LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Line of Credit Facility Covenant [Table Text Block]

the Company was in compliance with each of the financial covenants under the New Credit Agreement as follows:

	Min/Max			Value as of
Financial covenant	Requirement			December 31, 2018
Debt to capitalization Ratio	55		%	33		%
Liquidity (in millions)	$	300.0		$	2,285.6
Marketed Rig Value Ratio	3.00			4.10
Guaranteed Rig Value Ratio	80		%	86		%

Schedule of long-term debt

Long-term debt at December 31 consisted of the following (in millions):

	2018		2017
7.875% Senior Notes, due August 2019 ($201.4 million principal amount; 8.0% effective rate)	$	201.2	$	200.9
4.875% Senior Notes, due June 2022 ($620.8 million principal amount; 4.7% effective rate)	623.8		624.6
4.75% Senior Notes, due January 2024 ($398.1 million principal amount; 4.8% effective rate)	396.3		395.9
7.375% Senior Notes, due June 2025 ($500 million principal amount; 7.4% effective rate)	497.8		497.5
5.4% Senior Notes, due December 2042 ($400 million principal amount; 5.4% effective rate)	395.3		395.1
5.85% Senior Notes, due January 2044 ($400 million principal amount; 5.9% effective rate)	396.5		396.3
Total carrying value	2,510.9		2,510.3
Current portion (1)	201.2		—
Carrying value, less current portion	$	2,309.7	$	2,510.3
(1) Current portion of long-term debt at December 31, 2018 included the 7.875% Senior Notes due in August 2019.

Schedule of maturities of long-term debt

The following is a summary of scheduled long-term debt maturities by year, as of December 31, 2018 (in millions):

2019	$	201.4
2020	—
2021	—
2022	620.8
2023	—
Thereafter	1,698.1
	$	2,520.3