Subsequent Events |
9 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The One Big Beautiful Bill Act On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was signed into law. The Act maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act, including 100 percent bonus depreciation for qualified assets, immediate expensing of domestic research and development expenditures, and more favorable interest deductibility. The Act has staggered effective dates beginning in 2025 and continuing through 2027. Valvoline is currently evaluating the Act’s impact on its consolidated financial statements and related disclosures and anticipates the most significant impact to be a modest reduction in cash tax payments for the remainder of fiscal 2025 and a more meaningful impact in future periods as a result of the 100 percent bonus depreciation. Breeze Autocare Valvoline signed a definitive agreement during the second quarter of fiscal 2025 to acquire Breeze Autocare from Greenbriar Equity Group (“Greenbriar”) subject to the satisfaction of customary closing conditions and regulatory approvals. Breeze Autocare is an independent provider of automotive quick lube and other preventive maintenance services that operates predominantly under the Oil Changers brand. Under the terms of the agreement and upon closing the transaction, Valvoline will acquire the business for a base purchase price of $625 million in cash, subject to customary and other closing adjustments, which include those related to certain acquisitions and real estate transactions completed by Breeze Autocare between signing and closing. The purchase price is intended to be funded with a Term Loan B that will be issued and effective commensurate with closing the transaction. Valvoline and Greenbriar each received a Request for Additional Information and Documentary Material on April 9, 2025 (the “Second Request”) from the Federal Trade Commission (“FTC”) pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). The Second Request extends the waiting period imposed by the HSR Act until 30 days after Valvoline and Greenbriar have substantially complied with the Second Request, unless the waiting period is terminated earlier by the FTC or voluntarily extended through an agreement among Valvoline, Greenbriar and the FTC. Valvoline is continuing to work toward gaining regulatory approval to close the transaction.
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