XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Share Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020
Contract drilling | $ | 3.9 |  |  | $ | 1.6 |  |  |  | $ | 2.4 |  |  | $ | 10.7 |
General and administrative | 6.8 |  |  | 2.0 |  |  |  | 2.4 |  |  | 9.2 |
| 10.7 |  |  | 3.6 |  |  |  | 4.8 |  |  | 19.9 |
Tax benefit | (0.9) |  |  | (0.2) |  |  |  | (0.5) |  |  | (1.8) |
Total | $ | 9.8 |  |  | $ | 3.4 |  |  |  | $ | 4.3 |  |  | $ | 18.1 |
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:
| Successor |  |  | Predecessor |  |  |  |  |  |
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 |  | Year Ended December 31, 2020 |  |  |  |  |  |
Share Awards |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average grant date fair value of share awards granted (per share) (1) | $ | 45.39 |  |  | $ | 26.07 |  |  |  | $ | — |  |  | $ | 3.07 |  |  |  |  |  |  |
Total fair value of share awards vested during the period (in millions) (2) | $ | 12.8 |  |  | $ | — |  |  |  | $ | — |  |  | $ | 3.3 |  |  |  |  |  |  |
Cash-Settled Awards |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average grant date fair value of share awards granted (per share) (3) | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | 0.75 |  |  |  |  |  |  |
Total fair value of share awards vested during the period (in millions) (4) | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | 0.2 |  |  |  |  |  |  |
(1)During the four months ended April 30, 2021 (Predecessor), no share awards were granted. (2)No share awards vested during the eight months ended December 31, 2021 (Successor). During the four months ended April 30, 2021 (Predecessor), we had an immaterial vesting of share awards. (3)During the years ended December 31, 2022 (Successor), eight months ended December 31, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), no cash-settled awards were granted. (4)During the years ended December 31, 2022 (Successor) and eight months ended December 31, 2021 (Successor), no cash-settled awards vested. During the four months ended April 30, 2021 (Predecessor), we had an immaterial vesting of cash-settled awards.
Summary Of Non-Vested Share Award Activity | The following table summarizes share awards activity for the year ended December 31, 2022 (Successor) (shares in thousands):
| Share Awards |  |
| Awards |  | Weighted-Average Grant Date Fair Value |  |  |  |
Share awards as of December 31, 2021 (Successor) | 858 |  |  | $ | 26.30 |  |  |  |  |
Granted | 331 |  |  | 45.39 |  |  |  |  |
Vested(1) | (284) |  |  | 26.40 |  |  |  |  |
Forfeited | (44) |  |  | 25.02 |  |  |  |  |
Share awards as of December 31, 2022 (Successor) | 861 |  |  | $ | 33.54 |  |  |  |  |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the performance awards granted during the year ended December 31, 2022 (Successor) and 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 year ended December 31, 2022 (Successor) and eight months ended December 31, 2021 (Successor):
| Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021
Expected price volatility | 61 | % |  | 61 | %
Expected dividend yield | — |  |  | — |
Risk-free interest rate | 3.49 | % |  | 0.73 | %
Schedule Of Summary Of Performance Award Activity | The following table summarizes the performance award activity for the year ended December 31, 2022 (Successor) (shares in thousands):
| Awards(2) |  | Weighted Average Grant Date Fair Value Price(2)
Balance as of December 31, 2021 (Successor) | 609 |  |  | $ | 17.53 |
Granted - Market-Based Objectives(1) | 100 |  |  | 32.90 |
Granted - Performance-Based Objectives(1) | 58 |  |  | 47.03 |
Total Granted | 158 |  |  | 38.08 |
Balance as of December 31, 2022 (Successor) | 767 |  |  | $ | 21.77 |

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 https://asc.fasb.org/extlink&oid=128089324&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