Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes (Loss) income from discontinued operations, net of tax included in the Consolidated Statements of Comprehensive Income for the years ended September 30:

(In millions)	2024		2023		2022
Net revenues	$	—	$	1,174.4	$	2,695.2
Cost of sales	—		924.2		2,134.7
Gross profit	—		250.2		560.5
Selling, general and administrative expenses	—		124.9		304.3
Net legacy and separation-related expenses	14.1		53.7		7.0
Equity and other income, net	—		(14.2)		(33.4)
Operating (loss) income from discontinued operations	(14.1)		85.8		282.6
Net pension and other postretirement plan expense (income)	—		0.1		(3.4)
Net interest and other financing expenses	—		4.4		4.6
Gain on sale of discontinued operations (a)	—		(1,571.6)		—
(Loss) income before income taxes - discontinued operations	(14.1)		1,652.9		281.4
Income tax (benefit) expense (b)	(11.1)		432.6		(33.5)
(Loss) income from discontinued operations, net of tax	$	(3.0)	$	1,220.3	$	314.9

(a)The gain on sale realized in fiscal 2023 included 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)During fiscal 2024, Valvoline recognized an adjustment to reduce income tax expense on the gain on sale by $5.2 million. During fiscal 2023, tax expense on the gain of $424.3 million was recognized, bringing total tax expense on the gain on sale to-date to $419.1 million.