XML 56 R34.htm IDEA: XBRL DOCUMENT v3.20.2

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2020

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Trade	$	316.7			$	466.4
Other	54.9				60.3
	371.6				526.7
Allowance for doubtful accounts	(8.3		)		(6.0		)
	$	363.3			$	520.7

Other Current Assets

Other current assets consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Materials and supplies	$	303.0			$	340.1
Prepaid expenses	81.0				13.5
Prepaid taxes	44.5				36.2
Deferred costs	21.9				23.3
Assets held-for-sale	20.9				2.3
Other	29.5				31.1
	$	500.8			$	446.5

Other Assets, Net

Other assets consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Tax receivables	$	64.4			$	36.3
Deferred tax assets	48.6				26.6
Right-of-use assets	46.2				58.1
Supplemental executive retirement plan assets	22.3				26.0
Deferred costs	8.4				7.1
Intangible assets	3.8				11.9
Other	16.5				22.3
	$	210.2			$	188.3

Accrued Liabilities And Other

Accrued liabilities and other consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Accrued interest	$	157.2			$	115.2
Personnel costs	97.9				134.4
Income and other taxes payable	65.9				61.2
Deferred revenue	31.5				30.0
Lease liabilities	16.8				21.1
Derivative liabilities	4.2				.9
Settlement of legal dispute	—				20.3
Other	24.6				34.6
	$	398.1			$	417.7

Other Liabilities

Other liabilities consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Unrecognized tax benefits (inclusive of interest and penalties)	$	240.1			$	323.1
Pension and other post-retirement benefits	230.3				246.7
Intangible liabilities	50.8				52.1
Lease liabilities	44.1				51.8
Deferred tax liabilities	37.1				99.0
Supplemental executive retirement plan liabilities	22.7				26.7
Personnel costs	15.1				24.5
Deferred revenue	11.2				9.7
Other	41.8				33.8
	$	693.2			$	867.4

Accumulated other comprehensive income

Accumulated other comprehensive income (loss) consisted of the following (in millions):

	June 30, 2020				December 31, 2019
Pension and other post-retirement benefits	$	(21.7	)		$	(21.7	)
Derivative instruments	3.5				22.6
Currency translation adjustment	6.7				7.1
Other	(1.8		)		(1.8		)
	$	(13.3	)		$	6.2

Schedule of Other Nonoperating Income, by Component

Other, net, for the three and six months ended June 30, 2020 and 2019 (in millions):

	Three Months Ended June 30,								Six Months Ended June 30,
	2020				2019				2020				2019
Net periodic pension (cost) income, excluding service cost	$	3.1			$	1.7			$	6.1			$	1.7
Currency translation adjustments	(1.2		)		(2.8		)		2.6				(3.1		)
Gain on bargain purchase and measurement period adjustments	—				712.8				(6.3		)		712.8
Other income (expense)	3.2				(8.0		)		3.2				(5.4		)
	$	5.1			$	703.7			$	5.6			$	706.0

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues by customer for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Woodside Energy(1)	12	%		4	%		7	%		4	%
BP(2)	11	%		9	%		9	%		8	%
Saudi Aramco(3)	9	%		9	%		9	%		10	%
Total(4)	5	%		13	%		11	%		15	%
Other	63	%		65	%		64	%		63	%
	100	%		100	%		100	%		100	%

⁽¹⁾  During the three and six months ended June 30, 2020 and 2019, all revenues were attributable to our Floaters segment.

⁽²⁾  During the three-month period ended June 30, 2020, 17% of the revenues provided by BP were attributable to our Jackups segment, 39% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2020, 20% of the revenues

provided by BP were attributable to our Jackups segment, 27% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs.

During the three-month period ended June 30, 2019, 44% of the revenues provided by BP were attributable to our Jackups segment, 19% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six-month period ended June 30, 2019, 39% of the revenues provided by BP were attributable to our Jackups segment, 13% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs.

⁽³⁾  During the three and six months ended June 30, 2020 and 2019, all revenues were attributable to our Jackups segment.

⁽⁴⁾  During the three and six months ended June 30, 2020, 56% and 82% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment. During the three and six months ended June 30, 2019, 90% and 95% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackup segment.

Revenue from External Customers by Geographic Areas

Consolidated revenues by region for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2020				2019				2020				2019
Australia(1)	$	72.3			$	70.0			$	98.3			$	137.3
U.S. Gulf of Mexico(2)	66.6				93.4				145.3				148.1
Saudi Arabia(3)	57.3				83.2				141.2				136.6
United Kingdom(4)	52.8				54.2				105.3				97.6
Norway(4)	46.5				9.7				87.5				9.7
Angola(5)	1.7				68.1				63.2				138.7
Other	91.6				205.3				204.6				321.8
	$	388.8			$	583.9			$	845.4			$	989.8

⁽¹⁾  During the three months ended June 30, 2020 and 2019, 100% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment.

During the six months ended June 30, 2020 and 2019, 89% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment.

⁽²⁾  During the three months ended June 30, 2020, 66% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 6%were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2020, 61% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 12% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs.

During the three months ended June 30, 2019, 39% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 39% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2019, 34% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 41% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs.

⁽³⁾  During the three and six months ended June 30, 2020, 62% and 57% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement.

During the three and six months ended June 30, 2019, 60% and 76% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement.

⁽⁴⁾  During the three and six months ended June 30, 2020 and 2019, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment.

⁽⁵⁾  During the three months ended June 30, 2020, all of the revenues earned in Angola were attributable to our Jackup segment. During the three months ended June 30, 2019, 90% of the revenues earned in Angola, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

During the six months ended June 30, 2020 and 2019, 79% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the 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=120391452&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=120311839&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=120391452&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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: 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=121641772&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

+ 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 detailed components of other nonoperating income. May include methodology, assumptions and amounts for: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Name:	us-gaap_ScheduleOfOtherNonoperatingIncomeByComponentTextBlock
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