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Supplemental Balance Sheet Information
 12 Months Ended
Sep. 30, 2025
Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information SUPPLEMENTAL BALANCE SHEET INFORMATION
Cash and cash equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the totals shown within the Consolidated Statements of Cash Flows for the years ended September 30:

(In millions)202520242023
Cash and cash equivalents - continuing operations$51.6 $68.3 $409.1 
Cash and cash equivalents - held for sale (a)
— — 4.0 
Restricted cash - continuing operations (b)
— 0.4 — 
Total cash, cash equivalents and restricted cash$51.6 $68.7 $413.1 
(a)Refer to Note 3 for additional information regarding the asset group classified as held for sale at September 30, 2023.
(b)Included in Prepaid expenses and other current assets within the Consolidated Balance Sheets.
Accounts and other receivables

The following summarizes Valvoline’s accounts and other receivables in the Consolidated Balance Sheets as of September 30:

(In millions)20252024
Current
Trade$82.0 $73.2 
Other1.6 9.1 
Notes receivable from franchisees8.5 5.4 
Receivables, gross92.1 87.7 
Allowance for credit losses(2.5)(1.3)
Receivables, net$89.6 $86.4 
Non-current (a)
Notes receivable$2.7 $2.5 
Other4.4 4.4 
Noncurrent notes receivable, gross7.1 6.9 
Allowance for losses(2.8)(2.6)
Noncurrent notes receivable, net$4.3 $4.3 
(a) Included in Other noncurrent assets within the Consolidated Balance Sheets.

Property, plant and equipment

The following table summarizes the various components of property, plant and equipment within the Consolidated Balance Sheets as of September 30:

(In millions)20252024
Land $178.6 $160.1 
Buildings
1,045.8 869.5 
Technology hardware and software
147.1 117.1 
Machinery and equipment
262.8 231.6 
Construction in progress72.7 72.1 
Total property, plant and equipment1,707.0 1,450.4 
Accumulated depreciation(572.4)(491.7)
Net property, plant and equipment$1,134.6 $958.7 
The following table summarizes finance lease assets included in net property, plant and equipment as of September 30:

(In millions)20252024
Land $113.5 $96.1 
Machinery and equipment
7.9 — 
Buildings
169.8 165.6 
Total finance lease assets291.2 261.7 
Accumulated depreciation (79.3)(67.4)
Net finance lease assets $211.9 $194.3 
Non-cash transactions, including finance leases, recognized within total property, plant and equipment were $64.2 million and $18.3 million during the years ended September 30, 2025 and 2024, respectively.

The following summarizes expense associated with property, plant and equipment recognized within the Consolidated Statements of Comprehensive Income for the years ended September 30:

(In millions)202520242023
Depreciation (includes finance leases)$104.9 $89.2 $72.0 

Long-lived assets

The following presents long-lived assets comprised of net property, plant and equipment and operating lease assets by geographic area in which the assets physically reside for the years ended September 30:

Property, plant and equipment, netOperating lease assets
(In millions)2025202420252024
United States$1,084.1 $909.1 $316.1 $281.6 
Non-U.S.50.5 49.6 15.7 17.0 
Total$1,134.6 $958.7 $331.8 $298.6 

Accrued payroll expenses

Included in Accrued expenses and other liabilities within the Consolidated Balance Sheets were $20.5 million and $18.8 million of accrued payroll expenses as of September 30, 2025 and September 30, 2024, respectively.

Obligations to former parent company

Liabilities due to Valvoline’s former parent company, Ashland, represent the indemnities estimated to be due per the Tax Matters Agreement and reimbursements for certain other contractual obligations that were transferred in connection with the separation. These obligations were $25.2 million and $28.0 million as of September 30, 2025 and September 30, 2024, respectively, and are reflected within the Consolidated Balance Sheets primarily as Accrued expenses and other liabilities based on the required and currently expected timing of resolution. The recorded obligations represent management’s best estimates and ultimate resolution of these matters could result in additional costs that are currently not reasonably estimable.