Discontinued Operations (Tables)

9 Months Ended

Jun. 30, 2023

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 June 30				Nine months ended June 30
(In millions)	2023		2022		2023		2022
Net revenues	$	—	$	696.2	$	1,174.4	$	1,953.4
Cost of sales	—		548.5		924.2		1,532.5
Gross profit	—		147.7		250.2		420.9
Selling, general and administrative expenses	—		78.0		125.0		225.7
Net legacy and separation-related expenses	5.6		0.2		26.2		0.5
Equity and other income, net	—		(7.8)		(14.2)		(28.6)
Operating (loss) income from discontinued operations	(5.6)		77.3		113.2		223.3
Net pension and other postretirement plan expense	—		0.1		0.1		0.1
Net interest and other financing expenses	(0.7)		1.2		4.3		2.7
Gain on sale of discontinued operations (a)	(0.8)		—		(1,571.6)		—
(Loss) income before income taxes - discontinued operations	(4.1)		76.0		1,680.4		220.5
Income tax (benefit) expense (b)	(1.2)		17.6		434.0		50.9
(Loss) income from discontinued operations	$	(2.9)	$	58.4	$	1,246.4	$	169.6

(a)The gain on sale realized in the nine months ended June 30, 2023 includes the release of Accumulated other comprehensive income of $30.7 million associated with the realization of cumulative translation losses attributed to the Global Products business.

(b)Includes the income tax effects of the gain on sale, which were $0.2 million of current expense in the three months ended June 30, 2023 and $420.4 million in the nine months ended June 30, 2023, comprised of current and deferred expense of $327.8 million and $92.6 million, respectively.

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

(In millions)	September 30  2022
Current assets
Cash and cash equivalents	$	59.0
Receivables, net	524.3
Inventories, net	290.1
Prepaid expenses and other current assets	35.0
Property, plant and equipment, net	257.4
Goodwill and intangibles, net	139.8
Other noncurrent assets	158.6
Current assets held for sale	$	1,464.2
Current liabilities
Trade and other payables	$	264.9
Accrued expenses and other liabilities	166.9
Long-term debt	30.7
Other current liabilities	76.8
Current liabilities held for sale	$	539.3

Post-closing arrangements

The products used in Valvoline’s service delivery are sourced from Global Products. Valvoline has entered into a long-term supply agreement whereby Valvoline purchases 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 prior to the closing of the Transaction, which were considered to be effectively settled and were not eliminated. The following table summarizes these transactions:

	Three months ended June 30				Nine months ended June 30
(In millions)	2023		2022		2023		2022
Net revenues	$	—	$	56.6	$	89.7	$	153.5