Stockholders' Equity

3 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stockholder dividends

On November 15, 2016, the Company’s Board of Directors announced a quarterly cash dividend of $0.049 per share of common stock to eligible shareholders of record as of December 5, 2016. A total amount of $10 million was paid on December 20, 2016. Of this $10 million dividend payment, $8 million was paid to Ashland as they hold approximately 83% of the outstanding common stock of Valvoline.

Accumulated other comprehensive income (loss)

Components of other comprehensive income (loss) recorded in the Condensed Consolidated Statements of Comprehensive Income are presented in the following table, before tax and net of tax effects.

	2016								2015
(In millions)	Before tax			Tax expense		Net of tax			Before tax			Tax expense		Net of tax
Three months ended December 31
Other comprehensive income (loss)
Unrealized translation loss	$	(9	)	$	—	$	(9	)	$	(5	)	$	1	$	(4	)
Pension obligation adjustment:
Amortization of unrecognized prior service credits included in net income (a)	(3		)	1		(2		)	—			—		—
Total other comprehensive (loss) income	$	(12	)	$	1	$	(11	)	$	(5	)	$	1	$	(4	)

 (a) Amortization of unrecognized prior service credits are included in net periodic benefit income for pension and other postretirement plans and are included in Non-service income and gains on pension and other postretirement plans in the Condensed Consolidated Statements of Comprehensive Income.

In accordance with U.S. GAAP, as disclosed in the table above, certain pension costs are amortized from accumulated other comprehensive loss and recognized in net income. See Note 6 of Notes to Condensed Consolidated Financial Statements for more information.