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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities      
Net income $ 304 $ 273 $ 196
Adjustments to reconcile to cash flows from operations      
Depreciation and amortization 42 38 38
Debt issuance cost amortization 3 4 0
Deferred income taxes 117 13 (9)
Equity income from affiliates (12) (12) (12)
Distributions from equity affiliates 8 16 18
Net loss on acquisition and divestiture 0 1 26
Impairment of equity investment 0 0 14
Pension contributions (412) (2) 0
(Gain) loss on Valvoline pension and other postretirement plan remeasurements (68) (42) 2
Stock-based compensation expense 9 0 0
Change in assets and liabilities      
Accounts receivable [1] (22) (17) 53
Inventories [1] (35) (4) (6)
Payables and accrued liabilities [1] 0 5 2
Other assets and liabilities [1] (64) 38 8
Total cash (used in) provided by operating activities (130) 311 330
Cash flows from investing activities      
Additions to property, plant and equipment (68) (66) (45)
Proceeds from disposal of property, plant and equipment 1 1 1
Acquisitions, net of cash required (68) (83) (5)
Proceeds from sale of operations 0 0 23
Total cash used in investing activities (135) (148) (26)
Cash flows from financing activities      
Net transfers from (to) Ashland 5 (1,504) (304)
Cash contributions from Ashland 0 60 0
Proceeds from initial public offering, net of offering costs of $40 0 719 0
Proceeds from borrowings, net of issuance costs of $5 in 2017 and $15 in 2016 470 1,372 0
Repayments on borrowings (90) (637) 0
Repurchase of common stock (50) 0 0
Cash dividends paid (40) 0 0
Total cash provided by (used in) financing activities 295 10 (304)
Effect of currency exchange rate changes on cash and cash equivalents (1) (1) 0
Increase in cash and cash equivalents 29 172 0
Cash and cash equivalents - beginning of year 172 0 0
Cash and cash equivalents - end of year 201 172 0
Supplemental disclosures      
Interest paid 35 0 0
Income taxes paid $ 26 $ 17 $ 0
[1] Excludes changes resulting from operations acquired or sold.