us-gaap:QuarterlyFinancialInformationTextBlock

APPLE INC

Note 11 – Selected Quarterly Financial Information (Unaudited)

The following tables set forth a summary of the Company’s quarterly financial information for each of the four quarters ended September 26, 2009 and September 27, 2008 (in millions, except per share amounts):


	Fourth Quarter		Third Quarter		Second Quarter		First Quarter
2009
Net sales	$	9,870	$	8,337	$	8,163	$	10,167
Gross margin	$	3,614	$	3,023	$	2,971	$	3,532
Net income	$	1,665	$	1,229	$	1,205	$	1,605
Earnings per common share:
Basic	$	1.85	$	1.38	$	1.35	$	1.81
Diluted	$	1.82	$	1.35	$	1.33	$	1.78

2008
Net sales	$	7,895	$	7,464	$	7,512	$	9,608
Gross margin	$	2,739	$	2,600	$	2,474	$	3,332
Net income	$	1,136	$	1,072	$	1,045	$	1,581
Earnings per common share:
Basic	$	1.28	$	1.21	$	1.19	$	1.81
Diluted	$	1.26	$	1.19	$	1.16	$	1.76

Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.

AT&T INC.

NOTE 1. PREPARATION OF INTERIM FINANCIAL STATEMENTS

Basis of Presentation Throughout this document, AT&T Inc. is referred to as “AT&T,” “we” or the “Company.” The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. We believe that these consolidated financial statements include all adjustments (consisting only of normal recurring accruals) necessary to present fairly the results for the interim periods shown. The results for the interim periods are not necessarily indicative of results for the full year. You should read this document in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2008.

The consolidated financial statements include the accounts of the Company and our majority-owned subsidiaries and affiliates. Our subsidiaries and affiliates operate in the communications services industry both domestically and internationally, providing wireless and wireline communications services and equipment, managed networking, wholesale services and advertising solutions.

All significant intercompany transactions are eliminated in the consolidation process. Investments in partnerships and less than majority-owned subsidiaries where we have significant influence are accounted for under the equity method. Earnings from certain foreign equity investments accounted for using the equity method are included for periods ended within up to one month of our period end.

For interim periods, we calculate income taxes by determining an expected annual effective tax rate and applying that rate to pre-tax income for the period. The resulting tax expense is then adjusted for the impact of significant events or issues that arise during the period, such as enactment of tax legislation or resolution of tax controversies. During the third quarter of 2009, we recorded a benefit related to the favorable resolution of federal and state audit issues, which resulted in a decrease to our effective tax rate for the period.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including estimates of probable losses and expenses. Actual results could differ from those estimates. We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation.

Valuation and Other Adjustments In accordance with GAAP, we established obligations for expected termination benefits provided under existing plans to former or inactive employees after employment but before retirement. These benefits include severance payments, workers’ compensation, disability, medical continuation coverage, and other benefits. At September 30, 2009, we had severance accruals of $516. At December 31, 2008, we had severance accruals of $752.

Included in the current liabilities reported on our consolidated balance sheets are accruals established prior to 2009. These liabilities include accruals for severance, lease terminations and equipment removal costs associated with our acquisitions of AT&T Corp., BellSouth Corporation and Dobson Communications Corporation. Following is a summary of the accruals recorded at December 31, 2008, cash payments made during 2009, and the adjustments thereto.

	12/31/08		Cash			Adjustments			9/30/09
	Balance		Payments			and Accruals			Balance
Severance accruals paid from:
Company funds	$	140	$	(105	)	$	(23	)	$	12
Pension and postemployment benefit plans		103		(4	)		-			99
Lease terminations		387		(54	)		(16	)		317
Equipment removal and other related costs		88		(38	)		(6	)		44
Total	$	718	$	(201	)	$	(45	)	$	472

Recent Accounting Standards

Accounting Standards Codification In June 2009, the FASB issued standards that established the FASB Accounting Standards Codification (ASC or Codification) as the source of authoritative GAAP by the FASB for nongovernmental entities. The ASC supersedes all non-SEC accounting and reporting standards that existed at the ASC’s effective date. The FASB uses Accounting Standards Updates (ASU) to amend the ASC. These standards are effective for interim and annual periods ending after September 15, 2009 (i.e., the quarterly period ended September 30, 2009, for us).

Subsequent Events In May 2009, the FASB issued a standard that established general standards of accounting for and disclosing events that occur after the balance sheet date but before financial statements are issued or are available for issuance. They were effective for interim and annual periods ending after June 15, 2009 (i.e., the quarterly period ended June 30, 2009, for us). In preparing the accompanying unaudited consolidated financial statements, we have reviewed all known events that have occurred after September 30, 2009, and through the filing on November 5, 2009, for inclusion in the financial statements and footnotes.

Noncontrolling Interests Reporting In December 2007, the FASB issued a standard that requires noncontrolling interests held by parties other than the parent in subsidiaries to be clearly identified, labeled, and presented in the consolidated statements of financial position within equity, but separate from the parent’s equity. For us, the new standard became effective January 1, 2009, with restatement of prior financial statements and had no material impact on our financial position and results of operations.

Fair Value Measurement and Disclosures In April 2009, the FASB issued staff positions that require enhanced disclosures, including interim disclosures, on financial instruments, determination of fair value in turbulent markets, and recognition and presentation of other-than-temporary impairments. These staff positions were effective for interim and annual reporting periods beginning in our second quarter of 2009, and they have increased quarterly disclosures but have not had an impact on our financial position and results of operations (see Note 6).

In August 2009, the FASB issued ASU 2009-5, “Measuring Liabilities at Fair Value” (ASU 2009-5), which amends existing GAAP for fair value measurement guidance by clarifying the fair value measurement requirements for liabilities that lack a quoted price in an active market. Per the Codification, a valuation technique based on a quoted market price for the identical or similar liability when traded as an asset or another valuation technique (e.g., an income or market approach) that is consistent with the underlying principles of GAAP for fair value measurements would be appropriate. ASU 2009-5 was effective August 2009, the issuance date, and had no material impact on our financial position or results of operations.

In September 2009, the FASB issued ASU 2009-12, “Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (ASU 2009-12), which provides guidance for an investor on using the net asset value per share provided by an investee to estimate the fair value of an alternative investment when the fair value for the primary investment is not readily determinable. It affects certain investments that are required or permitted by GAAP to be measured or disclosed at fair value on a recurring or nonrecurring basis. It requires disclosures by major category of investment about certain attributes (e.g., applicable redemption restrictions, unfunded commitments to the issuer of the investments, and the investment strategies of that issuer). ASU 2009-12 will be effective for interim and annual periods ending on or after December 15, 2009 (i.e., the year ending December 31, 2009, for us). Fair value standards apply not only to the investments we hold but also to investments held by our benefit plans. We are currently evaluating the impact on our financial position and results of operations.

Variable Interest Entities In June 2009, the FASB issued a standard that requires an enterprise to perform an analysis to determine whether the enterprise’s variable interest or interests give it a controlling financial interest in a variable interest entity. This standard is effective for both interim and annual periods as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009 (i.e., January 1, 2010, for us), and we are currently evaluating its impact on our financial position and results of operations.

Revenue Arrangements with Multiple Deliverables In October 2009, the FASB issued ASU 2009-13, “Multiple-Deliverable Revenue Arrangements” (ASU 2009-13), which addresses how revenues should be allocated among all products and services included in our sales arrangements. It establishes a selling price hierarchy for determining the selling price of each product or service, with vendor-specific objective evidence (VSOE) at the highest level, third-party evidence of VSOE at the intermediate level, and a best estimate at the lowest level. It replaces “fair value” with “selling price” in revenue allocation guidance. It also significantly expands the disclosure requirements for such arrangements. ASU 2009-13 will be effective prospectively for sales entered into or materially modified in fiscal years beginning on or after June 15, 2010 (i.e., the year beginning January 1, 2011, for us). The FASB permits early adoption of ASU 2009-13, applied retrospectively, to the beginning of the year of adoption. We are currently evaluating the impact on our financial position and results of operations.

Software In October 2009, the FASB issued ASU 2009-14, “Certain Revenue Arrangements That Include Software Elements” (ASU 2009-14), which clarifies the guidance for allocating and measuring revenue, including how to identify software that is out of the scope. ASU 2009-14 amends accounting and reporting guidance for revenue arrangements involving both tangible products and software that is “more than incidental to the tangible product as a whole” and the hardware components will also be outside of the scope of software revenue guidance and may result in more revenue recognized at the time of the hardware sale. Additional disclosures will discuss allocation of revenue to products and services and the significant judgments applied in the revenue allocation method, including impacts on the timing and amount of revenue recognition. ASU 2009-14 will be effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010 (i.e., the year beginning January 1, 2011, for us). ASU 2009-14 has the same effective date, including early adoption provisions, as ASU 2009-13. Companies must adopt ASU 2009-14 and ASU 2009-13 at the same time. We are currently evaluating the impact on our financial position and results of operations.

CHEVRON CORP


Note 1.	Interim Financial Statements

The accompanying consolidated financial statements of Chevron Corporation and its subsidiaries (the company) have not been audited by an independent registered public accounting firm. In the opinion of the company’s management, the interim data include all adjustments necessary for a fair statement of the results for the interim periods. These adjustments were of a normal recurring nature. The results for the three- and nine-month periods ended September 30, 2009, are not necessarily indicative of future financial results. The term “earnings” is defined as net income attributable to Chevron Corporation.

Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the company’s 2008 Annual Report on Form 10-K.

Effective with the quarter ending September 30, 2009, the company implemented the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) system. The ASC supersedes literature of the FASB, Emerging Issues Task Force and other sources. The ASC did not change U.S. generally accepted accounting principles. Refer also to Note 15 beginning on page 21 for discussion of ASC.

Events subsequent to September 30, 2009, were evaluated until the time of the Form 10-Q filing with the Securities and Exchange Commission on November 5, 2009.

Earnings for the third quarter 2009 included $400 million of after-tax gains from asset sales and tax items related to an upstream project in Australia. Earnings for the first nine months of 2009 also included $540 million of after-tax gains reported in the first half of the year on sales of marketing businesses outside the United States.

Earnings for the third quarter and nine months of 2008 included approximately $400 million of expenses associated with damage to upstream facilities in the U.S. Gulf of Mexico caused by hurricanes. Largely offsetting the impact of these expenses were gains of about $350 million on U.S. upstream asset sales.

NABORS INDUSTRIES LTD

Note 15 Condensed Consolidating Financial Information

Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, and Nabors and Nabors Delaware have fully and unconditionally guaranteed the $225 million 4.875% senior notes due August 2009 issued by Nabors Holdings 1, ULC, an unlimited liability company formed under the Companies Act of Nova Scotia, Canada and a subsidiary of Nabors (“Nabors Holdings”). On August 17, 2009, we paid $168.4 million to discharge the remaining balance of our $225 million 4.875% senior notes. Effective September 30, 2009, Nabors Holdings 1, ULC was amalgamated with Nabors Drilling Canada ULC, the successor company.

The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware and Nabors Holdings are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

The following condensed consolidating financial information presents condensed consolidating balance sheets as of September 30, 2009 and December 31, 2008, statements of income for the three and nine months ended September 30, 2009 and 2008 and the consolidating statements of cash flows for the nine months ended September 30, 2009 and 2008 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors and guarantor of the $225 million 4.875% senior notes issued by Nabors Holdings, (c) Nabors Holdings, issuer of the $225 million 4.875% senior notes, (d) the non-guarantor subsidiaries, (e) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (f) Nabors on a consolidated basis.

Condensed Consolidating Balance Sheets


	September 30, 2009
			Nabors					Other
	Nabors		Delaware			Nabors		Subsidiaries
	(Parent/		(Issuer/			Holdings		(Non-			Consolidating			Consolidated
(In thousands)	Guarantor)		Guarantor)			(Issuer)		Guarantors)			Adjustments			Total
ASSETS

Current assets:
Cash and cash equivalents	$	37,734	$	3,665		$	—	$	893,652		$	—		$	935,051
Short-term investments		—		—			—		169,112			—			169,112
Accounts receivable, net		—		—			—		702,712			—			702,712
Inventory		—		—			—		115,714			—			115,714
Deferred income taxes		—		(3,992	)		—		24,891			—			20,899
Other current assets		84		(478	)		—		147,992			—			147,598

Total current assets		37,818		(805	)		—		2,054,073			—			2,091,086
Long-term investments and other receivables		—		—			—		138,093			—			138,093
Property, plant and equipment, net		—		47,334			—		7,681,172			—			7,728,506
Goodwill		—		—			—		163,984			—			163,984
Intercompany receivables		234,045		679,695			—		42,399			(956,139	)		—
Investment in unconsolidated affiliates		4,903,361		5,256,555			—		2,523,245			(12,209,741	)		473,420
Other long-term assets		—		21,345			—		180,657			—			202,002

Total assets	$	5,175,224	$	6,004,124		$	—	$	12,783,623		$	(13,165,880	)	$	10,797,091


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Current portion of long-term debt	$	—	$	—		$	—	$	280		$	—		$	280
Trade accounts payable		15		—			—		254,642			—			254,657
Accrued liabilities		5,056		38,276			—		276,836			—			320,168
Income taxes payable		—		96,678			—		(7,908	)		—			88,770

Total current liabilities		5,071		134,954			—		523,850			—			663,875
Long-term debt		—		4,083,716			—		871			—			4,084,587
Other long-term liabilities		—		2,864			—		264,985			—			267,849
Deferred income taxes		—		114,321			—		496,306			—			610,627
Intercompany payable		—		—			—		956,139			(956,139	)		—

Total liabilities		5,071		4,335,855			—		2,242,151			(956,139	)		5,626,938

Shareholders’ equity		5,170,153		1,668,269			—		10,541,472			(12,209,741	)		5,170,153

Total liabilities and shareholders’ equity	$	5,175,224	$	6,004,124		$	—	$	12,783,623		$	(13,165,880	)	$	10,797,091


	December 31, 2008
			Nabors						Other
	Nabors		Delaware			Nabors			Subsidiaries
	(Parent/		(Issuer/			Holdings			(Non-			Consolidating			Consolidated
(In thousands)	Guarantor)		Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
ASSETS

Current assets:
Cash and cash equivalents	$	8,291	$	96		$	1,259		$	432,441		$	—		$	442,087
Short-term investments		—		—			—			142,158			—			142,158
Accounts receivable, net		—		—			—			1,160,768			—			1,160,768
Inventory		—		—			—			150,118			—			150,118
Deferred income taxes		—		(3,992	)		—			32,075			—			28,083
Other current assets		136		60,090			376			182,777			—			243,379

Total current assets		8,427		56,194			1,635			2,100,337			—			2,166,593
Long-term investments and other receivables		—		—			—			239,952			—			239,952
Property, plant and equipment, net		—		49,917			—			7,282,042			—			7,331,959
Goodwill		—		—			—			175,749			—			175,749
Intercompany receivables		185,626		1,177,864			135,284			36,715			(1,535,489	)		—
Investment in unconsolidated affiliates		4,718,604		4,388,439			378,237			2,527,973			(11,601,526	)		411,727
Other long-term assets		—		20,874			401			170,644			—			191,919

Total assets	$	4,912,657	$	5,693,288		$	515,557		$	12,533,412		$	(13,137,015	)	$	10,517,899


LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Current portion of long-term debt	$	—	$	—		$	224,829		$	201		$	—		$	225,030
Trade accounts payable		755		79			—			424,074			—			424,908
Accrued liabilities		7,796		31,773			4,151			323,673			—			367,393
Income taxes payable		—		135,992			36			(24,500	)		—			111,528

Total current liabilities		8,551		167,844			229,016			723,448			—			1,128,859
Long-term debt		—		3,599,404			—			1,129			—			3,600,533
Other long-term liabilities		—		—			—			261,878			—			261,878
Deferred income taxes		—		117,125			(333	)		505,731			—			622,523
Intercompany payable		—		—			—			1,535,489			(1,535,489	)		—

Total liabilities		8,551		3,884,373			228,683			3,027,675			(1,535,489	)		5,613,793

Shareholders’ equity		4,904,106		1,808,915			286,874			9,505,737			(11,601,526	)		4,904,106

Total liabilities and shareholders’ equity	$	4,912,657	$	5,693,288		$	515,557		$	12,533,412		$	(13,137,015	)	$	10,517,899

Condensed Consolidating Statements of Income (Loss)


	Three Months Ended September 30, 2009
				Nabors						Other
	Nabors			Delaware			Nabors			Subsidiaries
	(Parent/			(Issuer/			Holdings			(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
Revenues and other income:
Operating revenues	$	—		$	—		$	—		$	791,915		$	—		$	791,915
Earnings (losses) from unconsolidated affiliates		—			—			—			13,457			—			13,457
Earnings (losses) from consolidated affiliates		24,141			34,984			8			(6,004	)		(53,129	)		—
Investment income (loss)		1			1			100			(1,907	)		—			(1,805	)
Intercompany interest income		—			18,470			1,116			—			(19,586	)		—

Total revenues and other income		24,142			53,455			1,224			797,461			(72,715	)		803,567

Costs and other deductions:
Direct costs		—			—			—			432,876			—			432,876
General and administrative expenses		2,948			87			—			79,087			(72	)		82,050
Depreciation and amortization		—			2,583			—			171,789			—			174,372
Depletion		—			—			—			3,295			—			3,295
Interest expense		—			72,350			1,071			(6,750	)		—			66,671
Intercompany interest expense		—			—			—			19,586			(19,586	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(8,336	)		9,005			11,206			17,518			(18,175	)		11,218

Total costs and other deductions		(5,388	)		84,025			12,277			717,401			(37,833	)		770,482

Income (loss) before income taxes		29,530			(30,570	)		(11,053	)		80,060			(34,882	)		33,085
Income tax expense (benefit)		—			(24,255	)		(1,337	)		29,147			—			3,555

Net income (loss)	$	29,530		$	(6,315	)	$	(9,716	)	$	50,913		$	(34,882	)	$	29,530


	Three Months Ended September 30, 2008
				Nabors						Other
	Nabors			Delaware			Nabors			Subsidiaries
	(Parent/			(Issuer/			Holdings			(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
Revenues and other income:
Operating revenues	$	—		$	—		$	—		$	1,454,562		$	—		$	1,454,562
Earnings (losses) from unconsolidated affiliates		—			—			—			7,933			—			7,933
Earnings (losses) from consolidated affiliates		195,936			168,416			3,677			150,155			(518,184	)		—
Investment income		123			1,811			3			(24,172	)		—			(22,235	)
Intercompany interest income		1,000			16,636			3,293			—			(20,929	)		—

Total revenues and other income		197,059			186,863			6,973			1,588,478			(539,113	)		1,440,260

Costs and other deductions:
Direct costs		—			—			—			805,533			—			805,533
General and administrative expenses		5,500			309			3			117,220			(384	)		122,648
Depreciation and amortization		—			1,008			—			161,190			—			162,198
Depletion		—			—			—			7,656			—			7,656
Interest expense		—			50,909			2,860			(3,223	)		—			50,546
Intercompany interest expense		—			—						20,929			(20,929	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(2,424	)		2,861			6,250			3,804			384			10,875

Total costs and other deductions		3,076			55,087			9,113			1,113,109			(20,929	)		1,159,456

Income before income taxes		193,983			131,776			(2,140	)		475,369			(518,184	)		280,804
Income tax expense (benefit)		—			(13,557	)		(685	)		101,063			—			86,821

Net income	$	193,983		$	145,333		$	(1,455	)	$	374,306		$	(518,184	)	$	193,983


	Nine Months Ended September 30, 2009
				Nabors						Other
	Nabors			Delaware			Nabors			Subsidiaries
	(Parent/			(Issuer/			Holdings			(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
Revenues and other income:
Operating revenues	$	—		$	—		$	—		$	2,857,829		$	—		$	2,857,829
Earnings (losses) from unconsolidated affiliates		—			—			—			(59,097	)		—			(59,097	)
Earnings (losses) from consolidated affiliates		(28,887	)		(151,704	)		(86,751	)		(249,744	)		517,086			—
Investment income		51			2,344			101			23,088			—			25,584
Intercompany interest income		—			47,720			5,558			—			(53,278	)		—

Total revenues and other income		(28,836	)		(101,640	)		(81,092	)		2,572,076			463,808			2,824,316

Costs and other deductions:
Direct costs		—			—			—			1,552,085			—			1,552,085
General and administrative expenses		26,399			295			1			326,949			(443	)		353,201
Depreciation and amortization		—			2,733			—			496,765			—			499,498
Depletion		—			—			—			8,638			—			8,638
Interest expense		—			218,118			5,634			(23,976	)		—			199,776
Intercompany interest expense		—			—			—			53,278			(53,278	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(16,949	)		(214	)		5,069			30,288			(17,804	)		390
Impairments and other charges		—			—			—			227,083			—			227,083

Total costs and other deductions		9,450			220,932			10,704			2,671,110			(71,525	)		2,840,671

Income (loss) before income taxes		(38,286	)		(322,572	)		(91,796	)		(99,034	)		535,333			(16,355	)
Income tax expense (benefit)		—			(63,221	)		15,744			69,408			—			21,931

Net income (loss)	$	(38,286	)	$	(259,351	)	$	(107,540	)	$	(168,442	)	$	535,333		$	(38,286	)


	Nine Months Ended September 30, 2008
				Nabors					Other
	Nabors			Delaware			Nabors		Subsidiaries
	(Parent/			(Issuer/			Holdings		(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)		Guarantors)			Adjustments			Total
Revenues and other income:
Operating revenues	$	—		$	—		$	—	$	4,036,820		$	—		$	4,036,820
Earnings (losses) from unconsolidated affiliates		—			—			—		(551	)		—			(551	)
Earnings (losses) from consolidated affiliates		591,579			413,231			15,658		368,488			(1,388,956	)		—
Investment income		318			1,938			3		26,745			—			29,004
Intercompany interest income		3,000			53,478			9,016		—			(65,494	)		—

Total revenues and other income		594,897			468,647			24,677		4,431,502			(1,454,450	)		4,065,273

Costs and other deductions:
Direct costs		—			—			—		2,293,481			—			2,293,481
General and administrative expenses		14,881			583			32		336,228			(841	)		350,883
Depreciation and amortization		—			2,820			—		444,391			—			447,211
Depletion		—			—			—		28,684			—			28,684
Interest expense		—			146,074			8,580		(8,041	)		—			146,613
Intercompany interest expense		—			—			—		65,494			(65,494	)		—
Losses (gains) on sales and retirements of long-lived assets and other expense (income), net		(2,424	)		2,729			7,759		13,225			841			22,130

Total costs and other deductions		12,457			152,206			16,371		3,173,462			(65,494	)		3,289,002

Income before income taxes		582,440			316,441			8,306		1,258,040			(1,388,956	)		776,271
Income tax expense (benefit)		—			(35,813	)		2,657		226,987			—			193,831

Net income	$	582,440		$	352,254		$	5,649	$	1,031,053		$	(1,388,956	)	$	582,440

Condensed Consolidating Statements of Cash Flows


	Nine Months Ended September 30, 2009
				Nabors						Other
	Nabors			Delaware			Nabors			Subsidiaries
	(Parent/			(Issuer/			Holdings			(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
Net cash provided by (used for) operating activities	$	42,706		$	476,870		$	608		$	939,983		$	(159,956	)	$	1,300,211

Cash flows from investing activities:
Purchases of investments		—			—			—			(26,411	)		—			(26,411	)
Sales and maturities of investments		—			—			—			48,505			—			48,505
Investment in unconsolidated affiliates		—			—			—			(125,076	)		—			(125,076	)
Capital expenditures		—			—			—			(928,198	)		—			(928,198	)
Proceeds from sales of assets and insurance claims		—			—			—			24,295			—			24,295
Proceeds from sale of consolidated affiliates		—			—			239,421			(239,421	)		—			—
Cash paid for investments in consolidated affiliates		(13,912	)		(900,000	)		—			—			913,912			—

Net cash provided by (used for) investing activities		(13,912	)		(900,000	)		239,421			(1,246,306	)		913,912			(1,006,885	)

Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—			—			—			(12,820	)		—			(12,820	)
Proceeds from long-term debt		—			1,124,978			—			—			—			1,124,978
Debt issuance costs		—			(8,832	)		—			—			—			(8,832	)
Intercompany debt		—			—			143,859			(143,859	)		—			—
Proceeds from issuance of common shares		2,157			—			—			—			—			2,157
Reduction in long-term debt		—			(688,195	)		(225,191	)		(330	)		—			(913,716	)
Repurchase of equity component of convertible debt		—			(1,541	)		—			—			—			(1,541	)
Purchase of restricted stock		(1,508	)		—			—			—			—			(1,508	)
Tax benefit related to the exercise of stock options		—			289			—			—			—			289
Cash dividends paid		—			—			(159,956	)		—			159,956			—
Proceeds from parent contributions		—			—			—			913,912			(913,912	)		—

Net cash (used for) provided by financing activities		649			426,699			(241,288	)		756,903			(753,956	)		189,007
Effect of exchange rate changes on cash and cash equivalents		—			—			—			10,631			—			10,631

Net (decrease) increase in cash and cash equivalents		29,443			3,569			(1,259	)		461,211			—			492,964
Cash and cash equivalents, beginning of period		8,291			96			1,259			432,441			—			442,087

Cash and cash equivalents, end of period	$	37,734		$	3,665		$	—		$	893,652		$	—		$	935,051


	Nine Months Ended September 30, 2008
				Nabors						Other
	Nabors			Delaware			Nabors			Subsidiaries
	(Parent/			(Issuer/			Holdings			(Non—			Consolidating			Consolidated
(In thousands)	Guarantor)			Guarantor)			(Issuer)			Guarantors)			Adjustments			Total
Net cash provided by (used for) operating activities	$	39,878		$	604,712		$	(162,293	)	$	735,709		$	(158,126	)	$	1,059,880

Cash flows from investing activities:
Purchases of investments		—			—			—			(239,720	)		—			(239,720	)
Sales and maturities of investments		—			—			—			484,327			—			484,327
Investment in unconsolidated affiliates		—			—			—			(136,804	)		—			(136,804	)
Capital expenditures		—			(12,420	)		—			(1,100,836	)		—			(1,113,256	)
Proceeds from sales of assets and insurance claims		—			—			—			47,094			—			47,094
Cash paid for investments in consolidated affiliates		(85,800	)		(150,626	)		—			(163,548	)		399,974			—

Net cash provided by (used for) investing activities		(85,800	)		(163,046	)		—			(1,109,487	)		399,974			(958,359	)

Cash flows from financing activities:
Decrease in cash overdrafts		—			—			—			11,888			—			11,888
Proceeds from long-term debt		—			962,901			—			—			—			962,901
Debt issuance costs		—			(6,606	)		—			—			—			(6,606	)
Proceeds from issuance of common shares		56,630			—			—			—			—			56,630
Reduction in long-term debt		—			(760,556	)		—			(32	)		—			(760,588	)
Repurchase of common shares		—			(247,357	)		—			(20,996	)		—			(268,353	)
Purchase of restricted stock		(12,602	)		—			—			—			—			(12,602	)
Tax benefit related to the exercise of stock options		—			5,369			—			—			—			5,369
Proceeds from parent contributions		—			—			163,548			236,426			(399,974	)		—
Cash dividends paid		—			—			—			(158,126	)		158,126			—

Net cash (used for) provided by financing activities		44,028			(46,249	)		163,548			69,160			(241,848	)		(11,361	)
Effect of exchange rate changes on cash and cash equivalents		—			—			—			29			—			29

Net (decrease) increase in cash and cash equivalents		(1,894	)		395,417			1,255			(304,589	)		—			90,189
Cash and cash equivalents, beginning of period		10,659			2,753			4			517,890			—			531,306

Cash and cash equivalents, end of period	$	8,765		$	398,170		$	1,259		$	213,301		$	—		$	621,495

QUALCOMM INC/DE

Note 12. Summarized Quarterly Data (Unaudited)

The following financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods.

The table below presents quarterly data for the years ended September 27, 2009 and September 28, 2008 (in millions, except per share data):

	1st Quarter		2nd Quarter			3rd Quarter		4th Quarter
2009
Revenues (1)	$	2,517	$	2,455		$	2,753	$	2,690
Operating income (loss) (1)		745		(10	)		894		597
Net income (loss) (1)		341		(289	)		737		803

Basic earnings (loss) per common share (2)	$	0.21	$	(0.18	)	$	0.45	$	0.48
Diluted earnings (loss) per common share (2)	$	0.20	$	(0.18	)	$	0.44	$	0.48

2008
Revenues (1)	$	2,440	$	2,606		$	2,762	$	3,334
Operating income (1)		757		813			824		1,335
Net income (1)		767		766			748		878

Basic earnings per common share (2)	$	0.47	$	0.47		$	0.46	$	0.53
Diluted earnings per common share (2)	$	0.46	$	0.47		$	0.45	$	0.52

(1)	Revenues, operating income and net income are rounded to millions each quarter. Therefore, the sum of the quarterly amounts may not equal the annual amounts reported.

(2)	Earnings per share are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly earnings per share amounts may not equal the annual amounts reported.