SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2013

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2 (“ASU 2013-2”), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose, among other items, the changes in accumulated balances for each component of other comprehensive income and current-period reclassifications out of accumulated other comprehensive income. The Company had accumulated other comprehensive losses (AOCL) totaling $142.5 million, $221.1 million, and $225.7 million at December 31, 2013, 2012, and 2011 respectively, all of which were solely attributable to pension and other postretirement benefits. All amounts reclassified from AOCL for the years ended December 31, 2013, 2012, and 2011, were attributable to amortization of pension and postretirement benefit cost and totaled $15.3 million, $19.5 million and ($0.3) million respectively, net of tax (see Note 9).

Share Repurchase Program

On July 25, 2012, the Board of Rowan plc, as successor issuer to RCI, approved the continuation of RCI’s $150 million share repurchase program, of which approximately $25 million remained available.  The Company did not acquire any shares under its share repurchase program in 2013.  Share repurchases may be commenced or suspended from time to time without prior notice.  Any shares acquired under the share repurchase program would be canceled.