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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The following summarizes stock-based compensation expense recognized by the Company during the years ended September 30:
(In millions)202420232022
Stock appreciation rights$1.1 $1.2 $1.5 
Nonvested stock awards10.9 12.6 8.4 
Total stock-based compensation expense, pre-tax
12.0 13.8 9.9 
Tax benefit(3.0)(3.5)(2.5)
Total stock-based compensation expense, net of tax$9.0 $10.3 $7.4 
Summary of Nonvested Stock Award Activity
The following summarizes nonvested stock award activity during the year ended September 30, 2024:

Number of shares
(in thousands)		Weighted average grant date fair value per share
Unvested shares as of September 30, 2023
1,350.6 $33.35 
Granted315.6 $36.59 
Performance adjustments (a)
22.0 $38.32 
Vested(468.9)$35.53 
Forfeited(51.6)$35.95 
Unvested shares as of September 30, 2024
1,167.7 $32.74 
(a)Adjustments based on current attainment expectations of performance targets.
Summary of Fair Value Assumptions Used for Share Based Awards
The fair value of new or modified nonvested stock awards with service-only conditions was determined based on the closing market price of Valvoline common stock on the grant date, and the fair value of performance-based nonvested stock awards that include both financial and market performance conditions was determined using a Monte Carlo simulation valuation model with the following key assumptions:

202420232022
Weighted average grant date fair value per share$38.32 $35.94 $33.98 
Assumptions (weighted average)
Risk-free interest rates (a)
4.6 %4.3 %1.6 %
Expected dividend yield— %— %1.8 %
Expected volatility (b)
28.5 %43.0 %41.5 %
Expected term (in years)3.03.03.0
(a)Based on the U.S. Treasury yield curve in effect at the time of grant or modification for the expected term of the award. The range of risk-free interest rates used for performance awards was 4.54% to 4.83% in fiscal 2024, 4.24% to 4.78% in fiscal 2023, and 1.14% to 1.88% in fiscal 2022.
(b)Expected volatility is based on historical volatilities over periods commensurate with the expected term. In recent years, Valvoline utilized its historical daily closing price over this period.
Schedule of Nonvested Stock Awards Granted
The total grant date fair value of nonvested stock awards vested and the weighted average grant date fair value of nonvested stock awards granted follows for the years ended September 30:

202420232022
Total grant date fair value of shares vested$17.1 $15.7 $11.2 
Weighted average grant date fair value$36.59 $33.98 $35.32