XML 60 R40.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Share Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary Of Non-Vested Share Award Related Compensation Expense Recognized | The following table summarizes share award and cash-settled award compensation expense recognized (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
Contract drilling | $ | 1.6 |  |  |  | $ | 2.4 |  | $ | 10.7 |  | $ | 22.1 |
General and administrative | 2.0 |  |  |  | 2.4 |  | 9.2 |  | 17.4 |
| 3.6 |  |  |  | 4.8 |  | 19.9 |  | 39.5 |
Tax benefit | (0.2) |  |  |  | (0.5) |  | (1.8) |  | (2.5) |
Total | $ | 3.4 |  |  |  | $ | 4.3 |  | $ | 18.1 |  | $ | 37.0 |
Summary Of Value Of Non-Vested Share Awards Granted And Vested | The following tables summarizes the value of share awards and cash-settled awards granted and vested:
| Share Awards |  |
| Successor |  |  | Predecessor |  |  |  |  |  |
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 |  |  |  |  |  |
Weighted-average grant-date fair value of share awards granted (per share) (1) | $ | 26.07 |  |  |  | $ | — |  | $ | 3.07 |  | $ | 11.50 |  |  |  |  |  |  |
Total fair value of share awards vested during the period (in millions) (2) | $ | — |  |  |  | $ | 0.02 |  | $ | 3.26 |  | $ | 17.70 |  |  |  |  |  |  |
(1)During the four months ended April 30, 2021 (Predecessor), no share unit awards were granted. (2)No share awards vested during the eight months ended December 31, 2021 (Successor).
|  |  | Cash-Settled Awards
|  |  |  |  |  |  | Successor |  |  | Predecessor
|  |  |  |  |  |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
Weighted-average grant-date fair value of share awards granted (per share) (1) |  |  |  |  |  |  | $ | — |  |  |  | $ | — |  | $ | 0.75 |  | $ | — |
Total fair value of share awards vested during the period (in millions) (2) |  |  |  |  |  |  | $ | — |  |  |  | $ | — |  | $ | 0.22 |  | $ | 3.50 |
(1)During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and year ended December 31, 2019 (Predecessor) no cash-settled awards were granted. (2)During the eight months ended December 31, 2021 (Successor), no cash-settled awards were vested.
Summary Of Non-Vested Share Award Activity | The following table summarizes share awards and cash-settled awards activity for the four months ended April 30, 2021 (Predecessor) and eight months ended December 31, 2021 (Successor) (shares in thousands):
| Share Awards |  | Cash-settled Awards
| Awards |  | Weighted-Average Grant-Date Fair Value |  | Awards |  | Weighted-Average Grant-Date Fair Value
Share awards and cash-settled awards as of December 31, 2020 (Predecessor) | 2,982 |  |  | $ | 16.40 |  |  | 311 |  |  | $ | 22.74 |
Vested | (195) |  |  | 16.93 |  |  | (25) |  |  | 11.35 |
Forfeited | (295) |  |  | 32.98 |  |  | (5) |  |  | 29.18 |
Cancelled | (2,492) |  |  | 14.25 |  |  | (281) |  |  | 23.65 |
Share awards and cash-settled awards as of April 30, 2021 (Predecessor) | — |  |  | $ | — |  |  | — |  |  | $ | — |
Share awards and cash-settled awards as of May 1, 2021 (Successor) | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 1,050 |  |  | 26.07 |  |  | — |  |  | — |
Forfeited | (192) |  |  | 25.02 |  |  | — |  |  | — |
Share awards and cash-settled awards as of December 31, 2021 (Successor) | 858 |  |  | $ | 26.30 |  |  | — |  |  | $ | — |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the 2021 performance awards granted during the eight months ended December 31, 2021 (Successor) are measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made over the eight months ended December 31, 2021:
Expected price volatility | 61 | %
Expected dividend yield | — |
Risk-free interest rate | 0.73 | %
Schedule Of Summary Of Performance Award Activity | The following table summarizes the performance award activity for the eight months ended December 31, 2021 (Successor) (shares in thousands):
| Awards |  | Weighted Average Grant Date Fair Value Price
Balance as of May 1, 2021 (Successor) | — |  |  | — |
Granted - Market-Based Objectives (1) | 984 |  |  | 12.09 |
Granted - Performance-Based Objectives (1) | 328 |  |  | 27.44 |
Total Granted | 1,312 |  |  | 15.93 |
Forfeited - Market-Based Objectives | (527) |  |  | 11.04 |
Forfeited - Performance-Based Objectives | (176) |  |  | 25.02 |
Total Forfeited | (703) |  |  | 14.54 |
Balance as of December 31, 2021 (Successor) | 609 |  |  | 17.53 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Summary Of Non-Vested Share Award Activity [Table Text Block]. + References No definition available. + Details
Name: | val_ScheduleOfSummaryOfNonVestedShareAwardActivityTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Summary Of Non-Vested Share Award Related Compensation Expense Recognized [Table Text Block] + References No definition available. + Details
Name: | val_ScheduleOfSummaryOfNonVestedShareAwardRelatedCompensationExpenseRecognizedTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Summary Of Performance Award Activity + References No definition available. + Details
Name: | val_ScheduleOfSummaryOfPerformanceAwardActivityTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Summary Of Value Of Non-Vested Share Awards Granted And Vested [Table Text Block]. + References No definition available. + Details
Name: | val_ScheduleOfSummaryOfValueOfNonVestedShareAwardsGrantedAndVestedTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration