XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.22.4

Supplemental Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Supplemental Financial Information [Abstract] |
Supplemental Balance Sheet Disclosures [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| December 31, 2022 |  | December 31, 2021
Trade | $ | 345.7 |  |  | $ | 296.8 |
Income tax receivables | 93.6 |  |  | 151.1 |
Other | 24.6 |  |  | 12.7 |
| 463.9 |  |  | 460.6 |
Allowance for doubtful accounts | (14.8) |  |  | (16.4) |
| $ | 449.1 |  |  | $ | 444.2 |
Other current assets consisted of the following (in millions):
| December 31, 2022 |  | December 31, 2021
Deferred costs | $ | 59.1 |  |  | $ | 26.9 |
Prepaid taxes | 44.6 |  |  | 44.4 |
Prepaid expenses | 17.5 |  |  | 23.1 |
Other | 27.4 |  |  | 23.4 |
| $ | 148.6 |  |  | $ | 117.8 |
Accrued liabilities and other consisted of the following (in millions):
| December 31, 2022 |  | December 31, 2021
Deferred revenue | $ | 78.0 |  |  | $ | 45.8 |
Personnel costs | 55.8 |  |  | 47.3 |
Income and other taxes payable | 41.4 |  |  | 45.7 |
Accrued claims | 27.2 |  |  | 17.3 |
Lease liabilities | 9.4 |  |  | 10.0 |
Accrued interest | 7.6 |  |  | 7.6 |
Other | 28.5 |  |  | 22.5 |
| $ | 247.9 |  |  | $ | 196.2 |
Other liabilities consisted of the following (in millions):
| December 31, 2022 |  | December 31, 2021
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 275.0 |  |  | $ | 303.4 |
Pension and other post-retirement benefits | 159.8 |  |  | 204.0 |
Other | 80.8 |  |  | 51.0 |
| $ | 515.6 |  |  | $ | 558.4 |
Consolidated Statements of Operations Information Repair and maintenance expense related to continuing operations was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020
Repair and maintenance expense | $ | 175.2 |  |  | $ | 76.3 |  |  |  | $ | 48.4 |  |  | $ | 200.4 |
Other, net, consisted of the following (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020
Net gain on sale of property | $ | 141.2 |  |  | $ | 21.2 |  |  |  | $ | 6.0 |  |  | $ | 11.8 |
Net periodic pension income, excluding service cost | 16.4 |  |  | 8.7 |  |  |  | 5.4 |  |  | 14.6 |
Net foreign currency exchange gains (losses) | 12.2 |  |  | 8.1 |  |  |  | 13.4 |  |  | (11.0) |
Gain on bargain purchase and measurement period adjustments | — |  |  | — |  |  |  | — |  |  | (6.3) |
Gain on extinguishment of debt | — |  |  | — |  |  |  | — |  |  | 3.1 |
Other income | 0.1 |  |  | 0.1 |  |  |  | 1.1 |  |  | 3.8 |
| $ | 169.9 |  |  | $ | 38.1 |  |  |  | $ | 25.9 |  |  | $ | 16.0 |
Consolidated Statements of Cash Flows Information Our restricted cash of $24.4 million, $35.9 million and $11.4 million at December 31, 2022 (Successor), December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively, consists primarily of $20.7 million, $31.1 million and $5.8 million of collateral on letters of credit for each respective period. See "Note 14 - Commitments and Contingencies" for more information regarding our letters of credit. Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020
(Increase) decrease in accounts receivable | $ | (6.9) |  |  | $ | (18.3) |  |  |  | $ | 23.2 |  |  | $ | 53.3 |
(Increase) decrease in other assets | (104.6) |  |  | (48.4) |  |  |  | 27.3 |  |  | (63.8) |
Increase (decrease) in liabilities | 146.9 |  |  | 71.4 |  |  |  | 18.0 |  |  | (11.5) |
| $ | 35.4 |  |  | $ | 4.7 |  |  |  | $ | 68.5 |  |  | $ | (22.0) |
Additional cash flow information was as follows (in millions):
| Successor |  |  | Predecessor
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020
Cash paid for interest and taxes |  |  |  |  |  |  |  |
Interest paid, net of amounts capitalized | $ | 44.2 |  |  | $ | 22.8 |  |  |  | $ | — |  |  | $ | 190.0 |
Income taxes paid (refunded), net | $ | 5.6 |  |  | $ | 23.5 |  |  |  | $ | (16.9) |  |  | $ | 48.5 |
Non-cash investing activities |  |  |  |  |  |  |  |
Accruals for capital expenditures as of period end (1) | $ | 22.1 |  |  | $ | 9.3 |  |  |  | $ | 6.5 |  |  | $ | 5.4 |
(1) Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows. Capitalized interest totaled $1.2 million during the year ended December 31, 2022 (Successor). During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), there was no capitalized interest. Capitalized interest totaled $1.3 million during the year ended December 31, 2020 (Predecessor). Amortization, net, includes amortization of deferred mobilization revenues and costs, deferred capital upgrade revenues, intangible amortization and other amortization. Other adjustments to reconcile net loss to net cash used in operating activities includes provisions for inventory reserves, bad debt expense, and other items. Concentration of Risk Credit Risk - We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and short-term investments. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:
| Successor |  |  |
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP plc ("BP") | 6 | % |  | 3 | % |  | 6 | % |  | 15 | % |  | 2 | % |  | 2 | % |  | 7 | % |  | 11 | % |  |  |  |  |
Other customers(1) | 38 | % |  | 43 | % |  | 4 | % |  | 85 | % |  | 29 | % |  | 56 | % |  | 4 | % |  | 89 | % |  |  |  |  |
| 44 | % |  | 46 | % |  | 10 | % |  | 100 | % |  | 31 | % |  | 58 | % |  | 11 | % |  | 100 | % |  |  |  |  |
| Predecessor |  |  |
| Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
BP | 5 | % |  | 2 | % |  | 7 | % |  | 14 | % |  | 3 | % |  | 2 | % |  | 6 | % |  | 11 | % |  |  |  |  |
Other customers(1) | 24 | % |  | 57 | % |  | 5 | % |  | 86 | % |  | 32 | % |  | 52 | % |  | 5 | % |  | 89 | % |  |  |  |  |
| 29 | % |  | 59 | % |  | 12 | % |  | 100 | % |  | 35 | % |  | 54 | % |  | 11 | % |  | 100 | % |  |  |  |  |
(1) Other customers includes customers that individually contributed to less than 10% of our total revenues. Geographic Concentration - For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
| Successor |  |  |
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
U.S. Gulf of Mexico | $ | 230.9 |  |  | $ | 21.3 |  |  | $ | 99.0 |  |  | $ | 351.2 |  |  | $ | 52.8 |  |  | $ | 0.7 |  |  | $ | 56.4 |  |  | $ | 109.9 |  |  |  |  |  |
United Kingdom | — |  |  | 264.5 |  |  | — |  |  | 264.5 |  |  | — |  |  | 185.2 |  |  | — |  |  | 185.2 |  |  |  |  |  |
Saudi Arabia | — |  |  | 78.3 |  |  | 58.7 |  |  | 137.0 |  |  | — |  |  | 55.3 |  |  | 37.0 |  |  | 92.3 |  |  |  |  |  |
Norway | — |  |  | 114.6 |  |  | — |  |  | 114.6 |  |  | — |  |  | 123.9 |  |  | — |  |  | 123.9 |  |  |  |  |  |
Mexico | 13.9 |  |  | 58.1 |  |  | — |  |  | 72.0 |  |  | 37.0 |  |  | 40.8 |  |  | — |  |  | 77.8 |  |  |  |  |  |
Other countries(1) | 455.7 |  |  | 207.5 |  |  | — |  |  | 663.2 |  |  | 164.8 |  |  | 81.1 |  |  | — |  |  | 245.9 |  |  |  |  |  |
| $ | 700.5 |  |  | $ | 744.3 |  |  | $ | 157.7 |  |  | $ | 1,602.5 |  |  | $ | 254.6 |  |  | $ | 487.0 |  |  | $ | 93.4 |  |  | $ | 835.0 |  |  |  |  |  |
| Predecessor |  |  |
| Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020 |  |  |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |  |  |
U.S. Gulf of Mexico | $ | 47.9 |  |  | $ | 0.2 |  |  | $ | 26.3 |  |  | $ | 74.4 |  |  | $ | 133.4 |  |  | $ | 27.0 |  |  | $ | 81.0 |  |  | $ | 241.4 |  |  |  |  |  |
United Kingdom | — |  |  | 75.7 |  |  | — |  |  | 75.7 |  |  | — |  |  | 211.3 |  |  | — |  |  | 211.3 |  |  |  |  |  |
Saudi Arabia | — |  |  | 30.5 |  |  | 23.1 |  |  | 53.6 |  |  | — |  |  | 126.9 |  |  | 73.9 |  |  | 200.8 |  |  |  |  |  |
Norway | — |  |  | 73.3 |  |  | — |  |  | 73.3 |  |  | — |  |  | 188.5 |  |  | — |  |  | 188.5 |  |  |  |  |  |
Mexico | 21.6 |  |  | 22.7 |  |  | — |  |  | 44.3 |  |  | 60.9 |  |  | 51.2 |  |  | — |  |  | 112.1 |  |  |  |  |  |
Other countries(1) | 46.1 |  |  | 30.0 |  |  | — |  |  | 76.1 |  |  | 311.5 |  |  | 160.4 |  |  | 1.2 |  |  | 473.1 |  |  |  |  |  |
| $ | 115.6 |  |  | $ | 232.4 |  |  | $ | 49.4 |  |  | $ | 397.4 |  |  | $ | 505.8 |  |  | $ | 765.3 |  |  | $ | 156.1 |  |  | $ | 1,427.2 |  |  |  |  |  |
(1)

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI https://asc.fasb.org/topic&trid=2122208 + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
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