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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (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 September 30, 2019   
Supplemental executive retirement plan assets 
$25.1  $—  $—  $25.1  
Total financial assets$25.1  $—  $—  $25.1  
Derivatives, net
$—  $(7.9) $—  $(7.9) 
Total financial liabilities$—  $(7.9) $—  $(7.9) 
As of December 31, 2018   
Supplemental executive retirement plan assets
$27.2  $—  $—  $27.2  
Total financial assets$27.2  $—  $—  $27.2  
Derivatives, net 
$—  $(10.7) $—  $(10.7) 
Total financial liabilities$—  $(10.7) $—  $(10.7) 
Carrying and Fair Values of Long-Term Debt Instruments
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
September 30,
2019		December 31,
2018
Carrying Value  Estimated Fair Value  Carrying Value  Estimated Fair Value  
6.875% Senior notes due 2020$125.5  $121.3  $127.5  $121.6  
4.70% Senior notes due 2021113.1  98.7  112.7  101.8  
4.875% Senior notes due 2022(2)
597.1  474.9  —  —  
3.00% Exchangeable senior notes due 2024(1)
691.0  573.4  666.8  575.5  
4.50% Senior notes due 2024301.9  170.5  619.8  405.2  
4.75% Senior notes due 2024(2)
274.3  197.9  —  —  
8.00% Senior notes due 2024296.0  195.4  337.0  273.7  
7.375% Senior notes due 2025(2)
328.1  214.1  —  —  
5.20% Senior notes due 2025331.6  180.3  664.4  443.9  
7.75% Senior notes due 2026986.6  541.9  985.0  725.5  
7.20% Debentures due 2027111.6  70.5  149.3  109.1  
7.875% Senior notes due 2040373.7  155.3  375.0  223.2  
5.40% Senior notes due 2042(2)
262.3  192.2  —  —  
5.75% Senior notes due 2044973.7  434.0  972.9  566.3  
5.85% Senior notes due 2044(2)
268.4  197.1  —  —  
Amounts borrowed under credit facility(3)
132.9  140.6  —  —  
Total debt$6,167.8  $3,958.1  $5,010.4  $3,545.8  
Less: current maturities125.5  121.3  —  —  
Total long-term debt$6,042.3  $3,836.8  $5,010.4  $3,545.8  
(1)Our exchangeable senior notes due 2024 (the "2024 Convertible Notes") were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $838.0 million and $836.3 million as of September 30, 2019 and December 31, 2018, respectively.

(2)These senior notes were assumed by Valaris as a result of the Rowan Transaction.

(3)Total outstanding borrowings under our credit facility are $140.6 million and are recorded net of $7.7 million of unamortized deferred financing cost on our condensed consolidated balance sheet.