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Debt | 9 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | DEBT The following table summarizes Valvoline’s total debt as of:
(In millions) |  | June 30 2026 |  | September 30 2025
2031 Notes |  | $ | 535.0 |  |  | $ | 535.0 |
Term Loan A |  | 347.8 |  |  | 415.6 |
Term Loan B |  | 738.2 |  |  | — |
Revolver (a) |  | — |  |  | 130.0 |
Debt issuance costs and discounts |  | (19.0) |  |  | (6.6) |
Total debt |  | 1,602.0 |  |  | 1,074.0 |
Current portion of long-term debt |  | 31.1 |  |  | 23.8 |
Long-term debt |  | $ | 1,570.9 |  |  | $ | 1,050.2 |
(a)As of June 30, 2026, the total borrowing capacity remaining under the $475.0 million revolving credit facility was $470.1 million due to a reduction of $4.9 million for letters of credit outstanding. As of June 30, 2026, Valvoline was in compliance with all covenants under its long-term borrowings. Senior Credit Agreement Key terms and conditions In December 2025, Valvoline amended its Senior Credit Agreement commensurate with closing the acquisition of Breeze to add a seven-year $740.0 million Term Loan B. On June 30, 2026, the Company further amended the Senior Credit Agreement to refinance the interest rates for the Term Loan B. Under the amended agreement, at Valvoline’s option, amounts outstanding under the Term Loan B bear interest at either the adjusted term Secured Overnight Financing Rate (“SOFR”) plus 1.750% per year (2.000% per year prior to latest amendment) or the base rate plus 0.750% per year (1.000% per year prior to latest amendment). The effective interest rate for the Term Loan B was 5.393% as of June 30, 2026. The principal balance of the Term Loan B is required to be repaid in quarterly installments of approximately $1.9 million with the balance due at maturity. Amounts outstanding under the Term Loan B may be prepaid at any time, and from time to time, in whole or part, with a 1.000% premium for certain pricing transactions occurring within the six-month period following June 30, 2026. Summary of activity The net proceeds from the Term Loan B were used to fund the Breeze acquisition with the remaining proceeds used to pay down the outstanding balance on the revolving credit facility (“Revolver”). During the three months ended June 30, 2026, Valvoline made a $50.0 million prepayment of principal on the Term Loan A. Lease and franchisee guarantees The Company guaranteed future payments related to certain leases assigned in connection with divesting retail stores and the Global Products business. Valvoline is obligated to perform if the buyers of the divested businesses default on the leases, which have remaining terms ranging from 9 months to 30 years. The undiscounted maximum potential future payments under the lease guarantees were $93.4 million as of June 30, 2026. In addition, the Company guaranteed certain outstanding franchisee debt obligations that have remaining terms ranging from 5 months to four years and total $12.4 million as of June 30, 2026. The Company has not recorded a liability for these guarantees as the likelihood of making future payments is not considered probable.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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