A valve assembly for selectively and variably communicating fluid between an auxiliary sump volume and a main sump volume, each defined by a transmission, is provided. The valve assembly includes a float member operatively connected to a valve member and disposed within the main sump volume of the transmission. The valve member is movable between an open position and a closed position. The float member is configured to be buoyed by the fluid within the main sump volume to move the valve member from the open position toward the closed position thereby variably restricting the flow of the fluid between the auxiliary sump volume and the main sump volume as the amount of the fluid within the main sump volume increases. A transmission incorporating the valve assembly is also disclosed.