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Valvoline INCCompany-operated (a)For the years ended September 3020222021202020192018Beginning of periodOpenedAcquiredConversions between company-operated and franchisedClosed—End of periodFranchised (a) (b)Total stores (b) (c)Same store sales growth (a)System-wide13.7%21.2%2.3%10.1%8.3%Company-operated11.4%19.6%2.6%9.7%8.7%Franchised (b)15.5%22.4%2.1%10.4%8.0%Human capitalNumber of employeesTechniciansStore managementCustomer serviceTotal company-operated store employeesArea and regional operationsTotal retail services operationsHeadquarter and virtual corporate team membersTotal employee headcountStock performance graphYears ended September 30Cumulative total returnsValvoline Inc.S&P MidCap 400 IndexS&P MidCap 400 Consumer Staples IndexS&P MidCap 400 Specialty Retail IndexPurchases of Company common stockFiscal PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsDollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in millions)July 1, 2022 - July 31, 2022August 1, 2022 - August 31, 2022September 1, 2022- September 30, 2022TotalFISCAL 2022 OVERVIEW(In millions, except store count)Fiscal Year 2022Growth vs.System-wide store sales (a)20%55%System-wide store count (a)8%17%System-wide SSS growth (a)(a)Measures include Valvoline franchisees, which are independent legal entities. Refer to the “Key Business Measures” section below for additional details on these key business measures, including management’s definitions.RESULTS OF OPERATIONS2022 vs. 20212021 vs. 2020(In millions)$%Net revenues19.2%42.7%Gross profit10.2%43.6%Gross profit margin38.5%41.7%(320) bps41.4%30 bpsNet operating expenses33.2%36.5%Percentage of net revenues20.7%18.5%220 bps19.4%(90) bpsOperating income(8.2)%49.9%Operating margin17.8%23.1%(530) bps22.0%110 bpsIncome from continuing operations(45.3)%187.5%EBITDA(33.8)%68.4%Adjusted EBITDA14.0%66.9%Adjusted EBITDA margin25.5%26.7%(120) bps22.8%390 bpsVarianceSelling, general and administrative expenses9.3%26.4%Net legacy and separation-related expenses (income)(186.9)%(21.3)%Other income, net12.3%26.6%Income tax expenseEffective tax rate percentage24.1%23.0%43.4%Income from discontinued operations, net of taxContinuing operations EBITDA and Adjusted EBITDANet incomeNet interest and other financing expensesDepreciation and amortizationNet pension and other postretirement plan expenses (income)Suspended operationsInformation technology transition costsRestructuring-related adjustmentsCompensated absences benefits changeAcquisition costsAdjusted EBITDA (a)First
QuarterSecond
QuarterThird
QuarterFourth
QuarterNet pension and other postretirement plan (income) expenseNet legacy and separation-related expenseNet pension and other postretirement plan incomeNet legacy and separation-related expense (income)FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCESCash provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesContinuing operations free cash flowCash flows provided by operating activitiesLess: Maintenance capital expendituresDiscretionary free cash flowLess: Growth capital expendituresFree cash flowDiscontinued operations cash flowsDebt2031 Notes2030 NotesTerm LoanTrade Receivables FacilityDebt issuance costs and discountsTotal debtCurrent portion of long-term debtLong-term debtMaterial cash requirementsLess than
1 year1-3
years3-5
years5 years and moreLong-term debt (a) (b)$—Interest payments (a) (c)Operating lease obligationsFinance lease obligationsEmployee benefit obligations (d)Valvoline Inc. and Consolidated SubsidiariesConsolidated Statements of Comprehensive Income(In millions, except per share amounts)Cost of salesIncome before income taxesNET EARNINGS PER SHAREBasic earnings per shareContinuing operationsDiscontinued operationsDiluted earnings per shareWEIGHTED AVERAGE COMMON SHARES OUTSTANDINGBasicDilutedCOMPREHENSIVE INCOMEOther comprehensive (loss) income, net of taxCurrency translation adjustmentsAmortization of pension and other postretirement plan prior service creditsUnrealized gain (loss) on cash flow hedgesOther comprehensive lossComprehensive incomeConsolidated Balance SheetsAs of September 30AssetsCurrent assetsCash and cash equivalentsReceivables, netInventories, netPrepaid expenses and other current assetsCurrent assets held for saleTotal current assetsNoncurrent assetsProperty, plant and equipment, netOperating lease assetsGoodwill and intangibles, netDeferred tax assetsOther noncurrent assetsNoncurrent assets held for saleTotal noncurrent assetsTotal assetsLiabilities and Stockholders’ EquityCurrent liabilitiesTrade and other payablesAccrued expenses and other liabilitiesCurrent liabilities held for saleTotal current liabilitiesNoncurrent liabilitiesEmployee benefit obligationsOperating lease liabilitiesOther noncurrent liabilitiesNoncurrent liabilities held for saleTotal noncurrent liabilitiesCommitments and contingenciesStockholders’ equityPreferred stock, no par value, 40 shares authorized; no shares issued and outstandingCommon stock, par value $0.01 per share, 400.0 shares authorized, 176.1 and 180.3 shares issued and outstanding at September 30, 2022 and 2021, respectivelyPaid-in capitalRetained earningsAccumulated other comprehensive (loss) incomeTotal stockholders’ equityTotal liabilities and stockholders’ equityConsolidated Statements of Cash FlowsCash flows from operating activitiesAdjustments to reconcile to cash flows from operationsIncome from discontinued operationsLoss on extinguishment of debtDeferred income taxesLoss (gain) on pension and other postretirement plan remeasurementsStock-based compensation expenseOther, netChange in assets and liabilitiesReceivablesInventoriesPayables and accrued liabilitiesOther assets and liabilitiesOperating cash flows from continuing operationsOperating cash flows from discontinued operationsTotal cash provided by operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentNotes receivable, net of repayments of $2.7 million in 2020Acquisitions of businesses, net of cash acquiredOther investing activities, netInvesting cash flows from continuing operationsInvesting cash flows from discontinued operationsTotal cash used in investing activitiesCash flows from financing activitiesProceeds from borrowings, net of issuance costs of $7.1 million and $15.5 million in 2021 and 2020, respectivelyRepayments on borrowingsPremium paid to extinguish debtRepurchases of common stockCash dividends paidOther financing activitiesFinancing cash flows from continuing operationsFinancing cash flows from discontinued operationsTotal cash (used in) provided by financing activitiesEffect of currency exchange rate changes on cash, cash equivalents and restricted cash(Decrease) increase in cash, cash equivalents and restricted cashCash, cash equivalents and restricted cash - beginning of yearCash, cash equivalents and restricted cash - end of yearSupplemental disclosuresInterest paidIncome taxes paidConsolidated Statements of Stockholders’ Equity (Deficit)Retained (deficit) earningsAccumulated other comprehensive income (loss)TotalsCommon stockSharesAmountBalance at September 30, 2019Dividends paid, $0.452 per common shareStock-based compensation, net of issuancesCumulative effect of adoption of leasing standard, net of taxOther comprehensive loss, net of taxBalance at September 30, 2020Dividends paid, $0.500 per common shareCumulative effect of adoption of credit losses standard, net of taxBalance at September 30, 2021Balance at September 30, 2022Nature of servicesNet revenues transferred at a point in timeFranchised revenues transferred over timeRevenue disaggregationOil changes and related feesNon-oil changes and related feesFranchise fees and otherUnited StatesNon-U.S.NOTE 3 DISCONTINUED OPERATIONSLegacy and separation-related expensesEquity and other income, netOperating income from discontinued operationsIncome from discontinued operations before income taxesIncome tax (benefit) expenseNet income from discontinued operationsCurrent assets held for sale (a)Noncurrent assets held for sale (a)Total assets held for saleCurrent liabilities held for sale (a)Noncurrent liabilities held for sale (a)Total liabilities held for saleEquity method investmentsFinancial positionWorking capitalResults of operations (a)SalesIncome from operationsNOTE 4 FAIR VALUE MEASUREMENTSAs of September 30, 2022Level 1Level 2Level 3NAV (a)Money market fundsTime depositsCurrency derivativesInterest rate swap agreementsNon-qualified trust fundsTotal assets at fair valueDeferred compensation obligationsTotal liabilities at fair valueAs of September 30, 2021Fair value of long-term debtSeptember 30, 2022September 30, 2021Fair valueCarrying value (a)Unamortized discounts and issuance costsSummaryOther current assetsProperty, plant and equipment (a)Goodwill (b)Intangible assets (c)Reacquired franchise rights (d)Customer relationshipsOtherOther current liabilitiesOther noncurrent liabilities (a)Total net assets acquiredNOTE 6 LEASE COMMITMENTSLocation in Consolidated Balance SheetsFinance lease assetsAmortization of finance lease assetsTotal leased assetsLiabilitiesCurrentFinance lease liabilitiesNoncurrentTotal lease liabilitiesLocation in Consolidated Statements of Comprehensive IncomeOperating lease costCost of sales and Selling, general and administrative expensesFinance lease costsAmortization of lease assetsInterest on lease liabilitiesVariable lease costSublease incomeTotal lease costCash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases (a)Operating cash flows from finance leasesFinancing cash flows from finance leasesLease assets obtained in exchange for lease obligations:Operating leasesFinance leases20232024202520262027ThereafterTotal future lease paymentsImputed interestPresent value of lease liabilitiesNOTE 7 INTANGIBLE ASSETSAcquisitionsCurrency translationDispositions (a)Balance at September 30, 2022Other intangible assetsGross carrying amountAccumulated amortizationNet carrying amountDefinite-lived intangible assetsTrademarks and trade namesReacquired franchise rightsTotal definite-lived intangible assetsActualEstimatedAmortization expenseNOTE 8 DEBTLong-term debt maturitiesYears ending September 30Thereafter (a)Components of income tax expenseFederalStateDeferredTotal income before income taxesU.S. statutory tax rate21%Income taxes computed at U.S. statutory tax rate(Decrease) increase in amount computed resulting from:Unrecognized tax benefitsState taxes, net of federal benefitInternational rate differentialPermanent itemsRemeasurement of net deferred taxesReturn-to-provision adjustmentsChange in valuation allowancesTax Matters Agreement activityEffective tax rateDeferred taxesNon-U.S. net operating loss carryforwards (a)State net operating loss carryforwards (b)Compensation accrualsCredit carryforwards (c)Outside basis difference (d)Valuation allowances (e)Net deferred tax assetsDeferred tax liabilitiesGoodwill and other intangiblesProperty, plant and equipmentTotal deferred tax liabilitiesTotal net deferred tax assets (liabilities) (f)Gross unrecognized tax benefits as of October 1Increases related to tax positions from prior yearsDecreases related to tax positions from prior yearsIncreases related to tax positions taken during the current yearSettlements with tax authoritiesLapses of statutes of limitationGross unrecognized tax benefits as of September 30 (a)NOTE 10 EMPLOYEE BENEFIT PLANSPension benefitsOther postretirement benefitsNet periodic benefit costs (income)Interest costExpected return on plan assetsAmortization of prior service cost (credit)Actuarial loss (gain)Weighted-average plan assumptionsDiscount rate for interest cost2.10%1.91%2.80%1.92%1.76%2.68%Expected long-term rate of return on plan assets4.10%4.40%4.70%Amortization of prior service credits recognized in Accumulated other comprehensive incomeNet periodic benefit loss (income)Total pre-tax amount recognized in comprehensive loss (income)Obligations and funded statusChange in benefit obligationsBenefit obligations as of October 1Benefits paidActuarial (gain) lossTransfers inSettlementsBenefit obligations as of September 30Change in plan assetsFair value of plan assets as of October 1Actual return on plan assetsEmployer contributionsFair value of plan assets as of September 30Unfunded status of the plans as of September 30Amounts in the Consolidated Balance SheetsNoncurrent benefit assets (a)Current benefit liabilities (b)Noncurrent benefit liabilities (c)Total benefit liabilitiesNet liabilities recognizedBalance in Accumulated other comprehensive lossPrior service cost (credit)Discount rate5.58%2.70%5.56%2.53%Healthcare cost trend rate (d)5.6%5.7%Accumulated benefit obligationBenefit obligationPlan assetsPlans with projected and accumulated benefit obligations in excess of plan assetsTotal fair valueAssets measured at NAVU.S. government securities and futuresOther government securitiesCorporate debt instrumentsPrivate equity and hedge fundsCollective trust fundsOther investmentsInvestments and strategyTargetPlan assets allocationEquity securities3-10%7%11%Debt securities80-100%92%88%0-10%1%100%Funding and benefit payments2028 - 2032NOTE 12 STOCK-BASED COMPENSATION PLANSStock appreciation rightsNonvested stock awardsTotal stock-based compensation expense, pre-taxTax benefitTotal stock-based compensation expense, net of taxNumber of shares
(in thousands)Weighted average grant date fair value per shareUnvested shares as of September 30, 2021GrantedPerformance adjustments (a)VestedForfeitedUnvested shares as of September 30, 2022Assumptions (weighted average)Risk-free interest rates (a)1.6%0.2%Expected dividend yield1.8%Expected volatility (b)41.5%42.0%26.0%Expected term (in years)(In millions, except weighted average)Total grant date fair value of shares vestedWeighted average grant date fair valueNOTE 13 - EARNINGS PER SHARE(In millions, except per share data)NumeratorDenominatorWeighted average common shares outstandingEffect of potentially dilutive securities (a)Weighted average diluted shares outstandingNOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)Unamortized benefit plan creditsChanges in fair value of cash flow hedgesBalance as of September 30, 2020Other comprehensive income (loss) before reclassificationGains reclassified out of accumulated other comprehensive incomeTax benefit (expense)Balance as of September 30, 2021Balance as of September 30, 2022(in millions)Amortization of pension and other postretirement plan prior service credits (a)Loss on liquidation of subsidiaries (b)Loss (gain) on cash flow hedges (c)Tax effect of reclassificationsTotal amounts reclassified, net of taxNOTE 15 SUPPLEMENTAL BALANCE SHEET INFORMATIONCash and cash equivalents - continuing operationsCash and cash equivalents - discontinued operationsRestricted cash - continuing operations (a)Restricted cash - discontinued operations (b)Total cash, cash equivalents and restricted cashAccounts and other receivablesTradeNotes receivable from franchiseesReceivables, grossAllowance for credit lossesLandBuildingsMachinery and equipmentConstruction in progressTotal property, plant and equipmentAccumulated depreciationNet property, plant and equipmentTotal finance lease assetsNet finance lease assetsDepreciation (includes finance leases)Long-lived assetsNOTE 16 QUARTERLY FINANCIAL INFORMATION (UNAUDITED)First QuarterSecond QuarterThird QuarterFourth QuarterNet earnings per shareITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES-Equity Purchase Agreement, dated as of July 31, 2022 among Valvoline Inc., Gateway Velocity Holding Corp. and Aramco Overseas Company B.V. (incorporated by reference to Exhibit 2.1 to Valvoline’s Current Report on Form 8-K (File No. 001-37884) filed on August 1, 2022).Amended and Restated Articles of Incorporation of Valvoline Inc. (incorporated by reference to Exhibit 3.1 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Amended and Restated By-laws of Valvoline Inc. (incorporated by reference to Exhibit 3.2 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Specimen Stock Certificate (incorporated by reference to Exhibit 4.1 to Valvoline’s Registration Statement on Form S-1 (File No. 333-211720) filed on September 12, 2016).Indenture, dated as of February 25, 2020, among Valvoline Inc. the guarantors party thereto and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on February 25, 2020.Indenture, dated as of January 4, 2021, among Valvoline Inc. the guarantors party thereto and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on January 4, 2021.Description of Securities (incorporated by reference to Exhibit 4.5 to Valvoline’s Annual Report on 10-K (File No. 001-37884) filed on November 19, 2021).Valvoline Inc. 2016 Deferred Compensation Plan for Employees (incorporated by reference to Exhibit 10.1 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Valvoline Inc. 2016 Deferred Compensation Plan for Non-Employee Directors (incorporated by reference to Exhibit 10.6 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).2016 Valvoline Inc. Incentive Plan, as Amended (incorporated by reference to Exhibit 10.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on February 5, 2019.Valvoline Inc. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to Valvoline’s Current Report on Form 8-K (File No. 001-37884) filed on February 5, 2018).Form of (Outside Directors) Restricted Stock Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.3 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Form of Performance Unit Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.5 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on May 15, 2017).Form of Stock Appreciation Right Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.6 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on May 15, 2017).Form of Stock Appreciation Right Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan, as Amended, for awards granted after fiscal 2020 (incorporated by reference to Exhibit 10.8 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 24, 2020).Form of Restricted Stock Unit Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.7 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Form of Restricted Stock Unit Award Agreement (Cash-Settled) pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.8 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on May 15, 2017).Form of Outside Director Restricted Stock Unit Award Agreement pursuant to the 2016 Valvoline Inc. Incentive Plan (incorporated by reference to Exhibit 10.1 to Valvoline’s Quarterly Report on Form 10-Q (File No. 001-37884) filed on February 9, 2022).Valvoline Inc. Nonqualified Defined Contribution Plan (incorporated by reference to Exhibit 10.4 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Ashland Inc. Nonqualified Excess Benefit Pension Plan (incorporated by reference to Exhibit 10.12 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Amendment to Ashland Inc. Nonqualified Excess Benefit Pension Plan, effective as of September 1, 2016 (incorporated by reference to Exhibit 10.7 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Amendment to Ashland Inc. Nonqualified Excess Benefit Pension Plan, effective as of September 30, 2016 (incorporated by reference to Exhibit 10.9 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Ashland Inc. Supplemental Early Retirement Plan for Certain Employees (“Ashland SERP”) (incorporated by reference to Exhibit 10.15 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Amendment to Ashland SERP, effective as of January 1, 2015 (incorporated by reference to Exhibit 10.16 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Amendment to Ashland SERP, effective as of September 1, 2016 (incorporated by reference to Exhibit 10.17 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on November 17, 2017).Amendment to Ashland SERP, effective as of September 30, 2016 (incorporated by reference to Exhibit 10.8 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Form of CEO Change in Control Agreement (incorporated by reference to Exhibit 10.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on May 15, 2017).Form of Executive Officer Change in Control Agreement (incorporated by reference to Exhibit 10.2 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on May 15, 2017).Valvoline Change in Control Severance Plan, as amended and restated, effective January 1, 2022 (incorporated by reference to Exhibit 10.3 to Valvoline's Quarterly Report on Form 10-Q (File No. 001-37884) filed on February 9, 2022).Valvoline Severance Pay Plan, as amended and restated, effective January 1, 2022 (incorporated by reference to Exhibit 10.4 to Valvoline's Quarterly Report on Form 10-Q (File No. 001-37884) filed on February 9, 2022).Credit Agreement dated as of July 11, 2016, among Valvoline Finco One LLC, as Initial Borrower, The Bank of Nova Scotia, as Administrative Agent, Swing Line Lender and an L/C Issuer, Citibank, N.A., as Syndication Agent, and the Lenders from time to time party thereto (“Valvoline Credit Agreement”) (incorporated by reference to Exhibit 10.9 to Valvoline’s Registration Statement on Form S-1 (File No. 333-211720) filed on September 12, 2016).Amendment No. 1, dated as of September 21, 2016, to Valvoline Credit Agreement (incorporated by reference to Exhibit 10.11 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Amendment and Restatement Agreement, dated as of April 12, 2019, among Valvoline Inc. ("Valvoline"), as the Borrower, the subsidiaries of Valvoline party thereto, The Bank of Nova Scotia, as Administrative Agent, and the Lenders party thereto (including Exhibit A - Amended and Restated Credit Agreement, dated as of April 12, 2019, among Valvoline, the Administrative Agent, Citibank N.A., as Syndication Agent, and the other Lenders party thereto) (incorporated by reference to Exhibit 10.1 to Valvoline's Quarterly Report on Form 10-Q (File No. 001-37884) filed on May 2, 2019).10.27*Amendment No. 2, dated as of November 10, 2022, to Valvoline Credit Agreement.Transfer and Administration Agreement, dated as of November 29, 2016, among LEX Capital LLC, Valvoline LLC, and each other entity from time to time party hereto as an Originator, as Originators, Valvoline LLC, as initial Master Servicer, PNC Bank, National Association, as the Agent, a Letter of Credit Issuer, a Managing Agent and a Committed Investor, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a Managing Agent, an Administrator and a Committed Investor, Gotham Funding Corporation, as a Conduit Investor and an Uncommitted Investor, PNC Capital Markets, LLC, as Structuring Agent and the various investor groups, managing agents, letter of credit issuers and Administrators from time to time parties thereto (incorporated by reference to Exhibit 10.1 to Valvoline’s Current Report on Form 8-K (File No. 001-37884) filed on December 2, 2016).First Amendment to the Transfer and Administration Agreement, dated as of November 20, 2017, among Valvoline LLC, Lex Capital LLC, the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party thereto, and PNC Bank National Association, as agent for the Investors (incorporated by reference to Exhibit 10.1 to Valvoline 's Current Report on Form 10-Q (File No. 001-37884) filed on February 8, 2018).Second Amendment to the Transfer and Administration Agreement, dated as of January 31, 2020, among Valvoline LLC, Lex Capital LLC, the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party thereto, and PNC Bank National Association, as agent for the Investors (incorporated by reference to Exhibit 10.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on February 4, 2020).Third Amendment to the Transfer and Administration Agreement, dated as of April 22, 2020, among Valvoline LLC, Lex Capital LLC, the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party thereto, and PNC Bank National Association, as agent for the Investors (incorporated by reference to Exhibit 10.1 to Valvoline's Current Report on Form 10-Q (File No. 001-37884) filed on May 7, 2020).Fourth Amendment, dated as of April 27, 2021, to the Transfer and Administration Agreement, dated as of November 29, 2016, among Valvoline LLC, Lex Capital LLC, the Originators, the Investors, Letter of Credit Issuers, Managing Agents and Administrators party thereto, and PNC Bank National Association, as agent for the Investors (incorporated by reference to Exhibit 10.1 to Valvoline's Current Report on Form 8-K (File No. 001-37884) filed on April 29, 2021).Sale Agreement, dated as of November 29, 2016, by and between Valvoline LLC and LEX Capital LLC (incorporated by reference to Exhibit 10.2 to Valvoline Current Report on Form 8-K (File No. 001-37884) filed on December 2, 2016).Parent Undertaking, dated as of November 29, 2016, by Valvoline Inc. in favor of PNC Bank National Association and the Secured Parties. (incorporated by reference to Exhibit 10.3 to Valvoline’s Current Report on Form 8-K (File No. 001-37884) filed on December 2, 2016.Separation Agreement, dated as of September 22, 2016, by and between Ashland Inc. and Valvoline Inc. (incorporated by reference to Exhibit 10.15 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Tax Matters Agreement, dated as of September 22, 2016, by and between Ashland Inc. and Valvoline Inc. (incorporated by reference to Exhibit 10.18 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).Employee Matters Agreement, dated as of September 22, 2016, by and between Ashland Inc. and Valvoline Inc. (incorporated by reference to Exhibit 10.19 to Valvoline's Annual Report on Form 10-K (File No. 001-37884) filed on December 19, 2016).21*List of Subsidiaries.23.1*Consent of Ernst & Young LLP.24*Power of Attorney.31.1*Certification of Samuel J. Mitchell, Jr., Chief Executive Officer of Valvoline, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2*Certification of Mary E. Meixelsperger, Chief Financial Officer of Valvoline, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32**Certification of Samuel J. Mitchell, Jr., Chief Executive Officer of Valvoline, and Mary E. Meixelsperger, Chief Financial Officer of Valvoline, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.101.SCHXBRL Taxonomy Extension Schema Document.101.CALXBRL Taxonomy Extension Calculation Linkbase Document.101.DEFXBRL Taxonomy Extension Definition Linkbase Document.101.LABXBRL Taxonomy Extension Label Linkbase Document.101.PREXBRL Taxonomy Extension Presentation Linkbase Document.Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).VALVOLINE INC.SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTSFor the years ended September 30, 2022, 2021 and 2020(A)(B)(C)(D)(E)AdditionsDescriptionBalance at beginning of periodCharged to expensesCharged to other accountsDeductionsBalance at end of periodCurrent allowance for credit lossesYear ended September 30, 2022Year ended September 30, 2021Year ended September 30, 2020Deferred tax asset valuation allowanceEXHIBIT 21Entity NameJurisdictionEllis Enterprises B.V.NetherlandsEllis Enterprises East doo KruševacSerbiaFunding Corp. IDelaware DelawareIntegral Defense, LLCDelawareLEX Capital LLCLubricantes Andinos "Lubrian S. A."EcuadorLubrival S. A.OCH International, Inc.OregonOCHI Advertising Fund LLCOCHI Holdings LLCOCHI Holdings II LLCPT. Valvoline Lubricants and Chemicals IndonesiaIndonesiaQingdao Valvoline Automotive Services Co., Ltd.ChinaRelocation Properties Management LLCShanghai VC Lubricating Oil Co., Ltd.Shanghai ZhiSheng Automobile Technology Co., Ltd.Valvoline (Australia) Pty. LimitedAustraliaValvoline (Deutschland) GmbHGermanyValvoline (Shanghai) Chemical Co., LtdValvoline (Thailand) Ltd.ThailandValvoline (Zhangjiagang) Lubricants Co., Ltd.Valvoline Branded Finance, Inc.Valvoline Canada Corp.Nova Scotia, CanadaValvoline Canada Holdings B.V.Valvoline Canada Retail Services Corp.British Columbia, CanadaValvoline Canadian Franchising Corp.Valvoline Cummins Argentina S.A.ArgentinaValvoline Cummins Private LimitedIndiaValvoline de Colombia S.A.S.ColombiaValvoline Eurasia LLCRussian FederationValvoline Europe Holdings LLCValvoline Holdings B.V.Valvoline Holdings Pte. Ltd.SingaporeValvoline Indonesia Holdings LLCValvoline Instant Oil Change Franchising, Inc.Valvoline International de Mexico, S. de R.L. de C.V.MexicoValvoline International Holdings Inc.Valvoline International Servicios de Mexico, S. de R.L. de C.V.Valvoline International, Inc.Valvoline Investments B.V.Valvoline Italy S.r.l.ItalyValvoline Junior Holdings LLCValvoline Licensing and Intellectual Property LLCValvoline LLCValvoline Lubricants & Solutions India Private LimitedValvoline New Zealand LimitedNew ZealandValvoline Poland Sp. z.o.o.PolandValvoline Pte. Ltd.Valvoline Quick Lube Corp.Valvoline South Africa Proprietary LimitedSouth AfricaValvoline Spain, S.L.SpainValvoline UK LimitedUnited KingdomValvoline US LLCVC Lubricating Oil Co., Ltd.Hong KongVCA Solutions, LLCVGP Holdings LLCVGP IPCo LLCVIOC Funding, Inc.POWER OF ATTORNEY/s/ Richard J. Freeland/s/ Vada O. ManagerRichard J. FreelandVada O. ManagerChairman of the Board and DirectorDirector/s/ Gerald W. Evans, Jr./s/ Jennifer L. SlaterGerald W. Evans, Jr.Jennifer L. Slater/s/ Carol H. Kruse/s/ Charles M. SonstebyCarol H. KruseCharles M. Sonsteby/s/ Stephen E. Macadam/s/ Mary J. TwinemStephen E. MacadamMary J. Twinema.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; andd.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; andAll significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; andAny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting./s/ Samuel J. Mitchell, Jr.Samuel J. Mitchell, Jr.Chief Executive Officer and Director(Principal Executive Officer)/s/ Mary E. MeixelspergerMary E. MeixelspergerChief Financial Officer(Principal Financial Officer)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; andThe information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.Chief Executive OfficerDecember 2, 2022PK ! docProps/app.xml
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