Valvoline (VVV) 10-Q 3 May 18 2018 Q2 Quarterly report Financial data

Document Entity Information

Document Entity Information - shares	6 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	VALVOLINE INC
Entity Central Index Key	1,674,910
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		195,682,961
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net Income (Loss) Attributable to Parent [Abstract]
Sales	$ 569	$ 514	$ 1,114	$ 1,003
Cost of sales	362	316	712	620
Gross profit	207	198	402	383
Selling, general and administrative expenses	111	97	218	192
Legacy and separation-related expenses, net	8	6	17	12
Equity and other income	(12)	(5)	(21)	(15)
Operating income	100	100	188	194
Net pension and other postretirement plan non-service income and remeasurement adjustments	(10)	(17)	(20)	(43)
Net interest and other financing expenses	16	8	30	18
Income before income taxes	94	109	178	219
Income tax expense	27	38	121	76
Net income	$ 67	$ 71	$ 57	$ 143
NET INCOME PER SHARE
Basic (usd per share)	$ 0.33	$ 0.35	$ 0.28	$ 0.70
Diluted (usd per share)	$ 0.33	$ 0.35	$ 0.28	$ 0.70
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (shares)	200	205	201	205
Diluted (shares)	200	205	202	205
Dividends paid per common share (usd per share)	$ 0.07	$ 0.05	$ 0.15	$ 0.10
COMPREHENSIVE INCOME
Net income	$ 67	$ 71	$ 57	$ 143
Other comprehensive income (loss), net of tax
Unrealized translation gain (loss)	3	6	4	(3)
Amortization of pension and other postretirement plan prior service credit	(2)	(2)	(4)	(4)
Other comprehensive gain (loss)	1	4	0	(7)
Comprehensive income	$ 68	$ 75	$ 57	$ 136

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Current assets
Cash and cash equivalents	$ 127	$ 201
Accounts receivable, net	435	385
Inventories, net	194	175
Other current assets	39	29
Total current assets	795	790
Noncurrent assets
Property, plant and equipment, net	390	391
Goodwill and intangibles, net	396	335
Equity method investments	34	30
Deferred income taxes	171	281
Other noncurrent assets	83	88
Total noncurrent assets	1,074	1,125
Total assets	1,869	1,915
Current liabilities
Short-term debt	0	75
Current portion of long-term debt	23	15
Trade and other payables	194	192
Accrued expenses and other liabilities	198	196
Total current liabilities	415	478
Noncurrent liabilities
Long-term debt	1,183	1,034
Employee benefit obligations	316	342
Other noncurrent liabilities	181	178
Total noncurrent liabilities	1,680	1,554
Commitments and contingencies
Stockholders’ deficit
Preferred stock, no par value, 40 shares authorized; no shares issued and outstanding	0	0
Common stock, par value $0.01 per share, 400 shares authorized; 197 and 203 shares issued and outstanding at March 31, 2018 and September 30, 2017, respectively	2	2
Paid-in capital	3	5
Retained deficit	(274)	(167)
Accumulated other comprehensive income	43	43
Total stockholders’ deficit	(226)	(117)
Total liabilities and stockholders’ deficit	$ 1,869	$ 1,915

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Sep. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock authorized (shares)	40,000,000	40,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	400,000,000	400,000,000
Common stock issued (shares)	197,000,000	203,000,000
Common stock outstanding (shares)	197,000,000	203,000,000

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 57	$ 143
Adjustments to reconcile net income to cash flows from operating activities
Depreciation and amortization	25	18
Debt issuance cost and discount amortization	1	2
Deferred income taxes	65	0
Equity income from affiliates	(9)	(7)
Distributions from equity affiliates	5	3
Pension contributions	(9)	(10)
Gain on pension and other postretirement plan remeasurements	0	(8)
Gain on sale of assets	(4)	0
Foreign currency exchange loss	1	0
Stock-based compensation expense	7	3
Change in assets and liabilities
Accounts receivable	(50)	(42)
Inventories	(16)	(17)
Payables and accrued liabilities	2	(9)
Other assets and liabilities	33	(6)
Total cash provided by operating activities	108	70
Cash flows from investing activities
Additions to property, plant and equipment	(30)	(27)
Acquisitions, net of cash acquired	(67)	(48)
Proceeds from sale of operations	5	0
Other investing activities, net	1	(1)
Total cash used in investing activities	(91)	(76)
Cash flows from financing activities
Net transfers to Ashland	0	(2)
Proceeds from borrowings, net of issuance costs	95	75
Repayments on borrowings	(15)	(83)
Repurchases of common stock	(123)	0
Purchase of additional ownership in subsidiary	(15)	0
Cash dividends paid	(30)	(20)
Other financing activities	(5)	0
Total cash used in financing activities	(93)	(30)
Effect of currency exchange rate changes on cash and cash equivalents	2	(1)
Decrease in cash and cash equivalents	(74)	(37)
Cash and cash equivalents - beginning of period	201	172
Cash and cash equivalents - end of period	$ 127	$ 135

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared by Valvoline Inc. (“Valvoline” or the “Company”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and Securities and Exchange Commission (“SEC”) regulations for interim financial reporting, which do not include all information and footnote disclosures normally included in annual financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with Valvoline’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates. In the opinion of management, the assumptions underlying the condensed consolidated financial statements for these interim periods are reasonable, and all adjustments considered necessary for a fair presentation have been made and are of a normal recurring nature unless otherwise disclosed herein. The results for the interim periods are not necessarily indicative of results to be expected for the entire year. Certain prior period amounts have been reclassified to conform to the current presentation. Recent accounting pronouncements A description of new U.S. GAAP accounting standards issued and adopted during the current year is required in interim financial reporting. A detailed listing of recent accounting standards relevant to Valvoline is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2017. The following standards relevant to Valvoline were either issued or adopted in the current year, or are expected to have a meaningful impact on Valvoline in future periods. Recently adopted In the first fiscal quarter of 2018, Valvoline adopted the following: • In July 2015, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to simplify the subsequent measurement of certain inventories by replacing the current lower of cost or market test with a lower of cost or net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in, first out (“LIFO”) and retail inventory methods. Valvoline adopted this guidance prospectively on October 1, 2017. Valvoline utilizes LIFO to value approximately 70% of its gross inventory and there were no material differences in the Company’s previous valuation methodology for its remaining inventory using lower of cost or market to lower of cost or net realizable value. • In March 2017, the FASB issued accounting guidance that changed how employers who sponsor defined benefit pension and/or postretirement benefit plans present the net periodic benefit cost in the Condensed Consolidated Statements of Comprehensive Income. This guidance requires employers to present the service cost component of net periodic benefit cost in the same caption as other employee compensation costs for services rendered during the period. All other components of the net periodic benefit cost are presented separately outside of the operating income caption. Valvoline retrospectively adopted this guidance on October 1, 2017. Accordingly, Net pension and other postretirement plan non-service income and remeasurement adjustments has been reclassified to non-operating income for all periods presented within the Condensed Consolidated Statements of Comprehensive Income, which reduced previously reported operating income by $17 million and $43 million for the three and six months ended March 31, 2017, respectively. Issued but not yet adopted In May 2014, the FASB issued accounting guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which supersedes most current revenue recognition guidance. This guidance introduces a five-step model for revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards under current guidance. The Company is evaluating the effect of adopting the new revenue guidance on its financial statements and does not currently expect it to have a material effect to net earnings. Based on an evaluation of current contracts and revenue streams to-date, Valvoline believes that most revenue transactions recorded under the new guidance will be substantially consistent with the treatment under existing guidance. The Company’s revenue transactions generally consist of a single performance obligation to transfer promised goods and are not accounted for under industry-specific guidance. The Company anticipates expanded footnote disclosures under the new revenue guidance. Management will continue to complete its assessment of revenue streams and implementation plans, including monitoring developments, and plans to finalize conclusions by the fourth quarter of fiscal 2018. Valvoline expects to adopt this guidance using the modified retrospective method, which would recognize the cumulative effect of the changes in retained earnings at the date of adoption, but would not retrospectively apply the new guidance to prior periods. Valvoline will adopt this standard in the first quarter of fiscal 2019 and will provide updated disclosures of the anticipated impacts of adoption in future filings. In February 2016, the FASB issued new accounting guidance related to lease transactions. The primary objective of this guidance is to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases and to disclose key information about leasing arrangements. The Company expects to adopt the new guidance in the first quarter of fiscal 2020 using the modified retrospective method. While adoption is expected to lead to a material increase in the assets and liabilities recorded on the Condensed Consolidated Balance Sheet and an increase in footnote disclosures related to leases, the Company is in the process of developing assessment and implementation plans to identify and assess all forms of leases, analyze the practical expedients and determine the specific impacts on its condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: March 31, 2018 September 30, 2017 Quoted prices in active markets for identical assets Quoted prices in active markets for identical assets (In millions) Fair Value Level 1 Fair Value Level 1 Assets Cash equivalents (a) $ 31 $ 31 $ 46 $ 46 Foreign currency derivatives (b) 1 1 1 1 Non-qualified trust funds (c) 28 28 30 30 Total assets at fair value $ 60 $ 60 $ 77 $ 77 Liabilities Foreign currency derivatives (d) $ 1 $ 1 $ 1 $ 1 Total liabilities at fair value $ 1 $ 1 $ 1 $ 1 (a) Included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. (b) Included in Other current assets in the Condensed Consolidated Balance Sheets. (c) As of March 31, 2018, $2 million of this balance is included in Other current assets , with the remainder included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. As of September 30, 2017, this balance is included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. (d) Included in Accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. There were no Level 2 or 3 financial assets or liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018 or September 30, 2017. Additionally, during the three and six months ended March 31, 2018 and 2017, there were no transfers between levels of the fair value hierarchy. Cash equivalents A portion of the Company’s excess cash is held in highly liquid investments with maturities of three months or less. Cash equivalents generate interest income and are measured at fair value using prevailing market rates. Derivatives The Company uses derivatives not designated as hedging instruments consisting primarily of forward contracts to hedge foreign currency denominated balance sheet exposures and exchange one foreign currency for another for a fixed rate at a future date of twelve months or less. During the three and six months ended March 31, 2018 and 2017, gains and losses recognized for changes in the fair value of these instruments were not material and were included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income to offset the gain or loss on the hedged item in the same period as the remeasurement losses and gains of the related foreign currency-denominated exposures. The Company had outstanding contracts with highly-rated financial institutions with notional values of $ 33 million and $ 47 million as of March 31, 2018 and September 30, 2017, respectively. Non-qualified trust fund The Company maintains a non-qualified trust to fund benefit payments for certain of its U.S. non-qualified pension plans, which primarily consists of highly liquid fixed income U.S. government bonds. During the three and six months ended March 31, 2018 and 2017, gains and losses related to these investments were not material and were immediately recognized within Selling, general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income. Long-term debt The Company’s outstanding fixed rate senior notes consist of 5.500% senior unsecured notes due 2024 with an aggregate principal amount of $375 million issued in July 2016 (the “2024 Notes”) and 4.375% senior unsecured notes due 2025 with an aggregate principal amount of $400 million issued in August 2017 (the “2025 Notes” and together with the 2024 Notes, the “Senior Notes”). The fair values of the Senior Notes shown in the table below are based on recent trading values, which are considered Level 2 inputs within the fair value hierarchy. Long-term debt is included in the Condensed Consolidated Balance Sheets at carrying value, rather than fair value, and is therefore excluded from the fair value table above. Carrying values shown in the following table are net of unamortized discounts and issuance costs. March 31, 2018 September 30, 2017 (In millions) Fair value Carrying value Unamortized discount and issuance costs Fair value Carrying value Unamortized discount and issuance costs 2024 Notes $ 385 $ 370 $ 5 $ 401 $ 370 $ 5 2025 Notes 389 395 5 408 394 6 Total $ 774 $ 765 $ 10 $ 809 $ 764 $ 11 Refer to Note 7 for more information on the Senior Notes and Valvoline’s other debt instruments that have variable interest rates, and accordingly, their carrying amounts approximate fair value.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	ACQUISITIONS AND DISPOSITIONS Quick Lubes store acquisitions During the six months ended March 31, 2018, the Company acquired 61 service center stores for a total of $67 million . These acquisitions included 59 previous franchise service center stores, of which 56 were acquired from Henley Bluewater LLC in northern Ohio and Michigan on October 2, 2017 for $60 million . During the six months ended March 31, 2017, acquisitions totaled $48 million and included 33 service center stores, of which five were previous franchises. The results of operations of the acquired stores, which were not material, have been included in the Company’s condensed consolidated financial statements from the date of each acquisition, and accordingly, pro forma disclosure of financial information has not been presented. The Company’s acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is generally expected to be deductible for income tax purposes and is primarily attributed to the operational synergies and potential growth expected to result in economic benefits in the respective markets of the acquisitions. A summary follows of the aggregate cash consideration paid and the total assets acquired and liabilities assumed for the six months ended March 31: (In millions) 2018 2017 Inventory $ 1 $ — Property, plant and equipment 2 — Intangible assets 64 45 Other noncurrent assets — 3 Net assets acquired $ 67 $ 48 Included within the intangible assets above is approximately $40 million of goodwill and $24 million of reacquired franchise rights recognized during the six months ended March 31, 2018. Prior to the acquisition of franchise service center stores, Valvoline licensed the right to operate quick lube service centers, including use of the Company’s trademarks and trade name. In connection with these acquisitions, Valvoline reacquired those rights and recognized separate definite-lived intangible assets, which are being amortized on a straight-line basis over the weighted average remaining term of approximately seven years. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. During the six months ended March 31, 2018, the purchase price allocation for the acquisition of certain franchise locations during the three months ended June 30, 2017 was adjusted to reduce non-amortizable goodwill and increase amortizable intangible assets by $6 million . The Company believes that these changes were not material and does not expect any additional changes to the preliminary purchase price allocations summarized above for acquisitions completed during the six months ended March 31, 2018. Remaining ownership interest in subsidiary Valvoline historically owned a 70% controlling interest and consolidated the financial results of its subsidiary in Thailand. In December 2017, Valvoline purchased the remaining 30% interest for total consideration of approximately $16 million , making it a wholly-owned subsidiary of the Company. This interest was not material to the current or prior period financial statements for presentation and disclosure as a noncontrolling interest, which was eliminated as a result of this purchase through a net charge to Paid-in capital and Retained deficit . Dispositions During the second fiscal quarter of 2018, the Company sold two service center stores to a franchisee within the Quick Lubes reportable segment. Valvoline received proceeds of approximately $5 million and recognized a gain of $3 million on the sale of net assets that was recorded in Equity and other income in the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2018.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Accounts Receivable	ACCOUNTS RECEIVABLE The following summarizes Valvoline’s accounts receivable: (In millions) March 31 September 30 Trade and other accounts receivable $ 441 $ 390 Less: Allowance for doubtful accounts (6 ) (5 ) $ 435 $ 385 Prior to May 2017 when Valvoline’s former parent company, Ashland Global Holdings Inc. (which together with its predecessors and consolidated subsidiaries is referred to as “Ashland”), distributed its net investment in Valvoline (the “Distribution”), Ashland was party to an agreement to sell certain Valvoline customer accounts receivable in the form of drafts or bills of exchange to a financial institution. Each draft constituted an order to pay for obligations of the customer to Ashland arising from the sale of goods to the customer. The intention of the arrangement was to decrease the time accounts receivable was outstanding and increase cash flows as Ashland in turn remitted payment to Valvoline. During the six months ended March 31, 2017 , $11 million of accounts receivable were sold to the financial institution under this agreement. Following the Distribution, Valvoline became party to the arrangement to sell certain customer accounts receivable in the form of drafts or bills of exchange to the financial institution. During the six months ended March 31, 2018 , Valvoline sold $50 million of accounts receivable to the financial institution.

Inventories

Inventories	6 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Certain lubricants are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method. Remaining inventories are carried at the lower of cost or net realizable value using the weighted average cost method. The following summarizes Valvoline’s inventories: (In millions) March 31 September 30 Finished products $ 198 $ 180 Raw materials, supplies and work in process 33 31 LIFO reserves (33 ) (33 ) Obsolete inventory reserves (4 ) (3 ) $ 194 $ 175

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	GOODWILL AND OTHER INTANGIBLES Goodwill The following table summarizes the changes in the carrying amount of goodwill by reportable segment and in total during the six months ended March 31, 2018. (In millions) Core North America Quick Lubes International Total September 30, 2017 $ 89 $ 201 $ 40 $ 330 Acquisitions (a) — 34 — 34 Dispositions (b) — (1 ) — (1 ) March 31, 2018 $ 89 $ 234 $ 40 $ 363 (a) Activity associated with the acquisitions of 56 service center stores from Henley Bluewater LLC and five other quick lubes service center stores, as well as adjustments related to prior year acquisitions. Refer to Note 3 for details regarding the acquisitions. (b) Activity associated with the derecognition of goodwill from the sale and disposition of two quick lubes service center stores. Refer to Note 3 for further details. Other Intangible Assets Valvoline’s purchased intangible assets were specifically identified when acquired and have finite lives. Intangible assets were $39 million in gross carrying amount, net of $6 million in accumulated amortization as of March 31, 2018 and were reported in Goodwill and intangibles, net on the Condensed Consolidated Balance Sheet. Amortization expense recognized during the three and six months ended March 31, 2018 was $2 million . Amortization expense recognized on intangible assets during the prior year periods was not material. Estimated amortization expense for each of the next five fiscal years, assuming no additional amortizable intangible assets, is as follows for the years ended September 30: (In millions) 2018 $ 5 2019 $ 5 2020 $ 5 2021 $ 5 2022 $ 4

Debt Obligations

Debt Obligations	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations	DEBT OBLIGATIONS The following table summarizes Valvoline’s short-term borrowings and long-term debt: (In millions) March 31 2018 September 30 2017 2025 Notes $ 400 $ 400 2024 Notes 375 375 Term Loans 278 285 Trade Receivables Facility 163 75 Revolver — — Other (a) (10 ) (11 ) Total debt $ 1,206 $ 1,124 Short-term debt — 75 Current portion of long-term debt 23 15 Long-term debt $ 1,183 $ 1,034 (a) At March 31, 2018, Other includes $12 million of debt issuance cost discounts and $2 million of debt acquired through acquisitions. At September 30, 2017, Other included $13 million of debt issuance cost discounts and $2 million of debt acquired through acquisitions. Senior Notes During August 2017, Valvoline completed the issuance of 4.375% senior unsecured notes due 2025 with an aggregate principal amount of $400 million . The net proceeds from the offering of the 2025 Notes were $394 million (after deducting initial purchasers ’ discounts and debt issuance costs), which were used to make a voluntary contribution to the Company’s qualified U.S. pension plan. During July 2016, Valvoline completed the issuance of 5.500% senior unsecured notes due 2024 with an aggregate principal amount of $375 million . The net proceeds from the offering of the 2024 Notes was $370 million (after deducting initial purchasers’ discounts and debt issuance costs), which were transferred to Valvoline’s former parent, Ashland. The Senior Notes are subject to customary events of default for similar debt securities, which if triggered may accelerate payment of principal, premium, if any, and accrued but unpaid interest on the notes. Such events of default include non-payment of principal and interest, non-performance of covenants and obligations, default on other material debt, and bankruptcy or insolvency. If a change of control repurchase event occurs, Valvoline may be required to offer to purchase the Senior Notes from the holders thereof. The Senior Notes are not otherwise required to be repaid prior to maturity, although they may be redeemed at the option of Valvoline at any time prior to their maturity in the manner specified in the indentures governing the notes. The notes are guaranteed by each of Valvoline’s subsidiaries that guarantee obligations under the existing senior secured credit facility described below. In December 2017, Valvoline completed registered exchange offers for the Senior Notes. Senior Credit Agreement The 2016 Senior Credit Agreement provides for an aggregate principal amount of $1,325 million in senior secured credit facilities (“2016 Credit Facilities”), composed of (i) a five -year $875 million term loan facility (“Term Loans”), and (ii) a five -year $450 million revolving credit facility (including a $100 million letter of credit sublimit) (“Revolver”). At March 31, 2018 and September 30, 2017, the Term Loans had outstanding principal balances of $278 million and $285 million , respectively. At March 31, 2018 and September 30, 2017, there were no amounts outstanding under the Revolver. During the three and six months ended March 31, 2018, Valvoline borrowed and repaid $7 million on the Revolver. As of March 31, 2018, the total borrowing capacity remaining under the Revolver was $439 million due to a reduction of $11 million for letters of credit outstanding. The outstanding principal balance of the Term Loans is required to be repaid in quarterly installments of approximately $4 million for fiscal 2018, $8 million for fiscal 2019 and 2020, and $15 million for fiscal 2021 with the balance due at maturity. At Valvoline’s option, amounts outstanding under the 2016 Senior Credit Agreement bear interest at either LIBOR or an alternate base rate, in each case plus the applicable interest rate margin. The interest rate fluctuates between LIBOR plus 1.500% per annum and LIBOR plus 2.500% per annum (or between the alternate base rate plus 0.500% per annum and the alternate base rate plus 1.500% annum), based upon Valvoline’s corporate credit ratings or the consolidated first lien net leverage ratio (as defined in the 2016 Senior Credit Agreement). The 2016 Credit Facilities are guaranteed by Valvoline’s existing and future subsidiaries (other than certain immaterial subsidiaries, joint ventures, special purpose financing subsidiaries, regulated subsidiaries, foreign subsidiaries and certain other subsidiaries), and are secured by a first-priority security interest in substantially all the personal property assets and certain real property assets of Valvoline and the guarantors, including all or a portion of the equity interests of certain of Valvoline’s domestic subsidiaries and first-tier foreign subsidiaries. The 2016 Credit Facilities may be prepaid at any time without premium. The 2016 Senior Credit Agreement contains usual and customary representations and warranties and usual and customary affirmative and negative covenants, including limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants (including maintenance of a maximum consolidated net leverage ratio and a minimum consolidated interest coverage ratio). As of the end of any fiscal quarter, the maximum consolidated net leverage ratio and minimum consolidated interest coverage ratio permitted under the 2016 Senior Credit Agreement are 4.5 and 3.0 , respectively. As of March 31, 2018, Valvoline was in compliance with all covenants under the 2016 Senior Credit Agreement. Trade Receivables Facility On November 29, 2016, Valvoline entered into a $125 million , one -year revolving trade receivables securitization facility (“Trade Receivables Facility”) with certain financial institutions. On November 20, 2017, the Company amended the Trade Receivables Facility to extend the maturity date to November 19, 2020 and increase the maximum funding under the facility to $175 million based on the availability of eligible receivables and other customary factors and conditions. Under the Trade Receivables Facility, Valvoline sells and/or transfers a majority of its U.S. trade receivables to a wholly-owned, bankruptcy-remote subsidiary as they are originated, and advances by the lenders to that subsidiary (in the form of cash or letters of credit) are secured by those trade receivables. The assets of this financing subsidiary are restricted as collateral for the payment of its obligations under the Trade Receivables Facility, and its assets and credit are not available to satisfy the debts and obligations owed to the creditors of the Company. The Company includes the assets, liabilities and results of operations of this financing subsidiary in its condensed consolidated financial statements. During the first fiscal quarter of 2017, Valvoline borrowed $75 million under the Trade Receivables Facility and used the net proceeds to repay an equal amount of the Term Loans. During the six months ended March 31, 2018, Valvoline made payments of $1 million and borrowed $89 million under the Trade Receivables Facility, using the proceeds to supplement the Company's daily cash needs. The Company accounts for the Trade Receivables Facility as secured borrowings. Based upon the maturity dates in place in each respective period, as of March 31, 2018, the $163 million balance outstanding was classified as Long-term debt and the $75 million balance outstanding as of September 30, 2017 was classified as Short-term debt in the Condensed Consolidated Balance Sheets . Based on the availability of eligible receivables, the total borrowing capacity remaining under the Trade Receivables Facility at March 31, 2018 was $12 million . The financing subsidiary owned $281 million and $247 million of outstanding accounts receivable as of March 31, 2018 and September 30, 2017, respectively, and these amounts are included in Accounts receivable, net in the Company’s Condensed Consolidated Balance Sheets. The financing subsidiary pays customary fees to the lenders, and advances by a lender under the Trade Receivables Facility accrue interest for which the weighted average interest rates were 2.6% and 2.4% for the three and six months ended March 31, 2018, respectively, and 1.6% for the three and six months ended March 31, 2017. The Trade Receivables Facility contains various customary affirmative and negative covenants and default and termination provisions, which provide for acceleration of amounts owed under the Trade Receivables Facility in circumstances including, but not limited to, the failure to pay interest or other amounts when due, defaults on certain other indebtedness, certain insolvency events, and breach of representation.

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax provisions for interim quarterly periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items related specifically to interim periods. Income tax expense for the three months ended March 31, 2018 was $ 27 million , an effective tax rate of 28.7% , compared to expense of $38 million , an effective tax rate of 34.9% , for the three months ended March 31, 2017. The decrease in income tax expense and the effective tax rate was primarily driven by the reduction in the corporate federal income tax rate resulting from the enactment of U.S. tax reform legislation in December 2017. Income tax expense for the six months ended March 31, 2018 was $ 121 million , an effective tax rate of 68.0% compared to expense of $76 million , an effective tax rate of 34.7% , for the six months ended March 31, 2017. The increase in income tax expense and the effective tax rate was principally driven by the enactment of U.S. tax reform legislation, which resulted in a net increase in income tax expense of approximately $70 million that more than offset benefits related to the reduction in the estimated annual effective tax rate for fiscal 2018. U.S. tax reform legislation On December 22, 2017, the President of the United States signed into law tax reform legislation (the “Act”), which generally became effective January 1, 2018. The Act includes a number of provisions, including lowering the federal corporate income tax rate from a maximum of 35% to 21% and changing or limiting certain tax deductions. While the Company expects this rate reduction will ultimately benefit Valvoline, the Act also includes provisions that are expected to offset some of the benefit of the rate reduction, including the repeal of the deduction for domestic production activities and the expansion of the limitation on the deduction of certain executive compensation. In addition, the Act alters the landscape of taxation of non-U.S. operations and provides immediate deductions for certain new investments, among other provisions. Based on the effective date of the rate reduction in the Act, the Company’s federal corporate statutory income tax rate for fiscal 2018 will be a blended rate of 24.5% , declining to 21% for fiscal 2019 and beyond. During the six months ended March 31, 2018, enactment of the Act resulted in the following provisional impacts on income tax expense: • The remeasurement of net deferred tax assets at the lower enacted corporate tax rate resulted in a net $67 million increase in income tax expense; • Income tax expense increased by $4 million related to the deemed repatriation tax on unremitted non-U.S. earnings and profits and $2 million for withholding taxes due to the Company’s change in indefinite reinvestment assertion regarding its undistributed earnings; and • The remeasurement of net indemnity liabilities associated with the Tax Matters Agreement increased pre-tax expense by $7 million and generated a $3 million tax benefit primarily related to the higher expected utilization of tax attributes payable to Ashland. The impacts of the Act recorded during the six months ended March 31, 2018 are provisional, and the Company will continue to assess the impact of the Act and will record adjustments through the income tax provision in the relevant period as amounts are known and reasonably estimable. Accordingly, the impact of the Act may differ from the Company’s provisional estimates due to and among other factors, information currently not available, changes in interpretations and the issuance of additional guidance, as well as changes in assumptions the Company has currently made, including actions the Company may take in future periods as a result of the Act. There is currently a lack of clarity regarding most state tax implications as a result of the Act, though Valvoline is incorporated in Kentucky, which enacted income tax reform on April 13, 2018 that will be effective for the Company beginning in fiscal 2019. The Company is currently in the process of evaluating the impact of Kentucky income tax reform on its condensed consolidated financial statements and will record the associated estimated impacts in the period of enactment during the third fiscal quarter of 2018, including the remeasurement of net deferred tax assets at the lower tax rate and the related Tax Matters Agreement indemnity implications, which are not expected to be material to net income. Deferred tax remeasurement The Company’s net deferred income taxes represent benefits that will be used to reduce corporate taxes expected to be paid as well as differences between the tax bases and carrying amounts of assets and liabilities that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates occur, deferred tax assets and liabilities are adjusted in the period changes are enacted through income tax expense. The Company’s net deferred tax assets of $281 million were determined at September 30, 2017 based on the then-current enacted income tax rates prior to the passage of the Act. As a result of the reduction in the federal corporate income tax rate from 35% to 21% under the Act, the Company revalued its net deferred tax assets, which resulted in a reduction in the value of net deferred tax assets of approximately $67 million that was recorded as additional income tax expense in the Company’s Condensed Consolidated Statements of Comprehensive Income for the six months ended March 31, 2018. Deemed repatriation The Act implements a new territorial tax system that imposes a one-time transition tax, or deemed repatriation, on unremitted earnings of certain non-U.S. subsidiaries that is based in part on the amount of these earnings held in cash and other specified assets. The mandatory deemed repatriation resulted in a $22 million gross liability, but allows for the realization of $18 million of previously unrecognized foreign tax credits related to taxes previously paid in relevant local jurisdictions. The net result was $4 million of income tax expense which was recognized during the six months ended March 31, 2018. The Company has historically intended to indefinitely reinvest undistributed earnings of its non-U.S. subsidiaries. As undistributed earnings of the Company’s non-U.S. subsidiaries were subject to the one-time deemed repatriation tax, the Company reevaluated its intentions to indefinitely reinvest its non-U.S. undistributed earnings. As a result, the Company no longer intends to indefinitely reinvest non-U.S. undistributed earnings and accordingly, recorded $2 million for estimated incremental withholding taxes during the six months ended March 31, 2018. The Company is presently not aware of any significant restrictions on the ability to transfer these funds, and additional taxes and other costs that may arise between the deemed and actual distribution dates are not estimated to be material. Tax Matters Agreement Total liabilities related to obligations owed to Ashland under the Tax Matters Agreement were $69 million and $62 million at March 31, 2018 and September 30, 2017, respectively. At March 31, 2018 and September 30, 2017, $3 million and $1 million was recorded in Accrued expenses and other liabilities, respectively, and $66 million and $61 million was recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2018 and September 30, 2017, respectively. Under the Tax Matters Agreement, Valvoline has net indemnification obligations for a number of tax matters, including certain taxes that arise upon audit or examination related to the periods prior to Distribution and Valvoline’s utilization of legacy tax attributes contributed as part of the separation from Ashland. During the six months ended March 31, 2018, Valvoline recognized $8 million of expense in Legacy and separation-related expenses, net for the estimated increase in net amounts due. The estimated increase in net amounts due was principally a result of the reduction in the federal tax rate primarily related to the reduced federal benefit of state tax deductions, which drove increases in estimated taxes payable upon audit or examination as well as the expected utilization of tax attributes, which also resulted in an income tax benefit of $3 million during the period. Uncertainties in income taxes The Company records reserves related to its uncertain tax positions when it is more likely than not that the tax position may not be sustained on examination by the taxing authorities. As of March 31, 2018, the Condensed Consolidated Balance Sheet includes a $10 million liability for uncertain income tax positions, and during the three months ended March 31, 2018, there were no significant changes in Valvoline’s uncertain tax positions or related reserves. As tax examinations are completed or settled, statutes of limitations expire, or other new information becomes available, the Company will adjust its liabilities for uncertain tax positions in the respective period through payment or through the income tax provision. The Company has provided adequate reserves for its income tax uncertainties in all open tax years based on the recognition and measurement considerations in the relevant accounting principles and any adjustments are not expected to have a material effect on its condensed consolidated financial statements at this time; however, it is reasonably possible that there could be changes to the Company’s reserves related to its uncertain tax positions due to activities of the taxing authorities, resolution of examination issues, or reassessment of existing uncertain tax positions. Although the timing and nature of the resolution and/or closure of examinations cannot be predicted with certainty, management estimates that it is reasonably possible that reserves related to uncertain tax positions may decrease by as much as $3 million from the resolution of tax examinations in U.S. jurisdictions during the next twelve months.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2018
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The total pension and other postretirement benefit income was $9 million and $19 million during the three and six months ended March 31, 2018 , respectively, and $17 million and $42 million during the three and six months ended March 31, 2017 , respectively. Contributions to the U.S. non-qualified and non-U.S. pension plans during the six months ended March 31, 2018 were $9 million . For the remainder of fiscal 2018 , Valvoline expects to contribute approximately $9 million to these plans, for a total of $18 million in fiscal 2018 . Components of net periodic benefit income Due to the freeze of U.S. pension benefits effective September 30, 2016, the only service costs are related to certain international pension benefits, and therefore, these costs are reported in the respective reportable segment and caption of the Condensed Consolidated Statements of Comprehensive Income as the other employee compensation costs from services rendered. All other components of net periodic benefit income are recognized below operating income within Net pension and other postretirement plan non-service income and remeasurement adjustments in the Condensed Consolidated Statements of Comprehensive Income. Effective January 1, 2017, Valvoline discontinued certain other postretirement health and life insurance benefits. The effect of these plan amendments resulted in a remeasurement gain of $8 million during the six months ended March 31, 2017 as shown in the table below. The following table summarizes the components of pension and other postretirement benefit income for the three and six months ended March 31: Other postretirement benefits Pension benefits (In millions) 2018 2017 2018 2017 Three months ended March 31 Service cost $ 1 $ — $ — $ — Interest cost 18 22 1 — Expected return on plan assets (26 ) (36 ) — — Amortization of prior service credit — — (3 ) (3 ) Net periodic benefit income $ (7 ) $ (14 ) $ (2 ) $ (3 ) Six months ended March 31 Service cost $ 1 $ 1 $ — $ — Interest cost 37 43 1 — Expected return on plan assets (52 ) (72 ) — — Amortization of prior service credit — — (6 ) (6 ) Actuarial gain — — — (8 ) Net periodic benefit income $ (14 ) $ (28 ) $ (5 ) $ (14 ) Multiemployer pension plan partial withdrawal Valvoline participates in two multiemployer pension plans that provide pension benefits to certain union-represented employees under the terms of collective bargaining agreements. Valvoline assumed responsibility for contributions to these plans in connection with the separation from Ashland. Contributions to these plans were not material for the three and six months ended March 31, 2018 and 2017. In April 2018, Valvoline received a demand for payment of a partial withdrawal liability assessment of approximately $30 million related to the sale of a business by Ashland in fiscal 2011 and the associated reduction in the number of employees covered by one of the multiemployer pension plans and the related decline in contributions. The Company plans to vigorously contest the assessment as well as the calculation method utilized in determining the assessment and will submit a formal arbitration request, if necessary. The Company's current best estimate of cost associated with this assessment is not material to the condensed consolidated financial statements as of and for the periods ended March 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES From time to time, Valvoline is party to lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company establishes liabilities for the outcome of such matters where losses are determined to be probable and reasonably estimable. Where appropriate, the Company has recorded liabilities with respect to these matters, which were immaterial for the periods presented as reflected in the condensed consolidated financial statements herein. There are certain claims and legal proceedings pending where loss is not determined to be probable or reasonably estimable, and therefore, accruals have not been made. In addition, Valvoline discloses matters for which management believes a material loss is at least reasonably possible. In all instances, management has assessed each matter based on current information available and made a judgment concerning its potential outcome, giving due consideration to the amount and nature of the claim and the probability of success. As disclosed herein, the Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable. Although the ultimate resolution of these matters cannot be predicted with certainty and there can be no assurances that the actual amounts required to satisfy alleged liabilities from these matters will not exceed the amounts reflected in the condensed consolidated financial statements, based on information available at this time, it is the opinion of management that such pending claims or proceedings will not have a material adverse effect on its condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following is the computation of basic and diluted EPS for the three and six months ended March 31, 2018 and 2017 . EPS is reported under the treasury stock method. Three months ended Six months ended March 31 March 31 (In millions except per share data) 2018 2017 2018 2017 Numerator Net income $ 67 $ 71 $ 57 $ 143 Denominator Weighted average shares used to compute basic EPS 200 205 201 205 Dilutive effect of share-based awards (a) — — 1 — Weighted average shares used to compute diluted EPS 200 205 202 205 Earnings per share Basic $ 0.33 $ 0.35 $ 0.28 $ 0.70 Diluted $ 0.33 $ 0.35 $ 0.28 $ 0.70 (a) During the three months ended March 31, 2018 and 2017, as well as the six months ended March 31, 2017 , there was no t a significant dilutive impact from potential common shares.

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Deficit	STOCKHOLDERS’ DEFICIT Changes in stockholders’ deficit in the six months ended March 31, 2018 were as follows: (In millions) Balance as of September 30, 2017 $ (117 ) Net income 57 Repurchases of common stock (a) (126 ) Stock-based compensation plans 4 Dividends paid, $0.149 per common share (30 ) Purchase of remaining ownership interest in subsidiary (b) (14 ) Accumulated other comprehensive income (loss), net of tax: Unrealized currency translation gain 4 Amortization of pension and other postretirement prior service credits in income (c) (4 ) Balance as of March 31, 2018 $ (226 ) (a) During the six months ended March 31, 2018 , the Company repurchased more than 5 million shares of its common stock for $126 million . Upon repurchase, shares are retired. (b) Refer to Note 3 for details regarding the Company’s purchase of the remaining ownership interest in a controlled and consolidated subsidiary during the six months ended March 31, 2018 . (c) Amortization of unrecognized prior service credits is included in net periodic benefit income within Net pension and other postretirement plan non-service income and remeasurement adjustments in the Condensed Consolidated Statements of Comprehensive Income.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS At March 31, 2018, Valvoline had total net obligations due to Ashland of $82 million , of which $3 million was recorded in Accrued expenses and other liabilities and the remainder was primarily recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets. At September 30, 2017 , Valvoline had total net obligations due to Ashland of $74 million , of which $2 million was recorded in Accrued expenses and other liabilities and the remainder was primarily recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheets. These liabilities generally relate to net obligations due to Ashland under the Tax Matters Agreement as well as reimbursements for certain other contractual obligations, including those related to transition services and other obligations that are intended to transfer to Valvoline as part of the Distribution of Ashland’s remaining interest in Valvoline. The increase in total net obligations due to Ashland from September 30, 2017 is primarily related to the change in obligations estimated as due under the Tax Matters Agreement related to the enactment of U.S. tax reform legislation in December 2017. Refer to Note 8 for additional details regarding the Tax Matters Agreement and related obligations.

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reportable Segment Information	REPORTABLE SEGMENT INFORMATION Valvoline manages and reports within the following three segments: • Core North America - sells Valvoline and other branded products and solutions in the United States and Canada to retailers for consumers to perform their own automotive and engine maintenance, as well as to installer and heavy-duty customers who use Valvoline products to service vehicles and equipment. • Quick Lubes - services the passenger car and light truck quick lube market through: company-owned and franchised Valvoline Instant Oil Change (“VIOC”) retail quick lube service stores, and its Express Care stores for independent operators to purchase Valvoline motor oil and other products and display Valvoline branded signage. • International - sells Valvoline and other branded products in approximately 140 countries outside of the United States and Canada for the maintenance of consumer and commercial vehicles and equipment. These segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the chief operating decision maker in assessing segment performance and in allocating the Company’s resources. Sales and operating income are the primary measures evaluated in assessing each reportable segment’s financial performance. Intersegment sales are not material, and assets are not regularly included in the assessment of segment performance; consequently, these items are not disclosed by segment herein. To maintain operating focus on business performance, certain corporate and non-operational items, including adjustments related to legacy businesses that no longer are attributed to Valvoline, are excluded from the segment operating results utilized by the chief operating decision maker in evaluating segment performance and are separately delineated within Unallocated and other to reconcile to total reported Operating income as shown in the table below. The following table presents sales and operating income for each reportable segment: (In millions) Three months ended March 31 Six months ended March 31 2018 2017 2018 2017 Sales Core North America $ 258 $ 253 $ 509 $ 490 Quick Lubes 158 128 312 255 International 153 133 293 258 Consolidated sales $ 569 $ 514 $ 1,114 $ 1,003 Operating income (loss) Core North America $ 46 $ 57 $ 89 $ 108 Quick Lubes 38 31 73 60 International 24 18 43 38 Total operating segments $ 108 $ 106 $ 205 $ 206 Unallocated and other (a) (8 ) (6 ) (17 ) (12 ) Consolidated operating income $ 100 $ 100 $ 188 $ 194 (a) Unallocated and other includes legacy and separation-related expenses, net.

Guarantor Financial Information

Guarantor Financial Information	6 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Guarantor Financial Information	GUARANTOR FINANCIAL INFORMATION The Senior Notes are general unsecured senior obligations of Valvoline Inc. and are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by the combined “Guarantor Subsidiaries.” Other subsidiaries (the “Non-Guarantor Subsidiaries”) largely represent the international operations of the Company, which do not guarantee the Senior Notes. Under the terms of the indentures, Valvoline Inc. and the Guarantor Subsidiaries each fully and unconditionally, jointly and severally, guarantee the payment of interest, principal and premium, if any, on each of the notes included in the Senior Notes. Refer to Note 7 for additional information. The Guarantor Subsidiaries are subject to release in certain circumstances, including (i) the sale of all of the capital stock of the subsidiary, (ii) the designation of the subsidiary as an “Unrestricted Subsidiary” under the indentures governing the Senior Notes; or (iii) the release of the subsidiary as a guarantor from the Company’s 2016 Senior Credit Agreement described further in Note 7. In connection with the registered exchange offers for the Senior Notes completed in December 2017, the Company is required to comply with Rule 3-10 of SEC Regulation S-X (“Rule 3-10”), and has therefore included the accompanying condensed consolidating financial statements in accordance with Rule 3-10(f) of SEC Regulation S-X. The following tables present, on a consolidating basis, the condensed statements of comprehensive income; condensed balance sheets; and condensed statements of cash flows for the parent issuer of these Senior Notes, the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and the eliminations necessary to arrive at the Company’s consolidated results. Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 441 $ 142 $ (14 ) $ 569 Cost of sales — 275 101 (14 ) 362 Gross profit — 166 41 — 207 Selling, general and administrative expenses 3 85 23 — 111 Legacy and separation-related expenses, net 1 7 — — 8 Equity and other (income) expenses — (14 ) 2 — (12 ) Operating (loss) income (4 ) 88 16 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (10 ) — — (10 ) Net interest and other financing expenses 13 2 1 — 16 (Loss) income before income taxes (17 ) 96 15 — 94 Income tax (benefit) expense (4 ) 28 3 — 27 Equity in net income of subsidiaries (80 ) (12 ) — 92 — Net income $ 67 $ 80 $ 12 $ (92 ) $ 67 Total comprehensive income $ 68 $ 80 $ 15 $ (95 ) $ 68 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 402 $ 127 $ (15 ) $ 514 Cost of sales — 241 90 (15 ) 316 Gross profit — 161 37 — 198 Selling, general and administrative expenses 2 72 23 — 97 Legacy and separation-related expenses, net — 6 — — 6 Equity and other (income) expenses — (8 ) 3 — (5 ) Operating (loss) income (2 ) 91 11 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (17 ) — — (17 ) Net interest and other financing expenses 8 — — — 8 (Loss) income before income taxes (10 ) 108 11 — 109 Income tax (benefit) expense (4 ) 40 2 — 38 Equity in net income of subsidiaries (77 ) (9 ) — 86 — Net income $ 71 $ 77 $ 9 $ (86 ) $ 71 Total comprehensive income $ 75 $ 81 $ 15 $ (96 ) $ 75 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 863 $ 276 $ (25 ) $ 1,114 Cost of sales — 538 199 (25 ) 712 Gross profit — 325 77 — 402 Selling, general and administrative expenses 7 166 45 — 218 Legacy and separation-related expenses, net 7 10 — — 17 Equity and other (income) expenses — (26 ) 5 — (21 ) Operating (loss) income (14 ) 175 27 — 188 Net pension and other postretirement plan non-service income and remeasurement adjustments — (20 ) — — (20 ) Net interest and other financing expenses 25 3 2 — 30 (Loss) income before income taxes (39 ) 192 25 — 178 Income tax expense 17 98 6 — 121 Equity in net income of subsidiaries (113 ) (19 ) — 132 — Net income $ 57 $ 113 $ 19 $ (132 ) $ 57 Total comprehensive income $ 57 $ 113 $ 22 $ (135 ) $ 57 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 779 $ 251 $ (27 ) $ 1,003 Cost of sales — 465 182 (27 ) 620 Gross profit — 314 69 — 383 Selling, general and administrative expenses 4 141 47 — 192 Legacy and separation-related expenses, net — 12 — — 12 Equity and other (income) expenses — (21 ) 6 — (15 ) Operating (loss) income (4 ) 182 16 — 194 Net pension and other postretirement plan non-service income and remeasurement adjustments — (43 ) — — (43 ) Net interest and other financing expenses 17 1 — — 18 (Loss) income before income taxes (21 ) 224 16 — 219 Income tax (benefit) expense (8 ) 78 6 — 76 Equity in net income of subsidiaries (156 ) (10 ) — 166 — Net income $ 143 $ 156 $ 10 $ (166 ) $ 143 Total comprehensive income $ 136 $ 149 $ 8 $ (157 ) $ 136 Condensed Consolidating Balance Sheets As of March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 21 $ 106 $ — $ 127 Accounts receivable, net — 66 515 (146 ) 435 Inventories, net — 112 82 — 194 Other current assets — 36 3 — 39 Total current assets — 235 706 (146 ) 795 Noncurrent assets Property, plant and equipment, net — 353 37 — 390 Goodwill and intangibles, net — 395 1 — 396 Equity method investments — 34 — — 34 Investment in subsidiaries 705 490 — (1,195 ) — Deferred income taxes 127 29 15 — 171 Other noncurrent assets 128 75 5 (125 ) 83 Total noncurrent assets 960 1,376 58 (1,320 ) 1,074 Total assets $ 960 $ 1,611 $ 764 $ (1,466 ) $ 1,869 Liabilities and Stockholders’ Deficit Current Liabilities Current portion of long-term debt $ 23 $ — $ — $ — $ 23 Trade and other payables — 281 59 (146 ) 194 Accrued expenses and other liabilities 110 57 31 — 198 Total current liabilities 133 338 90 (146 ) 415 Noncurrent liabilities Long-term debt 1,018 2 163 — 1,183 Employee benefit obligations — 296 20 — 316 Other noncurrent liabilities 35 270 1 (125 ) 181 Total noncurrent liabilities 1,053 568 184 (125 ) 1,680 Commitments and contingencies Stockholders’ (deficit) equity (226 ) 705 490 (1,195 ) (226 ) Total liabilities and stockholders’ deficit/equity $ 960 $ 1,611 $ 764 $ (1,466 ) $ 1,869 Condensed Consolidating Balance Sheets As of September 30, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 99 $ 102 $ — $ 201 Accounts receivable, net — 57 389 (61 ) 385 Inventories, net — 94 81 — 175 Other current assets — 25 4 — 29 Total current assets — 275 576 (61 ) 790 Noncurrent assets Property, plant and equipment, net — 353 38 — 391 Goodwill and intangibles, net — 333 2 — 335 Equity method investments — 30 — — 30 Investment in subsidiaries 606 447 — (1,053 ) — Deferred income taxes 145 122 14 — 281 Other noncurrent assets 314 80 6 (312 ) 88 Total noncurrent assets 1,065 1,365 60 (1,365 ) 1,125 Total assets $ 1,065 $ 1,640 $ 636 $ (1,426 ) $ 1,915 Liabilities and Stockholders’ Deficit Current Liabilities Short-term debt $ — $ — $ 75 $ — $ 75 Current portion of long-term debt 15 — — — 15 Trade and other payables 2 198 53 (61 ) 192 Accrued expenses and other liabilities 103 60 33 — 196 Total current liabilities 120 258 161 (61 ) 478 Noncurrent liabilities Long-term debt 1,032 2 — — 1,034 Employee benefit obligations — 321 21 — 342 Other noncurrent liabilities 30 453 7 (312 ) 178 Total noncurrent liabilities 1,062 776 28 (312 ) 1,554 Commitments and contingencies Stockholders’ (deficit) equity (117 ) 606 447 (1,053 ) (117 ) Total liabilities and stockholders’ deficit/equity $ 1,065 $ 1,640 $ 636 $ (1,426 ) $ 1,915 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flow (used in) provided by operating activities $ (24 ) $ 199 $ (67 ) $ — $ 108 Cash flows from investing activities Additions to property, plant and equipment — (28 ) (2 ) — (30 ) Acquisitions, net of cash required — (67 ) — — (67 ) Proceeds from sale of operations — 5 — — 5 Other investing activities, net — 1 — — 1 Return of advance from subsidiary 187 — — (187 ) — Total cash provided by (used in) investing activities 187 (89 ) (2 ) (187 ) (91 ) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 6 — 89 — 95 Repayments on borrowings (14 ) — (1 ) — (15 ) Repurchases of common stock (123 ) — — — (123 ) Purchase of additional ownership in subsidiary — — (15 ) — (15 ) Cash dividends paid (30 ) — — — (30 ) Other financing activities (2 ) (1 ) (2 ) — (5 ) Other intercompany activity, net — (187 ) — 187 — Total cash (used in) provided by financing activities (163 ) (188 ) 71 187 (93 ) Effect of currency exchange rate changes on cash and cash equivalents — — 2 — 2 (Decrease) increase in cash and cash equivalents — (78 ) 4 — (74 ) Cash and cash equivalents - beginning of year — 99 102 — 201 Cash and cash equivalents - end of period $ — $ 21 $ 106 $ — $ 127 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows provided by (used in) operating activities $ 93 $ 39 $ (62 ) $ — $ 70 Cash flows from investing activities Additions to property, plant and equipment — (27 ) — — (27 ) Acquisitions, net of cash required — (48 ) — — (48 ) Other investing activities, net — (1 ) — — (1 ) Advance from subsidiary 10 — — (10 ) — Total cash provided by (used in) investing activities 10 (76 ) — (10 ) (76 ) Cash flows from financing activities Net transfers to Ashland (2 ) — — — (2 ) Proceeds from borrowings — — 75 — 75 Repayments on borrowings (83 ) — — — (83 ) Cash dividends paid (20 ) — — — (20 ) Other intercompany activity, net 2 (12 ) — 10 — Total cash (used in) provided by financing activities (103 ) (12 ) 75 10 (30 ) Effect of currency exchange rate changes on cash and cash equivalents — — (1 ) — (1 ) (Decrease) increase in cash and cash equivalents — (49 ) 12 — (37 ) Cash and cash equivalents - beginning of year — 93 79 — 172 Cash and cash equivalents - end of period $ — $ 44 $ 91 $ — $ 135

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Dividend declared On April 18, 2018, the Board of Directors of Valvoline declared a quarterly cash dividend of $0.0745 per share on Valvoline common stock. The dividend is payable on June 15, 2018 to shareholders of record on June 1, 2018. Share repurchases The Company repurchased less than 2 million shares for an aggregate amount of $35 million in the period from April 1, 2018 through April 30, 2018 pursuant to the Board of Directors authorization on January 31, 2018 to repurchase up to $300 million of common stock through September 30, 2020 (the “2018 Share Repurchase Authorization”). The Company has $239 million in aggregate share repurchase authority remaining under the 2018 Share Repurchase Authorization.

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared by Valvoline Inc. (“Valvoline” or the “Company”) in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and Securities and Exchange Commission (“SEC”) regulations for interim financial reporting, which do not include all information and footnote disclosures normally included in annual financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with Valvoline’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts and disclosures. Actual results may vary from these estimates. In the opinion of management, the assumptions underlying the condensed consolidated financial statements for these interim periods are reasonable, and all adjustments considered necessary for a fair presentation have been made and are of a normal recurring nature unless otherwise disclosed herein. The results for the interim periods are not necessarily indicative of results to be expected for the entire year. Certain prior period amounts have been reclassified to conform to the current presentation.
Recent accounting pronouncements	Recent accounting pronouncements A description of new U.S. GAAP accounting standards issued and adopted during the current year is required in interim financial reporting. A detailed listing of recent accounting standards relevant to Valvoline is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2017. The following standards relevant to Valvoline were either issued or adopted in the current year, or are expected to have a meaningful impact on Valvoline in future periods. Recently adopted In the first fiscal quarter of 2018, Valvoline adopted the following: • In July 2015, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to simplify the subsequent measurement of certain inventories by replacing the current lower of cost or market test with a lower of cost or net realizable value test. The guidance applies only to inventories for which cost is determined by methods other than last-in, first out (“LIFO”) and retail inventory methods. Valvoline adopted this guidance prospectively on October 1, 2017. Valvoline utilizes LIFO to value approximately 70% of its gross inventory and there were no material differences in the Company’s previous valuation methodology for its remaining inventory using lower of cost or market to lower of cost or net realizable value. • In March 2017, the FASB issued accounting guidance that changed how employers who sponsor defined benefit pension and/or postretirement benefit plans present the net periodic benefit cost in the Condensed Consolidated Statements of Comprehensive Income. This guidance requires employers to present the service cost component of net periodic benefit cost in the same caption as other employee compensation costs for services rendered during the period. All other components of the net periodic benefit cost are presented separately outside of the operating income caption. Valvoline retrospectively adopted this guidance on October 1, 2017. Accordingly, Net pension and other postretirement plan non-service income and remeasurement adjustments has been reclassified to non-operating income for all periods presented within the Condensed Consolidated Statements of Comprehensive Income, which reduced previously reported operating income by $17 million and $43 million for the three and six months ended March 31, 2017, respectively. Issued but not yet adopted In May 2014, the FASB issued accounting guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, which supersedes most current revenue recognition guidance. This guidance introduces a five-step model for revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards under current guidance. The Company is evaluating the effect of adopting the new revenue guidance on its financial statements and does not currently expect it to have a material effect to net earnings. Based on an evaluation of current contracts and revenue streams to-date, Valvoline believes that most revenue transactions recorded under the new guidance will be substantially consistent with the treatment under existing guidance. The Company’s revenue transactions generally consist of a single performance obligation to transfer promised goods and are not accounted for under industry-specific guidance. The Company anticipates expanded footnote disclosures under the new revenue guidance. Management will continue to complete its assessment of revenue streams and implementation plans, including monitoring developments, and plans to finalize conclusions by the fourth quarter of fiscal 2018. Valvoline expects to adopt this guidance using the modified retrospective method, which would recognize the cumulative effect of the changes in retained earnings at the date of adoption, but would not retrospectively apply the new guidance to prior periods. Valvoline will adopt this standard in the first quarter of fiscal 2019 and will provide updated disclosures of the anticipated impacts of adoption in future filings. In February 2016, the FASB issued new accounting guidance related to lease transactions. The primary objective of this guidance is to increase transparency and comparability among organizations by requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by leases and to disclose key information about leasing arrangements. The Company expects to adopt the new guidance in the first quarter of fiscal 2020 using the modified retrospective method. While adoption is expected to lead to a material increase in the assets and liabilities recorded on the Condensed Consolidated Balance Sheet and an increase in footnote disclosures related to leases, the Company is in the process of developing assessment and implementation plans to identify and assess all forms of leases, analyze the practical expedients and determine the specific impacts on its condensed consolidated financial statements.
Inventories	INVENTORIES Certain lubricants are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method. Remaining inventories are carried at the lower of cost or net realizable value using the weighted average cost method.
Earnings Per Share	EPS is reported under the treasury stock method.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value	The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: March 31, 2018 September 30, 2017 Quoted prices in active markets for identical assets Quoted prices in active markets for identical assets (In millions) Fair Value Level 1 Fair Value Level 1 Assets Cash equivalents (a) $ 31 $ 31 $ 46 $ 46 Foreign currency derivatives (b) 1 1 1 1 Non-qualified trust funds (c) 28 28 30 30 Total assets at fair value $ 60 $ 60 $ 77 $ 77 Liabilities Foreign currency derivatives (d) $ 1 $ 1 $ 1 $ 1 Total liabilities at fair value $ 1 $ 1 $ 1 $ 1 (a) Included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. (b) Included in Other current assets in the Condensed Consolidated Balance Sheets. (c) As of March 31, 2018, $2 million of this balance is included in Other current assets , with the remainder included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. As of September 30, 2017, this balance is included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. (d) Included in Accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.
Summary of Fair Value of Debt	Carrying values shown in the following table are net of unamortized discounts and issuance costs. March 31, 2018 September 30, 2017 (In millions) Fair value Carrying value Unamortized discount and issuance costs Fair value Carrying value Unamortized discount and issuance costs 2024 Notes $ 385 $ 370 $ 5 $ 401 $ 370 $ 5 2025 Notes 389 395 5 408 394 6 Total $ 774 $ 765 $ 10 $ 809 $ 764 $ 11

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Summary of Consideration Paid and Assets and Liabilities Acquired	A summary follows of the aggregate cash consideration paid and the total assets acquired and liabilities assumed for the six months ended March 31: (In millions) 2018 2017 Inventory $ 1 $ — Property, plant and equipment 2 — Intangible assets 64 45 Other noncurrent assets — 3 Net assets acquired $ 67 $ 48

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Summary of Accounts Receivable	The following summarizes Valvoline’s accounts receivable: (In millions) March 31 September 30 Trade and other accounts receivable $ 441 $ 390 Less: Allowance for doubtful accounts (6 ) (5 ) $ 435 $ 385

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Summary of Inventory	The following summarizes Valvoline’s inventories: (In millions) March 31 September 30 Finished products $ 198 $ 180 Raw materials, supplies and work in process 33 31 LIFO reserves (33 ) (33 ) Obsolete inventory reserves (4 ) (3 ) $ 194 $ 175

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the changes in the carrying amount of goodwill by reportable segment and in total during the six months ended March 31, 2018. (In millions) Core North America Quick Lubes International Total September 30, 2017 $ 89 $ 201 $ 40 $ 330 Acquisitions (a) — 34 — 34 Dispositions (b) — (1 ) — (1 ) March 31, 2018 $ 89 $ 234 $ 40 $ 363 (a) Activity associated with the acquisitions of 56 service center stores from Henley Bluewater LLC and five other quick lubes service center stores, as well as adjustments related to prior year acquisitions. Refer to Note 3 for details regarding the acquisitions. (b) Activity associated with the derecognition of goodwill from the sale and disposition of two quick lubes service center stores. Refer to Note
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated amortization expense for each of the next five fiscal years, assuming no additional amortizable intangible assets, is as follows for the years ended September 30: (In millions) 2018 $ 5 2019 $ 5 2020 $ 5 2021 $ 5 2022 $ 4

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings and Long-term Debt	The following table summarizes Valvoline’s short-term borrowings and long-term debt: (In millions) March 31 2018 September 30 2017 2025 Notes $ 400 $ 400 2024 Notes 375 375 Term Loans 278 285 Trade Receivables Facility 163 75 Revolver — — Other (a) (10 ) (11 ) Total debt $ 1,206 $ 1,124 Short-term debt — 75 Current portion of long-term debt 23 15 Long-term debt $ 1,183 $ 1,034 (a) At March 31, 2018, Other includes $12 million of debt issuance cost discounts and $2 million of debt acquired through acquisitions. At September 30, 2017, Other included $13 million of debt issuance cost discounts and $2 million of debt acquired through acquisitions.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2018
Compensation and Retirement Disclosure [Abstract]
Components of Pension and Other Postretirement Benefit Income	The following table summarizes the components of pension and other postretirement benefit income for the three and six months ended March 31: Other postretirement benefits Pension benefits (In millions) 2018 2017 2018 2017 Three months ended March 31 Service cost $ 1 $ — $ — $ — Interest cost 18 22 1 — Expected return on plan assets (26 ) (36 ) — — Amortization of prior service credit — — (3 ) (3 ) Net periodic benefit income $ (7 ) $ (14 ) $ (2 ) $ (3 ) Six months ended March 31 Service cost $ 1 $ 1 $ — $ — Interest cost 37 43 1 — Expected return on plan assets (52 ) (72 ) — — Amortization of prior service credit — — (6 ) (6 ) Actuarial gain — — — (8 ) Net periodic benefit income $ (14 ) $ (28 ) $ (5 ) $ (14 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is the computation of basic and diluted EPS for the three and six months ended March 31, 2018 and 2017 . EPS is reported under the treasury stock method. Three months ended Six months ended March 31 March 31 (In millions except per share data) 2018 2017 2018 2017 Numerator Net income $ 67 $ 71 $ 57 $ 143 Denominator Weighted average shares used to compute basic EPS 200 205 201 205 Dilutive effect of share-based awards (a) — — 1 — Weighted average shares used to compute diluted EPS 200 205 202 205 Earnings per share Basic $ 0.33 $ 0.35 $ 0.28 $ 0.70 Diluted $ 0.33 $ 0.35 $ 0.28 $ 0.70 (a) During the three months ended March 31, 2018 and 2017, as well as the six months ended March 31, 2017 , there was no t a significant dilutive impact from potential common shares.

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	6 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Changes in Stockholders' Deficit	Changes in stockholders’ deficit in the six months ended March 31, 2018 were as follows: (In millions) Balance as of September 30, 2017 $ (117 ) Net income 57 Repurchases of common stock (a) (126 ) Stock-based compensation plans 4 Dividends paid, $0.149 per common share (30 ) Purchase of remaining ownership interest in subsidiary (b) (14 ) Accumulated other comprehensive income (loss), net of tax: Unrealized currency translation gain 4 Amortization of pension and other postretirement prior service credits in income (c) (4 ) Balance as of March 31, 2018 $ (226 ) (a) During the six months ended March 31, 2018 , the Company repurchased more than 5 million shares of its common stock for $126 million . Upon repurchase, shares are retired. (b) Refer to Note 3 for details regarding the Company’s purchase of the remaining ownership interest in a controlled and consolidated subsidiary during the six months ended March 31, 2018 . (c) Amortization of unrecognized prior service credits is included in net periodic benefit income within Net pension and other postretirement plan non-service income and remeasurement adjustments in the Condensed Consolidated Statements of Comprehensive Income.

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents sales and operating income for each reportable segment: (In millions) Three months ended March 31 Six months ended March 31 2018 2017 2018 2017 Sales Core North America $ 258 $ 253 $ 509 $ 490 Quick Lubes 158 128 312 255 International 153 133 293 258 Consolidated sales $ 569 $ 514 $ 1,114 $ 1,003 Operating income (loss) Core North America $ 46 $ 57 $ 89 $ 108 Quick Lubes 38 31 73 60 International 24 18 43 38 Total operating segments $ 108 $ 106 $ 205 $ 206 Unallocated and other (a) (8 ) (6 ) (17 ) (12 ) Consolidated operating income $ 100 $ 100 $ 188 $ 194 (a) Unallocated and other includes legacy and separation-related expenses, net.

Guarantor Financial Informati33

Guarantor Financial Information (Tables)	6 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Statements of Comprehensive Income	Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 441 $ 142 $ (14 ) $ 569 Cost of sales — 275 101 (14 ) 362 Gross profit — 166 41 — 207 Selling, general and administrative expenses 3 85 23 — 111 Legacy and separation-related expenses, net 1 7 — — 8 Equity and other (income) expenses — (14 ) 2 — (12 ) Operating (loss) income (4 ) 88 16 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (10 ) — — (10 ) Net interest and other financing expenses 13 2 1 — 16 (Loss) income before income taxes (17 ) 96 15 — 94 Income tax (benefit) expense (4 ) 28 3 — 27 Equity in net income of subsidiaries (80 ) (12 ) — 92 — Net income $ 67 $ 80 $ 12 $ (92 ) $ 67 Total comprehensive income $ 68 $ 80 $ 15 $ (95 ) $ 68 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 402 $ 127 $ (15 ) $ 514 Cost of sales — 241 90 (15 ) 316 Gross profit — 161 37 — 198 Selling, general and administrative expenses 2 72 23 — 97 Legacy and separation-related expenses, net — 6 — — 6 Equity and other (income) expenses — (8 ) 3 — (5 ) Operating (loss) income (2 ) 91 11 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (17 ) — — (17 ) Net interest and other financing expenses 8 — — — 8 (Loss) income before income taxes (10 ) 108 11 — 109 Income tax (benefit) expense (4 ) 40 2 — 38 Equity in net income of subsidiaries (77 ) (9 ) — 86 — Net income $ 71 $ 77 $ 9 $ (86 ) $ 71 Total comprehensive income $ 75 $ 81 $ 15 $ (96 ) $ 75 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 863 $ 276 $ (25 ) $ 1,114 Cost of sales — 538 199 (25 ) 712 Gross profit — 325 77 — 402 Selling, general and administrative expenses 7 166 45 — 218 Legacy and separation-related expenses, net 7 10 — — 17 Equity and other (income) expenses — (26 ) 5 — (21 ) Operating (loss) income (14 ) 175 27 — 188 Net pension and other postretirement plan non-service income and remeasurement adjustments — (20 ) — — (20 ) Net interest and other financing expenses 25 3 2 — 30 (Loss) income before income taxes (39 ) 192 25 — 178 Income tax expense 17 98 6 — 121 Equity in net income of subsidiaries (113 ) (19 ) — 132 — Net income $ 57 $ 113 $ 19 $ (132 ) $ 57 Total comprehensive income $ 57 $ 113 $ 22 $ (135 ) $ 57 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 779 $ 251 $ (27 ) $ 1,003 Cost of sales — 465 182 (27 ) 620 Gross profit — 314 69 — 383 Selling, general and administrative expenses 4 141 47 — 192 Legacy and separation-related expenses, net — 12 — — 12 Equity and other (income) expenses — (21 ) 6 — (15 ) Operating (loss) income (4 ) 182 16 — 194 Net pension and other postretirement plan non-service income and remeasurement adjustments — (43 ) — — (43 ) Net interest and other financing expenses 17 1 — — 18 (Loss) income before income taxes (21 ) 224 16 — 219 Income tax (benefit) expense (8 ) 78 6 — 76 Equity in net income of subsidiaries (156 ) (10 ) — 166 — Net income $ 143 $ 156 $ 10 $ (166 ) $ 143 Total comprehensive income $ 136 $ 149 $ 8 $ (157 ) $ 136
Condensed Income Statement	Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 441 $ 142 $ (14 ) $ 569 Cost of sales — 275 101 (14 ) 362 Gross profit — 166 41 — 207 Selling, general and administrative expenses 3 85 23 — 111 Legacy and separation-related expenses, net 1 7 — — 8 Equity and other (income) expenses — (14 ) 2 — (12 ) Operating (loss) income (4 ) 88 16 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (10 ) — — (10 ) Net interest and other financing expenses 13 2 1 — 16 (Loss) income before income taxes (17 ) 96 15 — 94 Income tax (benefit) expense (4 ) 28 3 — 27 Equity in net income of subsidiaries (80 ) (12 ) — 92 — Net income $ 67 $ 80 $ 12 $ (92 ) $ 67 Total comprehensive income $ 68 $ 80 $ 15 $ (95 ) $ 68 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 402 $ 127 $ (15 ) $ 514 Cost of sales — 241 90 (15 ) 316 Gross profit — 161 37 — 198 Selling, general and administrative expenses 2 72 23 — 97 Legacy and separation-related expenses, net — 6 — — 6 Equity and other (income) expenses — (8 ) 3 — (5 ) Operating (loss) income (2 ) 91 11 — 100 Net pension and other postretirement plan non-service income and remeasurement adjustments — (17 ) — — (17 ) Net interest and other financing expenses 8 — — — 8 (Loss) income before income taxes (10 ) 108 11 — 109 Income tax (benefit) expense (4 ) 40 2 — 38 Equity in net income of subsidiaries (77 ) (9 ) — 86 — Net income $ 71 $ 77 $ 9 $ (86 ) $ 71 Total comprehensive income $ 75 $ 81 $ 15 $ (96 ) $ 75 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 863 $ 276 $ (25 ) $ 1,114 Cost of sales — 538 199 (25 ) 712 Gross profit — 325 77 — 402 Selling, general and administrative expenses 7 166 45 — 218 Legacy and separation-related expenses, net 7 10 — — 17 Equity and other (income) expenses — (26 ) 5 — (21 ) Operating (loss) income (14 ) 175 27 — 188 Net pension and other postretirement plan non-service income and remeasurement adjustments — (20 ) — — (20 ) Net interest and other financing expenses 25 3 2 — 30 (Loss) income before income taxes (39 ) 192 25 — 178 Income tax expense 17 98 6 — 121 Equity in net income of subsidiaries (113 ) (19 ) — 132 — Net income $ 57 $ 113 $ 19 $ (132 ) $ 57 Total comprehensive income $ 57 $ 113 $ 22 $ (135 ) $ 57 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 779 $ 251 $ (27 ) $ 1,003 Cost of sales — 465 182 (27 ) 620 Gross profit — 314 69 — 383 Selling, general and administrative expenses 4 141 47 — 192 Legacy and separation-related expenses, net — 12 — — 12 Equity and other (income) expenses — (21 ) 6 — (15 ) Operating (loss) income (4 ) 182 16 — 194 Net pension and other postretirement plan non-service income and remeasurement adjustments — (43 ) — — (43 ) Net interest and other financing expenses 17 1 — — 18 (Loss) income before income taxes (21 ) 224 16 — 219 Income tax (benefit) expense (8 ) 78 6 — 76 Equity in net income of subsidiaries (156 ) (10 ) — 166 — Net income $ 143 $ 156 $ 10 $ (166 ) $ 143 Total comprehensive income $ 136 $ 149 $ 8 $ (157 ) $ 136
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets As of March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 21 $ 106 $ — $ 127 Accounts receivable, net — 66 515 (146 ) 435 Inventories, net — 112 82 — 194 Other current assets — 36 3 — 39 Total current assets — 235 706 (146 ) 795 Noncurrent assets Property, plant and equipment, net — 353 37 — 390 Goodwill and intangibles, net — 395 1 — 396 Equity method investments — 34 — — 34 Investment in subsidiaries 705 490 — (1,195 ) — Deferred income taxes 127 29 15 — 171 Other noncurrent assets 128 75 5 (125 ) 83 Total noncurrent assets 960 1,376 58 (1,320 ) 1,074 Total assets $ 960 $ 1,611 $ 764 $ (1,466 ) $ 1,869 Liabilities and Stockholders’ Deficit Current Liabilities Current portion of long-term debt $ 23 $ — $ — $ — $ 23 Trade and other payables — 281 59 (146 ) 194 Accrued expenses and other liabilities 110 57 31 — 198 Total current liabilities 133 338 90 (146 ) 415 Noncurrent liabilities Long-term debt 1,018 2 163 — 1,183 Employee benefit obligations — 296 20 — 316 Other noncurrent liabilities 35 270 1 (125 ) 181 Total noncurrent liabilities 1,053 568 184 (125 ) 1,680 Commitments and contingencies Stockholders’ (deficit) equity (226 ) 705 490 (1,195 ) (226 ) Total liabilities and stockholders’ deficit/equity $ 960 $ 1,611 $ 764 $ (1,466 ) $ 1,869 Condensed Consolidating Balance Sheets As of September 30, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 99 $ 102 $ — $ 201 Accounts receivable, net — 57 389 (61 ) 385 Inventories, net — 94 81 — 175 Other current assets — 25 4 — 29 Total current assets — 275 576 (61 ) 790 Noncurrent assets Property, plant and equipment, net — 353 38 — 391 Goodwill and intangibles, net — 333 2 — 335 Equity method investments — 30 — — 30 Investment in subsidiaries 606 447 — (1,053 ) — Deferred income taxes 145 122 14 — 281 Other noncurrent assets 314 80 6 (312 ) 88 Total noncurrent assets 1,065 1,365 60 (1,365 ) 1,125 Total assets $ 1,065 $ 1,640 $ 636 $ (1,426 ) $ 1,915 Liabilities and Stockholders’ Deficit Current Liabilities Short-term debt $ — $ — $ 75 $ — $ 75 Current portion of long-term debt 15 — — — 15 Trade and other payables 2 198 53 (61 ) 192 Accrued expenses and other liabilities 103 60 33 — 196 Total current liabilities 120 258 161 (61 ) 478 Noncurrent liabilities Long-term debt 1,032 2 — — 1,034 Employee benefit obligations — 321 21 — 342 Other noncurrent liabilities 30 453 7 (312 ) 178 Total noncurrent liabilities 1,062 776 28 (312 ) 1,554 Commitments and contingencies Stockholders’ (deficit) equity (117 ) 606 447 (1,053 ) (117 ) Total liabilities and stockholders’ deficit/equity $ 1,065 $ 1,640 $ 636 $ (1,426 ) $ 1,915
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2018 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flow (used in) provided by operating activities $ (24 ) $ 199 $ (67 ) $ — $ 108 Cash flows from investing activities Additions to property, plant and equipment — (28 ) (2 ) — (30 ) Acquisitions, net of cash required — (67 ) — — (67 ) Proceeds from sale of operations — 5 — — 5 Other investing activities, net — 1 — — 1 Return of advance from subsidiary 187 — — (187 ) — Total cash provided by (used in) investing activities 187 (89 ) (2 ) (187 ) (91 ) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 6 — 89 — 95 Repayments on borrowings (14 ) — (1 ) — (15 ) Repurchases of common stock (123 ) — — — (123 ) Purchase of additional ownership in subsidiary — — (15 ) — (15 ) Cash dividends paid (30 ) — — — (30 ) Other financing activities (2 ) (1 ) (2 ) — (5 ) Other intercompany activity, net — (187 ) — 187 — Total cash (used in) provided by financing activities (163 ) (188 ) 71 187 (93 ) Effect of currency exchange rate changes on cash and cash equivalents — — 2 — 2 (Decrease) increase in cash and cash equivalents — (78 ) 4 — (74 ) Cash and cash equivalents - beginning of year — 99 102 — 201 Cash and cash equivalents - end of period $ — $ 21 $ 106 $ — $ 127 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2017 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows provided by (used in) operating activities $ 93 $ 39 $ (62 ) $ — $ 70 Cash flows from investing activities Additions to property, plant and equipment — (27 ) — — (27 ) Acquisitions, net of cash required — (48 ) — — (48 ) Other investing activities, net — (1 ) — — (1 ) Advance from subsidiary 10 — — (10 ) — Total cash provided by (used in) investing activities 10 (76 ) — (10 ) (76 ) Cash flows from financing activities Net transfers to Ashland (2 ) — — — (2 ) Proceeds from borrowings — — 75 — 75 Repayments on borrowings (83 ) — — — (83 ) Cash dividends paid (20 ) — — — (20 ) Other intercompany activity, net 2 (12 ) — 10 — Total cash (used in) provided by financing activities (103 ) (12 ) 75 10 (30 ) Effect of currency exchange rate changes on cash and cash equivalents — — (1 ) — (1 ) (Decrease) increase in cash and cash equivalents — (49 ) 12 — (37 ) Cash and cash equivalents - beginning of year — 93 79 — 172 Cash and cash equivalents - end of period $ — $ 44 $ 91 $ — $ 135

Basis of Presentation and Sig34

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Percentage of inventory valued using the LIFO method	70.00%		70.00%
Reduction to operating income	$ (100)	$ (100)	$ (188)	$ (194)
Accounting Standards Update 2017-07
Reduction to operating income		$ 17		$ 43

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Assets
Cash equivalents	$ 31	$ 46
Foreign currency derivatives	1	1
Non-qualified trust funds	28	30
Total assets at fair value	60	77
Liabilities
Foreign currency derivatives	1	1
Total liabilities at fair value	1	1
Quoted prices in active markets for identical assets, Level 1
Assets
Cash equivalents	31	46
Foreign currency derivatives	1	1
Non-qualified trust funds	28	30
Total assets at fair value	60	77
Liabilities
Foreign currency derivatives	1	1
Total liabilities at fair value	1	$ 1
Other Current Assets
Assets
Non-qualified trust funds	$ 2

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2018	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2016
Senior Notes | 2024 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on senior unsecured notes				5.50%
Aggregate principal amount				$ 375,000,000
Senior Notes | 2025 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on senior unsecured notes			4.375%
Aggregate principal amount			$ 400,000,000
Foreign Exchange Contract | Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding derivative contracts notional value	$ 33,000,000	$ 47,000,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount and issuance costs	$ 12	$ 13
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	774	809
Level 2 | Fair Value | Senior Notes | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	385	401
Level 2 | Fair Value | Senior Notes | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	389	408
Level 2 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	765	764
Unamortized discount and issuance costs	10	11
Level 2 | Carrying Value | Senior Notes | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	370	370
Unamortized discount and issuance costs	5	5
Level 2 | Carrying Value | Senior Notes | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	395	394
Unamortized discount and issuance costs	$ 5	$ 6

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Details) $ in Millions	Oct. 02, 2017USD ($)franchise	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2018USD ($)service_center_storefranchise	Mar. 31, 2017USD ($)service_center_storefranchise	Nov. 30, 2017	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Number of service center stores | service_center_store				61	33
Consideration for acquisition				$ 67	$ 48
Number of franchise locations acquired | franchise				59	5
Goodwill acquired				$ 363			$ 330
Weighted average remaining term				7 years
Proceeds from disposal				$ 5	$ 0
Gain on sale				4	$ 0
Henley Bluewater, LLC
Business Acquisition [Line Items]
Consideration for acquisition	$ 60
Number of franchise locations acquired | franchise	56
Goodwill acquired				40
Reacquired franchise rights				$ 24
Purchase accounting adjustment, increase in finite lived intangible assets			$ (6)
Thailand
Business Acquisition [Line Items]
Equity method ownership percentage						70.00%
Additional ownership percentage of joint venture, purchased		30.00%
Consideration paid to acquire additional interest in subsidiary		$ 16
Quick Lubes
Business Acquisition [Line Items]
Number of service center stores | service_center_store				5
Goodwill acquired				$ 234			$ 201
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Quick Lubes
Business Acquisition [Line Items]
Number of service center stores | service_center_store				2
Proceeds from disposal				$ 5
Gain on sale				$ 3

Acquisitions and Dispositions39

Acquisitions and Dispositions - Summary of Consideration Paid and Assets and Liabilities Acquired (Details) - Henley Bluewater, LLC - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Inventory	$ 1	$ 0
Property, plant and equipment	2	0
Intangible assets	64	45
Other noncurrent assets	0	3
Net assets acquired	$ 67	$ 48

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Receivables [Abstract]
Trade and other accounts receivable	$ 441	$ 390
Less: Allowance for doubtful accounts	(6)	(5)
Accounts receivable	$ 435	$ 385

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Receivables [Abstract]
Accounts receivable sold to financial institutions	$ 50	$ 11

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Finished products	$ 198	$ 180
Raw materials, supplies and work in process	33	31
LIFO reserves	(33)	(33)
Obsolete inventory reserves	(4)	(3)
Inventories	$ 194	$ 175

Goodwill and Other Intangible43

Goodwill and Other Intangibles - Summary of Goodwill by Segment (Details) $ in Millions	Oct. 02, 2017franchise	Mar. 31, 2018USD ($)service_center_storefranchise	Mar. 31, 2017service_center_storefranchise
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 330
Acquisitions		34
Dispositions		(1)
Goodwill, ending balance		$ 363
Number of franchise locations acquired | franchise		59	5
Number of service center stores | service_center_store		61	33
Core North America
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 89
Acquisitions		0
Dispositions		0
Goodwill, ending balance		89
Quick Lubes
Goodwill [Roll Forward]
Goodwill, beginning balance		201
Acquisitions		34
Dispositions		(1)
Goodwill, ending balance		$ 234
Number of service center stores | service_center_store		5
International
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 40
Acquisitions		0
Dispositions		0
Goodwill, ending balance		40
Henley Bluewater, LLC
Goodwill [Roll Forward]
Goodwill, ending balance		$ 40
Number of franchise locations acquired | franchise	56
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Quick Lubes
Goodwill [Roll Forward]
Number of service center stores | service_center_store		2

Goodwill and Other Intangible44

Goodwill and Other Intangibles - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets, net of accumulated amortization	$ 39	$ 39
Accumulated amortization on intangible assets	6	6
Amortization expense on intangible assets	$ 2	$ 2

Goodwill and Other Intangible45

Goodwill and Other Intangibles - Future Amortization of Other Intangible Assets (Details) $ in Millions	Mar. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 5
2,019	5
2,020	5
2,021	5
2,022	$ 4

Debt Obligations - Schedule of

Debt Obligations - Schedule of Short-Term Borrowings and Long Term Debt (Details) - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Short-term debt	$ 0	$ 75,000,000
Other	(10,000,000)	(11,000,000)
Total debt	1,206,000,000	1,124,000,000
Current portion of long-term debt	23,000,000	15,000,000
Long-term debt	1,183,000,000	1,034,000,000
Debt issuance cost discounts	12,000,000	13,000,000
Debt acquired through acquisitions	2,000,000	2,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Short-term debt	0	0
2025 Notes | Senior Notes
Debt Instrument [Line Items]
Debt gross	400,000,000	400,000,000
2024 Notes | Senior Notes
Debt Instrument [Line Items]
Debt gross	375,000,000	375,000,000
Term Loans | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt gross	278,000,000	285,000,000
Trade Receivables Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt	163,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Short-term debt	$ 0	0
Line of Credit | Trade Receivables Facility | Secured Debt
Debt Instrument [Line Items]
Short-term debt		$ 75,000,000

Debt Obligations - Senior Notes

Debt Obligations - Senior Notes (Details) - USD ($)	1 Months Ended		6 Months Ended
	Aug. 31, 2017	Jul. 31, 2016	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Proceeds from borrowings			$ 95,000,000	$ 75,000,000
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Interest rate on senior unsecured notes	4.375%
Aggregate principal amount	$ 400,000,000
Proceeds from borrowings	$ 394,000,000
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Interest rate on senior unsecured notes		5.50%
Aggregate principal amount		$ 375,000,000
Proceeds from borrowings		$ 370,000,000

Debt Obligations - Senior Credi

Debt Obligations - Senior Credit Agreement (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Short-term debt	$ 0	$ 0	$ 75,000,000
2016 Credit Facilities
Debt Instrument [Line Items]
Principal amount of line of credit	$ 1,325,000,000	$ 1,325,000,000
2016 Credit Facilities | LIBOR | Minimum
Debt Instrument [Line Items]
Spread on variable rates		1.50%
2016 Credit Facilities | LIBOR | Maximum
Debt Instrument [Line Items]
Spread on variable rates		2.50%
2016 Credit Facilities | Base Rate | Minimum
Debt Instrument [Line Items]
Spread on variable rates		0.50%
2016 Credit Facilities | Base Rate | Maximum
Debt Instrument [Line Items]
Spread on variable rates		1.50%
Line of Credit | 2016 Credit Facilities
Debt Instrument [Line Items]
Maximum consolidated interest coverage ratio	4.5	4.5
Minimum consolidated interest coverage ratio	3	3
Secured Debt | Term Loans
Debt Instrument [Line Items]
Principal amount of line of credit	$ 875,000,000	$ 875,000,000
Secured Debt | Line of Credit | Term Loans
Debt Instrument [Line Items]
Term of debt		5 years
Due in fiscal 2018	4,000,000	$ 4,000,000
Due in fiscal 2019	8,000,000	8,000,000
Due in fiscal 2020	8,000,000	8,000,000
Due in fiscal 2021	15,000,000	15,000,000
Revolver
Debt Instrument [Line Items]
Principal amount of line of credit	450,000,000	450,000,000
Repayments of revolving credit facility	7,000,000	7,000,000
Borrowings from revolving credit facility	7,000,000	7,000,000
Total borrowing capacity remaining	439,000,000	$ 439,000,000
Revolver | Line of Credit
Debt Instrument [Line Items]
Term of debt		5 years
Short-term debt	0	$ 0	0
Letter of Credit
Debt Instrument [Line Items]
Principal amount of line of credit	100,000,000	100,000,000
Letters of credit outstanding	11,000,000	11,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Short-term debt	$ 0	$ 0	$ 0

Debt Obligations - Trade Receiv

Debt Obligations - Trade Receivables Facility (Details) - USD ($)	Nov. 29, 2016	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2018	Mar. 31, 2017	Nov. 20, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Proceeds from borrowings						$ 95,000,000	$ 75,000,000
Repayments of long-term debt						15,000,000	$ 83,000,000
Short-term debt outstanding amount		$ 0				0			$ 75,000,000
Secured Debt | Trade Receivables Facility
Debt Instrument [Line Items]
Principal amount of line of credit	$ 125,000,000							$ 175,000,000
Secured Debt | Line of Credit | Trade Receivables Facility
Debt Instrument [Line Items]
Proceeds from borrowings			$ 89,000,000
Repayments of long-term debt						1,000,000
Long-term debt outstanding amount		163,000,000				163,000,000
Total borrowing capacity remaining		$ 12,000,000				$ 12,000,000
Weighted average interest rates		2.60%		1.60%		2.40%	1.60%
Line of Credit | Secured Debt | Trade Receivables Facility
Debt Instrument [Line Items]
Term of debt	1 year
Proceeds from borrowings					$ 75,000,000
Short-term debt outstanding amount									75,000,000
Financing Subsidiary | Secured Debt | Line of Credit | Trade Receivables Facility
Debt Instrument [Line Items]
Accounts receivable pledged as collateral		$ 281,000,000				$ 281,000,000			$ 247,000,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Contingency [Line Items]
Income tax expense	$ 27	$ 38	$ 121	$ 76
Effective tax rate	28.70%	34.90%	68.00%	34.70%
Tax cuts and jobs act of 2017, income tax expense (benefit)			$ 70
US corporate federal blended income tax rate			24.50%
Increase in income tax resulting from U.S. tax reform legislation			$ 67
Repatriation tax on unremitted non-U.S. earnings			4
Estimated incremental withholding taxes	$ 2		2
Net deferred tax assets						$ 281
Gross liability	22		22
Foreign tax credits			18
Liability for uncertain income tax positions	10		10
Tax Matters Agreement | Ashland
Income Tax Contingency [Line Items]
Due to (from) related party	82		82			74
Tax Matters Agreement | Ashland | Accrued expenses and other liabilities
Income Tax Contingency [Line Items]
Due to (from) related party	3		3			2
Ashland | Tax Matters Agreement | Ashland
Income Tax Contingency [Line Items]
Income tax expense			3
Tax cuts and jobs act of 2017, income tax expense (benefit)			(3)
Increase in due to affiliates recognized in selling, general and administrative expense			7
Due to (from) related party	69		69			62
Ashland | Tax Matters Agreement | Ashland | Accrued expenses and other liabilities
Income Tax Contingency [Line Items]
Due to (from) related party	3		3			1
Ashland | Tax Matters Agreement | Ashland | Other noncurrent liabilities
Income Tax Contingency [Line Items]
Due to (from) related party	$ 66		66			$ 61
Scenario, Forecast
Income Tax Contingency [Line Items]
Uncertain tax positions from decreases in positions taken in the next twelve months					$ 3
Legacy and Separation-related Expenses, net | Ashland | Tax Matters Agreement | Ashland
Income Tax Contingency [Line Items]
Increase in due to affiliates recognized in selling, general and administrative expense			$ 8

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Apr. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit expense (income)	$ (9)	$ (17)	$ (19)	$ (42)
Gain (loss) from actuarial remeasurements			0	8
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Pension and other postretirement benefit expense (income)	(7)	$ (14)	(14)	$ (28)
Pension plan contributions			9
Expected pension contributions for the remainder of fiscal 2018	$ 9		9
Total expected pension contributions for fiscal 2018			$ 18
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Estimated partial withdrawal liability					$ 30

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Pension and Other Postretirement Benefit Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit income	$ (9)	$ (17)	$ (19)	$ (42)
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	0	1	1
Interest cost	18	22	37	43
Expected return on plan assets	(26)	(36)	(52)	(72)
Amortization of prior service credit	0	0	0	0
Actuarial gain			0	0
Net periodic benefit income	(7)	(14)	(14)	(28)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	1	0	1	0
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(3)	(3)	(6)	(6)
Actuarial gain			0	(8)
Net periodic benefit income	$ (2)	$ (3)	$ (5)	$ (14)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net income	$ 67	$ 71	$ 57	$ 143
Denominator
Weighted-average shares used to compute basic EPS (shares)	200	205	201	205
Dilutive effect of share-based awards (shares)	0	0	1	0
Weighted-average shares used to compute diluted EPS (shares)	200	205	202	205
Earnings per share
Basic (usd per share)	$ 0.33	$ 0.35	$ 0.28	$ 0.70
Diluted (usd per share)	$ 0.33	$ 0.35	$ 0.28	$ 0.70
Stock Compensation Plan
Earnings per share
Common shares related to stock-based compensation excluded from diluted earnings per share calculation due to anti-dilutive effect (shares)	0	0	0	0

Stockholders' Deficit - Schedul

Stockholders' Deficit - Schedule of Changes in Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of September 30, 2017			$ (117)
Net income	$ 67	$ 71	57	$ 143
Repurchases of common stock			(126)
Stock-based compensation plans			4
Dividends paid per common share			(30)
Purchase of remaining ownership interest in subsidiary			(14)
Accumulated other comprehensive income (loss), net of tax:
Unrealized translation gain	3	6	4	(3)
Amortization of pension and other postretirement prior service credits in income	(2)	$ (2)	(4)	$ (4)
Balance as of March 31, 2018	$ (226)		$ (226)
Dividend per share (usd per share)			$ 0.149
Repurchase of common stock (shares)			5,000,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Tax Matters Agreement - Ashland - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Due to (from) related party	$ 82	$ 74
Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Due to (from) related party	$ 3	$ 2

Reportable Segment Informatio56

Reportable Segment Information - Narrative (Details)	6 Months Ended
	Mar. 31, 2018countrysegment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
International
Segment Reporting Information [Line Items]
Number of countries where our products are sold | country	140

Reportable Segment Informatio57

Reportable Segment Information - Sales and Operating Income by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Sales	$ 569	$ 514	$ 1,114	$ 1,003
Operating income (loss)	100	100	188	194
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	108	106	205	206
Operating Segments | Core North America
Segment Reporting Information [Line Items]
Sales	258	253	509	490
Operating income (loss)	46	57	89	108
Operating Segments | Quick Lubes
Segment Reporting Information [Line Items]
Sales	158	128	312	255
Operating income (loss)	38	31	73	60
Operating Segments | International
Segment Reporting Information [Line Items]
Sales	153	133	293	258
Operating income (loss)	24	18	43	38
Unallocated and Other
Segment Reporting Information [Line Items]
Operating income (loss)	$ (8)	$ (6)	$ (17)	$ (12)

Guarantor Financial Informati58

Guarantor Financial Information - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Net Income (Loss) Attributable to Parent [Abstract]
Sales	$ 569	$ 514	$ 1,114	$ 1,003
Cost of sales	362	316	712	620
Gross profit	207	198	402	383
Selling, general and administrative expenses	111	97	218	192
Legacy and separation-related expenses, net	8	6	17	12
Equity and other (income) expenses	(12)	(5)	(21)	(15)
Operating income	100	100	188	194
Net pension and other postretirement plan non-service income and remeasurement adjustments	(10)	(17)	(20)	(43)
Net interest and other financing expenses	16	8	30	18
(Loss) income before income taxes	94	109	178	219
Income tax expense	27	38	121	76
Equity in net income of subsidiaries	0	0	0	0
Net income	67	71	57	143
Comprehensive income	68	75	57	136
Eliminations
Net Income (Loss) Attributable to Parent [Abstract]
Sales	(14)	(15)	(25)	(27)
Cost of sales	(14)	(15)	(25)	(27)
Gross profit	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Legacy and separation-related expenses, net	0	0	0	0
Equity and other (income) expenses	0	0	0	0
Operating income	0	0	0	0
Net pension and other postretirement plan non-service income and remeasurement adjustments	0	0	0	0
Net interest and other financing expenses	0	0	0	0
(Loss) income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Equity in net income of subsidiaries	92	86	132	166
Net income	(92)	(86)	(132)	(166)
Comprehensive income	(95)	(96)	(135)	(157)
Valvoline Inc. (Parent Issuer) | Reportable Legal Entities
Net Income (Loss) Attributable to Parent [Abstract]
Sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative expenses	3	2	7	4
Legacy and separation-related expenses, net	1	0	7	0
Equity and other (income) expenses	0	0	0	0
Operating income	(4)	(2)	(14)	(4)
Net pension and other postretirement plan non-service income and remeasurement adjustments	0	0	0	0
Net interest and other financing expenses	13	8	25	17
(Loss) income before income taxes	(17)	(10)	(39)	(21)
Income tax expense	(4)	(4)	17	(8)
Equity in net income of subsidiaries	(80)	(77)	(113)	(156)
Net income	67	71	57	143
Comprehensive income	68	75	57	136
Guarantor Subsidiaries | Reportable Legal Entities
Net Income (Loss) Attributable to Parent [Abstract]
Sales	441	402	863	779
Cost of sales	275	241	538	465
Gross profit	166	161	325	314
Selling, general and administrative expenses	85	72	166	141
Legacy and separation-related expenses, net	7	6	10	12
Equity and other (income) expenses	(14)	(8)	(26)	(21)
Operating income	88	91	175	182
Net pension and other postretirement plan non-service income and remeasurement adjustments	(10)	(17)	(20)	(43)
Net interest and other financing expenses	2	0	3	1
(Loss) income before income taxes	96	108	192	224
Income tax expense	28	40	98	78
Equity in net income of subsidiaries	(12)	(9)	(19)	(10)
Net income	80	77	113	156
Comprehensive income	80	81	113	149
Non-Guarantor Subsidiaries | Reportable Legal Entities
Net Income (Loss) Attributable to Parent [Abstract]
Sales	142	127	276	251
Cost of sales	101	90	199	182
Gross profit	41	37	77	69
Selling, general and administrative expenses	23	23	45	47
Legacy and separation-related expenses, net	0	0	0	0
Equity and other (income) expenses	2	3	5	6
Operating income	16	11	27	16
Net pension and other postretirement plan non-service income and remeasurement adjustments	0	0	0	0
Net interest and other financing expenses	1	0	2	0
(Loss) income before income taxes	15	11	25	16
Income tax expense	3	2	6	6
Equity in net income of subsidiaries	0	0	0	0
Net income	12	9	19	10
Comprehensive income	$ 15	$ 15	$ 22	$ 8

Guarantor Financial Informati59

Guarantor Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016
Current assets
Cash and cash equivalents	$ 127	$ 201	$ 135	$ 172
Accounts receivable, net	435	385
Inventories, net	194	175
Other current assets	39	29
Total current assets	795	790
Noncurrent assets
Property, plant and equipment, net	390	391
Goodwill and intangibles, net	396	335
Equity method investments	34	30
Investment in subsidiaries	0	0
Deferred income taxes	171	281
Other noncurrent assets	83	88
Total noncurrent assets	1,074	1,125
Total assets	1,869	1,915
Current liabilities
Short-term debt	0	75
Current portion of long-term debt	23	15
Trade and other payables	194	192
Accrued expenses and other liabilities	198	196
Total current liabilities	415	478
Noncurrent liabilities
Long-term debt	1,183	1,034
Employee benefit obligations	316	342
Other noncurrent liabilities	181	178
Total noncurrent liabilities	1,680	1,554
Commitments and contingencies
Stockholders’ (deficit) equity	(226)	(117)
Total liabilities and stockholders’ deficit	1,869	1,915
Eliminations
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	(146)	(61)
Inventories, net	0	0
Other current assets	0	0
Total current assets	(146)	(61)
Noncurrent assets
Property, plant and equipment, net	0	0
Goodwill and intangibles, net	0	0
Equity method investments	0	0
Investment in subsidiaries	(1,195)	(1,053)
Deferred income taxes	0	0
Other noncurrent assets	(125)	(312)
Total noncurrent assets	(1,320)	(1,365)
Total assets	(1,466)	(1,426)
Current liabilities
Short-term debt		0
Current portion of long-term debt	0	0
Trade and other payables	(146)	(61)
Accrued expenses and other liabilities	0	0
Total current liabilities	(146)	(61)
Noncurrent liabilities
Long-term debt	0	0
Employee benefit obligations	0	0
Other noncurrent liabilities	(125)	(312)
Total noncurrent liabilities	(125)	(312)
Commitments and contingencies
Stockholders’ (deficit) equity	(1,195)	(1,053)
Total liabilities and stockholders’ deficit	(1,466)	(1,426)
Valvoline Inc. (Parent Issuer) | Reportable Legal Entities
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Inventories, net	0	0
Other current assets	0	0
Total current assets	0	0
Noncurrent assets
Property, plant and equipment, net	0	0
Goodwill and intangibles, net	0	0
Equity method investments	0	0
Investment in subsidiaries	705	606
Deferred income taxes	127	145
Other noncurrent assets	128	314
Total noncurrent assets	960	1,065
Total assets	960	1,065
Current liabilities
Short-term debt		0
Current portion of long-term debt	23	15
Trade and other payables	0	2
Accrued expenses and other liabilities	110	103
Total current liabilities	133	120
Noncurrent liabilities
Long-term debt	1,018	1,032
Employee benefit obligations	0	0
Other noncurrent liabilities	35	30
Total noncurrent liabilities	1,053	1,062
Commitments and contingencies
Stockholders’ (deficit) equity	(226)	(117)
Total liabilities and stockholders’ deficit	960	1,065
Guarantor Subsidiaries | Reportable Legal Entities
Current assets
Cash and cash equivalents	21	99	44	93
Accounts receivable, net	66	57
Inventories, net	112	94
Other current assets	36	25
Total current assets	235	275
Noncurrent assets
Property, plant and equipment, net	353	353
Goodwill and intangibles, net	395	333
Equity method investments	34	30
Investment in subsidiaries	490	447
Deferred income taxes	29	122
Other noncurrent assets	75	80
Total noncurrent assets	1,376	1,365
Total assets	1,611	1,640
Current liabilities
Short-term debt		0
Current portion of long-term debt	0	0
Trade and other payables	281	198
Accrued expenses and other liabilities	57	60
Total current liabilities	338	258
Noncurrent liabilities
Long-term debt	2	2
Employee benefit obligations	296	321
Other noncurrent liabilities	270	453
Total noncurrent liabilities	568	776
Commitments and contingencies
Stockholders’ (deficit) equity	705	606
Total liabilities and stockholders’ deficit	1,611	1,640
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets
Cash and cash equivalents	106	102	$ 91	$ 79
Accounts receivable, net	515	389
Inventories, net	82	81
Other current assets	3	4
Total current assets	706	576
Noncurrent assets
Property, plant and equipment, net	37	38
Goodwill and intangibles, net	1	2
Equity method investments	0	0
Investment in subsidiaries	0	0
Deferred income taxes	15	14
Other noncurrent assets	5	6
Total noncurrent assets	58	60
Total assets	764	636
Current liabilities
Short-term debt		75
Current portion of long-term debt	0	0
Trade and other payables	59	53
Accrued expenses and other liabilities	31	33
Total current liabilities	90	161
Noncurrent liabilities
Long-term debt	163	0
Employee benefit obligations	20	21
Other noncurrent liabilities	1	7
Total noncurrent liabilities	184	28
Commitments and contingencies
Stockholders’ (deficit) equity	490	447
Total liabilities and stockholders’ deficit	$ 764	$ 636

Guarantor Financial Informati60

Guarantor Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Cash flow (used in) provided by operating activities	$ 108	$ 70
Cash flows from investing activities
Additions to property, plant and equipment	(30)	(27)
Acquisitions, net of cash required	(67)	(48)
Proceeds from sale of operations	5	0
Other investing activities, net	1	(1)
Return of advance from subsidiary	0	0
Total cash used in investing activities	(91)	(76)
Cash flows from financing activities
Net transfers to Ashland	0	(2)
Proceeds from borrowings, net of issuance costs	95	75
Repayments on borrowings	(15)	(83)
Repurchases of common stock	(123)	0
Purchase of additional ownership in subsidiary	(15)
Cash dividends paid	(30)	(20)
Other financing activities	(5)	0
Other intercompany activity, net	0	0
Total cash used in financing activities	(93)	(30)
Effect of currency exchange rate changes on cash and cash equivalents	2	(1)
Decrease in cash and cash equivalents	(74)	(37)
Cash and cash equivalents - beginning of period	201	172
Cash and cash equivalents - end of period	127	135
Reportable Legal Entities | Valvoline Inc. (Parent Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flow (used in) provided by operating activities	(24)	93
Cash flows from investing activities
Additions to property, plant and equipment	0	0
Acquisitions, net of cash required	0	0
Proceeds from sale of operations	0
Other investing activities, net	0	0
Return of advance from subsidiary	187	10
Total cash used in investing activities	187	10
Cash flows from financing activities
Net transfers to Ashland		(2)
Proceeds from borrowings, net of issuance costs	6	0
Repayments on borrowings	(14)	(83)
Repurchases of common stock	(123)
Purchase of additional ownership in subsidiary	0
Cash dividends paid	(30)	(20)
Other financing activities	(2)
Other intercompany activity, net	0	2
Total cash used in financing activities	(163)	(103)
Effect of currency exchange rate changes on cash and cash equivalents	0	0
Decrease in cash and cash equivalents	0	0
Cash and cash equivalents - beginning of period	0	0
Cash and cash equivalents - end of period	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flow (used in) provided by operating activities	199	39
Cash flows from investing activities
Additions to property, plant and equipment	(28)	(27)
Acquisitions, net of cash required	(67)	(48)
Proceeds from sale of operations	5
Other investing activities, net	1	(1)
Return of advance from subsidiary	0	0
Total cash used in investing activities	(89)	(76)
Cash flows from financing activities
Net transfers to Ashland		0
Proceeds from borrowings, net of issuance costs	0	0
Repayments on borrowings	0	0
Repurchases of common stock	0
Purchase of additional ownership in subsidiary	0
Cash dividends paid	0	0
Other financing activities	(1)
Other intercompany activity, net	(187)	(12)
Total cash used in financing activities	(188)	(12)
Effect of currency exchange rate changes on cash and cash equivalents	0	0
Decrease in cash and cash equivalents	(78)	(49)
Cash and cash equivalents - beginning of period	99	93
Cash and cash equivalents - end of period	21	44
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flow (used in) provided by operating activities	(67)	(62)
Cash flows from investing activities
Additions to property, plant and equipment	(2)	0
Acquisitions, net of cash required	0	0
Proceeds from sale of operations	0
Other investing activities, net	0	0
Return of advance from subsidiary	0	0
Total cash used in investing activities	(2)	0
Cash flows from financing activities
Net transfers to Ashland		0
Proceeds from borrowings, net of issuance costs	89	75
Repayments on borrowings	(1)	0
Repurchases of common stock	0
Purchase of additional ownership in subsidiary	(15)
Cash dividends paid	0	0
Other financing activities	(2)
Other intercompany activity, net	0	0
Total cash used in financing activities	71	75
Effect of currency exchange rate changes on cash and cash equivalents	2	(1)
Decrease in cash and cash equivalents	4	12
Cash and cash equivalents - beginning of period	102	79
Cash and cash equivalents - end of period	106	91
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flow (used in) provided by operating activities	0	0
Cash flows from investing activities
Additions to property, plant and equipment	0	0
Acquisitions, net of cash required	0	0
Proceeds from sale of operations	0
Other investing activities, net	0	0
Return of advance from subsidiary	(187)	(10)
Total cash used in investing activities	(187)	(10)
Cash flows from financing activities
Net transfers to Ashland		0
Proceeds from borrowings, net of issuance costs	0	0
Repayments on borrowings	0	0
Repurchases of common stock	0
Purchase of additional ownership in subsidiary	0
Cash dividends paid	0	0
Other financing activities	0
Other intercompany activity, net	187	10
Total cash used in financing activities	187	10
Effect of currency exchange rate changes on cash and cash equivalents	0	0
Decrease in cash and cash equivalents	0	0
Cash and cash equivalents - beginning of period	0	0
Cash and cash equivalents - end of period	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 18, 2018	Apr. 30, 2018	Mar. 31, 2018	Jan. 31, 2018
Subsequent Event [Line Items]
Dividend per share (usd per share)			$ 0.149
Repurchase of common stock, less than (shares)			5,000,000
Repurchase of common stock			$ 126,000,000
Authorized shares for repurchase				$ 300,000,000
Subsequent Event
Subsequent Event [Line Items]
Dividend per share (usd per share)	$ 0.0745
Repurchase of common stock, less than (shares)		2,000,000
Repurchase of common stock		$ 35,000,000
Remaining authorized repurchase amount		$ 239,000,000