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Discontinued Operations
 9 Months Ended
Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations DISCONTINUED OPERATIONS
Financial results

On July 31, 2022, the Company entered into a definitive agreement to sell Global Products to Aramco. On March 1, 2023, Valvoline completed the sale of Global Products for a cash purchase price of $2.650 billion and recognized a pre-tax gain on the sale of $1.572 billion that was recognized in Income from discontinued operations within the Condensed Consolidated Statements of Comprehensive Income.

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) 2023202220232022
Net revenues$— $696.2 $1,174.4 $1,953.4 
Cost of sales— 548.5 924.2 1,532.5 
Gross profit— 147.7 250.2 420.9 
Selling, general and administrative expenses— 78.0 125.0 225.7 
Net legacy and separation-related expenses5.6 0.2 26.2 0.5 
Equity and other income, net— (7.8)(14.2)(28.6)
Operating (loss) income from discontinued operations(5.6)77.3 113.2 223.3 
Net pension and other postretirement plan expense— 0.1 0.1 0.1 
Net interest and other financing expenses(0.7)1.2 4.3 2.7 
Gain on sale of discontinued operations (a)
(0.8)— (1,571.6)— 
(Loss) income before income taxes - discontinued operations(4.1)76.0 1,680.4 220.5 
Income tax (benefit) expense (b)
(1.2)17.6 434.0 50.9 
(Loss) income from discontinued operations$(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, net524.3 
Inventories, net290.1 
Prepaid expenses and other current assets35.0 
Property, plant and equipment, net257.4 
Goodwill and intangibles, net139.8 
Other noncurrent assets158.6 
Current assets held for sale$1,464.2 
Current liabilities
Trade and other payables$264.9 
Accrued expenses and other liabilities166.9 
Long-term debt30.7 
Other current liabilities76.8 
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)2023202220232022
Net revenues$— $56.6 $89.7 $153.5 

Valvoline also entered into a Transition Services Agreement with the Global Products, effective March 1, 2023, to provide and receive services including information technology, legal, finance, and human resources support for a period not expected to exceed 18 months. The income and costs associated with these services were not material during the three and nine months ended June 30, 2023.

As part of the Transaction, the Company recognized an estimated obligation of $17.5 million, predominantly within Accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2023 related to certain pre-closing employee matters reimbursable to the Buyer.