v3.26.1
Acquisitions and Dispositions (Tables)
 9 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Consideration Paid and Assets and Liabilities Acquired
The purchase consideration was allocated to the identifiable assets acquired and liabilities assumed based on their respective acquisition date fair values with the excess of the purchase consideration recognized as goodwill as shown below:

(In millions)
Breeze acquisition (a)
Cash$4.6 
Receivables15.3 
Inventories4.0 
Other current assets2.2 
Property, plant and equipment (b)
75.1 
Operating lease assets72.9 
Goodwill (c)
524.3 
Intangible assets (d)
Customer relationships11.0 
Trademarks and trade names8.0 
Other noncurrent assets0.4 
Net assets held for sale (e)
90.0 
Trade and other payables(7.8)
Accrued expenses and other liabilities(14.5)
Other current liabilities (b)
(14.8)
Operating lease liabilities(62.7)
Other noncurrent liabilities (b)
(70.6)
Total net assets acquired$637.4 
(a)Includes measurement period adjustments recorded through June 30, 2026.
(b)Includes finance lease assets in property, plant and equipment and finance lease liabilities in other current and noncurrent liabilities. Finance lease assets acquired were $45.1 million and finance lease liabilities assumed were $3.9 million and $57.0 million in other current and noncurrent liabilities, respectively.
(c)Goodwill is not deductible for income tax purposes and is assigned to the Company’s single reporting unit expected to benefit from the synergies of the acquisition. Goodwill is primarily attributed to the operational synergies and potential growth expected to result in economic benefits in the respective markets of the acquisition.
(d)Intangible assets acquired December 1, 2025 have a weighted average amortization period of 10 years.
(e)The disposal group met the criteria to be classified as held for sale and was measured as a unit of account at fair value less costs to sell as of the acquisition date. Net assets held for sale were disposed on December 1, 2025 in connection with the FTC-required divestiture and sale, as discussed in the Dispositions — Breeze Disposal below, and are no longer held for sale as of June 30, 2026.
Business Combination, Pro Forma Information
The following table presents the unaudited pro forma information summarizing the combined results of operations for Valvoline and Breeze, prepared as if the Breeze acquisition occurred on October 1, 2024:

Three months ended
June 30		Nine months ended
June 30
(In millions)2026202520262025
Net revenues$544.6 $487.4 $1,544.2 $1,400.1 
Net income65.7 52.4 158.6 90.5 
Disposal Groups, Including Discontinued Operations
The table below shows the components of the pre-tax loss on sale included within Other (income) loss, net in the Condensed Consolidated Statement of Comprehensive Income for the nine months ended June 30, 2026.

(in millions)
Sale proceeds received$32.1 
Less: Carrying amount of disposal group (a)
90.0 
Pre-tax loss$(57.9)
(a)Carrying amount of disposal group at disposition represents fair value less costs to sell. Note that costs to sell were de minimis and waived as immaterial for further consideration.