Discontinued Operations (Tables)

3 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes Income from discontinued operations within the Condensed Consolidated Statements of Comprehensive Income:

	Three months ended December 31
(In millions)	2022		2021
Net revenues	$	705.8	$	619.0
Cost of sales	556.6		488.1
Gross profit	149.2		130.9
Selling, general and administrative expenses	72.3		74.1
Net legacy and separation-related expense	6.2		—
Equity and other income, net	(9.2)		(12.2)
Operating income from discontinued operations	79.9		69.0
Net pension and other postretirement plan expense	0.1		—
Net interest and other financing expenses	2.3		0.7
Income from discontinued operations before income taxes	77.5		68.3
Income tax expense	22.6		15.5
Income from discontinued operations	$	54.9	$	52.8

The products used in Valvoline’s service delivery are sourced from Global Products. Valvoline will continue this arrangement following the sale of Global Products through a long-term supply agreement whereby Valvoline will purchase substantially all lubricant and certain ancillary products for its stores from Global Products. Net revenues within the results of Global Products above include product sales to the Company's continuing operations which are considered to be effectively settled at the time of the transaction and have not been eliminated. The following table summarizes these transactions:

	Three months ended
	December 31
(In millions)	2022		2021
Net revenues	$	55.1	$	48.4

A summary of the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheets follows:

(In millions)	December 31 2022		September 30  2022
Current assets
Cash and cash equivalents	$	70.5	$	59.0
Receivables, net	576.1		524.3
Inventories, net	296.5		290.1
Prepaid expenses and other current assets	40.9		35.0
Property, plant and equipment, net	264.2		257.4
Goodwill and intangibles, net	139.8		139.8
Other noncurrent assets	165.6		158.6
Current assets held for sale	$	1,553.6	$	1,464.2
Current liabilities
Current portion of long-term debt	$	5.2	$	—
Trade and other payables	216.4		264.9
Accrued expenses and other liabilities	154.0		166.9
Long-term debt	28.0		30.7
Other current liabilities	74.5		76.8
Current liabilities held for sale	$	478.1	$	539.3