Rowan Companies Inactive 10-Q12 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'ROWAN COMPANIES PLC	'
Entity Central Index Key	'0000085408	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	124,363,044
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$1,440,389	$1,092,844
Receivables - trade and other	383,636	344,546
Prepaid expenses and other current assets	33,333	45,538
Deferred tax assets - net	22,901	22,137
Assets of discontinued operations	0	23,813
Total current assets	1,880,259	1,528,878
PROPERTY, PLANT AND EQUIPMENT:	'	'
Drilling equipment	7,115,357	7,040,451
Construction in progress	1,448,161	1,009,380
Other property and equipment	152,687	147,884
Property, plant and equipment - gross	8,716,205	8,197,715
Less accumulated depreciation and amortization	1,880,855	1,811,960
Property, plant and equipment - net	6,835,350	6,385,755
Other assets	68,499	61,128
TOTAL ASSETS	8,784,108	7,975,761
CURRENT LIABILITIES:	'	'
Accounts payable - trade	100,088	123,976
Deferred revenues	41,013	54,515
Accrued pension and other postretirement benefits	43,551	49,659
Accrued compensation and related employee costs	52,774	59,096
Accrued income taxes	17,596	8,374
Accrued interest	35,363	27,841
Other current liabilities	9,532	11,001
Liabilities of discontinued operations	0	20,122
Total current liabilities	299,917	354,584
Long-term debt	2,807,967	2,008,700
Other liabilities	288,942	289,061
Deferred income taxes - net	430,505	429,655
Commitments and contingent liabilities (Note 4)	0	0
SHAREHOLDERS' EQUITY:	'	'
Class A Ordinary Shares, $0.125 par value, 124,793,407 and 124,778,407 shares issued at March 31, 2014, and December 31, 2013, respectively	15,599	15,597
Additional paid-in capital	1,412,714	1,407,031
Retained earnings	3,679,135	3,619,540
Cost of 478,465 and 542,475 treasury shares at March 31, 2014, and December 31, 2013, respectively	-10,343	-5,962
Accumulated other comprehensive loss	-140,328	-142,445
Total shareholders' equity	4,956,777	4,893,761
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$8,784,108	$7,975,761

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
SHAREHOLDERS' EQUITY:	'	'
Treasury shares (in shares)	478,465	542,475
Common Class A [Member]	'	'
SHAREHOLDERS' EQUITY:	'	'
Common stock, par value (in dollars per share)	0.125	0.125
Common stock, shares issued (in shares)	124,793,407	124,778,407

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	$377,602	$394,238
COSTS AND EXPENSES:	'	'
Direct operating costs (excluding items below)	220,369	209,469
Depreciation and amortization	70,873	64,616
Selling, general and administrative	29,875	29,431
Loss on disposals of property and equipment	803	308
Litigation settlement	-20,875	0
Total costs and expenses	301,045	303,824
INCOME (LOSS) FROM OPERATIONS	76,557	90,414
OTHER INCOME (EXPENSE):	'	'
Interest expense, net of interest capitalized	-20,960	-18,581
Interest income	587	359
Other - net	-351	-794
Total other income (expense) - net	-20,724	-19,016
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	55,833	71,398
Provision for income taxes	281	3,264
NET INCOME FROM CONTINUING OPERATIONS	55,552	68,134
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX	4,043	0
NET INCOME	$59,595	$68,134
INCOME PER SHARE - BASIC:	'	'
Income from continuing operations (in dollars per share)	$0.45	$0.55
Discontinued operations (in dollars per share)	$0.03	$0
Net income (in dollars per share)	$0.48	$0.55
INCOME PER SHARE - DILUTED:	'	'
Income from continuing operations (in dollars per share)	$0.45	$0.55
Discontinued operations (in dollars per share)	$0.03	$0
Net income (in dollars per share)	$0.48	$0.55

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
NET INCOME	$59,595	$68,134
Pension and other postretirement benefit adjustments, net of income taxes of $1,287 and $1,953, respectively:	'	'
Amortization of net loss	3,127	4,412
Amortization of prior service credit	-723	-784
Total other comprehensive income	2,404	3,628
COMPREHENSIVE INCOME	$61,999	$71,762

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Pension and other postretirement benefit adjustments, income tax expense (benefit)	$1,287	$1,953

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH PROVIDED BY OPERATIONS:	'	'
Net income	$59,595	$68,134
Adjustments to reconcile net income to net cash provided by operations:	'	'
Depreciation and amortization	70,873	64,616
Deferred income taxes	-1,489	-396
Provision for pension and postretirement benefits	6,170	7,332
Share-based compensation expense	7,547	7,530
(Gain) loss on disposals of property, plant and equipment	-1,110	308
Postretirement benefit claims paid	-894	-881
Contributions to pension plans	-6,448	-249
Changes in current assets and liabilities:	'	'
Receivables - trade and other	-39,090	-15,081
Prepaid expenses and other current assets	12,248	9,339
Accounts payable	-13,637	-1,655
Accrued income taxes	9,222	-11,950
Deferred revenues	-13,502	-2,090
Other current liabilities	-11,037	-23,778
Net changes in other noncurrent assets and liabilities	2,075	2,000
Net cash provided by operations	80,523	103,179
CASH USED IN INVESTING ACTIVITIES:	'	'
Capital expenditures	-532,518	-111,965
Proceeds from disposals of property, plant and equipment	6,600	2,387
Net cash used in investing activities	-525,918	-109,578
CASH PROVIDED BY FINANCING ACTIVITIES:	'	'
Proceeds from borrowings	793,380	0
Debt issue costs	-687	0
Excess tax benefits from share-based compensation	-563	112
Proceeds from exercise of share options	810	1,531
Net cash provided by financing activities	792,940	1,643
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	347,545	-4,756
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,092,844	1,024,008
CASH AND CASH EQUIVALENTS, END OF PERIOD	$1,440,389	$1,019,252

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $)	Total	Class A ordinary shares/ Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Treasury shares [Member]	Accumulated other comprehensive income (loss) [Member]
In Thousands, unless otherwise specified	Total	Class A ordinary shares/ Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Treasury shares [Member]	Accumulated other comprehensive income (loss) [Member]
Balance at Dec. 31, 2012	$4,531,724	$15,593	$1,372,135	$3,366,964	($1,886)	($221,082)
Balance (in shares) at Dec. 31, 2012	'	124,211	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Net shares issued (acquired) under share-based compensation plans	-3,028	1	1,083	0	-4,112	0
Net shares issued (acquired) under share-based compensation plans (in shares)	'	-43	'	'	'	'
Share-based compensation	5,575	0	5,575	0	0	0
Excess tax benefit from share-based compensation plans	112	0	112	0	0	0
Retirement benefit adjustments, net of taxes	3,628	0	0	0	0	3,628
Net income	68,134	0	0	68,134	0	0
Balance at Mar. 31, 2013	4,606,145	15,594	1,378,905	3,435,098	-5,998	-217,454
Balance (in shares) at Mar. 31, 2013	'	124,168	'	'	'	'
Balance at Dec. 31, 2013	4,893,761	15,597	1,407,031	3,619,540	-5,962	-142,445
Balance (in shares) at Dec. 31, 2013	'	124,237	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Net shares issued (acquired) under share-based compensation plans	-3,850	2	529	0	-4,381	0
Net shares issued (acquired) under share-based compensation plans (in shares)	'	78	'	'	'	'
Share-based compensation	5,717	0	5,717	0	0	0
Excess tax benefit from share-based compensation plans	-563	0	-563	0	0	0
Retirement benefit adjustments, net of taxes	2,404	0	0	0	0	2,404
Other	-287	0	0	0	0	-287
Net income	59,595	0	0	59,595	0	0
Balance at Mar. 31, 2014	$4,956,777	$15,599	$1,412,714	$3,679,135	($10,343)	($140,328)
Balance (in shares) at Mar. 31, 2014	'	124,315	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Retirement benefit adjustments, taxes	$1,287	$1,953

Basis_of_Presentation_and_Natu

Basis of Presentation and Nature of Operations	3 Months Ended
Basis of Presentation and Nature of Operations	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation and Nature of Operations	'
	Basis of Presentation and Nature of Operations

	The financial statements included in this Form 10-Q are presented in United States (U.S.) dollars and include the accounts of Rowan Companies plc ("Rowan plc") and its subsidiaries, all of which are wholly owned. Intercompany balances and transactions are eliminated in consolidation. Unless the context otherwise requires, the terms “Company,” “we,” “us” and “our” are used to refer to Rowan plc and its consolidated subsidiaries.

	The financial statements included in this Form 10-Q have been prepared without audit in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and notes have been condensed or omitted as permitted by those rules and regulations. Management believes the accompanying financial statements contain all adjustments, which are of a normal recurring nature unless otherwise noted, necessary for a fair statement of the results for the interim periods presented. The Company’s results of operations and cash flows for the interim periods are not necessarily indicative of results to be expected for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

	We are a global provider of offshore oil and gas contract drilling services utilizing a fleet of 30 self-elevating mobile offshore “jack-up” drilling units and four ultra-deepwater drillships, three of which are currently under construction. Historically, our primary focus has been on high-specification and premium jack-up rigs, which our customers use for exploratory and development drilling and associated drilling services. In 2009, we began executing a new strategic plan that included divesting non-core assets and investing in ultra-deepwater assets, with a goal of balancing earnings from jack-ups and deepwater rigs over the long term. In 2011 and 2012, we entered into contracts for the construction of four ultra-deepwater drillships. In January 2014, we took delivery of the first of these drillships, the Rowan Renaissance, which commenced drilling operations under a three-year contract offshore West Africa in April 2014. The Rowan Resolute is scheduled for delivery in late June 2014 and expected to commence operations under a three-year contract in late September 2014. The Rowan Reliance is scheduled for delivery in late October 2014 and expected to commence operations under a three-year contract in late January 2015. The Rowan Relentless is scheduled for delivery in March 2015 and is not yet under contract.

	The Company conducts offshore drilling operations in various markets throughout the world including the United Kingdom (U.K.) and Norwegian sectors of the North Sea, the Middle East, the United States Gulf of Mexico (US GOM), Southeast Asia, West Africa, Trinidad and the Mediterranean.

	The financial information as of December 31, 2013, presented in this report does not constitute the Company's statutory accounts for that year within the meaning of the U.K. Companies Act 2006 (the "Companies Act"). Statutory accounts as required by the Companies Act for the year ended December 31, 2013, have been delivered to the Registrar of Companies in the U.K. The auditors reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Sections 498(2) or (3) of the Companies Act.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share

	A reconciliation of basic and diluted shares follows (in thousands):



		Three months ended March 31,
		2014	2013

	Average common shares outstanding - basic	123,707	123,222

	Effect of dilutive securities - share-based compensation	970	980

	Average common shares - diluted	124,677	124,202


	There were no adjustments to net income required for purposes of computing diluted earnings per share.

	Share options and appreciation rights granted under share-based compensation plans are antidilutive and excluded from diluted earnings per share when their exercise or strike price exceeds the average market price during the period. The following table sets forth antidilutive shares excluded from diluted earnings per share. Such securities could potentially dilute earnings per share in the future (in thousands):


		Three months ended March 31,
		2014	2013

	Share appreciation rights	1,066	1,022

	Employee and director share options	42	42

	Total potentially dilutive shares	1,108	1,064

Pension_and_Other_Postretireme

Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]	'
Pension and Other Postretirement Benefits	'
	Pension and Other Postretirement Benefits

	The Company provides defined-benefit pension, health care and life insurance benefits upon retirement for certain full-time employees.

	Recognized net periodic pension cost included the following components (in thousands):



		Three months ended March 31,
		2014			2013

	Service cost	$	3,620		$	2,850

	Interest cost	8,092			7,307

	Expected return on plan assets	(10,251		)	(9,461		)
	Amortization of net loss	4,231			6,774

	Amortization of prior service credit	(1,110		)	(1,168		)
	Total net pension cost	$	4,582		$	6,302



	Recognized other postretirement benefit cost included the following components (in thousands):



		Three months ended March 31,
		2014			2013

	Service cost	$	267		$	352

	Interest cost	757			714

	Amortization of net loss	(39		)	—

	Amortization of prior service credit	(8		)	(36		)
	Total other postretirement benefit cost	$	977		$	1,030



	During the three months ended March 31, 2014, the Company contributed $7.3 million to its pension and other postretirement benefit plans and expects to make additional contributions to such plans totaling approximately $48 million for the remainder of 2014.

Commitments_and_Contingent_Lia

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingent Liabilities	'
	Commitments and Contingent Liabilities

	The following table presents the status of the Company’s ultra-deepwater drillship construction program as of March 31, 2014. Amounts include capitalized interest and an estimate for project contingencies (in millions):



		Actual/scheduled delivery date	Total estimated project costs		Total costs incurred through March 31, 2014		Projected costs for the remainder of 2014		Projected costs in 2015		Total future costs

	Rowan Renaissance	Jan-14	$	724	$	650	$	74	$	—	$	74

	Rowan Resolute	Jun-14	742		306		436		—		436

	Rowan Reliance	Oct-14	743		216		520		7		527

	Rowan Relentless	Mar-15	752		194		100		458		558

			$	2,961	$	1,366	$	1,130	$	465	$	1,595


	In addition, the Company expects to incur approximately $162 million of capital expenditures for the remainder of 2014 for mobilization, commissioning, riser gas-handling equipment, software certifications and drillship fleet spares to support its deepwater operations.

	The Company periodically employs letters of credit in the normal course of its business, and had outstanding letters of credit of approximately $28.7 million at March 31, 2014.

	Uncertain tax positions – In 2009, the Company recognized a $25.4 million tax benefit as a result of applying the facts of a third-party tax case to the Company’s situation. That case provided a more favorable tax treatment for certain foreign contracts entered into in prior years. This position is currently under audit and has been challenged by field agents of the U.S. Internal Revenue Service. We have appealed their findings and expect to come to a conclusion within the next twelve months. We plan to vigorously defend our position and continue to believe that we will more likely than not prevail.

	We are involved in various other legal proceedings incidental to our business and are vigorously defending our position in all such matters. Management believes that there are no known contingencies, claims or lawsuits, other than those described above, that could have a material effect on the Company's financial position, results of operations or cash flows.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	Share-Based Compensation

	On March 5, 2014, the Company granted restricted share units under its long-term incentive plan with a grant-date fair value aggregating $21.3 million. The aggregate fair value, net of estimated forfeitures, was $20.2 million, which will be recognized as compensation expense over a weighted-average period of 2.7 years from the grant date.

	Additionally, on March 5, 2014, the Company granted to certain members of management performance units (P-Units) that have a target value of $100 per unit. The amount ultimately earned with respect to the P-Units will depend on the Company’s total shareholder return (TSR) ranking compared to a group of peer companies over a three-year period ending December 31, 2016, and could range from zero to $200 per unit depending on performance. Twenty-five percent of the P-Units’ value is determined by the Company’s relative TSR ranking for each one-year period ended December 31, 2014, 2015, and 2016, respectively, and 25% of the P-Units’ value is determined by the relative TSR ranking for the three-year period ending December 31, 2016. Vesting of awards and any payment with respect to the P-Units would not occur until the third anniversary following the grant date and would be settled in cash.

	The grant-date fair value of the P-Units was estimated to be $8.5 million. Fair value was estimated using a Monte Carlo simulation model, which considers the probabilities of the Company’s TSR ranking at the end of each performance period, and the amount of the payout at each rank to determine the probability-weighted expected payout. The Company uses liability accounting to account for the P-Units. Compensation is recognized on a straight-line basis over a maximum period of three years from the grant date and is adjusted for changes in fair value through the vesting date. In the event there is no payout of the P-Units for any 25% tranche as the result of a failure to meet the performance thresholds, any previously recognized expense relating to that tranche would be reversed at the end of the tranche’s performance period.

	At March 31, 2014, the Company had approximately $52.2 million of estimated unrecognized share-based compensation, which is expected to be recognized as compensation expense over a remaining weighted-average period of 2.1 years.

Other_Financial_Statement_Disc

Other Financial Statement Disclosures	3 Months Ended
	Mar. 31, 2014
Other Financial Statement Disclosures [Abstract]	'
Other Financial Statement Disclosures	'
	Other Financial Statement Disclosures

	Accounts Receivable – The following table sets forth the components of Receivables - trade and other (in thousands):



		March 31, 2014			December 31, 2013
	Trade	$	323,948		$	323,679

	Income tax	46,852			6,759

	Other	12,836			14,108

	Total receivables - trade and other	$	383,636		$	344,546


	Assets of Discontinued Operations – In February 2014, the Company sold a land rig it retained in the 2011 sale of its manufacturing operations. The net carrying value was $4.1 million, consisting of a $24.2 million asset previously classified as assets of discontinued operations, less $20.1 million of deferred revenues previously classified as liabilities of discontinued operations. The Company received $6.0 million in cash resulting in a $4.0 million gain, net of tax effects. The gain is classified as discontinued operations in the condensed consolidated statement of income for the three months ended March 31, 2014.

	Long-term Debt – On January 15, 2014, Rowan plc, as guarantor, and its 100%-owned subsidiary, Rowan Companies, Inc. ("RCI"), as issuer, completed the issuance and sale in a public offering of $400 million aggregate principal amount of 4.75% Senior Notes due 2024 at a price to the public of 99.898% of the principal amount (the "2024 Notes"), and $400 million aggregate principal amount of 5.85% Senior Notes due 2044 at a price to the public of 99.972% of the principal amount (the "2044 Notes," and together, the "notes"). Net proceeds of the offering were approximately $792 million, which the Company intends to use in its rig construction program and for general corporate purposes.

	Interest on the notes is payable on January 15 and July 15 of each year, beginning on July 15, 2014. No principal payments are due with respect to the 2024 Notes or the 2044 Notes until their final maturity date of January 15, 2024 and 2044, respectively.

	The notes are redeemable in whole or in part at any time at a price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest to the redemption date for redemptions prior to October 15, 2023, with respect to the 2024 Notes, and prior to July 15, 2043, with respect to the 2044 Notes. On or after such dates, the notes may be redeemed at a price of 100% plus accrued and unpaid interest to the redemption date.

	The notes are fully and unconditionally guaranteed on a senior and unsecured basis by Rowan plc.

	On January 23, 2014, the Company amended and restated its credit agreement to increase the borrowing capacity under the revolving credit facility from $750 million to $1.0 billion, among other things. There were no amounts drawn under the revolving credit facility at March 31, 2014.

	Fair Values of Financial Instruments – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by US GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are:


	•	Level 1 – Quoted prices for identical instruments in active markets,

	•	Level 2 – Quoted market prices for similar instruments in active markets; quoted prices for identical instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets and

	•	Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as those used in pricing models or discounted cash flow methodologies, for example.

	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

	Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. Assets and liabilities measured at fair value are summarized below (in thousands):



					Estimated fair value measurements
		Carrying value			Quoted prices in active markets (Level 1)			Significant other observable inputs (Level 2)			Significant other unobservable inputs (Level 3)
	March 31, 2014:
	Assets - cash equivalents	$	1,381,632		$	1,381,632		$	—		$	—


	December 31, 2013:
	Assets - cash equivalents	$	1,063,500		$	1,063,500		$	—		$	—


	Trade receivables and trade payables, which are also required to be measured at fair value, have carrying values that approximate their fair values due to their short maturities.

	Those financial instruments not required to be measured at fair value consist of the Company’s publicly traded debt securities. Fair values of the Company’s debt securities were provided by one to two brokers who make a market in our debt securities and were measured using a market-approach valuation technique. Fair value was determined by adding a spread based on actual trades for that security (or a trader quote where actual trades were unavailable) to the applicable benchmark Treasury security with a comparable maturity, in order to derive a current yield. The yield is then used to determine a price given the individual security’s coupon rate and maturity. Such inputs are considered “significant other observable inputs,” which are categorized as Level 2 inputs in the fair value hierarchy. Estimated fair values and related carrying values of our long-term debt securities are shown below (in thousands):



		March 31, 2014						December 31, 2013
		Fair value			Carrying value			Fair value			Carrying value

	5% Senior Notes, due 2017	$	436,373		$	399,031		$	433,879		$	398,961

7.875% Senior Notes, due 2019	602,848			498,252			603,177			498,171

4.875% Senior Notes, due 2022	724,994			712,821			711,816			713,208

4.75% Senior Notes, due 2024	404,660			399,600			—			—

5.4% Senior Notes, due 2042	381,005			398,374			368,602			398,360

5.85% Senior Notes, due 2044	403,404			399,889			—			—

	$	2,953,284		$	2,807,967		$	2,117,474		$	2,008,700



Accumulated Other Comprehensive Loss – The Company had accumulated other comprehensive losses (AOCL) totaling $140.3 million and $217.5 million at March 31, 2014 and 2013, respectively, all of which were solely attributable to pension and other postretirement benefits. All amounts reclassified from AOCL during the three months ended March 31, 2014 and 2013, were attributable to amortization of pension and postretirement benefit cost and totaled $2.4 million and $3.6 million for each period, respectively, net of tax (see Note 3).

Supplemental Cash Flow Information – Accrued capital expenditures, which are excluded from capital expenditures in the Condensed Consolidated Statements of Cash Flows until settlement, totaled $39.0 million and $24.5 million at March 31, 2014 and 2013, respectively. Interest capitalized in connection with rig construction projects totaled $17.5 million and $10.7 million in the three months ended March 31, 2014 and 2013.

Income Taxes – In accordance with US GAAP for interim reporting, the Company estimates its full-year effective tax rate and applies this rate to its year-to-date pretax income. In addition, the Company separately calculates the tax impact of unusual items, if any. We provide for income taxes based upon the tax laws and rates in effect in the countries in which we conduct operations. The amounts of our provisions are impacted by such laws and rates and the availability of deductions, credits and other benefits in each of the various jurisdictions. Our overall effective tax rate may therefore vary considerably from quarter to quarter and from year to year based on the actual or projected location of operations and other factors.

The Company has not provided deferred income taxes on undistributed earnings of its non-U.K. subsidiaries, including non-U.S. subsidiaries of RCI. It is the Company’s policy and intention to permanently reinvest the earnings of non-U.S. subsidiaries of RCI outside the U.S. Generally, earnings of non-U.K. subsidiaries that are not subsidiaries of RCI can be distributed to the Company without imposition of either U.K. or local country tax.

Litigation Settlement – In the first quarter of 2014, the Company settled its litigation with the owners and operators of a tanker that collided with the EXL I in May 2012 and received $20.9 million in cash as compensation for damages incurred in 2012 for repair costs to and loss of use of the rig. Such amount was recognized as a component of operating income in the three months ended March 31, 2014.

Guarantees_of_Registered_Secur

Guarantees of Registered Securities	3 Months Ended
	Mar. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Guarantees of Registered Securities	'
	Guarantees of Registered Securities

	Rowan plc and its 100%-owned subsidiary, RCI, have entered into agreements providing for, among other things, the full, unconditional and irrevocable guarantee by Rowan plc of the prompt payment when due of any amount owed to the holders of RCI's 5% Senior Notes due 2017, 7.875% Senior Notes due 2019, 4.875% Senior Notes due 2022, 4.75% Senior Notes due 2024, 5.4% Senior Notes due 2042, and 5.85% Senior Notes due 2044 (the "Senior Notes").

	The condensed consolidating financial information that follows is presented on the equity method of accounting in accordance with Rule 3-10 of Regulation S-X in connection with Rowan plc's guarantee of the Senior Notes and reflects the corporate ownership structure as of March 31, 2014. Financial information for the three months ended March 31, 2013, has been recast to reflect changes to the corporate ownership structure that occurred in the first quarter of 2014 and is presented as though the structure at March 31, 2014, was in place at January 1, 2013.

	During the quarter ended March 31, 2014, we identified certain immaterial misclassifications in our guarantor financial information at December 31, 2013, and prior periods primarily relating to the allocation of noncurrent income tax liabilities and deferred tax assets and liabilities between RCI and other nonguarantor subsidiaries. These errors had no impact on our consolidated financial statements. We have revised the consolidating balance sheet at December 31, 2013, and the consolidating income statement for the three months ended March 31, 2013, presented herein, to conform to the current period presentation. A summary of the changes follows (in thousands):



		RCI (Issuer)			Other non-guarantor subsidiaries

	Consolidating Balance Sheets
	December 31, 2013:

	Other current assets:
	As reported	$	45,031		$	22,355

	As corrected	43,611			23,775


	Due from affiliates:
	As reported	$	1,439,112		$	579,501

	As corrected	1,436,736			542,331


	Accrued liabilities:
	As reported	$	101,478		$	54,493

	As corrected	99,102			56,869


	Due to affiliates:
	As reported	$	575,184		$	1,421,553

	As corrected	546,690			1,410,501


	Other liabilities (noncurrent):
	As reported	$	194,966		$	85,960

	As corrected	235,779			45,147


	Deferred income taxes (noncurrent liability):
	As reported	$	126,681		$	302,974

	As corrected	115,376			314,279


	Retained earnings:
	As reported	$	4,795,441		$	5,908,071

	As corrected	4,793,007			5,910,505




	Rowan Companies plc and Subsidiaries
	Condensed Consolidating Balance Sheets
	March 31, 2014
	(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated
CURRENT ASSETS:

Cash and cash equivalents	$	116,010		$	668,602		$	655,777		$	—		$	1,440,389

Receivables - trade and other	111			47,413			336,112			—			383,636

Other current assets	129			36,526			19,579			—			56,234

Total current assets	116,250			752,541			1,011,468			—			1,880,259


Property, plant and equipment - gross	—			593,056			8,123,149			—			8,716,205

Less accumulated depreciation and amortization	—			247,682			1,633,173			—			1,880,855

Property, plant and equipment - net	—			345,374			6,489,976			—			6,835,350


Investments in subsidiaries	4,854,569			5,509,437			—			(10,364,006		)	—

Due from affiliates	1			1,387,665			223,155			(1,610,821		)	—

Other assets	—			67,790			709			—			68,499

	$	4,970,820		$	8,062,807		$	7,725,308		$	(11,974,827	)	$	8,784,108


CURRENT LIABILITIES:

Accounts payable - trade	$	816		$	11,006		$	88,266		$	—		$	100,088

Deferred revenues	—			—			41,013			—			41,013

Accrued liabilities	—			97,336			61,480			—			158,816

Total current liabilities	816			108,342			190,759			—			299,917


Long-term debt	—			2,807,967			—			—			2,807,967

Due to affiliates	4,983			221,305			1,384,533			(1,610,821		)	—

Other liabilities	8,244			240,739			39,959			—			288,942

Deferred income taxes - net	—			427,840			427,602			(424,937		)	430,505

Shareholders' equity	4,956,777			4,256,614			5,682,455			(9,939,069		)	4,956,777

	$	4,970,820		$	8,062,807		$	7,725,308		$	(11,974,827	)	$	8,784,108

Rowan Companies plc and Subsidiaries
Condensed Consolidating Balance Sheets
December 31, 2013
(in thousands)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	64,292		$	92,116		$	936,436		$	—		$	1,092,844

Receivables - trade and other	58			7,877			336,611			—			344,546

Other current assets	289			43,613			23,773			—			67,675

Assets of discontinued operations	—			23,813			—			—			23,813

Total current assets	64,639			167,419			1,296,820			—			1,528,878


Property, plant and equipment - gross	—			593,606			7,604,109			—			8,197,715

Less accumulated depreciation and amortization	—			243,666			1,568,294			—			1,811,960

Property, plant and equipment - net	—			349,940			6,035,815			—			6,385,755


Investments in subsidiaries	4,860,492			5,657,926			—			(10,518,418		)	—

Due from affiliates	136			1,384,573			506,455			(1,891,164		)	—

Other assets	—			60,343			785			—			61,128

	$	4,925,267		$	7,620,201		$	7,839,875		$	(12,409,582	)	$	7,975,761


CURRENT LIABILITIES:

Accounts payable - trade	$	1,359		$	13,409		$	109,208		$	—		$	123,976

Deferred revenues	—			—			54,515			—			54,515

Accrued liabilities	—			105,421			50,550			—			155,971

Liabilities of discontinued operations	—			20,122			—			—			20,122

Total current liabilities	1,359			138,952			214,273			—			354,584


Long-term debt	—			2,008,700			—			—			2,008,700

Due to affiliates	22,012			502,139			1,367,013			(1,891,164		)	—

Other liabilities	8,135			239,287			41,639			—			289,061

Deferred income taxes - net	—			421,622			423,216			(415,183		)	429,655

Shareholders' equity	4,893,761			4,309,501			5,793,734			(10,103,235		)	4,893,761

	$	4,925,267		$	7,620,201		$	7,839,875		$	(12,409,582	)	$	7,975,761


Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

REVENUES	$	—		$	16,162		$	376,494		$	(15,054	)	$	377,602


COSTS AND EXPENSES:

Direct operating costs (excluding items below)	—			3,156			232,267			(15,054		)	220,369

Depreciation and amortization	—			4,562			66,311			—			70,873

Selling, general and administrative	5,820			1,229			22,826			—			29,875

Loss (gain) on disposals of property and equipment	—			17			786			—			803

Litigation settlement	—			—			(20,875		)	—			(20,875		)

Total costs and expenses	5,820			8,964			301,315			(15,054		)	301,045


INCOME (LOSS) FROM OPERATIONS	(5,820		)	7,198			75,179			—			76,557


OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized	—			(20,960		)	(240		)	240			(20,960		)

Interest income	109			447			271			(240		)	587

Other - net	3,500			(3,494		)	(357		)	—			(351		)

Total other income (expense) - net	3,609			(24,007		)	(326		)	—			(20,724		)


INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(2,211		)	(16,809		)	74,853			—			55,833

(Benefit) provision for income taxes	—			(8,603		)	18,640			(9,756		)	281


NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(2,211		)	(8,206		)	56,213			9,756			55,552


DISCONTINUED OPERATIONS, NET OF TAX	—			4,043			—			—			4,043


EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	61,806			28,759			—			(90,565		)	—


NET INCOME	$	59,595		$	24,596		$	56,213		$	(80,809	)	$	59,595








Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

REVENUES	$	—		$	34,359		$	391,519		$	(31,640	)	$	394,238


COSTS AND EXPENSES:

Direct operating costs (excluding items below)	—			11,318			229,791			(31,640		)	209,469

Depreciation and amortization	—			12,641			51,975			—			64,616

Selling, general and administrative	9,212			714			19,505			—			29,431

Loss on disposals of property and equipment	—			210			98			—			308

Total costs and expenses	9,212			24,883			301,369			(31,640		)	303,824


INCOME (LOSS) FROM OPERATIONS	(9,212		)	9,476			90,150			—			90,414


OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized	—			(18,581		)	(38		)	38			(18,581		)

Interest income	42			76			279			(38		)	359

Loss on debt extinguishment	—			—			—			—			—

Other - net	2,499			(2,468		)	(825		)	—			(794		)

Total other income (expense) - net	2,541			(20,973		)	(584		)	—			(19,016		)


INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(6,671		)	(11,497		)	89,566			—			71,398

(Benefit) provision for income taxes	—			(2,328		)	12,540			(6,948		)	3,264


NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(6,671		)	(9,169		)	77,026			6,948			68,134


DISCONTINUED OPERATIONS, NET OF TAX	—			—			—			—			—


EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	74,805			30,388			—			(105,193		)	—


NET INCOME	$	68,134		$	21,219		$	77,026		$	(98,245	)	$	68,134


Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET INCOME	$	59,595		$	24,596		$	56,213		$	(80,809	)	$	59,595


OTHER COMPREHENSIVE INCOME:

Pension and other postretirement benefit adjustments, net of income taxes

Amortization of net loss	3,127			3,127			—			(3,127		)	3,127

Amortization of prior service credit	(723		)	(723		)	—			723			(723		)


	2,404			2,404			—			(2,404		)	2,404


COMPREHENSIVE INCOME	$	61,999		$	27,000		$	56,213		$	(83,213	)	$	61,999




Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET INCOME	$	68,134		$	21,219		$	77,026		$	(98,245	)	$	68,134


OTHER COMPREHENSIVE INCOME:

Pension and other postretirement benefit adjustments, net of income taxes

Amortization of net loss	4,412			4,412			—			(4,412		)	4,412

Amortization of prior service credit	(784		)	(784		)	—			784			(784		)


	3,628			3,628			—			(3,628		)	3,628


COMPREHENSIVE INCOME	$	71,762		$	24,847		$	77,026		$	(101,873	)	$	71,762






Rowan Companies plc and Subsidiaries
Consolidated Statements of Cash Flows
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	67,801		$	287,495		$	290,409		$	(565,182	)	$	80,523


INVESTING ACTIVITIES:

Property, plant and equipment additions	—			(4,236		)	(528,282		)	—			(532,518		)

Proceeds from disposals of property, plant and equipment	—			6,007			593			—			6,600

Investments in consolidated subsidiaries	—			(74,305		)	—			74,305			—


Net cash used in investing activities	—			(72,534		)	(527,689		)	74,305			(525,918		)


FINANCING ACTIVITIES:

Advances (to) from affiliates	(16,893		)	(355,605		)	(42,684		)	415,182			—

Contributions from parent	—			—			74,305			(74,305		)	—

Proceeds from borrowings	—			793,380			—			—			793,380

Debt issue costs	—			(687		)	—			—			(687		)

Dividends paid	—			(75,000		)	(75,000		)	150,000			—

Excess tax benefits from share-based compensation	—			(563		)	—			—			(563		)

Proceeds from exercise of share options	810			—			—			—			810


Net cash provided by (used in) financing activities	(16,083		)	361,525			(43,379		)	490,877			792,940


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	51,718			576,486			(280,659		)	—			347,545

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	64,292			92,116			936,436			—			1,092,844


CASH AND CASH EQUIVALENTS, END OF PERIOD	$	116,010		$	668,602		$	655,777		$	—		$	1,440,389

Rowan Companies plc and Subsidiaries
Consolidated Statements of Cash Flows
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(5,076	)	$	(12,150	)	$	120,405		$	—		$	103,179


INVESTING ACTIVITIES:

Property, plant and equipment additions	—			(20,709		)	(91,256		)	—			(111,965		)

Proceeds from disposals of property, plant and equipment	—			2,202			185			—			2,387

Investments in consolidated subsidiaries	—			(86,531		)	—			86,531			—


Net cash used in investing activities	—			(105,038		)	(91,071		)	86,531			(109,578		)


FINANCING ACTIVITIES:

Advances (to) from affiliates	(4,249		)	155,193			(150,944		)	—			—

Contributions from parent	—			—			86,531			(86,531		)	—

Excess tax benefits from share-based compensation	—			112			—			—			112

Proceeds from exercise of share options	1,531			—			—			—			1,531


Net cash provided by (used in) financing activities	(2,718		)	155,305			(64,413		)	(86,531		)	1,643


(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(7,794		)	38,117			(35,079		)	—			(4,756		)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	58,628			228,085			737,295			—			1,024,008


CASH AND CASH EQUIVALENTS, END OF PERIOD	$	50,834		$	266,202		$	702,216		$	—		$	1,019,252

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Reconciliation of Basic and Diluted Earnings per Share	'
	A reconciliation of basic and diluted shares follows (in thousands):



		Three months ended March 31,
		2014	2013

	Average common shares outstanding - basic	123,707	123,222

	Effect of dilutive securities - share-based compensation	970	980

	Average common shares - diluted	124,677	124,202

Antidilutive Securities Excluded From Earnings per Share	'
	Share options and appreciation rights granted under share-based compensation plans are antidilutive and excluded from diluted earnings per share when their exercise or strike price exceeds the average market price during the period. The following table sets forth antidilutive shares excluded from diluted earnings per share. Such securities could potentially dilute earnings per share in the future (in thousands):


		Three months ended March 31,
		2014	2013

	Share appreciation rights	1,066	1,022

	Employee and director share options	42	42

	Total potentially dilutive shares	1,108	1,064

Pension_and_Other_Postretireme1

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]	'
Summary of Net Periodic Pension and Other Postretirement Benefit Costs	'
	Recognized net periodic pension cost included the following components (in thousands):



		Three months ended March 31,
		2014			2013

	Service cost	$	3,620		$	2,850

	Interest cost	8,092			7,307

	Expected return on plan assets	(10,251		)	(9,461		)
	Amortization of net loss	4,231			6,774

	Amortization of prior service credit	(1,110		)	(1,168		)
	Total net pension cost	$	4,582		$	6,302



	Recognized other postretirement benefit cost included the following components (in thousands):



		Three months ended March 31,
		2014			2013

	Service cost	$	267		$	352

	Interest cost	757			714

	Amortization of net loss	(39		)	—

	Amortization of prior service credit	(8		)	(36		)
	Total other postretirement benefit cost	$	977		$	1,030

Commitments_and_Contingent_Lia1

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Status of Company's Rigs under Construction	'
	The following table presents the status of the Company’s ultra-deepwater drillship construction program as of March 31, 2014. Amounts include capitalized interest and an estimate for project contingencies (in millions):



		Actual/scheduled delivery date	Total estimated project costs		Total costs incurred through March 31, 2014		Projected costs for the remainder of 2014		Projected costs in 2015		Total future costs

	Rowan Renaissance	Jan-14	$	724	$	650	$	74	$	—	$	74

	Rowan Resolute	Jun-14	742		306		436		—		436

	Rowan Reliance	Oct-14	743		216		520		7		527

	Rowan Relentless	Mar-15	752		194		100		458		558

			$	2,961	$	1,366	$	1,130	$	465	$	1,595

Other_Financial_Statement_Disc1

Other Financial Statement Disclosures (Tables)	3 Months Ended
	Mar. 31, 2014
Other Financial Statement Disclosures [Abstract]	'
Components of Receivables - trade and other	'
	The following table sets forth the components of Receivables - trade and other (in thousands):



		March 31, 2014		December 31, 2013
	Trade	$	323,948	$	323,679

	Income tax	46,852		6,759

	Other	12,836		14,108

	Total receivables - trade and other	$	383,636	$	344,546

Assets and Liabilities Measured at Fair Value on a Recurring Basis	'
	Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. Assets and liabilities measured at fair value are summarized below (in thousands):



				Estimated fair value measurements
		Carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant other unobservable inputs (Level 3)
	March 31, 2014:
	Assets - cash equivalents	$	1,381,632	$	1,381,632	$	—	$	—


	December 31, 2013:
	Assets - cash equivalents	$	1,063,500	$	1,063,500	$	—	$	—

Estimated Fair Values and Related Carrying Values of Long-term Debt Securities	'
	Estimated fair values and related carrying values of our long-term debt securities are shown below (in thousands):



		March 31, 2014				December 31, 2013
		Fair value		Carrying value		Fair value		Carrying value

	5% Senior Notes, due 2017	$	436,373	$	399,031	$	433,879	$	398,961

	7.875% Senior Notes, due 2019	602,848		498,252		603,177		498,171

	4.875% Senior Notes, due 2022	724,994		712,821		711,816		713,208

	4.75% Senior Notes, due 2024	404,660		399,600		—		—

	5.4% Senior Notes, due 2042	381,005		398,374		368,602		398,360

	5.85% Senior Notes, due 2044	403,404		399,889		—		—

		$	2,953,284	$	2,807,967	$	2,117,474	$	2,008,700

Guarantees_of_Registered_Secur1

Guarantees of Registered Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Guarantor Financial Statements	'
	reflects the corporate ownership structure as of March 31, 2014. Financial information for the three months ended March 31, 2013, has been recast to reflect changes to the corporate ownership structure that occurred in the first quarter of 2014 and is presented as though the structure at March 31, 2014, was in place at January 1, 2013.

	During the quarter ended March 31, 2014, we identified certain immaterial misclassifications in our guarantor financial information at December 31, 2013, and prior periods primarily relating to the allocation of noncurrent income tax liabilities and deferred tax assets and liabilities between RCI and other nonguarantor subsidiaries. These errors had no impact on our consolidated financial statements. We have revised the consolidating balance sheet at December 31, 2013, and the consolidating income statement for the three months ended March 31, 2013, presented herein, to conform to the current period presentation. A summary of the changes follows (in thousands):



		RCI (Issuer)			Other non-guarantor subsidiaries

	Consolidating Balance Sheets
	December 31, 2013:

	Other current assets:
	As reported	$	45,031		$	22,355

	As corrected	43,611			23,775


	Due from affiliates:
	As reported	$	1,439,112		$	579,501

	As corrected	1,436,736			542,331


	Accrued liabilities:
	As reported	$	101,478		$	54,493

	As corrected	99,102			56,869


	Due to affiliates:
	As reported	$	575,184		$	1,421,553

	As corrected	546,690			1,410,501


	Other liabilities (noncurrent):
	As reported	$	194,966		$	85,960

	As corrected	235,779			45,147


	Deferred income taxes (noncurrent liability):
	As reported	$	126,681		$	302,974

	As corrected	115,376			314,279


	Retained earnings:
	As reported	$	4,795,441		$	5,908,071

	As corrected	4,793,007			5,910,505




	Rowan Companies plc and Subsidiaries
	Condensed Consolidating Balance Sheets
	March 31, 2014
	(in thousands)
	(unaudited)


		Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated
CURRENT ASSETS:

Cash and cash equivalents	$	116,010		$	668,602		$	655,777		$	—		$	1,440,389

Receivables - trade and other	111			47,413			336,112			—			383,636

Other current assets	129			36,526			19,579			—			56,234

Total current assets	116,250			752,541			1,011,468			—			1,880,259


Property, plant and equipment - gross	—			593,056			8,123,149			—			8,716,205

Less accumulated depreciation and amortization	—			247,682			1,633,173			—			1,880,855

Property, plant and equipment - net	—			345,374			6,489,976			—			6,835,350


Investments in subsidiaries	4,854,569			5,509,437			—			(10,364,006		)	—

Due from affiliates	1			1,387,665			223,155			(1,610,821		)	—

Other assets	—			67,790			709			—			68,499

	$	4,970,820		$	8,062,807		$	7,725,308		$	(11,974,827	)	$	8,784,108


CURRENT LIABILITIES:

Accounts payable - trade	$	816		$	11,006		$	88,266		$	—		$	100,088

Deferred revenues	—			—			41,013			—			41,013

Accrued liabilities	—			97,336			61,480			—			158,816

Total current liabilities	816			108,342			190,759			—			299,917


Long-term debt	—			2,807,967			—			—			2,807,967

Due to affiliates	4,983			221,305			1,384,533			(1,610,821		)	—

Other liabilities	8,244			240,739			39,959			—			288,942

Deferred income taxes - net	—			427,840			427,602			(424,937		)	430,505

Shareholders' equity	4,956,777			4,256,614			5,682,455			(9,939,069		)	4,956,777

	$	4,970,820		$	8,062,807		$	7,725,308		$	(11,974,827	)	$	8,784,108

Rowan Companies plc and Subsidiaries
Condensed Consolidating Balance Sheets
December 31, 2013
(in thousands)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	64,292		$	92,116		$	936,436		$	—		$	1,092,844

Receivables - trade and other	58			7,877			336,611			—			344,546

Other current assets	289			43,613			23,773			—			67,675

Assets of discontinued operations	—			23,813			—			—			23,813

Total current assets	64,639			167,419			1,296,820			—			1,528,878


Property, plant and equipment - gross	—			593,606			7,604,109			—			8,197,715

Less accumulated depreciation and amortization	—			243,666			1,568,294			—			1,811,960

Property, plant and equipment - net	—			349,940			6,035,815			—			6,385,755


Investments in subsidiaries	4,860,492			5,657,926			—			(10,518,418		)	—

Due from affiliates	136			1,384,573			506,455			(1,891,164		)	—

Other assets	—			60,343			785			—			61,128

	$	4,925,267		$	7,620,201		$	7,839,875		$	(12,409,582	)	$	7,975,761


CURRENT LIABILITIES:

Accounts payable - trade	$	1,359		$	13,409		$	109,208		$	—		$	123,976

Deferred revenues	—			—			54,515			—			54,515

Accrued liabilities	—			105,421			50,550			—			155,971

Liabilities of discontinued operations	—			20,122			—			—			20,122

Total current liabilities	1,359			138,952			214,273			—			354,584


Long-term debt	—			2,008,700			—			—			2,008,700

Due to affiliates	22,012			502,139			1,367,013			(1,891,164		)	—

Other liabilities	8,135			239,287			41,639			—			289,061

Deferred income taxes - net	—			421,622			423,216			(415,183		)	429,655

Shareholders' equity	4,893,761			4,309,501			5,793,734			(10,103,235		)	4,893,761

	$	4,925,267		$	7,620,201		$	7,839,875		$	(12,409,582	)	$	7,975,761


Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

REVENUES	$	—		$	16,162		$	376,494		$	(15,054	)	$	377,602


COSTS AND EXPENSES:

Direct operating costs (excluding items below)	—			3,156			232,267			(15,054		)	220,369

Depreciation and amortization	—			4,562			66,311			—			70,873

Selling, general and administrative	5,820			1,229			22,826			—			29,875

Loss (gain) on disposals of property and equipment	—			17			786			—			803

Litigation settlement	—			—			(20,875		)	—			(20,875		)

Total costs and expenses	5,820			8,964			301,315			(15,054		)	301,045


INCOME (LOSS) FROM OPERATIONS	(5,820		)	7,198			75,179			—			76,557


OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized	—			(20,960		)	(240		)	240			(20,960		)

Interest income	109			447			271			(240		)	587

Other - net	3,500			(3,494		)	(357		)	—			(351		)

Total other income (expense) - net	3,609			(24,007		)	(326		)	—			(20,724		)


INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(2,211		)	(16,809		)	74,853			—			55,833

(Benefit) provision for income taxes	—			(8,603		)	18,640			(9,756		)	281


NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(2,211		)	(8,206		)	56,213			9,756			55,552


DISCONTINUED OPERATIONS, NET OF TAX	—			4,043			—			—			4,043


EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	61,806			28,759			—			(90,565		)	—


NET INCOME	$	59,595		$	24,596		$	56,213		$	(80,809	)	$	59,595








Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

REVENUES	$	—		$	34,359		$	391,519		$	(31,640	)	$	394,238


COSTS AND EXPENSES:

Direct operating costs (excluding items below)	—			11,318			229,791			(31,640		)	209,469

Depreciation and amortization	—			12,641			51,975			—			64,616

Selling, general and administrative	9,212			714			19,505			—			29,431

Loss on disposals of property and equipment	—			210			98			—			308

Total costs and expenses	9,212			24,883			301,369			(31,640		)	303,824


INCOME (LOSS) FROM OPERATIONS	(9,212		)	9,476			90,150			—			90,414


OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized	—			(18,581		)	(38		)	38			(18,581		)

Interest income	42			76			279			(38		)	359

Loss on debt extinguishment	—			—			—			—			—

Other - net	2,499			(2,468		)	(825		)	—			(794		)

Total other income (expense) - net	2,541			(20,973		)	(584		)	—			(19,016		)


INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(6,671		)	(11,497		)	89,566			—			71,398

(Benefit) provision for income taxes	—			(2,328		)	12,540			(6,948		)	3,264


NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(6,671		)	(9,169		)	77,026			6,948			68,134


DISCONTINUED OPERATIONS, NET OF TAX	—			—			—			—			—


EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	74,805			30,388			—			(105,193		)	—


NET INCOME	$	68,134		$	21,219		$	77,026		$	(98,245	)	$	68,134


Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET INCOME	$	59,595		$	24,596		$	56,213		$	(80,809	)	$	59,595


OTHER COMPREHENSIVE INCOME:

Pension and other postretirement benefit adjustments, net of income taxes

Amortization of net loss	3,127			3,127			—			(3,127		)	3,127

Amortization of prior service credit	(723		)	(723		)	—			723			(723		)


	2,404			2,404			—			(2,404		)	2,404


COMPREHENSIVE INCOME	$	61,999		$	27,000		$	56,213		$	(83,213	)	$	61,999




Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET INCOME	$	68,134		$	21,219		$	77,026		$	(98,245	)	$	68,134


OTHER COMPREHENSIVE INCOME:

Pension and other postretirement benefit adjustments, net of income taxes

Amortization of net loss	4,412			4,412			—			(4,412		)	4,412

Amortization of prior service credit	(784		)	(784		)	—			784			(784		)


	3,628			3,628			—			(3,628		)	3,628


COMPREHENSIVE INCOME	$	71,762		$	24,847		$	77,026		$	(101,873	)	$	71,762






Rowan Companies plc and Subsidiaries
Consolidated Statements of Cash Flows
Three months ended March 31, 2014
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	67,801		$	287,495		$	290,409		$	(565,182	)	$	80,523


INVESTING ACTIVITIES:

Property, plant and equipment additions	—			(4,236		)	(528,282		)	—			(532,518		)

Proceeds from disposals of property, plant and equipment	—			6,007			593			—			6,600

Investments in consolidated subsidiaries	—			(74,305		)	—			74,305			—


Net cash used in investing activities	—			(72,534		)	(527,689		)	74,305			(525,918		)


FINANCING ACTIVITIES:

Advances (to) from affiliates	(16,893		)	(355,605		)	(42,684		)	415,182			—

Contributions from parent	—			—			74,305			(74,305		)	—

Proceeds from borrowings	—			793,380			—			—			793,380

Debt issue costs	—			(687		)	—			—			(687		)

Dividends paid	—			(75,000		)	(75,000		)	150,000			—

Excess tax benefits from share-based compensation	—			(563		)	—			—			(563		)

Proceeds from exercise of share options	810			—			—			—			810


Net cash provided by (used in) financing activities	(16,083		)	361,525			(43,379		)	490,877			792,940


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	51,718			576,486			(280,659		)	—			347,545

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	64,292			92,116			936,436			—			1,092,844


CASH AND CASH EQUIVALENTS, END OF PERIOD	$	116,010		$	668,602		$	655,777		$	—		$	1,440,389

Rowan Companies plc and Subsidiaries
Consolidated Statements of Cash Flows
Three months ended March 31, 2013
(in thousands)
(unaudited)


	Rowan plc (Parent)			RCI (Issuer)			Other non-guarantor subsidiaries			Consolidating adjustments			Consolidated

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	(5,076	)	$	(12,150	)	$	120,405		$	—		$	103,179


INVESTING ACTIVITIES:

Property, plant and equipment additions	—			(20,709		)	(91,256		)	—			(111,965		)

Proceeds from disposals of property, plant and equipment	—			2,202			185			—			2,387

Investments in consolidated subsidiaries	—			(86,531		)	—			86,531			—


Net cash used in investing activities	—			(105,038		)	(91,071		)	86,531			(109,578		)


FINANCING ACTIVITIES:

Advances (to) from affiliates	(4,249		)	155,193			(150,944		)	—			—

Contributions from parent	—			—			86,531			(86,531		)	—

Excess tax benefits from share-based compensation	—			112			—			—			112

Proceeds from exercise of share options	1,531			—			—			—			1,531


Net cash provided by (used in) financing activities	(2,718		)	155,305			(64,413		)	(86,531		)	1,643


(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(7,794		)	38,117			(35,079		)	—			(4,756		)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	58,628			228,085			737,295			—			1,024,008


CASH AND CASH EQUIVALENTS, END OF PERIOD	$	50,834		$	266,202		$	702,216		$	—		$	1,019,252

Schedule of Prior Period Adjustments	'
	A summary of the changes follows (in thousands):



		RCI (Issuer)			Other non-guarantor subsidiaries

	Consolidating Balance Sheets
	December 31, 2013:

	Other current assets:
	As reported	$	45,031		$	22,355

	As corrected	43,611			23,775


	Due from affiliates:
	As reported	$	1,439,112		$	579,501

	As corrected	1,436,736			542,331


	Accrued liabilities:
	As reported	$	101,478		$	54,493

	As corrected	99,102			56,869


	Due to affiliates:
	As reported	$	575,184		$	1,421,553

	As corrected	546,690			1,410,501


	Other liabilities (noncurrent):
	As reported	$	194,966		$	85,960

	As corrected	235,779			45,147


	Deferred income taxes (noncurrent liability):
	As reported	$	126,681		$	302,974

	As corrected	115,376			314,279


	Retained earnings:
	As reported	$	4,795,441		$	5,908,071

	As corrected	4,793,007			5,910,505

Basis_of_Presentation_and_Natu1

Basis of Presentation and Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2014
	drilling_unit
Gas and Oil Acreage [Line Items]	'
Number of fleet of self-elevating mobile offshore jack-up drilling units	30
Number of ultra-deepwater drill ships under construction	3
Rowan Renaissance [Member]	'
Gas and Oil Acreage [Line Items]	'
Ultra-deepwater drill ships expected to be completed, contract term after delivery	'3 years
Rowan Resolute [Member]	'
Gas and Oil Acreage [Line Items]	'
Ultra-deepwater drill ships expected to be completed, contract term after delivery	'3 years
Rowan Reliance [Member]	'
Gas and Oil Acreage [Line Items]	'
Ultra-deepwater drill ships expected to be completed, contract term after delivery	'3 years

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Average common shares outstanding - basic (in shares)	123,707	123,222
Effect of dilutive securities - share-based compensation (in shares)	970	980
Average common shares - diluted (in shares)	124,677	124,202
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total potentially dilutive shares	1,108	1,064
Share appreciation rights [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total potentially dilutive shares	1,066	1,022
Employee and director share options [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total potentially dilutive shares	42	42

Pension_and_Other_Postretireme2

Pension and Other Postretirement Benefits (Details) (USD $)	3 Months Ended
Pension and Other Postretirement Benefits (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]	'	'
Contribution to pension and other postretirement benefit plans	$7,300,000	'
Future contributions to pension and other postretirement benefit plans	48,000,000	'
Defined Benefit Pension [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	3,620,000	2,850,000
Interest cost	8,092,000	7,307,000
Expected return on plan assets	-10,251,000	-9,461,000
Amortization of net loss	4,231,000	6,774,000
Amortization of prior service credit	-1,110,000	-1,168,000
Total net pension cost and other postretirement benefit cost	4,582,000	6,302,000
Other Postretirement Benefit [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	267,000	352,000
Interest cost	757,000	714,000
Amortization of net loss	-39,000	0
Amortization of prior service credit	-8,000	-36,000
Total net pension cost and other postretirement benefit cost	$977,000	$1,030,000

Commitments_and_Contingent_Lia2

Commitments and Contingent Liabilities (Details) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2009
Status of company's rigs under construction [Abstract]	'	'
Total estimated project costs	$2,961	'
Total costs incurred through March 31, 2014	1,366	'
Projected costs for the remainder of 2014	1,130	'
Projected costs in 2015	465	'
Total future costs	1,595	'
Capital expenditures for the remainder of 2013	162	'
Outstanding letters of credit	28.7	'
Tax benefit recognized	'	25.4
Rowan Renaissance [Member]	'	'
Status of company's rigs under construction [Abstract]	'	'
Total estimated project costs	724	'
Total costs incurred through March 31, 2014	650	'
Projected costs for the remainder of 2014	74	'
Projected costs in 2015	0	'
Total future costs	74	'
Rowan Resolute [Member]	'	'
Status of company's rigs under construction [Abstract]	'	'
Total estimated project costs	742	'
Total costs incurred through March 31, 2014	306	'
Projected costs for the remainder of 2014	436	'
Projected costs in 2015	0	'
Total future costs	436	'
Rowan Reliance [Member]	'	'
Status of company's rigs under construction [Abstract]	'	'
Total estimated project costs	743	'
Total costs incurred through March 31, 2014	216	'
Projected costs for the remainder of 2014	520	'
Projected costs in 2015	7	'
Total future costs	527	'
Rowan Relentless [Member]	'	'
Status of company's rigs under construction [Abstract]	'	'
Total estimated project costs	752	'
Total costs incurred through March 31, 2014	194	'
Projected costs for the remainder of 2014	100	'
Projected costs in 2015	458	'
Total future costs	$558	'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	0 Months Ended	3 Months Ended
Share-Based Compensation (Details) (USD $)	Mar. 05, 2014	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Unrecognized compensation cost related to nonvested share-based compensation arrangements	'	$52,200,000
Compensation expense over a remaining weighted-average period	'	'2 years 1 month 6 days
Restricted Stock Units and Stock Appreciation Rights [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Fair value of restricted stock and stock appreciation rights granted	21,300,000	'
Aggregate grant date fair value, net of estimated forfeitures	20,200,000	'
Requisite service period	'2 years 8 months 12 days	'
Performance Units [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Target value of p-units granted during the period (in dollars per unit)	$100	'
Awards vesting period	'3 years	'
Total shareholder return, Minimum payout	0	'
Total shareholder return, Maximum payout	200	'
Vesting percentage based on relative total shareholder return ranking on annual basis	'	25.00%
Vesting percentage of performance units periodically (in hundredths)	'	25.00%
Grant date fair value of P-Units	'	$8,500,000
Performance measurement period	'	'3 years
Vesting percentage of performance units (in hundredths)	'	25.00%

Other_Financial_Statement_Disc2

Other Financial Statement Disclosures (Components of Receivables) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Other Financial Statement Disclosures [Abstract]	'	'
Trade	$323,948	$323,679
Income tax	46,852	6,759
Other	12,836	14,108
Total receivables - trade and other	$383,636	$344,546

Other_Financial_Statement_Disc3

Other Financial Statement Disclosures (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (Recurring basis [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets - cash equivalents	$1,381,632	$1,063,500
Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets - cash equivalents	0	0
Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets - cash equivalents	0	0
Carrying value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets - cash equivalents	$1,381,632	$1,063,500

Other_Financial_Statement_Disc4

Other Financial Statement Disclosures (Estimated Fair Values and Related Carrying Values of Long-term Debt Securities) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair value [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	$2,953,284	$2,117,474
Fair value [Member] \| Senior Notes due 2017 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	436,373	433,879
Fair value [Member] \| Senior Notes Due 2019 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	602,848	603,177
Fair value [Member] \| Senior Notes due 2022 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	724,994	711,816
Fair value [Member] \| Senior Notes due 2024 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	404,660	0
Fair value [Member] \| Senior Notes Due 2042 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	381,005	368,602
Fair value [Member] \| Senior Notes due 2044 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	403,404	0
Carrying value [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	2,807,967	2,008,700
Carrying value [Member] \| Senior Notes due 2017 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	399,031	398,961
Carrying value [Member] \| Senior Notes Due 2019 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	498,252	498,171
Carrying value [Member] \| Senior Notes due 2022 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	712,821	713,208
Carrying value [Member] \| Senior Notes due 2024 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	399,600	0
Carrying value [Member] \| Senior Notes Due 2042 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	398,374	398,360
Carrying value [Member] \| Senior Notes due 2044 [Member]	'	'
Fair values of Financial Instruments [Abstract]	'	'
Notes notes	$399,889	$0

Other_Financial_Statement_Disc5

Other Financial Statement Disclosures (Narrative) (Details) (USD $)

3 Months Ended

0 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Jan. 23, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Jan. 15, 2014

Feb. 28, 2014

Apr. 28, 2014

Accumulated Other Comprehensive Income (Loss) [Member]

Minimum [Member]

Maximum [Member]

Subsidiary Issuer [Member]

Senior Notes due 2024 [Member]

Senior Notes due 2044 [Member]

Rowan land rig [Member]

broker

Subsidiary Issuer [Member]

Assets of Discontinued Operations

Net carrying value of disposed rig

$24,200,000

Assets of discontinued operations

23,813,000

4,100,000

Deferred revenues classified as liabilities of discontinued operations

20,100,000

Proceeds from sale of rig

6,000,000

Gain (loss) on disposals of property and equipment

4,000,000

Long-term Debt

Subsidiary ownership percentage by parent

100.00%

Principal amount of offering

400,000,000

Stated interest rate percentage

4.75%

5.85%

Debt instrument, issue amount as percentage of principal

99.90%

99.97%

Proceeds from issuance of debt

792,000,000

Redemption price, percentage of principal amount

100.00%

Borrowing capacity

1,000,000,000

750,000,000

Fair Values of Financial Instruments

Number of brokers who provided fair value of debt securities

Accumulated Other Comprehensive Loss

Accumulated other comprehensive losses (AOCL)

140,328,000

142,445,000

140,300,000

217,500,000

Amortization of pension and postretirement benefit cost

2,404,000

3,628,000

2,404,000

3,628,000

Supplemental Cash Flow Information [Abstract]

Accrued capital expenditures

39,000,000

24,500,000

Interest capitalized in connection with rig construction projects

17,500,000

10,700,000

Litigation Settlement

Proceeds from litigation settlements

$20,900,000

Guarantees_of_Registered_Secur2

Guarantees of Registered Securities (Narrative) (Details) (RCI (Issuer) [Member])	3 Months Ended
	Mar. 31, 2014
Condensed Financial Statements, Captions [Line Items]	'
Subsidiary ownership percentage by parent	100.00%
Senior Notes due 2017 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	5.00%
Senior Notes due 2019 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	7.88%
Senior Notes due 2022 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	4.88%
Senior Notes due 2024 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	4.75%
Senior Notes due 2042 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	5.40%
Senior Notes due 2044 [Member] \| Unsecured debt [Member]	'
Condensed Financial Statements, Captions [Line Items]	'
Stated interest rate percentage	5.85%

Guarantees_of_Registered_Secur3

Guarantees of Registered Securities (Prior Period Adjustments) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Consolidating Balance Sheets	'	'
Other current assets	$56,234	$67,675
Due from affiliates	0	0
Accrued liabilities	158,816	155,971
Due to affiliates	0	0
Other liabilities (noncurrent)	288,942	289,061
Deferred income taxes - net	430,505	429,655
Retained earnings	3,679,135	3,619,540
RCI (Issuer) [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	36,526	43,613
Due from affiliates	1,387,665	1,384,573
Accrued liabilities	97,336	105,421
Due to affiliates	221,305	502,139
Other liabilities (noncurrent)	240,739	239,287
Deferred income taxes - net	427,840	421,622
RCI (Issuer) [Member] \| As reported [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	'	45,031
Due from affiliates	'	1,439,112
Accrued liabilities	'	101,478
Due to affiliates	'	575,184
Other liabilities (noncurrent)	'	194,966
Deferred income taxes - net	'	126,681
Retained earnings	'	4,795,441
RCI (Issuer) [Member] \| As corrected [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	'	43,611
Due from affiliates	'	1,436,736
Accrued liabilities	'	99,102
Due to affiliates	'	546,690
Other liabilities (noncurrent)	'	235,779
Deferred income taxes - net	'	115,376
Retained earnings	'	4,793,007
Other non-guarantor subsidiaries [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	19,579	23,773
Due from affiliates	223,155	506,455
Accrued liabilities	61,480	50,550
Due to affiliates	1,384,533	1,367,013
Other liabilities (noncurrent)	39,959	41,639
Deferred income taxes - net	427,602	423,216
Other non-guarantor subsidiaries [Member] \| As reported [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	'	22,355
Due from affiliates	'	579,501
Accrued liabilities	'	54,493
Due to affiliates	'	1,421,553
Other liabilities (noncurrent)	'	85,960
Deferred income taxes - net	'	302,974
Retained earnings	'	5,908,071
Other non-guarantor subsidiaries [Member] \| As corrected [Member]	'	'
Consolidating Balance Sheets	'	'
Other current assets	'	23,775
Due from affiliates	'	542,331
Accrued liabilities	'	56,869
Due to affiliates	'	1,410,501
Other liabilities (noncurrent)	'	45,147
Deferred income taxes - net	'	314,279
Retained earnings	'	$5,910,505

Guarantees_of_Registered_Secur4

Guarantees of Registered Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	$1,440,389	$1,019,252	'
Receivables - trade and other	383,636	'	344,546
Other current assets	56,234	'	67,675
Assets of discontinued operations	0	'	23,813
Total current assets	1,880,259	'	1,528,878
Property, plant and equipment - gross	8,716,205	'	8,197,715
Less accumulated depreciation and amortization	1,880,855	'	1,811,960
Property, plant and equipment - net	6,835,350	'	6,385,755
Investments in subsidiaries	0	'	0
Due from affiliates	0	'	0
Other assets	68,499	'	61,128
TOTAL ASSETS	8,784,108	'	7,975,761
CURRENT LIABILITIES:	'	'	'
Accounts payable - trade	100,088	'	123,976
Deferred revenues	41,013	'	54,515
Accrued liabilities	158,816	'	155,971
Liabilities of discontinued operations	0	'	20,122
Total current liabilities	299,917	'	354,584
Long-term debt	2,807,967	'	2,008,700
Due to affiliates	0	'	0
Other liabilities	288,942	'	289,061
Deferred income taxes - net	430,505	'	429,655
Shareholders' equity	4,956,777	'	4,893,761
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	8,784,108	'	7,975,761
Consolidating Income Statements	'	'	'
REVENUES	377,602	394,238	'
COSTS AND EXPENSES:	'	'	'
Direct operating costs (excluding items below)	220,369	209,469	'
Depreciation and amortization	70,873	64,616	'
Selling, general and administrative	29,875	29,431	'
Loss on disposals of property and equipment	803	308	'
Litigation settlement	-20,875	0	'
Total costs and expenses	301,045	303,824	'
INCOME (LOSS) FROM OPERATIONS	76,557	90,414	'
OTHER INCOME (EXPENSE):	'	'	'
Interest expense, net of interest capitalized	-20,960	-18,581	'
Interest income	587	359	'
Loss on extinguishment of debt	'	0	'
Other - net	-351	-794	'
Total other income (expense) - net	-20,724	-19,016	'
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	55,833	71,398	'
(Benefit) provision for income taxes	281	3,264	'
NET INCOME FROM CONTINUING OPERATIONS	55,552	68,134	'
DISCONTINUED OPERATIONS, NET OF TAX	4,043	0	'
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	0	0	'
Net income	59,595	68,134	'
Statement of Comprehensive Income [Abstract]	'	'	'
Net income	59,595	68,134	'
Pension and other postretirement benefit adjustments, net of income taxes	'	'	'
Amortization of net loss	3,127	4,412	'
Amortization of prior service credit	-723	-784	'
OTHER COMPREHENSIVE INCOME	2,404	3,628	'
COMPREHENSIVE INCOME	61,999	71,762	'
Consolidated Statement of Cash Flows [Abstract]	'	'	'
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	80,523	103,179	'
INVESTING ACTIVITIES:	'	'	'
Property, plant and equipment additions	-532,518	-111,965	'
Proceeds from disposals of property, plant and equipment	6,600	2,387	'
Investments in consolidated subsidiaries	0	0	'
Net cash used in investing activities	-525,918	-109,578	'
FINANCING ACTIVITIES:	'	'	'
Advances (to) from affiliates	0	0	'
Contributions from parent	0	0	'
Proceeds from borrowings	793,380	0	'
Debt issue costs	-687	0	'
Dividends paid	0	'	'
Excess tax benefits from share-based compensation	-563	112	'
Proceeds from exercise of share options	810	1,531	'
Net cash provided by financing activities	792,940	1,643	'
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	347,545	-4,756	'
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,092,844	1,024,008	'
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,440,389	1,019,252	'
Rowan Companies plc (Parent) [Member]	'	'	'
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	116,010	50,834	'
Receivables - trade and other	111	'	58
Other current assets	129	'	289
Assets of discontinued operations	'	'	0
Total current assets	116,250	'	64,639
Property, plant and equipment - gross	0	'	0
Less accumulated depreciation and amortization	0	'	0
Property, plant and equipment - net	0	'	0
Investments in subsidiaries	4,854,569	'	4,860,492
Due from affiliates	1	'	136
Other assets	0	'	0
TOTAL ASSETS	4,970,820	'	4,925,267
CURRENT LIABILITIES:	'	'	'
Accounts payable - trade	816	'	1,359
Deferred revenues	0	'	0
Accrued liabilities	0	'	0
Liabilities of discontinued operations	'	'	0
Total current liabilities	816	'	1,359
Long-term debt	0	'	0
Due to affiliates	4,983	'	22,012
Other liabilities	8,244	'	8,135
Deferred income taxes - net	0	'	0
Shareholders' equity	4,956,777	'	4,893,761
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,970,820	'	4,925,267
Consolidating Income Statements	'	'	'
REVENUES	0	0	'
COSTS AND EXPENSES:	'	'	'
Direct operating costs (excluding items below)	0	0	'
Depreciation and amortization	0	0	'
Selling, general and administrative	5,820	9,212	'
Loss on disposals of property and equipment	0	0	'
Total costs and expenses	5,820	9,212	'
INCOME (LOSS) FROM OPERATIONS	-5,820	-9,212	'
OTHER INCOME (EXPENSE):	'	'	'
Interest expense, net of interest capitalized	0	0	'
Interest income	109	42	'
Loss on extinguishment of debt	'	0	'
Other - net	3,500	2,499	'
Total other income (expense) - net	3,609	2,541	'
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	-2,211	-6,671	'
(Benefit) provision for income taxes	0	0	'
NET INCOME FROM CONTINUING OPERATIONS	-2,211	-6,671	'
DISCONTINUED OPERATIONS, NET OF TAX	0	0	'
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	61,806	74,805	'
Net income	59,595	68,134	'
Statement of Comprehensive Income [Abstract]	'	'	'
Net income	59,595	68,134	'
Pension and other postretirement benefit adjustments, net of income taxes	'	'	'
Amortization of net loss	3,127	4,412	'
Amortization of prior service credit	-723	-784	'
OTHER COMPREHENSIVE INCOME	2,404	3,628	'
COMPREHENSIVE INCOME	61,999	71,762	'
Consolidated Statement of Cash Flows [Abstract]	'	'	'
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	67,801	-5,076	'
INVESTING ACTIVITIES:	'	'	'
Property, plant and equipment additions	0	0	'
Proceeds from disposals of property, plant and equipment	0	0	'
Investments in consolidated subsidiaries	0	0	'
Net cash used in investing activities	0	0	'
FINANCING ACTIVITIES:	'	'	'
Advances (to) from affiliates	-16,893	-4,249	'
Contributions from parent	0	0	'
Proceeds from borrowings	0	'	'
Debt issue costs	0	'	'
Dividends paid	0	'	'
Excess tax benefits from share-based compensation	0	0	'
Proceeds from exercise of share options	810	1,531	'
Net cash provided by financing activities	-16,083	-2,718	'
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	51,718	-7,794	'
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	64,292	58,628	'
CASH AND CASH EQUIVALENTS, END OF PERIOD	116,010	50,834	'
RCI (Issuer) [Member]	'	'	'
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	668,602	266,202	'
Receivables - trade and other	47,413	'	7,877
Other current assets	36,526	'	43,613
Assets of discontinued operations	'	'	23,813
Total current assets	752,541	'	167,419
Property, plant and equipment - gross	593,056	'	593,606
Less accumulated depreciation and amortization	247,682	'	243,666
Property, plant and equipment - net	345,374	'	349,940
Investments in subsidiaries	5,509,437	'	5,657,926
Due from affiliates	1,387,665	'	1,384,573
Other assets	67,790	'	60,343
TOTAL ASSETS	8,062,807	'	7,620,201
CURRENT LIABILITIES:	'	'	'
Accounts payable - trade	11,006	'	13,409
Deferred revenues	0	'	0
Accrued liabilities	97,336	'	105,421
Liabilities of discontinued operations	'	'	20,122
Total current liabilities	108,342	'	138,952
Long-term debt	2,807,967	'	2,008,700
Due to affiliates	221,305	'	502,139
Other liabilities	240,739	'	239,287
Deferred income taxes - net	427,840	'	421,622
Shareholders' equity	4,256,614	'	4,309,501
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	8,062,807	'	7,620,201
Consolidating Income Statements	'	'	'
REVENUES	16,162	34,359	'
COSTS AND EXPENSES:	'	'	'
Direct operating costs (excluding items below)	3,156	11,318	'
Depreciation and amortization	4,562	12,641	'
Selling, general and administrative	1,229	714	'
Loss on disposals of property and equipment	17	210	'
Total costs and expenses	8,964	24,883	'
INCOME (LOSS) FROM OPERATIONS	7,198	9,476	'
OTHER INCOME (EXPENSE):	'	'	'
Interest expense, net of interest capitalized	-20,960	-18,581	'
Interest income	447	76	'
Loss on extinguishment of debt	'	0	'
Other - net	-3,494	-2,468	'
Total other income (expense) - net	-24,007	-20,973	'
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	-16,809	-11,497	'
(Benefit) provision for income taxes	-8,603	-2,328	'
NET INCOME FROM CONTINUING OPERATIONS	-8,206	-9,169	'
DISCONTINUED OPERATIONS, NET OF TAX	4,043	0	'
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	28,759	30,388	'
Net income	24,596	21,219	'
Statement of Comprehensive Income [Abstract]	'	'	'
Net income	24,596	21,219	'
Pension and other postretirement benefit adjustments, net of income taxes	'	'	'
Amortization of net loss	3,127	4,412	'
Amortization of prior service credit	-723	-784	'
OTHER COMPREHENSIVE INCOME	2,404	3,628	'
COMPREHENSIVE INCOME	27,000	24,847	'
Consolidated Statement of Cash Flows [Abstract]	'	'	'
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	287,495	-12,150	'
INVESTING ACTIVITIES:	'	'	'
Property, plant and equipment additions	-4,236	-20,709	'
Proceeds from disposals of property, plant and equipment	6,007	2,202	'
Investments in consolidated subsidiaries	-74,305	-86,531	'
Net cash used in investing activities	-72,534	-105,038	'
FINANCING ACTIVITIES:	'	'	'
Advances (to) from affiliates	-355,605	155,193	'
Contributions from parent	0	0	'
Proceeds from borrowings	793,380	'	'
Debt issue costs	-687	'	'
Dividends paid	-75,000	'	'
Excess tax benefits from share-based compensation	-563	112	'
Proceeds from exercise of share options	0	0	'
Net cash provided by financing activities	361,525	155,305	'
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	576,486	38,117	'
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	92,116	228,085	'
CASH AND CASH EQUIVALENTS, END OF PERIOD	668,602	266,202	'
Other non-guarantor subsidiaries [Member]	'	'	'
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	655,777	702,216	'
Receivables - trade and other	336,112	'	336,611
Other current assets	19,579	'	23,773
Assets of discontinued operations	'	'	0
Total current assets	1,011,468	'	1,296,820
Property, plant and equipment - gross	8,123,149	'	7,604,109
Less accumulated depreciation and amortization	1,633,173	'	1,568,294
Property, plant and equipment - net	6,489,976	'	6,035,815
Investments in subsidiaries	0	'	0
Due from affiliates	223,155	'	506,455
Other assets	709	'	785
TOTAL ASSETS	7,725,308	'	7,839,875
CURRENT LIABILITIES:	'	'	'
Accounts payable - trade	88,266	'	109,208
Deferred revenues	41,013	'	54,515
Accrued liabilities	61,480	'	50,550
Liabilities of discontinued operations	'	'	0
Total current liabilities	190,759	'	214,273
Long-term debt	0	'	0
Due to affiliates	1,384,533	'	1,367,013
Other liabilities	39,959	'	41,639
Deferred income taxes - net	427,602	'	423,216
Shareholders' equity	5,682,455	'	5,793,734
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,725,308	'	7,839,875
Consolidating Income Statements	'	'	'
REVENUES	376,494	391,519	'
COSTS AND EXPENSES:	'	'	'
Direct operating costs (excluding items below)	232,267	229,791	'
Depreciation and amortization	66,311	51,975	'
Selling, general and administrative	22,826	19,505	'
Loss on disposals of property and equipment	786	98	'
Litigation settlement	-20,875	'	'
Total costs and expenses	301,315	301,369	'
INCOME (LOSS) FROM OPERATIONS	75,179	90,150	'
OTHER INCOME (EXPENSE):	'	'	'
Interest expense, net of interest capitalized	-240	-38	'
Interest income	271	279	'
Loss on extinguishment of debt	'	0	'
Other - net	-357	-825	'
Total other income (expense) - net	-326	-584	'
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	74,853	89,566	'
(Benefit) provision for income taxes	18,640	12,540	'
NET INCOME FROM CONTINUING OPERATIONS	56,213	77,026	'
DISCONTINUED OPERATIONS, NET OF TAX	0	0	'
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	0	0	'
Net income	56,213	77,026	'
Statement of Comprehensive Income [Abstract]	'	'	'
Net income	56,213	77,026	'
Pension and other postretirement benefit adjustments, net of income taxes	'	'	'
Amortization of net loss	0	0	'
Amortization of prior service credit	0	0	'
OTHER COMPREHENSIVE INCOME	0	0	'
COMPREHENSIVE INCOME	56,213	77,026	'
Consolidated Statement of Cash Flows [Abstract]	'	'	'
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	290,409	120,405	'
INVESTING ACTIVITIES:	'	'	'
Property, plant and equipment additions	-528,282	-91,256	'
Proceeds from disposals of property, plant and equipment	593	185	'
Investments in consolidated subsidiaries	0	0	'
Net cash used in investing activities	-527,689	-91,071	'
FINANCING ACTIVITIES:	'	'	'
Advances (to) from affiliates	-42,684	-150,944	'
Contributions from parent	74,305	86,531	'
Proceeds from borrowings	0	'	'
Debt issue costs	0	'	'
Dividends paid	-75,000	'	'
Excess tax benefits from share-based compensation	0	0	'
Proceeds from exercise of share options	0	0	'
Net cash provided by financing activities	-43,379	-64,413	'
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	-280,659	-35,079	'
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	936,436	737,295	'
CASH AND CASH EQUIVALENTS, END OF PERIOD	655,777	702,216	'
Consolidating adjustments [Member]	'	'	'
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	0	0	'
Receivables - trade and other	0	'	0
Other current assets	0	'	0
Assets of discontinued operations	'	'	0
Total current assets	0	'	0
Property, plant and equipment - gross	0	'	0
Less accumulated depreciation and amortization	0	'	0
Property, plant and equipment - net	0	'	0
Investments in subsidiaries	-10,364,006	'	-10,518,418
Due from affiliates	-1,610,821	'	-1,891,164
Other assets	0	'	0
TOTAL ASSETS	-11,974,827	'	-12,409,582
CURRENT LIABILITIES:	'	'	'
Accounts payable - trade	0	'	0
Deferred revenues	0	'	0
Accrued liabilities	0	'	0
Liabilities of discontinued operations	'	'	0
Total current liabilities	0	'	0
Long-term debt	0	'	0
Due to affiliates	-1,610,821	'	-1,891,164
Other liabilities	0	'	0
Deferred income taxes - net	-424,937	'	-415,183
Shareholders' equity	-9,939,069	'	-10,103,235
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	-11,974,827	'	-12,409,582
Consolidating Income Statements	'	'	'
REVENUES	-15,054	-31,640	'
COSTS AND EXPENSES:	'	'	'
Direct operating costs (excluding items below)	-15,054	-31,640	'
Depreciation and amortization	0	0	'
Selling, general and administrative	0	0	'
Loss on disposals of property and equipment	0	0	'
Total costs and expenses	-15,054	-31,640	'
INCOME (LOSS) FROM OPERATIONS	0	0	'
OTHER INCOME (EXPENSE):	'	'	'
Interest expense, net of interest capitalized	240	38	'
Interest income	-240	-38	'
Loss on extinguishment of debt	'	0	'
Other - net	0	0	'
Total other income (expense) - net	0	0	'
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	0	0	'
(Benefit) provision for income taxes	-9,756	-6,948	'
NET INCOME FROM CONTINUING OPERATIONS	9,756	6,948	'
DISCONTINUED OPERATIONS, NET OF TAX	0	0	'
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX	-90,565	-105,193	'
Net income	-80,809	-98,245	'
Statement of Comprehensive Income [Abstract]	'	'	'
Net income	-80,809	-98,245	'
Pension and other postretirement benefit adjustments, net of income taxes	'	'	'
Amortization of net loss	-3,127	-4,412	'
Amortization of prior service credit	723	784	'
OTHER COMPREHENSIVE INCOME	-2,404	-3,628	'
COMPREHENSIVE INCOME	-83,213	-101,873	'
Consolidated Statement of Cash Flows [Abstract]	'	'	'
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	-565,182	0	'
INVESTING ACTIVITIES:	'	'	'
Property, plant and equipment additions	0	0	'
Proceeds from disposals of property, plant and equipment	0	0	'
Investments in consolidated subsidiaries	74,305	86,531	'
Net cash used in investing activities	74,305	86,531	'
FINANCING ACTIVITIES:	'	'	'
Advances (to) from affiliates	415,182	0	'
Contributions from parent	-74,305	-86,531	'
Proceeds from borrowings	0	'	'
Debt issue costs	0	'	'
Dividends paid	150,000	'	'
Excess tax benefits from share-based compensation	0	0	'
Proceeds from exercise of share options	0	0	'
Net cash provided by financing activities	490,877	-86,531	'
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0	'
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0	'
CASH AND CASH EQUIVALENTS, END OF PERIOD	$0	$0	'