XML 43 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Supplemental Financial Information (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2024

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

			June 30, 2024						December 31, 2023
Trade			$	550.5					$	375.2
Income tax receivables			85.5						83.2
Other			12.6						16.2
			648.6						474.6
Allowance for doubtful accounts			(16.9)						(15.3)
			$	631.7					$	459.3

Other Current Assets

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

			June 30, 2024						December 31, 2023
Deferred costs			$	75.7					$	75.3
Prepaid taxes			59.6						49.1
Prepaid expenses			18.8						23.6
Other			28.5						29.2
			$	182.6					$	177.2

Schedule of Accrued Liabilities

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

			June 30, 2024						December 31, 2023
Current contract liabilities (deferred revenues)			$	117.3					$	116.2
Personnel costs			79.5						76.6
Income and other taxes payable			67.6						52.9
Lease liabilities			29.3						27.2
Accrued claims			15.8						20.4
Accrued interest			15.4						15.4
Other			35.7						35.5
			$	360.6					$	344.2

Other Liabilities

Other liabilities consisted of the following (in millions):

			June 30, 2024						December 31, 2023
Unrecognized tax benefits (inclusive of interest and penalties)			$	146.3					$	224.0
Pension and other post-retirement benefits			135.2						141.6
Noncurrent contract liabilities (deferred revenues)			63.0						37.6
Lease liabilities			42.5						48.9
Other			21.4						19.6
			$	408.4					$	471.7

Schedule of Other Nonoperating Income, by Component

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net foreign currency exchange gains (losses)			$	2.5					$	(0.7)					$	7.9					$	(0.2)
Net periodic pension and retiree medical income			0.7						0.1						1.4						0.2
Loss on debt extinguishment			—						(29.2)						—						(29.2)
Net gain (loss) on sale of property			—						27.8						(0.1)						27.9
Other income			0.3						1.2						0.1						1.1
			$	3.5					$	(0.8)					$	9.3					$	(0.2)

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three and six months ended June 30, 2024 and 2023 were as follows:

			Three Months Ended June 30, 2024																								Three Months Ended June 30, 2023
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
BP plc ("BP")			10		%				5		%				4		%				19		%				—		%				5		%				7		%				12		%
Equinor ASA ("Equinor")			10		%				—		%				—		%				10		%				—		%				—		%				—		%				—		%
Petróleo Brasileiro S.A. ("Petrobras")			10		%				—		%				—		%				10		%				4		%				—		%				—		%				4		%
Eni S.p.A ("Eni")			—		%				5		%				—		%				5		%				7		%				7		%				—		%				14		%
Other customers (1)			33		%				20		%				3		%				56		%				44		%				23		%				3		%				70		%
			63		%				30		%				7		%				100		%				55		%				35		%				10		%				100		%

			Six Months Ended June 30, 2024																								Six Months Ended June 30, 2023
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
BP			8		%				4		%				5		%				17		%				1		%				5		%				6		%				12		%
Equinor			10		%				—		%				—		%				10		%				—		%				—		%				—		%				—		%
Petrobras			10		%				—		%				—		%				10		%				4		%				—		%				—		%				4		%
Eni			1		%				5		%				—		%				6		%				7		%				7		%				—		%				14		%
Other customers (1)			33		%				21		%				3		%				57		%				40		%				25		%				5		%				70		%
			62		%				30		%				8		%				100		%				52		%				37		%				11		%				100		%

(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.

Revenue from External Customers by Geographic Areas

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

			Three Months Ended June 30, 2024																								Three Months Ended June 30, 2023
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
Brazil			$	98.0					$	—					$	—					$	98.0					$	33.9					$	—					$	—					$	33.9
United Kingdom			—						95.6						—						95.6						—						68.1						—						68.1
U.S. Gulf of Mexico			56.1						0.7						26.2						83.0						45.3						5.8						26.2						77.3
Australia			43.0						16.2						—						59.2						40.1						10.6						—						50.7
Angola			42.1						—						—						42.1						58.2						—						—						58.2
Other countries (1)			144.7						73.3						14.2						232.2						49.9						60.1						17.0						127.0
			$	383.9					$	185.8					$	40.4					$	610.1					$	227.4					$	144.6					$	43.2					$	415.2

			Six Months Ended June 30, 2024																								Six Months Ended June 30, 2023
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
Brazil			$	229.1					$	—					$	—					$	229.1					$	71.0					$	—					$	—					$	71.0
U.S. Gulf of Mexico			112.9						10.1						54.7						177.7						87.0						14.0						52.3						153.3
United Kingdom			—						167.8						—						167.8						—						121.6						—						121.6
Australia			86.0						20.9						—						106.9						77.8						23.5						—						101.3
Angola			72.6						—						—						72.6						97.3						—						—						97.3
Other countries (1)			207.7						139.3						34.0						381.0						109.1						155.3						36.4						300.8
			$	708.3					$	338.1					$	88.7					$	1,135.1					$	442.2					$	314.4					$	88.7					$	845.3

(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.

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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ 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
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ 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 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
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ 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