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Employee Benefit Plans (Tables)
 12 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Summary of the Components of Benefit Costs (Income)
The components of pension and other postretirement plans net periodic benefit costs (income) and the assumptions used in this determination are summarized below for the years ended September 30:

(In millions)Pension benefitsOther postretirement benefits
202420232022202420232022
Net periodic benefit costs (income)
Interest cost$83.4 $81.8 $43.0 $1.2 $1.2 $0.7 
Expected return on plan assets(68.4)(66.9)(78.6)— — — 
Amortization of prior service cost (credit)0.1 0.1 0.1 (2.2)(2.2)(2.2)
Actuarial (gain) loss(5.1)(35.0)49.5 2.7 (6.6)(5.6)
Net periodic benefit costs (income)$10.0 $(20.0)$14.0 $1.7 $(7.6)$(7.1)
Weighted-average plan assumptions
Discount rate for interest cost
5.92 %5.45 %2.10 %5.92 %5.41 %1.92 %
Expected long-term rate of return on plan assets5.30 %4.90 %4.10 %— — — 
Schedule of Amortization of Prior Service Cost (Credit) Recognized in AOCI
The following table summarizes the net periodic benefit loss (income) and the amortization of prior service credits recognized during the years ended September 30:

(In millions)Pension benefitsOther postretirement benefits
202420232022202420232022
Amortization of prior service credits recognized in Accumulated other comprehensive income$(0.1)$(0.1)$(0.1)$2.2 $2.2 $2.2 
Net periodic benefit loss (income)10.0 (20.0)14.0 1.7 (7.6)(7.1)
Total pre-tax amount recognized in comprehensive loss (income)$9.9 $(20.1)$13.9 $3.9 $(5.4)$(4.9)
Schedule of Changes in Projected Benefit Obligations
Changes in benefit obligations and the fair value of plan assets, as well as key assumptions used to determine the benefit obligations, and the amounts in the Consolidated Balance Sheets for the Company’s pension and other postretirement benefit plans are summarized below as of September 30:

(In millions)Pension benefitsOther postretirement benefits
2024202320242023
Change in benefit obligations
Benefit obligations as of October 1$1,478.1 $1,585.2 $22.3 $30.7 
Interest cost83.4 81.8 1.2 1.2 
Benefits paid(130.6)(130.4)(2.4)(3.0)
Actuarial loss (gain)140.0 (52.7)2.7 (6.6)
Transfers in 1.6 4.4 — — 
Settlements(6.8)(10.2)— — 
Benefit obligations as of September 30$1,565.7 $1,478.1 $23.8 $22.3 
Change in plan assets
Fair value of plan assets as of October 1$1,361.0 $1,438.1 $— $— 
Actual return on plan assets213.5 41.3 — — 
Employer contributions14.2 17.8 2.4 3.0 
Benefits paid(130.6)(130.4)(2.4)(3.0)
Settlements(6.8)(10.2)— — 
Transfers in1.6 4.4 — — 
Fair value of plan assets as of September 30$1,452.9 $1,361.0 $— $— 
Unfunded status of the plans as of September 30$112.8 $117.1 $23.8 $22.3 
(In millions)Pension benefitsOther postretirement benefits
2024202320242023
Amounts in the Consolidated Balance Sheets
Noncurrent benefit assets (a)
$49.0 $38.6 $— $— 
Current benefit liabilities (b)
7.1 7.7 2.7 2.6 
Noncurrent benefit liabilities (c)
154.7 148.0 21.1 19.7 
Total benefit liabilities161.8 155.7 23.8 22.3 
Net liabilities recognized$112.8 $117.1 $23.8 $22.3 
Balance in Accumulated other comprehensive loss
Prior service cost (credit)$1.1 $1.1 $(14.4)$(16.7)
Weighted-average plan assumptions
Discount rate4.94 %5.98 %4.89 %5.98 %
Healthcare cost trend rate (d)
— — 7.2 %5.5 %
(a)Noncurrent benefit assets are recorded in Other noncurrent assets within the Consolidated Balance Sheets.
(b)Current benefit liabilities are recorded in Accrued expenses and other liabilities within the Consolidated Balance Sheets.
(c)Noncurrent benefit liabilities are recorded in Employee benefit obligations within the Consolidated Balance Sheets.
(d)The assumed pre-65 health care cost trend rate continues to be reduced to 4.0% in 2049 and thereafter.
Schedule of Pension Plans with a Benefit Obligation in Excess of Plan Assets Pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets follows for the Company’s plans as of September 30:
(In millions)20242023
Benefit obligationPlan assetsBenefit obligationPlan assets
Plans with projected and accumulated benefit obligations in excess of plan assets$1,146.0 $984.1 $1,101.7 $946.0 
Schedule of Investment Categories for Pension Plan Assets
Pension plan asset investments and their level within the fair value hierarchy is summarized below as of:

(In millions)September 30, 2024
Total fair valueLevel 1Level 2Level 3Assets measured at NAV
Cash and cash equivalents$25.4 $25.4 $— $— $— 
U.S. government securities and futures
49.6 — 49.6 — — 
Other government securities42.1 — 42.1 — — 
Corporate debt instruments1,108.4 — 1,108.4 — — 
Private equity and hedge funds1.2 — — — 1.2 
Collective trust funds216.0 — — — 216.0 
Other investments10.2 — 10.2 — — 
Total assets at fair value$1,452.9 $25.4 $1,210.3 $— $217.2 

(In millions)September 30, 2023
Total fair valueLevel 1Level 2Level 3Assets measured at NAV
Cash and cash equivalents$21.5 $21.5 $— $— $— 
U.S. government securities and futures63.1 — 63.1 — — 
Other government securities33.1 — 33.1 — — 
Corporate debt instruments1,055.4 — 1,055.4 — — 
Private equity and hedge funds4.4 — — — 4.4 
Collective trust funds176.9 — — — 176.9 
Other investments6.6 — 6.6 — — 
Total assets at fair value$1,361.0 $21.5 $1,158.2 $— $181.3 
Schedule of Investments Measured at Fair Value Using NAV Per Share
The following summarizes investments for which fair value is measured using the NAV per share practical expedient as of September 30, 2024:

(In millions)Fair value at NAVUnfunded commitmentsRedemption frequency
(if currently eligible)		Redemption notice period
Relative value hedge funds$0.1 $— 
None (a)
None (a)
Event driven hedge funds0.3 — 
None (a)
None (a)
Collective trust funds216.0 — Daily
Up to 3 days
Private equity0.8 1.6 
None (b)
None (b)
Total
$217.2 $1.6 
(a)These hedge funds are in the process of liquidation and the timing is unknown.
(b)These private equity instruments are estimated to be liquidated over the next 1 to 5 years.
Schedule of Weighted-Average Asset Allocations And Plan Asset Allocations
The weighted-average asset allocations for Valvoline’s plans by asset category follow as of September 30:

Target20242023
Plan assets allocation
Equity securities
3-10%
7 %7 %
Debt securities
80-100%
92 %92 %
Other
0-10%
1 %1 %
Total100 %100 %
Schedule of Expected Benefit Payments
The following benefit payments, which reflect future service expectations, are projected to be paid in each of the next five fiscal years ended September 30 and the five fiscal years thereafter in aggregate:

(In millions)Pension benefitsOther postretirement benefits
2025$136.3 $2.6 
2026135.1 2.3 
2027133.1 2.1 
2028130.0 2.1 
2029128.7 2.0 
2028 - 2032592.5 8.7 
Total$1,255.7 $19.8