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Fair Value Measurements
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
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 March 31, 2021   
Supplemental executive retirement plan assets 
$18.7 $— $— $18.7 
Total financial assets18.7 — — 18.7 
As of December 31, 2020
   
Supplemental executive retirement plan
   assets
$22.6 $— $— $22.6 
Total financial assets22.6 — — 22.6 
Supplemental Executive Retirement Plan Assets

Our Valaris supplemental executive retirement plans (the "SERP") are non-qualified plans that provided eligible employees an opportunity to defer a portion of their compensation for use after retirement. The SERP were frozen to the entry of new participants in November 2019 and to future compensation deferrals as of January 1, 2020. Assets held in a rabbi trust maintained for the SERP are marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. The fair value measurements of assets held in the SERP were based on quoted market prices.

Other Financial Instruments

The carrying values and estimated fair values of our debt instruments were as follows (in millions):
Subject to Compromise (1)
March 31,
2021
December 31,
2020
Carrying Value  Estimated Fair Value  Carrying Value  Estimated Fair Value  
6.875% Senior notes due 2020
$122.9 $20.8 $122.9 $8.6 
4.70% Senior notes due 2021
100.7 12.5 100.7 4.5 
4.875% Senior notes due 2022
620.8 81.3 620.8 32.9 
3.00% Exchangeable senior notes due 2024(2)
849.5 101.9 849.5 76.5 
4.50% Senior notes due 2024
303.4 36.7 303.4 13.7 
4.75% Senior notes due 2024
318.6 43.6 318.6 18.8 
8.00% Senior notes due 2024
292.3 58.8 292.3 12.9 
5.20% Senior notes due 2025
333.7 38.0 333.7 12.7 
7.375% Senior notes due 2025
360.8 49.8 360.8 20.9 
7.75% Senior notes due 2026
1,000.0 111.0 1,000.0 44.0 
7.20% Debentures due 2027
112.1 14.2 112.1 5.7 
7.875% Senior notes due 2040
300.0 54.0 300.0 21.0 
5.40% Senior notes due 2042
400.0 53.2 400.0 23.6 
5.75% Senior notes due 2044
1,000.5 108.1 1,000.5 38.0 
5.85% Senior notes due 2044
400.0 53.2 400.0 26.0 
Amounts borrowed under revolving credit facility(3)
581.0 581.0 581.0 581.0 
Total debt$7,096.3 $1,418.1 $7,096.3 $940.8 
Less : Liabilities Subject to Compromise7,096.3 1,418.1 7,096.3 940.8 
Total long-term debt$— $— $— $— 

(1)     The Commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under our Senior Notes and revolving credit facility. Any efforts to enforce payment obligations under the Senior Notes and revolving credit facility, including any rights to require the repurchase by the Company of the 2024 Convertible Notes (as defined below) upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. The carrying amounts above represent the aggregate principal amount of Senior Notes outstanding as well as outstanding borrowings under our revolving credit facility as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on our indebtedness as of the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance
Sheets as of March 31, 2021 and December 31, 2020. There are no remaining unamortized debt discounts, premiums or issuance costs related to our Senior Notes or revolving credit facility, including the amounts related to the 2024 Convertible Notes discussed below as all were written off to reorganization items as of the Petition Date in 2020. See "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for additional information.

(2)    Our 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") are exchangeable into cash, our Class A ordinary shares or a combination thereof. The 2024 Convertible Notes were separated, at issuance, 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 and the discount was being amortized to interest expense over the life of the instrument. As discussed above, the carrying amount at March 31, 2021 and December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million as of March 31, 2021 and December 31, 2020 and remains in Additional Paid-Capital.

(3)    In addition to the amount borrowed above, we had $26.0 million and $27.0 million in undrawn letters of credit issued under the revolving credit facility as of March 31, 2021 and December 31, 2020, respectively.

While the revolving credit facility has not been terminated, no further borrowings are permitted. As discussed above, the carrying amount at March 31, 2021 and December 31, 2020 represents the outstanding borrowings as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. We discontinued accruing interest on the revolving credit facility as of the Petition Date.

The estimated fair values of our senior notes and debentures were determined using quoted market prices, which are level 1 inputs. The estimated fair values of our cash and cash equivalents, accounts receivable, notes receivable and trade payables approximated their carrying values as of March 31, 2021 and December 31, 2020.