XML 60 R48.htm IDEA: XBRL DOCUMENT v3.21.1

Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Subject to Compromise	$ 7,313.7	$ 7,313.7	$ 7,313.7
Debt Instrument, Convertible, Carrying Amount of Equity Component	220.0
Letters of credit outstanding, amount	116.6
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding, amount	$ 26.0	27.0
6.875% Senior Notes, Due August 15, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	6.875%
Four Point Seven Zero Percent Senior Notes Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.70%
4.875% Senior Notes Due 2022 Member [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.875%
Three percent exchangeable senior notes due twenty twenty four [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	3.00%
Four Point Five Percent Senior Notes Member [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.50%
4.75% Senior Notes Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	4.75%
8.00% senior notes due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	8.00%
Five Point Two Percent Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.20%
7.38% Senior Notes Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.375%
Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.75%
Seven Point Two Zero Percent Debentures Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.20%
Seven Point Eight Seven Five Percent Senior Notes Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	7.875%
5.40% Senior Notes Due 2042 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.40%
5.75% Senior notes due 2044
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.75%
5.85% Senior Notes Due 2044 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument interest rate stated percentage	5.85%
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 7,096.3	7,096.3
Liabilities Subject to Compromise	7,096.3	7,096.3
LONG-TERM DEBT	0.0	0.0
Reported Value Measurement [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities Subject to Compromise	6,500.0	6,500.0
Reported Value Measurement [Member] | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	581.0	581.0
Reported Value Measurement [Member] | 6.875% Senior Notes, Due August 15, 2020 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	122.9	122.9
Reported Value Measurement [Member] | Four Point Seven Zero Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	100.7	100.7
Reported Value Measurement [Member] | 4.875% Senior Notes Due 2022 Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	620.8	620.8
Reported Value Measurement [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	849.5	849.5
Reported Value Measurement [Member] | Four Point Five Percent Senior Notes Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	303.4	303.4
Reported Value Measurement [Member] | 4.75% Senior Notes Due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	318.6	318.6
Reported Value Measurement [Member] | 8.00% senior notes due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	292.3	292.3
Reported Value Measurement [Member] | Five Point Two Percent Senior Notes [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	333.7	333.7
Reported Value Measurement [Member] | 7.38% Senior Notes Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	360.8	360.8
Reported Value Measurement [Member] | Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	1,000.0	1,000.0
Reported Value Measurement [Member] | Seven Point Two Zero Percent Debentures Member | Debentures Due2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	112.1	112.1
Reported Value Measurement [Member] | Seven Point Eight Seven Five Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	300.0	300.0
Reported Value Measurement [Member] | 5.40% Senior Notes Due 2042 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	400.0	400.0
Reported Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	1,000.5	1,000.5
Reported Value Measurement [Member] | 5.85% Senior Notes Due 2044 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	400.0	400.0
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	1,418.1	940.8
Liabilities Subject to Compromise	1,418.1	940.8
Long-term Debt, Fair Value	0.0	0.0
Estimate of Fair Value Measurement [Member] | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	581.0	581.0
Estimate of Fair Value Measurement [Member] | 6.875% Senior Notes, Due August 15, 2020 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	20.8	8.6
Estimate of Fair Value Measurement [Member] | Four Point Seven Zero Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	12.5	4.5
Estimate of Fair Value Measurement [Member] | 4.875% Senior Notes Due 2022 Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	81.3	32.9
Estimate of Fair Value Measurement [Member] | Three percent exchangeable senior notes due twenty twenty four [Member] | Convertible Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	101.9	76.5
Estimate of Fair Value Measurement [Member] | Four Point Five Percent Senior Notes Member [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	36.7	13.7
Estimate of Fair Value Measurement [Member] | 4.75% Senior Notes Due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	43.6	18.8
Estimate of Fair Value Measurement [Member] | 8.00% senior notes due 2024 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	58.8	12.9
Estimate of Fair Value Measurement [Member] | Five Point Two Percent Senior Notes [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	38.0	12.7
Estimate of Fair Value Measurement [Member] | 7.38% Senior Notes Due 2025 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	49.8	20.9
Estimate of Fair Value Measurement [Member] | Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	111.0	44.0
Estimate of Fair Value Measurement [Member] | Seven Point Two Zero Percent Debentures Member | Debentures Due2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	14.2	5.7
Estimate of Fair Value Measurement [Member] | Seven Point Eight Seven Five Percent Senior Notes Member | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	54.0	21.0
Estimate of Fair Value Measurement [Member] | 5.40% Senior Notes Due 2042 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	53.2	23.6
Estimate of Fair Value Measurement [Member] | 5.75% Senior notes due 2044 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	108.1	38.0
Estimate of Fair Value Measurement [Member] | 5.85% Senior Notes Due 2044 [Member] | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated Fair Value	$ 53.2	$ 26.0

X

- Definition

The carrying amount of the equity component of convertible debt which may be settled in cash upon conversion.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120520924&loc=SL6031897-161870

+ Details

Name:	us-gaap_DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13433-108611

+ Details

Name:	us-gaap_DebtInstrumentFairValue
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

Contractual interest rate for funds borrowed, under the debt agreement.

+ 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 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_DebtInstrumentInterestRateStatedPercentage
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_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The total amount of the contingent obligation under letters of credit outstanding as of the reporting date.

+ References

No definition available.

+ Details

Name:	us-gaap_LettersOfCreditOutstandingAmount
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

Total amount of liabilities subject to compromise.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120604989&loc=d3e56015-112765

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=116635682&loc=d3e55717-112764

+ Details

Name:	us-gaap_LiabilitiesSubjectToCompromise
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=120520924&loc=SL6031897-161870

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 4: 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(22))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_LongTermDebt
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

No definition available.

+ Details

Name:	us-gaap_LongTermDebtFairValue
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Definition

Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ 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 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_LongTermDebtNoncurrent
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

X

- Details

Name:	us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember
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_FourPointSevenZeroPercentSeniorNotesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A4.875SeniorNotesDue2022MemberMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_ThreepercentexchangeableseniornotesduetwentytwentyfourMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_FourPointFivePercentSeniorNotesMemberMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A4.75SeniorNotesDue2024MemberMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A8.00seniornotesdue2024Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_FivePointTwoPercentSeniorNotesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A7.38SeniorNotesDue2025Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_SevenPointTwoZeroPercentDebenturesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_SevenPointEightSevenFivePercentSeniorNotesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A5.40SeniorNotesDue2042Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_FivePointSevenFivePercentSeniorNotesMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_DebtInstrumentAxis=val_A5.85SeniorNotesDue2044Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember
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_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_LongtermDebtTypeAxis=us-gaap_ConvertibleDebtMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_LongtermDebtTypeAxis=val_DebenturesDue2027Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: