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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions):
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
As of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Supplemental executive retirement plan assets | $ | 33.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 33.1 |
Total financial assets | 33.1 |  |  | — |  |  | — |  |  | 33.1 |
Derivatives, net | — |  |  | (19.7 | ) |  | — |  |  | (19.7 | )
Total financial liabilities | $ | — |  |  | $ | (19.7 | ) |  | $ | — |  |  | $ | (19.7 | )
As of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Supplemental executive retirement plan assets | $ | 43.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 43.2 |
Total financial assets | 43.2 |  |  | — |  |  | — |  |  | 43.2 |
Derivatives, net | — |  |  | (26.3 | ) |  | — |  |  | (26.3 | )
Total financial liabilities | $ | — |  |  | $ | (26.3 | ) |  | $ | — |  |  | $ | (26.3 | )
Supplemental Executive Retirement Plans Our Ensco supplemental executive retirement plans (the "SERP") are non-qualified plans that provide for eligible employees to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our consolidated balance sheets as of December 31, 2015 and 2014. The fair value measurements of assets held in the SERP were based on quoted market prices. Net unrealized gains of $700,000, $2.3 million and $6.2 million from marketable securities held in our SERP were included in other, net, in our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013, respectively. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs as of December 31, 2015 and 2014. See "Note 5 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurements of our derivatives were based on market prices that are generally observable for similar assets or liabilities at commonly quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our debt instruments as of December 31, 2015 and 2014 were as follows (in millions):
|  | December 31, 2015 |  | December 31, 2014
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
4.70% Senior notes due 2021 |  | $ | 1,482.7 |  |  | $ | 1,254.0 |  |  | $ | 1,479.9 |  |  | $ | 1,505.3 |
5.75% Senior notes due 2044 |  | 1,004.2 |  |  | 707.1 |  |  | 622.3 |  |  | 615.8 |
6.875% Senior notes due 2020 |  | 990.9 |  |  | 850.5 |  |  | 1,008.2 |  |  | 1,008.5 |
5.20% Senior notes due 2025 |  | 697.6 |  |  | 505.2 |  |  | — |  |  | — |
4.50% Senior notes due 2024 |  | 624.3 |  |  | 417.4 |  |  | 624.2 |  |  | 602.0 |
8.50% Senior notes due 2019 |  | 566.4 |  |  | 510.2 |  |  | 583.8 |  |  | 611.8 |
7.875% Senior notes due 2040 |  | 379.8 |  |  | 244.0 |  |  | 381.2 |  |  | 363.8 |
7.20% Debentures due 2027 |  | 149.2 |  |  | 133.5 |  |  | 149.2 |  |  | 171.4 |
3.25% Senior notes due 2016 |  | — |  |  | — |  |  | 998.0 |  |  | 1,018.3 |
4.33% MARAD bonds due 2016 |  | — |  |  | — |  |  | 46.6 |  |  | 46.8 |
4.65% MARAD bonds due 2020 |  | — |  |  | — |  |  | 27.0 |  |  | 29.7 |
Total |  | $ | 5,895.1 |  |  | $ | 4,621.9 |  |  | $ | 5,920.4 |  |  | $ | 5,973.4 |
The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our U.S. Maritime Administration ("MARAD") bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of December 31, 2015 and 2014. See "Note 3 - Property and Equipment" for additional information on the fair value measurement of property and equipment and "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on the fair value measurement of goodwill.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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