Supplemental Financial Information

3 Months Ended

Dec. 31, 2023

Supplemental Financial Information [Abstract]

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

Cash, cash equivalents and restricted cash

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)	December 31 2023		September 30 2023		December 31 2022
Cash and cash equivalents - continuing operations	$	420.7	$	409.1	$	21.0
Cash and cash equivalents - held for sale (a)	—		4.0		—
Cash and cash equivalents - discontinued operations	—		—		70.5
Restricted cash - discontinued operations	—		—		1.5
Total cash, cash equivalents and restricted cash	$	420.7	$	413.1	$	93.0

(a)Former Global Products business whose operations were suspended during fiscal 2022, classified as held for sale and impaired as of September 30, 2023, and subsequently sold during the first quarter of fiscal 2024.

Accounts and other receivables

The following summarizes Valvoline’s accounts and other receivables in the Condensed Consolidated Balance Sheets as of:

(In millions)	December 31 2023		September 30 2023
Current
Trade	$	65.9	$	64.0
Other	18.1		17.9
Receivables, gross	84.0		81.9
Allowance for credit losses	(0.5)		(0.6)
Receivables, net	$	83.5	$	81.3
Non-current (a)
Notes receivable	$	2.4	$	2.3
Other	7.6		7.5
Noncurrent notes receivable, gross	10.0		9.8
Allowance for losses	(2.4)		(2.4)
Noncurrent notes receivable, net	$	7.6	$	7.4

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

Revenue recognition

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

	Three months ended December 31
(In millions)	2023		2022
Net revenues transferred at a point in time	$	355.9	$	317.2
Franchised revenues transferred over time	17.5		15.6
Net revenues	$	373.4	$	332.8

The following table summarizes net revenues by category:

	Three months ended December 31
(In millions)	2023		2022
Oil changes and related fees	$	277.5	$	247.2
Non-oil changes and related fees	78.2		69.8
Franchise fees and other (a)	17.7		15.8
Total	$	373.4	$	332.8

(a)Includes $0.2 million of net revenues associated with suspended operations in the three months ended December 31, 2022.