Valvoline (VVV) 8-K Valvoline realigns its business segments, announces a $300 million share repurchase authorization and hosts an investor call on May 19

Valvoline Inc. and Consolidated Subsidiaries													Exhibit 99.2
RECAST FINANCIAL INFORMATION BY OPERATING SEGMENT
(In millions - unaudited)															Table 1
	Fiscal 2020 Three months ended								Fiscal 2021 Three months ended				Years ended September 30
	Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31		Mar. 31		2019		2020
Sales
Retail Services	$	218	$	212	$	199	$	254	$	254	$	285	$	822	$	883
Global Products	389		366		317		398		399		416		1,568		1,470
Consolidated sales	$	607	$	578	$	516	$	652	$	653	$	701	$	2,390	$	2,353
Operating income
Retail Services	$	48	$	50	$	44	$	66	$	56	$	80	$	205	$	208
Global Products	71		66		62		85		88		73		269		284
Total operating segments	119		116		106		151		144		153		474		492
Corporate (a)	(15)		1		(18)		25		(20)		(22)		(76)		(7)
Consolidated operating income	$	104	$	117	$	88	$	176	$	124	$	131	$	398	$	485
Depreciation and amortization
Retail Services	$	9	$	9	$	10	$	11	$	14	$	15	$	34	$	39
Global Products	6		6		7		6		6		7		25		25
Total operating segments	15		15		17		17		20		22		59		64
Corporate (a)	1		—		—		1		1		1		2		2
Consolidated depreciation and amortization	$	16	$	15	$	17	$	18	$	21	$	23	$	61	$	66
Adjusted EBITDA
Retail Services	$	57	$	59	$	54	$	77	$	70	$	95	$	239	$	247
Global Products	77		72		69		91		94		80		296		309
Total operating segments	134		131		123		168		164		175		535		556
Corporate (a)	(15)		(1)		(24)		(21)		(15)		(18)		(57)		(61)
Consolidated Adjusted EBITDA	$	119	$	130	$	99	$	147	$	149	$	157	$	478	$	495
(a) Corporate includes the costs of corporate functions and certain other non-operational matters, including pension and other postretirement plan non-service income and remeasurement adjustments, net legacy and separation-related activity, changes in the LIFO inventory reserve, and certain other corporate matters not allocated to the operating segments.

Valvoline Inc. and Consolidated Subsidiaries
RECONCILIATION OF NON-GAAP DATA - ADJUSTED EBITDA
(In millions - unaudited)															Table 2
	Fiscal 2020 Three months ended								Fiscal 2021 Three months ended				Years ended September 30
	Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31		Mar. 31		2019		2020
Adjusted EBITDA - Valvoline
Net income	$	73	$	63	$	59	$	122	$	87	$	68	$	208	$	317
Add:
Income tax expense	24		25		19		66		30		22		57		134
Net interest and other financing expenses	16		38		19		20		20		55		73		93
Depreciation and amortization	16		15		17		18		21		23		61		66
EBITDA	129		141		114		226		158		168		399		610
Key items:
Net pension and other postretirement plan (income) expenses	(9)		(9)		(9)		(32)		(13)		(14)		60		(59)
Net legacy and separation-related (income) expenses	(1)		—		1		(30)		1		—		3		(30)
LIFO (credit) charge	(1)		(4)		(7)		(3)		4		5		—		(15)
Compensated absences benefits change	—		—		—		(11)		—		—		—		(11)
Business interruption (recovery) expenses	—		—		—		(2)		(1)		(2)		6		(2)
Acquisition and divestiture-related costs (income)	—		2		—		—		—		—		(4)		2
Restructuring and related expenses (income)	1		—		—		(1)		—		—		14		—
Adjusted EBITDA	$	119	$	130	$	99	$	147	$	149	$	157	$	478	$	495
Adjusted EBITDA - Retail Services
Operating income (a)	$	48	$	50	$	44	$	66	$	56	$	80	$	205	$	208
Key items:
N/A	—		—		—		—		—		—		—		—
Adjusted operating income	48		50		44		66		56		80		205		208
Add:
Depreciation and amortization	9		9		10		11		14		15		34		39
Adjusted EBITDA	$	57	$	59	$	54	$	77	$	70	$	95	$	239	$	247

													Table 2 (continued)
	Fiscal 2020 Three months ended								Fiscal 2021 Three months ended				Years ended September 30
	Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31		Mar. 31		2019		2020
Adjusted EBITDA - Global Products
Operating income (a)	$	71	$	66	$	62	$	85	$	88	$	73	$	269	$	284
Key items:
Acquisition and divestiture-related income	—		—		—		—		—		—		(4)		—
Business interruption expenses	—		—		—		—		—		—		6		—
Adjusted operating income	71		66		62		85		88		73		271		284
Add:
Depreciation and amortization	6		6		7		6		6		7		25		25
Adjusted EBITDA	$	77	$	72	$	69	$	91	$	94	$	80	$	296	$	309
Adjusted EBITDA - Corporate
Operating (loss) income (a)	$	(15)	$	1	$	(18)	$	25	$	(20)	$	(22)	$	(76)	$	(7)
Add:
Depreciation and amortization	1		—		—		1		1		1		2		2
Net pension and other postretirement plan income (expenses)	9		9		9		32		13		14		(60)		59
EBITDA	(5)		10		(9)		58		(6)		(7)		(134)		54
Key items:
Net pension and other postretirement plan (income) expenses	(9)		(9)		(9)		(32)		(13)		(14)		60		(59)
Net legacy and separation-related (income) expenses	(1)		—		1		(30)		1		—		3		(30)
LIFO (credit) charge	(1)		(4)		(7)		(3)		4		5		—		(15)
Compensated absences benefits change	—		—		—		(11)		—		—		—		(11)
Business interruption recovery	—		—		—		(2)		(1)		(2)		—		(2)
Acquisition and divestiture-related costs	—		2		—		—		—		—		—		2
Restructuring and related expenses (income)	1		—		—		(1)		—		—		14		—
Adjusted EBITDA	$	(15)	$	(1)	$	(24)	$	(21)	$	(15)	$	(18)	$	(57)	$	(61)
(a) Valvoline does not generally allocate corporate and non-operational matters to its operating segments, including activity below operating income. The tables above reconcile reported operating income to Adjusted EBITDA for each segment and Corporate, which also includes relevant items reported below operating income in order to reconcile to consolidated results.