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Statement of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2017
Cash flows provided (used) by operating activities from continuing operations      
Net income $ 505 $ 114 $ 28
Income from discontinued operations (net of tax) (481) (95) (208)
Adjustments to reconcile income from continuing operations to cash flows from operating activities      
Depreciation and amortization 289 277 265
Original issue discount and debt issuance cost amortization 13 8 109
Deferred income taxes 20 (100) (26)
Distributions from equity affiliates   1  
Stock based compensation expense - Note Q 21 27 20
Excess tax benefits on stock based compensation 11 4 3
Loss on early retirement of debt     9
Loss (income) from restricted investments (17) (14) (11)
Net (income) loss on acquisitions and divestitures - Notes C and D   1 4
Impairments 8 16  
Pension contributions (5) (9) (7)
Loss (gain) on pension and other postretirement plan remeasurements (7) (14) 8
Change in operating assets and liabilities [1] (129) 25 (20)
Total cash flows provided by operating activities from continuing operations 228 241 174
Cash flows provided (used) by investing activities from continuing operations      
Additions to property, plant and equipment (154) (157) (168)
Proceeds from disposal of property, plant and equipment 9 4 5
Purchase of operations - net of cash acquired (2) (11) (680)
Proceeds from sale or restructuring of operations   6 18
Life insurance payments   (37)  
Net purchases of funds restricted for specific transactions (7) (10) (2)
Reimbursement from restricted investments 32 33 27
Proceeds from sale of securities 348 26 19
Purchase of securities (348) (26) (19)
Proceeds from the settlement of derivative instruments 6 1 5
Payments for the settlement of derivative instruments (2) (3) (3)
Total cash flows used by investing activities from continuing operations (118) (174) (798)
Cash flows provided (used) by financing activities from continuing operations      
Proceeds from issuance of long-term debt     1,100
Repayment of long-term debt (797) (311) (915)
Premium on long-term debt repayment     (17)
Proceeds from (repayment of) short-term debt (78) 15 75
Repurchase of common stock (200)    
Debt issuance costs   (2) (15)
Cash dividends paid (64) (60) (77)
Stock based compensation employee withholding taxes paid in cash (10) (10) (15)
Total cash flows provided (used) by financing activities from continuing operations (1,149) (368) 136
Cash used by continuing operations (1,039) (301) (488)
Cash provided (used) by discontinued operations      
Operating cash flows 13 56 209
Investing cash flows 967 (28) (321)
Financing cash flows 0 0 (17)
Total cash provided (used) by discontinued operations 980 28 (129)
Effect of currency exchange rate changes on cash and cash equivalents (3) 1 (5)
Decrease in cash and cash equivalents (62) (272) (622)
Cash and cash equivalents - beginning of year 294 566 1,017
Change in cash and cash equivalents held by Valvoline     171
Cash and cash equivalents - end of year 232 294 566
Changes in assets and liabilities      
Accounts receivable [1] 38 (42) (29)
Inventories [1] (4) (24) (12)
Trade and other payables [1] (79) 48 33
Other assets and liabilities [1] (84) 43 (12)
Change in operating assets and liabilities [1] (129) 25 (20)
Supplemental disclosures      
Interest paid 124 126 132
Income taxes paid $ 67 $ 77 $ 79
[1] Excludes changes resulting from operations acquired or sold.