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Supplemental Balance Sheet Information
 12 Months Ended
Sep. 30, 2021
Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information SUPPLEMENTAL BALANCE SHEET INFORMATION
Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the totals shown within the Consolidated Statements of Cash Flows for the years ended September 30:

(In millions)202120202019
Cash and cash equivalents$230 $760 $159 
Restricted cash (a)
1 1 — 
Total cash, cash equivalents and restricted cash$231 $761 $159 
(a)Included in Prepaid expenses and other current assets within the Consolidated Balance Sheets.

Accounts and other receivables

The following summarizes Valvoline’s accounts and other receivables in the Consolidated Balance Sheets as of September 30:

(In millions)20212020
Current
Trade$475 $409 
Other16 14 
Notes receivable from franchisees10 13 
Receivables, gross501 436 
Allowance for credit losses(5)(3)
Receivables, net$496 $433 
Non-current (a)
Notes receivable from franchisees$— $13 
Other notes receivable3 8
Noncurrent notes receivable, gross3 21 
Allowance for losses(3)(4)
Noncurrent notes receivable, net$— $17 
(a)Included in Other noncurrent assets within the Consolidated Balance Sheets.

Valvoline is party to an agreement to sell certain trade accounts receivable in the form of drafts or bills of exchange to a financial institution. Each draft constitutes an order to pay Valvoline for obligations of the customer arising from the sale of goods. The intention of the arrangement is to decrease the time accounts receivable is outstanding and increase cash flows. Valvoline sold $15 million and $59 million of accounts receivable to the financial institution during the years ended September 30, 2021 and 2020, respectively.

Inventories

Inventories are primarily carried at the lower of cost or net realizable value using the weighted average cost method. In addition, certain lubricants with a replacement cost of $129 million at September 30, 2021 and $99 million at September 30, 2020 are valued at the lower of cost or market using the LIFO method.
The following summarizes Valvoline’s inventories within the Consolidated Balance Sheets as of September 30:

(In millions)20212020
Finished products$276 $195 
Raw materials, supplies and work in process49 30 
Reserve for LIFO cost valuation(67)(26)
Total inventories, net$258 $199 

Property, plant and equipment

The following table summarizes the various components of property, plant and equipment within the Consolidated Balance Sheets as of September 30:

(In millions)20212020
Land $130 $96 
Buildings
607 412 
Machinery and equipment564 494 
Construction in progress71 101 
Total property, plant and equipment1,372 1,103 
Accumulated depreciation(555)(490)
Net property, plant and equipment$817 $613 

The following summarizes finance lease assets included in net property, plant and equipment as of September 30:

(In millions)20212020
Land $64 $34 
Buildings
134 43 
Total finance lease assets198 77 
Accumulated depreciation (21)(10)
Net finance lease assets $177 $67 

Non-cash transactions, including finance leases, recognized within total property, plant and equipment were $119 million and $51 million during the years ended September 30, 2021 and 2020, respectively.

The following summarizes expense associated with property, plant and equipment recognized within the Consolidated Statements of Comprehensive Income for the years ended September 30:

(In millions)202120202019
Depreciation (includes finance and capital leases)$76 $56 $52