Equity Method Investments (Tables)

12 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information

Summarized financial information for Valvoline’s equity method investments follows as of and for the years ended September 30:

(In millions)	2018			2017
Financial position
Current assets	$	116		$	105
Current liabilities	(76		)	(69		)
Working capital	40			36
Noncurrent assets	23			25
Noncurrent liabilities	(1		)	(1		)
Stockholders’ equity	$	62		$	60

(In millions)	2018		2017		2016
Results of operations
Sales	$	313	$	289	$	255
Income from operations	$	62	$	53	$	46
Net income	$	27	$	25	$	23

The Company’s transactions with affiliate companies accounted for under the equity method were as follows for the years ended September 30:

(In millions)	2018			2017			2016
Equity income (a)	$	14		$	12		$	12
Distributions received	$	10		$	8		$	16
Royalty income (a)	$	8		$	7		$	4
Sales to	$	12	12	$	12	—	$	10
Purchases from	$	2		$	—		$	—

(a) Equity and royalty income are recognized in Equity and other income, net in the Consolidated Statements of Comprehensive Income.