XML 85 R34.htm IDEA: XBRL DOCUMENT
v3.20.1

Supplemental Financial Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Trade | $ | 442.4 |  |  | $ | 466.4 |
Other | 60.9 |  |  | 60.3 |
| 503.3 |  |  | 526.7 |
Allowance for doubtful accounts | (10.1 | ) |  | (6.0 | )
| $ | 493.2 |  |  | $ | 520.7 |
Other Current Assets | Other current assets consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Materials and supplies | $ | 308.9 |  |  | $ | 340.1 |
Prepaid taxes | 45.5 |  |  | 36.2 |
Deferred costs | 32.6 |  |  | 23.3 |
Prepaid expenses | 11.4 |  |  | 13.5 |
Other | 29.1 |  |  | 33.4 |
| $ | 427.5 |  |  | $ | 446.5 |
Other Assets, Net | Other assets consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Tax receivables | $ | 61.1 |  |  | $ | 36.3 |
Right-of-use assets | 53.9 |  |  | 58.1 |
Supplemental executive retirement plan assets | 21.2 |  |  | 26.0 |
Deferred tax assets | 19.0 |  |  | 26.6 |
Intangible assets | 10.4 |  |  | 11.9 |
Deferred costs | 7.3 |  |  | 7.1 |
Other | 14.1 |  |  | 22.3 |
| $ | 187.0 |  |  | $ | 188.3 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Personnel costs | $ | 126.4 |  |  | $ | 134.4 |
Accrued interest | 100.1 |  |  | 115.2 |
Income and other taxes payable | 71.1 |  |  | 61.2 |
Deferred revenue | 24.5 |  |  | 30.0 |
Settlement of legal dispute | 20.3 |  |  | 20.3 |
Lease liabilities | 19.1 |  |  | 21.1 |
Derivative liabilities | 14.1 |  |  | .9 |
Other | 26.7 |  |  | 34.6 |
| $ | 402.3 |  |  | $ | 417.7 |
Other Liabilities | Other liabilities consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Pension and other post-retirement benefits | $ | 243.1 |  |  | $ | 246.7 |
Unrecognized tax benefits (inclusive of interest and penalties) | 233.4 |  |  | 323.1 |
Intangible liabilities | 51.5 |  |  | 52.1 |
Lease liabilities | 48.0 |  |  | 51.8 |
Deferred tax liabilities | 35.2 |  |  | 99.0 |
Supplemental executive retirement plan liabilities | 21.6 |  |  | 26.7 |
Personnel costs | 13.9 |  |  | 24.5 |
Deferred revenue | 8.8 |  |  | 9.7 |
Other | 40.2 |  |  | 33.8 |
| $ | 695.7 |  |  | $ | 867.4 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions):
| March 31, 2020 |  | December 31, 2019
Pension and other post-retirement benefits | $ | (21.7 | ) |  | $ | (21.7 | )
Derivative instruments | 9.6 |  |  | 22.6 |
Currency translation adjustment | 6.7 |  |  | 7.1 |
Other | (1.8 | ) |  | (1.8 | )
| $ | (7.2 | ) |  | $ | 6.2 |
Schedule of Revenue by Major Customers by Reporting Segments | Consolidated revenues by customer for the three-month periods ended March 31, 2020 and 2019 were as follows:
|  | Three Months Ended March 31,
|  | 2020 |  | 2019
Total(1) |  | 16 | % |  | 18 | %
Saudi Aramco(2) |  | 10 | % |  | 13 | %
Other |  | 74 | % |  | 69 | %
|  | 100 | % |  | 100 | %
(1) | During the three months ended March 31, 2020, 89% of revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segment. During the three months ended March 31, 2019, all revenues were attributable to our Floaters segment.
(2) During the three-month periods ended March 31, 2020 and 2019, all revenues were attributable to our Jackups segment.
Revenue from External Customers by Geographic Areas | Consolidated revenues by region for the three-month periods ended March 31, 2020 and 2019 were as follows:
| Three Months Ended March 31,
| 2020 |  | 2019
Saudi Arabia(1) | $ | 83.9 |  |  | $ | 53.4 |
U.S. Gulf of Mexico(2) | 78.7 |  |  | 54.7 |
Angola(3) | 61.5 |  |  | 70.6 |
United Kingdom(4) | 52.5 |  |  | 43.4 |
Australia(5) | 26.0 |  |  | 67.3 |
Other | 154.0 |  |  | 116.5 |
| $ | 456.6 |  |  | $ | 405.9 |
(1) | During the three months ended March 31, 2020, 53% and 47% of the revenues earned in Saudi Arabia were attributable to our Jackups and Other segments, respectively. During the three months ended March 31, 2019, all revenues earned in Saudi Arabia were attributable to our Jackups segment.
(2) | During the three months ended March 31, 2020, 57% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 16% were attributable to our Jackups segment, and the remaining revenues were attributable to our managed rigs. During the three months ended March 31, 2019, 25% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 45% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs.
(3) | During the three-month periods ended March 31, 2020 and 2019, 82% and 86% of the revenue earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.
(4) | During the three-month periods ended March 31, 2020 and 2019, all revenues earned in the United Kingdom were attributable to our Jackups segment.
(5) During the three-month periods ended March 31, 2020 and 2019, 59% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment.

X
- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period. + References No definition available. + Details
Name: | us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as noncurrent at the end of the reporting period. + References No definition available. + Details
Name: | us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669686-108580 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Supplemental Financial Information [Abstract] + References No definition available. + Details
Name: | val_SupplementalFinancialInformationAbstract
Namespace Prefix: | val_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration