VALVOLINE INC
For the period ended Sep 30, 2024. Filed Nov 22, 2024.
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FY2024 · Filed Nov 22, 2024
VVV$35.73-0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Valvoline Inc. and Consolidated Subsidiaries | |||
|---|---|---|---|
| Consolidated Statements of Cash Flows | |||
| (In millions) | 2024 | 2023 | 2022 |
| Cash flows from operating activities | |||
| Net income | $211.5 | $1,419.7 | $424.3 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Loss (income) from discontinued operations | 3.0 | (1,220.3) | (314.9) |
| Loss on extinguishment of debt | 5.1 | — | — |
| Gain on sale of operations | (41.8) | — | — |
| Depreciation and amortization | 105.9 | 88.8 | 71.4 |
| Deferred income taxes | 23.5 | 33.6 | 18.0 |
| (Gain) loss on pension and other postretirement plan remeasurements | (2.4) | (41.6) | 43.9 |
| Stock-based compensation expense | 12.0 | 12.2 | 14.4 |
| Other, net | (0.1) | 11.9 | 4.2 |
| Change in assets and liabilities | |||
| Receivables | (0.9) | 26.4 | (17.5) |
| Inventories | (7.7) | (3.3) | (5.4) |
| Payables and accrued liabilities | (6.4) | 111.3 | 24.5 |
| Other assets and liabilities | (18.8) | (85.7) | (128.5) |
| Operating cash flows from continuing operations | 282.9 | 353.0 | 134.4 |
| Operating cash flows from discontinued operations | (17.8) | (393.8) | 149.8 |
| Total cash provided by (used in) operating activities | 265.1 | (40.8) | 284.2 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipment | (224.4) | (180.5) | (132.0) |
| Acquisitions of businesses | (52.7) | (36.3) | (50.7) |
| Proceeds from sale of operations, net of cash disposed | 71.5 | — | — |
| Purchases of investments | (3.5) | (440.4) | — |
| Proceeds from investments | 350.0 | 80.0 | — |
| Other investing activities, net | (4.1) | — | 11.8 |
| Investing cash flows from continuing operations | 136.8 | (577.2) | (170.9) |
| Investing cash flows from discontinued operations | — | 2,620.9 | (36.7) |
| Total cash provided by (used in) investing activities | 136.8 | 2,043.7 | (207.6) |
| Cash flows from financing activities | |||
| Proceeds from borrowings, net of issuance costs of $3.0 million in 2023 | 200.0 | 921.0 | 23.0 |
| Repayments on borrowings | (698.8) | (920.9) | (38.1) |
| Repurchases of common stock | (226.8) | (1,524.8) | (142.6) |
| Cash dividends paid | — | (21.8) | (89.2) |
| Other financing activities | (20.7) | (19.0) | (16.0) |
| Financing cash flows from continuing operations | (746.3) | (1,565.5) | (262.9) |
| Financing cash flows from discontinued operations | — | (108.1) | 44.0 |
| Total cash used in financing activities | (746.3) | (1,673.6) | (218.9) |
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | — | (0.1) | (5.2) |
| (Decrease) increase in cash, cash equivalents and restricted cash | (344.4) | 329.2 | (147.5) |
| Cash, cash equivalents and restricted cash - beginning of year | 413.1 | 83.9 | 231.4 |
| Cash, cash equivalents and restricted cash - end of year | $68.7 | $413.1 | $83.9 |
| Supplemental disclosures | |||
| Interest paid | $78.2 | $69.6 | $59.4 |
| Income taxes paid | $31.3 | $373.8 | $73.9 |
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