FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value, Concentration of Risk [Table Text Block]

Revenue and receivables from transactions with external customers that amount to 10% or more of revenue during the years ended December 31 are set forth below:

Percentage of revenue from major customers:



	Years ended December 31,
	2017		2016		2015
Saudi Aramco ⁽²⁾	29	%	20	%	19	%
Anadarko ⁽³⁾	17	%	8	%	10	%
Cobalt International ^{(1) (3)}	14	%	12	%	8	%
Repsol ⁽³⁾	7	%	12	%	5	%
ConocoPhillips ⁽²⁾	7	%	11	%	13	%
Freeport-McMoRan ⁽³⁾	—	%	12	%	6	%

(1) The year ended December 31, 2017 includes amortization of $95.9 million of revenue deferred in 2016 related to a contract amendment to the Company's subsidiary's drilling contract with Cobalt International (See Note 1).
(2) Included in the Jack-ups Segment
(3) Included in the Deepwater Segment

Percentage of receivables from major customers:



	December 31,
	2017		2016		2015
Saudi Aramco ⁽¹⁾	34	%	32	%	34	%
Anadarko ⁽²⁾	19	%	4	%	9	%
Cobalt International ⁽²⁾	—	%	19	%	5	%
Repsol ⁽²⁾	5	%	12	%	1	%
ConocoPhillips ⁽¹⁾	8	%	8	%	12	%
Freeport-McMoRan ⁽²⁾	—	%	—	%	9	%

(1) Included in the Jack-ups Segment
(2) Included in the Deepwater Segment

Assets and liabilities measured at fair value on recurring basis

Assets measured at fair value on a recurring basis are presented below (in millions):



			Estimated fair value measurements
	Fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2017:
Assets - cash equivalents	$	1,332.1	$	1,332.1	$	—	$	—
Other assets (Egyptian Pounds)	2.2		2.2		—		—
Other assets (Angolan Kwanza)	4.3		4.3		—		—

December 31, 2016:
Assets - cash equivalents	$	1,242.3	$	1,242.3	$	—	$	—
Derivative	6.1		—		—		6.1
Other assets (Egyptian Pounds)	4.2		4.2		—		—

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 years ended December 31 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 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 jack-up drilling units.
(2) This represents a non-recurring fair value measurement made at September 30, 2015 for ten jack-up drilling units.

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details