Valvoline (Tables)

9 Months Ended

Jun. 30, 2018

Condensed Balance Sheet, Valvoline at Date of Distribution

The distribution was recorded at the carrying amount of Valvoline Inc.'s net assets which was a deficit of $187 million as of May 12, 2017, as follows:

	May 12
(In millions)	2017
ASSETS
Current assets
Cash and cash equivalents	$	179
Accounts receivable, net		385
Inventories		153
Other current assets		24
Total current assets		741
Noncurrent assets
Net property, plant and equipment		357
Goodwill		329
Equity and other unconsolidated investments		31
Deferred income taxes		391
Other noncurrent assets		93
Total noncurrent assets		1,201
Total assets		1,942
LIABILITIES AND EQUITY
Current liabilities
Short-term debt		75
Current portion of long-term debt		16
Trade and other payables		353
Other current liabilities		34
Total current liabilities		478
Noncurrent liabilities
Long-term debt		662
Employee benefit obligations		826
Other long-term liabilities		163
Total noncurrent liabilities		1,651
Total liabilities		2,129
Net deficit	$	(187	)