Supplemental Financial Information (Tables)

9 Months Ended

Jun. 30, 2023

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 2023		September 30  2022		June 30 2022
Cash and cash equivalents - continuing operations	$	526.7	$	23.4	$	25.5
Cash and cash equivalents - discontinued operations (a)	—		59.0		72.6
Restricted cash - discontinued operations (a)	—		1.5		1.5
Total cash, cash equivalents and restricted cash	$	526.7	$	83.9	$	99.6

(a)In the periods prior to the close of the sale of Global Products, these balances were included in Current assets held for sale 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 2023		September 30  2022
Current
Trade	$	59.4	$	56.2
Other	15.3		14.5
Receivables, gross	74.7		70.7
Allowance for credit losses	(2.8)		(4.6)
Receivables, net	$	71.9	$	66.1
Non-current (a)
Notes receivable	$	2.2	$	2.1
Other	7.6		0.1
Noncurrent notes receivable, gross	9.8		2.2
Allowance for losses	(2.3)		(2.2)
Noncurrent notes receivable, net	$	7.5	$	—

(a)Included in Other noncurrent assets within the Condensed Consolidated Balance Sheets.

Disaggregation of Sales by Timing of Revenue Recognized and Revenue by Category

Revenue recognition

The following disaggregates the Company’s net revenues by timing of revenue recognized:

	Three months ended June 30				Nine months ended June 30
(In millions)	2023		2022		2023		2022
Net revenues transferred at a point in time	$	358.3	$	301.7	$	1,003.4	$	857.2
Franchised revenues transferred over time	17.9		15.7		50.1		43.5
Net revenues	$	376.2	$	317.4	$	1,053.5	$	900.7

The following table summarizes net revenues by category:

	Three months ended June 30				Nine months ended June 30
(In millions)	2023		2022		2023		2022
Oil changes and related fees	$	280.7	$	235.7	$	782.8	$	660.9
Non-oil changes and related fees	77.2		65.3		219.9		182.8
Franchise fees and other (a)	18.3		16.4		50.8		57.0
Total	$	376.2	$	317.4	$	1,053.5	$	900.7

(a)Includes $1.2 million of net revenues associated with suspended operations for the three months ended June 30, 2022, and $0.2 million and $11.4 million in the nine months ended June 30, 2023 and 2022, respectively.