Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36211 | |
Entity Registrant Name | Noble Corporation plc | |
Entity Incorporation, State or Country Code | X0 | |
Entity Tax Identification Number | 98-0619597 | |
Entity Address, Address Line One | 10 Brook Street | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W1S1BG | |
Country Region | +44 | |
City Area Code | 20 | |
Local Phone Number | 3300 2300 | |
Title of 12(b) Security | Ordinary Shares | |
Trading Symbol | NE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 249,200,129 | |
Entity Central Index Key | 0001458891 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Noble Corp | ||
Entity Information [Line Items] | ||
Entity File Number | 001-31306 | |
Entity Registrant Name | Noble Corporation | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-0366361 | |
Entity Address, Address Line One | Suite 3D Landmark Square, 64 Earth Close | |
Entity Address, Address Line Two | P.O. Box 31327 George Town | |
Entity Address, City or Town | Grand Cayman | |
Entity Address, Country | KY | |
Entity Address, Postal Zip Code | KY1-1206 | |
City Area Code | 345 | |
Local Phone Number | 938-0293 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 261,245,693 | |
Entity Central Index Key | 0001169055 | |
No Trading Symbol | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 135,993 | $ 375,232 |
Accounts receivable, net | 206,235 | 200,722 |
Taxes receivable | 40,605 | 20,498 |
Prepaid expenses and other current assets | 62,446 | 62,604 |
Total current assets | 445,279 | 659,056 |
Property and equipment, at cost | 10,346,771 | 10,956,412 |
Accumulated depreciation | (2,537,648) | (2,475,694) |
Property and equipment, net | 7,809,123 | 8,480,718 |
Other assets | 141,113 | 125,149 |
Total assets | 8,395,515 | 9,264,923 |
Current liabilities | ||
Current maturities of long-term debt | 362,493 | 0 |
Accounts payable | 108,789 | 125,557 |
Accrued payroll and related costs | 50,298 | 50,284 |
Taxes payable | 24,821 | 29,386 |
Interest payable | 63,676 | 100,100 |
Other current liabilities | 160,665 | 60,130 |
Total current liabilities | 770,742 | 365,457 |
Long-term debt | 3,577,863 | 3,877,402 |
Deferred income taxes | 57,739 | 91,695 |
Other liabilities | 273,957 | 275,795 |
Total liabilities | 4,680,301 | 4,610,349 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity | ||
Common stock | 2,492 | 2,468 |
Additional paid-in capital | 707,004 | 699,409 |
Retained earnings | 2,940,646 | 3,608,366 |
Accumulated other comprehensive loss | (56,376) | (57,072) |
Total shareholders’ equity | 3,593,766 | 4,253,171 |
Noncontrolling interests | 121,448 | 401,403 |
Total equity | 3,715,214 | 4,654,574 |
Total liabilities and equity | 8,395,515 | 9,264,923 |
Noble Corp | ||
Current assets | ||
Cash and cash equivalents | 135,942 | 374,375 |
Accounts receivable, net | 206,235 | 200,722 |
Taxes receivable | 40,605 | 20,498 |
Prepaid expenses and other current assets | 62,446 | 61,917 |
Total current assets | 445,228 | 657,512 |
Property and equipment, at cost | 10,346,771 | 10,956,412 |
Accumulated depreciation | (2,537,648) | (2,475,694) |
Property and equipment, net | 7,809,123 | 8,480,718 |
Other assets | 141,113 | 125,149 |
Total assets | 8,395,464 | 9,263,379 |
Current liabilities | ||
Current maturities of long-term debt | 362,493 | 0 |
Accounts payable | 108,159 | 125,237 |
Accrued payroll and related costs | 50,298 | 50,284 |
Taxes payable | 24,821 | 29,386 |
Interest payable | 63,676 | 100,100 |
Other current liabilities | 60,665 | 60,012 |
Total current liabilities | 670,112 | 365,019 |
Long-term debt | 3,577,863 | 3,877,402 |
Deferred income taxes | 57,739 | 91,695 |
Other liabilities | 273,957 | 275,795 |
Total liabilities | 4,579,671 | 4,609,911 |
Commitments and contingencies (Note 14) | ||
Shareholders’ equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 657,468 | 647,082 |
Retained earnings | 3,067,128 | 3,635,930 |
Accumulated other comprehensive loss | (56,376) | (57,072) |
Total shareholders’ equity | 3,694,345 | 4,252,065 |
Noncontrolling interests | 121,448 | 401,403 |
Total equity | 3,815,793 | 4,653,468 |
Total liabilities and equity | $ 8,395,464 | $ 9,263,379 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Ordinary shares, shares outstanding | 249,191 | 246,794 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Noble Corp | ||
Ordinary shares, shares outstanding | 261,246 | 261,246 |
Common stock, par value (usd per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues | ||||
Revenue from contract with customer | $ 275,526 | $ 279,408 | $ 851,350 | $ 772,934 |
Operating costs and expenses | ||||
Depreciation and amortization | 112,755 | 113,868 | 333,481 | 372,304 |
General and administrative | 17,565 | 14,722 | 149,816 | 58,522 |
Loss on impairment | 595,510 | 0 | 595,510 | 792,843 |
Total operating costs and expenses | 915,538 | 301,251 | 1,633,884 | 1,697,263 |
Operating loss | (640,012) | (21,843) | (782,534) | (924,329) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (68,991) | (73,725) | (208,211) | (223,870) |
Gain (loss) on extinguishment of debt, net | (650) | 109 | 30,616 | (8,659) |
Interest income and other, net | (144) | 2,610 | 4,222 | 6,814 |
Loss from continuing operations before income taxes | (709,797) | (92,849) | (955,907) | (1,150,044) |
Income tax benefit | 2,845 | 14,491 | 37,162 | 50,334 |
Net loss from continuing operations | (706,952) | (78,358) | (918,745) | (1,099,710) |
Net loss from discontinued operations, net of tax | 0 | 0 | (3,821) | 0 |
Net loss | (706,952) | (78,358) | (922,566) | (1,099,710) |
Net (income) loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 |
Net income (loss) attributable to Noble Corporation | (444,871) | (81,591) | (667,720) | (851,988) |
Net loss from continuing operations | (444,871) | (81,591) | (663,899) | (851,988) |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (3,821) | $ 0 |
Basic: | ||||
Loss from continuing operations (usd per share) | $ (1.79) | $ (0.33) | $ (2.66) | $ (3.46) |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.02) | 0 |
Net loss attributable to Noble Corporation plc (usd per share) | (1.79) | (0.33) | (2.68) | (3.46) |
Diluted: | ||||
Loss from continuing operations (usd per share) | (1.79) | (0.33) | (2.66) | (3.46) |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.02) | 0 |
Net loss attributable to Noble Corporation plc (usd per share) | $ (1.79) | $ (0.33) | $ (2.68) | $ (3.46) |
Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | $ 275,526 | $ 279,408 | $ 851,350 | $ 772,934 |
Operating costs and expenses | ||||
Depreciation and amortization | 112,175 | 113,127 | 331,485 | 368,939 |
General and administrative | 8,832 | 8,672 | 25,099 | 30,250 |
Loss on impairment | 595,510 | 0 | 595,510 | 792,843 |
Total operating costs and expenses | 905,859 | 294,276 | 1,505,520 | 1,664,311 |
Operating loss | (630,333) | (14,868) | (654,170) | (891,377) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (68,991) | (73,725) | (208,211) | (223,870) |
Gain (loss) on extinguishment of debt, net | (650) | 109 | 30,616 | (8,659) |
Interest income and other, net | (149) | 2,610 | 4,217 | 6,807 |
Loss from continuing operations before income taxes | (700,123) | (85,874) | (827,548) | (1,117,099) |
Income tax benefit | 2,845 | 14,490 | 37,162 | 50,227 |
Net loss from continuing operations | (697,278) | (71,384) | (790,386) | (1,066,872) |
Net loss from discontinued operations, net of tax | 0 | 0 | (3,821) | 0 |
Net loss | (697,278) | (71,384) | (794,207) | (1,066,872) |
Net (income) loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 |
Net income (loss) attributable to Noble Corporation | (435,197) | (74,617) | (539,361) | (819,150) |
Contract drilling services | ||||
Operating revenues | ||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 |
Operating costs and expenses | ||||
Cost of services | 175,929 | 162,985 | 516,522 | 451,271 |
Contract drilling services | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 |
Operating costs and expenses | ||||
Cost of services | 175,563 | 162,801 | 514,871 | 449,956 |
Reimbursables and other | ||||
Operating revenues | ||||
Revenue from contract with customer | 16,098 | 12,170 | 46,604 | 28,901 |
Operating costs and expenses | ||||
Cost of services | 13,779 | 9,676 | 38,555 | 22,323 |
Reimbursables and other | Noble Corp | ||||
Operating revenues | ||||
Revenue from contract with customer | 16,098 | 12,170 | 46,604 | 28,901 |
Operating costs and expenses | ||||
Cost of services | $ 13,779 | $ 9,676 | $ 38,555 | $ 22,323 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net loss | $ (706,952) | $ (78,358) | $ (922,566) | $ (1,099,710) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (1,054) | (483) | (952) | (2,587) |
Amortization of deferred pension plan amounts (net of tax provision of $145 and $87 for the three months ended September 30, 2019 and 2018, respectively, and $436 and $260 for the nine months ended September 30, 2019 and 2018, respectively) | 549 | 324 | 1,648 | 973 |
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) |
Net comprehensive (income) loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 |
Comprehensive income (loss) attributable to the company | (445,376) | (81,750) | (667,024) | (853,602) |
Noble Corp | ||||
Net loss | (697,278) | (71,384) | (794,207) | (1,066,872) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (1,054) | (483) | (952) | (2,587) |
Amortization of deferred pension plan amounts (net of tax provision of $145 and $87 for the three months ended September 30, 2019 and 2018, respectively, and $436 and $260 for the nine months ended September 30, 2019 and 2018, respectively) | 549 | 324 | 1,648 | 973 |
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) |
Net comprehensive (income) loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 |
Comprehensive income (loss) attributable to the company | $ (435,702) | $ (74,776) | $ (538,665) | $ (820,764) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amortization of deferred pension plan, tax provision | $ 145 | $ 87 | $ 436 | $ 260 |
Noble Corp | ||||
Amortization of deferred pension plan, tax provision | $ 145 | $ 87 | $ 436 | $ 260 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (922,566) | $ (1,099,710) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 333,481 | 372,304 |
Loss on impairment | 595,510 | 792,843 |
(Gain) loss on extinguishment of debt, net | (30,616) | 8,659 |
Deferred income taxes | (13,688) | (10,965) |
Amortization of share-based compensation | 10,422 | 18,665 |
Other costs, net | 66,276 | 3,482 |
Change in taxes receivable | (12,379) | 40,859 |
Net changes in other operating assets and liabilities | (57,914) | (82,821) |
Net cash provided by (used in) operating activities | (31,474) | 43,316 |
Cash flows from investing activities | ||
Capital expenditures | (222,587) | (149,329) |
Proceeds from disposal of assets, net | 9,430 | 4,135 |
Net cash used in investing activities | (213,157) | (145,194) |
Cash flows from financing activities | ||
Issuance of senior notes | 0 | 750,000 |
Borrowings on credit facilities | 455,000 | 0 |
Repayments of credit facilities | (20,000) | 0 |
Repayments of debt | (400,000) | (952,477) |
Debt issuance costs | (1,092) | (15,327) |
Dividends paid to noncontrolling interests | (25,109) | (12,694) |
Taxes withheld on employee stock transactions | (2,779) | (3,458) |
Net cash provided by (used in) financing activities | 6,020 | (233,956) |
Net decrease in cash, cash equivalents and restricted cash | (238,611) | (335,834) |
Cash, cash equivalents and restricted cash, beginning of period | 375,907 | 662,829 |
Cash, cash equivalents and restricted cash, end of period | 137,296 | 326,995 |
Noble Corp | ||
Cash flows from operating activities | ||
Net loss | (794,207) | (1,066,872) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||
Depreciation and amortization | 331,485 | 368,939 |
Loss on impairment | 595,510 | 792,843 |
(Gain) loss on extinguishment of debt, net | (30,616) | 8,659 |
Deferred income taxes | (13,688) | (10,965) |
Amortization of share-based compensation | 10,386 | 18,628 |
Other costs, net | (33,724) | 3,482 |
Change in taxes receivable | (12,379) | 40,859 |
Net changes in other operating assets and liabilities | (56,773) | (78,461) |
Net cash provided by (used in) operating activities | (4,006) | 77,112 |
Cash flows from investing activities | ||
Capital expenditures | (222,587) | (149,329) |
Proceeds from disposal of assets, net | 9,430 | 4,135 |
Net cash used in investing activities | (213,157) | (145,194) |
Cash flows from financing activities | ||
Issuance of senior notes | 0 | 750,000 |
Borrowings on credit facilities | 455,000 | 0 |
Repayments of credit facilities | (20,000) | 0 |
Repayments of debt | (400,000) | (952,477) |
Debt issuance costs | (1,092) | (15,327) |
Dividends paid to noncontrolling interests | (25,109) | (12,694) |
Distributions to parent company, net | (29,441) | (37,241) |
Net cash provided by (used in) financing activities | (20,642) | (267,739) |
Net decrease in cash, cash equivalents and restricted cash | (237,805) | (335,821) |
Cash, cash equivalents and restricted cash, beginning of period | 375,050 | 662,011 |
Cash, cash equivalents and restricted cash, end of period | $ 137,245 | $ 326,190 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Shareholders' equity | Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interests | Noble Corp | Noble CorpShareholders' equity | Noble CorpCommon stock and additional paid-in capital | Noble CorpRetained earnings | Noble CorpAccumulated other comprehensive income (loss) | Noble CorpNoncontrolling interests | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Cumulative effects of changes in accounting principles | $ (144,341) | $ (5,540) | |||||||||||
Beginning Balance at Dec. 31, 2017 | $ 5,950,628 | $ 681,372 | $ 4,637,677 | $ (42,888) | $ 674,467 | $ 5,950,014 | $ 649,262 | 4,669,173 | (42,888) | $ 674,467 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Other comprehensive income (loss), net | 991 | ||||||||||||
Ending Balance at Mar. 31, 2018 | (47,437) | ||||||||||||
Beginning Balance at Dec. 31, 2017 | 5,950,628 | 681,372 | 4,637,677 | (42,888) | 674,467 | 5,950,014 | 649,262 | 4,669,173 | (42,888) | 674,467 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Amortization of share-based compensation | 18,665 | ||||||||||||
Shares withheld for taxes on equity transactions | (3,476) | ||||||||||||
Capital contribution by parent - share based compensation | 18,628 | ||||||||||||
Net loss attributable to Noble Corporation plc | (851,988) | (851,988) | (819,150) | (819,150) | |||||||||
Dividend equivalents | [1] | 99 | |||||||||||
Distributions to parent company, net | (37,241) | ||||||||||||
Other comprehensive income (loss), net | (1,614) | (1,614) | (1,614) | (1,614) | |||||||||
Net income (loss) attributable to noncontrolling interests | (247,722) | (247,722) | (247,722) | (247,722) | |||||||||
Dividends paid to noncontrolling interests | (12,694) | (12,694) | |||||||||||
Dividends declared to noncontrolling interests | (10,350) | ||||||||||||
Ending Balance at Sep. 30, 2018 | 4,691,667 | $ 4,287,966 | 696,561 | 3,641,447 | (50,042) | 403,701 | 4,689,990 | $ 4,286,289 | 667,890 | 3,668,441 | (50,042) | 403,701 | |
Beginning Balance at Mar. 31, 2018 | (47,437) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Other comprehensive income (loss), net | (2,446) | ||||||||||||
Ending Balance at Jun. 30, 2018 | 4,774,595 | 690,682 | 3,722,978 | (49,883) | 410,818 | 4,774,138 | 661,973 | 3,751,230 | (49,883) | 410,818 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Amortization of share-based compensation | 5,930 | ||||||||||||
Shares withheld for taxes on equity transactions | (51) | ||||||||||||
Capital contribution by parent - share based compensation | 5,917 | ||||||||||||
Net loss attributable to Noble Corporation plc | (81,591) | (81,591) | (74,617) | (74,617) | |||||||||
Dividend equivalents | 60 | ||||||||||||
Distributions to parent company, net | (8,172) | ||||||||||||
Other comprehensive income (loss), net | (159) | (159) | (159) | (159) | |||||||||
Net income (loss) attributable to noncontrolling interests | 3,233 | 3,233 | 3,233 | 3,233 | |||||||||
Dividends declared to noncontrolling interests | (10,350) | (10,350) | |||||||||||
Ending Balance at Sep. 30, 2018 | 4,691,667 | 4,287,966 | 696,561 | 3,641,447 | (50,042) | 403,701 | 4,689,990 | 4,286,289 | 667,890 | 3,668,441 | (50,042) | 403,701 | |
Beginning Balance at Dec. 31, 2018 | 4,654,574 | 701,877 | 3,608,366 | (57,072) | 401,403 | 4,653,468 | 673,207 | 3,635,930 | (57,072) | 401,403 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Other comprehensive income (loss), net | 1,058 | ||||||||||||
Ending Balance at Mar. 31, 2019 | (56,014) | ||||||||||||
Beginning Balance at Dec. 31, 2018 | 4,654,574 | 701,877 | 3,608,366 | (57,072) | 401,403 | 4,653,468 | 673,207 | 3,635,930 | (57,072) | 401,403 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Amortization of share-based compensation | 10,422 | ||||||||||||
Shares withheld for taxes on equity transactions | (2,803) | ||||||||||||
Capital contribution by parent - share based compensation | 10,386 | ||||||||||||
Net loss attributable to Noble Corporation plc | (667,720) | (667,720) | (539,361) | (539,361) | |||||||||
Distributions to parent company, net | (29,441) | ||||||||||||
Other comprehensive income (loss), net | 696 | 696 | 696 | 696 | |||||||||
Net income (loss) attributable to noncontrolling interests | (254,846) | (254,846) | (254,846) | (254,846) | |||||||||
Dividends paid to noncontrolling interests | (25,109) | (25,109) | |||||||||||
Ending Balance at Sep. 30, 2019 | 3,715,214 | 3,593,766 | 709,496 | 2,940,646 | (56,376) | 121,448 | 3,815,793 | 3,694,345 | 683,593 | 3,067,128 | (56,376) | 121,448 | |
Beginning Balance at Mar. 31, 2019 | (56,014) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Other comprehensive income (loss), net | 143 | ||||||||||||
Ending Balance at Jun. 30, 2019 | 4,427,749 | 707,003 | 3,385,517 | (55,871) | 391,100 | 4,527,805 | 681,094 | 3,511,482 | (55,871) | 391,100 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Amortization of share-based compensation | 2,511 | ||||||||||||
Shares withheld for taxes on equity transactions | (18) | ||||||||||||
Capital contribution by parent - share based compensation | 2,499 | ||||||||||||
Net loss attributable to Noble Corporation plc | (444,871) | (444,871) | (435,197) | (435,197) | |||||||||
Distributions to parent company, net | (9,157) | ||||||||||||
Other comprehensive income (loss), net | (505) | (505) | (505) | (505) | |||||||||
Net income (loss) attributable to noncontrolling interests | (262,081) | (262,081) | (262,081) | (262,081) | |||||||||
Dividends paid to noncontrolling interests | (7,571) | (7,571) | |||||||||||
Ending Balance at Sep. 30, 2019 | $ 3,715,214 | $ 3,593,766 | $ 709,496 | $ 2,940,646 | $ (56,376) | $ 121,448 | $ 3,815,793 | $ 3,694,345 | $ 683,593 | $ 3,067,128 | $ (56,376) | $ 121,448 | |
[1] | Activity associated with dividend equivalents, which are related to performance awards granted in 2016, to be paid upon vesting. |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1— Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services with our global fleet of mobile offshore drilling units. As of September 30, 2019 , our fleet consisted of 12 floaters (consisting of four semisubmersibles and eight drillships) and 13 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The condensed consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2018 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2018 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 , filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Beginning in 2019 , we combined the semisubmersibles and drillships in our contract drilling services fleet into a single category, “floaters” for reporting purposes. We have made certain reclassifications so as to conform to such current period presentation. The reclassification did not have a material effect on our Condensed Consolidated Statements of Operations or related disclosures. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Note 2— Accounting Pronouncements Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842, “Leases”), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, time and uncertainty of cash flows arising from lease agreements. We adopted this standard, on a modified retrospective basis, effective January 1, 2019 and did not restate comparative periods. Our adoption did not have a material effect on our condensed consolidated financial statements. With respect to leases in which we are the lessee, we recognized a lease liability and a corresponding right-of-use asset of approximately $28.0 million as of January 1, 2019. We have elected the package of practical expedients that permits us to not reassess (1) whether previously expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. In addition, we have elected the hindsight practical expedient in connection with our adoption of the new lease standard. As lessee, we have made the accounting policy election to not recognize a right-of-use asset lease and lease liability for leases with a term of 12 months or less. We will recognize lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease and non-lease components. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have concluded the non-lease service of operating our equipment and providing expertise in the drilling of the client’s well is predominant in our drilling contracts. We have applied the practical expedient to account for the lease and associated non-lease components as a single component. With the election of the practical expedient, we will continue to present a single performance obligation under the new revenue guidance in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers.” Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13 (Topic 326, “Measurement of Credit Losses on Financial Instruments”), which requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income, including loans, debt securities, trade receivables, net investments in leases and available-for-sale debt securities. This guidance will be effective for annual and interim periods beginning after December 15, 2019. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the effect of adopting this standard in the first quarter of 2020. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 3— Consolidated Joint Ventures We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully -class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our condensed consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2019 , the Bully joint ventures approved and paid dividends totaling $15.1 million and $50.2 million , respectively. During the three and nine months ended September 30, 2018 , the Bully joint ventures approved dividends totaling $20.7 million and $46.1 million , respectively, and paid dividends of zero and $25.4 million , respectively. Of these amounts, 50 percent was paid to our joint venture partner. The combined carrying amount of the Bully -class drillships at September 30, 2019 and December 31, 2018 totaled $104.0 million and $0.7 billion , respectively. These assets were primarily funded through partner equity contributions. We are in discussions with Shell with respect to an agreement pursuant to which Shell would buy out the remaining term of the Noble Bully II drilling contract with the Bully II joint venture and we would acquire Shell’s interest in the Bully II and Bully I joint ventures. During the three and nine months ended September 30, 2019 , we recognized a $595.5 million impairment charge on the Noble Bully II , of which $265.0 million is attributable to our joint venture partner. During the nine months ended September 30, 2018 , we recognized a $550.3 million impairment charge on the Noble Bully I , of which $250.3 million is attributable to our joint venture partner. See “ Note 10— Loss on Impairment ” and “ Note 17— Subsequent Events ” for additional information. Cash held by the Bully joint ventures totaled approximately $35.7 million at September 30, 2019 as compared to approximately $45.2 million at December 31, 2018 . |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 4— Loss Per Share The following table presents the computation of basic and diluted loss per share for Noble-UK: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Basic Net loss from continuing operations $ (444,871 ) $ (81,591 ) $ (663,899 ) $ (851,988 ) Net loss from discontinued operations, net of tax — — (3,821 ) — Net loss attributable to Noble Corporation plc $ (444,871 ) $ (81,591 ) $ (667,720 ) $ (851,988 ) Diluted Net loss from continuing operations $ (444,871 ) $ (81,591 ) $ (663,899 ) $ (851,988 ) Net loss from discontinued operations, net of tax — — (3,821 ) — Net loss attributable to Noble Corporation plc $ (444,871 ) $ (81,591 ) $ (667,720 ) $ (851,988 ) Denominator: Weighted average shares outstanding - basic 249,181 246,780 248,865 246,553 Weighted average shares outstanding - diluted 249,181 246,780 248,865 246,553 Loss per share Basic: Loss from continuing operations $ (1.79 ) $ (0.33 ) $ (2.66 ) $ (3.46 ) Loss from discontinued operations — — (0.02 ) — Net loss attributable to Noble Corporation plc $ (1.79 ) $ (0.33 ) $ (2.68 ) $ (3.46 ) Diluted: Loss from continuing operations $ (1.79 ) $ (0.33 ) $ (2.66 ) $ (3.46 ) Loss from discontinued operations — — (0.02 ) — Net loss attributable to Noble Corporation plc $ (1.79 ) $ (0.33 ) $ (2.68 ) $ (3.46 ) Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. For the three and nine months ended September 30, 2019 and 2018, approximately 12.0 million and 13.2 million share-based awards, respectively, were excluded from diluted loss per share since the effect would have been anti-dilutive. Share capital As of September 30, 2019 , Noble-UK had approximately 249.2 million shares outstanding and trading as compared to approximately 246.8 million shares outstanding and trading at December 31, 2018 . At our 2019 Annual General Meeting, shareholders approved a proposal to allow our Board of Directors to increase share capital through the issuance of up to approximately 83.1 million ordinary shares (at current nominal value of $0.01 per share). The right of our directors to allot shares will expire at the end of our 2020 Annual General Meeting unless we seek an extension from shareholders at that time. Other than shares issued to our directors under our Noble Corporation plc 2017 Director Omnibus Plan, no shares were allotted during the nine months ended September 30, 2019 . The declaration and payment of dividends require the authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet in accordance with UK law. Therefore, Noble-UK is not permitted to pay dividends out of share capital, which includes share premium. Noble has not paid dividends since the third quarter of 2016. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions and other factors deemed relevant by our Board of Directors. Share repurchases Under UK law, the Company is only permitted to purchase its own shares by way of an “off-market purchase” in a plan approved by shareholders. We currently do not have shareholder authority to repurchase shares. During the nine months ended September 30, 2019 and 2018, we did not repurchase any of our shares. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 5— Property and Equipment Property and equipment, at cost, for Noble-UK consisted of the following: September 30, 2019 December 31, 2018 Drilling equipment and facilities $ 9,932,298 $ 10,546,376 Construction in progress 211,867 209,091 Other 202,606 200,945 Property and equipment, at cost $ 10,346,771 $ 10,956,412 On February 28, 2019, we purchased another GustoMSC CJ46 rig, the Noble Joe Knight. We paid $83.8 million for the rig, with $30.2 million paid in cash and the remaining $53.6 million of the purchase price financed with a loan by the seller, PaxOcean Group (“PaxOcean”). See “ Note 6— Debt ” for additional information. During the three and nine months ended September 30, 2019 and during the nine months ended September 30, 2018 , we recognized non-cash losses on impairment of $595.5 million and $792.8 million , respectively, related to our long-lived assets. See “ Note 10— Loss on Impairment ” for additional information. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 6— Debt Credit Facilities 2015 Credit Facility We have a $300.0 million senior unsecured credit facility (as amended, the “2015 Credit Facility”) that will mature in January 2020 and is guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding (U.S.) LLC (“NHUS”) and Noble Holding International Limited (“NHIL”). In January 2018, in connection with entering into the 2017 Credit Facility (as defined herein), we amended the 2015 Credit Facility, which caused, among other things, a reduction in the aggregate principal amount of commitments thereunder. As a result of the 2015 Credit Facility’s reduction in the aggregate principal amount of commitments, we recognized a net loss of approximately $2.3 million in the nine months ended September 30, 2018 . Borrowings under the 2015 Credit Facility bear interest at the London inter-bank offered rate (“LIBOR”) plus an applicable margin, which is currently the maximum contractual rate of 1.65% . At September 30, 2019 , we had $300.0 million of borrowings outstanding under the 2015 Credit Facility. 2017 Credit Facility On December 21, 2017, Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman; Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Noble-Cayman; and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Noble-UK (“NHUK”), as parent guarantor, entered into a new senior unsecured credit agreement (as amended, the “ 2017 Credit Facility” and, together with the 2015 Credit Facility, the “Credit Facilities”). In July 2019, we executed an amendment to our 2017 Credit Facility (the “First Amendment to the 2017 Credit Facility”), which, among other things, reduced the maximum aggregate amount of commitments thereunder from $1.5 billion to $1.3 billion . As a result of such reduction in the maximum aggregate amount of commitments, we recognized a net loss of approximately $0.7 million in the nine months ended September 30, 2019 . Borrowings under the 2017 Credit Facility are subject to certain conditions precedent, including that there be no unused commitments under the 2015 Credit Facility to advance loans. The First Amendment to the 2017 Credit Facility added a requirement that any amounts drawn under the 2017 Credit Facility not exceed the amount of the Indenture Secured Debt Basket (as defined in the First Amendment to the 2017 Credit Facility). The maximum aggregate amount of commitments under the 2017 Credit Facility on September 30, 2019 was $1.3 billion . The First Amendment to the 2017 Credit Facility also replaced the debt to capitalization ratio financial covenant with a Senior Guaranteed Indebtedness to Adjusted EBITDA (each as defined in the First Amendment to the 2017 Credit Facility) ratio financial covenant, as described below. The 2017 Credit Facility will mature in January 2023. Borrowings may be used for working capital and other general corporate purposes. The 2017 Credit Facility provides for a letter of credit sub-facility currently in the amount of $15.0 million , with the ability to increase such amount up to $500.0 million with the approval of the lenders. Borrowings under the 2017 Credit Facility bear interest at LIBOR plus an applicable margin, which is currently the maximum contractual rate of 4.25% . At September 30, 2019 , we had $135.0 million of borrowings outstanding under the 2017 Credit Facility, plus $9.0 million of performance letters of credit. Both of our Credit Facilities have provisions which vary the applicable interest rates for borrowings based upon our debt ratings. We also pay a facility fee under the 2015 Credit Facility on the full commitments thereunder (used or unused) and a commitment fee under the 2017 Credit Facility on the daily unused amount of the underlying commitments, in each case which varies depending on our credit ratings. At September 30, 2019 , the interest rates and fees in effect under our Credit Facilities were the highest permitted interest rates under those agreements. Debt Issuance In January 2018, we issued $750.0 million aggregate principal amount of our Senior Notes due 2026 (the “2026 Notes”) through our indirect wholly-owned subsidiary, NHIL. The net proceeds of the offering of approximately $737.4 million , after expenses, were used to retire a portion of our near-term senior notes in a related tender offer. The indenture for the 2026 Notes contains certain covenants and restrictions, including, among others, restrictions on our subsidiaries’ ability to incur certain additional indebtedness. Additionally, the subsidiary guarantors must own, directly or indirectly, (i) assets comprising at least 85% of the revenue of Noble-Cayman and its subsidiaries on a consolidated basis and (ii) jackups, semisubmersibles, drillships, submersibles or other mobile offshore drilling units of material importance, the combined book value of which comprises at least 85% of the combined book value of all such assets of Noble-Cayman and its subsidiaries on a consolidated basis, in each case, with respect to the most recently completed fiscal year. Seller Loans 2019 Seller Loan In February 2019, we purchased the Noble Joe Knight for $83.8 million with a $53.6 million seller-financed secured loan (the “2019 Seller Loan”). The 2019 Seller Loan has a term of four years and requires a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2019 Seller Loan bears a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate paid-in-kind over the four -year term of the 2019 Seller Loan. Based on the terms of the 2019 Seller Loan, the 1.25% paid-in-kind interest rate is accelerated into the first year, resulting in an overall first year interest rate of 8.91% , of which only 4.25% is payable in cash. Thereafter, the paid-in-kind interest ends and the cash interest rate of 4.25% is payable for the remainder of the term. 2018 Seller Loan In September 2018, we purchased the Noble Johnny Whitstine for $93.8 million with a $60.0 million seller-financed secured loan (the “2018 Seller Loan” and, together with the 2019 Seller Loan, the “Seller Loans”). The 2018 Seller Loan has a term of four years and requires a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2018 Seller Loan bears a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate paid-in-kind over the four -year term of the 2018 Seller Loan. Based on the terms of the 2018 Seller Loan, the 1.25% paid-in-kind interest rate is accelerated into the first year, resulting in an overall first year interest rate of 8.91% , of which only 4.25% is payable in cash. Thereafter, the paid-in-kind interest ends and the cash interest rate of 4.25% is payable for the remainder of the term. Both of the Seller Loans are guaranteed by Noble-Cayman and each is secured by a mortgage on the applicable rig and by the pledge of the shares of the applicable single-purpose entity that owns the relevant rig. Each Seller Loan contains a debt to total capitalization ratio requirement that such ratio not exceed 0.55 at the end of each fiscal quarter, a minimum liquidity financial covenant substantially similar to the 2017 Credit Facility and an asset and revenue covenant substantially similar to the 2026 Notes, as well as other covenants and provisions customarily found in secured transactions, including a cross default provision. Each Seller Loan requires immediate repayment on the occurrence of certain events, including the termination of the drilling contract associated with the relevant rig. Senior Notes Interest Rate Adjustments Our Senior Notes due 2025 and our Senior Notes due 2045 are subject to provisions that vary the applicable interest rates based on our debt rating. Effective April 2018, these senior notes have reached the contractually defined maximum interest rate set for each rating agency and no further interest rate increases are possible. The interest rates on these senior notes may be decreased if our debt ratings were to be raised by either rating agency above specified levels. Our other outstanding senior notes do not contain provisions varying applicable interest rates based upon our credit ratings. Debt Tender Offers, Repayments, and Open Market Repurchases In March 2019, we completed cash tender offers for our Senior Notes due 2020 (the “2020 Notes”), Senior Notes due 2021 (the “2021 Notes”), Senior Notes due 2022 (the “2022 Notes”) and Senior Notes due 2024 (the “2024 Notes”). Pursuant to such tender offers, we purchased $440.9 million aggregate principal amount of these senior notes for $400.0 million , plus accrued interest, using cash on hand and borrowings under the 2015 Credit Facility. As a result of this transaction, we recognized a net gain of approximately $31.3 million . In October 2018, we purchased $27.4 million aggregate principal amount of various tranches of our senior notes for approximately $20.2 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $6.9 million . In August 2018, we purchased $0.4 million aggregate principal amount of our Senior Notes due 2042 for approximately $0.3 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.1 million . In March 2018, we repaid the remaining aggregate principal amount of $126.6 million of our Senior Notes due 2018 (the “2018 Notes”) at maturity using cash on hand. In March 2018, we purchased $9.5 million aggregate principal amount of various tranches of our senior notes for approximately $8.7 million , plus accrued interest, as open market repurchases and recognized a net gain of approximately $0.5 million . In February 2018, we redeemed the remaining principal amount of $61.9 million of our Senior Notes due 2019 (the “2019 Notes”) for approximately $65.3 million , plus accrued interest. As a result of this transaction, we recognized a net loss of approximately $3.5 million . In February 2018, we completed cash tender offers for the 2018 Notes, the 2019 Notes, the 2020 Notes, the 2021 Notes, the 2022 Notes and the 2024 Notes. Pursuant to such tender offers, we purchased $754.2 million aggregate principal amount of these senior notes for $750.0 million , plus accrued interest, using the net proceeds of the 2026 Notes issuance and cash on hand. As a result of this transaction, we recognized a net loss of approximately $3.5 million . Covenants At September 30, 2019 , the 2017 Credit Facility contained certain financial covenants applicable to NHUK and its subsidiaries, including (i) a covenant that limits our ratio of Senior Guaranteed Indebtedness to Adjusted EBITDA as of the last day of each fiscal quarter, with such ratio not being permitted to exceed 4.0 to 1.0 for the fiscal quarters ending September 30, 2019 through December 31, 2020, 3.5 to 1.0 for the fiscal quarters ending March 31, 2021 through December 31, 2021 and 3.0 to 1.0 for the fiscal quarters ending March 31, 2022 and thereafter, (ii) a minimum Liquidity requirement of $300.0 million , (iii) a covenant that the ratio of the Rig Value (as defined in the 2017 Credit Facility) of Marketed Rigs (as defined in the 2017 Credit Facility) to the sum of commitments under the 2017 Credit Facility plus indebtedness for borrowed money of the borrowers and guarantors, in each case, that directly own Marketed Rigs, is not less than 3:00 to 1:00 at the end of each fiscal quarter and (iv) a covenant that the ratio of (A) the Rig Value of the Closing Date Rigs (as defined in the 2017 Credit Facility) that are directly wholly owned by the borrowers and guarantors to (B) the Rig Value of the Closing Date Rigs owned by NHUK, subsidiaries of NHUK and certain local content affiliates, is not less than 80% at the end of each fiscal quarter (such covenants described in (iii) and (iv) of this paragraph, the “Guarantor Ratio Covenants”). The 2017 Credit Facility also includes restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2017 Credit Facility) would exceed $200.0 million and a requirement that any amounts drawn under the 2017 Credit Facility not exceed the amount of the Indenture Secured Debt Basket. NHUK has guaranteed the obligations of the borrowers under the 2017 Credit Facility. In addition, certain indirect subsidiaries of Noble-UK that own rigs are guarantors under the 2017 Credit Facility. Certain other subsidiaries of Noble-UK may be required from time to time to guarantee the obligations of the borrowers under the 2017 Credit Facility in order maintain compliance with the Guarantor Ratio Covenants. The 2017 Credit Facility contains additional restrictive covenants generally applicable to NHUK and its subsidiaries, including restrictions on the incurrence of liens and indebtedness, mergers and other fundamental changes, restricted payments, repurchases and redemptions of indebtedness with maturities outside of the maturity of the 2017 Credit Facility, sale and leaseback transactions and transactions with affiliates. The 2015 Credit Facility is guaranteed by NHUS and NHIL. The 2015 Credit Facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the 2015 Credit Facility, to 0.60 at the end of each fiscal quarter. In addition to the covenants from the Credit Facilities noted above, the covenants from the 2026 Notes described under “—Debt Issuance” above, and the covenants from the Seller Loans described under “—Seller Loans” above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. There are also restrictions on incurring or assuming certain liens and on entering into sale and lease-back transactions. At September 30, 2019 , our debt to total tangible capitalization ratio under our 2015 Credit Facility was approximately 0.52 and we were in compliance with all applicable debt covenants. We continually monitor compliance with the covenants under our Credit Facilities, senior notes and Seller Loans and expect to remain in compliance throughout 2019 . Fair Value of Debt Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). The carrying amount of the Credit Facilities approximates fair value as the interest rates are variable and reflective of market rates. All remaining fair value disclosures are presented in “ Note 13— Fair Value of Financial Instruments .” The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 4.90% Senior Notes due August 2020 $ 62,493 $ 59,956 $ 65,810 $ 60,177 4.625% Senior Notes due March 2021 79,837 71,287 92,967 84,931 3.95% Senior Notes due March 2022 21,178 16,320 41,617 37,096 7.75% Senior Notes due January 2024 389,430 265,495 783,350 613,719 7.95% Senior Notes due April 2025 446,848 285,818 446,517 339,035 7.875% Senior Notes due February 2026 739,037 567,525 738,075 647,085 6.20% Senior Notes due August 2040 390,506 175,281 390,454 245,242 6.05% Senior Notes due March 2041 389,780 172,295 389,693 247,171 5.25% Senior Notes due March 2042 478,090 206,230 477,996 277,056 8.95% Senior Notes due April 2045 390,739 213,908 390,672 311,392 Seller loans: Seller-financed secured loan due September 2022 62,418 51,095 60,251 57,902 Seller-financed secured loan due February 2023 55,000 42,222 — — Credit facilities: 2015 Credit Facility matures January 2020 300,000 300,000 — — 2017 Credit Facility matures January 2023 135,000 135,000 — — Total debt 3,940,356 2,562,432 3,877,402 2,920,806 Less: Current maturities of long-term debt (362,493 ) (359,956 ) — — Long-term debt $ 3,577,863 $ 2,202,476 $ 3,877,402 $ 2,920,806 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7— Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” (“AOCI”) for the three and nine months ended September 30, 2019 and 2018 . All amounts within the table are shown net of tax. Defined Benefit Pension Items (1) Foreign Currency Items Total Balance at December 31, 2017 $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Tax Cuts and Jobs Act (5,540 ) — (5,540 ) Balance at January 1, 2018 (33,143 ) (15,285 ) (48,428 ) Activity during period: Other comprehensive income (loss) before reclassifications — 667 667 Amounts reclassified from AOCI 324 — 324 Net other comprehensive income 324 667 991 Balance at March 31, 2018 (32,819 ) (14,618 ) (47,437 ) Activity during period: Other comprehensive income (loss) before reclassifications — (2,771 ) (2,771 ) Amounts reclassified from AOCI 325 — 325 Net other comprehensive income 325 (2,771 ) (2,446 ) Balance at June 30, 2018 $ (32,494 ) $ (17,389 ) $ (49,883 ) Activity during period: Other comprehensive income (loss) before reclassifications — (483 ) (483 ) Amounts reclassified from AOCI 324 — 324 Net other comprehensive income 324 (483 ) (159 ) Balance at September 30, 2018 $ (32,170 ) $ (17,872 ) $ (50,042 ) Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive income (loss) before reclassifications — 508 508 Amounts reclassified from AOCI 550 — 550 Net other comprehensive income (loss) 550 508 1,058 Balance at March 31, 2019 (38,508 ) (17,506 ) (56,014 ) Activity during period: Other comprehensive income (loss) before reclassifications — (406 ) (406 ) Amounts reclassified from AOCI 549 — 549 Net other comprehensive income (loss) 549 (406 ) 143 Balance at June 30, 2019 $ (37,959 ) $ (17,912 ) $ (55,871 ) Activity during period: Other comprehensive income (loss) before reclassifications — (1,054 ) (1,054 ) Amounts reclassified from AOCI 549 $ — 549 Net other comprehensive income (loss) 549 (1,054 ) (505 ) Balance at September 30, 2019 $ (37,410 ) $ (18,966 ) $ (56,376 ) (1) Defined benefit pension items relate to actuarial changes. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through “Other income (expense).” See “ Note 12— Employee Benefit Plans ” for additional information. |
Revenue and Customers
Revenue and Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Customers | Note 8— Revenue and Customers Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days . Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets. The following table provides information about contract assets and contract liabilities from contracts with customers: September 30, 2019 December 31, 2018 Current contract assets $ 25,525 $ 25,298 Noncurrent contract assets 16,138 22,366 Total contract assets 41,663 47,664 Current contract liabilities (deferred revenue) (30,051 ) (32,906 ) Noncurrent contract liabilities (deferred revenue) (40,968 ) (47,847 ) Total contract liabilities $ (71,019 ) $ (80,753 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2019 are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (22,985 ) — Additions to deferred costs 16,984 — Amortization of deferred revenue — 38,255 Additions to deferred revenue — (28,521 ) Total (6,001 ) 9,734 Net balance at September 30, 2019 $ 41,663 $ (71,019 ) Transaction Price Allocated to the Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Nine Months Ended September 30, 2019 2019 2020 2021 2022 2023 and beyond Total Floaters $ 5,128 $ 16,812 $ 15,870 $ 9,311 $ 3,557 $ 50,678 Jackups 3,907 9,620 5,964 850 — 20,341 Total $ 9,035 $ 26,432 $ 21,834 $ 10,161 $ 3,557 $ 71,019 The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at September 30, 2019 . The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Floaters $ 131,039 $ 141,462 $ 428,272 $ 396,177 Jackups 128,389 125,776 376,474 347,856 Total $ 259,428 $ 267,238 $ 804,746 $ 744,033 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 9— Leases Leases We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for real estate, equipment, storage, dock space and automobiles and are included within “Other current liabilities,” “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise. Supplemental balance sheet information related to leases was as follows: September 30, 2019 Operating Leases Operating lease right-of-use assets $ 35,027 Current operating lease liabilities 6,482 Long-term operating lease liabilities 28,101 Weighted average remaining lease term for operating leases (years) 7.7 Weighted average discounted rate for operating leases 9.6 % The components of lease cost were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 2,766 $ 6,339 Short-term lease cost 1,506 5,915 Variable lease cost 322 1,067 Total lease cost $ 4,594 $ 13,321 Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,519 $ 6,360 Maturities of lease liabilities as of September 30, 2019 were as follows: Operating Leases 2019 (remainder) $ 2,290 2020 9,342 2021 7,721 2022 5,316 2023 3,478 Thereafter 23,728 Total lease payments 51,875 Less: Interest (17,292 ) Present value of lease liability $ 34,583 |
Loss on Impairment
Loss on Impairment | 9 Months Ended |
Sep. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Loss on Impairment | Note 10— Loss on Impairment Asset Impairments We evaluate our property and equipment for impairment whenever there are changes in facts which suggest that the value of the asset is not recoverable. In connection with the preparation of our financial statements for the third quarter of 2019 , in consideration of the on-going discussions with our joint venture partner regarding the drilling contract and the partner’s interest in the joint venture, we conducted a review of the assets owned by the Bully II joint venture. The review included an assessment of certain assumptions, including, but not limited to, the stage of such on-going discussions, timing of future contract awards and expected operating dayrates, operating costs, utilization percentages, discount rates, capital expenditures, reactivation costs and estimated economic useful lives. Based upon our impairment analysis, we impaired the carrying value to estimated fair value for the Noble Bully II . For our impaired unit, we estimated the fair value of this unit by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. During the three and nine months ended September 30, 2019 , we recognized a $595.5 million impairment on the Noble Bully II , of which $265.0 million is attributable to our joint venture partner. During the nine months ended September 30, 2018 , impairment charges related to the Noble Bully I , Noble Paul Romano , Noble Dave Beard were approximately $763.7 million , and impairment charges related to certain capital spare equipment were approximately $29.1 million . Of the impairment charges related to the rigs, we recognized a $550.3 million impairment charge on the Noble Bully I , of which $250.3 million is attributable to our joint venture partner. See “ Note 3— Consolidated Joint Ventures ” and “ Note 17— Subsequent Events ” for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11— Income Taxes At September 30, 2019 , the reserves for uncertain tax positions totaled $163.2 million (net of related tax benefits of $1.0 million ). At December 31, 2018 , the reserves for uncertain tax positions totaled $183.8 million (net of related tax benefits of $1.0 million ). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits, adjustments to reserves as a result of new facts including but not limited to information obtained as a result of previously closed audits, or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. At September 30, 2019 , our income tax provision included a net tax benefit of $33.7 million following the effective settlement of the examination of our U.S. tax returns for the taxable years ended December 31, 2010 and 2011. At September 30, 2018 , our income tax provision included a non-cash item of $35.6 million related to the impairment of three rigs and certain capital spares. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12— Employee Benefit Plans Pension costs include the following components for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 2018 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 418 $ 2,178 $ 429 $ 2,045 Return on plan assets (595 ) (2,578 ) (661 ) (2,979 ) Recognized net actuarial loss 2 693 — 411 Net pension benefit cost (gain) $ (175 ) $ 293 $ (232 ) $ (523 ) Nine Months Ended September 30, 2019 2018 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 1,294 $ 6,534 $ 1,248 $ 6,134 Return on plan assets (1,843 ) (7,735 ) (2,087 ) (8,936 ) Recognized net actuarial loss 7 2,078 — 1,233 Net pension benefit cost (gain) $ (542 ) $ 877 $ (839 ) $ (1,569 ) During the three and nine months ended September 30, 2019 and 2018 , we made no contributions to our pension plans. Effective December 31, 2016, employees and alternate payees accrue no future benefits under the U.S. plans and, as such, Noble recognized no service costs with the plans for the three and nine months ended September 30, 2019 and 2018 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,690 $ 7,690 $ — $ — December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 8,659 $ 8,659 $ — $ — Our cash, cash equivalents and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Condensed Consolidated Balance Sheets approximate fair value. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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 seeking damages for patent infringement in a Texas federal court and Transocean later added another claim alleging that we breached a 2007 settlement agreement we entered into with Transocean relating to patent claims in respect of another Noble rig. 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, and Transocean is seeking royalties of a $10.0 million fee and a five percent license fee for the pertinent period of operation for each vessel and damages for the breach of contract. The patents expired in the United States in May 2016 and are also expired in most other countries. We were aware of the patents when we constructed the rigs, and while there is inherent risk in litigation, we do not believe that our rigs infringe the Transocean patents or that there has been any breach of the 2007 agreement. The litigation continues, and the court will set a new trial date, and we believe the new trial setting will be in the first quarter 2020. We continue to defend ourselves vigorously against this claim. Brazil commercial agent We previously used a commercial agent in Brazil in connection with our Petróleo Brasileiro S.A. (“Petrobras”) drilling contracts. This agent represented a number of different companies in Brazil over many years, including several offshore drilling contractors. In November 2015, this agent pled guilty in Brazil in connection with the award of a drilling contract to a competitor and implicated a Petrobras official as part of a wider investigation of Petrobras’ business practices. Following news reports relating to the agent’s involvement in the Brazil investigation in connection with his activities with other companies, we conducted a review, which was substantially completed in 2017, of our relationship with the agent and with Petrobras. We have been in contact and cooperated with the SEC, the Brazilian federal prosecutor’s office and the U.S. Department of Justice (“DOJ”) about this matter and in December 2018, the SEC and the DOJ each advised us that they had closed their file on this matter. We have remained in contact with the Brazilian federal prosecutor’s office, who is aware of our internal review, and we continue to cooperate with any questions or requests they may have. To our knowledge, neither the agent, nor the government authorities investigating the matter, has alleged that the agent or Noble acted improperly in connection with our contracts with Petrobras. Paragon Offshore On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore plc (“Paragon Offshore”), to the holders of Noble’s ordinary shares. In February 2016, Paragon Offshore sought approval of a pre-negotiated plan of reorganization (the “Prior Plan”) by filing for voluntary relief under Chapter 11 of the United States Bankruptcy Code. As part of the Prior Plan, we entered into a settlement agreement with Paragon Offshore (the “Settlement Agreement”). The Prior Plan was rejected by the bankruptcy court in October 2016. In April 2017, Paragon Offshore filed a revised plan of reorganization (the “New Plan”) in its bankruptcy proceeding. Under the New Plan, Paragon Offshore no longer needed the Mexican tax bonding that Noble-UK was to provide under the Settlement Agreement. Consequently, Paragon Offshore abandoned the Settlement Agreement as part of the New Plan, and the Settlement Agreement was terminated at the time of the filing of the New Plan. On May 2, 2017, Paragon Offshore announced that it had reached an agreement in principle with both its secured and unsecured creditors to revise the New Plan to create and fund a litigation trust to pursue litigation against us. On June 7, 2017, the revised New Plan was approved by the bankruptcy court, and Paragon Offshore emerged from bankruptcy on July 18, 2017. On December 15, 2017, the litigation trust filed claims relating to the Spin-off against us and certain of our current and former officers and directors in the Delaware bankruptcy court that heard Paragon Offshore’s bankruptcy, and the trust filed an amended complaint in October 2019. The complaint as amended alleges claims of alleged actual and constructive fraudulent conveyance, unjust enrichment and recharacterization of intercompany notes as equity claims against Noble and claims of breach of fiduciary duty and aiding and abetting breach of fiduciary duty against the officer and director defendants. The litigation trust is seeking damages of (i) approximately $1.7 billion from the Company, an amount equal to the amount borrowed by Paragon Offshore immediately prior to the Spin-off, (ii) approximately $935 million relating to the transfer prior to the Spin-off of intercompany receivables and notes from a paragon subsidiary to a Noble subsidiary, and (iii) unspecified amounts in respect of the claims against the officer and director defendants all of whom have indemnification arrangements with us. Fact discovery has largely been completed and the court has set a litigation schedule which would result in all pre-trial activity being completed by the end of May 2020. A trial date has not yet been set. We believe that Paragon Offshore, at the time of the Spin-off, was properly funded, solvent and had appropriate liquidity and that the claims brought by the litigation trust are without merit. However, the Company continually assesses potential outcomes, including the probability of the parties ultimately resolving the matter through settlement in light of various factors, including given the complex factual issues involved, the uncertainty and risk inherent in this type of litigation, the time commitment and distraction of our organization, the potential effect of the ongoing litigation and uncertainty on our business, and the substantial expense incurred in litigating the claims. As such, the Company’s current estimated loss related to the final disposition of this matter is $100.0 million , which the Company recorded as a general and administrative expense for the nine months ended September 30, 2019 and is reflected as a current liability as of September 30, 2019 . As pre-trial matters progress, the Company’s estimated loss could change from time to time, and any such change could individually or in the aggregate be material. There is inherent risk and substantial expense in litigation, and the amount of damages that the plaintiff is seeking is substantial. If any of the litigation trust’s claims are successful, or if we elect to settle any claims (in part to reduce or eliminate the ongoing cost of defending the litigation and eliminate any risk of a larger judgment against us), any damages or other amounts we would be required to or agree to pay in excess of the amount we recognized at September 30, 2019 , could be substantial and could have a material adverse effect on our business, financial condition and results of operations. Given the risks and considerations discussed above, we cannot predict with any degree of certainty what the outcome of the litigation may be. Furthermore, as discussed below, we cannot predict the amount of insurance coverage, if any, that we may have if we were to settle or be found liable in the litigation. We have directors’ and officers’ indemnification coverage for the officers and directors who have been sued by the litigation trust. The insurers have accepted coverage for the director and officer claims and we are continuing to discuss with them the scope of their reimbursement of litigation expenses. In addition, at the time of the Spin-off, we had entity coverage, or “Side C” coverage, which was meant to cover certain litigation claims up to the coverage limit of $150.0 million , including litigation expenses. We have made a claim for coverage of the litigation trust’s claims against Noble under such entity insurance. The insurers have rejected coverage for these claims. However, we intend to pursue coverage should the litigation be concluded adversely to us or should we settle in litigation. We cannot predict the amount of claims and expenses we may incur, pay or settle in the Paragon Offshore litigation that such insurance will cover, if any. Prior to the completion of the Spin-off, Noble-UK and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off (the “Separation Agreements”), including a Master Separation Agreement (the “MSA”) and a Tax Sharing Agreement (the “TSA”). As part of its final bankruptcy plan, Paragon Offshore rejected the Separation Agreements. Accordingly, the indemnity obligations that Paragon Offshore potentially would have owed us under the Separation Agreements have now terminated, including indemnities arising under the MSA and the TSA in respect of obligations related to Paragon Offshore’s business that were incurred through Noble-retained entities prior to the Spin-off. Likewise, any potential indemnity obligations that we would have owed Paragon Offshore under the Separation Agreements, including those under the MSA and the TSA in respect of Noble-UK’s business that was conducted prior to the Spin-off through Paragon Offshore-retained entities, are now also extinguished. In the absence of the Separation Agreements, liabilities relating to the respective parties will be borne by the owner of the legal entity or asset at issue and neither party will look to an allocation based on the historic relationship of an entity or asset to one of the party’s business, as had been the case under the Separation Agreements. The rejection and ultimate termination of the indemnity and related obligations under the Separation Agreements resulted in a number of accounting charges and benefits during the year ended December 31, 2017, and such termination may continue to affect us in the future as liabilities arise for which we would have been indemnified by Paragon Offshore or would have had to indemnify Paragon Offshore. We do not expect that, overall, the rejection of the Separation Agreements by Paragon Offshore will have a material adverse effect on our financial condition or liquidity. However, any loss we experience with respect to which we would have been able to secure indemnification from Paragon Offshore under one or more of the Separation Agreements could have an adverse impact on our results of operations in any period, which impact may be material depending on our results of operations during this down-cycle. During the nine months ended September 30, 2019 , we recognized charges of $3.8 million recorded in “Net loss from discontinued operations, net of tax” on our Condensed Consolidated Statement of Operations relating to settlement of Mexico customs audits from rigs included in the Spin-off. Tax matters The Internal Revenue Service (“IRS”) has completed its examination procedures including all appeals and administrative reviews for the taxable years ended December 31, 2010 and December 31, 2011. In June 2019, the IRS examination team notified us that they were no longer proposing any adjustments with respect to our tax reporting for the taxable years ended December 31, 2010 and December 31, 2011. During the third quarter of 2017, the IRS initiated its examination of our 2012, 2013, 2014 and 2015 tax returns. On October 21, 2019 we received a notice dated October 15, 2019 that the IRS intends to add our 2016 and 2017 tax returns to its examination. We believe that we have accurately reported all amounts in our 2012, 2013, 2014, 2015, 2016 and 2017 tax returns. Audit claims of approximately $51.4 million attributable to income and other business taxes have been assessed against Noble entities in Mexico related to tax years 2005 and 2007. We intend to vigorously defend our reported positions, and believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Other contingencies We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 15— Supplemental Financial Information Condensed Consolidated Balance Sheets Information Our restricted cash balance as of September 30, 2019 and December 31, 2018 consisted of $1.3 million and $0.7 million , respectively, and is included in “Prepaid expenses and other current assets.” Condensed Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Accounts receivable $ (5,113 ) $ 4,481 $ (5,113 ) $ 4,481 Other current assets 365 (9,872 ) (322 ) (9,557 ) Other assets 9,037 (14,711 ) 11,033 (11,262 ) Accounts payable 366 8,528 56 8,506 Other current liabilities (47,919 ) (52,092 ) (47,777 ) (51,474 ) Other liabilities (14,650 ) (19,155 ) (14,650 ) (19,155 ) Total net change in assets and liabilities $ (57,914 ) $ (82,821 ) $ (56,773 ) $ (78,461 ) Non-cash investing and financing activities Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2019 and December 31, 2018 were $34.0 million and $52.1 million , respectively. Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2018 and December 31, 2017 were $36.2 million and $25.5 million , respectively. In February 2019, we entered into the $53.6 million 2019 Seller Loan to finance a portion of the purchase price for the Noble Joe Knight. See “ Note 6— Debt ” for additional information. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 16— Condensed Consolidating Financial Information Guarantees of Registered Securities Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is an issuer, or full and unconditional guarantor or otherwise obligated as of September 30, 2019 with respect to registered securities as follows (see “ Note 6— Debt ” for additional information): Notes (1) Issuer Guarantor 4.90% Senior Notes due 2020 NHIL Noble-Cayman 4.625% Senior Notes due 2021 NHIL Noble-Cayman 3.95% Senior Notes due 2022 NHIL Noble-Cayman 7.75% Senior Notes due 2024 NHIL Noble-Cayman 7.95% Senior Notes due 2025 NHIL Noble-Cayman 6.20% Senior Notes due 2040 NHIL Noble-Cayman 6.05% Senior Notes due 2041 NHIL Noble-Cayman 5.25% Senior Notes due 2042 NHIL Noble-Cayman 8.95% Senior Notes due 2045 NHIL Noble-Cayman (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. The following condensed consolidating financial statements of Noble-Cayman, NHIL and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2019 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 135,942 $ — $ 135,942 Accounts receivable — — 206,235 — 206,235 Taxes receivable — — 40,605 — 40,605 Accounts receivable from affiliates 704,714 61,075 5,404,814 (6,170,603 ) — Prepaid expenses and other current assets 185 — 62,261 — 62,446 Total current assets 704,899 61,075 5,849,857 (6,170,603 ) 445,228 Property and equipment, at cost — — 10,346,771 — 10,346,771 Accumulated depreciation — — (2,537,648 ) — (2,537,648 ) Property and equipment, net — — 7,809,123 — 7,809,123 Notes receivable from affiliates — — 26,522 (26,522 ) — Investments in affiliates 7,366,428 8,424,082 — (15,790,510 ) — Other assets — — 141,113 — 141,113 Total assets $ 8,071,327 $ 8,485,157 $ 13,826,615 $ (21,987,635 ) $ 8,395,464 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 300,000 $ 62,493 $ — $ — $ 362,493 Accounts payable 16 — 108,143 — 108,159 Accrued payroll and related costs — — 50,298 — 50,298 Accounts payable to affiliates 4,056,390 1,348,424 765,789 (6,170,603 ) — Taxes payable — 450 24,371 — 24,821 Interest payable 647 60,170 2,859 — 63,676 Other current liabilities — — 60,665 — 60,665 Total current liabilities 4,357,053 1,471,537 1,012,125 (6,170,603 ) 670,112 Long-term debt — 3,325,446 252,417 — 3,577,863 Notes payable to affiliates — 26,522 — (26,522 ) — Deferred income taxes — — 57,739 — 57,739 Other liabilities 19,929 — 254,028 — 273,957 Total liabilities 4,376,982 4,823,505 1,576,309 (6,197,125 ) 4,579,671 Commitments and contingencies Shareholders’ equity 3,694,345 3,661,652 12,128,858 (15,790,510 ) 3,694,345 Noncontrolling interests — — 121,448 — 121,448 Total equity 3,694,345 3,661,652 12,250,306 (15,790,510 ) 3,815,793 Total liabilities and equity $ 8,071,327 $ 8,485,157 $ 13,826,615 $ (21,987,635 ) $ 8,395,464 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ 17,818 $ 356,557 $ — $ 374,375 Accounts receivable — — 200,722 — 200,722 Taxes receivable — — 20,498 — 20,498 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 275,726 61,046 4,823,902 (5,160,674 ) — Prepaid expenses and other current assets — — 61,917 — 61,917 Total current assets 275,726 78,864 8,639,258 (8,336,336 ) 657,512 Property and equipment, at cost — — 10,956,412 — 10,956,412 Accumulated depreciation — — (2,475,694 ) — (2,475,694 ) Property and equipment, net — — 8,480,718 — 8,480,718 Notes receivable from affiliates 5,145 — — (5,145 ) — Investments in affiliates 7,716,068 12,300,840 — (20,016,908 ) — Other assets 609 — 124,540 — 125,149 Total assets $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Accounts payable 45 — 125,192 — 125,237 Accrued payroll and related costs — — 50,284 — 50,284 Accounts payable to affiliates 3,725,506 1,098,395 336,773 (5,160,674 ) — Taxes payable — — 29,386 — 29,386 Interest payable 3 99,997 100 — 100,100 Other current liabilities — — 60,012 — 60,012 Total current liabilities 3,725,554 4,374,054 601,747 (8,336,336 ) 365,019 Long-term debt — 3,817,153 60,249 — 3,877,402 Notes payable to affiliates — — 5,145 (5,145 ) — Deferred income taxes — — 91,695 — 91,695 Other liabilities 19,929 — 255,866 — 275,795 Total liabilities 3,745,483 8,191,207 1,014,702 (8,341,481 ) 4,609,911 Commitments and contingencies Shareholders’ equity 4,252,065 4,188,497 15,828,411 (20,016,908 ) 4,252,065 Noncontrolling interests — — 401,403 — 401,403 Total equity 4,252,065 4,188,497 16,229,814 (20,016,908 ) 4,653,468 Total liabilities and equity $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 259,428 $ — $ 259,428 Reimbursables and other — — 16,098 — 16,098 Total operating revenues — — 275,526 — 275,526 Operating costs and expenses Contract drilling services 27 — 175,536 — 175,563 Reimbursables — — 13,779 — 13,779 Depreciation and amortization — — 112,175 — 112,175 General and administrative — 59 8,773 — 8,832 Loss on impairment — — 595,510 — 595,510 Total operating costs and expenses 27 59 905,773 — 905,859 Operating loss (27 ) (59 ) (630,247 ) — (630,333 ) Other income (expense) Loss of unconsolidated affiliates (431,975 ) (362,901 ) — 794,876 — Interest expense, net of amounts capitalized (3,249 ) (61,051 ) (5,204 ) 513 (68,991 ) Loss on extinguishment of debt, net — — (650 ) — (650 ) Interest income and other, net 54 — 310 (513 ) (149 ) Income (loss) before income taxes (435,197 ) (424,011 ) (635,791 ) 794,876 (700,123 ) Income tax benefit — — 2,845 — 2,845 Net income (loss) from continuing operations (435,197 ) (424,011 ) (632,946 ) 794,876 (697,278 ) Net income (loss) (435,197 ) (424,011 ) (632,946 ) 794,876 (697,278 ) Net loss attributable to noncontrolling interests — — 262,081 — 262,081 Net income (loss) attributable to Noble Corporation (435,197 ) (424,011 ) (370,865 ) 794,876 (435,197 ) Other comprehensive income (loss), net (505 ) — (505 ) 505 (505 ) Comprehensive income (loss) attributable to Noble Corporation $ (435,702 ) $ (424,011 ) $ (371,370 ) $ 795,381 $ (435,702 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services — — 804,746 — 804,746 Reimbursables and other — — 46,604 — 46,604 Total operating revenues — — 851,350 — 851,350 Operating costs and expenses Contract drilling services 78 — 514,793 — 514,871 Reimbursables — — 38,555 — 38,555 Depreciation and amortization — — 331,485 — 331,485 General and administrative — 232 24,867 — 25,099 Loss on impairment — — 595,510 — 595,510 Total operating costs and expenses 78 232 1,505,210 — 1,505,520 Operating loss (78 ) (232 ) (653,860 ) — (654,170 ) Other income (expense) Loss of unconsolidated affiliates (527,788 ) (360,926 ) — 888,714 — Loss of unconsolidated affiliates - discontinued operations, net of tax (3,821 ) (3,821 ) — 7,642 — Interest expense, net of amounts capitalized (7,868 ) (193,812 ) (12,548 ) 6,017 (208,211 ) Gain (loss) on extinguishment of debt, net — 31,266 (650 ) — 30,616 Interest income and other, net 194 (10 ) 10,050 (6,017 ) 4,217 Income (loss) before income taxes (539,361 ) (527,535 ) (657,008 ) 896,356 (827,548 ) Income tax benefit — — 37,162 — 37,162 Net income (loss) from continuing operations (539,361 ) (527,535 ) (619,846 ) 896,356 (790,386 ) Net income (loss) from discontinued operations — — (3,821 ) — (3,821 ) Net income (loss) (539,361 ) (527,535 ) (623,667 ) 896,356 (794,207 ) Net loss attributable to noncontrolling interests — — 254,846 — 254,846 Net income (loss) attributable to Noble Corporation (539,361 ) (527,535 ) (368,821 ) 896,356 (539,361 ) Other comprehensive income (loss), net 696 — 696 (696 ) 696 Comprehensive income (loss) attributable to Noble Corporation $ (538,665 ) $ (527,535 ) $ (368,125 ) $ 895,660 $ (538,665 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 267,238 $ — $ 267,238 Reimbursables and other — — 12,170 — 12,170 Total operating revenues — — 279,408 — 279,408 Operating costs and expenses Contract drilling services (84 ) (1,419 ) 164,304 — 162,801 Reimbursables — — 9,676 — 9,676 Depreciation and amortization — — 113,127 — 113,127 General and administrative (69 ) (823 ) 9,564 — 8,672 Total operating costs and expenses (153 ) (2,242 ) 296,671 — 294,276 Operating loss 153 2,242 (17,263 ) — (14,868 ) Other income (expense) Income (loss) of unconsolidated affiliates (75,959 ) 50,115 — 25,844 — Interest expense, net of amounts capitalized (413 ) (112,447 ) (4,887 ) 44,022 (73,725 ) Gain (loss) on extinguishment of debt, net — 109 — — 109 Interest income and other, net 1,602 — 45,030 (44,022 ) 2,610 Income (loss) before income taxes (74,617 ) (59,981 ) 22,880 25,844 (85,874 ) Income tax benefit — — 14,490 — 14,490 Net income (loss) (74,617 ) (59,981 ) 37,370 25,844 (71,384 ) Net loss attributable to noncontrolling interests — — (3,233 ) — (3,233 ) Net income (loss) attributable to Noble Corporation (74,617 ) (59,981 ) 34,137 25,844 (74,617 ) Other comprehensive income (loss), net (159 ) — (159 ) 159 (159 ) Comprehensive income (loss) attributable to Noble Corporation $ (74,776 ) $ (59,981 ) $ 33,978 $ 26,003 $ (74,776 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 744,033 $ — $ 744,033 Reimbursables and other — — 28,901 — 28,901 Total operating revenues — — 772,934 — 772,934 Operating costs and expenses Contract drilling services 71 (22 ) 449,907 — 449,956 Reimbursables — — 22,323 — 22,323 Depreciation and amortization — — 368,939 — 368,939 General and administrative (4 ) 360 29,894 — 30,250 Loss on impairment — — 792,843 — 792,843 Total operating costs and expenses 67 338 1,663,906 — 1,664,311 Operating loss (67 ) (338 ) (890,972 ) — (891,377 ) Other income (expense) Income (loss) of unconsolidated affiliates (820,630 ) (300,798 ) — 1,121,428 — Interest expense, net of amounts capitalized (873 ) (338,039 ) (16,776 ) 131,818 (223,870 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,528 (11,851 ) — (8,659 ) Interest income and other, net 4,756 (131 ) 134,000 (131,818 ) 6,807 Income (loss) before income taxes (819,150 ) (633,778 ) (785,599 ) 1,121,428 (1,117,099 ) Income tax benefit — — 50,227 — 50,227 Net income (loss) (819,150 ) (633,778 ) (735,372 ) 1,121,428 (1,066,872 ) Net loss attributable to noncontrolling interests — — 247,722 — 247,722 Net income (loss) attributable to Noble Corporation (819,150 ) (633,778 ) (487,650 ) 1,121,428 (819,150 ) Other comprehensive income (loss), net (1,614 ) — (1,614 ) 1,614 (1,614 ) Comprehensive income (loss) attributable to Noble Corporation $ (820,764 ) $ (633,778 ) $ (489,264 ) $ 1,123,042 $ (820,764 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 3,673 $ (230,434 ) $ 222,755 $ — (4,006 ) Cash flows from investing activities Capital expenditures — — (222,587 ) — (222,587 ) Proceeds from disposal of assets — — 9,430 — 9,430 Notes receivable to (from) affiliates 5,145 — (26,522 ) 21,377 — Net cash provided by (used in) investing activities 5,145 — (239,679 ) 21,377 (213,157 ) Cash flows from financing activities Borrowings on credit facilities 300,000 — 155,000 — 455,000 Repayment of long-term debt — (400,000 ) — — (400,000 ) Repayments of credit facilities — — (20,000 ) — (20,000 ) Debt issuance costs — — (1,092 ) — (1,092 ) Dividends paid to noncontrolling interests — — (25,109 ) — (25,109 ) Distributions to parent company, net (29,441 ) — — — (29,441 ) Advances (to) from affiliates (279,377 ) 586,094 (306,717 ) — — Notes payable to affiliates — 26,522 (5,145 ) (21,377 ) — Net cash provided by (used in) financing activities (8,818 ) 212,616 (203,063 ) (21,377 ) (20,642 ) Net change in cash, cash equivalents and restricted cash — (17,818 ) (219,987 ) — (237,805 ) Cash, cash equivalents and restricted cash, beginning of period — 17,818 357,232 — 375,050 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 137,245 $ — $ 137,245 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 22,771 $ (348,990 ) $ 403,331 $ — $ 77,112 Cash flows from investing activities Capital expenditures — — (149,329 ) — (149,329 ) Proceeds from disposal of assets — — 4,135 — 4,135 Net cash used in investing activities — — (145,194 ) — (145,194 ) Cash flows from financing activities Repayment of long-term debt — (738,823 ) (213,654 ) — (952,477 ) Issuance of senior notes — 750,000 — — 750,000 Debt issuance costs (822 ) (12,581 ) (1,924 ) — (15,327 ) Dividends paid to noncontrolling interests — — (12,694 ) — (12,694 ) Distribution to parent company, net (37,241 ) — — — (37,241 ) Advances (to) from affiliates 15,281 321,070 (336,351 ) — — Net cash provided by (used in) financing activities (22,782 ) 319,666 (564,623 ) — (267,739 ) Net change in cash, cash equivalents and restricted cash (11 ) (29,324 ) (306,486 ) — (335,821 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 326,190 $ — $ 326,190 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17— Subsequent Events We have been in discussions with Shell with respect to the drilling contract that Shell has with the Bully II joint venture. The drilling contract runs through April 2022 . The discussions contemplate that Shell would buy out the remaining term of the drilling contract with the joint venture and Noble would acquire Shell’s interests in the Bully II and the Bully I joint ventures. The discussions are at an advanced stage, and we believe it is probable that we will conclude the agreement with Shell in the fourth quarter of 2019 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The accompanying unaudited condensed consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2018 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2018 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 , filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. |
Accounting Pronouncements | Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (Topic 842, “Leases”), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, time and uncertainty of cash flows arising from lease agreements. We adopted this standard, on a modified retrospective basis, effective January 1, 2019 and did not restate comparative periods. Our adoption did not have a material effect on our condensed consolidated financial statements. With respect to leases in which we are the lessee, we recognized a lease liability and a corresponding right-of-use asset of approximately $28.0 million as of January 1, 2019. We have elected the package of practical expedients that permits us to not reassess (1) whether previously expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. In addition, we have elected the hindsight practical expedient in connection with our adoption of the new lease standard. As lessee, we have made the accounting policy election to not recognize a right-of-use asset lease and lease liability for leases with a term of 12 months or less. We will recognize lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. We have also elected the practical expedient to not separate lease and non-lease components. Our drilling contracts contain a lease component related to the underlying drilling equipment, in addition to the service component provided by our crews and our expertise to operate such drilling equipment. We have concluded the non-lease service of operating our equipment and providing expertise in the drilling of the client’s well is predominant in our drilling contracts. We have applied the practical expedient to account for the lease and associated non-lease components as a single component. With the election of the practical expedient, we will continue to present a single performance obligation under the new revenue guidance in Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers.” Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13 (Topic 326, “Measurement of Credit Losses on Financial Instruments”), which requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income, including loans, debt securities, trade receivables, net investments in leases and available-for-sale debt securities. This guidance will be effective for annual and interim periods beginning after December 15, 2019. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the effect of adopting this standard in the first quarter of 2020. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements. |
Contract Balances | Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days . Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted loss per share for Noble-UK: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Basic Net loss from continuing operations $ (444,871 ) $ (81,591 ) $ (663,899 ) $ (851,988 ) Net loss from discontinued operations, net of tax — — (3,821 ) — Net loss attributable to Noble Corporation plc $ (444,871 ) $ (81,591 ) $ (667,720 ) $ (851,988 ) Diluted Net loss from continuing operations $ (444,871 ) $ (81,591 ) $ (663,899 ) $ (851,988 ) Net loss from discontinued operations, net of tax — — (3,821 ) — Net loss attributable to Noble Corporation plc $ (444,871 ) $ (81,591 ) $ (667,720 ) $ (851,988 ) Denominator: Weighted average shares outstanding - basic 249,181 246,780 248,865 246,553 Weighted average shares outstanding - diluted 249,181 246,780 248,865 246,553 Loss per share Basic: Loss from continuing operations $ (1.79 ) $ (0.33 ) $ (2.66 ) $ (3.46 ) Loss from discontinued operations — — (0.02 ) — Net loss attributable to Noble Corporation plc $ (1.79 ) $ (0.33 ) $ (2.68 ) $ (3.46 ) Diluted: Loss from continuing operations $ (1.79 ) $ (0.33 ) $ (2.66 ) $ (3.46 ) Loss from discontinued operations — — (0.02 ) — Net loss attributable to Noble Corporation plc $ (1.79 ) $ (0.33 ) $ (2.68 ) $ (3.46 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, at Cost | Property and equipment, at cost, for Noble-UK consisted of the following: September 30, 2019 December 31, 2018 Drilling equipment and facilities $ 9,932,298 $ 10,546,376 Construction in progress 211,867 209,091 Other 202,606 200,945 Property and equipment, at cost $ 10,346,771 $ 10,956,412 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs | The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: September 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior unsecured notes: 4.90% Senior Notes due August 2020 $ 62,493 $ 59,956 $ 65,810 $ 60,177 4.625% Senior Notes due March 2021 79,837 71,287 92,967 84,931 3.95% Senior Notes due March 2022 21,178 16,320 41,617 37,096 7.75% Senior Notes due January 2024 389,430 265,495 783,350 613,719 7.95% Senior Notes due April 2025 446,848 285,818 446,517 339,035 7.875% Senior Notes due February 2026 739,037 567,525 738,075 647,085 6.20% Senior Notes due August 2040 390,506 175,281 390,454 245,242 6.05% Senior Notes due March 2041 389,780 172,295 389,693 247,171 5.25% Senior Notes due March 2042 478,090 206,230 477,996 277,056 8.95% Senior Notes due April 2045 390,739 213,908 390,672 311,392 Seller loans: Seller-financed secured loan due September 2022 62,418 51,095 60,251 57,902 Seller-financed secured loan due February 2023 55,000 42,222 — — Credit facilities: 2015 Credit Facility matures January 2020 300,000 300,000 — — 2017 Credit Facility matures January 2023 135,000 135,000 — — Total debt 3,940,356 2,562,432 3,877,402 2,920,806 Less: Current maturities of long-term debt (362,493 ) (359,956 ) — — Long-term debt $ 3,577,863 $ 2,202,476 $ 3,877,402 $ 2,920,806 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Balances for Components of AOCI | The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” (“AOCI”) for the three and nine months ended September 30, 2019 and 2018 . All amounts within the table are shown net of tax. Defined Benefit Pension Items (1) Foreign Currency Items Total Balance at December 31, 2017 $ (27,603 ) $ (15,285 ) $ (42,888 ) Activity during period: Stranded tax effect resulting from the Tax Cuts and Jobs Act (5,540 ) — (5,540 ) Balance at January 1, 2018 (33,143 ) (15,285 ) (48,428 ) Activity during period: Other comprehensive income (loss) before reclassifications — 667 667 Amounts reclassified from AOCI 324 — 324 Net other comprehensive income 324 667 991 Balance at March 31, 2018 (32,819 ) (14,618 ) (47,437 ) Activity during period: Other comprehensive income (loss) before reclassifications — (2,771 ) (2,771 ) Amounts reclassified from AOCI 325 — 325 Net other comprehensive income 325 (2,771 ) (2,446 ) Balance at June 30, 2018 $ (32,494 ) $ (17,389 ) $ (49,883 ) Activity during period: Other comprehensive income (loss) before reclassifications — (483 ) (483 ) Amounts reclassified from AOCI 324 — 324 Net other comprehensive income 324 (483 ) (159 ) Balance at September 30, 2018 $ (32,170 ) $ (17,872 ) $ (50,042 ) Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive income (loss) before reclassifications — 508 508 Amounts reclassified from AOCI 550 — 550 Net other comprehensive income (loss) 550 508 1,058 Balance at March 31, 2019 (38,508 ) (17,506 ) (56,014 ) Activity during period: Other comprehensive income (loss) before reclassifications — (406 ) (406 ) Amounts reclassified from AOCI 549 — 549 Net other comprehensive income (loss) 549 (406 ) 143 Balance at June 30, 2019 $ (37,959 ) $ (17,912 ) $ (55,871 ) Activity during period: Other comprehensive income (loss) before reclassifications — (1,054 ) (1,054 ) Amounts reclassified from AOCI 549 $ — 549 Net other comprehensive income (loss) 549 (1,054 ) (505 ) Balance at September 30, 2019 $ (37,410 ) $ (18,966 ) $ (56,376 ) (1) Defined benefit pension items relate to actuarial changes. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through “Other income (expense).” See “ Note 12— Employee Benefit Plans ” for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Contract Liabilities | The following table provides information about contract assets and contract liabilities from contracts with customers: September 30, 2019 December 31, 2018 Current contract assets $ 25,525 $ 25,298 Noncurrent contract assets 16,138 22,366 Total contract assets 41,663 47,664 Current contract liabilities (deferred revenue) (30,051 ) (32,906 ) Noncurrent contract liabilities (deferred revenue) (40,968 ) (47,847 ) Total contract liabilities $ (71,019 ) $ (80,753 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2019 are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (22,985 ) — Additions to deferred costs 16,984 — Amortization of deferred revenue — 38,255 Additions to deferred revenue — (28,521 ) Total (6,001 ) 9,734 Net balance at September 30, 2019 $ 41,663 $ (71,019 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Nine Months Ended September 30, 2019 2019 2020 2021 2022 2023 and beyond Total Floaters $ 5,128 $ 16,812 $ 15,870 $ 9,311 $ 3,557 $ 50,678 Jackups 3,907 9,620 5,964 850 — 20,341 Total $ 9,035 $ 26,432 $ 21,834 $ 10,161 $ 3,557 $ 71,019 |
Disaggregation of Revenue by Rig Types | The following table provides information about contract drilling revenue by rig types: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Floaters $ 131,039 $ 141,462 $ 428,272 $ 396,177 Jackups 128,389 125,776 376,474 347,856 Total $ 259,428 $ 267,238 $ 804,746 $ 744,033 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Supplemental Financial Information and Lease Cost | Supplemental balance sheet information related to leases was as follows: September 30, 2019 Operating Leases Operating lease right-of-use assets $ 35,027 Current operating lease liabilities 6,482 Long-term operating lease liabilities 28,101 Weighted average remaining lease term for operating leases (years) 7.7 Weighted average discounted rate for operating leases 9.6 % The components of lease cost were as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 2,766 $ 6,339 Short-term lease cost 1,506 5,915 Variable lease cost 322 1,067 Total lease cost $ 4,594 $ 13,321 Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,519 $ 6,360 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of September 30, 2019 were as follows: Operating Leases 2019 (remainder) $ 2,290 2020 9,342 2021 7,721 2022 5,316 2023 3,478 Thereafter 23,728 Total lease payments 51,875 Less: Interest (17,292 ) Present value of lease liability $ 34,583 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Costs | Pension costs include the following components for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 2018 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 418 $ 2,178 $ 429 $ 2,045 Return on plan assets (595 ) (2,578 ) (661 ) (2,979 ) Recognized net actuarial loss 2 693 — 411 Net pension benefit cost (gain) $ (175 ) $ 293 $ (232 ) $ (523 ) Nine Months Ended September 30, 2019 2018 Non-U.S. U.S. Non-U.S. U.S. Interest cost $ 1,294 $ 6,534 $ 1,248 $ 6,134 Return on plan assets (1,843 ) (7,735 ) (2,087 ) (8,936 ) Recognized net actuarial loss 7 2,078 — 1,233 Net pension benefit cost (gain) $ (542 ) $ 877 $ (839 ) $ (1,569 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: September 30, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 7,690 $ 7,690 $ — $ — December 31, 2018 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets - Marketable securities $ 8,659 $ 8,659 $ — $ — |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Financial Information [Abstract] | |
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble-UK Noble-Cayman Nine Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Accounts receivable $ (5,113 ) $ 4,481 $ (5,113 ) $ 4,481 Other current assets 365 (9,872 ) (322 ) (9,557 ) Other assets 9,037 (14,711 ) 11,033 (11,262 ) Accounts payable 366 8,528 56 8,506 Other current liabilities (47,919 ) (52,092 ) (47,777 ) (51,474 ) Other liabilities (14,650 ) (19,155 ) (14,650 ) (19,155 ) Total net change in assets and liabilities $ (57,914 ) $ (82,821 ) $ (56,773 ) $ (78,461 ) |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Guarantor Obligations | Noble-Cayman, or one or more 100 percent owned subsidiaries of Noble-Cayman, is an issuer, or full and unconditional guarantor or otherwise obligated as of September 30, 2019 with respect to registered securities as follows (see “ Note 6— Debt ” for additional information): Notes (1) Issuer Guarantor 4.90% Senior Notes due 2020 NHIL Noble-Cayman 4.625% Senior Notes due 2021 NHIL Noble-Cayman 3.95% Senior Notes due 2022 NHIL Noble-Cayman 7.75% Senior Notes due 2024 NHIL Noble-Cayman 7.95% Senior Notes due 2025 NHIL Noble-Cayman 6.20% Senior Notes due 2040 NHIL Noble-Cayman 6.05% Senior Notes due 2041 NHIL Noble-Cayman 5.25% Senior Notes due 2042 NHIL Noble-Cayman 8.95% Senior Notes due 2045 NHIL Noble-Cayman (1) Our 2026 Notes are excluded from this list as they are unregistered securities issued in a non-public offering. |
Condensed Consolidating Balance Sheet | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2019 (in thousands) (Unaudited) Noble - NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ — $ 135,942 $ — $ 135,942 Accounts receivable — — 206,235 — 206,235 Taxes receivable — — 40,605 — 40,605 Accounts receivable from affiliates 704,714 61,075 5,404,814 (6,170,603 ) — Prepaid expenses and other current assets 185 — 62,261 — 62,446 Total current assets 704,899 61,075 5,849,857 (6,170,603 ) 445,228 Property and equipment, at cost — — 10,346,771 — 10,346,771 Accumulated depreciation — — (2,537,648 ) — (2,537,648 ) Property and equipment, net — — 7,809,123 — 7,809,123 Notes receivable from affiliates — — 26,522 (26,522 ) — Investments in affiliates 7,366,428 8,424,082 — (15,790,510 ) — Other assets — — 141,113 — 141,113 Total assets $ 8,071,327 $ 8,485,157 $ 13,826,615 $ (21,987,635 ) $ 8,395,464 LIABILITIES AND EQUITY Current liabilities Current maturities of long-term debt $ 300,000 $ 62,493 $ — $ — $ 362,493 Accounts payable 16 — 108,143 — 108,159 Accrued payroll and related costs — — 50,298 — 50,298 Accounts payable to affiliates 4,056,390 1,348,424 765,789 (6,170,603 ) — Taxes payable — 450 24,371 — 24,821 Interest payable 647 60,170 2,859 — 63,676 Other current liabilities — — 60,665 — 60,665 Total current liabilities 4,357,053 1,471,537 1,012,125 (6,170,603 ) 670,112 Long-term debt — 3,325,446 252,417 — 3,577,863 Notes payable to affiliates — 26,522 — (26,522 ) — Deferred income taxes — — 57,739 — 57,739 Other liabilities 19,929 — 254,028 — 273,957 Total liabilities 4,376,982 4,823,505 1,576,309 (6,197,125 ) 4,579,671 Commitments and contingencies Shareholders’ equity 3,694,345 3,661,652 12,128,858 (15,790,510 ) 3,694,345 Noncontrolling interests — — 121,448 — 121,448 Total equity 3,694,345 3,661,652 12,250,306 (15,790,510 ) 3,815,793 Total liabilities and equity $ 8,071,327 $ 8,485,157 $ 13,826,615 $ (21,987,635 ) $ 8,395,464 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total ASSETS Current assets Cash and cash equivalents $ — $ 17,818 $ 356,557 $ — $ 374,375 Accounts receivable — — 200,722 — 200,722 Taxes receivable — — 20,498 — 20,498 Short-term notes receivable from affiliates — — 3,175,662 (3,175,662 ) — Accounts receivable from affiliates 275,726 61,046 4,823,902 (5,160,674 ) — Prepaid expenses and other current assets — — 61,917 — 61,917 Total current assets 275,726 78,864 8,639,258 (8,336,336 ) 657,512 Property and equipment, at cost — — 10,956,412 — 10,956,412 Accumulated depreciation — — (2,475,694 ) — (2,475,694 ) Property and equipment, net — — 8,480,718 — 8,480,718 Notes receivable from affiliates 5,145 — — (5,145 ) — Investments in affiliates 7,716,068 12,300,840 — (20,016,908 ) — Other assets 609 — 124,540 — 125,149 Total assets $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 LIABILITIES AND EQUITY Current liabilities Short-term notes payables to affiliates $ — $ 3,175,662 $ — $ (3,175,662 ) $ — Accounts payable 45 — 125,192 — 125,237 Accrued payroll and related costs — — 50,284 — 50,284 Accounts payable to affiliates 3,725,506 1,098,395 336,773 (5,160,674 ) — Taxes payable — — 29,386 — 29,386 Interest payable 3 99,997 100 — 100,100 Other current liabilities — — 60,012 — 60,012 Total current liabilities 3,725,554 4,374,054 601,747 (8,336,336 ) 365,019 Long-term debt — 3,817,153 60,249 — 3,877,402 Notes payable to affiliates — — 5,145 (5,145 ) — Deferred income taxes — — 91,695 — 91,695 Other liabilities 19,929 — 255,866 — 275,795 Total liabilities 3,745,483 8,191,207 1,014,702 (8,341,481 ) 4,609,911 Commitments and contingencies Shareholders’ equity 4,252,065 4,188,497 15,828,411 (20,016,908 ) 4,252,065 Noncontrolling interests — — 401,403 — 401,403 Total equity 4,252,065 4,188,497 16,229,814 (20,016,908 ) 4,653,468 Total liabilities and equity $ 7,997,548 $ 12,379,704 $ 17,244,516 $ (28,358,389 ) $ 9,263,379 |
Condensed Consolidating Statement of Income Operations and Comprehensive Income (Loss) | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 259,428 $ — $ 259,428 Reimbursables and other — — 16,098 — 16,098 Total operating revenues — — 275,526 — 275,526 Operating costs and expenses Contract drilling services 27 — 175,536 — 175,563 Reimbursables — — 13,779 — 13,779 Depreciation and amortization — — 112,175 — 112,175 General and administrative — 59 8,773 — 8,832 Loss on impairment — — 595,510 — 595,510 Total operating costs and expenses 27 59 905,773 — 905,859 Operating loss (27 ) (59 ) (630,247 ) — (630,333 ) Other income (expense) Loss of unconsolidated affiliates (431,975 ) (362,901 ) — 794,876 — Interest expense, net of amounts capitalized (3,249 ) (61,051 ) (5,204 ) 513 (68,991 ) Loss on extinguishment of debt, net — — (650 ) — (650 ) Interest income and other, net 54 — 310 (513 ) (149 ) Income (loss) before income taxes (435,197 ) (424,011 ) (635,791 ) 794,876 (700,123 ) Income tax benefit — — 2,845 — 2,845 Net income (loss) from continuing operations (435,197 ) (424,011 ) (632,946 ) 794,876 (697,278 ) Net income (loss) (435,197 ) (424,011 ) (632,946 ) 794,876 (697,278 ) Net loss attributable to noncontrolling interests — — 262,081 — 262,081 Net income (loss) attributable to Noble Corporation (435,197 ) (424,011 ) (370,865 ) 794,876 (435,197 ) Other comprehensive income (loss), net (505 ) — (505 ) 505 (505 ) Comprehensive income (loss) attributable to Noble Corporation $ (435,702 ) $ (424,011 ) $ (371,370 ) $ 795,381 $ (435,702 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services — — 804,746 — 804,746 Reimbursables and other — — 46,604 — 46,604 Total operating revenues — — 851,350 — 851,350 Operating costs and expenses Contract drilling services 78 — 514,793 — 514,871 Reimbursables — — 38,555 — 38,555 Depreciation and amortization — — 331,485 — 331,485 General and administrative — 232 24,867 — 25,099 Loss on impairment — — 595,510 — 595,510 Total operating costs and expenses 78 232 1,505,210 — 1,505,520 Operating loss (78 ) (232 ) (653,860 ) — (654,170 ) Other income (expense) Loss of unconsolidated affiliates (527,788 ) (360,926 ) — 888,714 — Loss of unconsolidated affiliates - discontinued operations, net of tax (3,821 ) (3,821 ) — 7,642 — Interest expense, net of amounts capitalized (7,868 ) (193,812 ) (12,548 ) 6,017 (208,211 ) Gain (loss) on extinguishment of debt, net — 31,266 (650 ) — 30,616 Interest income and other, net 194 (10 ) 10,050 (6,017 ) 4,217 Income (loss) before income taxes (539,361 ) (527,535 ) (657,008 ) 896,356 (827,548 ) Income tax benefit — — 37,162 — 37,162 Net income (loss) from continuing operations (539,361 ) (527,535 ) (619,846 ) 896,356 (790,386 ) Net income (loss) from discontinued operations — — (3,821 ) — (3,821 ) Net income (loss) (539,361 ) (527,535 ) (623,667 ) 896,356 (794,207 ) Net loss attributable to noncontrolling interests — — 254,846 — 254,846 Net income (loss) attributable to Noble Corporation (539,361 ) (527,535 ) (368,821 ) 896,356 (539,361 ) Other comprehensive income (loss), net 696 — 696 (696 ) 696 Comprehensive income (loss) attributable to Noble Corporation $ (538,665 ) $ (527,535 ) $ (368,125 ) $ 895,660 $ (538,665 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 267,238 $ — $ 267,238 Reimbursables and other — — 12,170 — 12,170 Total operating revenues — — 279,408 — 279,408 Operating costs and expenses Contract drilling services (84 ) (1,419 ) 164,304 — 162,801 Reimbursables — — 9,676 — 9,676 Depreciation and amortization — — 113,127 — 113,127 General and administrative (69 ) (823 ) 9,564 — 8,672 Total operating costs and expenses (153 ) (2,242 ) 296,671 — 294,276 Operating loss 153 2,242 (17,263 ) — (14,868 ) Other income (expense) Income (loss) of unconsolidated affiliates (75,959 ) 50,115 — 25,844 — Interest expense, net of amounts capitalized (413 ) (112,447 ) (4,887 ) 44,022 (73,725 ) Gain (loss) on extinguishment of debt, net — 109 — — 109 Interest income and other, net 1,602 — 45,030 (44,022 ) 2,610 Income (loss) before income taxes (74,617 ) (59,981 ) 22,880 25,844 (85,874 ) Income tax benefit — — 14,490 — 14,490 Net income (loss) (74,617 ) (59,981 ) 37,370 25,844 (71,384 ) Net loss attributable to noncontrolling interests — — (3,233 ) — (3,233 ) Net income (loss) attributable to Noble Corporation (74,617 ) (59,981 ) 34,137 25,844 (74,617 ) Other comprehensive income (loss), net (159 ) — (159 ) 159 (159 ) Comprehensive income (loss) attributable to Noble Corporation $ (74,776 ) $ (59,981 ) $ 33,978 $ 26,003 $ (74,776 ) NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS and COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Operating revenues Contract drilling services $ — $ — $ 744,033 $ — $ 744,033 Reimbursables and other — — 28,901 — 28,901 Total operating revenues — — 772,934 — 772,934 Operating costs and expenses Contract drilling services 71 (22 ) 449,907 — 449,956 Reimbursables — — 22,323 — 22,323 Depreciation and amortization — — 368,939 — 368,939 General and administrative (4 ) 360 29,894 — 30,250 Loss on impairment — — 792,843 — 792,843 Total operating costs and expenses 67 338 1,663,906 — 1,664,311 Operating loss (67 ) (338 ) (890,972 ) — (891,377 ) Other income (expense) Income (loss) of unconsolidated affiliates (820,630 ) (300,798 ) — 1,121,428 — Interest expense, net of amounts capitalized (873 ) (338,039 ) (16,776 ) 131,818 (223,870 ) Gain (loss) on extinguishment of debt, net (2,336 ) 5,528 (11,851 ) — (8,659 ) Interest income and other, net 4,756 (131 ) 134,000 (131,818 ) 6,807 Income (loss) before income taxes (819,150 ) (633,778 ) (785,599 ) 1,121,428 (1,117,099 ) Income tax benefit — — 50,227 — 50,227 Net income (loss) (819,150 ) (633,778 ) (735,372 ) 1,121,428 (1,066,872 ) Net loss attributable to noncontrolling interests — — 247,722 — 247,722 Net income (loss) attributable to Noble Corporation (819,150 ) (633,778 ) (487,650 ) 1,121,428 (819,150 ) Other comprehensive income (loss), net (1,614 ) — (1,614 ) 1,614 (1,614 ) Comprehensive income (loss) attributable to Noble Corporation $ (820,764 ) $ (633,778 ) $ (489,264 ) $ 1,123,042 $ (820,764 ) |
Condensed Consolidating Statement of Cash Flows | NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 3,673 $ (230,434 ) $ 222,755 $ — (4,006 ) Cash flows from investing activities Capital expenditures — — (222,587 ) — (222,587 ) Proceeds from disposal of assets — — 9,430 — 9,430 Notes receivable to (from) affiliates 5,145 — (26,522 ) 21,377 — Net cash provided by (used in) investing activities 5,145 — (239,679 ) 21,377 (213,157 ) Cash flows from financing activities Borrowings on credit facilities 300,000 — 155,000 — 455,000 Repayment of long-term debt — (400,000 ) — — (400,000 ) Repayments of credit facilities — — (20,000 ) — (20,000 ) Debt issuance costs — — (1,092 ) — (1,092 ) Dividends paid to noncontrolling interests — — (25,109 ) — (25,109 ) Distributions to parent company, net (29,441 ) — — — (29,441 ) Advances (to) from affiliates (279,377 ) 586,094 (306,717 ) — — Notes payable to affiliates — 26,522 (5,145 ) (21,377 ) — Net cash provided by (used in) financing activities (8,818 ) 212,616 (203,063 ) (21,377 ) (20,642 ) Net change in cash, cash equivalents and restricted cash — (17,818 ) (219,987 ) — (237,805 ) Cash, cash equivalents and restricted cash, beginning of period — 17,818 357,232 — 375,050 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 137,245 $ — $ 137,245 NOBLE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) (Unaudited) Noble- NHIL Other Consolidating Total Cash flows from operating activities Net cash provided by (used in) operating activities $ 22,771 $ (348,990 ) $ 403,331 $ — $ 77,112 Cash flows from investing activities Capital expenditures — — (149,329 ) — (149,329 ) Proceeds from disposal of assets — — 4,135 — 4,135 Net cash used in investing activities — — (145,194 ) — (145,194 ) Cash flows from financing activities Repayment of long-term debt — (738,823 ) (213,654 ) — (952,477 ) Issuance of senior notes — 750,000 — — 750,000 Debt issuance costs (822 ) (12,581 ) (1,924 ) — (15,327 ) Dividends paid to noncontrolling interests — — (12,694 ) — (12,694 ) Distribution to parent company, net (37,241 ) — — — (37,241 ) Advances (to) from affiliates 15,281 321,070 (336,351 ) — — Net cash provided by (used in) financing activities (22,782 ) 319,666 (564,623 ) — (267,739 ) Net change in cash, cash equivalents and restricted cash (11 ) (29,324 ) (306,486 ) — (335,821 ) Cash, cash equivalents and restricted cash, beginning of period 11 29,324 632,676 — 662,011 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 326,190 $ — $ 326,190 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2019vesselsegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of floaters (vessel) | 12 |
Number of semisubmersibles (vessel) | 4 |
Number of drillships (vessel) | 8 |
Number of jackups (vessel) | 13 |
Number of reportable segments | segment | 1 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Present value of lease liability | $ 34,583 | |
Operating lease right-of-use assets | $ 35,027 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Present value of lease liability | $ 28,000 | |
Operating lease right-of-use assets | $ 28,000 |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)joint_venturevessel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | $ 595,510,000 | $ 0 | $ 595,510,000 | $ 792,843,000 | |
Cash and cash equivalents | 135,993,000 | $ 135,993,000 | $ 375,232,000 | ||
Bully Joint Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percent of interest in joint ventures | 50.00% | ||||
Number of joint ventures | joint_venture | 2 | ||||
Number of bully class drillships (vessel) | vessel | 2 | ||||
Dividends approved | $ 15,100,000 | 20,700,000 | $ 50,200,000 | 46,100,000 | |
Percentage attributable to noncontrolling interests | 50.00% | 50.00% | |||
Carrying amount of the drillships | $ 104,000,000 | $ 104,000,000 | 700,000,000 | ||
Cash and cash equivalents | 35,700,000 | 35,700,000 | $ 45,200,000 | ||
Bully Joint Venture | Dividend Paid | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Dividend paid | $ 0 | 25,400,000 | |||
Noble Bully II | Drillships | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | 595,500,000 | 595,500,000 | |||
Noble Bully II | Drillships | Subsidiary of Shell | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | $ 265,000,000 | $ 265,000,000 | |||
Noble Bully I | Drillships | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | 550,300,000 | ||||
Noble Bully I | Drillships | Subsidiary of Shell | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on impairment | $ 250,300,000 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic | ||||
Net loss from continuing operations | $ (444,871) | $ (81,591) | $ (663,899) | $ (851,988) |
Net loss from discontinued operations, net of tax | 0 | 0 | (3,821) | 0 |
Net loss attributable to Noble Corporation plc | (444,871) | (81,591) | (667,720) | (851,988) |
Diluted | ||||
Net loss attributable to Noble Corporation plc | $ (444,871) | $ (81,591) | $ (667,720) | $ (851,988) |
Denominator: | ||||
Weighted average shares outstanding - basic (shares) | 249,181 | 246,780 | 248,865 | 246,553 |
Weighted average shares outstanding - diluted (shares) | 249,181 | 246,780 | 248,865 | 246,553 |
Basic: | ||||
Loss from continuing operations (usd per share) | $ (1.79) | $ (0.33) | $ (2.66) | $ (3.46) |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.02) | 0 |
Net loss attributable to Noble Corporation plc (usd per share) | (1.79) | (0.33) | (2.68) | (3.46) |
Diluted: | ||||
Loss from continuing operations (usd per share) | (1.79) | (0.33) | (2.66) | (3.46) |
Loss from discontinued operations (usd per share) | 0 | 0 | (0.02) | 0 |
Net loss attributable to Noble Corporation plc (usd per share) | $ (1.79) | $ (0.33) | $ (2.68) | $ (3.46) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares outstanding and trading | 249,191,000 | 249,191,000 | 246,794,000 | ||
Additional shares authorized for issuance | 83,100,000 | ||||
Current nominal value per share (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Number of shares allotted | 0 | ||||
Number of shares repurchased | 0 | 0 | 0 | 0 | |
Equity option | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares excluded from the diluted net income per share | 12,000,000 | 13,200,000 | 12,000,000 | 13,200,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Feb. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | $ 10,346,771 | $ 10,346,771 | $ 10,956,412 | ||||
Impairment on long-lived assets | 595,500 | $ 792,800 | 595,500 | $ 792,800 | |||
Seller-financed secured loan due February 2023 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Financed value | $ 53,600 | $ 53,600 | |||||
Other | Seller-financed secured loan due February 2023 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cash paid to acquire asset | 30,200 | ||||||
Drilling equipment and facilities | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | 9,932,298 | 9,932,298 | 10,546,376 | ||||
Construction in progress | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | 211,867 | 211,867 | 209,091 | ||||
Other | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, at cost | $ 202,606 | $ 202,606 | $ 200,945 | ||||
Noble Joe Knight | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Purchase price of asset acquired | $ 83,800 | $ 83,800 |
Debt - Additional Information (
Debt - Additional Information (Details) | Feb. 28, 2019USD ($) | Jan. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Mar. 31, 2022 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2019USD ($) | Dec. 21, 2017 |
Debt Instrument [Line Items] | ||||||||||||||||||
Term of debt instrument | 4 years | 4 years | ||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ (650,000) | $ 109,000 | $ 30,616,000 | $ (8,659,000) | ||||||||||||||
Noble Joe Knight | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase price of asset acquired | $ 83,800,000 | $ 83,800,000 | ||||||||||||||||
Noble Johnny Whitstine | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase price of asset acquired | $ 93,800,000 | |||||||||||||||||
2017 Credit Facility matures January 2023 | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, aggregate principal amount | $ 1,500,000,000 | |||||||||||||||||
2017 Credit Facility matures January 2023 | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, aggregate principal amount | $ 1,300,000,000 | |||||||||||||||||
2017 Credit Facility matures January 2023 | Forecast | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility covenant compliance maximum consolidated leverage ratio | 3 | 3.5 | 4 | |||||||||||||||
Seller-financed secured loan due February 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Financed value | $ 53,600,000 | $ 53,600,000 | ||||||||||||||||
Seller-financed secured loan due February 2023 | Due at End of Third-Year | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Term of debt instrument | 4 years | |||||||||||||||||
Percentage of principal payment due at end of term | 5.00% | 5.00% | ||||||||||||||||
Seller-financed secured loan due February 2023 | Due at End of Four-Year Term | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of principal payment due at end of term | 95.00% | 95.00% | ||||||||||||||||
Seller-financed secured loan due September 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Financed value | $ 60,000,000 | |||||||||||||||||
Seller-financed secured loan due September 2022 | Due at End of Third-Year | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of principal payment due at end of term | 5.00% | 5.00% | 5.00% | |||||||||||||||
Seller-financed secured loan due September 2022 | Due at End of Four-Year Term | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of principal payment due at end of term | 95.00% | 95.00% | 95.00% | |||||||||||||||
Line of credit | 2015 Credit Facility matures January 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Net loss due to reduction of aggregate principal amount | $ 2,300,000 | |||||||||||||||||
Line of credit | 2017 Credit Facility matures January 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,300,000,000 | 1,300,000,000 | ||||||||||||||||
Net loss due to reduction of aggregate principal amount | $ 700,000 | |||||||||||||||||
Senior unsecured notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase of senior notes | $ 440,900,000 | $ 27,400,000 | $ 400,000 | $ 9,500,000 | $ 754,200,000 | |||||||||||||
Repurchase amount | 400,000,000 | 20,200,000 | 300,000 | 8,700,000 | 750,000,000 | |||||||||||||
Gain (loss) on extinguishment of debt, net | $ 31,300,000 | $ 6,900,000 | $ 100,000 | 500,000 | (3,500,000) | |||||||||||||
Extinguished aggregate principal amount | $ 126,600,000 | |||||||||||||||||
Senior unsecured notes | 2015 Credit Facility matures January 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum debt to tangible capitalization covenant | 60.00% | 60.00% | ||||||||||||||||
Senior unsecured notes | 2026 Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, aggregate principal amount | $ 750,000,000 | |||||||||||||||||
Senior unsecured notes | 2026 Notes | NHIL | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Proceeds of offering, after estimated expenses | $ 737,400,000 | |||||||||||||||||
Required percentage of book value of material drilling equipment | 85.00% | 85.00% | ||||||||||||||||
Senior unsecured notes | 7.50% Senior Notes due March 2019 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase of senior notes | 61,900,000 | |||||||||||||||||
Repurchase amount | 65,300,000 | |||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ (3,500,000) | |||||||||||||||||
Secured loan | Seller-financed secured loan due February 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 4.25% | 4.25% | ||||||||||||||||
Interest rate paid-in-kind | 1.25% | 1.25% | ||||||||||||||||
Interest rate on first year | 8.91% | 8.91% | ||||||||||||||||
Secured loan | Seller-financed secured loan due September 2022 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Term of debt instrument | 4 years | |||||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | |||||||||||||||
Interest rate paid-in-kind | 1.25% | 1.25% | 1.25% | |||||||||||||||
Interest rate on first year | 8.91% | 8.91% | 8.91% | |||||||||||||||
Debt to total capitalization ratio requirement | 0.55 | 0.55 | 0.55 | |||||||||||||||
Senior unsecured credit facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||
Credit facility | Line of credit | 2015 Credit Facility matures January 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||
Maximum debt to tangible capitalization covenant | 52.00% | 52.00% | ||||||||||||||||
Credit facility | Line of credit | 2015 Credit Facility matures January 2020 | LIBOR | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on senior notes | 1.65% | |||||||||||||||||
Credit facility | Line of credit | 2017 Credit Facility matures January 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||
Credit facility, ability to increase (up to) | $ 500,000,000 | $ 500,000,000 | ||||||||||||||||
Covenant, rig value of closing date rigs, end of each fiscal quarter | 0.80 | 0.80 | ||||||||||||||||
Covenant, restrictions on borrowings, maximum Available Cash | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||
Covenant, rig value of marketed rigs to indebtedness, end of each fiscal quarter | 3 | |||||||||||||||||
Credit facility | Line of credit | 2017 Credit Facility matures January 2023 | LIBOR | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on senior notes | 4.25% | |||||||||||||||||
Letters of credit | Line of credit | 2017 Credit Facility matures January 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facilities | 135,000,000 | $ 135,000,000 | ||||||||||||||||
Current borrowing capacity | 15,000,000 | 15,000,000 | ||||||||||||||||
Borrowings outstanding or letters of credit issued | $ 9,000,000 | $ 9,000,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Our Long-Term Debt, not Including Effect of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less: Current maturities of long-term debt | $ (362,493) | $ 0 |
Long-term debt | 3,577,863 | 3,877,402 |
Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,940,356 | 3,877,402 |
Less: Current maturities of long-term debt | (362,493) | 0 |
Long-term debt | 3,577,863 | 3,877,402 |
Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,562,432 | 2,920,806 |
Less: Current maturities of long-term debt | (359,956) | 0 |
Long-term debt | $ 2,202,476 | 2,920,806 |
4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
8.95% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 62,493 | 65,810 |
Senior unsecured notes | 4.90% Senior Notes due August 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 59,956 | 60,177 |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.625% | |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 79,837 | 92,967 |
Senior unsecured notes | 4.625% Senior Notes due March 2021 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 71,287 | 84,931 |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 21,178 | 41,617 |
Senior unsecured notes | 3.95% Senior Notes due March 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 16,320 | 37,096 |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 389,430 | 783,350 |
Senior unsecured notes | 7.75% Senior Notes due January 2024 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 265,495 | 613,719 |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 446,848 | 446,517 |
Senior unsecured notes | 7.95% Senior Notes due April 2025 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 285,818 | 339,035 |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.875% | |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 739,037 | 738,075 |
Senior unsecured notes | 7.875% Senior Notes due February 2026 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 567,525 | 647,085 |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 390,506 | 390,454 |
Senior unsecured notes | 6.20% Senior Notes due August 2040 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 175,281 | 245,242 |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 389,780 | 389,693 |
Senior unsecured notes | 6.05% Senior Notes due March 2041 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 172,295 | 247,171 |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 478,090 | 477,996 |
Senior unsecured notes | 5.25% Senior Notes due March 2042 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 206,230 | 277,056 |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 390,739 | 390,672 |
Senior unsecured notes | 8.95% Senior Notes due April 2045 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 213,908 | 311,392 |
Seller loans | Seller-financed secured loan due September 2022 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 62,418 | 60,251 |
Seller loans | Seller-financed secured loan due September 2022 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 51,095 | 57,902 |
Seller loans | Seller-financed secured loan due February 2023 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 55,000 | 0 |
Seller loans | Seller-financed secured loan due February 2023 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 42,222 | 0 |
Credit Facility | Line of credit | 2015 Credit Facility matures January 2020 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Credit facilities | 300,000 | 0 |
Credit Facility | Line of credit | 2015 Credit Facility matures January 2020 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Credit facilities | 300,000 | 0 |
Credit Facility | Line of credit | 2017 Credit Facility matures January 2023 | Carrying Value | ||
Debt Instrument [Line Items] | ||
Credit facilities | 135,000 | 0 |
Credit Facility | Line of credit | 2017 Credit Facility matures January 2023 | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Credit facilities | $ 135,000 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Beginning Balance | $ 5,950,628 | $ 4,427,749 | $ 4,654,574 | $ 4,774,595 | $ 5,950,628 | $ 4,654,574 | $ 5,950,628 | ||
Stranded tax effect resulting from the Tax Cuts and Jobs Act | (5,540) | ||||||||
Other comprehensive income (loss) before reclassifications | (1,054) | $ (406) | 508 | (483) | $ (2,771) | 667 | |||
Amounts reclassified from AOCI | 549 | 549 | 550 | 324 | 325 | 324 | |||
Other comprehensive income (loss), net | (505) | 143 | 1,058 | (159) | (2,446) | 991 | 696 | (1,614) | |
Ending Balance | 3,715,214 | 4,427,749 | 4,691,667 | 4,774,595 | 3,715,214 | 4,691,667 | |||
Defined Benefit Pension Items | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Beginning Balance | (27,603) | (37,959) | (38,508) | (39,058) | (32,494) | (32,819) | (27,603) | (39,058) | (27,603) |
Stranded tax effect resulting from the Tax Cuts and Jobs Act | (5,540) | ||||||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | 0 | 0 | |||
Amounts reclassified from AOCI | 549 | 549 | 550 | 324 | 325 | 324 | |||
Other comprehensive income (loss), net | 549 | 549 | 550 | 324 | 325 | 324 | |||
Ending Balance | (33,143) | (37,410) | (37,959) | (38,508) | (32,170) | (32,494) | (32,819) | (37,410) | (32,170) |
Foreign Currency Items | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Beginning Balance | (15,285) | (17,912) | (17,506) | (18,014) | (17,389) | (14,618) | (15,285) | (18,014) | (15,285) |
Stranded tax effect resulting from the Tax Cuts and Jobs Act | 0 | ||||||||
Other comprehensive income (loss) before reclassifications | (1,054) | (406) | 508 | (483) | (2,771) | 667 | |||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other comprehensive income (loss), net | (1,054) | (406) | 508 | (483) | (2,771) | 667 | |||
Ending Balance | (15,285) | (18,966) | (17,912) | (17,506) | (17,872) | (17,389) | (14,618) | (18,966) | (17,872) |
Total | |||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||||
Beginning Balance | (42,888) | (55,871) | (56,014) | (57,072) | (49,883) | (47,437) | (42,888) | (57,072) | (42,888) |
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) | |||||
Ending Balance | $ (48,428) | $ (56,376) | $ (55,871) | $ (56,014) | $ (50,042) | $ (49,883) | $ (47,437) | $ (56,376) | $ (50,042) |
Revenue and Customers - Additio
Revenue and Customers - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Payment term | P30D |
Revenue and Customers - Receiva
Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Current contract assets | $ 25,525 | $ 25,298 |
Noncurrent contract assets | 16,138 | 22,366 |
Total contract assets | 41,663 | 47,664 |
Current contract liabilities (deferred revenue) | (30,051) | (32,906) |
Noncurrent contract liabilities (deferred revenue) | (40,968) | (47,847) |
Total contract liabilities | $ (71,019) | $ (80,753) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Change In Contract With Customer, Asset And Liability [Roll Forward] | |
Contract assets, beginning balance | $ 47,664 |
Contract liabilities, beginning balance | (80,753) |
Amortization of deferred costs | (22,985) |
Additions to deferred costs | 16,984 |
Amortization of deferred revenue | 38,255 |
Additions to deferred revenue | (28,521) |
Total | (6,001) |
Total | 9,734 |
Contract assets, ending balance | 41,663 |
Contract liabilities, ending balance | $ (71,019) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 9,035 |
Performance obligation, expected timing of satisfaction | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 26,432 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 21,834 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 10,161 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 3,557 |
Performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 71,019 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 5,128 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 16,812 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 15,870 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 9,311 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 3,557 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 50,678 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 3,907 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 9,620 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 5,964 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 850 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | 0 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 20,341 |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 275,526 | $ 279,408 | $ 851,350 | $ 772,934 |
Contract drilling services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 |
Floaters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 131,039 | 141,462 | 428,272 | 396,177 |
Jackups | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 128,389 | $ 125,776 | $ 376,474 | $ 347,856 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 35,027 |
Current operating lease liabilities | 6,482 |
Long-term operating lease liabilities | $ 28,101 |
Weighted average remaining lease term for operating leases (years) | 7 years 8 months 12 days |
Weighted average discounted rate for operating leases | 9.60% |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,766 | $ 6,339 |
Short-term lease cost | 1,506 | 5,915 |
Variable lease cost | 322 | 1,067 |
Total lease cost | $ 4,594 | $ 13,321 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 2,519 | $ 6,360 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (remainder) | $ 2,290 |
2020 | 9,342 |
2021 | 7,721 |
2022 | 5,316 |
2023 | 3,478 |
Thereafter | 23,728 |
Total lease payments | 51,875 |
Less: Interest | (17,292) |
Present value of lease liability | $ 34,583 |
Loss on Impairment (Details)
Loss on Impairment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | $ 595,510 | $ 0 | $ 595,510 | $ 792,843 |
Bully Joint Venture | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of bully class drillships (vessel) | vessel | 2 | |||
Drillships | Noble Bully II | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 595,500 | $ 595,500 | ||
Drillships | Noble Bully I | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 550,300 | |||
Drillships | Noble Bully I, Noble Paul Romano, and Noble Dave Beard | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 763,700 | |||
Capital Spare Equipment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | 29,100 | |||
Subsidiary of Shell | Drillships | Noble Bully II | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | $ 265,000 | $ 265,000 | ||
Subsidiary of Shell | Drillships | Noble Bully I | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Loss on impairment | $ 250,300 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)rig | Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |||
Reserves for uncertain tax positions net | $ 163.2 | $ 183.8 | |
Related tax benefits | $ 1 | $ 1 | |
Operational period | 12 months | ||
Net tax benefit on effective settlement of examination of U.S. tax returns | $ 33.7 | ||
Provision for non-cash items related to impairment of three rigs and certain capital spares | $ 35.6 | ||
Number of impaired rigs | rig | 3 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Service cost | 0 | 0 | 0 | 0 |
Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 418,000 | 429,000 | 1,294,000 | 1,248,000 |
Return on plan assets | (595,000) | (661,000) | (1,843,000) | (2,087,000) |
Recognized net actuarial loss | 2,000 | 0 | 7,000 | 0 |
Net pension benefit cost (gain) | (175,000) | (232,000) | (542,000) | (839,000) |
U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2,178,000 | 2,045,000 | 6,534,000 | 6,134,000 |
Return on plan assets | (2,578,000) | (2,979,000) | (7,735,000) | (8,936,000) |
Recognized net actuarial loss | 693,000 | 411,000 | 2,078,000 | 1,233,000 |
Net pension benefit cost (gain) | $ 293,000 | $ (523,000) | $ 877,000 | $ (1,569,000) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Marketable securities - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Marketable securities | $ 7,690 | $ 8,659 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Marketable securities | 0 | 0 |
Reported Value Measurement | ||
Assets | ||
Marketable securities | $ 7,690 | $ 8,659 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 15, 2017USD ($) | Jan. 31, 2017USD ($)rig | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Other Commitments [Line Items] | ||||||
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (3,821,000) | $ 0 | ||
Years of effectiveness of employment agreements after the termination of employment | 3 years | |||||
Minimum | ||||||
Other Commitments [Line Items] | ||||||
Percentage of uncertain tax positions likelihood of being sustained (greater than) | 50.00% | |||||
Income and other business taxes | Mexico | Foreign tax authority | ||||||
Other Commitments [Line Items] | ||||||
Approximate audit claims assessed | $ 51,400,000 | |||||
Transocean Ltd. | ||||||
Other Commitments [Line Items] | ||||||
Number of newbuild rigs allegedly violating patents | rig | 5 | |||||
Damages sought | $ 10,000,000 | |||||
License fees (percent) | 5.00% | |||||
Borrowings by Paragon Offshore | ||||||
Other Commitments [Line Items] | ||||||
Damages sought | $ 1,700,000,000 | |||||
Loss estimate | $ 100,000,000 | 100,000,000 | ||||
Coverage limit | 150,000,000 | |||||
Borrowings by Paragon Offshore | Mexico | ||||||
Other Commitments [Line Items] | ||||||
Net loss from discontinued operations, net of tax | $ 3,800,000 | |||||
Transfer of Intercompany Receivables and Notes from a Paragon Subsidiary to a Noble Subsidiary | ||||||
Other Commitments [Line Items] | ||||||
Damages sought | $ 935,000,000 |
Supplemental Financial Inform_3
Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions | Feb. 28, 2019 | Feb. 28, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Restricted cash | $ 1.3 | $ 0.7 | ||||
Capital expenditures incurred but not yet paid | $ 34 | $ 52.1 | $ 36.2 | $ 25.5 | ||
Seller-financed secured loan due February 2023 | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Financed value | $ 53.6 | $ 53.6 |
Supplemental Financial Inform_4
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Capital [Line Items] | ||
Total net change in assets and liabilities | $ (57,914) | $ (82,821) |
Noble-UK | ||
Operating Capital [Line Items] | ||
Accounts receivable | (5,113) | 4,481 |
Other current assets | 365 | (9,872) |
Other assets | 9,037 | (14,711) |
Accounts payable | 366 | 8,528 |
Other current liabilities | (47,919) | (52,092) |
Other liabilities | (14,650) | (19,155) |
Total net change in assets and liabilities | (57,914) | (82,821) |
Noble-Cayman | ||
Operating Capital [Line Items] | ||
Accounts receivable | (5,113) | 4,481 |
Other current assets | (322) | (9,557) |
Other assets | 11,033 | (11,262) |
Accounts payable | 56 | 8,506 |
Other current liabilities | (47,777) | (51,474) |
Other liabilities | (14,650) | (19,155) |
Total net change in assets and liabilities | $ (56,773) | $ (78,461) |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Guarantor Obligations (Details) | Sep. 30, 2019 |
4.90% Senior Notes due August 2020 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.90% |
4.625% Senior Notes due March 2021 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 4.625% |
3.95% Senior Notes due March 2022 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 3.95% |
7.75% Senior Notes due January 2024 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 7.75% |
7.95% Senior Notes due April 2025 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 7.95% |
6.20% Senior Notes due August 2040 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.20% |
6.05% Senior Notes due March 2041 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 6.05% |
5.25% Senior Notes due March 2042 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 5.25% |
8.95% Senior Notes due April 2045 | |
Guarantor Obligations [Line Items] | |
Interest rate on senior notes | 8.95% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||||||
Cash and cash equivalents | $ 135,993 | $ 375,232 | ||||
Accounts receivable | 206,235 | 200,722 | ||||
Taxes receivable | 40,605 | 20,498 | ||||
Prepaid expenses and other current assets | 62,446 | 62,604 | ||||
Total current assets | 445,279 | 659,056 | ||||
Property and equipment, at cost | 10,346,771 | 10,956,412 | ||||
Accumulated depreciation | (2,537,648) | (2,475,694) | ||||
Property and equipment, net | 7,809,123 | 8,480,718 | ||||
Other assets | 141,113 | 125,149 | ||||
Total assets | 8,395,515 | 9,264,923 | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 362,493 | 0 | ||||
Accounts payable | 108,789 | 125,557 | ||||
Accrued payroll and related costs | 50,298 | 50,284 | ||||
Taxes payable | 24,821 | 29,386 | ||||
Interest payable | 63,676 | 100,100 | ||||
Other current liabilities | 160,665 | 60,130 | ||||
Total current liabilities | 770,742 | 365,457 | ||||
Long-term debt | 3,577,863 | 3,877,402 | ||||
Deferred income taxes | 57,739 | 91,695 | ||||
Other liabilities | 273,957 | 275,795 | ||||
Total liabilities | 4,680,301 | 4,610,349 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 3,593,766 | 4,253,171 | ||||
Noncontrolling interests | 121,448 | 401,403 | ||||
Total equity | 3,715,214 | $ 4,427,749 | 4,654,574 | $ 4,691,667 | $ 4,774,595 | $ 5,950,628 |
Total liabilities and equity | 8,395,515 | 9,264,923 | ||||
Noble Corp | ||||||
Current assets | ||||||
Cash and cash equivalents | 135,942 | 374,375 | ||||
Accounts receivable | 206,235 | 200,722 | ||||
Taxes receivable | 40,605 | 20,498 | ||||
Short-term notes receivable from affiliates | 0 | |||||
Accounts receivable from affiliates | 0 | 0 | ||||
Prepaid expenses and other current assets | 62,446 | 61,917 | ||||
Total current assets | 445,228 | 657,512 | ||||
Property and equipment, at cost | 10,346,771 | 10,956,412 | ||||
Accumulated depreciation | (2,537,648) | (2,475,694) | ||||
Property and equipment, net | 7,809,123 | 8,480,718 | ||||
Notes receivable from affiliates | 0 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Other assets | 141,113 | 125,149 | ||||
Total assets | 8,395,464 | 9,263,379 | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 362,493 | 0 | ||||
Short-term notes payables to affiliates | 0 | |||||
Accounts payable | 108,159 | 125,237 | ||||
Accrued payroll and related costs | 50,298 | 50,284 | ||||
Accounts payable to affiliates | 0 | 0 | ||||
Taxes payable | 24,821 | 29,386 | ||||
Interest payable | 63,676 | 100,100 | ||||
Other current liabilities | 60,665 | 60,012 | ||||
Total current liabilities | 670,112 | 365,019 | ||||
Long-term debt | 3,577,863 | 3,877,402 | ||||
Notes payable to affiliates | 0 | 0 | ||||
Deferred income taxes | 57,739 | 91,695 | ||||
Other liabilities | 273,957 | 275,795 | ||||
Total liabilities | 4,579,671 | 4,609,911 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 3,694,345 | 4,252,065 | ||||
Noncontrolling interests | 121,448 | 401,403 | ||||
Total equity | 3,815,793 | $ 4,527,805 | 4,653,468 | $ 4,689,990 | $ 4,774,138 | $ 5,950,014 |
Total liabilities and equity | 8,395,464 | 9,263,379 | ||||
Noble Corp | Consolidating Adjustments | ||||||
Current assets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Accounts receivable | 0 | 0 | ||||
Taxes receivable | 0 | 0 | ||||
Short-term notes receivable from affiliates | (3,175,662) | |||||
Accounts receivable from affiliates | (6,170,603) | (5,160,674) | ||||
Prepaid expenses and other current assets | 0 | 0 | ||||
Total current assets | (6,170,603) | (8,336,336) | ||||
Property and equipment, at cost | 0 | 0 | ||||
Accumulated depreciation | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Notes receivable from affiliates | (26,522) | (5,145) | ||||
Investments in affiliates | (15,790,510) | (20,016,908) | ||||
Other assets | 0 | 0 | ||||
Total assets | (21,987,635) | (28,358,389) | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 0 | |||||
Short-term notes payables to affiliates | (3,175,662) | |||||
Accounts payable | 0 | 0 | ||||
Accrued payroll and related costs | 0 | 0 | ||||
Accounts payable to affiliates | (6,170,603) | (5,160,674) | ||||
Taxes payable | 0 | 0 | ||||
Interest payable | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | (6,170,603) | (8,336,336) | ||||
Long-term debt | 0 | 0 | ||||
Notes payable to affiliates | (26,522) | (5,145) | ||||
Deferred income taxes | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Total liabilities | (6,197,125) | (8,341,481) | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | (15,790,510) | (20,016,908) | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | (15,790,510) | (20,016,908) | ||||
Total liabilities and equity | (21,987,635) | (28,358,389) | ||||
Noble Corp | Noble-Cayman | Reportable Legal Entities | ||||||
Current assets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Accounts receivable | 0 | 0 | ||||
Taxes receivable | 0 | 0 | ||||
Short-term notes receivable from affiliates | 0 | |||||
Accounts receivable from affiliates | 704,714 | 275,726 | ||||
Prepaid expenses and other current assets | 185 | 0 | ||||
Total current assets | 704,899 | 275,726 | ||||
Property and equipment, at cost | 0 | 0 | ||||
Accumulated depreciation | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Notes receivable from affiliates | 0 | 5,145 | ||||
Investments in affiliates | 7,366,428 | 7,716,068 | ||||
Other assets | 0 | 609 | ||||
Total assets | 8,071,327 | 7,997,548 | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 300,000 | |||||
Short-term notes payables to affiliates | 0 | |||||
Accounts payable | 16 | 45 | ||||
Accrued payroll and related costs | 0 | 0 | ||||
Accounts payable to affiliates | 4,056,390 | 3,725,506 | ||||
Taxes payable | 0 | 0 | ||||
Interest payable | 647 | 3 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | 4,357,053 | 3,725,554 | ||||
Long-term debt | 0 | 0 | ||||
Notes payable to affiliates | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Other liabilities | 19,929 | 19,929 | ||||
Total liabilities | 4,376,982 | 3,745,483 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 3,694,345 | 4,252,065 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 3,694,345 | 4,252,065 | ||||
Total liabilities and equity | 8,071,327 | 7,997,548 | ||||
Noble Corp | NHIL | Reportable Legal Entities | ||||||
Current assets | ||||||
Cash and cash equivalents | 0 | 17,818 | ||||
Accounts receivable | 0 | 0 | ||||
Taxes receivable | 0 | 0 | ||||
Short-term notes receivable from affiliates | 0 | |||||
Accounts receivable from affiliates | 61,075 | 61,046 | ||||
Prepaid expenses and other current assets | 0 | 0 | ||||
Total current assets | 61,075 | 78,864 | ||||
Property and equipment, at cost | 0 | 0 | ||||
Accumulated depreciation | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Notes receivable from affiliates | 0 | 0 | ||||
Investments in affiliates | 8,424,082 | 12,300,840 | ||||
Other assets | 0 | 0 | ||||
Total assets | 8,485,157 | 12,379,704 | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 62,493 | |||||
Short-term notes payables to affiliates | 3,175,662 | |||||
Accounts payable | 0 | 0 | ||||
Accrued payroll and related costs | 0 | 0 | ||||
Accounts payable to affiliates | 1,348,424 | 1,098,395 | ||||
Taxes payable | 450 | 0 | ||||
Interest payable | 60,170 | 99,997 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | 1,471,537 | 4,374,054 | ||||
Long-term debt | 3,325,446 | 3,817,153 | ||||
Notes payable to affiliates | 26,522 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Total liabilities | 4,823,505 | 8,191,207 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 3,661,652 | 4,188,497 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 3,661,652 | 4,188,497 | ||||
Total liabilities and equity | 8,485,157 | 12,379,704 | ||||
Noble Corp | Other Non-guarantor Subsidiaries of Noble | Reportable Legal Entities | ||||||
Current assets | ||||||
Cash and cash equivalents | 135,942 | 356,557 | ||||
Accounts receivable | 206,235 | 200,722 | ||||
Taxes receivable | 40,605 | 20,498 | ||||
Short-term notes receivable from affiliates | 3,175,662 | |||||
Accounts receivable from affiliates | 5,404,814 | 4,823,902 | ||||
Prepaid expenses and other current assets | 62,261 | 61,917 | ||||
Total current assets | 5,849,857 | 8,639,258 | ||||
Property and equipment, at cost | 10,346,771 | 10,956,412 | ||||
Accumulated depreciation | (2,537,648) | (2,475,694) | ||||
Property and equipment, net | 7,809,123 | 8,480,718 | ||||
Notes receivable from affiliates | 26,522 | 0 | ||||
Investments in affiliates | 0 | 0 | ||||
Other assets | 141,113 | 124,540 | ||||
Total assets | 13,826,615 | 17,244,516 | ||||
Current liabilities | ||||||
Current maturities of long-term debt | 0 | |||||
Short-term notes payables to affiliates | 0 | |||||
Accounts payable | 108,143 | 125,192 | ||||
Accrued payroll and related costs | 50,298 | 50,284 | ||||
Accounts payable to affiliates | 765,789 | 336,773 | ||||
Taxes payable | 24,371 | 29,386 | ||||
Interest payable | 2,859 | 100 | ||||
Other current liabilities | 60,665 | 60,012 | ||||
Total current liabilities | 1,012,125 | 601,747 | ||||
Long-term debt | 252,417 | 60,249 | ||||
Notes payable to affiliates | 0 | 5,145 | ||||
Deferred income taxes | 57,739 | 91,695 | ||||
Other liabilities | 254,028 | 255,866 | ||||
Total liabilities | 1,576,309 | 1,014,702 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | 12,128,858 | 15,828,411 | ||||
Noncontrolling interests | 121,448 | 401,403 | ||||
Total equity | 12,250,306 | 16,229,814 | ||||
Total liabilities and equity | $ 13,826,615 | $ 17,244,516 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues | ||||||||
Revenue from contract with customer | $ 275,526 | $ 279,408 | $ 851,350 | $ 772,934 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 112,755 | 113,868 | 333,481 | 372,304 | ||||
General and administrative | 17,565 | 14,722 | 149,816 | 58,522 | ||||
Loss on impairment | 595,510 | 0 | 595,510 | 792,843 | ||||
Total operating costs and expenses | 915,538 | 301,251 | 1,633,884 | 1,697,263 | ||||
Operating loss | (640,012) | (21,843) | (782,534) | (924,329) | ||||
Other income (expense) | ||||||||
Interest income (expense), net of amounts capitalized | (68,991) | (73,725) | (208,211) | (223,870) | ||||
Gain (loss) on extinguishment of debt, net | (650) | 109 | 30,616 | (8,659) | ||||
Interest income and other, net | (144) | 2,610 | 4,222 | 6,814 | ||||
Loss from continuing operations before income taxes | (709,797) | (92,849) | (955,907) | (1,150,044) | ||||
Income tax benefit | 2,845 | 14,491 | 37,162 | 50,334 | ||||
Net loss from continuing operations | (706,952) | (78,358) | (918,745) | (1,099,710) | ||||
Net income (loss) from discontinued operations | 0 | 0 | (3,821) | 0 | ||||
Net loss | (706,952) | (78,358) | (922,566) | (1,099,710) | ||||
Net loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 | ||||
Net income (loss) attributable to Noble Corporation | (444,871) | (81,591) | (667,720) | (851,988) | ||||
Other comprehensive income (loss), net | (505) | $ 143 | $ 1,058 | (159) | $ (2,446) | $ 991 | 696 | (1,614) |
Comprehensive income (loss) attributable to the company | (445,376) | (81,750) | (667,024) | (853,602) | ||||
Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 | ||||
Operating costs and expenses | ||||||||
Cost of services | 175,929 | 162,985 | 516,522 | 451,271 | ||||
Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 16,098 | 12,170 | 46,604 | 28,901 | ||||
Operating costs and expenses | ||||||||
Cost of services | 13,779 | 9,676 | 38,555 | 22,323 | ||||
Noble Corp | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 275,526 | 279,408 | 851,350 | 772,934 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 112,175 | 113,127 | 331,485 | 368,939 | ||||
General and administrative | 8,832 | 8,672 | 25,099 | 30,250 | ||||
Loss on impairment | 595,510 | 0 | 595,510 | 792,843 | ||||
Total operating costs and expenses | 905,859 | 294,276 | 1,505,520 | 1,664,311 | ||||
Operating loss | (630,333) | (14,868) | (654,170) | (891,377) | ||||
Other income (expense) | ||||||||
Loss of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Loss of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||||||
Interest income (expense), net of amounts capitalized | (68,991) | (73,725) | (208,211) | (223,870) | ||||
Gain (loss) on extinguishment of debt, net | (650) | 109 | 30,616 | (8,659) | ||||
Interest income and other, net | (149) | 2,610 | 4,217 | 6,807 | ||||
Loss from continuing operations before income taxes | (700,123) | (85,874) | (827,548) | (1,117,099) | ||||
Income tax benefit | 2,845 | 14,490 | 37,162 | 50,227 | ||||
Net loss from continuing operations | (697,278) | (71,384) | (790,386) | (1,066,872) | ||||
Net income (loss) from discontinued operations | 0 | 0 | (3,821) | 0 | ||||
Net loss | (697,278) | (71,384) | (794,207) | (1,066,872) | ||||
Net loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 | ||||
Net income (loss) attributable to Noble Corporation | (435,197) | (74,617) | (539,361) | (819,150) | ||||
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) | ||||
Comprehensive income (loss) attributable to the company | (435,702) | (74,776) | (538,665) | (820,764) | ||||
Noble Corp | Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 | ||||
Operating costs and expenses | ||||||||
Cost of services | 175,563 | 162,801 | 514,871 | 449,956 | ||||
Noble Corp | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 16,098 | 12,170 | 46,604 | 28,901 | ||||
Operating costs and expenses | ||||||||
Cost of services | 13,779 | 9,676 | 38,555 | 22,323 | ||||
Noble Corp | Reportable Legal Entities | Noble-Cayman | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
General and administrative | 0 | (69) | 0 | (4) | ||||
Loss on impairment | 0 | 0 | 0 | |||||
Total operating costs and expenses | 27 | (153) | 78 | 67 | ||||
Operating loss | (27) | 153 | (78) | (67) | ||||
Other income (expense) | ||||||||
Loss of unconsolidated affiliates | (431,975) | (75,959) | (527,788) | (820,630) | ||||
Loss of unconsolidated affiliates - discontinued operations, net of tax | (3,821) | |||||||
Interest income (expense), net of amounts capitalized | (3,249) | (413) | (7,868) | (873) | ||||
Gain (loss) on extinguishment of debt, net | 0 | 0 | 0 | (2,336) | ||||
Interest income and other, net | 54 | 1,602 | 194 | 4,756 | ||||
Loss from continuing operations before income taxes | (435,197) | (74,617) | (539,361) | (819,150) | ||||
Income tax benefit | 0 | 0 | 0 | 0 | ||||
Net loss from continuing operations | (435,197) | (539,361) | ||||||
Net income (loss) from discontinued operations | 0 | |||||||
Net loss | (435,197) | (74,617) | (539,361) | (819,150) | ||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to Noble Corporation | (435,197) | (74,617) | (539,361) | (819,150) | ||||
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) | ||||
Comprehensive income (loss) attributable to the company | (435,702) | (74,776) | (538,665) | (820,764) | ||||
Noble Corp | Reportable Legal Entities | Noble-Cayman | Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | 27 | (84) | 78 | 71 | ||||
Noble Corp | Reportable Legal Entities | Noble-Cayman | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | 0 | 0 | 0 | 0 | ||||
Noble Corp | Reportable Legal Entities | NHIL | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
General and administrative | 59 | (823) | 232 | 360 | ||||
Loss on impairment | 0 | 0 | 0 | |||||
Total operating costs and expenses | 59 | (2,242) | 232 | 338 | ||||
Operating loss | (59) | 2,242 | (232) | (338) | ||||
Other income (expense) | ||||||||
Loss of unconsolidated affiliates | (362,901) | 50,115 | (360,926) | (300,798) | ||||
Loss of unconsolidated affiliates - discontinued operations, net of tax | (3,821) | |||||||
Interest income (expense), net of amounts capitalized | (61,051) | (112,447) | (193,812) | (338,039) | ||||
Gain (loss) on extinguishment of debt, net | 0 | 109 | 31,266 | 5,528 | ||||
Interest income and other, net | 0 | 0 | (10) | (131) | ||||
Loss from continuing operations before income taxes | (424,011) | (59,981) | (527,535) | (633,778) | ||||
Income tax benefit | 0 | 0 | 0 | 0 | ||||
Net loss from continuing operations | (424,011) | (527,535) | ||||||
Net income (loss) from discontinued operations | 0 | |||||||
Net loss | (424,011) | (59,981) | (527,535) | (633,778) | ||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to Noble Corporation | (424,011) | (59,981) | (527,535) | (633,778) | ||||
Other comprehensive income (loss), net | 0 | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to the company | (424,011) | (59,981) | (527,535) | (633,778) | ||||
Noble Corp | Reportable Legal Entities | NHIL | Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | 0 | (1,419) | 0 | (22) | ||||
Noble Corp | Reportable Legal Entities | NHIL | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | 0 | 0 | 0 | 0 | ||||
Noble Corp | Reportable Legal Entities | Other Non-guarantor Subsidiaries of Noble | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 275,526 | 279,408 | 851,350 | 772,934 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 112,175 | 113,127 | 331,485 | 368,939 | ||||
General and administrative | 8,773 | 9,564 | 24,867 | 29,894 | ||||
Loss on impairment | 595,510 | 595,510 | 792,843 | |||||
Total operating costs and expenses | 905,773 | 296,671 | 1,505,210 | 1,663,906 | ||||
Operating loss | (630,247) | (17,263) | (653,860) | (890,972) | ||||
Other income (expense) | ||||||||
Loss of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Loss of unconsolidated affiliates - discontinued operations, net of tax | 0 | |||||||
Interest income (expense), net of amounts capitalized | (5,204) | (4,887) | (12,548) | (16,776) | ||||
Gain (loss) on extinguishment of debt, net | (650) | 0 | (650) | (11,851) | ||||
Interest income and other, net | 310 | 45,030 | 10,050 | 134,000 | ||||
Loss from continuing operations before income taxes | (635,791) | 22,880 | (657,008) | (785,599) | ||||
Income tax benefit | 2,845 | 14,490 | 37,162 | 50,227 | ||||
Net loss from continuing operations | (632,946) | (619,846) | ||||||
Net income (loss) from discontinued operations | (3,821) | |||||||
Net loss | (632,946) | 37,370 | (623,667) | (735,372) | ||||
Net loss attributable to noncontrolling interests | 262,081 | (3,233) | 254,846 | 247,722 | ||||
Net income (loss) attributable to Noble Corporation | (370,865) | 34,137 | (368,821) | (487,650) | ||||
Other comprehensive income (loss), net | (505) | (159) | 696 | (1,614) | ||||
Comprehensive income (loss) attributable to the company | (371,370) | 33,978 | (368,125) | (489,264) | ||||
Noble Corp | Reportable Legal Entities | Other Non-guarantor Subsidiaries of Noble | Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 259,428 | 267,238 | 804,746 | 744,033 | ||||
Operating costs and expenses | ||||||||
Cost of services | 175,536 | 164,304 | 514,793 | 449,907 | ||||
Noble Corp | Reportable Legal Entities | Other Non-guarantor Subsidiaries of Noble | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 16,098 | 12,170 | 46,604 | 28,901 | ||||
Operating costs and expenses | ||||||||
Cost of services | 13,779 | 9,676 | 38,555 | 22,323 | ||||
Noble Corp | Consolidating Adjustments | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
General and administrative | 0 | 0 | 0 | 0 | ||||
Loss on impairment | 0 | 0 | 0 | |||||
Total operating costs and expenses | 0 | 0 | 0 | 0 | ||||
Operating loss | 0 | 0 | 0 | 0 | ||||
Other income (expense) | ||||||||
Loss of unconsolidated affiliates | 794,876 | 25,844 | 888,714 | 1,121,428 | ||||
Loss of unconsolidated affiliates - discontinued operations, net of tax | 7,642 | |||||||
Interest income (expense), net of amounts capitalized | 513 | 44,022 | 6,017 | 131,818 | ||||
Gain (loss) on extinguishment of debt, net | 0 | 0 | 0 | 0 | ||||
Interest income and other, net | (513) | (44,022) | (6,017) | (131,818) | ||||
Loss from continuing operations before income taxes | 794,876 | 25,844 | 896,356 | 1,121,428 | ||||
Income tax benefit | 0 | 0 | 0 | 0 | ||||
Net loss from continuing operations | 794,876 | 896,356 | ||||||
Net income (loss) from discontinued operations | 0 | |||||||
Net loss | 794,876 | 25,844 | 896,356 | 1,121,428 | ||||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to Noble Corporation | 794,876 | 25,844 | 896,356 | 1,121,428 | ||||
Other comprehensive income (loss), net | 505 | 159 | (696) | 1,614 | ||||
Comprehensive income (loss) attributable to the company | 795,381 | 26,003 | 895,660 | 1,123,042 | ||||
Noble Corp | Consolidating Adjustments | Contract drilling services | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | 0 | 0 | 0 | 0 | ||||
Noble Corp | Consolidating Adjustments | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Revenue from contract with customer | 0 | 0 | 0 | 0 | ||||
Operating costs and expenses | ||||||||
Cost of services | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | $ (31,474) | $ 43,316 | ||
Cash flows from investing activities | ||||
Capital expenditures | (222,587) | (149,329) | ||
Proceeds from disposal of assets, net | 9,430 | 4,135 | ||
Net cash used in investing activities | (213,157) | (145,194) | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 455,000 | 0 | ||
Repayment of long-term debt | (400,000) | (952,477) | ||
Repayments of credit facilities | (20,000) | 0 | ||
Issuance of senior notes | 0 | 750,000 | ||
Debt issuance costs | (1,092) | (15,327) | ||
Dividends paid to noncontrolling interests | (25,109) | (12,694) | ||
Net cash provided by (used in) financing activities | 6,020 | (233,956) | ||
Net decrease in cash, cash equivalents and restricted cash | (238,611) | (335,834) | ||
Cash, cash equivalents and restricted cash, beginning of period | 375,907 | 662,829 | ||
Cash, cash equivalents and restricted cash, end of period | $ 137,296 | $ 326,995 | $ 137,296 | $ 326,995 |
Loss from continuing operations (usd per share) | $ (1.79) | $ (0.33) | $ (2.66) | $ (3.46) |
Noble Corp | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | $ (4,006) | $ 77,112 | ||
Cash flows from investing activities | ||||
Capital expenditures | (222,587) | (149,329) | ||
Proceeds from disposal of assets, net | 9,430 | 4,135 | ||
Notes receivable to (from) affiliates | 0 | |||
Net cash used in investing activities | (213,157) | (145,194) | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 455,000 | 0 | ||
Repayment of long-term debt | (400,000) | (952,477) | ||
Repayments of credit facilities | (20,000) | 0 | ||
Issuance of senior notes | 0 | 750,000 | ||
Debt issuance costs | (1,092) | (15,327) | ||
Dividends paid to noncontrolling interests | (25,109) | (12,694) | ||
Distributions to parent company, net | (29,441) | (37,241) | ||
Advances (to) from affiliates | 0 | 0 | ||
Notes payable to affiliates | 0 | |||
Net cash provided by (used in) financing activities | (20,642) | (267,739) | ||
Net decrease in cash, cash equivalents and restricted cash | (237,805) | (335,821) | ||
Cash, cash equivalents and restricted cash, beginning of period | 375,050 | 662,011 | ||
Cash, cash equivalents and restricted cash, end of period | $ 137,245 | $ 326,190 | 137,245 | 326,190 |
Noble Corp | Reportable Legal Entities | Noble-Cayman | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 3,673 | 22,771 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from disposal of assets, net | 0 | 0 | ||
Notes receivable to (from) affiliates | 5,145 | |||
Net cash used in investing activities | 5,145 | 0 | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 300,000 | |||
Repayment of long-term debt | 0 | 0 | ||
Repayments of credit facilities | 0 | |||
Issuance of senior notes | 0 | |||
Debt issuance costs | 0 | (822) | ||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Distributions to parent company, net | (29,441) | (37,241) | ||
Advances (to) from affiliates | 15,281 | |||
Advances (to) from affiliates | (279,377) | |||
Notes payable to affiliates | 0 | |||
Net cash provided by (used in) financing activities | (8,818) | (22,782) | ||
Net decrease in cash, cash equivalents and restricted cash | 0 | (11) | ||
Cash, cash equivalents and restricted cash, beginning of period | 0 | 11 | ||
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | 0 | 0 |
Noble Corp | Reportable Legal Entities | NHIL | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | (230,434) | (348,990) | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from disposal of assets, net | 0 | 0 | ||
Notes receivable to (from) affiliates | 0 | |||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 0 | |||
Repayment of long-term debt | (400,000) | (738,823) | ||
Repayments of credit facilities | 0 | |||
Issuance of senior notes | 750,000 | |||
Debt issuance costs | 0 | (12,581) | ||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Distributions to parent company, net | 0 | 0 | ||
Advances (to) from affiliates | 586,094 | 321,070 | ||
Notes payable to affiliates | 26,522 | |||
Net cash provided by (used in) financing activities | 212,616 | 319,666 | ||
Net decrease in cash, cash equivalents and restricted cash | (17,818) | (29,324) | ||
Cash, cash equivalents and restricted cash, beginning of period | 17,818 | 29,324 | ||
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | 0 | 0 |
Noble Corp | Reportable Legal Entities | Other Non-guarantor Subsidiaries of Noble | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 222,755 | 403,331 | ||
Cash flows from investing activities | ||||
Capital expenditures | (222,587) | (149,329) | ||
Proceeds from disposal of assets, net | 9,430 | 4,135 | ||
Notes receivable to (from) affiliates | (26,522) | |||
Net cash used in investing activities | (239,679) | (145,194) | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 155,000 | |||
Repayment of long-term debt | 0 | (213,654) | ||
Repayments of credit facilities | (20,000) | |||
Issuance of senior notes | 0 | |||
Debt issuance costs | (1,092) | (1,924) | ||
Dividends paid to noncontrolling interests | (25,109) | (12,694) | ||
Distributions to parent company, net | 0 | 0 | ||
Advances (to) from affiliates | (306,717) | (336,351) | ||
Notes payable to affiliates | (5,145) | |||
Net cash provided by (used in) financing activities | (203,063) | (564,623) | ||
Net decrease in cash, cash equivalents and restricted cash | (219,987) | (306,486) | ||
Cash, cash equivalents and restricted cash, beginning of period | 357,232 | 632,676 | ||
Cash, cash equivalents and restricted cash, end of period | 137,245 | 326,190 | 137,245 | 326,190 |
Noble Corp | Consolidating Adjustments | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from disposal of assets, net | 0 | 0 | ||
Notes receivable to (from) affiliates | 21,377 | |||
Net cash used in investing activities | 21,377 | 0 | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Repayments of credit facilities | 0 | |||
Issuance of senior notes | 0 | |||
Debt issuance costs | 0 | 0 | ||
Dividends paid to noncontrolling interests | 0 | 0 | ||
Distributions to parent company, net | 0 | 0 | ||
Advances (to) from affiliates | 0 | 0 | ||
Notes payable to affiliates | (21,377) | |||
Net cash provided by (used in) financing activities | (21,377) | 0 | ||
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | ||
Cash, cash equivalents and restricted cash, end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Uncategorized Items - a3q201910
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (144,341,000) |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (5,540,000) |