Supplemental Financial Information (Tables)

9 Months Ended

Jun. 30, 2022

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)	June 30 2022		September 30  2021		June 30 2021
Cash and cash equivalents	$	98	$	230	$	226
Restricted cash (a)	2		1		2
Total cash, cash equivalents and restricted cash	$	100	$	231	$	228

(a)Included in Prepaid expenses and other current assets 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)	June 30 2022		September 30  2021
Trade	$	576	$	475
Other	14		16
Notes receivable from franchisees (a)	3		10
Receivables, gross	593		501
Allowance for credit losses	(10)		(5)
Receivables, net	$	583	$	496

(a)Notes receivable from franchisees were primarily issued in fiscal 2020 to provide financial assistance in response to the COVID-19 pandemic. There were no material balances past due as of June 30, 2022.

Valvoline sold $53 million of accounts receivable to a financial institution during the nine months ended June 30, 2022 and did not sell accounts receivable during the nine months ended June 30, 2021.

Summary of Inventory

The following summarizes Valvoline’s inventories in the Condensed Consolidated Balance Sheets as of:

(In millions)	June 30 2022		September 30  2021
Finished products	$	311	$	276
Raw materials, supplies and work in process	79		49
Reserve for LIFO cost valuation	(84)		(67)
Total inventories, net	$	306	$	258

Disaggregation of Sales by Timing of Revenue Recognized

The following disaggregates the Company’s sales by timing of recognition:

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Sales at a point in time	$	941	$	779	$	2,657	$	2,110
Franchised revenues transferred over time	16		13		$	44	36
Total consolidated sales	$	957	$	792	$	2,701	$	2,146