debt securities | Noble Drilling Land Support (NDLS) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company's overall investments | 30.00% | ||
Paragon Offshore | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension plans assumed by subsidiary after spin-off | plan | 2 | ||
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension plans | plan | 2 | ||
Net pension expense | $ (823,000) | 2,779,000 | 2,636,000 |
Projected benefit obligation | 0 | 5,015,000 | |
Accumulated benefit obligation | $ 0 | 5,015,000 | |
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 | ||
Employer contributions | $ 651,000 | 2,832,000 | 2,200,000 |
Expected contribution to non-U.S. and U.S pension plans | $ 0 | ||
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of pension plans | plan | 2 | ||
Net pension expense | $ (1,625,000) | 8,531,000 | 10,948,000 |
Decrease in pension liability | 1,600,000 | 2,900,000 | 3,000,000 |
Projected benefit obligation | 235,175,000 | 189,244,000 | |
Accumulated benefit obligation | $ 235,175,000 | 189,244,000 | |
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 | ||
Employer contributions | $ 2,348,000 | 383,000 | $ 500,000 |
Expected contribution to non-U.S. and U.S pension plans | 2,300,000 | ||
U.S. | Unfunded excess benefit plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 16,400,000 | 16,900,000 | |
Accumulated benefit obligation | $ 16,400,000 | $ 16,900,000 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-U.S. | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 72,347 | $ 69,372 | |
Service cost | 0 | 2,914 | $ 3,344 |
Interest cost | 2,151 | 2,412 | 2,546 |
Actuarial loss (gain) | (11,265) | 19,296 | |
Benefits paid | (2,836) | (3,515) | |
Settlements and curtailments | (4,825) | (5,735) | |
Plan participants’ contributions | 0 | 307 | |
Foreign exchange rate changes | 6,380 | (12,704) | |
Benefit obligation at end of year | 61,952 | 72,347 | 69,372 |
U.S. | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 216,577 | 228,390 | |
Service cost | 0 | 6,647 | 8,596 |
Interest cost | 8,593 | 9,557 | 9,198 |
Actuarial loss (gain) | 19,113 | (5,178) | |
Benefits paid | (6,795) | (5,747) | |
Settlements and curtailments | (2,313) | (17,092) | |
Plan participants’ contributions | 0 | 0 | |
Foreign exchange rate changes | 0 | 0 | |
Benefit obligation at end of year | $ 235,175 | $ 216,577 | $ 228,390 |
Employee Benefit Plans - Reco69
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 600,000 | ||
Non-U.S. | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 71,286,000 | $ 75,855,000 | |
Actual return on plan assets | 5,594,000 | 9,371,000 | |
Employer contributions | 651,000 | 2,832,000 | $ 2,200,000 |
Benefits paid | (2,836,000) | (3,515,000) | |
Plan participants’ contributions | 0 | 307,000 | |
Settlement and curtailment | (4,597,000) | 0 | |
Foreign exchange rate changes | 7,043,000 | (13,564,000) | |
Fair value of plan assets at end of year | 77,141,000 | 71,286,000 | 75,855,000 |
U.S. | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 171,240,000 | 167,947,000 | |
Actual return on plan assets | 24,760,000 | 8,657,000 | |
Employer contributions | 2,348,000 | 383,000 | 500,000 |
Benefits paid | (6,795,000) | (5,747,000) | |
Plan participants’ contributions | 0 | 0 | |
Settlement and curtailment | (2,313,000) | 0 | |
Foreign exchange rate changes | 0 | 0 | |
Fair value of plan assets at end of year | $ 189,240,000 | $ 171,240,000 | $ 167,947,000 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ 15,189 | $ (1,061) |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (45,935) | $ (45,337) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $ 15,189 | $ 313 |
Other liabilities (current) | 0 | 0 |
Other liabilities (noncurrent) | 0 | (1,374) |
Net amount recognized | 15,189 | (1,061) |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 0 | 229 |
Other liabilities (current) | (2,312) | (3,857) |
Other liabilities (noncurrent) | (43,623) | (41,709) |
Net amount recognized | $ (45,935) | $ (45,337) |
Employee Benefit Plans - Amou72
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 2,258 | $ 17,035 |
Deferred income tax asset | (375) | (3,120) |
Accumulated other comprehensive loss | 1,883 | 13,915 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 39,569 | 34,200 |
Deferred income tax asset | (13,849) | (12,250) |
Accumulated other comprehensive loss | $ 25,720 | $ 21,950 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 2,914 | $ 3,344 |
Interest cost | 2,151 | 2,412 | 2,546 |
Return on plan assets | (2,879) | (3,393) | (3,673) |
Amortization of prior service cost | 0 | 104 | 104 |
Recognized net actuarial loss | 743 | 142 | 315 |
Settlement and curtailment gains | (838) | 600 | 0 |
Net pension benefit cost (gain) | (823) | 2,779 | 2,636 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 6,647 | 8,596 |
Interest cost | 8,593 | 9,557 | 9,198 |
Return on plan assets | (11,764) | (12,389) | (13,146) |
Amortization of prior service cost | 0 | 118 | 142 |
Recognized net actuarial loss | 1,464 | 4,398 | 6,158 |
Settlement and curtailment gains | 82 | 200 | 0 |
Net pension benefit cost (gain) | $ (1,625) | $ 8,531 | $ 10,948 |
Employee Benefit Plans - Disagg
Employee Benefit Plans - Disaggregated Plan Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 61,952 | $ 72,347 | $ 69,372 |
Accumulated benefit obligation | 61,952 | 72,347 | |
Fair value of plan assets | 77,141 | 71,286 | 75,855 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 235,175 | 216,577 | 228,390 |
Accumulated benefit obligation | 235,175 | 216,577 | |
Fair value of plan assets | $ 189,240 | $ 171,240 | $ 167,947 |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 5,015 |
Fair value of plan assets | 0 | 3,642 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 235,175 | 189,244 |
Fair value of plan assets | $ 189,240 | $ 143,678 |
Employee Benefit Plans - Plan76
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 0 | $ 5,015 |
Fair value of plan assets | 0 | 3,642 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 235,175 | 189,244 |
Fair value of plan assets | $ 189,240 | $ 143,678 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.60% | ||
Rate of compensation increase | 3.60% | ||
Minimum | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Rate of compensation increase | 2.00% | ||
Maximum | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Rate of compensation increase | 5.00% | ||
Non-U.S. | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Expected long-term return on assets | 4.10% | ||
Non-U.S. | Minimum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.15% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.48% | 2.15% | 2.60% |
Expected long-term return on assets | 1.60% | 1.60% | |
Rate of compensation increase | 3.60% | 3.60% | |
Non-U.S. | Maximum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.70% | ||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.70% | 3.90% | 3.70% |
Expected long-term return on assets | 5.00% | 4.90% | |
Rate of compensation increase | 4.20% | 4.10% | |
U.S. | |||
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.09% | ||
Expected long-term return on assets | 7.00% | 7.50% | |
U.S. | Minimum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.84% | 3.00% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.00% | 2.98% | |
Expected long-term return on assets | 6.00% | ||
U.S. | Maximum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 3.66% | 4.24% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 4.24% | 4.48% | 4.38% |
Expected long-term return on assets | 6.50% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual Fair Values of Pension Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | $ 77,141 | $ 71,286 | |
Estimated Fair Value Measurements | 77,141 | 71,286 | $ 75,855 |
Non-U.S. | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 77,141 | 67,644 | |
Non-U.S. | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-U.S. | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 3,642 | |
Non-U.S. | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 280 | 337 | |
Non-U.S. | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 280 | 337 | |
Non-U.S. | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 54,145 | 46,845 | |
Non-U.S. | Equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 54,145 | 46,845 | |
Non-U.S. | Equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-U.S. | Equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-U.S. | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 22,716 | 20,462 | |
Non-U.S. | Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 22,716 | 20,462 | |
Non-U.S. | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-U.S. | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
Non-U.S. | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 3,642 | ||
Non-U.S. | Other | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
Non-U.S. | Other | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
Non-U.S. | Other | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 3,642 | ||
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 189,240 | 171,240 | |
Estimated Fair Value Measurements | 189,240 | 171,240 | $ 167,947 |
U.S. | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 162,135 | 171,240 | |
U.S. | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 27,105 | 0 | |
U.S. | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
U.S. | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 3,275 | 2,524 | |
U.S. | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 3,275 | 2,524 | |
U.S. | Equity securities | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 43,535 | 80,264 | |
U.S. | Equity securities | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 17,712 | 34,049 | |
U.S. | Equity securities | Quoted Prices in Active Markets (Level 1) | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 16,430 | 80,264 | |
U.S. | Equity securities | Quoted Prices in Active Markets (Level 1) | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 17,712 | 34,049 | |
U.S. | Equity securities | Significant Other Observable Inputs (Level 2) | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 27,105 | 0 | |
U.S. | Equity securities | Significant Other Observable Inputs (Level 2) | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
U.S. | Equity securities | Significant Unobservable Inputs (Level 3) | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
U.S. | Equity securities | Significant Unobservable Inputs (Level 3) | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
U.S. | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 40,793 | 54,403 | |
U.S. | Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 40,793 | 54,403 | |
U.S. | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | 0 | |
U.S. | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | $ 0 | |
U.S. | Treasury bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Carrying Amount | 83,925 | ||
U.S. | Treasury bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 83,925 | ||
U.S. | Treasury bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | 0 | ||
U.S. | Treasury bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Fair Value Measurements | $ 0 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $ 145,613 |
2,018 | 12,623 |
2,019 | 12,093 |
2,020 | 12,643 |
2,021 | 16,778 |
2,022 | 15,890 |
Thereafter | 75,586 |
Non-U.S. | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 36,203 |
2,018 | 3,079 |
2,019 | 3,189 |
2,020 | 3,301 |
2,021 | 3,419 |
2,022 | 3,540 |
Thereafter | 19,675 |
U.S. | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 109,410 |
2,018 | 9,544 |
2,019 | 8,904 |
2,020 | 9,342 |
2,021 | 13,359 |
2,022 | 12,350 |
Thereafter | $ 55,911 |
Derivative Instruments and He80
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)payment | Jun. 30, 2017USD ($)$ / bbl | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Number of contingent payments | payment | 2 | ||
FCX Settlement | |||
Derivative [Line Items] | |||
Derivative contingent settlement period | 12 months | ||
FCX Settlement | Noble Corp | |||
Derivative [Line Items] | |||
Estimated fair value of contingent payments | $ 0 | ||
FCX Settlement | WTI Crude Oil Averages Price More than $50 Per Barrel | |||
Derivative [Line Items] | |||
Crude oil average price | $ / bbl | 50 | ||
Non designated derivatives contingent payment | $ 25,000,000 | ||
FCX Settlement | WTI Crude Oil Averages Price More than $65 Per Barrel | |||
Derivative [Line Items] | |||
Crude oil average price | $ / bbl | 65 | ||
Non designated derivatives contingent payment | $ 50,000,000 | ||
Forward contracts | |||
Derivative [Line Items] | |||
Derivative Instrument Settlement Amount | $ 37,600,000 | $ 53,100,000 | |
Price risk derivative | |||
Derivative [Line Items] | |||
Notional amount of forward contracts outstanding | $ 0 | $ 0 |
Derivative Instruments and He81
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-designated derivatives | FCX Settlement | Prepaid expenses and other current assets | ||
Asset derivatives | ||
FCX Settlement | $ 0 | $ 14,400 |
Derivative Instruments and He82
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Non-designated derivatives | FCX Settlement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain/(loss) recognized through AOCL | $ 0 | $ 0 |
Non-designated derivatives | Contract drilling services | FCX Settlement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to Contract drilling services costs | 0 | 0 |
Gain/(loss) recognized through Contract drilling services revenue | (14,400) | 14,400 |
Foreign currency forward contracts | Designated as hedging | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain/(loss) recognized through AOCL | (1,239) | (1,187) |
Foreign currency forward contracts | Designated as hedging | Contract drilling services | Cash flow hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCL to Contract drilling services costs | 0 | 0 |
Gain/(loss) recognized through Contract drilling services revenue | $ 1,239 | $ 1,187 |
Fair Value of Financial Instr83
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Quoted Prices in Active Markets (Level 1) | ||
Assets - | ||
Marketable securities | $ 7,321 | $ 6,246 |
FCX Settlement | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets - | ||
Marketable securities | 0 | 0 |
FCX Settlement | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Assets - | ||
Marketable securities | 0 | 0 |
FCX Settlement | 14,400 | |
Carrying Value | ||
Assets - | ||
Marketable securities | $ 7,321 | 6,246 |
FCX Settlement | $ 14,400 |
Fair Value of Financial Instr84
Fair Value of Financial Instruments Fair Value of Financial Instruments - Settlement Asset from FCX (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination, Contingent Consideration, Asset [Roll Forward] | ||
Beginning balance | $ 14,400 | $ 0 |
Fair value recognized in earnings | 17,600 | |
Change in fair value recognized in earnings | (14,400) | (3,200) |
Ending balance | $ 0 | $ 14,400 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2017Rig | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 02, 2017USD ($) | |
Other Commitments [Line Items] | ||||||||||
Number of newbuild rigs allegedly infringing patent | Rig | 5 | |||||||||
Net charges recognized relating to Paragon Offshore emergence from bankruptcy | $ 15,900 | |||||||||
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (1,486) | $ 0 | $ (1,486) | $ 0 | $ 0 | |||
Years of effectiveness of employment agreements after the termination of employment | 3 years | |||||||||
Operating Leases, Rent Expense | $ 8,300 | $ 7,800 | $ 8,700 | |||||||
Minimum | ||||||||||
Other Commitments [Line Items] | ||||||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | |||||||||
Paragon Offshore | ||||||||||
Other Commitments [Line Items] | ||||||||||
Litigation trust fund | $ 10,000 | |||||||||
Customs And Other Business Taxes | Mexico | Non-U.S. | ||||||||||
Other Commitments [Line Items] | ||||||||||
Approximate audit claims assessed | $ 48,300 | |||||||||
Noble Discoverer And Kulluk | ||||||||||
Other Commitments [Line Items] | ||||||||||
Loss contingencies payments | $ 8,200 | |||||||||
Environmental Compliance Plan, probationary period | 4 years | |||||||||
Noble Discoverer And Kulluk | Community Service Payment | ||||||||||
Other Commitments [Line Items] | ||||||||||
Loss contingencies payments | $ 4,000 |
Commitments and Contingencies86
Commitments and Contingencies - Future Minimum Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 18,720 |
2,019 | 14,046 |
2,020 | 2,564 |
2,021 | 1,853 |
2,022 | 1,586 |
Thereafter | 3,840 |
Total | $ 42,609 |
Segment and Related Informati87
Segment and Related Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | $ 329,585 | $ 266,212 | $ 278,142 | $ 362,976 | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 1,236,915 | $ 2,302,065 | $ 3,352,252 |
Identifiable Assets | 10,794,659 | 11,440,117 | 10,794,659 | 11,440,117 | |||||||
Africa | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 48,228 | 1,803 | 0 | ||||||||
Identifiable Assets | 0 | 673,486 | 0 | 673,486 | |||||||
Argentina | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 51,627 | 111,589 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Australia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 12,262 | 89,847 | 204,822 | ||||||||
Identifiable Assets | 257,415 | 0 | 257,415 | 0 | |||||||
Brazil | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 27,640 | 78,683 | ||||||||
Identifiable Assets | 25,645 | 25,474 | 25,645 | 25,474 | |||||||
Brunei | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 45,450 | 42,710 | 0 | ||||||||
Identifiable Assets | 119 | 312,494 | 119 | 312,494 | |||||||
Bulgaria | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 55,145 | 78,985 | 0 | ||||||||
Identifiable Assets | 657,806 | 0 | 657,806 | 0 | |||||||
Canada | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 1,639 | 0 | 0 | ||||||||
Identifiable Assets | 238,902 | 0 | 238,902 | 0 | |||||||
Curacao | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 647,554 | 0 | 647,554 | 0 | |||||||
Denmark | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 44,671 | 46,342 | 77,934 | ||||||||
Identifiable Assets | 250,851 | 250,776 | 250,851 | 250,776 | |||||||
Gabon | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 23,385 | 90,082 | ||||||||
Identifiable Assets | 8,378 | 0 | 8,378 | 0 | |||||||
Libya | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 136,406 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Malaysia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 131,696 | 168,826 | 149,597 | ||||||||
Identifiable Assets | 293,297 | 747,059 | 293,297 | 747,059 | |||||||
Mexico | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 27,391 | 0 | 27,391 | 0 | |||||||
Qatar | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 16,488 | 608 | 0 | ||||||||
Identifiable Assets | 0 | 263,108 | 0 | 263,108 | |||||||
Saudi Arabia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 140,453 | 120,132 | 226,251 | ||||||||
Identifiable Assets | 455,296 | 443,965 | 455,296 | 443,965 | |||||||
Singapore | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Identifiable Assets | 911,515 | 230,897 | 911,515 | 230,897 | |||||||
Suriname | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 13,034 | 0 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Tanzania | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 1,526 | 48,394 | 0 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
The Netherlands | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 42 | 67,765 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
Turkey | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | (3) | 0 | 97,065 | ||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | |||||||
United Arab Emirates | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 99,825 | 86,446 | 67,117 | ||||||||
Identifiable Assets | 590,863 | 591,306 | 590,863 | 591,306 | |||||||
United Kingdom | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 209,338 | 95,621 | 87,896 | ||||||||
Identifiable Assets | 894,902 | 1,475,651 | 894,902 | 1,475,651 | |||||||
United States | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 417,163 | 1,404,365 | 1,941,485 | ||||||||
Identifiable Assets | 5,534,725 | 6,399,119 | 5,534,725 | 6,399,119 | |||||||
Other | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 15,292 | $ 15,560 | ||||||||
Identifiable Assets | $ 0 | $ 26,782 | $ 0 | $ 26,782 |
Supplemental Financial Inform88
Supplemental Financial Information - Additional Information (Detail) $ in Millions | Dec. 31, 2017USD ($)Rig | Dec. 31, 2016USD ($) | Dec. 31, 2015Rig | Apr. 30, 2015Rig |
Schedule Of Supplemental Financial Information [Line Items] | ||||
Deferred revenues under drilling contracts | $ 114.3 | $ 134.4 | ||
Deferred expenses under drilling contracts | $ 55.7 | 72.8 | ||
Aramco | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Number of rigs | Rig | 5 | 5 | 5 | |
Revenues recorded in excess of billings | $ 6.9 | 17.9 | ||
Aramco | Prepaid expenses and other current assets | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | $ 6.9 | 9.2 | ||
Aramco | Other assets | ||||
Schedule Of Supplemental Financial Information [Line Items] | ||||
Revenues recorded in excess of billings | $ 8.7 |
Supplemental Financial Inform89
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Net change in other assets and liabilities | $ (21,237) | $ 87,124 | $ 126,103 |
Noble-UK | |||
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | 114,456 | 179,779 | 70,165 |
Other current assets | (23,710) | 81,702 | 61,514 |
Other assets | (87,377) | 139,872 | 106,354 |
Accounts payable | 22,638 | (84,873) | (30,771) |
Other current liabilities | 34,568 | (209,739) | (54,940) |
Other liabilities | (81,812) | (19,617) | (26,219) |
Net change in other assets and liabilities | (21,237) | 87,124 | 126,103 |
Noble - Cayman | |||
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | 114,456 | 179,779 | 70,165 |
Other current assets | (26,556) | 79,682 | 23,047 |
Other assets | (89,591) | 137,792 | 89,877 |
Accounts payable | 22,834 | (83,085) | (28,538) |
Other current liabilities | 35,695 | (205,969) | (34,024) |
Other liabilities | (76,929) | (20,960) | (25,562) |
Net change in other assets and liabilities | $ (20,091) | $ 87,239 | $ 94,965 |
Supplemental Financial Inform90
Supplemental Financial Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noble-UK | |||
Supplemental Cash Flow Elements [Abstract] | |||
Interest, net of amounts capitalized | $ 246,960 | $ 232,907 | $ 190,917 |
Income taxes (net of refunds) | 30,590 | 100,544 | 89,292 |
Noble - Cayman | |||
Supplemental Cash Flow Elements [Abstract] | |||
Interest, net of amounts capitalized | 246,960 | 232,907 | 190,917 |
Income taxes (net of refunds) | $ 30,590 | $ 100,717 | $ 88,948 |
Condensed Consolidating Finan91
Condensed Consolidating Financial Information - Guarantor Obligations (Detail) | Dec. 31, 2017USD ($) |
5.75% Senior Notes due March 2018 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 250,000,000 |
Interest rate on senior notes | 5.75% |
7.50% Senior Notes due March 2019 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 202,000,000 |
Interest rate on senior notes | 7.50% |
4.90% Senior Notes due August 2020 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 168,000,000 |
Interest rate on senior notes | 4.90% |
4.625% Senior Notes due March 2021 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 209,000,000 |
Interest rate on senior notes | 4.625% |
3.95% Senior Notes due March 2022 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 126,000,000 |
Interest rate on senior notes | 3.95% |
7.75% Senior Notes due January 2024 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 1,000,000,000 |
Interest rate on senior notes | 7.75% |
7.70% Senior Notes due April 2025 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 450,000,000 |
Interest rate on senior notes | 7.70% |
6.20% Senior Notes due August 2040 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 6.20% |
6.05% Senior Notes due March 2041 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 6.05% |
5.25% Senior Notes due March 2042 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 500,000,000 |
Interest rate on senior notes | 5.25% |
8.70% Senior Notes due April 2045 | |
Guarantor Obligations [Line Items] | |
Face value of senior notes | $ 400,000,000 |
Interest rate on senior notes | 8.70% |
Condensed Consolidating Finan92
Condensed Consolidating Financial Information - Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 662,829 | $ 725,722 | $ 512,245 | $ 68,510 |
Accounts receivable | 204,696 | 319,152 | ||
Taxes receivable | 105,345 | 55,480 | ||
Prepaid expenses and other current assets | 66,105 | 92,260 | ||
Total current assets | 1,038,975 | 1,192,614 | ||
Property and equipment, at cost | 12,034,331 | 12,364,888 | ||
Accumulated depreciation | (2,545,091) | (2,302,940) | ||
Property and equipment, net | 9,489,240 | 10,061,948 | ||
Other assets | 266,444 | 185,555 | ||
Total assets | 10,794,659 | 11,440,117 | ||
Current liabilities | ||||
Current maturities of long-term debt | 249,843 | 299,882 | ||
Accounts payable | 84,032 | 108,224 | ||
Accrued payroll and related costs | 54,904 | 48,383 | ||
Taxes payable | 34,391 | 46,561 | ||
Interest payable | 98,189 | 61,299 | ||
Other current liabilities | 71,665 | 68,944 | ||
Total current liabilities | 593,024 | 633,293 | ||
Long-term debt | 3,795,867 | 4,040,229 | ||
Deferred income taxes | 164,962 | 2,084 | ||
Other liabilities | 290,178 | 297,066 | ||
Total liabilities | 4,844,031 | 4,972,672 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,276,161 | 5,758,681 | ||
Noncontrolling interests | 674,467 | 708,764 | ||
Total equity | 5,950,628 | 6,467,445 | 7,422,230 | 7,287,034 |
Total liabilities and equity | 10,794,659 | 11,440,117 | ||
Consolidating Adjustments | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | (2,492,928) | (1,646,234) | ||
Accounts receivable from affiliates | (7,080,817) | (3,690,281) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (9,573,745) | (5,336,515) | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | (9,495,662) | (5,290,556) | ||
Investments in affiliates | (34,534,543) | (20,766,555) | ||
Other assets | 0 | 0 | ||
Total assets | (53,603,950) | (31,393,626) | ||
Current liabilities | ||||
Short-term notes payables from affiliates | (2,492,928) | (1,646,234) | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | (7,080,817) | (3,690,281) | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (9,573,745) | (5,336,515) | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | (9,495,662) | (5,290,556) | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (19,069,407) | (10,627,071) | ||
Commitments and contingencies | ||||
Total shareholder equity | (34,534,543) | (20,362,710) | ||
Noncontrolling interests | 0 | (403,845) | ||
Total equity | (34,534,543) | (20,766,555) | ||
Total liabilities and equity | (53,603,950) | (31,393,626) | ||
Other Non-guarantor Subsidiaries of Noble | ||||
Current assets | ||||
Cash and cash equivalents | 609,516 | 640,441 | 508,067 | 65,521 |
Accounts receivable | 179,974 | 285,990 | ||
Taxes receivable | 12,040 | 34,052 | ||
Short-term notes receivable from affiliates | 0 | 52,611 | ||
Accounts receivable from affiliates | 5,813,846 | 3,038,658 | ||
Prepaid expenses and other current assets | 63,963 | 86,868 | ||
Total current assets | 6,679,339 | 4,138,620 | ||
Property and equipment, at cost | 11,176,547 | 9,988,026 | ||
Accumulated depreciation | (2,435,086) | (1,874,632) | ||
Property and equipment, net | 8,741,461 | 8,113,394 | ||
Notes receivable from affiliates | 1,175,300 | 1,798,614 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 238,718 | 168,573 | ||
Total assets | 16,834,818 | 14,219,201 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 887,685 | 1,474,309 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 82,406 | 103,640 | ||
Accrued payroll and related costs | 50,124 | 43,437 | ||
Accounts payable to affiliates | 845,634 | 640,313 | ||
Taxes payable | 33,965 | 46,561 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 66,297 | 63,004 | ||
Total current liabilities | 1,966,111 | 2,371,264 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 5,145,362 | 3,379,236 | ||
Deferred income taxes | 164,957 | 1,550 | ||
Other liabilities | 239,919 | 248,219 | ||
Total liabilities | 7,516,349 | 6,000,269 | ||
Commitments and contingencies | ||||
Total shareholder equity | 8,644,002 | 7,106,323 | ||
Noncontrolling interests | 674,467 | 1,112,609 | ||
Total equity | 9,318,469 | 8,218,932 | ||
Total liabilities and equity | 16,834,818 | 14,219,201 | ||
Noble - Cayman | ||||
Current assets | ||||
Cash and cash equivalents | 11 | 2,537 | 1,627 | 5 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 594,456 | 361,313 | ||
Prepaid expenses and other current assets | 0 | 270 | ||
Total current assets | 594,467 | 364,120 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,177,248 | 3,304,672 | ||
Investments in affiliates | 4,933,978 | 2,848,855 | ||
Other assets | 2,663 | 4,292 | ||
Total assets | 8,708,356 | 6,521,939 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 3,410,669 | 818,737 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 2,211 | 48 | ||
Other current liabilities | 0 | 12 | ||
Total current liabilities | 3,412,880 | 818,797 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 19,929 | 19,929 | ||
Total liabilities | 3,432,809 | 838,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,275,547 | 5,683,213 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,275,547 | 5,683,213 | ||
Total liabilities and equity | 8,708,356 | 6,521,939 | ||
NHUS | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 93,302 | 21,428 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 1,454 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 94,756 | 21,428 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 4,550,358 | 2,007,016 | ||
Other assets | 16,775 | 0 | ||
Total assets | 4,661,889 | 2,028,444 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 1,605,243 | 171,925 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 393,073 | 111,801 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1,998,316 | 283,726 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 700,000 | 700,000 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 2,698,316 | 983,726 | ||
Commitments and contingencies | ||||
Total shareholder equity | 1,963,573 | 1,044,718 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 1,963,573 | 1,044,718 | ||
Total liabilities and equity | 4,661,889 | 2,028,444 | ||
NDH | ||||
Current assets | ||||
Cash and cash equivalents | 23,160 | 10,855 | 2,101 | 254 |
Accounts receivable | 24,722 | 33,162 | ||
Taxes receivable | 3 | 0 | ||
Short-term notes receivable from affiliates | 119,476 | 243,915 | ||
Accounts receivable from affiliates | 144,367 | 137,476 | ||
Prepaid expenses and other current assets | 1,477 | 1,611 | ||
Total current assets | 313,205 | 427,019 | ||
Property and equipment, at cost | 857,784 | 2,376,862 | ||
Accumulated depreciation | (110,005) | (428,308) | ||
Property and equipment, net | 747,779 | 1,948,554 | ||
Notes receivable from affiliates | 1,199,815 | 112,706 | ||
Investments in affiliates | 5,252,135 | 1,411,874 | ||
Other assets | 8,372 | 5,687 | ||
Total assets | 7,521,306 | 3,905,840 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 1,467 | 4,228 | ||
Accrued payroll and related costs | 4,780 | 4,882 | ||
Accounts payable to affiliates | 1,770,066 | 1,995,788 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Other current liabilities | 5,169 | 4,296 | ||
Total current liabilities | 1,781,482 | 2,009,194 | ||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates | 474,637 | 467,139 | ||
Deferred income taxes | 5 | 534 | ||
Other liabilities | 30,330 | 24,035 | ||
Total liabilities | 2,286,454 | 2,500,902 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,234,852 | 1,404,938 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 5,234,852 | 1,404,938 | ||
Total liabilities and equity | 7,521,306 | 3,905,840 | ||
NHIL | ||||
Current assets | ||||
Cash and cash equivalents | 29,324 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 60,945 | 67,560 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 90,269 | 67,560 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 0 | 69,564 | ||
Investments in affiliates | 12,560,598 | 8,369,728 | ||
Other assets | 0 | 0 | ||
Total assets | 12,650,867 | 8,506,852 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 249,843 | 299,882 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 661,375 | 123,642 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 83,960 | 56,839 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 995,178 | 480,363 | ||
Long-term debt | 3,594,332 | 3,838,807 | ||
Notes payable to affiliates | 3,175,663 | 744,181 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 7,765,173 | 5,063,351 | ||
Commitments and contingencies | ||||
Total shareholder equity | 4,885,694 | 3,443,501 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,885,694 | 3,443,501 | ||
Total liabilities and equity | 12,650,867 | 8,506,852 | ||
NDS6 | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Taxes receivable | 0 | 0 | ||
Short-term notes receivable from affiliates | 2,373,452 | 1,349,708 | ||
Accounts receivable from affiliates | 465,749 | 85,274 | ||
Prepaid expenses and other current assets | 1 | 0 | ||
Total current assets | 2,839,202 | 1,434,982 | ||
Property and equipment, at cost | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Notes receivable from affiliates | 3,943,299 | 5,000 | ||
Investments in affiliates | 7,237,474 | 6,129,082 | ||
Other assets | 0 | 0 | ||
Total assets | 14,019,975 | 7,569,064 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued payroll and related costs | 0 | 0 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 0 | 0 | ||
Interest payable | 12,018 | 4,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 12,018 | 4,412 | ||
Long-term debt | 201,535 | 201,422 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 213,553 | 205,834 | ||
Commitments and contingencies | ||||
Total shareholder equity | 13,806,422 | 7,363,230 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 13,806,422 | 7,363,230 | ||
Total liabilities and equity | 14,019,975 | 7,569,064 | ||
Noble Corp | ||||
Current assets | ||||
Cash and cash equivalents | 662,011 | 653,833 | 511,795 | 65,780 |
Accounts receivable | 204,696 | 319,152 | ||
Taxes receivable | 105,345 | 55,480 | ||
Short-term notes receivable from affiliates | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Prepaid expenses and other current assets | 65,441 | 88,749 | ||
Total current assets | 1,037,493 | 1,117,214 | ||
Property and equipment, at cost | 12,034,331 | 12,364,888 | ||
Accumulated depreciation | (2,545,091) | (2,302,940) | ||
Property and equipment, net | 9,489,240 | 10,061,948 | ||
Notes receivable from affiliates | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Other assets | 266,528 | 178,552 | ||
Total assets | 10,793,261 | 11,357,714 | ||
Current liabilities | ||||
Short-term notes payables from affiliates | 0 | 0 | ||
Current maturities of long-term debt | 249,843 | 299,882 | ||
Accounts payable | 83,873 | 107,868 | ||
Accrued payroll and related costs | 54,904 | 48,319 | ||
Accounts payable to affiliates | 0 | 0 | ||
Taxes payable | 33,965 | 46,561 | ||
Interest payable | 98,189 | 61,299 | ||
Other current liabilities | 71,466 | 67,312 | ||
Total current liabilities | 592,240 | 631,241 | ||
Long-term debt | 3,795,867 | 4,040,229 | ||
Notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 164,962 | 2,084 | ||
Other liabilities | 290,178 | 292,183 | ||
Total liabilities | 4,843,247 | 4,965,737 | ||
Commitments and contingencies | ||||
Total shareholder equity | 5,275,547 | 5,683,213 | ||
Noncontrolling interests | 674,467 | 708,764 | ||
Total equity | 5,950,014 | 6,391,977 | $ 7,414,471 | $ 7,218,782 |
Total liabilities and equity | $ 10,793,261 | $ 11,357,714 |
Condensed Consolidating Finan93
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues | |||||||||||
Contract drilling services | $ 1,207,026 | $ 2,242,200 | $ 3,261,610 | ||||||||
Reimbursables and other | 29,889 | 59,865 | 90,642 | ||||||||
Total operating revenues | $ 329,585 | $ 266,212 | $ 278,142 | $ 362,976 | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | 1,236,915 | 2,302,065 | 3,352,252 |
Operating costs and expenses | |||||||||||
Contract drilling services | 640,489 | 879,438 | 1,232,529 | ||||||||
Reimbursables | 18,435 | 45,499 | 70,276 | ||||||||
Depreciation and amortization | 547,990 | 611,067 | 634,305 | ||||||||
General and administrative | 71,634 | 69,258 | 76,843 | ||||||||
Loss on impairment | 121,639 | 1,458,749 | 418,298 | ||||||||
Total operating costs and expenses | 1,400,187 | 3,064,011 | 2,432,251 | ||||||||
Operating income (loss) | (109,656) | (55,588) | (43,875) | 45,847 | (1,384,912) | (2,208) | 449,714 | 175,460 | (163,272) | (761,946) | 920,001 |
Other income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (291,989) | (222,915) | (213,854) | ||||||||
Gain on extinguishment of debt, net | 0 | 17,814 | 0 | ||||||||
Interest income and other, net | 5,449 | 18 | 36,286 | ||||||||
Income (loss) from continuing operations before income taxes | (449,812) | (967,029) | 742,433 | ||||||||
Income tax benefit (provision) | (42,629) | 109,156 | (159,232) | ||||||||
Net income (loss) from continuing operations | (492,441) | (857,873) | 583,201 | ||||||||
Net income (loss) from discontinued operations, net of tax | (1,486) | 0 | 0 | ||||||||
Net income (loss) | (493,927) | (857,873) | 583,201 | ||||||||
Net income attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) | ||||||||
Net income (loss) attributable to the company | $ (24,675) | $ (96,792) | $ (91,864) | $ (301,694) | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | (516,511) | (929,580) | 511,000 |
Other comprehensive income, net | 9,252 | 11,035 | 6,243 | ||||||||
Comprehensive income (loss) attributable to the company | (507,259) | (918,545) | 517,243 | ||||||||
Consolidating Adjustments | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | (47,886) | (94,697) | (418,655) | ||||||||
Reimbursables and other | 0 | 0 | 0 | ||||||||
Total operating revenues | (47,886) | (94,697) | (418,655) | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | (47,886) | (94,697) | (418,655) | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | (47,886) | (94,697) | (418,655) | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 715,805 | 2,017,831 | (2,439,236) | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | (7,533) | ||||||||||
Interest expense, net of amounts capitalized | 341,603 | 252,816 | 198,255 | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | (341,603) | (252,816) | (198,255) | ||||||||
Income (loss) from continuing operations before income taxes | 708,272 | 2,017,831 | (2,439,236) | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 708,272 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 708,272 | 2,017,831 | (2,439,236) | ||||||||
Net income attributable to noncontrolling interests | (1,995) | (32,413) | 33,039 | ||||||||
Net income (loss) attributable to the company | 706,277 | 1,985,418 | (2,406,197) | ||||||||
Other comprehensive income, net | (9,252) | (11,035) | (6,243) | ||||||||
Comprehensive income (loss) attributable to the company | 697,025 | 1,974,383 | (2,412,440) | ||||||||
Other Non-guarantor Subsidiaries of Noble | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 1,086,320 | 2,086,848 | 3,325,608 | ||||||||
Reimbursables and other | 26,446 | 51,375 | 72,313 | ||||||||
Total operating revenues | 1,112,766 | 2,138,223 | 3,397,921 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 627,251 | 789,814 | 1,142,891 | ||||||||
Reimbursables | 16,443 | 37,268 | 56,590 | ||||||||
Depreciation and amortization | 484,883 | 519,211 | 556,057 | ||||||||
General and administrative | 33,600 | (4,018) | 7,446 | ||||||||
Loss on impairment | 76,627 | 1,458,749 | 418,285 | ||||||||
Total operating costs and expenses | 1,238,804 | 2,801,024 | 2,181,269 | ||||||||
Operating income (loss) | (126,038) | (662,801) | 1,216,652 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Interest expense, net of amounts capitalized | (130,442) | (122,345) | (68,670) | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | 19,716 | 108,108 | 75,071 | ||||||||
Income (loss) from continuing operations before income taxes | (236,764) | (677,038) | 1,223,053 | ||||||||
Income tax benefit (provision) | (284,115) | 151,522 | (80,225) | ||||||||
Net income (loss) from continuing operations | (520,879) | ||||||||||
Net income (loss) from discontinued operations, net of tax | 4,565 | ||||||||||
Net income (loss) | (516,314) | (525,516) | 1,142,828 | ||||||||
Net income attributable to noncontrolling interests | (20,589) | (39,294) | (105,240) | ||||||||
Net income (loss) attributable to the company | (536,903) | (564,810) | 1,037,588 | ||||||||
Other comprehensive income, net | 9,252 | 11,035 | 6,243 | ||||||||
Comprehensive income (loss) attributable to the company | (527,651) | (553,775) | 1,043,831 | ||||||||
Noble - Cayman | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables and other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 304 | 4,532 | 3,611 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 129 | 1,264 | 1,138 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 433 | 5,796 | 4,749 | ||||||||
Operating income (loss) | (433) | (5,796) | (4,749) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | (476,382) | (962,662) | 591,297 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 2,967 | ||||||||||
Interest expense, net of amounts capitalized | (10,951) | (27,891) | (75,925) | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | 10,483 | 96,635 | 24,188 | ||||||||
Income (loss) from continuing operations before income taxes | (474,316) | (899,714) | 534,811 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | (474,316) | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | (474,316) | (899,714) | 534,811 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | (474,316) | (899,714) | 534,811 | ||||||||
Other comprehensive income, net | 9,252 | 11,035 | 6,243 | ||||||||
Comprehensive income (loss) attributable to the company | (465,064) | (888,679) | 541,054 | ||||||||
NHUS | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables and other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 12,090 | 18,902 | 19,160 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 5,761 | 8,716 | 8,683 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 17,851 | 27,618 | 27,843 | ||||||||
Operating income (loss) | (17,851) | (27,618) | (27,843) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | (528,702) | (257,142) | 73,319 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 4,566 | ||||||||||
Interest expense, net of amounts capitalized | (32,838) | (70,494) | (4,932) | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | (141) | 120 | 4,852 | ||||||||
Income (loss) from continuing operations before income taxes | (574,966) | (355,134) | 45,396 | ||||||||
Income tax benefit (provision) | 241,960 | (42,522) | (77,929) | ||||||||
Net income (loss) from continuing operations | (333,006) | ||||||||||
Net income (loss) from discontinued operations, net of tax | (1,598) | ||||||||||
Net income (loss) | (334,604) | (397,656) | (32,533) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | (334,604) | (397,656) | (32,533) | ||||||||
Other comprehensive income, net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the company | (334,604) | (397,656) | (32,533) | ||||||||
NDH | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 168,592 | 250,049 | 354,657 | ||||||||
Reimbursables and other | 3,443 | 9,190 | 18,529 | ||||||||
Total operating revenues | 172,035 | 259,239 | 373,186 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 43,161 | 70,801 | 395,365 | ||||||||
Reimbursables | 1,992 | 8,231 | 13,686 | ||||||||
Depreciation and amortization | 58,236 | 91,802 | 77,187 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Loss on impairment | 45,012 | 0 | 13 | ||||||||
Total operating costs and expenses | 148,401 | 170,834 | 486,251 | ||||||||
Operating income (loss) | 23,634 | 88,405 | (113,065) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 82,596 | (980,099) | 190,335 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Interest expense, net of amounts capitalized | (13,493) | (11,461) | (12,110) | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | 87,287 | 12,616 | 52,026 | ||||||||
Income (loss) from continuing operations before income taxes | 180,024 | (890,539) | 117,186 | ||||||||
Income tax benefit (provision) | (440) | 163 | (4,466) | ||||||||
Net income (loss) from continuing operations | 179,584 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 179,584 | (890,376) | 112,720 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | 179,584 | (890,376) | 112,720 | ||||||||
Other comprehensive income, net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the company | 179,584 | (890,376) | 112,720 | ||||||||
NHIL | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables and other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 3,115 | 84,309 | 84,005 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 1,588 | 40,082 | 38,167 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 4,703 | 124,391 | 122,172 | ||||||||
Operating income (loss) | (4,703) | (124,391) | (122,172) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 188,809 | (333,446) | 936,429 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Interest expense, net of amounts capitalized | (430,580) | (228,423) | (224,894) | ||||||||
Gain on extinguishment of debt, net | 17,814 | 0 | |||||||||
Interest income and other, net | 4,771 | 20,412 | 71,617 | ||||||||
Income (loss) from continuing operations before income taxes | (241,703) | (648,034) | 660,980 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | (241,703) | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | (241,703) | (648,034) | 660,980 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | (241,703) | (648,034) | 660,980 | ||||||||
Other comprehensive income, net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the company | (241,703) | (648,034) | 660,980 | ||||||||
NDS6 | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables and other | 0 | 0 | 0 | ||||||||
Total operating revenues | 0 | 0 | 0 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 0 | 0 | 0 | ||||||||
Reimbursables | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 9 | 1 | 1 | ||||||||
Loss on impairment | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 9 | 1 | 1 | ||||||||
Operating income (loss) | (9) | (1) | (1) | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 17,874 | 515,518 | 647,856 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Interest expense, net of amounts capitalized | (15,288) | (15,117) | (25,578) | ||||||||
Gain on extinguishment of debt, net | 0 | 0 | |||||||||
Interest income and other, net | 224,772 | 15,058 | 5,165 | ||||||||
Income (loss) from continuing operations before income taxes | 227,349 | 515,458 | 627,442 | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 227,349 | ||||||||||
Net income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 227,349 | 515,458 | 627,442 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to the company | 227,349 | 515,458 | 627,442 | ||||||||
Other comprehensive income, net | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to the company | 227,349 | 515,458 | 627,442 | ||||||||
Noble Corp | |||||||||||
Operating revenues | |||||||||||
Contract drilling services | 1,207,026 | 2,242,200 | 3,261,610 | ||||||||
Reimbursables and other | 29,889 | 60,565 | 90,842 | ||||||||
Total operating revenues | 1,236,915 | 2,302,765 | 3,352,452 | ||||||||
Operating costs and expenses | |||||||||||
Contract drilling services | 638,035 | 873,661 | 1,226,377 | ||||||||
Reimbursables | 18,435 | 45,499 | 70,276 | ||||||||
Depreciation and amortization | 543,119 | 611,013 | 633,244 | ||||||||
General and administrative | 41,087 | 46,045 | 55,435 | ||||||||
Loss on impairment | 121,639 | 1,458,749 | 418,298 | ||||||||
Total operating costs and expenses | 1,362,315 | 3,034,967 | 2,403,630 | ||||||||
Operating income (loss) | (125,400) | (732,202) | 948,822 | ||||||||
Other income (expense) | |||||||||||
Income (loss) of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | 0 | ||||||||||
Interest expense, net of amounts capitalized | (291,989) | (222,915) | (213,854) | ||||||||
Gain on extinguishment of debt, net | 0 | 17,814 | 0 | ||||||||
Interest income and other, net | 5,285 | 133 | 34,664 | ||||||||
Income (loss) from continuing operations before income taxes | (412,104) | (937,170) | 769,632 | ||||||||
Income tax benefit (provision) | (42,595) | 109,163 | (162,620) | ||||||||
Net income (loss) from continuing operations | (454,699) | (828,007) | 607,012 | ||||||||
Net income (loss) from discontinued operations, net of tax | 2,967 | 0 | 0 | ||||||||
Net income (loss) | (451,732) | (828,007) | 607,012 | ||||||||
Net income attributable to noncontrolling interests | (22,584) | (71,707) | (72,201) | ||||||||
Net income (loss) attributable to the company | (474,316) | (899,714) | 534,811 | ||||||||
Other comprehensive income, net | 9,252 | 11,035 | 6,243 | ||||||||
Comprehensive income (loss) attributable to the company | $ (465,064) | $ (888,679) | $ 541,054 |
Condensed Consolidating Finan94
Condensed Consolidating Financial Information - Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net cash provided by operating activities | $ 453,938 | $ 1,126,076 | $ 1,764,907 |
Cash flows from investing activities | |||
Proceeds from disposal of assets | 2,382 | 24,808 | 4,614 |
Net cash used in investing activities | (155,588) | (669,931) | (432,537) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | (1,123,495) |
Repayment of long-term debt | (300,000) | (1,049,338) | (350,000) |
Issuance of senior notes | 0 | 980,100 | 1,092,728 |
Tender offer premium | 0 | (24,649) | 0 |
Debt issuance costs on senior notes and credit facility | (42) | (12,111) | (16,070) |
Dividends paid to noncontrolling interests | (56,881) | (85,944) | (71,504) |
Net cash used in financing activities | (361,243) | (242,668) | (888,635) |
Net increase (decrease) in cash and cash equivalents | (62,893) | 213,477 | 443,735 |
Cash and cash equivalents, beginning of period | 725,722 | 512,245 | 68,510 |
Cash and cash equivalents, end of period | 662,829 | 725,722 | 512,245 |
Consolidating Adjustments | |||
Cash flows from operating activities | |||
Net cash provided by 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 from affiliates | (733,722) | ||
Net cash used in investing activities | 0 | 0 | (733,722) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | 0 |
Notes payable to affiliates | 733,722 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 733,722 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Other Non-guarantor Subsidiaries of Noble | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 335,672 | 1,404,359 | 2,105,575 |
Cash flows from investing activities | |||
Capital expenditures | (154,348) | (201,754) | (320,557) |
Proceeds from disposal of assets | 2,336 | 24,808 | 4,614 |
Notes receivable from affiliates | 0 | ||
Net cash used in investing activities | (152,012) | (176,946) | (315,943) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | 0 |
Notes payable to affiliates | (124,951) | ||
Dividends paid to noncontrolling interests | (56,881) | (85,944) | (71,504) |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | (157,704) | (1,009,095) | (1,150,631) |
Net cash used in financing activities | (214,585) | (1,095,039) | (1,347,086) |
Net increase (decrease) in cash and cash equivalents | (30,925) | 132,374 | 442,546 |
Cash and cash equivalents, beginning of period | 640,441 | 508,067 | 65,521 |
Cash and cash equivalents, end of period | 609,516 | 640,441 | 508,067 |
Noble - Cayman | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 32,195 | 97,388 | (31,562) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable from affiliates | 124,951 | ||
Net cash used in investing activities | 0 | 0 | 124,951 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | (1,123,495) | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | (6,450) |
Notes payable to affiliates | (608,771) | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 28,352 | ||
Contributions (distributions) from (to) parent company, net | (152,360) | (400,614) | |
Advances (to) from affiliates | (63,073) | 55,882 | 2,047,563 |
Net cash used in financing activities | (34,721) | (96,478) | (91,767) |
Net increase (decrease) in cash and cash equivalents | (2,526) | 910 | 1,622 |
Cash and cash equivalents, beginning of period | 2,537 | 1,627 | 5 |
Cash and cash equivalents, end of period | 11 | 2,537 | 1,627 |
NHUS | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 100,883 | (150,735) | (53,686) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable from affiliates | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | 0 |
Notes payable to affiliates | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | (100,883) | 150,735 | 53,686 |
Net cash used in financing activities | (100,883) | 150,735 | 53,686 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
NDH | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 209,898 | 149,431 | 15,207 |
Cash flows from investing activities | |||
Capital expenditures | (3,622) | (492,985) | (116,594) |
Proceeds from disposal of assets | 46 | 0 | 0 |
Notes receivable from affiliates | 0 | ||
Net cash used in investing activities | (3,576) | (492,985) | (116,594) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | 0 |
Notes payable to affiliates | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | (194,017) | 352,308 | 103,234 |
Net cash used in financing activities | (194,017) | 352,308 | 103,234 |
Net increase (decrease) in cash and cash equivalents | 12,305 | 8,754 | 1,847 |
Cash and cash equivalents, beginning of period | 10,855 | 2,101 | 254 |
Cash and cash equivalents, end of period | 23,160 | 10,855 | 2,101 |
NHIL | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | (403,391) | (344,112) | (267,735) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable from affiliates | 608,771 | ||
Net cash used in investing activities | 0 | 0 | 608,771 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | (300,000) | (1,049,338) | (350,000) |
Issuance of senior notes | 980,100 | 1,092,728 | |
Tender offer premium | (24,649) | ||
Debt issuance costs on senior notes and credit facility | (42) | (12,111) | (9,620) |
Notes payable to affiliates | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | 732,757 | 450,110 | (1,074,144) |
Net cash used in financing activities | 432,715 | 344,112 | (341,036) |
Net increase (decrease) in cash and cash equivalents | 29,324 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 29,324 | 0 | 0 |
NDS6 | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 217,080 | (60) | (20,292) |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | 0 |
Notes receivable from affiliates | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | ||
Repayment of long-term debt | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Tender offer premium | 0 | ||
Debt issuance costs on senior notes and credit facility | 0 | 0 | 0 |
Notes payable to affiliates | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Contributions (distributions) from (to) parent company, net | 0 | ||
Contributions (distributions) from (to) parent company, net | 0 | 0 | |
Advances (to) from affiliates | (217,080) | 60 | 20,292 |
Net cash used in financing activities | (217,080) | 60 | 20,292 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Noble Corp | |||
Cash flows from operating activities | |||
Net cash provided by operating activities | 492,337 | 1,156,271 | 1,747,507 |
Cash flows from investing activities | |||
Capital expenditures | (157,970) | (694,739) | (437,151) |
Proceeds from disposal of assets | 2,382 | 24,808 | 4,614 |
Notes receivable from affiliates | 0 | ||
Net cash used in investing activities | (155,588) | (669,931) | (432,537) |
Cash flows from financing activities | |||
Net change in borrowings outstanding on bank credit facilities | 0 | 0 | (1,123,495) |
Repayment of long-term debt | (300,000) | (1,049,338) | (350,000) |
Issuance of senior notes | 0 | 980,100 | 1,092,728 |
Tender offer premium | 0 | (24,649) | 0 |
Debt issuance costs on senior notes and credit facility | (42) | (12,111) | (16,070) |
Notes payable to affiliates | 0 | ||
Dividends paid to noncontrolling interests | (56,881) | (85,944) | (71,504) |
Contributions (distributions) from (to) parent company, net | 28,352 | ||
Contributions (distributions) from (to) parent company, net | (152,360) | (400,614) | |
Advances (to) from affiliates | 0 | 0 | 0 |
Net cash used in financing activities | (328,571) | (344,302) | (868,955) |
Net increase (decrease) in cash and cash equivalents | 8,178 | 142,038 | 446,015 |
Cash and cash equivalents, beginning of period | 653,833 | 511,795 | 65,780 |
Cash and cash equivalents, end of period | $ 662,011 | $ 653,833 | $ 511,795 |
Unaudited Interim Financial D95
Unaudited Interim Financial Data - Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 329,585 | $ 266,212 | $ 278,142 | $ 362,976 | $ 410,156 | $ 385,153 | $ 894,783 | $ 611,973 | $ 1,236,915 | $ 2,302,065 | $ 3,352,252 |
Operating income (loss) | (109,656) | (55,588) | (43,875) | 45,847 | (1,384,912) | (2,208) | 449,714 | 175,460 | (163,272) | (761,946) | 920,001 |
Net loss from continuing operations | (24,675) | (96,792) | (91,864) | (301,694) | $ (1,302,850) | $ (55,081) | $ 322,866 | $ 105,485 | (516,511) | (929,580) | 511,000 |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (1,486) | $ 0 | $ (1,486) | $ 0 | $ 0 | ||||
Basic: | |||||||||||
Income (loss) from continuing operations (usd per share) | $ (0.10) | $ (0.40) | $ (0.37) | $ (1.24) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | $ (2.10) | $ (3.82) | $ 2.06 |
Net loss from discontinued operations, net of tax (usd per share) | 0 | 0 | (0.01) | 0 | (0.01) | 0 | 0 | ||||
Diluted: | |||||||||||
Net income (loss) from continuing operations (usd per share) | (0.10) | (0.40) | (0.37) | (1.24) | $ (5.36) | $ (0.23) | $ 1.28 | $ 0.42 | (2.10) | (3.82) | 2.06 |
Net loss from discontinued operations, net of tax (usd per share) | $ 0 | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 01, 2018 | Jan. 03, 2018 |
Subsequent Event [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 17,814,000 | $ 0 | ||||
NHIL | |||||||
Subsequent Event [Line Items] | |||||||
Loss on extinguishment of debt | $ 17,814,000 | $ 0 | |||||
7.50% Senior Notes due March 2019 | |||||||
Subsequent Event [Line Items] | |||||||
Face value of senior notes | 202,000,000 | ||||||
Line of Credit | 2015 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | 2,400,000,000 | ||||||
Line of Credit | Letter of Credit | 2015 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | $ 500,000,000 | ||||||
Subsequent event | Line of Credit | 2017 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | $ 1,501,500,000 | ||||||
Subsequent event | Line of Credit | Letter of Credit | 2015 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | 0 | ||||||
Subsequent event | Line of Credit | Letter of Credit | 2017 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | 15,000,000 | ||||||
Subsequent event | Line of Credit | Revolving Credit Facility | 2015 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | 300,000,000 | ||||||
Subsequent event | Line of Credit | Revolving Credit Facility | 2017 Credit Facility | |||||||
Subsequent Event [Line Items] | |||||||
Maximum borrowing capacity under credit facilities | $ 1,501,500,000 | ||||||
Subsequent event | Senior notes | |||||||
Subsequent Event [Line Items] | |||||||
Purchase of senior notes | $ 754,200,000 | ||||||
Repurchase amount | $ 750,000,000 | ||||||
Loss on extinguishment of debt | $ (2,000,000) | ||||||
Subsequent event | Senior notes | Senior Notes due 2026 | NHIL | |||||||
Subsequent Event [Line Items] | |||||||
Face value of senior notes | $ 750,000,000 | ||||||
Proceeds from issuance of debt after estimated expenses | 737,000,000 | ||||||
Proceeds from issuance of notes | $ 750,000,000 | ||||||
Period of evaluation of notes after change of control | 60 days | ||||||
Required repurchase price upon certain terms | 101.00% | ||||||
Required percentage of assets to revenue required for subsidiary guarantors | 85.00% | ||||||
Required percentage of book value of material drilling equipment for subsidiary guarantors | 85.00% | ||||||
Subsequent event | Senior notes | Senior Notes due 2026 | NHIL | Prior to February 1, 2021 upon redemption | |||||||
Subsequent Event [Line Items] | |||||||
Redemption percentage on debt | 100.00% | ||||||
Subsequent event | Senior notes | Senior Notes due 2026 | NHIL | Prior to February 21, 2021 in event of equity offering | |||||||
Subsequent Event [Line Items] | |||||||
Redemption percentage on debt | 40.00% | ||||||
Subsequent event | Senior notes | 7.50% Senior Notes due March 2019 | |||||||
Subsequent Event [Line Items] | |||||||
Purchase of senior notes | 61,900,000 | ||||||
Repurchase amount | 65,300,000 | ||||||
Loss on extinguishment of debt | $ (3,500,000) |