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Equity Method Investments
 12 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments EQUITY METHOD INVESTMENTSValvoline has a strategic relationship with Cummins, Inc. (“Cummins”), a leading supplier of engines and related component products, which includes co-branding products for heavy duty consumers and a 50% interest in joint ventures in India, China, and Argentina. Valvoline also has joint ventures with other partners in Latin America and China. Valvoline’s
investments in these unconsolidated affiliates were $34 million and $31 million as of September 30, 2019 and 2018, respectively.

Valvoline’s stockholders’ deficit included $32 million and $30 million of undistributed earnings from affiliates accounted for under the equity method as of September 30, 2019 and 2018, respectively. Summarized financial information for Valvoline’s equity method investments follows as of and for the years ended September 30:

(In millions)20192018
Financial position
Current assets$123  $116  
Current liabilities(77) (76) 
Working capital46  40  
Noncurrent assets23  23  
Noncurrent liabilities(2) (1) 
Stockholders’ equity$67  $62  

(In millions)201920182017
Results of operations
Sales$309  $313  $289  
Income from operations$59  $62  $53  
Net income$24  $27  $25  

The Company’s transactions with affiliate companies accounted for under the equity method were as follows for the years ended September 30:
(In millions)201920182017
Equity income (a)
$12  $14  $12  
Distributions received$9  $10  $8  
Royalty income (a)
$9  $8  $7  
Sales to$12  $12  $12  
Purchases from$4  $2  $—  
(a)Equity and royalty income are recognized in Equity and other income, net in the Consolidated Statements of Comprehensive Income and are primarily recorded within the International reportable segment.

Valvoline has outstanding receivable balances with affiliates accounted for under the equity method of $6 million for the years ended September 30, 2019 and 2018, which are included in Accounts receivable, net within the Consolidated Balance Sheets.