XML 50 R35.htm IDEA: XBRL DOCUMENT v3.25.0.1

Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations and Plan Assets

The following table presents the changes in benefit obligations and plan assets for the years ended December 31, 2024 and 2023 and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):

						Years Ended December 31,
						2024																		2023
						Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Projected benefit obligation:
BALANCE at the beginning of the period						$	606.5					$	11.0					$	617.5					$	611.5					$	11.6					$	623.1
Interest cost						29.3						0.5						29.8						30.6						0.6						31.2
Actuarial loss (gain)						(22.1)						(0.7)						(22.8)						6.1						(0.4)						5.7
Benefits paid						(42.4)						(0.6)						(43.0)						(41.7)						(0.8)						(42.5)
BALANCE at the end of the period						$	571.3					$	10.2					$	581.5					$	606.5					$	11.0					$	617.5
Plan assets
Fair value, at the beginning of the period						$	471.2					$	—					$	471.2					$	458.5					$	—					$	458.5
Actual return						20.2						—						20.2						48.5						—						48.5
Employer contributions						20.9						—						20.9						5.9						—						5.9
Benefits paid						(42.4)						—						(42.4)						(41.7)						—						(41.7)
Fair value, at the end of the period						$	469.9					$	—					$	469.9					$	471.2					$	—					$	471.2
Net benefit liabilities						$	101.4					$	10.2					$	111.6					$	135.3					$	11.0					$	146.3
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities						$	(4.1)					$	(1.0)					$	(5.1)					$	(3.6)					$	(1.1)					$	(4.7)
Other liabilities (long-term)						(97.3)						(9.2)						(106.5)						(131.7)						(9.9)						(141.6)
Net benefit liabilities						$	(101.4)					$	(10.2)					$	(111.6)					$	(135.3)					$	(11.0)					$	(146.3)
Accumulated contributions less than net periodic benefit cost						$	(129.5)					$	(18.5)					$	(148.0)					$	(152.9)					$	(18.9)					$	(171.8)
Amounts not yet reflected in net periodic benefit cost:
Actuarial gain						28.3						8.3						36.6						17.8						7.9						25.7
Prior service cost						(0.2)						—						(0.2)						(0.2)						—						(0.2)
Total accumulated other comprehensive income						$	28.1					$	8.3					$	36.4					$	17.6					$	7.9					$	25.5
Net benefit liabilities						$	(101.4)					$	(10.2)					$	(111.6)					$	(135.3)					$	(11.0)					$	(146.3)
Weighted-average assumptions:
Discount rate						5.54		%				5.52		%										4.97		%				5.00		%
Cash balance interest credit rate						3.26		%				N/A												3.26		%				N/A

Schedule of Net Periodic Pension Costs and Weighted Average Assumptions

The components of net periodic pension, retiree medical income and the weighted-average assumptions used to determine net periodic pension and retiree medical income were as follows (dollars in millions):

						Years Ended December 31,
						2024						2023						2022
Interest cost						$	29.8					$	31.2					$	22.4
Expected return on plan assets						(31.6)						(31.4)						(38.3)
Amortization of net gain						(0.6)						(0.7)						(0.1)
Settlement gain recognized (1)						—						—						(0.4)
Net periodic pension and retiree medical income (2)						$	(2.4)					$	(0.9)					$	(16.4)
Discount rate						4.97		%				5.21		%				2.73		%
Expected return on assets						6.88		%				7.10		%				6.26		%
Cash balance interest credit rate						3.26		%				3.23		%				3.05		%

(1)    Settlement accounting is necessary when actual lump sums paid during a fiscal year exceed the sum of the service cost and interest cost for the year. During the year ended December 31, 2022, the settlement threshold was reached for certain of our pension plans and we recognized a corresponding settlement gain in our Consolidated Statements of Operations.

(2) All components of Net periodic pension and retiree medical income are included in Other, net, in our Consolidated Statements of Operations.

Schedule of Allocation of Plan Assets

Target allocations among asset categories as of December 31, 2024, and the fair value of each category of plan assets as of December 31, 2024 and 2023, are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):

									December 31,
			Target range (1)						2024						2023
Equities:
U.S. equity:			21.7% to 27.7%
U.S. large cap									$	93.3					$	105.5
U.S. small/mid cap									24.6						28.7
Global Low Volatility Equity			4.2% to 10.2%						34.1						38.5
Non-U.S. equity:			18.1% to 24.1%
International all cap									42.7						51.3
International small cap									18.9						23.1
Emerging markets									34.1						39.3
Real estate equities			4% to 10%						36.5						40.4
Fixed income:			35% to 45%
Long-term corporate bonds									102.8						46.6
U.S. Treasury STRIPS									76.7						93.0
Cash and equivalents			$0 - $5.0						6.2						4.8
Total									$	469.9					$	471.2

(1)Our investment policy only sets allocation target ranges for general asset classes and not specific investment types.

Schedule of Expected Benefit Payments

Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):

						Pension Benefits						Other Post-Retirement Benefits
Years ended December 31,
2025						$	43.3					$	1.0
2026						41.0						0.9
2027						40.7						0.9
2028						40.4						0.8
2029						40.2						0.8
2030 through 2034						192.6						3.6

Schedule of Employer Matching Contributions

The following table summarizes the employer matching contributions for each plan (in millions):

						Years Ended December 31,
						2024						2023						2022
Savings Plan						$	9.2					$	8.0					$	4.7
Limited Retirement Plan						3.8						3.2						2.2
Multinational Savings Plan						2.6						2.0						1.2
Total matching contributions						$	15.6					$	13.2					$	8.1

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

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

X

- Definition

Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

+ Details

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

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

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

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

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

X

- Definition

Schedule of Employer Matching Contributions

+ References

No definition available.

+ Details

Name:	val_ScheduleOfEmployerMatchingContributionsTableTextBlock
Namespace Prefix:	val_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration