XML 34 R24.htm IDEA: XBRL DOCUMENT

Financial Instruments and Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Assets Measured at Fair Value on Nonrecurring Basis

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

	March 31, 2021
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Three Months Ended ⁽¹⁾
Nonrecurring fair value measurements:
Impaired assets ⁽¹⁾	$	—	$	—	$	5,854	$	5,854	$	197,027

(1)

Represents an impairment charge recognized during the three months ended March 31, 2021 and corresponding book value as of March 31, 2021 of one semisubmersible rig, which was written down to its estimated fair value. See Note 4.

	December 31, 2020
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value		Total Losses for Year Ended ⁽¹⁾
Nonrecurring fair value measurements:
Impaired assets ⁽²⁾	$	—	$	—	$	1,000	$	—	$	842,016

(1)

Represents impairment losses of $774.0 million and $68.0 million recognized during the first and fourth quarters of 2020, respectively, related to four semisubmersible rigs which were written down to their estimated fair values. See Note 4.

(2)

Represents the total book value as of December 31, 2020 of one semisubmersible rig, which was written down to its estimated fair value during the fourth quarter of 2020. See Note 4.

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).

	March 31, 2021				December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.45% Senior Notes due 2023	$	42.7	$	250.0	$	30.6	$	250.0
7.875% Senior Notes due 2025		85.0		500.0		61.3		500.0
5.70% Senior Notes due 2039		85.0		500.0		61.2		500.0
4.875% Senior Notes due 2043		127.5		750.0		91.9		750.0