XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.20.2

Chapter 11 Proceedings and Ability to Continue as a Going Concern - Narrative (Details) - USD ($) |  |  |  | 1 Months Ended | 3 Months Ended | 9 Months Ended
--- | --- | --- | --- | --- | --- | ---
Sep. 25, 2020 | Aug. 18, 2020 | Aug. 11, 2020 | Sep. 14, 2020 | Sep. 30, 2020 | Sep. 30, 2020
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Amount arranged | $ 500,000,000.0 |  | $ 500,000,000.0 |  |  |
Support of noteholders |  |  |  | 72.00% |  |
Emergence from chapter 11 extension period |  | 60 days |  |  |  |
Financing interest rate on borrowings outstanding, paid-in-kind |  |  | 8.00% |  |  |
Financing interest rate on borrowings outstanding, paid in cash | 7.00% |  |  |  |  |
Maximum cash disbursement | 15.00% |  |  |  |  |
Borrowings outstanding |  |  |  |  | $ 0 | $ 0
Shares to be allocated |  | 30.00% |  |  |  |
Backstop commitment agreement, cash settlement |  | $ 520,000,000 |  |  |  |
Backstop commitment agreement, note issued |  | $ 550,000,000 |  |  |  |
Prepetition charges |  |  |  |  | 42,600,000 | 64,700,000
Contractual interest expense |  |  |  |  | $ 45,900,000 | $ 45,900,000
Senior Noteholders |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Pro rata share |  | 34.80% |  |  |  |
Recovery of claims |  | 100.00% |  |  |  |
Lenders Under The Revolving Credit Facility |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Pro rata share |  | 32.50% |  |  |  |
Senior Noteholders Participating In Rights Offering |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Pro rata share |  | 30.00% |  |  |  |
Senior Noteholder Who Agreed To Backstop The Rights Offering |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Pro rata share |  | 2.70% |  |  |  |
Holders Of Equity Interests |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Pro rata share |  | 0.01% |  |  |  |
Warrants term |  | 7 years |  |  |  |
Warrants for new equity |  | 7.00% |  |  |  |
Senior Notes |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Cash payment |  | $ 25,000,000 |  |  |  |
Backstop commitment agreement, premium |  | 50,000,000.0 |  |  |  |
Backstop commitment fee |  | $ 20,000,000.0 |  |  |  |
Senior Notes | 6.875% Senior notes due 2020 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 6.875% |  |  |  |
Senior Notes | 7.875% Senior notes due 2040 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 7.875% |  |  |  |
Senior Notes | 4.875% Senior notes due 2022 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 4.875% |  |  |  |
Senior Notes | 4.75% Senior notes due 2024 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 4.75% |  |  |  |
Senior Notes | 7.375% Senior notes due 2025 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 7.375% |  |  |  |
Senior Notes | 5.40% Senior notes due 2042 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 5.40% |  |  |  |
Senior Notes | 5.85% Senior notes due 2044 |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Interest rate on borrowings outstanding |  | 5.85% |  |  |  |
Senior Notes | First Lien Secured Notes |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Backstop commitment agreement, amount arranged |  | $ 187,500,000 |  |  |  |
Senior Notes | General Rights Offering |  |  |  |  |  |
Restructuring Cost and Reserve [Line Items] |  |  |  |  |  |
Backstop commitment agreement, amount arranged |  | $ 312,500,000 |  |  |  |

X
- Definition The amount of contractual interest expense on prepetition liabilities not included in the statement of operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=120604989&loc=d3e56068-112765 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 55 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56145-112766 + Details
Name: | us-gaap_ContractualInterestExpenseOnPrepetitionLiabilitiesNotRecognizedInStatementOfOperations
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount debtor-in-possession financing arranged (but not necessarily all borrowed). + References No definition available. + Details
Name: | us-gaap_DebtorInPossessionFinancingAmountArranged
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of debtor-in-possession borrowings outstanding. + References No definition available. + Details
Name: | us-gaap_DebtorInPossessionFinancingBorrowingsOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Interest rate on outstanding borrowings under debtor-in-possession financing arrangement. + References No definition available. + Details
Name: | us-gaap_DebtorInPossessionFinancingInterestRateOnBorrowingsOutstanding
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_RestructuringCostAndReserveLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Backstop Commitment Agreement, Amount Arranged + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementAmountArranged
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Backstop Commitment Agreement, Backstop Premium + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementBackstopPremium
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Backstop Commitment Agreement, Cash Settlement + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementCashSettlement
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Backstop Commitment Agreement, Commitment Fee + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementCommitmentFee
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Backstop Commitment Agreement, Note Issued + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementNoteIssued
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Backstop Commitment Agreement, Shares To Be Allocated + References No definition available. + Details
Name: | val_BackstopCommitmentAgreementSharesToBeAllocated
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debtor-in-Possession Financing, Cash Payment + References No definition available. + Details
Name: | val_DebtorInPossessionFinancingCashPayment
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Debtor-in-Possession, Financing Interest Rate On Borrowings Outstanding, Paid In Cash + References No definition available. + Details
Name: | val_DebtorInPossessionFinancingInterestRateOnBorrowingsOutstandingPaidInCash
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debtor-in-Possession, Financing Interest Rate On Borrowings Outstanding, Paid-in-Kind + References No definition available. + Details
Name: | val_DebtorInPossessionFinancingInterestRateOnBorrowingsOutstandingPaidInKind
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Debtor-in-Possession, Maximum Cash Disbursement, Percentage + References No definition available. + Details
Name: | val_DebtorInPossessionMaximumCashDisbursementPercentage
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Emergence From Chapter 11, Extension Period + References No definition available. + Details
Name: | val_PlanOfReorganizationEmergenceFromChapter11ExtensionPeriod
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Legal And Other Professional Advisor Fees + References No definition available. + Details
Name: | val_PlanOfReorganizationLegalAndOtherProfessionalAdvisorFees
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Plan Of Reorganization, Pro Rata Share Percentage + References No definition available. + Details
Name: | val_PlanOfReorganizationProRataSharePercentage
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Recovery Of Claims, Percentage + References No definition available. + Details
Name: | val_PlanOfReorganizationRecoveryOfClaimsPercentage
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Support Of Noteholders, Percentage + References No definition available. + Details
Name: | val_PlanOfReorganizationSupportOfNoteholdersPercentage
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Warrants For New Equity + References No definition available. + Details
Name: | val_PlanOfReorganizationWarrantsForNewEquity
Namespace Prefix: | val_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Plan Of Reorganization, Warrants Term + References No definition available. + Details
Name: | val_PlanOfReorganizationWarrantsTerm
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | val_PlanOfReorganizationParticipantsAxis=val_SeniorNoteholdersMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | val_PlanOfReorganizationParticipantsAxis=val_LendersUnderTheRevolvingCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | val_PlanOfReorganizationParticipantsAxis=val_SeniorNoteholdersParticipatingInRightsOfferingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | val_PlanOfReorganizationParticipantsAxis=val_SeniorNoteholdersWhoAgreedToBackstopTheRightsOfferingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | val_PlanOfReorganizationParticipantsAxis=val_HoldersOfEquityInterestsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_SixPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_SevenPointEightSevenFivePercentSeniorNotesDueTwentyFortyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_FourPointEightSevenFivePercentSeniorNotesDueTwentyTwentyTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_FourPointSevenFivePercentSeniorNotesDueTwentyTwentyFourMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_SevenPointThreeSevenFiveSeniorNotesDueTwentyTwentyFiveMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_FivePointFourZeroPercentSeniorNotesDueTwentyFortyTwoMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_FivePointEightFivePercentSeniorNotesDueTwentyFortyFourMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_FirstLienSecuredNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=val_GeneralRightsOfferingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |