Valvoline (VVV) 10-Q 10 May 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		165,808,937
Entity Central Index Key	0001674910
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Net revenues	$ 344.5	$ 296	$ 677.3	$ 583.3
Cost of sales	217.8	188.7	431.8	363.8
Gross profit	126.7	107.3	245.5	219.5
Selling, general and administrative expenses	62.6	63.2	128.6	123.4
Net legacy and separation-related expenses	3.8	6.2	29.2	9
Other income, net	(0.9)	(2.1)	(2.8)	(4.9)
Operating income	61.2	40	90.5	92
Net pension and other postretirement plan expense (income)	3.6	(9.2)	7.3	(18.5)
Net interest and other financing expenses	13.3	16.9	32	33.9
Income before income taxes	44.3	32.3	51.2	76.6
Income tax expense (benefit)	11.4	9.3	(8.7)	19.4
Income from continuing operations	32.9	23	59.9	57.2
Income from discontinued operations	1,194.4	58.4	1,249.3	111.2
Net income	$ 1,227.3	$ 81.4	$ 1,309.2	$ 168.4
NET EARNINGS PER SHARE
Continuing operations, basic earnings per share (usd per share)	$ 0.19	$ 0.13	$ 0.35	$ 0.32
Discontinued operations, basic earnings per share (usd per share)	6.96	0.32	7.20	0.61
Basic earnings per share (usd per share)	7.15	0.45	7.55	0.93
Continuing operations, diluted earnings per share (usd per share)	0.19	0.13	0.34	0.32
Discontinued operations, diluted earnings per share (usd per share)	6.92	0.32	7.16	0.61
Diluted earnings per share (usd per share)	$ 7.11	$ 0.45	$ 7.50	$ 0.93
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding, basic (in shares)	171.7	179.8	173.5	180.1
Weighted average common shares outstanding, diluted (in shares)	172.7	181	174.5	181.5
COMPREHENSIVE INCOME
Net income	$ 1,227.3	$ 81.4	$ 1,309.2	$ 168.4
Other comprehensive income (loss), net of tax
Currency translation adjustments	29.3	(0.6)	44.5	(0.3)
Amortization of pension and other postretirement plan prior service credits	(0.5)	(0.4)	(0.9)	(0.8)
Unrealized (loss) gain on cash flow hedges	(3.1)	6.2	(4.4)	8.4
Other comprehensive income	25.7	5.2	39.2	7.3
Comprehensive income	$ 1,253	$ 86.6	$ 1,348.4	$ 175.7

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 2,334.5	$ 23.4
Receivables, net	61.1	66.1
Inventories, net	33.5	29.4
Prepaid expenses and other current assets	29	38
Current assets held for sale	0	1,464.2
Total current assets	2,458.1	1,621.1
Noncurrent assets
Property, plant and equipment, net	722.5	668.6
Operating lease assets	258.7	248.1
Goodwill and intangibles, net	673.1	663.1
Other noncurrent assets	168	215.9
Total noncurrent assets	1,822.3	1,795.7
Total assets	4,280.4	3,416.8
Current liabilities
Current portion of long-term debt	23.8	162.5
Trade and other payables	85.8	45
Accrued expenses and other liabilities	512	172.6
Current liabilities held for sale	0	539.3
Total current liabilities	621.6	919.4
Noncurrent liabilities
Long-term debt	1,573.4	1,525.1
Employee benefit obligations	201	199.4
Operating lease liabilities	239.6	229.2
Other noncurrent liabilities	272.4	237.1
Total noncurrent liabilities	2,286.4	2,190.8
Commitments and contingencies
Stockholders’ equity
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; 169 and 176 shares issued and outstanding at March 31, 2023 and September 30, 2021, respectively	1.7	1.8
Paid-in capital	42.6	44.1
Retained earnings	1,310.2	282
Accumulated other comprehensive income (loss)	17.9	(21.3)
Total stockholders’ equity	1,372.4	306.6
Total liabilities and stockholders’ equity	$ 4,280.4	$ 3,416.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0	$ 0
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)	168,700,000	176,100,000
Common stock outstanding (shares)	168,700,000	176,100,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Millions, $ in Millions	Total	Common stock	Paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2021		180.3
Balance at beginning of period at Sep. 30, 2021	$ 134.5	$ 1.8	$ 35.2	$ 90	$ 7.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87			87
Dividends paid	(22.5)		0.1	(22.6)
Stock-based compensation, net of issuances (in shares)		0.2
Stock-based compensation, net of issuances	(2.4)		(2.4)
Stock repurchased and retired during period, shares (in shares)		0.9
Repurchases of common stock	(31.4)			(31.4)
Other comprehensive income, net of tax	2.1				2.1
Common stock outstanding, at end of period (shares) at Dec. 31, 2021		179.6
Balance at end of period at Dec. 31, 2021	167.3	$ 1.8	32.9	123	9.6
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2021		180.3
Balance at beginning of period at Sep. 30, 2021	134.5	$ 1.8	35.2	90	7.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	168.4
Other comprehensive income, net of tax	7.3
Common stock outstanding, at end of period (shares) at Mar. 31, 2022		178.6
Balance at end of period at Mar. 31, 2022	200.3	$ 1.8	36.8	146.9	14.8
Common stock outstanding, at beginning of period (shares) at Dec. 31, 2021		179.6
Balance at beginning of period at Dec. 31, 2021	167.3	$ 1.8	32.9	123	9.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81.4			81.4
Dividends paid	(22.5)		(0.1)	(22.6)
Stock-based compensation, net of issuances	3.8		3.8
Stock repurchased and retired during period, shares (in shares)		1
Repurchases of common stock	(34.9)			(34.9)
Other comprehensive income, net of tax	5.2				5.2
Common stock outstanding, at end of period (shares) at Mar. 31, 2022		178.6
Balance at end of period at Mar. 31, 2022	$ 200.3	$ 1.8	36.8	146.9	14.8
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2022	176.1	176.1
Balance at beginning of period at Sep. 30, 2022	$ 306.6	$ 1.8	44.1	282	(21.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81.9			81.9
Dividends paid	(21.8)		(0.1)	(21.9)
Stock-based compensation, net of issuances (in shares)		0.3
Stock-based compensation, net of issuances	(3.4)		(3.4)
Stock repurchased and retired during period, shares (in shares)		2.9
Repurchases of common stock	(87.5)	$ (0.1)		(87.4)
Other comprehensive income, net of tax	13.5				13.5
Common stock outstanding, at end of period (shares) at Dec. 31, 2022		173.5
Balance at end of period at Dec. 31, 2022	$ 289.3	$ 1.7	40.8	254.6	(7.8)
Common stock outstanding, at beginning of period (shares) at Sep. 30, 2022	176.1	176.1
Balance at beginning of period at Sep. 30, 2022	$ 306.6	$ 1.8	44.1	282	(21.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,309.2
Other comprehensive income, net of tax	$ 39.2
Common stock outstanding, at end of period (shares) at Mar. 31, 2023	168.7	168.7
Balance at end of period at Mar. 31, 2023	$ 1,372.4	$ 1.7	42.6	1,310.2	17.9
Common stock outstanding, at beginning of period (shares) at Dec. 31, 2022		173.5
Balance at beginning of period at Dec. 31, 2022	289.3	$ 1.7	40.8	254.6	(7.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,227.3			1,227.3
Stock-based compensation, net of issuances (in shares)		0.1
Stock-based compensation, net of issuances	1.8		1.8
Stock repurchased and retired during period, shares (in shares)		4.9
Repurchases of common stock	(171.7)	$ (170)		(171.7)
Other comprehensive income, net of tax	$ 25.7				25.7
Common stock outstanding, at end of period (shares) at Mar. 31, 2023	168.7	168.7
Balance at end of period at Mar. 31, 2023	$ 1,372.4	$ 1.7	$ 42.6	$ 1,310.2	$ 17.9

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (usd per share)	$ 0.125	$ 0.125	$ 0.125

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 1,309.2	$ 168.4
Adjustments to reconcile to cash flows from operations
Income from discontinued operations	(1,249.3)	(111.2)
Depreciation and amortization	39.1	34.5
Deferred income taxes	(26.6)	13.5
Stock-based compensation expense	5.4	7.2
Other, net	2.3	1.7
Change in operating assets and liabilities
Receivables	4.8	(7.4)
Inventories	(3.7)	0
Payables and accrued liabilities	68.5	(21.4)
Other assets and liabilities	23.8	(38.5)
Operating cash flows from continuing operations	173.5	46.8
Operating cash flows from discontinued operations	(63.4)	49
Total cash provided by operating activities	110.1	95.8
Cash flows from investing activities
Additions to property, plant and equipment	(79.4)	(57.7)
Acquisitions of businesses, net of cash acquired	(18.9)	(23.4)
Other investing activities, net	2	6.1
Investing cash flows from continuing operations	(96.3)	(75)
Investing cash flows from discontinued operations	2,623.2	(9.2)
Total cash provided by (used in) investing activities	2,526.9	(84.2)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs	920.9	0
Repayments on borrowings	(909)	0
Repurchases of common stock	(257.4)	(66.3)
Cash dividends paid	(21.8)	(45)
Other financing activities	(12.1)	(11.2)
Financing cash flows from continuing operations	(279.4)	(122.5)
Financing cash flows from discontinued operations	(108.1)	(1)
Total cash used in financing activities	(387.5)	(123.5)
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	1.1	0.7
Increase (decrease) in cash, cash equivalents, and restricted cash	2,250.6	(111.2)
Cash, cash equivalents, and restricted cash - beginning of period	83.9	231.4
Cash, cash equivalents, and restricted cash - end of period	$ 2,334.5	$ 120.2

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Mar. 31, 2023
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 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, 2022. Certain prior period amounts disclosed herein have been reclassified to conform to the current presentation. Use of estimates, risks and uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent matters. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. Valvoline has substantially maintained its operations throughout the novel coronavirus ("COVID-19") pandemic to-date and has continued precautionary measures to protect the Company's employees and customers and manage through the currently known impacts on its business. Given the unprecedented nature of the pandemic, the extent of future impacts cannot be reasonably estimated at this time due to numerous uncertainties, including the ultimate duration and severity of the pandemic. Strategic separation On March 1, 2023, Valvoline completed the previously announced sale of VGP Holdings LLC, which holds all of the issued and outstanding equity interests in the companies that, along with their respective subsidiaries, comprised the Company’s former Global Products reportable segment (“Global Products”) to Aramco Overseas Company B.V. (“Aramco” or the “Buyer”) (the “Transaction”). As a result, in all prior periods presented within these condensed consolidated financial statements, the assets and liabilities associated with the Global Products disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Comprehensive Income and Cash Flows. The operating results and cash flows of the Global Products business have been reported through February 28, 2023, the date prior to closing the Transaction. Refer to Note 2 for additional information regarding the Global Products business, including the assets and liabilities divested and income from discontinued operations. Unless otherwise noted, disclosures within these remaining Notes to Condensed Consolidated Financial Statements relate solely to the Company's continuing operations. Inflation Reduction Act of 2022 The Inflation Reduction Act (the “IRA”) was enacted in the United States in August 2022, which includes, among other provisions, a 15% alternative minimum tax on corporate adjusted income in excess of certain thresholds for taxable years beginning after December 31, 2022. The Company does not expect this provision will have a material impact on its condensed consolidated financial statements. The IRA also imposes an excise tax of one percent on share repurchases that occur after December 31, 2022. Corporations are permitted to credit certain new stock issuances against their stock repurchases during the same taxable period. Valvoline has repurchased 4.9 million shares of its common stock for $170.0 million since January 1, 2023 and recognized excise taxes of $1.7 million in Retained earnings as incremental costs to complete the repurchases during the three months ended March 31, 2023. Recent accounting pronouncements The following accounting guidance relevant to Valvoline was either issued or adopted in the current year, or is expected to have a meaningful impact on Valvoline in future periods upon adoption. Recently adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance related to reference rate reform that simplifies the accounting for contract modifications and hedging arrangements as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. In December 2022, FASB issued guidance to extend the temporary transition period which now can be applied on a prospective basis through the end of December 2024 for qualifying modified arrangements. Valvoline amended its Credit Agreement, effective upon the sale of Global Products on March 1, 2023. This amendment includes the transition to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate, among other modifications. Refer to Note 5 for additional details. Concurrent with the amendment of the Credit Agreement, Valvoline modified its interest rate swap agreements solely to change the reference rates from LIBOR to SOFR and applied the optional expedients available under the reference rate reform accounting guidance. This modification aligns with changes to its variable rate debt under the Credit Agreement amendment. Valvoline expects these hedges to continue to effectively hedge its exposure risk to interest rates. As of March 31, 2023, Valvoline has no outstanding long-term debt or interest rate swap agreements with payments based on LIBOR.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS Financial results On July 31, 2022, the Company entered into a definitive agreement to sell Global Products to Aramco. On March 1, 2023, Valvoline completed the sale of Global Products for a cash purchase price of $2.65 billion and recognized a pre-tax gain on the sale of $1.6 billion that was recognized in Income from discontinued operations within the Condensed Consolidated Statements of Comprehensive Income. This gain is preliminary and subject to final settlements in accordance with the Purchase Agreement. The following table summarizes Income from discontinued operations within the Condensed Consolidated Statements of Comprehensive Income: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues $ 468.6 $ 638.2 $ 1,174.4 $ 1,257.2 Cost of sales 367.6 495.9 924.2 984.0 Gross profit 101.0 142.3 250.2 273.2 Selling, general and administrative expenses 52.7 73.6 125.0 147.7 Net legacy and separation-related expense 14.4 0.3 20.6 0.3 Equity and other income, net (5.0) (8.6) (14.2) (20.8) Operating income from discontinued operations 38.9 77.0 118.8 146.0 Net pension and other postretirement plan (income) expense — — 0.1 — Net interest and other financing expenses 2.7 0.8 5.0 1.5 Gain on sale of discontinued operations (a) (1,570.8) — (1,570.8) — Income from discontinued operations before income taxes 1,607.0 76.2 1,684.5 144.5 Income tax expense (b) 412.6 17.8 435.2 33.3 Income from discontinued operations $ 1,194.4 $ 58.4 $ 1,249.3 $ 111.2 (a) The gain on sale also includes the release of Accumulated other comprehensive income of $30.7 million associated with the realization of cumulative translation losses attributed to the Global Products business. (b) Income tax expense in the three and six months ended March 31, 2023 includes the tax effects of the gain on sale of $420.2 million comprised of current and deferred expense of $327.6 million and $92.6 million, respectively. A summary of the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheets follows: (In millions) September 30 Current assets Cash and cash equivalents $ 59.0 Receivables, net 524.3 Inventories, net 290.1 Prepaid expenses and other current assets 35.0 Property, plant and equipment, net 257.4 Goodwill and intangibles, net 139.8 Other noncurrent assets 158.6 Current assets held for sale $ 1,464.2 Current liabilities Trade and other payables $ 264.9 Accrued expenses and other liabilities 166.9 Long-term debt 30.7 Other current liabilities 76.8 Current liabilities held for sale $ 539.3 Post-closing arrangements The products used in Valvoline’s service delivery are sourced from Global Products. Valvoline has entered into a long-term supply agreement whereby Valvoline purchases substantially all lubricant and certain ancillary products for its stores from Global Products. Net revenues within the results of Global Products above include product sales to the Company's continuing operations prior to the closing of the Transaction, which were considered to be effectively settled and were not eliminated. The following table summarizes these transactions: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues $ 34.6 $ 48.5 $ 89.7 $ 96.9 Valvoline also entered into a Transition Services Agreement with the Buyer, effective March 1, 2023, to provide and receive services including information technology, legal, finance, and human resources support for a period not expected to exceed 18 months. The income and costs associated with these services were not material during the three and six months ended March 31, 2023. As part of the Transaction, the Company recognized an estimated obligation of $15.5 million, predominantly within Accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet as of March 31, 2023 related to certain pre-closing employee matters reimbursable to the Buyer.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following tables set 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: As of March 31, 2023 (In millions) Total Level 1 Level 2 Level 3 NAV (a) Cash and cash equivalents Money market funds $ 1,542.8 $ 1,542.8 $ — $ — $ — Time deposits 303.7 — 303.7 — — Prepaid expenses and other current assets Currency derivatives (b) 0.4 — 0.4 — — Interest rate swap agreements 2.1 — 2.1 — — Other noncurrent assets Non-qualified trust funds 3.6 — — — 3.6 Interest rate swap agreements 9.8 — 9.8 — — Total assets at fair value $ 1,862.4 $ 1,542.8 $ 316.0 $ — $ 3.6 Accrued expenses and other liabilities Currency derivatives (b) $ 0.6 $ — $ 0.6 $ — $ — Other noncurrent liabilities Deferred compensation obligations 19.3 — — — 19.3 Total liabilities at fair value $ 19.9 $ — $ 0.6 $ — $ 19.3 As of September 30, 2022 (In millions) Total Level 1 Level 2 Level 3 NAV (a) Cash and cash equivalents Money market funds $ 0.4 $ 0.4 $ — $ — $ — Time deposits 13.3 — 13.3 — — Prepaid expenses and other current assets Currency derivatives (b) 6.0 — 6.0 — — Interest rate swap agreements 5.2 — 5.2 — — Other noncurrent assets Non-qualified trust funds 6.4 — — — 6.4 Interest rate swap agreements 12.6 — 12.6 — — Total assets at fair value $ 43.9 $ 0.4 $ 37.1 $ — $ 6.4 Accrued expenses and other liabilities Currency derivatives (b) $ 5.2 $ — $ 5.2 $ — $ — Other noncurrent liabilities Deferred compensation obligations 19.6 — — — 19.6 Total liabilities at fair value $ 24.8 $ — $ 5.2 $ — $ 19.6 (a) Funds measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. (b) The Company had outstanding contracts with notional values of $20.6 million and $150.5 million as of March 31, 2023 and September 30, 2022, respectively. Long-term debt Long-term debt is reported in the Condensed Consolidated Balance Sheets at carrying value, rather than fair value, and is therefore excluded from the disclosure above of financial assets and liabilities measured at fair value within the condensed consolidated financial statements on a recurring basis. The fair values of the Company's outstanding fixed rate senior notes shown below are based on recent trading values, which are considered Level 2 inputs within the fair value hierarchy. March 31, 2023 September 30, 2022 (In millions) Fair value Carrying value (a) Unamortized Fair value Carrying value (a) Unamortized 2030 Notes $ 586.8 $ 594.1 $ (5.9) $ 568.5 $ 593.7 $ (6.3) 2031 Notes 454.1 529.5 (5.5) 400.5 529.2 (5.8) Total $ 1,040.9 $ 1,123.6 $ (11.4) $ 969.0 $ 1,122.9 $ (12.1) (a) Carrying values shown are net of unamortized discounts and debt issuance costs. Refer to Note 5 for details of these senior notes as well as Valvoline's other debt instruments that have variable interest rates with carrying amounts that approximate fair value.

Business Combinations

Business Combinations	6 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS The Company acquired 13 service center stores in single and multi-store transactions for an aggregate purchase price of $18.9 million during the six months ended March 31, 2023. These acquisitions expand Valvoline's retail presence in key North American markets, increase the number of company-operated service center stores, and contribute to increasing its footprint to 1,781 system-wide service center stores. During the six months ended March 31, 2022, the Company acquired 21 service center stores in single and multi-store transactions for an aggregate purchase price of $23.4 million. The Company’s acquisitions are accounted for as business combinations. A summary follows of the aggregate cash consideration paid and the total assets acquired and liabilities assumed for the six months ended March 31: (In millions) 2023 2022 Inventories $ 0.3 $ — Property, plant and equipment (a) 3.5 2.9 Operating lease assets 4.0 7.3 Goodwill (b) 15.1 20.4 Intangible assets (c) Reacquired franchise rights (d) 2.3 — Other 0.1 0.1 Other current liabilities (0.4) (0.4) Operating lease liabilities (3.7) (6.9) Other noncurrent liabilities (2.3) — Total net assets acquired $ 18.9 $ 23.4 (a) Includes $2.4 million of finance lease assets finance lease liabilities . (b) Goodwill is generally expected to be deductible for income tax purposes and is primarily attributed to the operational synergies and potential growth expected to result in economic benefits in the respective markets of the acquisitions. (c) Intangible assets acquired during the six months ended March 31, 2023 and 2022 have weighted average amortization periods of 9 and 5 years, respectively. (d) Prior to the acquisition of former franchise service center stores, the Company licensed the right to operate franchised service centers, including the use of Valvoline's trademarks and trade name. In connection with these acquisitions, Valvoline reacquired those rights and recognized separate definite-lived reacquired franchise rights intangible assets, which are being amortized on a straight-line basis over the weighted average remaining term of approximately 10 years for the rights reacquired in fiscal 2023. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. The fair values above are preliminary for up to one year from the date of acquisition as they may be subject to measurement period adjustments if new information is obtained about facts and circumstances that existed as of the

Debt

Debt	6 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes Valvoline’s total debt as of: (In millions) March 31 September 30 2031 Notes $ 535.0 $ 535.0 2030 Notes 600.0 600.0 Term Loan 475.0 460.0 Revolver (a) — — Trade Receivables Facility — 105.0 Debt issuance costs and discounts (12.8) (12.4) Total debt 1,597.2 1,687.6 Current portion of long-term debt 23.8 162.5 Long-term debt $ 1,573.4 $ 1,525.1 (a) As of March 31, 2023, the total borrowing capacity remaining under the $475.0 million revolving credit facility was $471.2 million due to a reduction of $3.8 million for letters of credit outstanding. As of March 31, 2023, Valvoline was in compliance with all covenants under its long-term borrowings. Senior Credit Agreement Key terms and conditions In December 2022, Valvoline amended the Senior Credit Agreement, which became effective March 1, 2023 commensurate with the sale of the Global Products business. The Senior Credit Agreement provides an aggregate principal amount of $950.0 million in senior secured credit facilities comprised of (i) a five-year $475.0 million term loan facility (the “Term Loan”) and (ii) a five-year $475.0 million revolving credit facility (the “Revolver”), including a $100.0 million letter of credit sublimit. The principal amount of the Term Loan under the Senior Credit Agreement is required to be repaid in quarterly installments of approximately $5.9 million beginning with the first fiscal quarter after the sale of Global Products, with the remainder due at maturity and prepayment required in the amount of the net cash proceeds from certain events. Amounts outstanding under the Senior Credit Agreement may be prepaid at any time, and from time to time, in whole or part, without premium or penalty. At Valvoline’s option, amounts outstanding under the Senior Credit Agreement will bear interest at either SOFR or an alternative base rate, in each case plus the applicable interest rate margin. The interest rate will fluctuate between SOFR plus 1.375% per year and SOFR plus 2.250% per year (or between the alternative base rate plus 0.375% per year and the alternative base rate plus 1.250% per year), based upon Valvoline’s consolidated total net leverage ratio. Proceeds from the Term Loan, in addition to a portion of the proceeds from the sale of the Global Products business, were used to pay in full the outstanding borrowings under the prior Credit Agreement, including the principal balance of the term loan facility of $445.6 million and outstanding borrowings under the revolving credit facility of $290.0 million, as well as accrued and unpaid interest and fees and expenses related to the amendment. The Company recognized $0.9 million of expense within Net interest and other financing expenses in the Condensed Consolidated Statements of Comprehensive Income during the three and six months ended March 31, 2023 associated with the modification of the Credit Agreement, which included accelerated amortization of previously capitalized debt issuance costs. Covenants and guarantees The amended Senior Credit Agreement contains covenants and provisions that became effective March 1, 2023. These terms and conditions are generally consistent with the prior Credit Agreement, including the maintenance of financial covenants as of the end of each fiscal quarter and guarantees from certain of Valvoline’s existing and future subsidiaries. Trade Receivables Facility In connection with the sale of Global Products on March 1, 2023, the Company repaid the Trade Receivables Facility of $175.0 million and recognized a loss on extinguishment of $1.0 million in Income from discontinued operations in the Condensed Consolidated Income Statements for the three and six months ended March 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 (In millions) 2023 2022 2023 2022 Income tax expense (benefit) $ 11.4 $ 9.3 $ (8.7) $ 19.4 Effective tax rate percentage 25.7 % 28.8 % (17.0) % 25.3 % The increase in income tax expense for the three months ended March 31, 2023 was principally driven by higher pre-tax earnings, while the reduction in the effective tax rate for this period was primarily attributed to unfavorable impacts in the prior year from the suspended operations of a former Global Products business. The favorable income tax provision and effective tax rate in the six months ended March 31, 2023 were primarily attributed to release of valuation allowances due to the change in expectations regarding the utilization of certain legacy tax attributes as described further below. Legacy tax attributes In connection with amending the Tax Matters Agreement, management expects the Company is currently more likely than not to realize certain legacy tax attributes that were transferred from its former parent prior to Valvoline's initial public offering in late fiscal 2016. As a result, the Company recognized an income tax benefit of $26.5 million during the six months ended March 31, 2023 in connection with releasing its valuation allowance. Additionally, Valvoline recognized $24.4 million of expense within Net legacy and separation-related expenses in the Condensed Consolidated Statement of Comprehensive Income during the six months ended March 31, 2023 to reflect its increased estimated indemnity obligation due to its former parent company as a result of the terms of the amended Tax Matters Agreement. Unrecognized tax benefits

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The following table summarizes the components of pension and other postretirement plan expense (income): Pension benefits Other postretirement benefits (In millions) 2023 2022 2023 2022 Three months ended March 31 Interest cost $ 20.6 $ 10.8 $ 0.4 $ 0.2 Expected return on plan assets (16.8) (19.7) — — Amortization of prior service credits — — (0.6) (0.5) Net periodic benefit costs (income) $ 3.8 $ (8.9) $ (0.2) $ (0.3) Six months ended March 31 Interest cost $ 41.2 $ 21.6 $ 0.8 $ 0.4 Expected return on plan assets (33.6) (39.4) — — Amortization of prior service credit — — (1.1) (1.1) Net periodic benefit costs (income) $ 7.6 $ (17.8) $ (0.3) $ (0.7)

Litigation, Claims and Continge

Litigation, Claims and Contingencies	6 Months Ended
	Mar. 31, 2023
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 when 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, 2023
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 (In millions, except per share amounts) 2023 2022 2023 2022 Numerator Income from continuing operations $ 32.9 $ 23.0 $ 59.9 $ 57.2 Income from discontinued operations 1,194.4 58.4 1,249.3 111.2 Net income $ 1,227.3 $ 81.4 $ 1,309.2 $ 168.4 Denominator Weighted average common shares outstanding 171.7 179.8 173.5 180.1 Effect of potentially dilutive securities (a) 1.0 1.2 1.0 1.4 Weighted average diluted shares outstanding 172.7 181.0 174.5 181.5 Basic earnings per share Continuing operations $ 0.19 $ 0.13 $ 0.35 $ 0.32 Discontinued operations 6.96 0.32 7.20 0.61 Basic earnings per share $ 7.15 $ 0.45 $ 7.55 $ 0.93 Diluted earnings per share Continuing operations $ 0.19 $ 0.13 $ 0.34 $ 0.32 Discontinued operations 6.92 0.32 7.16 0.61 Diluted earnings per share $ 7.11 $ 0.45 $ 7.50 $ 0.93 (a) There were 0.3 million and 0.2 million outstanding stock appreciation rights not included in the computation of diluted earnings per share in the three months ended March 31, 2023 and 2022, respectively, and 0.2 million and 0.1 million in the six months ended March 31, 2023 and 2022 because the effect would have been antidilutive.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Supplemental Financial Information	SUPPLEMENTAL FINANCIAL INFORMATION Cash, cash equivalents and restricted cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 March 31 Cash and cash equivalents - continuing operations $ 2,334.5 $ 23.4 $ 28.5 Cash and cash equivalents - discontinued operations (a) — 59.0 89.7 Restricted cash - discontinued operations (a) — 1.5 2.0 Total cash, cash equivalents and restricted cash $ 2,334.5 $ 83.9 $ 120.2 (a) In the periods prior to the close of the sale of Global Products, these balances were included in Current assets held for sale within the Condensed Consolidated Balance Sheets. Accounts and other receivables The following summarizes Valvoline’s accounts and other receivables in the Condensed Consolidated Balance Sheets as of: (In millions) March 31 September 30 Current Trade $ 57.0 $ 56.2 Other 7.6 14.5 Receivables, gross 64.6 70.7 Allowance for credit losses (3.5) (4.6) Receivables, net $ 61.1 $ 66.1 Non-current (a) Notes receivable $ 2.2 $ 2.1 Other 7.5 0.1 Noncurrent notes receivable, gross 9.7 2.2 Allowance for losses (2.3) (2.2) Noncurrent notes receivable, net $ 7.4 $ — (a) Included in Other noncurrent assets within the Condensed Consolidated Balance Sheets. Revenue recognition The following disaggregates the Company’s net revenues by timing of revenue recognized: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues transferred at a point in time $ 327.9 $ 281.8 $ 645.1 $ 555.5 Franchised revenues transferred over time 16.6 14.2 32.2 27.8 Net revenues $ 344.5 $ 296.0 $ 677.3 $ 583.3 The following table summarizes net revenues by category: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Oil changes and related fees $ 254.9 $ 213.7 $ 502.1 $ 425.2 Non-oil changes and related fees 72.9 59.2 142.7 117.5 Franchise fees and other (a) 16.7 23.1 32.5 40.6 Total $ 344.5 $ 296.0 $ 677.3 $ 583.3

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Share repurchases The Company repurchased 2.9 million of its shares for an aggregate amount of $100.1 million from April 1, 2023 through May 5, 2023. These repurchases leave $1.373 billion in authority remaining as of May 6, 2023 under the authorization announced on November 15, 2022 from the Valvoline Board of Directors (the “Board”) to repurchase up to to $1.6 billion of common stock (the “2022 Share Repurchase Authorization”). On May 10, 2023, Valvoline announced its intention to commence a modified “Dutch auction” tender offer for up to $1.0 billion in value of shares of its common stock, subject to market conditions, at a specified price range that is yet to be determined. The tender offer would utilize a substantial portion of the remaining 2022 Share Repurchase Authorization.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2023
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 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, 2022. Certain prior period amounts disclosed herein have been reclassified to conform to the current presentation. Use of estimates, risks and uncertainties The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent matters. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. Valvoline has substantially maintained its operations throughout the novel coronavirus ("COVID-19") pandemic to-date and has continued precautionary measures to protect the Company's employees and customers and manage through the currently known impacts on its business. Given the unprecedented nature of the pandemic, the extent of future impacts cannot be reasonably estimated at this time due to numerous uncertainties, including the ultimate duration and severity of the pandemic. Strategic separation On March 1, 2023, Valvoline completed the previously announced sale of VGP Holdings LLC, which holds all of the issued and outstanding equity interests in the companies that, along with their respective subsidiaries, comprised the Company’s former Global Products reportable segment (“Global Products”) to Aramco Overseas Company B.V. (“Aramco” or the “Buyer”) (the “Transaction”). As a result, in all prior periods presented within these condensed consolidated financial statements, the assets and liabilities associated with the Global Products disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Comprehensive Income and Cash Flows. The operating results and cash flows of the Global Products business have been reported through February 28, 2023, the date prior to closing the Transaction. Refer to Note 2 for additional information regarding the Global Products business, including the assets and liabilities divested and income from discontinued operations. Unless otherwise noted, disclosures within these remaining Notes to Condensed Consolidated Financial Statements relate solely to the Company's continuing operations. Inflation Reduction Act of 2022 The Inflation Reduction Act (the “IRA”) was enacted in the United States in August 2022, which includes, among other provisions, a 15% alternative minimum tax on corporate adjusted income in excess of certain thresholds for taxable years beginning after December 31, 2022. The Company does not expect this provision will have a material impact on its condensed consolidated financial statements. The IRA also imposes an excise tax of one percent on share repurchases that occur after December 31, 2022. Corporations are permitted to credit certain new stock issuances against their stock repurchases during the same taxable period. Valvoline has repurchased 4.9 million shares of its common stock for $170.0 million since January 1, 2023 and recognized excise taxes of $1.7 million in Retained earnings as incremental costs to complete the repurchases during the three months ended March 31, 2023.
Recent accounting pronouncements	The following accounting guidance relevant to Valvoline was either issued or adopted in the current year, or is expected to have a meaningful impact on Valvoline in future periods upon adoption. Recently adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance related to reference rate reform that simplifies the accounting for contract modifications and hedging arrangements as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. In December 2022, FASB issued guidance to extend the temporary transition period which now can be applied on a prospective basis through the end of December 2024 for qualifying modified arrangements. Valvoline amended its Credit Agreement, effective upon the sale of Global Products on March 1, 2023. This amendment includes the transition to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate, among other modifications. Refer to Note 5 for additional details. Concurrent with the amendment of the Credit Agreement, Valvoline modified its interest rate swap agreements solely to change the reference rates from LIBOR to SOFR and applied the optional expedients available under the reference rate reform accounting guidance. This modification aligns with changes to its variable rate debt under the Credit Agreement amendment. Valvoline expects these hedges to continue to effectively hedge its exposure risk to interest rates. As of March 31, 2023, Valvoline has no outstanding long-term debt or interest rate swap agreements with payments based on LIBOR.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes Income from discontinued operations within the Condensed Consolidated Statements of Comprehensive Income: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues $ 468.6 $ 638.2 $ 1,174.4 $ 1,257.2 Cost of sales 367.6 495.9 924.2 984.0 Gross profit 101.0 142.3 250.2 273.2 Selling, general and administrative expenses 52.7 73.6 125.0 147.7 Net legacy and separation-related expense 14.4 0.3 20.6 0.3 Equity and other income, net (5.0) (8.6) (14.2) (20.8) Operating income from discontinued operations 38.9 77.0 118.8 146.0 Net pension and other postretirement plan (income) expense — — 0.1 — Net interest and other financing expenses 2.7 0.8 5.0 1.5 Gain on sale of discontinued operations (a) (1,570.8) — (1,570.8) — Income from discontinued operations before income taxes 1,607.0 76.2 1,684.5 144.5 Income tax expense (b) 412.6 17.8 435.2 33.3 Income from discontinued operations $ 1,194.4 $ 58.4 $ 1,249.3 $ 111.2 (a) The gain on sale also includes the release of Accumulated other comprehensive income of $30.7 million associated with the realization of cumulative translation losses attributed to the Global Products business. (b) Income tax expense in the three and six months ended March 31, 2023 includes the tax effects of the gain on sale of $420.2 million comprised of current and deferred expense of $327.6 million and $92.6 million, respectively. A summary of the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheets follows: (In millions) September 30 Current assets Cash and cash equivalents $ 59.0 Receivables, net 524.3 Inventories, net 290.1 Prepaid expenses and other current assets 35.0 Property, plant and equipment, net 257.4 Goodwill and intangibles, net 139.8 Other noncurrent assets 158.6 Current assets held for sale $ 1,464.2 Current liabilities Trade and other payables $ 264.9 Accrued expenses and other liabilities 166.9 Long-term debt 30.7 Other current liabilities 76.8 Current liabilities held for sale $ 539.3 Post-closing arrangements The products used in Valvoline’s service delivery are sourced from Global Products. Valvoline has entered into a long-term supply agreement whereby Valvoline purchases substantially all lubricant and certain ancillary products for its stores from Global Products. Net revenues within the results of Global Products above include product sales to the Company's continuing operations prior to the closing of the Transaction, which were considered to be effectively settled and were not eliminated. The following table summarizes these transactions: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues $ 34.6 $ 48.5 $ 89.7 $ 96.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value	The following tables set 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: As of March 31, 2023 (In millions) Total Level 1 Level 2 Level 3 NAV (a) Cash and cash equivalents Money market funds $ 1,542.8 $ 1,542.8 $ — $ — $ — Time deposits 303.7 — 303.7 — — Prepaid expenses and other current assets Currency derivatives (b) 0.4 — 0.4 — — Interest rate swap agreements 2.1 — 2.1 — — Other noncurrent assets Non-qualified trust funds 3.6 — — — 3.6 Interest rate swap agreements 9.8 — 9.8 — — Total assets at fair value $ 1,862.4 $ 1,542.8 $ 316.0 $ — $ 3.6 Accrued expenses and other liabilities Currency derivatives (b) $ 0.6 $ — $ 0.6 $ — $ — Other noncurrent liabilities Deferred compensation obligations 19.3 — — — 19.3 Total liabilities at fair value $ 19.9 $ — $ 0.6 $ — $ 19.3 As of September 30, 2022 (In millions) Total Level 1 Level 2 Level 3 NAV (a) Cash and cash equivalents Money market funds $ 0.4 $ 0.4 $ — $ — $ — Time deposits 13.3 — 13.3 — — Prepaid expenses and other current assets Currency derivatives (b) 6.0 — 6.0 — — Interest rate swap agreements 5.2 — 5.2 — — Other noncurrent assets Non-qualified trust funds 6.4 — — — 6.4 Interest rate swap agreements 12.6 — 12.6 — — Total assets at fair value $ 43.9 $ 0.4 $ 37.1 $ — $ 6.4 Accrued expenses and other liabilities Currency derivatives (b) $ 5.2 $ — $ 5.2 $ — $ — Other noncurrent liabilities Deferred compensation obligations 19.6 — — — 19.6 Total liabilities at fair value $ 24.8 $ — $ 5.2 $ — $ 19.6 (a) Funds measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. (b) The Company had outstanding contracts with notional values of $20.6 million and $150.5 million as of March 31, 2023 and September 30, 2022, respectively.
Summary of Fair Value of Debt	March 31, 2023 September 30, 2022 (In millions) Fair value Carrying value (a) Unamortized Fair value Carrying value (a) Unamortized 2030 Notes $ 586.8 $ 594.1 $ (5.9) $ 568.5 $ 593.7 $ (6.3) 2031 Notes 454.1 529.5 (5.5) 400.5 529.2 (5.8) Total $ 1,040.9 $ 1,123.6 $ (11.4) $ 969.0 $ 1,122.9 $ (12.1)

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Summary of Consideration Paid and Assets and Liabilities Acquired	A summary follows of the aggregate cash consideration paid and the total assets acquired and liabilities assumed for the six months ended March 31: (In millions) 2023 2022 Inventories $ 0.3 $ — Property, plant and equipment (a) 3.5 2.9 Operating lease assets 4.0 7.3 Goodwill (b) 15.1 20.4 Intangible assets (c) Reacquired franchise rights (d) 2.3 — Other 0.1 0.1 Other current liabilities (0.4) (0.4) Operating lease liabilities (3.7) (6.9) Other noncurrent liabilities (2.3) — Total net assets acquired $ 18.9 $ 23.4 (a) Includes $2.4 million of finance lease assets finance lease liabilities . (b) Goodwill is generally expected to be deductible for income tax purposes and is primarily attributed to the operational synergies and potential growth expected to result in economic benefits in the respective markets of the acquisitions. (c) Intangible assets acquired during the six months ended March 31, 2023 and 2022 have weighted average amortization periods of 9 and 5 years, respectively. (d) Prior to the acquisition of former franchise service center stores, the Company licensed the right to operate franchised service centers, including the use of Valvoline's trademarks and trade name. In connection with these acquisitions, Valvoline reacquired those rights and recognized separate definite-lived reacquired franchise rights intangible assets, which are being amortized on a straight-line basis over the weighted average remaining term of approximately 10 years for the rights reacquired in fiscal 2023. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Total Debt	The following table summarizes Valvoline’s total debt as of: (In millions) March 31 September 30 2031 Notes $ 535.0 $ 535.0 2030 Notes 600.0 600.0 Term Loan 475.0 460.0 Revolver (a) — — Trade Receivables Facility — 105.0 Debt issuance costs and discounts (12.8) (12.4) Total debt 1,597.2 1,687.6 Current portion of long-term debt 23.8 162.5 Long-term debt $ 1,573.4 $ 1,525.1 (a) As of March 31, 2023, the total borrowing capacity remaining under the $475.0 million revolving credit facility was $471.2 million due to a reduction of $3.8 million for letters of credit outstanding.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2023
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 (In millions) 2023 2022 2023 2022 Income tax expense (benefit) $ 11.4 $ 9.3 $ (8.7) $ 19.4 Effective tax rate percentage 25.7 % 28.8 % (17.0) % 25.3 %

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Pension and Other Postretirement Benefit Income	The following table summarizes the components of pension and other postretirement plan expense (income): Pension benefits Other postretirement benefits (In millions) 2023 2022 2023 2022 Three months ended March 31 Interest cost $ 20.6 $ 10.8 $ 0.4 $ 0.2 Expected return on plan assets (16.8) (19.7) — — Amortization of prior service credits — — (0.6) (0.5) Net periodic benefit costs (income) $ 3.8 $ (8.9) $ (0.2) $ (0.3) Six months ended March 31 Interest cost $ 41.2 $ 21.6 $ 0.8 $ 0.4 Expected return on plan assets (33.6) (39.4) — — Amortization of prior service credit — — (1.1) (1.1) Net periodic benefit costs (income) $ 7.6 $ (17.8) $ (0.3) $ (0.7)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2023
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 (In millions, except per share amounts) 2023 2022 2023 2022 Numerator Income from continuing operations $ 32.9 $ 23.0 $ 59.9 $ 57.2 Income from discontinued operations 1,194.4 58.4 1,249.3 111.2 Net income $ 1,227.3 $ 81.4 $ 1,309.2 $ 168.4 Denominator Weighted average common shares outstanding 171.7 179.8 173.5 180.1 Effect of potentially dilutive securities (a) 1.0 1.2 1.0 1.4 Weighted average diluted shares outstanding 172.7 181.0 174.5 181.5 Basic earnings per share Continuing operations $ 0.19 $ 0.13 $ 0.35 $ 0.32 Discontinued operations 6.96 0.32 7.20 0.61 Basic earnings per share $ 7.15 $ 0.45 $ 7.55 $ 0.93 Diluted earnings per share Continuing operations $ 0.19 $ 0.13 $ 0.34 $ 0.32 Discontinued operations 6.92 0.32 7.16 0.61 Diluted earnings per share $ 7.11 $ 0.45 $ 7.50 $ 0.93 (a) There were 0.3 million and 0.2 million outstanding stock appreciation rights not included in the computation of diluted earnings per share in the three months ended March 31, 2023 and 2022, respectively, and 0.2 million and 0.1 million in the six months ended March 31, 2023 and 2022 because the effect would have been antidilutive.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Schedule of Cash and Cash Equivalents	The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statements of Cash Flows to the Condensed Consolidated Balance Sheets: (In millions) March 31 September 30 March 31 Cash and cash equivalents - continuing operations $ 2,334.5 $ 23.4 $ 28.5 Cash and cash equivalents - discontinued operations (a) — 59.0 89.7 Restricted cash - discontinued operations (a) — 1.5 2.0 Total cash, cash equivalents and restricted cash $ 2,334.5 $ 83.9 $ 120.2 (a) In the periods prior to the close of the sale of Global Products, these balances were included in Current assets held for sale within the Condensed Consolidated Balance Sheets.
Summary of Accounts Receivable	The following summarizes Valvoline’s accounts and other receivables in the Condensed Consolidated Balance Sheets as of: (In millions) March 31 September 30 Current Trade $ 57.0 $ 56.2 Other 7.6 14.5 Receivables, gross 64.6 70.7 Allowance for credit losses (3.5) (4.6) Receivables, net $ 61.1 $ 66.1 Non-current (a) Notes receivable $ 2.2 $ 2.1 Other 7.5 0.1 Noncurrent notes receivable, gross 9.7 2.2 Allowance for losses (2.3) (2.2) Noncurrent notes receivable, net $ 7.4 $ — (a) Included in Other noncurrent assets within the Condensed Consolidated Balance Sheets.
Disaggregation of Sales by Timing of Revenue Recognized and Revenue by Category	Revenue recognition The following disaggregates the Company’s net revenues by timing of revenue recognized: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Net revenues transferred at a point in time $ 327.9 $ 281.8 $ 645.1 $ 555.5 Franchised revenues transferred over time 16.6 14.2 32.2 27.8 Net revenues $ 344.5 $ 296.0 $ 677.3 $ 583.3 The following table summarizes net revenues by category: Three months ended Six months ended (In millions) 2023 2022 2023 2022 Oil changes and related fees $ 254.9 $ 213.7 $ 502.1 $ 425.2 Non-oil changes and related fees 72.9 59.2 142.7 117.5 Franchise fees and other (a) 16.7 23.1 32.5 40.6 Total $ 344.5 $ 296.0 $ 677.3 $ 583.3

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Stock repurchased and retired during period, value	$ 171.7	$ 87.5	$ 34.9	$ 31.4
Common stock
Stock repurchased and retired during period, shares (in shares)	4.9	2.9	1	0.9
Stock repurchased and retired during period, value	$ 170	$ 0.1
Retained earnings
Stock repurchased and retired during period, value	171.7	$ 87.4	$ 34.9	$ 31.4
Excise tax recognized	$ 1.7

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations before income taxes		$ 1,607	$ 76.2	$ 1,684.5	$ 144.5
Currency translation adjustment loss		30.7
Global Products
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of operations	$ 2,650
Employee benefit obligations		$ 15.5		$ 15.5

Discontinued Operations - Conso

Discontinued Operations - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net interest and other financing expenses	$ 13.3	$ 16.9	$ 32	$ 33.9
Income tax expense (benefit)	11.4	9.3	(8.7)	19.4
Income from discontinued operations	1,194.4	58.4	1,249.3	111.2
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	468.6	638.2	1,174.4	1,257.2
Cost of sales	367.6	495.9	924.2	984
Gross profit	101	142.3	250.2	273.2
Selling, general and administrative expenses	52.7	73.6	125	147.7
Net legacy and separation-related expense	14.4	0.3	20.6	0.3
Equity and other income, net	(5)	(8.6)	(14.2)	(20.8)
Operating income from discontinued operations	38.9	77	118.8	146
Net pension and other postretirement plan (income) expense	0	0	0.1	0
Net interest and other financing expenses	2.7	0.8	5	1.5
Gain on sale of discontinued operations (a)	(1,570.8)	0	(1,570.8)	0
Income from discontinued operations before income taxes	1,607	76.2	1,684.5	144.5
Income tax expense (benefit)	412.6	17.8	435.2	33.3
Income from discontinued operations	1,194.4	$ 58.4	1,249.3	$ 111.2
Tax impact on gain on sale of discontinued operations	420.2		$ 420.2
Tax impact on gain on sale of discontinued operations, current	327.6
Tax impact on gain on sale of discontinued operations, deferred	$ 92.6

Discontinued Operations - Held

Discontinued Operations - Held for Sale Assets and Liabilities Consolidated Balance Sheets (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0	$ 59	$ 89.7
Receivables, net		524.3
Inventories, net		290.1
Prepaid expenses and other current assets		35
Property, plant and equipment, net		257.4
Goodwill and intangibles, net		139.8
Other noncurrent assets		158.6
Current assets held for sale		1,464.2
Trade and other payables		264.9
Accrued expenses and other liabilities		166.9
Long-term debt		30.7
Other current liabilities		76.8
Current liabilities held for sale		$ 539.3

Discontinued Operations - Sales

Discontinued Operations - Sales from Global Products (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 468.6	$ 638.2	$ 1,174.4	$ 1,257.2
Global Products
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 34.6	$ 48.5	$ 89.7	$ 96.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Foreign Exchange Contract | Not Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Derivative, notional amount	$ 20.6	$ 150.5
Level 1
Other noncurrent assets
Total assets at fair value	1,542.8	0.4
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities at fair value	0	0
Level 2
Other noncurrent assets
Total assets at fair value	316	37.1
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities at fair value	0.6	5.2
NAV (a)
Other noncurrent assets
Non-qualified trust funds	3.6	6.4
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation obligations	19.3	19.6
Fair Value, Measurements, Recurring
Prepaid Expense and Other Assets, Current [Abstract]
Currency derivatives	0.4	6
Other noncurrent assets
Non-qualified trust funds	3.6	6.4
Interest rate swap agreements	9.8	12.6
Total assets at fair value	1,862.4	43.9
Liabilities, Fair Value Disclosure [Abstract]
Currency derivatives	0.6	5.2
Deferred compensation obligations	19.3	19.6
Total liabilities at fair value	19.9	24.8
Fair Value, Measurements, Recurring | Money market funds
Cash and cash equivalents
Cash and cash equivalents	1,542.8	0.4
Fair Value, Measurements, Recurring | Time deposits
Cash and cash equivalents
Cash and cash equivalents	303.7	13.3
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets
Other noncurrent assets
Interest rate swap agreements	2.1	5.2
Fair Value, Measurements, Recurring | Level 1 | Money market funds
Cash and cash equivalents
Cash and cash equivalents	1,542.8	0.4
Fair Value, Measurements, Recurring | Level 2
Prepaid Expense and Other Assets, Current [Abstract]
Currency derivatives	0.4	6
Other noncurrent assets
Non-qualified trust funds	0	0
Interest rate swap agreements	9.8	12.6
Liabilities, Fair Value Disclosure [Abstract]
Currency derivatives	0.6	5.2
Fair Value, Measurements, Recurring | Level 2 | Time deposits
Cash and cash equivalents
Cash and cash equivalents	303.7	13.3
Fair Value, Measurements, Recurring | Level 2 | Prepaid expenses and other current assets
Other noncurrent assets
Interest rate swap agreements	2.1	5.2
Fair Value, Measurements, Recurring | NAV (a)
Other noncurrent assets
Non-qualified trust funds	3.6	6.4
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation obligations	$ 19.3	$ 19.6

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discounts and issuance costs	$ 12.8	$ 12.4
Level 2 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,040.9	969
Level 2 | Fair value | Senior Notes | 2030 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	586.8	568.5
Level 2 | Fair value | Senior Notes | 2031 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	454.1	400.5
Level 2 | Carrying value (a)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,123.6	1,122.9
Unamortized discounts and issuance costs	(11.4)	(12.1)
Level 2 | Carrying value (a) | Senior Notes | 2030 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	594.1	593.7
Unamortized discounts and issuance costs	(5.9)	(6.3)
Level 2 | Carrying value (a) | Senior Notes | 2031 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	529.5	529.2
Unamortized discounts and issuance costs	$ (5.5)	$ (5.8)

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 31, 2023 USD ($) service_center_store	Mar. 31, 2022 USD ($) service_center_store
Business Combinations [Abstract]
Number of service center stores acquired	13	21
Total consideration transferred | $	$ 18.9	$ 23.4
Number of system-wide service center stores	1,781

Business Combinations - Schedul

Business Combinations - Schedule of Aggregate Cash Consideration and Total Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Inventories	$ 0.3	$ 0
Property, plant and equipment (a)	3.5	2.9
Operating lease assets	4	7.3
Goodwill (b)	15.1	20.4
Intangible assets (c)
Other current liabilities	(0.4)	(0.4)
Operating lease liabilities	(3.7)	(6.9)
Other noncurrent liabilities	(2.3)	0
Total net assets acquired	18.9	$ 23.4
Finance lease assets	$ 2.4
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Finance lease liabilities, current	$ 0.1
Finance lease liabilities, noncurrent	$ 2.3
Weighted average amortization period	9 years	5 years
Reacquired franchise rights (d)
Business Acquisition [Line Items]
Intangible assets (c)	$ 2.3	$ 0
Weighted average amortization period	10 years
Gain (Loss) on Contract Termination	$ 0
Other
Business Acquisition [Line Items]
Intangible assets (c)	$ 0.1	$ 0.1

Debt - Schedule of Short-Term B

Debt - Schedule of Short-Term Borrowings and Long Term Debt (Details) - USD ($)	Mar. 31, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Debt issuance costs and discounts	$ (12,800,000)	$ (12,400,000)
Total debt	1,597,200,000	1,687,600,000
Current portion of long-term debt	23,800,000	162,500,000
Long-term debt	1,573,400,000	1,525,100,000
Line of Credit | Revolver (a)
Debt Instrument [Line Items]
Long-term debt	0	0
2031 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	535,000,000	535,000,000
2030 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	600,000,000	600,000,000
Term Loan | Line of Credit
Debt Instrument [Line Items]
Debt gross	475,000,000	460,000,000
Term Loan | Line of Credit | Revolver (a)
Debt Instrument [Line Items]
Debt gross	475,000,000
Total borrowing capacity remaining	471,200,000
Letters of credit outstanding	3,800,000
Trade Receivables Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 105,000,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 01, 2023
Debt Instrument [Line Items]
Repayments on borrowings			$ 909,000,000	$ 0
2022 Credit Facilities
Debt Instrument [Line Items]
Original principal amount of debt		$ 950,000,000	950,000,000
2022 Credit Facilities | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread on variable rates	1.375%
2022 Credit Facilities | Minimum | Base Rate
Debt Instrument [Line Items]
Spread on variable rates	0.375%
2022 Credit Facilities | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread on variable rates	2.25%
2022 Credit Facilities | Maximum | Base Rate
Debt Instrument [Line Items]
Spread on variable rates	1.25%
2022 Credit Facilities | Revolver (a) | Line of Credit
Debt Instrument [Line Items]
Repayments on borrowings			290,000,000
Expense		900,000	900,000
2022 Term Loans | Secured Debt | Line of Credit
Debt Instrument [Line Items]
Original principal amount of debt		475,000,000	475,000,000
Term of debt	5 years
Quarterly installment repayments	$ 5,900,000
2022 Term Loans | Revolver (a) | Line of Credit
Debt Instrument [Line Items]
Repayments on borrowings			445,600,000
2022 Revolver | Revolver (a) | Line of Credit
Debt Instrument [Line Items]
Original principal amount of debt		475,000,000	475,000,000
Term of debt	5 years
Line of credit facility, maximum borrowing capacity, sublimit		100,000,000	100,000,000
Trade Receivables Facility | Secured Debt | Line of Credit
Debt Instrument [Line Items]
Original principal amount of debt					$ 175,000,000
Loss on extinguishment of debt		$ 1,000,000	$ 1,000,000

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, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 11.4	$ 9.3	$ (8.7)	$ 19.4
Effective tax rate percentage	25.70%	28.80%	(17.00%)	25.30%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit		$ 26.5
Deferred income taxes and tax credits		$ 24.4
Uncertain tax position reverses increased	$ 24.4

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, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 20.6	$ 10.8	$ 41.2	$ 21.6
Expected return on plan assets	(16.8)	(19.7)	(33.6)	(39.4)
Amortization of prior service credits	0	0	0	0
Net periodic benefit costs (income)	3.8	(8.9)	7.6	(17.8)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.4	0.2	0.8	0.4
Expected return on plan assets	0	0	0	0
Amortization of prior service credits	(0.6)	(0.5)	(1.1)	(1.1)
Net periodic benefit costs (income)	$ (0.2)	$ (0.3)	$ (0.3)	$ (0.7)

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, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Numerator
Income from continuing operations	$ 32.9		$ 23		$ 59.9	$ 57.2
Income from discontinued operations	1,194.4		58.4		1,249.3	111.2
Net income	$ 1,227.3	$ 81.9	$ 81.4	$ 87	$ 1,309.2	$ 168.4
Denominator
Weighted-average common shares outstanding (shares)	171.7		179.8		173.5	180.1
Effect of potentially dilutive securities (shares)	1		1.2		1	1.4
Weighted average diluted shares outstanding (shares)	172.7		181		174.5	181.5
Basic earnings per share
Continuing operations, basic earnings per share (usd per share)	$ 0.19		$ 0.13		$ 0.35	$ 0.32
Discontinued operations, basic earnings per share (usd per share)	6.96		0.32		7.20	0.61
Basic earnings per share (usd per share)	7.15		0.45		7.55	0.93
Earnings Per Share, Diluted [Abstract]
Continuing operations, diluted earnings per share (usd per share)	0.19		0.13		0.34	0.32
Discontinued operations, diluted earnings per share (usd per share)	6.92		0.32		7.16	0.61
Diluted earnings per share (usd per share)	$ 7.11		$ 0.45		$ 7.50	$ 0.93
Shares excluded from diluted earnings per share calculation due to anti-dilutive effect (shares)	0.3		0.2		0.2	0.1

Supplemental Financial Inform_3

Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 2,334.5	$ 23.4	$ 28.5
Total cash, cash equivalents and restricted cash	2,334.5	83.9	120.2	$ 231.4
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	0	59	89.7
Restricted cash - discontinued operations (a)	$ 0	$ 1.5	$ 2

Supplemental Financial Inform_4

Supplemental Financial Information - Summary of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 30, 2022
Current
Trade	$ 57	$ 56.2
Other	7.6	14.5
Receivables, gross	64.6	70.7
Allowance for credit losses	(3.5)	(4.6)
Receivables, net	61.1	66.1
Non-current
Other	7.5	0.1
Notes receivable	2.2	2.1
Noncurrent notes receivable, gross	9.7	2.2
Allowance for losses	(2.3)	(2.2)
Noncurrent notes receivable, net	$ 7.4	$ 0

Supplemental Financial Inform_5

Supplemental Financial Information - Disaggregation of Sales by Timing of Revenue Recognized and Revenue by Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 344.5	$ 296	$ 677.3	$ 583.3
Suspended Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(6.5)		(0.2)	(10.2)
Oil Change And Related Fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	254.9	213.7	502.1	425.2
Non-oil Change And Related Fees
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	72.9	59.2	142.7	117.5
Franchise Fees And Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	16.7	23.1	32.5	40.6
Net revenues transferred at a point in time
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	327.9	281.8	645.1	555.5
Franchised revenues transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 16.6	$ 14.2	$ 32.2	$ 27.8

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 05, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	May 10, 2023
Subsequent Event [Line Items]
Stock repurchased and retired during period, value		$ 171.7	$ 87.5	$ 34.9	$ 31.4
Common stock
Subsequent Event [Line Items]
Stock repurchased and retired during period, shares (in shares)		4.9	2.9	1	0.9
Stock repurchased and retired during period, value		$ 170	$ 0.1
Common stock | Subsequent Event
Subsequent Event [Line Items]
Stock repurchased and retired during period, shares (in shares)	2.9
Stock repurchased and retired during period, value	$ 100.1
Authorized shares for repurchase (up to)	$ 1,373					$ 1,000