v3.25.2
Fair Value Measurements
 9 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Recurring fair value measurements

The following tables set forth the Company’s financial assets and liabilities by level within the fair value hierarchy for those measured at fair value on a recurring basis:

As of June 30, 2025
(In millions)TotalLevel 1Level 2Level 3
NAV (a)
Cash and cash equivalents
Money market funds$0.3 $0.3 $— $— $— 
Time deposits2.6 — 2.6 — — 
Other noncurrent assets
Non-qualified trust funds2.9 — — — 2.9 
Deferred compensation investments18.1 18.1 — — — 
Total assets at fair value$23.9 $18.4 $2.6 $— $2.9 
Other noncurrent liabilities
Deferred compensation obligations$19.3 $— $— $— $19.3 
Total liabilities at fair value$19.3 $— $— $— $19.3 
As of September 30, 2024
(In millions)TotalLevel 1Level 2Level 3
NAV (a)
Cash and cash equivalents
Money market funds$0.3 $0.3 $— $— $— 
Time deposits2.6 — 2.6 — — 
Other noncurrent assets
Non-qualified trust funds1.9 — — — 1.9 
Deferred compensation investments23.0 23.0 — — — 
Total assets at fair value$27.8 $23.3 $2.6 $— $1.9 
Other noncurrent liabilities
Deferred compensation obligations$22.3 $— $— $— $22.3 
Total liabilities at fair value$22.3 $— $— $— $22.3 
(a)Funds measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy.

Fair value disclosures

Long-term debt is reported in the Company’s Condensed Consolidated Balance Sheets at carrying value, rather than fair value and is therefore excluded from the disclosure above of financial assets and liabilities measured at fair value within the condensed consolidated financial statements on a recurring basis. The fair value of the Company's outstanding fixed rate senior notes shown below is based on recent trading values, which is considered a Level 2 input within the fair value hierarchy.
June 30, 2025September 30, 2024
(In millions)Fair value
Carrying value (a)
Unamortized
discounts and
issuance costs		Fair value
Carrying value (a)
Unamortized
discounts and
issuance costs
2031 Notes$485.2 $530.9 $(4.1)$478.5 $530.4 $(4.6)
(a)Carrying values shown are net of unamortized discounts and debt issuance costs.

Refer to Note 4 for details of the senior notes as well as Valvoline's other debt instruments that have variable interest rates with carrying amounts that approximate fair value.