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Discontinued Operations
 3 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations DISCONTINUED OPERATIONS
On July 31, 2022, the Company entered into a definitive agreement to sell Global Products to Aramco for a cash purchase price of $2.65 billion, subject to customary adjustments with respect to working capital and net indebtedness (the “Transaction”). The Transaction is subject to standard closing conditions, including regulatory approvals and is expected to close in early calendar year 2023.

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

Three months ended
December 31
(In millions) 20222021
Net revenues$705.8 $619.0 
Cost of sales556.6 488.1 
Gross profit149.2 130.9 
Selling, general and administrative expenses72.3 74.1 
Net legacy and separation-related expense6.2 — 
Equity and other income, net(9.2)(12.2)
Operating income from discontinued operations79.9 69.0 
Net pension and other postretirement plan expense0.1 — 
Net interest and other financing expenses2.3 0.7 
Income from discontinued operations before income taxes77.5 68.3 
Income tax expense22.6 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)20222021
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, net576.1 524.3 
Inventories, net296.5 290.1 
Prepaid expenses and other current assets40.9 35.0 
Property, plant and equipment, net264.2 257.4 
Goodwill and intangibles, net139.8 139.8 
Other noncurrent assets165.6 158.6 
Current assets held for sale$1,553.6 $1,464.2 
Current liabilities
Current portion of long-term debt$5.2 $— 
Trade and other payables216.4 264.9 
Accrued expenses and other liabilities154.0 166.9 
Long-term debt28.0 30.7 
Other current liabilities74.5 76.8 
Current liabilities held for sale$478.1 $539.3