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Guarantor Financial Information (Tables)
3 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Statements of Comprehensive Income
Condensed Consolidating Statements of Comprehensive Income
For the three months ended December 31, 2019
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Sales$—  $480  $140  $(13) $607  
Cost of sales—  309  100  (13) 396  
Gross profit—  171  40  —  211  
Selling, general and administrative expenses 88  25  —  117  
Net legacy and separation-related income(1) —  —  —  (1) 
Equity and other (income) expenses, net—  (13)  —  (9) 
Operating (loss) income(3) 96  11  —  104  
Net pension and other postretirement plan income—  (9) —  —  (9) 
Net interest and other financing expenses15   —  —  16  
(Loss) income before income taxes(18) 104  11  —  97  
Income tax (benefit) expense (6) 27   —  24  
Equity in net income of subsidiaries(85) (8) —  93  —  
Net income$73  $85  $ $(93) $73  
Total comprehensive income$79  $89  $15  $(104) $79  
Condensed Consolidating Statements of Comprehensive Income
For the three months ended December 31, 2018
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Sales$—  $440  $132  $(15) $557  
Cost of sales—  293  96  (15) 374  
Gross profit—  147  36  —  183  
Selling, general and administrative expenses 81  21  —  105  
Equity and other (income) expenses, net—  (13)  —  (9) 
Operating (loss) income(3) 79  11  —  87  
Net pension and other postretirement plan income—  (2) —  —  (2) 
Net interest and other financing expenses15    —  17  
(Loss) income before income taxes(18) 80  10  —  72  
Income tax (benefit) expense(5) 20   —  19  
Equity in net income of subsidiaries(66) (6) —  72  —  
Net income$53  $66  $ $(72) $53  
Total comprehensive income$47  $60  $ $(62) $47  
Condensed Income Statement
Condensed Consolidating Statements of Comprehensive Income
For the three months ended December 31, 2019
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Sales$—  $480  $140  $(13) $607  
Cost of sales—  309  100  (13) 396  
Gross profit—  171  40  —  211  
Selling, general and administrative expenses 88  25  —  117  
Net legacy and separation-related income(1) —  —  —  (1) 
Equity and other (income) expenses, net—  (13)  —  (9) 
Operating (loss) income(3) 96  11  —  104  
Net pension and other postretirement plan income—  (9) —  —  (9) 
Net interest and other financing expenses15   —  —  16  
(Loss) income before income taxes(18) 104  11  —  97  
Income tax (benefit) expense (6) 27   —  24  
Equity in net income of subsidiaries(85) (8) —  93  —  
Net income$73  $85  $ $(93) $73  
Total comprehensive income$79  $89  $15  $(104) $79  
Condensed Consolidating Statements of Comprehensive Income
For the three months ended December 31, 2018
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Sales$—  $440  $132  $(15) $557  
Cost of sales—  293  96  (15) 374  
Gross profit—  147  36  —  183  
Selling, general and administrative expenses 81  21  —  105  
Equity and other (income) expenses, net—  (13)  —  (9) 
Operating (loss) income(3) 79  11  —  87  
Net pension and other postretirement plan income—  (2) —  —  (2) 
Net interest and other financing expenses15    —  17  
(Loss) income before income taxes(18) 80  10  —  72  
Income tax (benefit) expense(5) 20   —  19  
Equity in net income of subsidiaries(66) (6) —  72  —  
Net income$53  $66  $ $(72) $53  
Total comprehensive income$47  $60  $ $(62) $47  
Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets
As of December 31, 2019
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Assets
Current assets
Cash and cash equivalents$—  $62  $100  $—  $162  
Accounts receivable, net—  245  300  (150) 395  
Inventories, net—  108  86  —  194  
Prepaid expenses and other current assets 32  10  —  43  
Total current assets 447  496  (150) 794  
Noncurrent assets
Property, plant and equipment, net—  407  72  —  479  
Operating lease assets—  211  42  —  253  
Goodwill and intangibles, net—  425  82  —  507  
Equity method investments—  39  —  —  39  
Investment in subsidiaries1,247  523  —  (1,770) —  
Deferred income taxes55  47  14  —  116  
Other noncurrent assets 97   —  109  
Total noncurrent assets1,305  1,749  219  (1,770) 1,503  
Total assets$1,306  $2,196  $715  $(1,920) $2,297  
Liabilities and Stockholders’ Deficit
Current liabilities
Current portion of long-term debt$22  $—  $—  $—  $22  
Trade and other payables109  96  98  (150) 153  
Accrued expenses and other liabilities18  182  46  —  246  
Total current liabilities149  278  144  (150) 421  
Noncurrent liabilities
Long-term debt1,319   —  —  1,320  
Employee benefit obligations—  359  17  —  376  
Operating lease liabilities—  195  29  —  224  
Other noncurrent liabilities34  116   —  152  
Total noncurrent liabilities1,353  671  48  —  2,072  
Commitments and contingencies
Stockholders’ (deficit) equity(196) 1,247  523  (1,770) (196) 
Total liabilities and stockholders’ deficit / equity$1,306  $2,196  $715  $(1,920) $2,297  
Condensed Consolidating Balance Sheets
As of September 30, 2019
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Assets
Current assets
Cash and cash equivalents$—  $59  $100  $—  $159  
Accounts receivable, net—  181  338  (118) 401  
Inventories, net—  110  84  —  194  
Prepaid expenses and other current assets—  35   —  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 subsidiaries1,157  546  —  (1,703) —  
Deferred income taxes48  61  14  —  123  
Other noncurrent assets 96   —  108  
Total noncurrent assets1,208  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 payables80  127  82  (118) 171  
Accrued expenses and other liabilities 175  53  —  237  
Total current liabilities104  302  135  (118) 423  
Noncurrent liabilities
Long-term debt1,326   —  —  1,327  
Employee benefit obligations—  369  18  —  387  
Other noncurrent liabilities36  147   —  185  
Total noncurrent liabilities1,362  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 three months ended December 31, 2019
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Cash flows provided by operating activities$23  $31  $ $—  $59  
Cash flows from investing activities
Additions to property, plant and equipment—  (21) (7) —  (28) 
Acquisitions, net of cash acquired—  (6) —  —  (6) 
Other investing activities, net—  (1) —  —  (1) 
Cash flows used in investing activities—  (28) (7) —  (35) 
Cash flows from financing activities
Cash dividends paid(21) —  —  —  (21) 
Other financing activities(2) —  —  —  (2) 
Cash flows used in financing activities(23) —  —  —  (23) 
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash—  —   —   
Increase in cash, cash equivalents, and restricted cash—    —   
Cash, cash equivalents, and restricted cash - beginning of year—  59  100  —  159  
Cash, cash equivalents, and restricted cash - end of period$—  $62  $101  $—  $163  
Condensed Consolidating Statements of Cash Flows
For the three months ended December 31, 2018
(In millions)Valvoline Inc.
(Parent Issuer)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Cash flows provided by operating activities$13  $29  $43  $—  $85  
Cash flows from investing activities
Additions to property, plant and equipment—  (20) (7) —  (27) 
Acquisitions, net of cash acquired—  (8) (22) —  (30) 
Other investing activities, net—   —  —   
Cash flows used in investing activities—  (27) (29) —  (56) 
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs57  —  43  —  100  
Repayments on borrowings(48) —  (53) —  (101) 
Cash dividends paid(20) —  —  —  (20) 
Other financing activities(2) (1) (1) —  (4) 
Cash flows used in financing activities(13) (1) (11) —  (25) 
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash—  —  (1) —  (1) 
Increase in cash, cash equivalents, and restricted cash—    —   
Cash, cash equivalents, and restricted cash - beginning of year—  20  76  —  96  
Cash, cash equivalents, and restricted cash - end of period$—  $21  $78  $—  $99