Valvoline (VVV) 10-Q 7 May 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37884
Entity Registrant Name	VALVOLINE INC.
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	30-0939371
Entity Address, Address Line One	100 Valvoline Way
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40509
City Area Code	859
Local Phone Number	357-7777
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	VVV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		185,030,319
Entity Central Index Key	0001674910
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
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, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Net Income (Loss) Attributable to Parent [Abstract]
Sales	$ 578	$ 591	$ 1,185	$ 1,148
Cost of sales	371	388	767	762
Gross profit	207	203	418	386
Selling, general and administrative expenses	96	113	213	218
Net legacy and separation-related expenses (income)	0	3	(1)	3
Equity and other income, net	(6)	(9)	(15)	(18)
Operating income	117	96	221	183
Net pension and other postretirement plan income	(9)	(3)	(18)	(5)
Net interest and other financing expenses	38	19	54	36
Income before income taxes	88	80	185	152
Income tax expense	25	17	49	36
Net income	$ 63	$ 63	$ 136	$ 116
NET EARNINGS PER SHARE
Basic (usd per share)	$ 0.33	$ 0.33	$ 0.72	$ 0.61
Diluted (usd per share)	$ 0.33	$ 0.33	$ 0.72	$ 0.61
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (shares)	188	189	188	189
Diluted (shares)	188	189	189	189
COMPREHENSIVE INCOME
Net income	$ 63	$ 63	$ 136	$ 116
Other comprehensive (loss) income, net of tax
Currency translation adjustments	(21)	2	(13)	(2)
Amortization of pension and other postretirement plan prior service credit	(2)	(2)	(4)	(4)
Other comprehensive loss	(23)	0	(17)	(6)
Comprehensive income	$ 40	$ 63	$ 119	$ 110

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Assets, Current [Abstract]
Cash and cash equivalents	$ 774	$ 159
Accounts receivable, net	352	401
Inventories, net	209	194
Prepaid expenses and other current assets	49	43
Total current assets	1,384	797
Noncurrent assets
Property, plant and equipment, net	509	498
Operating lease assets	254	0
Goodwill and intangibles, net	503	504
Equity method investments	37	34
Deferred income taxes	99	123
Other noncurrent assets	131	108
Total noncurrent assets	1,533	1,267
Total assets	2,917	2,064
Current liabilities
Current portion of long-term debt	0	15
Trade and other payables	186	171
Accrued expenses and other liabilities	215	237
Total current liabilities	401	423
Noncurrent liabilities
Long-term debt	2,003	1,327
Employee benefit obligations	361	387
Operating lease liabilities, noncurrent	226	0
Other noncurrent liabilities	163	185
Total noncurrent liabilities	2,753	1,899
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; 185 and 188 shares issued and outstanding at March 31, 2020 and September 30, 2019, respectively	2	2
Paid-in capital	16	13
Retained deficit	(249)	(284)
Accumulated other comprehensive (loss) income	(6)	11
Total stockholders’ deficit	(237)	(258)
Total liabilities and stockholders’ deficit	$ 2,917	$ 2,064

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Sep. 30, 2019
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)	185,000,000	188,000,000
Common stock outstanding (shares)	185,000,000	188,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2018		188
Balance at beginning of period at Sep. 30, 2018	$ (358)	$ 2	$ 7	$ (399)	$ 32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53			53
Dividends paid	(20)			(20)
Stock-based compensation, net of issuances	1		1
Currency translation adjustments	(4)				(4)
Amortization of pension and other postretirement prior service credits in income, net of tax	(2)				(2)
Common stock outstanding, at end of period (shares) at Dec. 31, 2018		188
Balance at end of period at Dec. 31, 2018	$ (343)	$ 2	8	(379)	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid per common share (usd per share)	$ 0.106
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2018		188
Balance at beginning of period at Sep. 30, 2018	$ (358)	$ 2	7	(399)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	116
Repurchases of common stock	0
Currency translation adjustments	(2)
Amortization of pension and other postretirement prior service credits in income, net of tax	(4)
Common stock outstanding, at end of period (shares) at Mar. 31, 2019		188
Balance at end of period at Mar. 31, 2019	(298)	$ 2	10	(336)	26
Common stock outstanding, at beginning of period (shares) at Dec. 31, 2018		188
Balance at beginning of period at Dec. 31, 2018	(343)	$ 2	8	(379)	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63			63
Dividends paid	(20)			(20)
Stock-based compensation, net of issuances	2		2	0
Currency translation adjustments	2				2
Amortization of pension and other postretirement prior service credits in income, net of tax	(2)				(2)
Common stock outstanding, at end of period (shares) at Mar. 31, 2019		188
Balance at end of period at Mar. 31, 2019	$ (298)	$ 2	10	(336)	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid per common share (usd per share)	$ 0.106
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2019	188	188
Balance at beginning of period at Sep. 30, 2019	$ (258)	$ 2	13	(284)	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73			73
Dividends paid	(21)			(21)
Stock-based compensation, net of issuances	3		3
Currency translation adjustments	8				8
Amortization of pension and other postretirement prior service credits in income, net of tax	(2)				(2)
Common stock outstanding, at end of period (shares) at Dec. 31, 2019		188
Balance at end of period at Dec. 31, 2019	$ (196)	$ 2	16	(231)	17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid per common share (usd per share)	$ 0.113
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2019	188	188
Balance at beginning of period at Sep. 30, 2019	$ (258)	$ 2	13	(284)	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	136
Repurchases of common stock	(60)
Currency translation adjustments	(13)
Amortization of pension and other postretirement prior service credits in income, net of tax	$ (4)
Common stock outstanding, at end of period (shares) at Mar. 31, 2020	185	185
Balance at end of period at Mar. 31, 2020	$ (237)	$ 2	16	(249)	(6)
Common stock outstanding, at beginning of period (shares) at Dec. 31, 2019		188
Balance at beginning of period at Dec. 31, 2019	(196)	$ 2	16	(231)	17
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63			63
Dividends paid	(21)			(21)
Repurchases of common stock (in shares)		(3)
Repurchases of common stock	(60)			(60)
Currency translation adjustments	(21)				(21)
Amortization of pension and other postretirement prior service credits in income, net of tax	$ (2)				(2)
Common stock outstanding, at end of period (shares) at Mar. 31, 2020	185	185
Balance at end of period at Mar. 31, 2020	$ (237)	$ 2	$ 16	$ (249)	$ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends paid per common share (usd per share)	$ 0.113

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (usd per share)	$ 0.113	$ 0.113	$ 0.106	$ 0.106

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 136	$ 116
Adjustments to reconcile net income to cash flows from operating activities
Gain (Loss) on Extinguishment of Debt	19	0
Depreciation and amortization	31	28
Equity income from unconsolidated affiliates, net of distributions	(1)	(2)
Pension contributions	(5)	(2)
Stock-based compensation expense	3	5
Other, net	3	1
Change in assets and liabilities
Accounts receivable	44	7
Inventories	(20)	(4)
Payables and accrued liabilities	(40)	(13)
Other assets and liabilities	(16)	(2)
Total cash provided by operating activities	154	134
Cash flows from investing activities
Additions to property, plant and equipment	(57)	(48)
Acquisitions, net of cash acquired	(11)	(35)
Other investing activities, net	(3)	(2)
Total cash used in investing activities	(71)	(85)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs	1,132	162
Repayments on borrowings	(475)	(137)
Repurchases of common stock	(60)	0
Payment for Debt Extinguishment or Debt Prepayment Cost	15	0
Cash dividends paid	(42)	(40)
Other financing activities	(3)	(5)
Total cash provided by (used in) financing activities	537	(20)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(4)	0
Increase (decrease) in cash, cash equivalents, and restricted cash	616	29
Cash, cash equivalents, and restricted cash - beginning of period	159	96
Cash, cash equivalents, and restricted cash - end of period	$ 775	$ 125

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Mar. 31, 2020
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 of America (“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, 2019. Certain prior period amounts have been reclassified to conform to the current presentation. 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 interim periods are not necessarily indicative of those to be expected for the entire year, particularly in light of the novel coronavirus ("COVID-19") global pandemic and its effects on global economies. In late December 2019, COVID-19 was identified in Wuhan, China and since that time it has continued to spread globally, including to the United States, leading the World Health Organization to declare a global pandemic and recommend containment and mitigation actions worldwide in March 2020. Since March 31, 2020, the COVID-19 pandemic has continued, and various governments have issued or extended shelter-in-place orders. As of the date of this filing, certain restrictions are in the early phases of being reduced with the resulting impacts being monitored. Valvoline has substantially maintained its operations during the pandemic, and precautionary measures have been taken to protect the Company's employees and customers, maintain liquidity and manage the impacts of reduced volumes. While the COVID-19 pandemic affected Valvoline's results of operations for the three and six months ended March 31, 2020, the impacts were not material. Adverse impacts from COVID-19 are expected in future periods, which Valvoline is unable to predict due to numerous uncertainties, including the duration and severity of the pandemic. Recent accounting pronouncements 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 February 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, which outlined a comprehensive lease accounting model that requires lessees to recognize a right-of-use asset and a corresponding lease liability on the balance sheet and superseded previous lease accounting guidance. Valvoline adopted this new lease accounting guidance on October 1, 2019 using the optional transition approach. Under this approach, the new lease accounting guidance has been applied prospectively from the date of adoption, while prior period financial statements continue to be reported in accordance with the previous guidance. Lease expense is recognized similar to prior accounting guidance with operating leases resulting in straight-line expense and finance leases resulting in accelerated expense recognition similar to the prior accounting for capital leases. The accounting for lessor arrangements is not significantly changed by the new guidance. Valvoline elected certain practical expedients permitted by the new guidance, including the package of practical expedients that allows for previous accounting conclusions regarding lease identification and classification to be carried forward for leases which commenced prior to adoption, as well as the practical expedient to not separate lease and non-lease components and account for them as a single lease component. The Company did not elect the hindsight or short-term lease practical expedients. As a result of adoption, the Company recognized operating lease assets and liabilities inclusive of a reclassified build-to-suit arrangement, derecognized assets and liabilities related to the build-to-suit arrangement, and carried forward existing capital leases as finance lease assets and liabilities. This resulted in a material impact on the Condensed Consolidated Balance Sheet and the recognition of total incremental lease assets, inclusive of prepaid lease balances and deferred rent liabilities, of $219 million and incremental lease liabilities of $214 million, with an immaterial cumulative effect adjustment to reduce Retained deficit as a result of the build-to-suit lease transition requirements. The impact of adoption was not material to the Condensed Consolidated Statements of Comprehensive Income, Cash Flows, or Stockholders’ Deficit, and did not impact the Company's compliance with any of its existing debt covenants. Refer to Note 2 for additional information regarding Valvoline's adoption of this new guidance. Issued but not yet adopted In June 2016, the FASB issued updated guidance that introduces a forward-looking approach based on expected losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments including trade and other receivables. The new guidance will require entities to incorporate historical, current, and forecasted information into their estimates of expected credit losses. This guidance also includes expanded disclosure requirements and will become effective for Valvoline on October 1, 2020. The Company is evaluating the effect of adopting this new accounting guidance, including changes to its related processes, and does not currently expect adoption will have a material impact on its Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Comprehensive Income. The impact of adoption will be largely dependent on the credit quality of the Company's receivables outstanding at adoption. The Company evaluates creditworthiness when negotiating contracts, and as the Company's receivables are generally short-term in nature, the timing and amount of credit loss recognized under existing guidance and the new guidance is not expected to differ materially. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on Valvoline’s condensed consolidated financial statements, and therefore, is not described above.

Leasing

Leasing	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leasing	LEASING As described in Note 1, Valvoline adopted new lease accounting guidance effective October 1, 2019 and changed its policy for lease accounting prospectively for lease agreements entered into or reassessed from the date of adoption as described herein. Lessee arrangements Certain of the properties Valvoline utilizes, including quick-lube service center stores, offices, blending and warehouse facilities, in addition to certain equipment, are leased. Valvoline determines if an arrangement contains a lease at inception primarily based on whether or not the Company has the right to control the asset during the contract period. For all agreements where it is determined that a lease exists, including those with an initial term of 12 months or less, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheet as either operating or finance leases at the commencement date. The lease liability is measured at the present value of future lease payments over the lease term, and the right-of-use asset is measured at the lease liability amount, adjusted for prepaid lease payments, lease incentives and the lessee’s initial direct costs (e.g., commissions). The lease term includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Fixed payments, including variable payments based on a rate or index, are included in the determination of the lease liability, while other variable payments are recognized in the Condensed Consolidated Statements of Comprehensive Income in the period in which the obligation for those payments is incurred. Many leases contain lease components requiring rental payments and other components that require payment for taxes, insurance, operating expenses and maintenance. In instances where these other components are fixed, they are included in the measurement of the lease liability due to Valvoline's election to combine lease and non-lease components. Otherwise, these other components are expensed as incurred and comprise the majority of Valvoline's variable lease costs. As most leases do not provide the rate implicit in the lease, the Company estimates its incremental borrowing rate to best approximate the rate of interest that Valvoline would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Valvoline applies the incremental borrowing rate to groups of leases with similar lease terms in determining the present value of future payments. In determining the incremental borrowing rate, the Company considers information available at commencement date, including lease term, interest rate yields for specific interest rate environments and the Company's credit spread. The following table presents the Company's lease balances: (In millions) Location in Condensed Consolidated Balance Sheet March 31, 2020 Assets Operating lease assets Operating lease assets $ 254 Finance lease assets Property, plant and equipment, net 47 Amortization of finance lease assets Property, plant and equipment, net (8) Total leased assets $ 293 Liabilities Current: Operating lease liabilities Accrued expenses and other liabilities $ 30 Finance lease liabilities Accrued expenses and other liabilities 2 Noncurrent: Operating lease liabilities Operating lease liabilities 226 Finance lease liabilities Other noncurrent liabilities 41 Total lease liabilities $ 299 The following table presents the components of total lease costs: (In millions) Location in Condensed Consolidated Statements of Comprehensive Income Three months ended March 31, 2020 Six months ended March 31, 2020 Operating lease cost Cost of sales and Selling, general and administrative expenses (a) $ 11 $ 22 Finance lease costs Amortization of lease assets Cost of sales (a) 1 1 Interest on lease liabilities Net interest and other financing expenses 1 2 Variable lease cost Cost of sales and Selling, general and administrative expenses (a) 1 2 Sublease income Equity and other income, net (2) (3) Total lease cost $ 12 $ 24 (a) Supply chain and retail-related amounts are included in Cost of sales. Other information related to the Company's leases follows: (In millions) Three months ended March 31, 2020 Six months ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (a) $ 11 $ 21 Operating cash flows from finance leases $ 1 $ 2 Financing cash flow from finance leases $ — $ — Lease assets obtained in exchange for lease obligations: Operating leases $ 13 $ 28 Finance leases $ 18 $ 18 (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by noncash operating lease asset amortization and liability accretion. The following table reconciles the undiscounted cash flows for the next five fiscal years ended September 30 and thereafter to the operating and finance lease liabilities recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020: (In millions) Operating leases Finance leases Remainder of 2020 $ 21 $ 3 2021 39 6 2022 36 5 2023 33 5 2024 30 6 Thereafter 157 45 Total future lease payments 316 70 Imputed interest 60 27 Present value of lease liabilities $ 256 $ 43 As of March 31, 2020, Valvoline has additional leases primarily related to its quick lube service center stores that have not yet commenced with approximately $44 million in undiscounted future lease payments that are not included in the table above. These leases are expected to commence over the next twelve months and generally have lease terms of 15 years. In accordance with the previous lease accounting guidance, Valvoline's lease arrangements were previously classified as either capital, operating, or financing obligations. Previously classified capital leases are now considered finance leases under the new lease accounting guidance, while previous financing obligations have been derecognized and reclassified as operating leases. The classification of operating leases remains substantially unchanged under the new lease accounting guidance. The future minimum lease payments by fiscal year as determined prior to the adoption of the new lease accounting guidance under the previously designated capital, financing and operating leases as of the fiscal year ended September 30, 2019, were as follows: (In millions) Operating leases Capital leases and financing obligations 2020 $ 36 $ 6 2021 32 7 2022 29 7 2023 27 7 2024 23 7 Thereafter 120 50 Total future lease payments (a) $ 267 84 Imputed interest 29 Present value of lease liabilities $ 55 (a) Future lease payments do not include fixed payments for executory costs, such as taxes, insurance, maintenance and operating expenses. The following table presents the weighted average remaining lease term and interest rate as of March 31, 2020: Weighted average remaining lease term (in years): Operating leases 9.8 Finance leases 12.6 Weighted average discount rate: Operating leases 4.14 % Finance leases 9.03 %
Leasing	LEASING As described in Note 1, Valvoline adopted new lease accounting guidance effective October 1, 2019 and changed its policy for lease accounting prospectively for lease agreements entered into or reassessed from the date of adoption as described herein. Lessee arrangements Certain of the properties Valvoline utilizes, including quick-lube service center stores, offices, blending and warehouse facilities, in addition to certain equipment, are leased. Valvoline determines if an arrangement contains a lease at inception primarily based on whether or not the Company has the right to control the asset during the contract period. For all agreements where it is determined that a lease exists, including those with an initial term of 12 months or less, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheet as either operating or finance leases at the commencement date. The lease liability is measured at the present value of future lease payments over the lease term, and the right-of-use asset is measured at the lease liability amount, adjusted for prepaid lease payments, lease incentives and the lessee’s initial direct costs (e.g., commissions). The lease term includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Fixed payments, including variable payments based on a rate or index, are included in the determination of the lease liability, while other variable payments are recognized in the Condensed Consolidated Statements of Comprehensive Income in the period in which the obligation for those payments is incurred. Many leases contain lease components requiring rental payments and other components that require payment for taxes, insurance, operating expenses and maintenance. In instances where these other components are fixed, they are included in the measurement of the lease liability due to Valvoline's election to combine lease and non-lease components. Otherwise, these other components are expensed as incurred and comprise the majority of Valvoline's variable lease costs. As most leases do not provide the rate implicit in the lease, the Company estimates its incremental borrowing rate to best approximate the rate of interest that Valvoline would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Valvoline applies the incremental borrowing rate to groups of leases with similar lease terms in determining the present value of future payments. In determining the incremental borrowing rate, the Company considers information available at commencement date, including lease term, interest rate yields for specific interest rate environments and the Company's credit spread. The following table presents the Company's lease balances: (In millions) Location in Condensed Consolidated Balance Sheet March 31, 2020 Assets Operating lease assets Operating lease assets $ 254 Finance lease assets Property, plant and equipment, net 47 Amortization of finance lease assets Property, plant and equipment, net (8) Total leased assets $ 293 Liabilities Current: Operating lease liabilities Accrued expenses and other liabilities $ 30 Finance lease liabilities Accrued expenses and other liabilities 2 Noncurrent: Operating lease liabilities Operating lease liabilities 226 Finance lease liabilities Other noncurrent liabilities 41 Total lease liabilities $ 299 The following table presents the components of total lease costs: (In millions) Location in Condensed Consolidated Statements of Comprehensive Income Three months ended March 31, 2020 Six months ended March 31, 2020 Operating lease cost Cost of sales and Selling, general and administrative expenses (a) $ 11 $ 22 Finance lease costs Amortization of lease assets Cost of sales (a) 1 1 Interest on lease liabilities Net interest and other financing expenses 1 2 Variable lease cost Cost of sales and Selling, general and administrative expenses (a) 1 2 Sublease income Equity and other income, net (2) (3) Total lease cost $ 12 $ 24 (a) Supply chain and retail-related amounts are included in Cost of sales. Other information related to the Company's leases follows: (In millions) Three months ended March 31, 2020 Six months ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (a) $ 11 $ 21 Operating cash flows from finance leases $ 1 $ 2 Financing cash flow from finance leases $ — $ — Lease assets obtained in exchange for lease obligations: Operating leases $ 13 $ 28 Finance leases $ 18 $ 18 (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by noncash operating lease asset amortization and liability accretion. The following table reconciles the undiscounted cash flows for the next five fiscal years ended September 30 and thereafter to the operating and finance lease liabilities recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020: (In millions) Operating leases Finance leases Remainder of 2020 $ 21 $ 3 2021 39 6 2022 36 5 2023 33 5 2024 30 6 Thereafter 157 45 Total future lease payments 316 70 Imputed interest 60 27 Present value of lease liabilities $ 256 $ 43 As of March 31, 2020, Valvoline has additional leases primarily related to its quick lube service center stores that have not yet commenced with approximately $44 million in undiscounted future lease payments that are not included in the table above. These leases are expected to commence over the next twelve months and generally have lease terms of 15 years. In accordance with the previous lease accounting guidance, Valvoline's lease arrangements were previously classified as either capital, operating, or financing obligations. Previously classified capital leases are now considered finance leases under the new lease accounting guidance, while previous financing obligations have been derecognized and reclassified as operating leases. The classification of operating leases remains substantially unchanged under the new lease accounting guidance. The future minimum lease payments by fiscal year as determined prior to the adoption of the new lease accounting guidance under the previously designated capital, financing and operating leases as of the fiscal year ended September 30, 2019, were as follows: (In millions) Operating leases Capital leases and financing obligations 2020 $ 36 $ 6 2021 32 7 2022 29 7 2023 27 7 2024 23 7 Thereafter 120 50 Total future lease payments (a) $ 267 84 Imputed interest 29 Present value of lease liabilities $ 55 (a) Future lease payments do not include fixed payments for executory costs, such as taxes, insurance, maintenance and operating expenses. The following table presents the weighted average remaining lease term and interest rate as of March 31, 2020: Weighted average remaining lease term (in years): Operating leases 9.8 Finance leases 12.6 Weighted average discount rate: Operating leases 4.14 % Finance leases 9.03 %

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy: (In millions) Fair Value Hierarchy March 31 September 30 Cash and cash equivalents Money market funds Level 1 $ 293 $ — Time deposits Level 2 201 59 Prepaid expenses and other current assets Currency derivatives (a) Level 2 3 — Other noncurrent assets Non-qualified trust funds Level 1 18 20 Total assets at fair value $ 515 $ 79 Accrued expenses and other liabilities Currency derivatives (a) Level 2 $ 3 $ — Total liabilities at fair value $ 3 $ — (a) The Company had outstanding contracts with notional values of $121 million and $111 million as of March 31, 2020 and September 30, 2019, respectively. There were no material gains or losses recognized in earnings during the three and six months ended March 31, 2020 or 2019 related to these assets and liabilities. Long-term debt The fair values of the Company’s outstanding fixed rate 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, 2020 September 30, 2019 (In millions) Fair value Carrying value Unamortized discount and Fair value Carrying value Unamortized 2024 Notes $ — $ — $ — $ 390 $ 371 $ (4) 2025 Notes 384 396 (4) 407 395 (5) 2030 Notes 560 592 (8) — — — Total $ 944 $ 988 $ (12) $ 797 $ 766 $ (9) Refer to Note 7 for more information on Valvoline’s other debt instruments that have variable interest rates, and accordingly, their carrying amounts approximate fair value.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	INTANGIBLE ASSETS 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, 2020: (In millions) Quick Lubes Core North America International Total Balance at September 30, 2019 $ 301 $ 89 $ 40 $ 430 Acquisitions (a) 5 — — 5 Currency translation (2) — — (2) Dispositions (a) (3) — — (3) Balance at March 31, 2020 $ 301 $ 89 $ 40 $ 430 (a) Refer to Note 4 for details regarding acquisitions and dispositions completed during the six months ended March 31, 2020.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Activities	RESTRUCTURING ACTIVITIES During the second fiscal quarter of 2019, Valvoline outlined a broad-based restructuring and cost-savings program to reduce costs, simplify processes and focus the organization’s structure and resources on key growth initiatives. Part of this program includes employee separation actions, which were generally completed during 2019, with the associated termination benefits anticipated to be substantially paid by the end of 2020. Since program inception, Valvoline has recognized cumulative costs of $13 million, including $1 million during the six months ended March 31, 2020 and $6 million during the three and six months ended March 31, 2019. These costs are for employee termination benefits, which include severance and other benefits provided to employees pursuant to the restructuring program. These expenses were recognized in Selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive Income. The Company does not expect to incur material remaining costs from these actions. The results by segment, as disclosed in Note 12, do not include these restructuring expenses, which is consistent with the manner by which management assesses the performance and evaluates the results of each segment. Accordingly, these expenses are included in Unallocated and other. The following table presents the expenses recognized related to employee termination benefits during the six months ended March 31, 2020 and the estimated remaining liability, which is included in the Condensed Consolidated Balance Sheet within Accrued expenses and other liabilities: (In millions) Employee termination benefits Balance at September 30, 2019 $ 9 Expenses recognized during the period 1 Payments (4) Balance at March 31, 2020 $ 6

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2020
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 discrete items related specifically to interim periods. The following summarizes income tax expense and the effective tax rate in each interim period: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Income tax expense $ 25 $ 17 $ 49 $ 36 Effective tax rate percentage 28.4 % 21.3 % 26.5 % 23.7 % The increase in effective tax rates for the three and six months ended March 31, 2020 compared to the prior year periods was principally attributed to tax reform legislation, which resulted in unfavorable discrete activity in the

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table summarizes the components of pension and other postretirement benefit (income) cost: Other postretirement benefits Pension benefits (In millions) 2020 2019 2020 2019 Three months ended March 31 Service cost $ — $ 1 $ — $ — Interest cost 15 20 1 — Expected return on plan assets (22) (20) — — Amortization of prior service credit — — (3) (3) Net periodic benefit (income) cost $ (7) $ 1 $ (2) $ (3) Six months ended March 31 Service cost $ 1 $ 1 $ — $ — Interest cost 31 40 1 1 Expected return on plan assets (44) (40) — — Amortization of prior service credit — — (6) (6) Net periodic benefit (income) cost $ (12) $ 1 $ (5) $ (5)

Litigation, Claims and Continge

Litigation, Claims and Contingencies	6 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation, Claims and Contingencies	LITIGATION, CLAIMS 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 not material 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. 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 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, 2020
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table summarizes basic and diluted earnings per share: Three months ended Six months ended March 31 March 31 (In millions, except per share data) 2020 2019 2020 2019 Numerator Net income $ 63 $ 63 $ 136 $ 116 Denominator Weighted average common shares outstanding 188 189 188 189 Effect of potentially dilutive securities (a) — — 1 — Weighted average diluted shares outstanding 188 189 189 189 Earnings per share Basic $ 0.33 $ 0.33 $ 0.72 $ 0.61 Diluted $ 0.33 $ 0.33 $ 0.72 $ 0.61

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reportable Segment Information	REPORTABLE SEGMENT INFORMATION Valvoline manages and reports within the following three segments: • Quick Lubes - services the passenger car and light truck quick lube market through company-owned and independent franchised retail quick lube service center stores and independent Express Care stores that service vehicles with Valvoline products, as well as through investment in a joint venture in China to pilot expansion of retail quick lube service center stores outside of North America. • Core North America - sells engine and automotive maintenance products in the United States and Canada to retailers, installers, and heavy-duty customers to service vehicles and equipment. • International - sells engine and automotive maintenance products in more than 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 U.S. GAAP measures evaluated in assessing each reportable segment’s financial performance. Operating income by segment includes the allocation of shared corporate costs, which are allocated consistently based on each segment’s proportional contribution to various financial measures. Intersegment sales are not material, and assets are not allocated and 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 restructuring and related expenses, as well as 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. Segment financial results The following table presents sales and operating income for each reportable segment: Three months ended Six months ended (In millions) March 31 March 31 2020 2019 2020 2019 Sales Quick Lubes $ 212 $ 200 $ 430 $ 389 Core North America 238 243 486 475 International 128 148 269 284 Consolidated sales $ 578 $ 591 $ 1,185 $ 1,148 Operating income Quick Lubes $ 40 $ 44 $ 78 $ 82 Core North America 47 40 93 71 International 18 23 38 41 Total operating segments 105 107 209 194 Unallocated and other (a) 12 (11) 12 (11) Consolidated operating income $ 117 $ 96 $ 221 $ 183 (a) Unallocated and other includes net legacy and separation-related expenses/income and corporate costs not allocated to the reportable segments, including certain acquisition and divestiture-related costs, restructuring and related expenses, and certain current year incentive compensation adjustments. Disaggregation of revenue The following table summarizes sales by primary customer channel for the Company’s reportable segments: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Quick Lubes Company-owned operations $ 140 $ 128 $ 282 $ 252 Non-company owned operations 72 72 148 137 Total Quick Lubes 212 200 430 389 Core North America Retail 133 140 270 256 Installer and other 105 103 216 219 Total Core North America 238 243 486 475 International 128 148 269 284 Consolidated sales $ 578 $ 591 $ 1,185 $ 1,148 Sales by reportable segment disaggregated by geographic market follows: Quick Lubes Core North America International Total (In millions) 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended March 31 North America (a) $ 212 $ 200 $ 238 $ 243 $ — $ — $ 450 $ 443 Europe, Middle East and Africa ("EMEA") — — — — 44 47 44 47 Asia Pacific — — — — 58 73 58 73 Latin America (a) — — — — 26 28 26 28 Totals $ 212 $ 200 $ 238 $ 243 $ 128 $ 148 $ 578 $ 591 Six months ended March 31 North America (a) $ 430 $ 389 $ 486 $ 475 $ — $ — $ 916 $ 864 Europe, Middle East and Africa ("EMEA") — — — — 91 91 91 91 Asia Pacific — — — — 128 140 128 140 Latin America (a) — — — — 50 53 50 53 Totals $ 430 $ 389 $ 486 $ 475 $ 269 $ 284 $ 1,185 $ 1,148 (a) Valvoline includes the United States and Canada in its North America region. Mexico is included within the Latin America region.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Mar. 31, 2020
Supplemental Financial Information [Abstract]
Supplemental Financial Information	SUPPLEMENTAL FINANCIAL INFORMATION Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows: (In millions) March 31 September 30 March 31 Cash and cash equivalents $ 774 $ 159 $ 114 Restricted cash (a) 1 — 11 Total cash, cash equivalents and restricted cash $ 775 $ 159 $ 125 (a) Included in Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets. Accounts receivable The following table summarizes Valvoline’s accounts receivable in the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 Trade $ 342 $ 392 Other 16 15 Accounts receivable, gross 358 407 Allowance for doubtful accounts (6) (6) Total accounts receivable, net $ 352 $ 401 During the six month periods ended March 31, 2020 and 2019, Valvoline sold accounts receivable to a financial institution of $59 million and $63 million, respectively. Franchisee loan receivables Valvoline’s financing receivables primarily consist of low-interest term loans extended to franchisees to provide financial assistance as a response to the evolving COVID-19 pandemic. Financing receivables are recorded at amortized cost, net of any allowance for credit losses. These financing receivables bear interest at variable rates consistent with those in Valvoline's Senior Credit Agreement, and accordingly, their carrying amounts approximate fair value. Valvoline monitors the financial condition of its franchisees and will record provisions for estimated credit losses on the loans when the Company believes a loss is probable. As of March 31, 2020, there was no allowance for credit losses recorded. The balances of term loans to franchisees due within one year are included in Accounts receivable, net while amounts due beyond one year are included in Other noncurrent assets in the Condensed Consolidated Balance Sheet. Amounts included in Other noncurrent assets totaled $15 million as of March 31, 2020. There were no loan receivables from franchisees outstanding as of September 30, 2019. Inventories Inventories are primarily carried at the lower of cost or net realizable value using the weighted average cost method. In addition, certain lubricants are valued at the lower of cost or market using the last-in, first-out ("LIFO") method. The following table summarizes Valvoline’s inventories in the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 Finished products $ 211 $ 203 Raw materials, supplies and work in process 34 32 Reserve for LIFO cost valuation (36) (41) Total inventories, net $ 209 $ 194 Revenue recognition The following table disaggregates the Company’s sales by timing of revenue recognized: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Sales at a point in time $ 569 $ 581 $ 1,165 $ 1,128 Franchised revenues transferred over time 9 10 20 20 Total consolidated sales $ 578 $ 591 $ 1,185 $ 1,148

Guarantor Financial Information

Guarantor Financial Information	6 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Guarantor Financial Information	GUARANTOR FINANCIAL INFORMATION As described in Note 7, Valvoline issued the 2030 Notes in an unregistered private offering in February 2020 and used a portion of the net proceeds to redeem in full its 2024 Notes. The 2025 Notes described in Note 7 were registered in an exchange offer completed in December 2017 and remain subject to Rule 3-10 of SEC Regulation S-X. The 2025 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 wholly-owned “Guarantor Subsidiaries.” Other subsidiaries (the “Non-Guarantor Subsidiaries”) largely represent the international operations of the Company, which do not guarantee the 2025 Notes. The accompanying condensed consolidating financial statements are included in accordance with Rule 3-10(f) of SEC Regulation S-X and 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 the 2025 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, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 468 $ 122 $ (12) $ 578 Cost of sales — 297 86 (12) 371 Gross profit — 171 36 — 207 Selling, general and administrative (income) expenses (1) 75 22 — 96 Equity and other (income) expenses, net — (13) 7 — (6) Operating income 1 109 7 — 117 Net pension and other postretirement plan income — (9) — — (9) Net interest and other financing expenses 36 2 — — 38 (Loss) income before income taxes (35) 116 7 — 88 Income tax (benefit) expense (8) 31 2 — 25 Equity in net income of subsidiaries (90) (5) — 95 — Net income $ 63 $ 90 $ 5 $ (95) $ 63 Total comprehensive income (loss) $ 40 $ 69 $ (15) $ (54) $ 40 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 465 $ 143 $ (17) $ 591 Cost of sales — 300 105 (17) 388 Gross profit — 165 38 — 203 Selling, general and administrative expenses 2 90 21 — 113 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (14) 5 — (9) Operating (loss) income (5) 89 12 — 96 Net pension and other postretirement plan income — (3) — — (3) Net interest and other financing expenses 15 2 2 — 19 (Loss) income before income taxes (20) 90 10 — 80 Income tax (benefit) expense (6) 21 2 — 17 Equity in net income of subsidiaries (77) (8) — 85 — Net income $ 63 $ 77 $ 8 $ (85) $ 63 Total comprehensive income $ 63 $ 77 $ 9 $ (86) $ 63 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 948 $ 262 $ (25) $ 1,185 Cost of sales — 606 186 (25) 767 Gross profit — 342 76 — 418 Selling, general and administrative expenses 3 163 47 — 213 Net legacy and separation-related income (1) — — — (1) Equity and other (income) expenses, net — (26) 11 — (15) Operating (loss) income (2) 205 18 — 221 Net pension and other postretirement plan income — (18) — — (18) Net interest and other financing expenses 51 3 — — 54 (Loss) income before income taxes (53) 220 18 — 185 Income tax (benefit) expense (14) 58 5 — 49 Equity in net income of subsidiaries (175) (13) — 188 — Net income $ 136 $ 175 $ 13 $ (188) $ 136 Total comprehensive income $ 119 $ 158 $ — $ (158) $ 119 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 905 $ 275 $ (32) $ 1,148 Cost of sales — 593 201 (32) 762 Gross profit — 312 74 — 386 Selling, general and administrative expenses 5 171 42 — 218 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (27) 9 — (18) Operating (loss) income (8) 168 23 — 183 Net pension and other postretirement plan income — (5) — — (5) Net interest and other financing expenses 30 3 3 — 36 (Loss) income before income taxes (38) 170 20 — 152 Income tax (benefit) expense (11) 41 6 — 36 Equity in net income of subsidiaries (143) (14) — 157 — Net income $ 116 $ 143 $ 14 $ (157) $ 116 Total comprehensive income $ 110 $ 137 $ 11 $ (148) $ 110 Condensed Consolidating Balance Sheets As of March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 625 $ 149 $ — $ 774 Accounts receivable, net — 212 281 (141) 352 Inventories, net — 119 90 — 209 Prepaid expenses and other current assets — 39 10 — 49 Total current assets — 995 530 (141) 1,384 Noncurrent assets Property, plant and equipment, net — 432 77 — 509 Operating lease assets — 215 39 — 254 Goodwill and intangibles, net — 427 76 — 503 Equity method investments — 37 — — 37 Investment in subsidiaries 1,770 493 — (2,263) — Deferred income taxes 63 22 14 — 99 Other noncurrent assets 2 117 12 — 131 Total noncurrent assets 1,835 1,743 218 (2,263) 1,533 Total assets $ 1,835 $ 2,738 $ 748 $ (2,404) $ 2,917 Liabilities and Stockholders’ Deficit Current liabilities Trade and other payables $ 118 $ 128 $ 81 $ (141) $ 186 Accrued expenses and other liabilities 13 162 40 — 215 Total current liabilities 131 290 121 (141) 401 Noncurrent liabilities Long-term debt 1,912 1 90 — 2,003 Employee benefit obligations — 345 16 — 361 Operating lease liabilities — 199 27 — 226 Other noncurrent liabilities 29 133 1 — 163 Total noncurrent liabilities 1,941 678 134 — 2,753 Commitments and contingencies Stockholders’ (deficit) equity (237) 1,770 493 (2,263) (237) Total liabilities and stockholders’ deficit / equity $ 1,835 $ 2,738 $ 748 $ (2,404) $ 2,917 Condensed Consolidating Balance Sheets As of September 30, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 59 $ 100 $ — $ 159 Accounts receivable, net — 181 338 (118) 401 Inventories, net — 110 84 — 194 Prepaid expenses and other current assets — 35 8 — 43 Total current assets — 385 530 (118) 797 Noncurrent assets Property, plant and equipment, net — 431 67 — 498 Goodwill and intangibles, net — 423 81 — 504 Equity method investments — 34 — — 34 Investment in subsidiaries 1,157 546 — (1,703) — Deferred income taxes 48 61 14 — 123 Other noncurrent assets 3 96 9 — 108 Total noncurrent assets 1,208 1,591 171 (1,703) 1,267 Total assets $ 1,208 $ 1,976 $ 701 $ (1,821) $ 2,064 Liabilities and Stockholders’ Deficit Current liabilities Current portion of long-term debt $ 15 $ — $ — $ — $ 15 Trade and other payables 80 127 82 (118) 171 Accrued expenses and other liabilities 9 175 53 — 237 Total current liabilities 104 302 135 (118) 423 Noncurrent liabilities Long-term debt 1,326 1 — — 1,327 Employee benefit obligations — 369 18 — 387 Other noncurrent liabilities 36 147 2 — 185 Total noncurrent liabilities 1,362 517 20 — 1,899 Commitments and contingencies Stockholders’ (deficit) equity (258) 1,157 546 (1,703) (258) Total liabilities and stockholders’ deficit / equity $ 1,208 $ 1,976 $ 701 $ (1,821) $ 2,064 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows (used in) provided by operating activities $ (448) $ 619 $ (17) $ — $ 154 Cash flows from investing activities Additions to property, plant and equipment — (40) (17) — (57) Acquisitions, net of cash acquired — (11) — — (11) Other investing activities, net — (1) (2) — (3) Cash flows used in investing activities — (52) (19) — (71) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 1,042 — 90 — 1,132 Repayments on borrowings (475) — — — (475) Premium paid to extinguish debt (15) — — — (15) Repurchases of common stock (60) — — — (60) Cash dividends paid (42) — — — (42) Other financing activities (2) (1) — — (3) Cash flows provided by (used in) financing activities 448 (1) 90 — 537 Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash — — (4) — (4) Increase in cash, cash equivalents, and restricted cash — 566 50 — 616 Cash, cash equivalents, and restricted cash - beginning of year — 59 100 — 159 Cash, cash equivalents, and restricted cash - end of period $ — $ 625 $ 150 $ — $ 775 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows provided by operating activities $ 18 $ 65 $ 51 $ — $ 134 Cash flows from investing activities Additions to property, plant and equipment — (40) (8) — (48) Acquisitions, net of cash acquired — (13) (22) — (35) Other investing activities, net — — (2) — (2) Cash flows used in investing activities — (53) (32) — (85) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 87 — 75 — 162 Repayments on borrowings (63) — (74) — (137) Cash dividends paid (40) — — — (40) Other financing activities (2) (2) (1) — (5) Cash flows used in financing activities (18) (2) — — (20) Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash — — — — — Increase in cash, cash equivalents, and restricted cash — 10 19 — 29 Cash, cash equivalents, and restricted cash - beginning of year — 20 76 — 96 Cash, cash equivalents, and restricted cash - end of period $ — $ 30 $ 95 $ — $ 125

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Dividend declared On April 22, 2020, the Board of Directors of Valvoline declared a quarterly cash dividend of $0.113 per share of Valvoline common stock. The dividend is payable on June 15, 2020 to shareholders of record on May 29, 2020. China plant credit facility

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2020
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 of America (“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, 2019. Certain prior period amounts have been reclassified to conform to the current presentation. 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 interim periods are not necessarily indicative of those to be expected for the entire year, particularly in light of the novel coronavirus ("COVID-19") global pandemic and its effects on global economies. In late December 2019, COVID-19 was identified in Wuhan, China and since that time it has continued to spread globally, including to the United States, leading the World Health Organization to declare a global pandemic and recommend containment and mitigation actions worldwide in March 2020. Since March 31, 2020, the COVID-19 pandemic has continued, and various governments have issued or extended shelter-in-place orders. As of the date of this filing, certain restrictions are in the early phases of being reduced with the resulting impacts being monitored. Valvoline has substantially maintained its operations during the pandemic, and precautionary measures have been taken to protect the Company's employees and customers, maintain liquidity and manage the impacts of reduced volumes. While the COVID-19 pandemic affected Valvoline's results of operations for the three and six months ended March 31, 2020, the impacts were not material. Adverse impacts from COVID-19 are expected in future periods, which Valvoline is unable to predict due to numerous uncertainties, including the duration and severity of the pandemic.
Recent accounting pronouncements	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 February 2016, the Financial Accounting Standards Board ("FASB") issued accounting guidance, which outlined a comprehensive lease accounting model that requires lessees to recognize a right-of-use asset and a corresponding lease liability on the balance sheet and superseded previous lease accounting guidance. Valvoline adopted this new lease accounting guidance on October 1, 2019 using the optional transition approach. Under this approach, the new lease accounting guidance has been applied prospectively from the date of adoption, while prior period financial statements continue to be reported in accordance with the previous guidance. Lease expense is recognized similar to prior accounting guidance with operating leases resulting in straight-line expense and finance leases resulting in accelerated expense recognition similar to the prior accounting for capital leases. The accounting for lessor arrangements is not significantly changed by the new guidance. Valvoline elected certain practical expedients permitted by the new guidance, including the package of practical expedients that allows for previous accounting conclusions regarding lease identification and classification to be carried forward for leases which commenced prior to adoption, as well as the practical expedient to not separate lease and non-lease components and account for them as a single lease component. The Company did not elect the hindsight or short-term lease practical expedients. As a result of adoption, the Company recognized operating lease assets and liabilities inclusive of a reclassified build-to-suit arrangement, derecognized assets and liabilities related to the build-to-suit arrangement, and carried forward existing capital leases as finance lease assets and liabilities. This resulted in a material impact on the Condensed Consolidated Balance Sheet and the recognition of total incremental lease assets, inclusive of prepaid lease balances and deferred rent liabilities, of $219 million and incremental lease liabilities of $214 million, with an immaterial cumulative effect adjustment to reduce Retained deficit as a result of the build-to-suit lease transition requirements. The impact of adoption was not material to the Condensed Consolidated Statements of Comprehensive Income, Cash Flows, or Stockholders’ Deficit, and did not impact the Company's compliance with any of its existing debt covenants. Refer to Note 2 for additional information regarding Valvoline's adoption of this new guidance. Issued but not yet adopted In June 2016, the FASB issued updated guidance that introduces a forward-looking approach based on expected losses, rather than incurred losses, to estimate credit losses on certain types of financial instruments including trade and other receivables. The new guidance will require entities to incorporate historical, current, and forecasted information into their estimates of expected credit losses. This guidance also includes expanded disclosure requirements and will become effective for Valvoline on October 1, 2020. The Company is evaluating the effect of adopting this new accounting guidance, including changes to its related processes, and does not currently expect adoption will have a material impact on its Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Comprehensive Income. The impact of adoption will be largely dependent on the credit quality of the Company's receivables outstanding at adoption. The Company evaluates creditworthiness when negotiating contracts, and as the Company's receivables are generally short-term in nature, the timing and amount of credit loss recognized under existing guidance and the new guidance is not expected to differ materially. The FASB issued other accounting guidance during the period that is not currently applicable or expected to have a material impact on Valvoline’s condensed consolidated financial statements, and therefore, is not described above.

Leases, Codification Topic 842

Leases, Codification Topic 842 (Policies)	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Leases	Lessee arrangements Certain of the properties Valvoline utilizes, including quick-lube service center stores, offices, blending and warehouse facilities, in addition to certain equipment, are leased. Valvoline determines if an arrangement contains a lease at inception primarily based on whether or not the Company has the right to control the asset during the contract period. For all agreements where it is determined that a lease exists, including those with an initial term of 12 months or less, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheet as either operating or finance leases at the commencement date. The lease liability is measured at the present value of future lease payments over the lease term, and the right-of-use asset is measured at the lease liability amount, adjusted for prepaid lease payments, lease incentives and the lessee’s initial direct costs (e.g., commissions). The lease term includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.

Leasing (Tables)

Leasing (Tables)	6 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease Balances on the Balance Sheet	The following table presents the Company's lease balances: (In millions) Location in Condensed Consolidated Balance Sheet March 31, 2020 Assets Operating lease assets Operating lease assets $ 254 Finance lease assets Property, plant and equipment, net 47 Amortization of finance lease assets Property, plant and equipment, net (8) Total leased assets $ 293 Liabilities Current: Operating lease liabilities Accrued expenses and other liabilities $ 30 Finance lease liabilities Accrued expenses and other liabilities 2 Noncurrent: Operating lease liabilities Operating lease liabilities 226 Finance lease liabilities Other noncurrent liabilities 41 Total lease liabilities $ 299
Schedule of Lease Costs and Other Information	The following table presents the components of total lease costs: (In millions) Location in Condensed Consolidated Statements of Comprehensive Income Three months ended March 31, 2020 Six months ended March 31, 2020 Operating lease cost Cost of sales and Selling, general and administrative expenses (a) $ 11 $ 22 Finance lease costs Amortization of lease assets Cost of sales (a) 1 1 Interest on lease liabilities Net interest and other financing expenses 1 2 Variable lease cost Cost of sales and Selling, general and administrative expenses (a) 1 2 Sublease income Equity and other income, net (2) (3) Total lease cost $ 12 $ 24 (a) Supply chain and retail-related amounts are included in Cost of sales. Other information related to the Company's leases follows: (In millions) Three months ended March 31, 2020 Six months ended March 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (a) $ 11 $ 21 Operating cash flows from finance leases $ 1 $ 2 Financing cash flow from finance leases $ — $ — Lease assets obtained in exchange for lease obligations: Operating leases $ 13 $ 28 Finance leases $ 18 $ 18 (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statement of Cash Flows offset by noncash operating lease asset amortization and liability accretion. The following table presents the weighted average remaining lease term and interest rate as of March 31, 2020: Weighted average remaining lease term (in years): Operating leases 9.8 Finance leases 12.6 Weighted average discount rate: Operating leases 4.14 % Finance leases 9.03 %
Schedule of Future Lease Payments under Finance Leases After Adoption	The following table reconciles the undiscounted cash flows for the next five fiscal years ended September 30 and thereafter to the operating and finance lease liabilities recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020: (In millions) Operating leases Finance leases Remainder of 2020 $ 21 $ 3 2021 39 6 2022 36 5 2023 33 5 2024 30 6 Thereafter 157 45 Total future lease payments 316 70 Imputed interest 60 27 Present value of lease liabilities $ 256 $ 43
Schedule of Future Lease Payments under Operating Leases After Adoption	The following table reconciles the undiscounted cash flows for the next five fiscal years ended September 30 and thereafter to the operating and finance lease liabilities recorded on the Condensed Consolidated Balance Sheet as of March 31, 2020: (In millions) Operating leases Finance leases Remainder of 2020 $ 21 $ 3 2021 39 6 2022 36 5 2023 33 5 2024 30 6 Thereafter 157 45 Total future lease payments 316 70 Imputed interest 60 27 Present value of lease liabilities $ 256 $ 43
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum lease payments by fiscal year as determined prior to the adoption of the new lease accounting guidance under the previously designated capital, financing and operating leases as of the fiscal year ended September 30, 2019, were as follows: (In millions) Operating leases Capital leases and financing obligations 2020 $ 36 $ 6 2021 32 7 2022 29 7 2023 27 7 2024 23 7 Thereafter 120 50 Total future lease payments (a) $ 267 84 Imputed interest 29 Present value of lease liabilities $ 55
Schedule of Future Minimum Lease Payments for Operating, Capital and Other Financing Obligations	The future minimum lease payments by fiscal year as determined prior to the adoption of the new lease accounting guidance under the previously designated capital, financing and operating leases as of the fiscal year ended September 30, 2019, were as follows: (In millions) Operating leases Capital leases and financing obligations 2020 $ 36 $ 6 2021 32 7 2022 29 7 2023 27 7 2024 23 7 Thereafter 120 50 Total future lease payments (a) $ 267 84 Imputed interest 29 Present value of lease liabilities $ 55

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value	The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy: (In millions) Fair Value Hierarchy March 31 September 30 Cash and cash equivalents Money market funds Level 1 $ 293 $ — Time deposits Level 2 201 59 Prepaid expenses and other current assets Currency derivatives (a) Level 2 3 — Other noncurrent assets Non-qualified trust funds Level 1 18 20 Total assets at fair value $ 515 $ 79 Accrued expenses and other liabilities Currency derivatives (a) Level 2 $ 3 $ — Total liabilities at fair value $ 3 $ —
Summary of Fair Value of Debt	Carrying values shown in the following table are net of unamortized discounts and issuance costs. March 31, 2020 September 30, 2019 (In millions) Fair value Carrying value Unamortized discount and Fair value Carrying value Unamortized 2024 Notes $ — $ — $ — $ 390 $ 371 $ (4) 2025 Notes 384 396 (4) 407 395 (5) 2030 Notes 560 592 (8) — — — Total $ 944 $ 988 $ (12) $ 797 $ 766 $ (9)

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of Consideration Paid and Assets and Liabilities Acquired	: (In millions) 2020 2019 Property, plant and equipment $ 1 $ 2 Goodwill 5 24 Intangible assets (a) Reacquired franchise rights 5 4 Customer relationships — 3 Trademarks and trade names — 1 Other — 1 Net assets acquired $ 11 $ 35

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Mar. 31, 2020
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, 2020: (In millions) Quick Lubes Core North America International Total Balance at September 30, 2019 $ 301 $ 89 $ 40 $ 430 Acquisitions (a) 5 — — 5 Currency translation (2) — — (2) Dispositions (a) (3) — — (3) Balance at March 31, 2020 $ 301 $ 89 $ 40 $ 430 (a) Refer to Note 4 for details regarding acquisitions and dispositions completed during the six months ended March 31, 2020.

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Related Liability	(In millions) Employee termination benefits Balance at September 30, 2019 $ 9 Expenses recognized during the period 1 Payments (4) Balance at March 31, 2020 $ 6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Total Debt	The following table summarizes Valvoline’s total debt: (In millions) March 31 September 30 2019 2030 Notes $ 600 $ — 2025 Notes 400 400 2024 Notes — 375 Term Loan 475 575 Revolver 450 — Trade Receivables Facility 90 — Other (a) (12) (8) Total debt $ 2,003 $ 1,342 Current portion of long-term debt — 15 Long-term debt $ 2,003 $ 1,327 (a) As of March 31, 2020 and September 30, 2019, other included debt issuance costs and discounts of $13 million and $9 million, respectively, and debt primarily acquired through acquisitions of $1 million.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense and Effective Tax Rate	The following summarizes income tax expense and the effective tax rate in each interim period: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Income tax expense $ 25 $ 17 $ 49 $ 36 Effective tax rate percentage 28.4 % 21.3 % 26.5 % 23.7 %

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of Pension and Other Postretirement Benefit Income	The following table summarizes the components of pension and other postretirement benefit (income) cost: Other postretirement benefits Pension benefits (In millions) 2020 2019 2020 2019 Three months ended March 31 Service cost $ — $ 1 $ — $ — Interest cost 15 20 1 — Expected return on plan assets (22) (20) — — Amortization of prior service credit — — (3) (3) Net periodic benefit (income) cost $ (7) $ 1 $ (2) $ (3) Six months ended March 31 Service cost $ 1 $ 1 $ — $ — Interest cost 31 40 1 1 Expected return on plan assets (44) (40) — — Amortization of prior service credit — — (6) (6) Net periodic benefit (income) cost $ (12) $ 1 $ (5) $ (5)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes basic and diluted earnings per share: Three months ended Six months ended March 31 March 31 (In millions, except per share data) 2020 2019 2020 2019 Numerator Net income $ 63 $ 63 $ 136 $ 116 Denominator Weighted average common shares outstanding 188 189 188 189 Effect of potentially dilutive securities (a) — — 1 — Weighted average diluted shares outstanding 188 189 189 189 Earnings per share Basic $ 0.33 $ 0.33 $ 0.72 $ 0.61 Diluted $ 0.33 $ 0.33 $ 0.72 $ 0.61

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents sales and operating income for each reportable segment: Three months ended Six months ended (In millions) March 31 March 31 2020 2019 2020 2019 Sales Quick Lubes $ 212 $ 200 $ 430 $ 389 Core North America 238 243 486 475 International 128 148 269 284 Consolidated sales $ 578 $ 591 $ 1,185 $ 1,148 Operating income Quick Lubes $ 40 $ 44 $ 78 $ 82 Core North America 47 40 93 71 International 18 23 38 41 Total operating segments 105 107 209 194 Unallocated and other (a) 12 (11) 12 (11) Consolidated operating income $ 117 $ 96 $ 221 $ 183 (a) Unallocated and other includes net legacy and separation-related expenses/income and corporate costs not allocated to the reportable segments, including certain acquisition and divestiture-related costs, restructuring and related expenses, and certain current year incentive compensation adjustments.
Schedule of Disaggregated Revenues	The following table summarizes sales by primary customer channel for the Company’s reportable segments: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Quick Lubes Company-owned operations $ 140 $ 128 $ 282 $ 252 Non-company owned operations 72 72 148 137 Total Quick Lubes 212 200 430 389 Core North America Retail 133 140 270 256 Installer and other 105 103 216 219 Total Core North America 238 243 486 475 International 128 148 269 284 Consolidated sales $ 578 $ 591 $ 1,185 $ 1,148
Schedule of Sales Disaggregated by Segment and Geographical Area	Sales by reportable segment disaggregated by geographic market follows: Quick Lubes Core North America International Total (In millions) 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended March 31 North America (a) $ 212 $ 200 $ 238 $ 243 $ — $ — $ 450 $ 443 Europe, Middle East and Africa ("EMEA") — — — — 44 47 44 47 Asia Pacific — — — — 58 73 58 73 Latin America (a) — — — — 26 28 26 28 Totals $ 212 $ 200 $ 238 $ 243 $ 128 $ 148 $ 578 $ 591 Six months ended March 31 North America (a) $ 430 $ 389 $ 486 $ 475 $ — $ — $ 916 $ 864 Europe, Middle East and Africa ("EMEA") — — — — 91 91 91 91 Asia Pacific — — — — 128 140 128 140 Latin America (a) — — — — 50 53 50 53 Totals $ 430 $ 389 $ 486 $ 475 $ 269 $ 284 $ 1,185 $ 1,148 (a) Valvoline includes the United States and Canada in its North America region. Mexico is included within the Latin America region.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Mar. 31, 2020
Supplemental Financial Information [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows: (In millions) March 31 September 30 March 31 Cash and cash equivalents $ 774 $ 159 $ 114 Restricted cash (a) 1 — 11 Total cash, cash equivalents and restricted cash $ 775 $ 159 $ 125 (a) Included in Prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets.
Summary of Accounts Receivable	The following table summarizes Valvoline’s accounts receivable in the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 Trade $ 342 $ 392 Other 16 15 Accounts receivable, gross 358 407 Allowance for doubtful accounts (6) (6) Total accounts receivable, net $ 352 $ 401
Summary of Inventory	The following table summarizes Valvoline’s inventories in the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 Finished products $ 211 $ 203 Raw materials, supplies and work in process 34 32 Reserve for LIFO cost valuation (36) (41) Total inventories, net $ 209 $ 194
Disaggregaton of Revenue by Timing of Revenue Table Text Block	The following table disaggregates the Company’s sales by timing of revenue recognized: Three months ended Six months ended March 31 March 31 (In millions) 2020 2019 2020 2019 Sales at a point in time $ 569 $ 581 $ 1,165 $ 1,128 Franchised revenues transferred over time 9 10 20 20 Total consolidated sales $ 578 $ 591 $ 1,185 $ 1,148

Guarantor Financial Informati_2

Guarantor Financial Information (Tables)	6 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Statements of Comprehensive Income	Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 468 $ 122 $ (12) $ 578 Cost of sales — 297 86 (12) 371 Gross profit — 171 36 — 207 Selling, general and administrative (income) expenses (1) 75 22 — 96 Equity and other (income) expenses, net — (13) 7 — (6) Operating income 1 109 7 — 117 Net pension and other postretirement plan income — (9) — — (9) Net interest and other financing expenses 36 2 — — 38 (Loss) income before income taxes (35) 116 7 — 88 Income tax (benefit) expense (8) 31 2 — 25 Equity in net income of subsidiaries (90) (5) — 95 — Net income $ 63 $ 90 $ 5 $ (95) $ 63 Total comprehensive income (loss) $ 40 $ 69 $ (15) $ (54) $ 40 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 465 $ 143 $ (17) $ 591 Cost of sales — 300 105 (17) 388 Gross profit — 165 38 — 203 Selling, general and administrative expenses 2 90 21 — 113 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (14) 5 — (9) Operating (loss) income (5) 89 12 — 96 Net pension and other postretirement plan income — (3) — — (3) Net interest and other financing expenses 15 2 2 — 19 (Loss) income before income taxes (20) 90 10 — 80 Income tax (benefit) expense (6) 21 2 — 17 Equity in net income of subsidiaries (77) (8) — 85 — Net income $ 63 $ 77 $ 8 $ (85) $ 63 Total comprehensive income $ 63 $ 77 $ 9 $ (86) $ 63 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 948 $ 262 $ (25) $ 1,185 Cost of sales — 606 186 (25) 767 Gross profit — 342 76 — 418 Selling, general and administrative expenses 3 163 47 — 213 Net legacy and separation-related income (1) — — — (1) Equity and other (income) expenses, net — (26) 11 — (15) Operating (loss) income (2) 205 18 — 221 Net pension and other postretirement plan income — (18) — — (18) Net interest and other financing expenses 51 3 — — 54 (Loss) income before income taxes (53) 220 18 — 185 Income tax (benefit) expense (14) 58 5 — 49 Equity in net income of subsidiaries (175) (13) — 188 — Net income $ 136 $ 175 $ 13 $ (188) $ 136 Total comprehensive income $ 119 $ 158 $ — $ (158) $ 119 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 905 $ 275 $ (32) $ 1,148 Cost of sales — 593 201 (32) 762 Gross profit — 312 74 — 386 Selling, general and administrative expenses 5 171 42 — 218 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (27) 9 — (18) Operating (loss) income (8) 168 23 — 183 Net pension and other postretirement plan income — (5) — — (5) Net interest and other financing expenses 30 3 3 — 36 (Loss) income before income taxes (38) 170 20 — 152 Income tax (benefit) expense (11) 41 6 — 36 Equity in net income of subsidiaries (143) (14) — 157 — Net income $ 116 $ 143 $ 14 $ (157) $ 116 Total comprehensive income $ 110 $ 137 $ 11 $ (148) $ 110
Condensed Income Statement	Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 468 $ 122 $ (12) $ 578 Cost of sales — 297 86 (12) 371 Gross profit — 171 36 — 207 Selling, general and administrative (income) expenses (1) 75 22 — 96 Equity and other (income) expenses, net — (13) 7 — (6) Operating income 1 109 7 — 117 Net pension and other postretirement plan income — (9) — — (9) Net interest and other financing expenses 36 2 — — 38 (Loss) income before income taxes (35) 116 7 — 88 Income tax (benefit) expense (8) 31 2 — 25 Equity in net income of subsidiaries (90) (5) — 95 — Net income $ 63 $ 90 $ 5 $ (95) $ 63 Total comprehensive income (loss) $ 40 $ 69 $ (15) $ (54) $ 40 Condensed Consolidating Statements of Comprehensive Income For the three months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 465 $ 143 $ (17) $ 591 Cost of sales — 300 105 (17) 388 Gross profit — 165 38 — 203 Selling, general and administrative expenses 2 90 21 — 113 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (14) 5 — (9) Operating (loss) income (5) 89 12 — 96 Net pension and other postretirement plan income — (3) — — (3) Net interest and other financing expenses 15 2 2 — 19 (Loss) income before income taxes (20) 90 10 — 80 Income tax (benefit) expense (6) 21 2 — 17 Equity in net income of subsidiaries (77) (8) — 85 — Net income $ 63 $ 77 $ 8 $ (85) $ 63 Total comprehensive income $ 63 $ 77 $ 9 $ (86) $ 63 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 948 $ 262 $ (25) $ 1,185 Cost of sales — 606 186 (25) 767 Gross profit — 342 76 — 418 Selling, general and administrative expenses 3 163 47 — 213 Net legacy and separation-related income (1) — — — (1) Equity and other (income) expenses, net — (26) 11 — (15) Operating (loss) income (2) 205 18 — 221 Net pension and other postretirement plan income — (18) — — (18) Net interest and other financing expenses 51 3 — — 54 (Loss) income before income taxes (53) 220 18 — 185 Income tax (benefit) expense (14) 58 5 — 49 Equity in net income of subsidiaries (175) (13) — 188 — Net income $ 136 $ 175 $ 13 $ (188) $ 136 Total comprehensive income $ 119 $ 158 $ — $ (158) $ 119 Condensed Consolidating Statements of Comprehensive Income For the six months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Sales $ — $ 905 $ 275 $ (32) $ 1,148 Cost of sales — 593 201 (32) 762 Gross profit — 312 74 — 386 Selling, general and administrative expenses 5 171 42 — 218 Net legacy and separation-related expenses 3 — — — 3 Equity and other (income) expenses, net — (27) 9 — (18) Operating (loss) income (8) 168 23 — 183 Net pension and other postretirement plan income — (5) — — (5) Net interest and other financing expenses 30 3 3 — 36 (Loss) income before income taxes (38) 170 20 — 152 Income tax (benefit) expense (11) 41 6 — 36 Equity in net income of subsidiaries (143) (14) — 157 — Net income $ 116 $ 143 $ 14 $ (157) $ 116 Total comprehensive income $ 110 $ 137 $ 11 $ (148) $ 110
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets As of March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 625 $ 149 $ — $ 774 Accounts receivable, net — 212 281 (141) 352 Inventories, net — 119 90 — 209 Prepaid expenses and other current assets — 39 10 — 49 Total current assets — 995 530 (141) 1,384 Noncurrent assets Property, plant and equipment, net — 432 77 — 509 Operating lease assets — 215 39 — 254 Goodwill and intangibles, net — 427 76 — 503 Equity method investments — 37 — — 37 Investment in subsidiaries 1,770 493 — (2,263) — Deferred income taxes 63 22 14 — 99 Other noncurrent assets 2 117 12 — 131 Total noncurrent assets 1,835 1,743 218 (2,263) 1,533 Total assets $ 1,835 $ 2,738 $ 748 $ (2,404) $ 2,917 Liabilities and Stockholders’ Deficit Current liabilities Trade and other payables $ 118 $ 128 $ 81 $ (141) $ 186 Accrued expenses and other liabilities 13 162 40 — 215 Total current liabilities 131 290 121 (141) 401 Noncurrent liabilities Long-term debt 1,912 1 90 — 2,003 Employee benefit obligations — 345 16 — 361 Operating lease liabilities — 199 27 — 226 Other noncurrent liabilities 29 133 1 — 163 Total noncurrent liabilities 1,941 678 134 — 2,753 Commitments and contingencies Stockholders’ (deficit) equity (237) 1,770 493 (2,263) (237) Total liabilities and stockholders’ deficit / equity $ 1,835 $ 2,738 $ 748 $ (2,404) $ 2,917 Condensed Consolidating Balance Sheets As of September 30, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ — $ 59 $ 100 $ — $ 159 Accounts receivable, net — 181 338 (118) 401 Inventories, net — 110 84 — 194 Prepaid expenses and other current assets — 35 8 — 43 Total current assets — 385 530 (118) 797 Noncurrent assets Property, plant and equipment, net — 431 67 — 498 Goodwill and intangibles, net — 423 81 — 504 Equity method investments — 34 — — 34 Investment in subsidiaries 1,157 546 — (1,703) — Deferred income taxes 48 61 14 — 123 Other noncurrent assets 3 96 9 — 108 Total noncurrent assets 1,208 1,591 171 (1,703) 1,267 Total assets $ 1,208 $ 1,976 $ 701 $ (1,821) $ 2,064 Liabilities and Stockholders’ Deficit Current liabilities Current portion of long-term debt $ 15 $ — $ — $ — $ 15 Trade and other payables 80 127 82 (118) 171 Accrued expenses and other liabilities 9 175 53 — 237 Total current liabilities 104 302 135 (118) 423 Noncurrent liabilities Long-term debt 1,326 1 — — 1,327 Employee benefit obligations — 369 18 — 387 Other noncurrent liabilities 36 147 2 — 185 Total noncurrent liabilities 1,362 517 20 — 1,899 Commitments and contingencies Stockholders’ (deficit) equity (258) 1,157 546 (1,703) (258) Total liabilities and stockholders’ deficit / equity $ 1,208 $ 1,976 $ 701 $ (1,821) $ 2,064
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2020 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows (used in) provided by operating activities $ (448) $ 619 $ (17) $ — $ 154 Cash flows from investing activities Additions to property, plant and equipment — (40) (17) — (57) Acquisitions, net of cash acquired — (11) — — (11) Other investing activities, net — (1) (2) — (3) Cash flows used in investing activities — (52) (19) — (71) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 1,042 — 90 — 1,132 Repayments on borrowings (475) — — — (475) Premium paid to extinguish debt (15) — — — (15) Repurchases of common stock (60) — — — (60) Cash dividends paid (42) — — — (42) Other financing activities (2) (1) — — (3) Cash flows provided by (used in) financing activities 448 (1) 90 — 537 Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash — — (4) — (4) Increase in cash, cash equivalents, and restricted cash — 566 50 — 616 Cash, cash equivalents, and restricted cash - beginning of year — 59 100 — 159 Cash, cash equivalents, and restricted cash - end of period $ — $ 625 $ 150 $ — $ 775 Condensed Consolidating Statements of Cash Flows For the six months ended March 31, 2019 (In millions) Valvoline Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows provided by operating activities $ 18 $ 65 $ 51 $ — $ 134 Cash flows from investing activities Additions to property, plant and equipment — (40) (8) — (48) Acquisitions, net of cash acquired — (13) (22) — (35) Other investing activities, net — — (2) — (2) Cash flows used in investing activities — (53) (32) — (85) Cash flows from financing activities Proceeds from borrowings, net of issuance costs 87 — 75 — 162 Repayments on borrowings (63) — (74) — (137) Cash dividends paid (40) — — — (40) Other financing activities (2) (2) (1) — (5) Cash flows used in financing activities (18) (2) — — (20) Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash — — — — — Increase in cash, cash equivalents, and restricted cash — 10 19 — 29 Cash, cash equivalents, and restricted cash - beginning of year — 20 76 — 96 Cash, cash equivalents, and restricted cash - end of period $ — $ 30 $ 95 $ — $ 125

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - ASU 2016-02 $ in Millions	Oct. 01, 2019USD ($)
Incremental Lease Assets	$ 219
Incremental Lease Liabilities	$ 214

Leasing - Schedule of Lease Bal

Leasing - Schedule of Lease Balances on the Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease assets	$ 254	$ 0
Finance lease assets	47
Amortization of finance lease assets	8
Total leased assets	293
Operating lease liabilities, current	30
Finance lease liabilities, current	2
Operating lease liabilities, noncurrent	226	$ 0
Finance lease liabilities, noncurrent	41
Total lease liabilities	$ 299

Leasing - Schedule of Lease Cos

Leasing - Schedule of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Leases [Abstract]
Operating Lease, Cost	$ 11	$ 22
Lease, Cost [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	1	1
Finance Lease, Interest Expense	1	2
Variable Lease, Cost	1	2
Sublease Income	(2)	(3)
Lease, Cost, Total	12	24
Operating cash flows from finance leases	1	2
Financing cash flow from finance leases	0	0
Leased assets obtained in exchange for operating leases	13	28
Leased assets obtained in exchange for finance leases	$ 18	$ 18

Leasing - Schedule of Other Inf

Leasing - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases (a)	$ 11	$ 21
Operating cash flows from finance leases	1	2
Financing cash flow from finance leases	0	0
Leased assets obtained in exchange for operating leases	13	28
Leased assets obtained in exchange for finance leases	$ 18	$ 18

Leasing - Schedule of Future Le

Leasing - Schedule of Future Lease Payments for Operating and Finance Leases After Adoption (Details) $ in Millions	Mar. 31, 2020USD ($)
Operating leases
2020	$ 21
2021	39
2022	36
2023	33
2024	30
Thereafter	157
Total future lease payments	316
Imputed interest	60
Present value of lease liabilities	256
Finance leases
2020	3
2021	6
2022	5
2023	5
2024	6
Thereafter	45
Total future lease payments	70
Imputed interest	27
Present value of lease liabilities	43
Undiscounted future lease payments for leases not yet commenced	$ 44
Term for leases that have not yet commenced	15 years

Leasing - Schedule of Weighted

Leasing - Schedule of Weighted Average Remaining Lease Term and Interest Rates (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term, operating leases	9 years 9 months 18 days
Weighted average remaining lease term, finance leases	12 years 7 months 6 days
Weighted average discount rate, operating leases	4.14%
Weighted average discount rate, finance leases	9.03%

Leasing - Future Minimum Rental

Leasing - Future Minimum Rental Payments Before Adoption (Details) $ in Millions	Sep. 30, 2019USD ($)
Operating Leases
2020	$ 36
2021	32
2022	29
2023	27
2024	23
Thereafter	120
Total future lease payments (a)	267
Capital Leases and Financing Obligations
2020	6
2021	7
2022	7
2023	7
2024	7
Thereafter	50
Total future lease payments	84
Imputed interest	29
Present value of lease liabilities	$ 55

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, 2020	Sep. 30, 2019
Other noncurrent assets
Total assets at fair value	$ 515	$ 79
Accrued expenses and other liabilities
Total liabilities at fair value	3	0
Level 1
Other noncurrent assets
Non-qualified trust funds	18	20
Level 1 | Money market funds
Cash and cash equivalents
Cash and cash equivalents	293	0
Level 2
Prepaid expenses and other current assets
Currency derivatives	3	0
Accrued expenses and other liabilities
Currency derivatives	3	0
Level 2 | Time deposits
Cash and cash equivalents
Cash and cash equivalents	$ 201	$ 59

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
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	$ 121	$ 111

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount and issuance costs	$ 13	$ 9
Level 2 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	944	797
Level 2 | Fair value | Senior Notes | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	390
Level 2 | Fair value | Senior Notes | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	384	407
Level 2 | Fair value | Senior Notes | Senior Unsecured Notes Due 2030 [Domain]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	560	0
Level 2 | Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	988	766
Unamortized discount and issuance costs	(12)	(9)
Level 2 | Carrying value | Senior Notes | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	371
Unamortized discount and issuance costs	0	(4)
Level 2 | Carrying value | Senior Notes | 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	396	395
Unamortized discount and issuance costs	(4)	(5)
Level 2 | Carrying value | Senior Notes | Senior Unsecured Notes Due 2030 [Domain]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	592	0
Unamortized discount and issuance costs	$ (8)	$ 0

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 31, 2020USD ($)service_center_store	Mar. 31, 2019USD ($)service_center_store
Business Acquisition [Line Items]
Number of service center stores acquired | service_center_store	14	40
Consideration for acquisition | $	$ 11	$ 35
Finite-Lived Intangible Assets [Line Items]
Gain on sale | $	$ 0
Acquired Finite-Lived Intangible Assets [Line Items]
Business Disposition, Number of Service Centers Sold | service_center_store	6
Business Acquisition, Number of Former Franchise Service Centers | service_center_store	6
Proceeds from sale of operations | $	$ 3

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Summary of Consideration Paid and Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Property, plant and equipment	$ 1	$ 2
Goodwill	5	24
Net assets acquired	$ 11	35
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	9 years
Reacquired franchise rights
Business Acquisition [Line Items]
Intangible assets	$ 5	4
Customer relationships
Business Acquisition [Line Items]
Intangible assets	0	3
Trademarks and trade names
Business Acquisition [Line Items]
Intangible assets	0	1
Other
Business Acquisition [Line Items]
Intangible assets	$ 0	$ 1

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Summary of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 430
Acquisitions	5
Currency translation	(2)
Goodwill, Written off Related to Sale of Business Unit	3
Goodwill, ending balance	430
Quick Lubes
Goodwill [Roll Forward]
Goodwill, beginning balance	301
Acquisitions	5
Currency translation	(2)
Goodwill, Written off Related to Sale of Business Unit	3
Goodwill, ending balance	301
Core North America
Goodwill [Roll Forward]
Goodwill, beginning balance	89
Acquisitions	0
Currency translation	0
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill, ending balance	89
International
Goodwill [Roll Forward]
Goodwill, beginning balance	40
Acquisitions	0
Currency translation	0
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill, ending balance	$ 40

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Cumulative Restructuring Charges		$ 13
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Expenses recognized during the period	$ 6	$ 1	$ 6

Restructuring Activities - Sche

Restructuring Activities - Schedule of Restructuring Activity (Details) - Employee termination benefits - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Balance at September 30, 2019		$ 9
Payments		(4)
Balance at March 31, 2020		6
Expenses recognized during the period	$ 6	$ 1	$ 6

Debt - Schedule of Short-Term B

Debt - Schedule of Short-Term Borrowings and Long Term Debt (Details) - USD ($)	Mar. 31, 2020	Feb. 25, 2020	Sep. 30, 2019	Aug. 31, 2017
Debt Instrument [Line Items]
Other	$ (12,000,000)		$ (8,000,000)
Current portion of long-term debt	0		15,000,000
Long-term debt	2,003,000,000		1,327,000,000
Total debt	2,003,000,000		1,342,000,000
Debt acquired through acquisitions	1,000,000		1,000,000
Debt issuance cost discounts	13,000,000		9,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Long-term debt	450,000,000		0
Senior Unsecured Notes Due 2030 [Domain] | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 600,000,000	0
2025 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 400,000,000
Debt gross	400,000,000		400,000,000
2024 Notes | Senior Notes
Debt Instrument [Line Items]
Debt gross	0	$ (375,000,000)	375,000,000
Term Loan | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt gross	475,000,000		575,000,000
Trade Receivables Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 90,000,000		$ 0

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($)	Feb. 25, 2020	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Aug. 31, 2017	Jul. 31, 2016
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 19,000,000	$ 19,000,000	$ 0
Payment for Debt Extinguishment or Debt Prepayment Cost		15,000,000	0
Proceeds from borrowings, net of issuance costs	592,000,000	1,132,000,000	162,000,000
Repayments of Senior Debt	394,000,000
Repayments on borrowings		475,000,000	$ 137,000,000
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Interest rate on senior unsecured notes						5.50%
Payment for Debt Extinguishment or Debt Prepayment Cost		15,000,000
Debt gross	$ (375,000,000)	0		$ 375,000,000
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Interest rate on senior unsecured notes					4.375%
Aggregate principal amount					$ 400,000,000
Debt gross		400,000,000		400,000,000
Senior Notes | Senior Unsecured Notes Due 2030 [Domain]
Debt Instrument [Line Items]
Interest rate on senior unsecured notes	4.25%
Aggregate principal amount	$ 600,000,000			$ 0
Line of Credit | 2019 Term Loans
Debt Instrument [Line Items]
Repayments on borrowings		$ 100,000,000

Debt - Senior Credit Agreement

Debt - Senior Credit Agreement (Details) - USD ($)	6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Apr. 12, 2019
Debt Instrument [Line Items]
Repayments on borrowings	$ 475,000,000	$ 137,000,000
2019 Revolver
Debt Instrument [Line Items]
Letters of credit outstanding	7,000,000
2019 Term Loans | Line of Credit
Debt Instrument [Line Items]
Original principal amount of debt	475,000,000			$ 575,000,000
Revolver | 2019 Revolver | Line of Credit
Debt Instrument [Line Items]
Original principal amount of debt				$ 475,000,000
Borrowings from revolving credit facility	450,000,000
Repayments of long-term debt			$ 0
Total borrowing capacity remaining	18,000,000
Line of Credit, Current	$ 450,000,000

Debt - Trade Receivables Facili

Debt - Trade Receivables Facility (Details) - USD ($)	Apr. 22, 2020	Feb. 25, 2020	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Proceeds from borrowings		$ 592,000,000	$ 1,132,000,000	$ 162,000,000
Repayments on borrowings			475,000,000	137,000,000
Line of Credit | Trade Receivables Facility | Secured Debt
Debt Instrument [Line Items]
Original principal amount of debt			175,000,000
Long-term debt outstanding amount			90,000,000		$ 0
Proceeds from borrowings			90,000,000
Total borrowing capacity remaining	$ 85,000,000			$ 28,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	50.00%
Line of Credit | Trade Receivables Facility | Secured Debt | Financing Subsidiary
Debt Instrument [Line Items]
Accounts receivable pledged as collateral			$ 201,000,000		$ 259,000,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 25	$ 17	$ 49	$ 36
Effective tax rate percentage	28.40%	21.30%	26.50%	23.70%

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, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 1	$ 1	$ 1
Interest cost	15	20	31	40
Expected return on plan assets	(22)	(20)	(44)	(40)
Amortization of prior service credit	0	0	0	0
Net periodic benefit (income) cost	(7)	1	(12)	1
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	1	0	1	1
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(3)	(3)	(6)	(6)
Net periodic benefit (income) cost	$ (2)	$ (3)	$ (5)	$ (5)

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, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net income	$ 63	$ 73	$ 63	$ 53	$ 136	$ 116
Denominator
Weighted-average common shares outstanding (shares)	188		189		188	189
Effect of potentially dilutive securities (shares)	0		0		1	0
Weighted average diluted shares outstanding (shares)	188		189		189	189
Earnings per share
Basic (usd per share)	$ 0.33		$ 0.33		$ 0.72	$ 0.61
Diluted (usd per share)	$ 0.33		$ 0.33		$ 0.72	$ 0.61
Shares excluded from diluted earnings per share calculation due to anti-dilutive effect (shares)	1		2			2

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details)	6 Months Ended
	Mar. 31, 2020numberOfSegmentsnumberOfCountries
Segment Reporting Information [Line Items]
Number of reportable segments | numberOfSegments	3
Non-US
Segment Reporting Information [Line Items]
Number of countries where our products are sold | numberOfCountries	140

Reportable Segment Informatio_3

Reportable Segment Information - Sales and Operating Income by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 578	$ 591	$ 1,185	$ 1,148
Operating income	117	96	221	183
Operating Segments
Segment Reporting Information [Line Items]
Operating income	105	107	209	194
Unallocated and Other
Segment Reporting Information [Line Items]
Operating income	12	(11)	12	(11)
Quick Lubes
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Quick Lubes | Operating Segments
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Operating income	40	44	78	82
Core North America
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Core North America | Operating Segments
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Operating income	47	40	93	71
International
Segment Reporting Information [Line Items]
Sales	128	148	269	284
International | Operating Segments
Segment Reporting Information [Line Items]
Sales	128	148	269	284
Operating income	$ 18	$ 23	$ 38	$ 41

Reportable Segment Informatio_4

Reportable Segment Information - Disaggregation of Revenues by Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 578	$ 591	$ 1,185	$ 1,148
Quick Lubes
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Quick Lubes | Operating Segments
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Quick Lubes | Company-owned operations | Operating Segments
Segment Reporting Information [Line Items]
Sales	140	128	282	252
Quick Lubes | Non-company owned operations | Operating Segments
Segment Reporting Information [Line Items]
Sales	72	72	148	137
Core North America
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Core North America | Operating Segments
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Core North America | Retail | Operating Segments
Segment Reporting Information [Line Items]
Sales	133	140	270	256
Core North America | Installer and other | Operating Segments
Segment Reporting Information [Line Items]
Sales	105	103	216	219
International
Segment Reporting Information [Line Items]
Sales	128	148	269	284
International | Operating Segments
Segment Reporting Information [Line Items]
Sales	$ 128	$ 148	$ 269	$ 284

Reportable Segment Informatio_5

Reportable Segment Information - Disaggregation of Revenues by Geographical Market (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 578	$ 591	$ 1,185	$ 1,148
North America
Segment Reporting Information [Line Items]
Sales	450	443	916	864
EMEA
Segment Reporting Information [Line Items]
Sales	44	47	91	91
Asia Pacific
Segment Reporting Information [Line Items]
Sales	58	73	128	140
Latin America
Segment Reporting Information [Line Items]
Sales	26	28	50	53
Quick Lubes
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Quick Lubes | North America
Segment Reporting Information [Line Items]
Sales	212	200	430	389
Quick Lubes | EMEA
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Quick Lubes | Asia Pacific
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Quick Lubes | Latin America
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Core North America
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Core North America | North America
Segment Reporting Information [Line Items]
Sales	238	243	486	475
Core North America | EMEA
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Core North America | Asia Pacific
Segment Reporting Information [Line Items]
Sales	0	0	0	0
Core North America | Latin America
Segment Reporting Information [Line Items]
Sales	0	0	0	0
International
Segment Reporting Information [Line Items]
Sales	128	148	269	284
International | North America
Segment Reporting Information [Line Items]
Sales	0	0	0	0
International | EMEA
Segment Reporting Information [Line Items]
Sales	44	47	91	91
International | Asia Pacific
Segment Reporting Information [Line Items]
Sales	58	73	128	140
International | Latin America
Segment Reporting Information [Line Items]
Sales	$ 26	$ 28	$ 50	$ 53

Supplemental Financial Inform_3

Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018
Supplemental Financial Information [Abstract]
Restricted cash	$ 1	$ 0	$ 11
Cash and cash equivalents	774	159	114
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 775	$ 159	$ 125	$ 96

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Supplemental Financial Information [Abstract]
Trade	$ 342	$ 392
Other	16	15
Accounts receivable, gross	358	407
Accounts Receivable, Allowance for Credit Loss, Current	6	6
Accounts receivable, net	352	401
Loan to Franchisee [Member]
Accounts Receivable, non current [Line Items]
Accounts Receivable, Noncurrent, Not Past Due	$ 15	$ 0

Supplemental Financial Inform_5

Supplemental Financial Information - Narrative (Details) - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Financial Information [Abstract]
Accounts receivable sold to financial institutions	$ 59,000,000	$ 63,000,000

Supplemental Financial Inform_6

Supplemental Financial Information - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2020	Sep. 30, 2019
Supplemental Financial Information [Abstract]
Finished products	$ 211	$ 203
Raw materials, supplies and work in process	34	32
Inventory, LIFO Reserve	36	41
Inventories, net	$ 209	$ 194

Supplemental Financial Inform_7

Supplemental Financial Information - Revenue Recognition and Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, non current [Line Items]
Sales	$ 578	$ 591	$ 1,185	$ 1,148
Sales at a point in time
Accounts Receivable, non current [Line Items]
Sales	569	581	1,165	1,128
Franchised revenues transferred over time
Accounts Receivable, non current [Line Items]
Sales	$ 9	$ 10	$ 20	$ 20

Guarantor Financial Informati_3

Guarantor Financial Information - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Net Income (Loss) Attributable to Parent [Abstract]
Sales	$ 578		$ 591		$ 1,185	$ 1,148
Cost of sales	371		388		767	762
Gross profit	207		203		418	386
Selling, general and administrative expenses	96		113		213	218
Net legacy and separation-related expenses (income)	0		3		(1)	3
Equity and other (income) expenses, net	(6)		(9)		(15)	(18)
Operating income	117		96		221	183
Net pension and other postretirement plan income	(9)		(3)		(18)	(5)
Net interest and other financing expenses	38		19		54	36
Income before income taxes	88		80		185	152
Income tax (benefit) expense	25		17		49	36
Equity in net income of subsidiaries	0		0		0	0
Net income	63	$ 73	63	$ 53	136	116
Comprehensive income	40		63		119	110
Eliminations
Net Income (Loss) Attributable to Parent [Abstract]
Sales	(12)		(17)		(25)	(32)
Cost of sales	(12)		(17)		(25)	(32)
Gross profit	0		0		0	0
Selling, general and administrative expenses	0		0		0	0
Net legacy and separation-related expenses (income)			0		0	0
Equity and other (income) expenses, net	0		0		0	0
Operating income	0		0		0	0
Net pension and other postretirement plan income	0		0		0	0
Net interest and other financing expenses	0		0		0	0
Income before income taxes	0		0		0	0
Income tax (benefit) expense	0		0		0	0
Equity in net income of subsidiaries	95		85		188	157
Net income	(95)		(85)		(188)	(157)
Comprehensive income	(54)		(86)		(158)	(148)
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	(1)		2		3	5
Net legacy and separation-related expenses (income)			3		(1)	3
Equity and other (income) expenses, net	0		0		0	0
Operating income	1		(5)		(2)	(8)
Net pension and other postretirement plan income	0		0		0	0
Net interest and other financing expenses	36		15		51	30
Income before income taxes	(35)		(20)		(53)	(38)
Income tax (benefit) expense	(8)		(6)		(14)	(11)
Equity in net income of subsidiaries	(90)		(77)		(175)	(143)
Net income	63		63		136	116
Comprehensive income	40		63		119	110
Guarantor Subsidiaries | Reportable Legal Entities
Net Income (Loss) Attributable to Parent [Abstract]
Sales	468		465		948	905
Cost of sales	297		300		606	593
Gross profit	171		165		342	312
Selling, general and administrative expenses	75		90		163	171
Net legacy and separation-related expenses (income)			0		0	0
Equity and other (income) expenses, net	(13)		(14)		(26)	(27)
Operating income	109		89		205	168
Net pension and other postretirement plan income	(9)		(3)		(18)	(5)
Net interest and other financing expenses	2		2		3	3
Income before income taxes	116		90		220	170
Income tax (benefit) expense	31		21		58	41
Equity in net income of subsidiaries	(5)		(8)		(13)	(14)
Net income	90		77		175	143
Comprehensive income	69		77		158	137
Non-Guarantor Subsidiaries | Reportable Legal Entities
Net Income (Loss) Attributable to Parent [Abstract]
Sales	122		143		262	275
Cost of sales	86		105		186	201
Gross profit	36		38		76	74
Selling, general and administrative expenses	22		21		47	42
Net legacy and separation-related expenses (income)			0		0	0
Equity and other (income) expenses, net	7		5		11	9
Operating income	7		12		18	23
Net pension and other postretirement plan income	0		0		0	0
Net interest and other financing expenses	0		2		0	3
Income before income taxes	7		10		18	20
Income tax (benefit) expense	2		2		5	6
Equity in net income of subsidiaries	0		0		0	0
Net income	5		8		13	14
Comprehensive income	$ (15)		$ 9		$ 0	$ 11

Guarantor Financial Informati_4

Guarantor Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets, Current [Abstract]
Cash and cash equivalents	$ 774		$ 159	$ 114
Accounts receivable, net	352		401
Inventories, net	209		194
Prepaid expenses and other current assets	49		43
Total current assets	1,384		797
Noncurrent assets
Property, plant and equipment, net	509		498
Operating lease assets	254		0
Goodwill and intangibles, net	503		504
Equity method investments	37		34
Investment in subsidiaries	0		0
Deferred income taxes	99		123
Other noncurrent assets	131		108
Total noncurrent assets	1,533		1,267
Total assets	2,917		2,064
Current liabilities
Current portion of long-term debt	0		15
Trade and other payables	186		171
Accrued expenses and other liabilities	215		237
Total current liabilities	401		423
Noncurrent liabilities
Long-term debt	2,003		1,327
Employee benefit obligations	361		387
Operating lease liabilities, noncurrent	226		0
Other noncurrent liabilities	163		185
Total noncurrent liabilities	2,753		1,899
Commitments and contingencies
Stockholders’ (deficit) equity	(237)	$ (196)	(258)	$ (298)	$ (343)	$ (358)
Total liabilities and stockholders’ deficit	2,917		2,064
Present value of lease liabilities	256
Eliminations
Assets, Current [Abstract]
Cash and cash equivalents	0		0
Accounts receivable, net	(141)		(118)
Inventories, net	0		0
Prepaid expenses and other current assets	0		0
Total current assets	(141)		(118)
Noncurrent assets
Property, plant and equipment, net	0		0
Operating lease assets	0
Goodwill and intangibles, net	0		0
Equity method investments	0		0
Investment in subsidiaries	(2,263)		(1,703)
Deferred income taxes	0		0
Other noncurrent assets	0		0
Total noncurrent assets	(2,263)		(1,703)
Total assets	(2,404)		(1,821)
Current liabilities
Current portion of long-term debt			0
Trade and other payables	(141)		(118)
Accrued expenses and other liabilities	0		0
Total current liabilities	(141)		(118)
Noncurrent liabilities
Long-term debt	0		0
Employee benefit obligations	0		0
Operating lease liabilities, noncurrent	0
Other noncurrent liabilities	0		0
Total noncurrent liabilities	0		0
Stockholders’ (deficit) equity	(2,263)		(1,703)
Total liabilities and stockholders’ deficit	(2,404)		(1,821)
Valvoline Inc. (Parent Issuer) | Reportable Legal Entities
Assets, Current [Abstract]
Cash and cash equivalents	0		0
Accounts receivable, net	0		0
Inventories, net	0		0
Prepaid expenses and other current assets	0		0
Total current assets	0		0
Noncurrent assets
Property, plant and equipment, net	0		0
Operating lease assets	0
Goodwill and intangibles, net	0		0
Equity method investments	0		0
Investment in subsidiaries	1,770		1,157
Deferred income taxes	63		48
Other noncurrent assets	2		3
Total noncurrent assets	1,835		1,208
Total assets	1,835		1,208
Current liabilities
Current portion of long-term debt			15
Trade and other payables	118		80
Accrued expenses and other liabilities	13		9
Total current liabilities	131		104
Noncurrent liabilities
Long-term debt	1,912		1,326
Employee benefit obligations	0		0
Operating lease liabilities, noncurrent	0
Other noncurrent liabilities	29		36
Total noncurrent liabilities	1,941		1,362
Stockholders’ (deficit) equity	(237)		(258)
Total liabilities and stockholders’ deficit	1,835		1,208
Guarantor Subsidiaries | Reportable Legal Entities
Assets, Current [Abstract]
Cash and cash equivalents	625		59
Accounts receivable, net	212		181
Inventories, net	119		110
Prepaid expenses and other current assets	39		35
Total current assets	995		385
Noncurrent assets
Property, plant and equipment, net	432		431
Operating lease assets	215
Goodwill and intangibles, net	427		423
Equity method investments	37
Investment in subsidiaries	493		546
Deferred income taxes	22		61
Other noncurrent assets	117		96
Total noncurrent assets	1,743		1,591
Total assets	2,738		1,976
Current liabilities
Current portion of long-term debt			0
Trade and other payables	128		127
Accrued expenses and other liabilities	162		175
Total current liabilities	290		302
Noncurrent liabilities
Long-term debt	1		1
Employee benefit obligations	345		369
Operating lease liabilities, noncurrent	199
Other noncurrent liabilities	133		147
Total noncurrent liabilities	678		517
Stockholders’ (deficit) equity	1,770		1,157
Total liabilities and stockholders’ deficit	2,738		1,976
Non-Guarantor Subsidiaries | Reportable Legal Entities
Assets, Current [Abstract]
Cash and cash equivalents	149		100
Accounts receivable, net	281		338
Inventories, net	90		84
Prepaid expenses and other current assets	10		8
Total current assets	530		530
Noncurrent assets
Property, plant and equipment, net	77		67
Operating lease assets	39
Goodwill and intangibles, net	76		81
Equity method investments	0		0
Investment in subsidiaries	0		0
Deferred income taxes	14		14
Other noncurrent assets	12		9
Total noncurrent assets	218		171
Total assets	748		701
Current liabilities
Current portion of long-term debt			0
Trade and other payables	81		82
Accrued expenses and other liabilities	40		53
Total current liabilities	121		135
Noncurrent liabilities
Long-term debt	90		0
Employee benefit obligations	16		18
Operating lease liabilities, noncurrent	27
Other noncurrent liabilities	1		2
Total noncurrent liabilities	134		20
Stockholders’ (deficit) equity	493		546
Total liabilities and stockholders’ deficit	$ 748		$ 701

Guarantor Financial Informati_5

Guarantor Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	Feb. 25, 2020	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows (used in) provided by operating activities			$ 154	$ 134
Cash flows from investing activities
Additions to property, plant and equipment			(57)	(48)
Acquisitions, net of cash acquired			(11)	(35)
Other investing activities, net			(3)	(2)
Total cash used in investing activities			(71)	(85)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs	$ 592		1,132	162
Repayments on borrowings			(475)	(137)
Payment for Debt Extinguishment or Debt Prepayment Cost			15	0
Repurchases of common stock		$ (60)	(60)	0
Cash dividends paid			(42)	(40)
Other financing activities			(3)	(5)
Total cash provided by (used in) financing activities			537	(20)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash			(4)	0
Increase (decrease) in cash, cash equivalents, and restricted cash			616	29
Cash, cash equivalents, and restricted cash - beginning of period			159	96
Cash, cash equivalents, and restricted cash - end of period		775	775	125
Proceeds from sale of operations			3
Reportable Legal Entities | Valvoline Inc. (Parent Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows (used in) provided by operating activities			(448)	18
Cash flows from investing activities
Additions to property, plant and equipment			0	0
Acquisitions, net of cash acquired			0	0
Other investing activities, net			0	0
Total cash used in investing activities			0	0
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs			1,042	87
Repayments on borrowings			(475)	(63)
Payment for Debt Extinguishment or Debt Prepayment Cost			15
Repurchases of common stock			(60)
Cash dividends paid			(42)	(40)
Other financing activities			(2)	(2)
Total cash provided by (used in) financing activities			448	(18)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash			0	0
Increase (decrease) in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash - beginning of period			0	0
Cash, cash equivalents, and restricted cash - end of period		0	0	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows (used in) provided by operating activities			619	65
Cash flows from investing activities
Additions to property, plant and equipment			(40)	(40)
Acquisitions, net of cash acquired			(11)	(13)
Other investing activities, net			(1)	0
Total cash used in investing activities			(52)	(53)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs			0	0
Repayments on borrowings			0	0
Payment for Debt Extinguishment or Debt Prepayment Cost			0
Repurchases of common stock			0
Cash dividends paid			0	0
Other financing activities			(1)	(2)
Total cash provided by (used in) financing activities			(1)	(2)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash			0	0
Increase (decrease) in cash, cash equivalents, and restricted cash			566	10
Cash, cash equivalents, and restricted cash - beginning of period			59	20
Cash, cash equivalents, and restricted cash - end of period		625	625	30
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows (used in) provided by operating activities			(17)	51
Cash flows from investing activities
Additions to property, plant and equipment			(17)	(8)
Acquisitions, net of cash acquired			0	(22)
Other investing activities, net			(2)	(2)
Total cash used in investing activities			(19)	(32)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs			90	75
Repayments on borrowings			0	(74)
Payment for Debt Extinguishment or Debt Prepayment Cost			0
Repurchases of common stock			0
Payments for purchase of additional ownership in subsidiary				(1)
Cash dividends paid			0	0
Other financing activities			0
Total cash provided by (used in) financing activities			90	0
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash			(4)	0
Increase (decrease) in cash, cash equivalents, and restricted cash			50	19
Cash, cash equivalents, and restricted cash - beginning of period			100	76
Cash, cash equivalents, and restricted cash - end of period		150	150	95
Reportable Legal Entities | Eliminations
Cash flows from financing activities
Payment for Debt Extinguishment or Debt Prepayment Cost			0
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows (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 acquired			0	0
Other investing activities, net			0	0
Total cash used in investing activities			0	0
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs			0	0
Repayments on borrowings			0	0
Repurchases of common stock			0
Cash dividends paid			0	0
Other financing activities			0	0
Total cash provided by (used in) financing activities			0	0
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash			0	0
Increase (decrease) in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash - beginning of period			0	0
Cash, cash equivalents, and restricted cash - end of period		$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 25, 2020	May 06, 2020
Subsequent Events [Abstract]
Dividend per share (usd per share)	$ 0.113
Construction Loans [Member] | CHINA
Subsequent Event [Line Items]
Long-term debt		$ 40

Uncategorized Items - vvv-20200

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (13,000,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(13,000,000)
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,000,000
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,000,000