XML 58 R44.htm IDEA: XBRL DOCUMENT
v3.22.4

Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended
--- | --- | --- | --- | ---
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) jackup floater rigs country $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) shares
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | rigs |  |  |  |  |  | 52 |  |
Number of different countries having drilling contracts spanning | country |  |  |  |  |  | 6 |  |
Net foreign currency exchange gains (losses) |  |  |  | $ 13.4 | $ 8.1 | $ 12.2 |  | $ (11.0)
Asset Impairment Charges | $ 34.5 | $ 34.5 | $ 5.6 | $ 756.5 | $ 0.0 | $ 34.5 |  | $ 3,646.2
Antidilutive share options excluded from computation of diluted earnings per share | shares |  |  |  | 300,000 | 600,000 | 192,000 |  | 400,000
Class of Warrant or Right, Outstanding | shares |  |  |  | 5,600,000 |  | 5,470,970 |  |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |  |  |  | $ 131.88 |  |  |  |
Warranted, Period Exercisable |  |  |  |  |  | 7 years |  |
Common Stock, Par or Stated Value Per Share | $ / shares |  |  |  | $ 14.39 | $ 0.01 | $ 0.01 | $ 0.01 |
Total provision for income taxes |  |  |  | $ (16.2) | $ (36.4) | $ (43.1) |  | $ 259.4
Contract Drilling |  |  |  | (343.8) | (724.1) | (1,383.2) |  | (1,470.4)
Unrecognized Tax Benefits, Period Increase (Decrease) |  |  |  |  |  |  |  | 122.1
OTHER ASSETS |  |  |  | (165.3) | (169.9) | (171.8) | $ (169.9) |
Other Liabilities, Noncurrent |  |  |  | (565.4) | (558.4) | (515.6) | (558.4) |
Retained Earnings (Accumulated Deficit) |  |  |  | 0.0 | 16.4 | $ (160.1) | 16.4 |
Restatement Adjustment [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Total provision for income taxes |  |  |  |  | 1.0 |  | 10.7 |
Deferred Tax Assets, Tax Deferred Expense |  |  |  |  | 6.1 |  | 6.1 |
Contract Drilling |  |  |  |  | 4.6 |  |  |
Carryback Provision for Income Taxes |  |  |  |  |  |  |  | 1.3
OTHER ASSETS |  |  |  |  | 6.1 |  | 6.1 |
Other Liabilities, Noncurrent |  |  |  |  | 22.7 |  | 22.7 |
Retained Earnings (Accumulated Deficit) |  |  |  |  | $ 11.0 |  | $ 11.0 |
Drilling rigs and equipment [Member] | Minimum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 5 years |  |
Drilling rigs and equipment [Member] | Maximum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 35 years |  |
Building and Building Improvements [Member] | Minimum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 10 years |  |
Building and Building Improvements [Member] | Maximum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 30 years |  |
Equipment [Member] | Minimum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 2 years |  |
Equipment [Member] | Maximum |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Property, Plant and Equipment, Useful Life |  |  |  |  |  | 6 years |  |
Other Rigs [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Asset Impairment Charges |  |  |  | $ 756.5 |  | $ 34.5 |  | $ 3,600.0
Floaters [Member] | Ultra Deepwater Drillships [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | floater |  |  |  |  |  | 11 |  |
Floaters [Member] | Dynamically Positioned Semisubmersible [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | floater |  |  |  |  |  | 4 |  |
Floaters [Member] | Moored Semisubmersible Rigs [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | floater |  |  |  |  |  | 1 |  |
Jackups [Member] |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | jackup |  |  |  |  |  | 36 |  |
ARO |  |  |  |  |  |  |  |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] |  |  |  |  |  |  |  |
Number of contract drilling rigs | floater |  |  |  |  |  | 7 |  |

X
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126905981&loc=d3e2420-110228 + Details
Name: | us-gaap_AssetImpairmentCharges
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Exercise price per share or per unit of warrants or rights outstanding. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of warrants or rights outstanding. + References No definition available. + Details
Name: | us-gaap_ClassOfWarrantOrRightOutstanding
Namespace Prefix: | us-gaap_
Data Type: | xbrli:sharesItemType
Balance Type: | na
Period Type: | instant

X
- Definition Face amount or stated value per share of common stock. + 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(29)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_CommonStockParOrStatedValuePerShare
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount, before allocation of valuation allowances, of deferred tax asset attributable to deductible differences from reserves and accruals, compensation and benefit costs, and other provisions, reserves, and allowances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32632-109319 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32621-109319 + Details
Name: | us-gaap_DeferredTaxAssetsTaxDeferredExpense
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 20 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125521441&loc=d3e30690-110894 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 20 -Section 35 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123602790&loc=d3e30226-110892 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 10 -Section 45 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=126980362&loc=d3e28228-110885 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124440516&loc=d3e30840-110895 + Details
Name: | us-gaap_ForeignCurrencyTransactionGainLossBeforeTax
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.7) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 20 -Section 45 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(9)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
Name: | us-gaap_IncomeTaxExpenseBenefit
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The number of countries in which the entity operates as of balance sheet date. + References No definition available. + Details
Name: | us-gaap_NumberOfCountriesInWhichEntityOperates
Namespace Prefix: | us-gaap_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount of noncurrent assets classified as other. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_OtherAssetsNoncurrent
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. + 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 210.5-02.24) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_OtherLiabilitiesNoncurrent
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. + References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentUsefulLife
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. + 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(30)(a)(3)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 55 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766 Reference 3: 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)(23)(a)(4)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 65 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641 + Details
Name: | us-gaap_RetainedEarningsAccumulatedDeficit
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Amount of increase (decrease) in unrecognized tax benefits attributable to uncertain tax positions taken in tax returns. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | na
Period Type: | duration

X
- Definition Carryback Provision for Income Taxes + References No definition available. + Details
Name: | val_CarrybackProvisionForIncomeTaxes
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Contract Drilling expenses + References No definition available. + Details
Name: | val_ContractDrilling
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Description Of The Business And Summary Of Significant Accounting Policies [Line Items] + References No definition available. + Details
Name: | val_DescriptionOfBusinessAndSummaryOfSignificantAccountingPoliciesLineItems
Namespace Prefix: | val_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Number Of Contract Drilling Rig + References No definition available. + Details
Name: | val_NumberOfContractDrillingRigs
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | duration

X
- Definition Warranted, Period Exercisable + References No definition available. + Details
Name: | val_WarrantedPeriodExercisable
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_RestatementAxis=srt_RestatementAdjustmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_DrillingRightsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_EquipmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=val_OtherRigsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=val_FloatersMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=val_UltraDeepwaterDrillshipsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=val_DynamicallyPositionedSemisubmersibleMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PropertyPlantAndEquipmentByTypeAxis=val_MooredSemisubmersibleRigsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=val_JackupRigsDeployedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=val_AROMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |