XML 44 R24.htm IDEA: XBRL DOCUMENT

Subsequent Events	12 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Quick Lubes acquisitions From October 1 through November 17, 2020, Valvoline acquired 54 service center stores in single and multi-store transactions for an aggregate purchase price of $162 million. These acquisitions included 14 service center stores in Texas acquired from Kent Lubrication Centers Ltd. (doing business as Avis Lube) on October 1, 2020; 21 former franchise service center stores in Kansas and Missouri acquired from Westco Lube, Inc. on October 15, 2020; and 12 service center stores in Idaho acquired from L & F Enterprises (doing business as Einstein’s Oilery) on October 30, 2020. These acquisitions provide an opportunity to expand Valvoline's Quick Lubes system in key markets and grow to more than 600 company-owned service center stores. Dividend declared On November 12, 2020 the Company’s Board of Directors approved a quarterly cash dividend of $0.125 per share of common stock. The dividend is payable December 15, 2020 to shareholders of record on November 30, 2020. China working capital credit facility On November 16, 2020, the Company entered into a one-year revolving credit facility of approximately $23 million to finance working capital of the blending and packaging plant in China, as needed. Borrowings will bear interest at the local prime rate less the applicable interest rate margin with interest due monthly and repayment of borrowings due at maturity.