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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below (in millions):
 
 
 
Estimated fair value measurements
 
Fair value
 
Quoted prices in active markets (Level 1)
 
Significant other observable inputs (Level 2)
 
Significant other unobservable inputs (Level 3)
September 30, 2016:
 
 
 
 
 
 
 
Assets - cash equivalents
$
1,022.8

 
$
1,022.8

 
$
—

 
$
—

Derivative
4.2

 
—

 
—

 
4.2

Other assets
9.1

 
9.1

 
—

 
—

 
 
 
 
 
 
 
 
December 31, 2015:
 
 
 
 
 
 
 
Assets - cash equivalents
$
465.4

 
$
465.4

 
$
—

 
$
—

Other assets
13.5

 
13.5

 
—

 
—
Assets Measured at Fair Value on a Nonrecurring Basis
Assets measured at fair value on a nonrecurring basis and whose carrying values were remeasured during the nine months ended September 30 are set forth below (in millions):
 
 
 
Estimated fair value measurements
 
 
 
Fair value
 
Quoted prices in active markets (Level 1)
 
Significant other observable inputs (Level 2)
 
Significant other unobservable inputs (Level 3)
 
Total gains (losses)
2016:
 
 
 
 
 
 
 
 
 
Property and equipment, net (1)
$
9.3

 
$
—

 
$
—

 
$
9.3

 
$
(34.3
)
 
 
 
 
 
 
 
 
 
 
2015:
 
 
 
 
 
 
 
 
 
Property and equipment, net (2)
$
128.0

 
$
—

 
$
—

 
$
128.0

 
$
(329.8
)
 
 
 
 
 
 
 
 
 
 
(1) This represents a non-recurring fair value measurement made at September 30, 2016 for five of our jack-up drilling units.
(2) This represents a non-recurring fair value measurement made at September 30, 2015 for ten of our jack-up drilling units.