VALVOLINE INC
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 6, 2024
VVV$35.73-0.9%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| (In millions - unaudited) | 2023 | 2022 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income | $31.9 | $81.9 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Loss (income) from discontinued operations | 2.0 | (54.9) |
| Depreciation and amortization | 24.6 | 18.5 |
| Deferred income taxes | — | (26.5) |
| Stock-based compensation expense | 2.4 | 2.9 |
| Other, net | 1.0 | 0.6 |
| Change in operating assets and liabilities | ||
| Receivables | 2.4 | 13.4 |
| Inventories | 3.0 | (1.0) |
| Payables and accrued liabilities | (43.7) | (17.2) |
| Other assets and liabilities | (1.7) | 30.8 |
| Operating cash flows from continuing operations | 21.9 | 48.5 |
| Operating cash flows from discontinued operations | (2.0) | (57.2) |
| Total cash provided by (used in) operating activities | 19.9 | (8.7) |
| Cash flows from investing activities | ||
| Additions to property, plant and equipment | (42.3) | (39.9) |
| Acquisitions of businesses | (8.3) | (9.6) |
| Proceeds from maturities of short-term investments | 230.0 | — |
| Other investing activities, net | (7.1) | 1.1 |
| Investing cash flows from continuing operations | 172.3 | (48.4) |
| Investing cash flows from discontinued operations | — | (8.4) |
| Total cash provided by (used in) investing activities | 172.3 | (56.8) |
| Cash flows from financing activities | ||
| Proceeds from borrowings | — | 250.0 |
| Repayments on borrowings | (5.9) | (119.4) |
| Repurchases of common stock | (171.7) | (87.4) |
| Cash dividends paid | — | (21.8) |
| Other financing activities | (7.1) | (8.9) |
| Financing cash flows from continuing operations | (184.7) | 12.5 |
| Financing cash flows from discontinued operations | — | 60.0 |
| Total cash (used in) provided by financing activities | (184.7) | 72.5 |
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 0.1 | 2.1 |
| Increase in cash, cash equivalents and restricted cash | 7.6 | 9.1 |
| Cash, cash equivalents and restricted cash - beginning of period | 413.1 | 83.9 |
| Cash, cash equivalents and restricted cash - end of period | $420.7 | $93.0 |
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