XML 43 R30.htm IDEA: XBRL DOCUMENT v3.22.2

Supplemental Financial Information (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2022

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

			June 30, 2022						December 31, 2021
Trade			$	391.2					$	296.8
Income tax receivable			146.9						151.1
Other			23.2						12.7
			561.3						460.6
Allowance for doubtful accounts			(16.7)						(16.4)
			$	544.6					$	444.2

Other Current Assets

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

			June 30, 2022						December 31, 2021
Deferred costs			$	57.9					$	26.9
Prepaid taxes			47.4						44.4
Prepaid expenses			27.1						23.1
Other			26.6						23.4
			$	159.0					$	117.8

Other Assets, Net

Other assets consisted of the following (in millions):

			June 30, 2022						December 31, 2021
Tax receivables			$	63.0					$	64.8
Deferred tax assets			52.2						59.7
Right-of-use assets			23.0						20.5
Other			45.9						31.0
			$	184.1					$	176.0

Schedule of Accrued Liabilities

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

			June 30, 2022						December 31, 2021
Deferred revenue			$	63.5					$	45.8
Income and other taxes payable			55.1						45.7
Personnel costs			53.2						47.3
Accrued claims			41.2						17.3
Lease liabilities			8.5						10.0
Accrued interest			7.6						7.6
Other			31.0						22.5
			$	260.1					$	196.2

Other Liabilities

Other liabilities consisted of the following (in millions):

			June 30, 2022						December 31, 2021
Unrecognized tax benefits (inclusive of interest and penalties)			$	274.2					$	320.2
Pension and other post-retirement benefits			194.5						204.0
Other			58.9						56.9
			$	527.6					$	581.1

Accumulated other comprehensive income

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

			June 30, 2022						December 31, 2021
Pension and other post-retirement benefits			$	(9.2)					$	(9.1)

Schedule of Other Nonoperating Income, by Component

Other, net consisted of the following (in millions):

			Successor															Predecessor
			Three Months Ended June 30, 2022						Two Months Ended June 30, 2021									One Month Ended April 30, 2021
Net gain (loss) on sale of property			$	135.1					$	(0.1)								$	4.6
Net foreign currency exchange gains (losses)			10.7						3.1									(3.2)
Net periodic pension income			4.1						2.4									1.4
Other income (expense)			(0.2)						0.2									0.6
			$	149.7					$	5.6								$	3.4

			Successor															Predecessor
			Six Months Ended June 30, 2022						Two Months Ended June 30, 2021									Four Months Ended April 30, 2021
Net gain (loss) on sale of property			$	137.6					$	(0.1)								$	6.0
Net foreign currency exchange gains			15.4						3.1									13.4
Net periodic pension income			8.1						2.4									5.4
Other income (expense)			(0.4)						0.2									1.1
			$	160.7					$	5.6								$	25.9

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:

			Successor															Predecessor
			Three Months Ended June 30, 2022						Two Months Ended June 30, 2021									One Month Ended April 30, 2021
Equinor ASA ("Equinor")(1)			17		%				6		%							7		%
BP plc ("BP")(2)			13		%				9		%							11		%
Other			70		%				85		%							82		%
			100		%				100		%							100		%

			Successor															Predecessor
			Six Months Ended June 30, 2022						Two Months Ended June 30, 2021									Four Months Ended April 30, 2021
Equinor(1)			12		%				6		%							6		%
BP(2)			14		%				9		%							14		%
Other			74		%				85		%							80		%
			100		%				100		%							100		%

(1)During the three months ended June 30, 2022 (Successor), 72% of the revenues provided by Equinor were attributable to our Floaters segment and 28% of the revenues were attributable to our Jackups segment.

During the six months ended June 30, 2022 (Successor), 57% of the revenues provided by Equinor were attributable to our Floaters segment and 43% of the revenues were attributable to our Jackups segment.

During the two months ended June 30, 2021 (Successor) and one month and four months ended April 30, 2021 (Predecessor), 100% of the revenues provided by Equinor were attributable to our Jackups segment.

(2)During the three months ended June 30, 2022 (Successor), 35% of the revenues provided by BP were attributable to our Floaters segment, 19% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs.

During the six months ended June 30, 2022 (Successor), 39% of the revenues provided by BP were attributable to our Floaters segment, 16% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs.

During the two months ended June 30, 2021 (Successor), 25% of the revenues provided by BP were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During the one month and four months ended April 30, 2021 (Predecessor), 7% and 37%, respectively, of the revenues provided by BP were attributable to our Floaters segment, 28% and 17%, respectively, of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs.

Revenue from External Customers by Geographic Areas

Consolidated revenues for locations that individually had 10% or more of revenue are as follows (in millions):

			Successor															Predecessor
			Three Months Ended June 30, 2022						Two Months Ended June 30, 2021									One Month Ended April 30, 2021
U.S. Gulf of Mexico(1)			$	125.8					$	30.9								$	17.6
United Kingdom(2)			63.1						41.1									19.6
Saudi Arabia(3)			35.1						25.2									12.0
Norway(2)			28.1						40.5									19.3
Mexico(4)			20.6						18.9									6.1
Other			140.6						46.2									15.7
			$	413.3					$	202.8								$	90.3

			Successor															Predecessor
			Six Months Ended June 30, 2022						Two Months Ended June 30, 2021									Four Months Ended April 30, 2021
U.S. Gulf of Mexico(1)			$	176.4					$	30.9								$	74.4
United Kingdom(2)			128.7						41.1									75.7
Saudi Arabia(3)			73.2						25.2									53.6
Norway(2)			52.4						40.5									73.3
Mexico(4)			42.7						18.9									44.3
Other			258.3						46.2									76.1
			$	731.7					$	202.8								$	397.4

(1)During the three months ended June 30, 2022 (Successor), 77% and 4% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were attributable to our managed rigs.

During the six months ended June 30, 2022 (Successor), 66% and 7% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were primarily attributable to our managed rigs.

During the two months ended June 30, 2021 (Successor), 56% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. During the one month and four months ended April 30, 2021 (Predecessor), 62% and 64%, respectively, of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs.

(2)During the three and six months ended June 30, 2022 (Successor), two months ended June 30, 2021 (Successor) and one month and four months ended April 30, 2021 (Predecessor), revenues earned in the United Kingdom and Norway were attributable to our Jackups segment.

(3)During the three and six months ended June 30, 2022 (Successor), 57% and 59%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates primarily to our rigs leased to ARO.

During the two months ended June 30, 2021 (Successor), 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the one month and four months ended April 30, 2021 (Predecessor), 55% and 57%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment.

(4)During the three and six months ended June 30, 2022 (Successor), 84% and 89%, respectively, of the revenues earned in Mexico were attributable to our Jackups segment, and the remaining revenues were attributable to our Floaters segment.

During the two months ended June 30, 2021 (Successor), 41% and 59% of the revenues earned in Mexico were attributable to our Floaters segment and Jackups segment, respectively. During the one month and four months ended April 30, 2021 (Predecessor), 4% and 49%, respectively, of the revenues earned in Mexico were attributable to our Floaters segment, and 96% and 51%, respectively, of the revenues earned in Mexico were attributable to our Jackups segment.

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

No definition available.

+ Details

Name:	us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of other liabilities.

+ References

No definition available.

+ Details

Name:	us-gaap_OtherLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

+ Details

Name:	us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accrued liabilities.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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 https://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 https://asc.fasb.org/extlink&oid=126968391&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 https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Name:	us-gaap_ScheduleOfOtherNonoperatingIncomeByComponentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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