Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Assets Measured at Fair Value on Recurring and Nonrecurring Basis

Assets measured at fair value are summarized below (in thousands).

	September 30, 2020
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Nine Months Ended ⁽¹⁾
Nonrecurring fair value measurements:
Impaired assets ⁽¹⁾	$	—	$	—	$	—	$	—	$	774,028

(1)

Represents the aggregate impairment charge recognized during the three months ended March 31, 2020 related to four semisubmersible rigs, which were written down to their estimated fair values. See Note 4.

	December 31, 2019
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value
Recurring fair value measurements:
Money market funds	$	135,300	$	—	$	—	$	135,300

Fair Values and Related Carrying Values of Our Debt Instruments

Fair values and related carrying values of our senior notes are shown below (in millions).

	September 30, 2020				December 31, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.45% Senior Notes due 2023	$	23.8	$	250.0	$	212.5	$	249.6
7.875% Senior Notes due 2025		46.4		500.0		435.0		497.1
5.70% Senior Notes due 2039		44.4		500.0		292.5		497.3
4.875% Senior Notes due 2043		69.0		750.0		408.8		749.0