Debt (Tables)

3 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Total Debt

The following table summarizes Valvoline’s total debt as of:

(In millions)	December 31 2022		September 30  2022
2031 Notes	$	535.0	$	535.0
2030 Notes	600.0		600.0
Term Loan	445.6		460.0
Revolver (a)	145.0		—
Trade Receivables Facility (b)	167.0		105.0
Debt issuance costs and discounts	(12.0)		(12.4)
Total debt	1,880.6		1,687.6
Current portion of long-term debt	224.5		162.5
Long-term debt	$	1,656.1	$	1,525.1

(a)As of December 31, 2022, the total borrowing capacity remaining under the $475.0 million revolving credit facility was $324.6 million due to a reduction of $145.0 million for borrowings and $5.4 million for letters of credit outstanding.

(b)These outstanding accounts receivable substantially relate to the Global Products business and were reported in Current assets held for sale, with a smaller portion reported within Receivables, net in the Company’s Condensed Consolidated Balance Sheets. The Trade Receivables Facility had $8.0 million of borrowing capacity remaining and the wholly-owned financing subsidiary owned $357.6 million of outstanding accounts receivable as of December 31, 2022.