0000950170-22-013314 | 10-Q | XBRL Viewer | Ashland Global Holdings INC

Accounts receivable - Note H

$ 629

$ 210

^[1]

488

369

Inventories - Note F

609

473

Other assets

Current assets held for sale - Note B

597

Total current assets

1,817

1,717

Property, plant and equipment

Cost

3,065

3,066

Accumulated depreciation

1,713

1,639

Net property, plant and equipment

1,352

1,427

Goodwill - Note G

1,356

1,430

Intangibles - Note G

1,001

1,099

Operating lease assets, net - Note I

112

124

Restricted investments - Note E

346

384

Asbestos insurance receivable - Note L

^[2]

140

134

Deferred income taxes

Other assets

258

267

Total noncurrent assets

4,595

4,895

Total assets

6,412

6,612

Current liabilities

Short-term debt - Note H

365

Current portion of long-term debt - Note H

Trade and other payables

241

236

Accrued expenses and other liabilities

291

251

Current operating lease obligations - Note I

Current liabilities held for sale - Note B

Total current liabilities

550

934

Noncurrent liabilities

Long-term debt - Note H

1,302

1,596

Asbestos litigation reserve - Note L

483

490

Deferred income taxes

218

237

Employee benefit obligations - Note K

137

144

Operating lease obligations - Note I

100

110

Other liabilities

356

349

Total noncurrent liabilities

2,596

2,926

Commitments and contingencies - Note L

Stockholders' equity - Note N

3,266

2,752

Total liabilities and stockholders' equity

$ 6,412

$ 6,612

[1]	Accounts receivable includes an allowance for credit losses of $2 million at both June 30, 2022 and September 30, 2021.
[2]	Asbestos insurance receivable includes an allowance for credit losses of $3 million at both June 30, 2022 and September 30, 2021.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Current assets
Allowance for credit losses on Accounts receivables	$ 2	$ 2
Noncurrent assets
Allowance for credit losses on Asbestos insurance receivable	$ 3	$ 3

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (unaudited) - USD ($)
$ in Millions

9 Months Ended

Jun. 30, 2022

Jun. 30, 2021

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS

Net income

$ 870

$ 176

Income from discontinued operations (net of income taxes)

(749)

(37)

Adjustments to reconcile income from continuing operations to cash flows from operating activities:

Depreciation and amortization

182

180

Original issue discount and debt issuance costs amortization

Deferred income taxes

(5)

(3)

Gain from sales of property and equipment

(3)

Distributions from equity affiliates

Stock based compensation expense

Excess tax benefit on stock based compensation

Loss (Income) from restricted investments

(36)

Income on acquisitions and divestitures

(42)

(15)

Impairments

Pension contributions

(4)

(6)

Gain on pension and other postretirement plan remeasurements

(1)

Change in operating assets and liabilities

^[1]

(315)

Total cash flows provided by operating activities from continuing operations

314

CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS

Additions to property, plant and equipment

(67)

(74)

Proceeds from disposal of property, plant and equipment

Purchase of operations - net of cash acquired

(308)

Proceeds from sale or restructuring of operations

Proceeds from settlement of Company-owned life insurance contracts

Company-owned life insurance payments

(1)

Net purchase of funds restricted for specific transactions

(74)

(1)

Reimbursements from restricted investments

Proceeds from sale of securities

Purchases of securities

(75)

(56)

Total cash flows used by investing activities from continuing operations

(60)

(340)

CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS

Repurchase of common stock

(200)

Repayment of long-term debt

(250)

Proceeds from (repayment of) short-term debt

(365)

(185)

Cash dividends paid

(52)

Stock based compensation employee withholding taxes paid in cash

(9)

(6)

Total cash flows used by financing activities from continuing operations

(876)

(243)

CASH USED BY CONTINUING OPERATIONS

(922)

(269)

Cash provided (used) by discontinued operations

Operating cash flows

(302)

Investing cash flows

1,650

(11)

Total cash provided by discontinued operations

1,348

Effect of currency exchange rate changes on cash and cash equivalents

(7)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

419

(192)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

210

454

CASH AND CASH EQUIVALENTS - END OF PERIOD

$ 629

$ 262

[1]	Excludes changes resulting from operations acquired, sold or held for sale.

Significant Accounting Policies

9 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with Ashland Global Holdings Inc. and consolidated subsidiaries (Ashland) Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Results of operations for the periods ended June 30, 2022 are not necessarily indicative of the expected results for the remaining quarter in the fiscal year.

On February 28, 2022, Ashland completed the sale of its Performance Adhesives segment to Arkema, a French société anonyme. This divestiture represented a strategic shift in Ashland's business and qualified as a discontinued operation. As a result, the assets, liabilities, operating results and cash flows related to Performance Adhesives have been classified as discontinued operations for all periods presented within the Consolidated Financial Statements. See Notes B and C for additional information on this divestiture.

Ashland is comprised of four reportable segments: Life Sciences, Personal Care (formerly Personal Care and Household), Specialty Additives, and Intermediates (formerly Intermediates and Solvents). Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information, see Note Q.

Use of estimates, risks and uncertainties

The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions.

Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters.

New accounting pronouncements

A description of new U.S. GAAP accounting standards issued or adopted during the current year is required in interim financial reporting. A detailed listing of new accounting standards relevant to Ashland is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2021. There were no new standards that were either issued or adopted in the current fiscal year that will have a material impact on Ashland's consolidated financial statements.

Acquisitions and Divestitures

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Acquisitions and Divestitures

NOTE B – ACQUISITIONS AND DIVESTITURES

Acquisitions

Personal Care acquisition

On April 30, 2021, Ashland completed its acquisition of the personal care business of Schülke & Mayr GmbH (Schülke), a portfolio company of the global investment organization EQT. Ashland included the purchase of this business within the Personal Care reporting segment.

The all-cash purchase price of Schülke was $312 million. Ashland incurred acquisition related transaction costs of $2 million and $4 million during the three and nine months ended June 30, 2021, respectively, which are recorded within the income on acquisitions and divestitures, net caption within the Statement of Consolidated Comprehensive Income (Loss). Within this same caption, Ashland recognized income of $4 million and $1 million during the three and nine months ended June 30, 2021, respectively, associated with foreign currency derivatives gains on foreign exchange contracts entered into to mitigate the exposure of the Euro dominated purchase price.

Divestitures

Performance Adhesives

On February 28, 2022, Ashland completed the sale of its Performance Adhesives business. Proceeds from the sale were approximately $1.7 billion, net of transaction costs. Ashland recognized a $732 million gain on sale within the Income (loss) from Discontinued Operations caption of the Statements of Consolidated Comprehensive Income (Loss) during the second quarter of fiscal 2022.

The transaction represented a strategic shift in Ashland’s business and had a major effect on Ashland’s operations and financial results. Accordingly, the operating results and cash flows related to Performance Adhesives have been reflected as discontinued operations in the Statements of Consolidated Comprehensive Income (Loss) and Statements of Condensed Consolidated Cash Flows, while the assets and liabilities that were sold have been classified within the Condensed Consolidated Balance Sheets as held for sale in periods preceding the sale. See Note C for the results of operations for Performance Adhesives for all periods presented.

Certain indirect corporate costs included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) that were previously allocated to the Performance Adhesives segment do not qualify for classification within discontinued operations and are now reported as selling, general and administrative expense within continuing operations on a consolidated basis and within the Unallocated and other segment. These costs were $1 million and $4 million for the three months ended June 30, 2022 and 2021, respectively, and $8 million and $12 million for the nine months ended June 30, 2022 and 2021, respectively.

Following the completion of the sale, Ashland is providing certain transition services to Arkema for a fee. While the transition services are expected to vary in duration depending upon the type of service provided, Ashland does not expect these transition services, or related fees, will be significant. Ashland recognized transaction service fee income of less than $1 million for the three and nine months ended June 30, 2022.

Other manufacturing facility sales

During the nine months ended June 30, 2021, Ashland completed the sale of a Specialty Additives facility. Net proceeds received from the sale were approximately $14 million in the December 31, 2020 quarter ($20 million in total including a deposit received in fiscal year 2020). Ashland recognized a pre-tax gain of $14 million recorded within the Income on acquisitions and divestitures, net caption in the Statements of Consolidated Comprehensive Income (Loss) for the nine months ended June 30, 2021.

Other corporate assets

During the three and nine months ended June 30, 2022, Ashland completed the sale of two excess land properties. The net book value of the land was $8 million as of September 30, 2021. Ashland received net proceeds of approximately $50 million and recorded pre-tax gains of $35 million and $42 million within the Income (loss) on acquisitions and divestitures, net caption of the Statements of Consolidated Comprehensive Income (Loss) for the three and nine months ended June 30, 2022, respectively.

Held for sale classification

The assets and liabilities of the Performance Adhesives segment, along with other properties, had been reflected as assets and liabilities held for sale as described above for the period ended September 20, 2021. As a result, in accordance with U.S. GAAP standards, depreciation and amortization were not being recorded within the Statements of Consolidated Comprehensive Income (Loss) and the Condensed Consolidated Balance Sheets. These assets and liabilities are comprised of the following components:


	September 30
(In millions)	2021
Accounts receivable, net	$	26
Inventories		27
Net property, plant and equipment		80
Goodwill		453
Operating lease assets, net		10
Other assets		1
Current assets held for sale	$	597

Trade and other payables	$	33
Accrued expenses and other liabilities		7
Current operating lease obligations		1
Operating lease obligations		9
Current liabilities held for sale	$	50

Discontinued Operations

9 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE C– DISCONTINUED OPERATIONS

Ashland has divested certain businesses that have qualified as discontinued operations. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments of certain retained liabilities and tax items have been recorded within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss) for all periods presented.

Components of amounts reflected in the Statements of Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2022 and 2021.


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Income (loss) from discontinued operations (net of tax)
Performance Adhesives	$	4		$	15		$	38		$	51
Composites/Marl facility		—			2			—			1
Valvoline		—			2			—			2
Asbestos		(13	)		(8	)		(13	)		(8	)
Water Technologies		(1	)		(1	)		(1	)		(1	)
Distribution		(5	)		(2	)		(7	)		(4	)
Gain (loss) on disposal of discontinued operations (net of tax)
Performance Adhesives		—			—			732			—
Composites/Marl facility		—			—			—			(4	)
	$	(15	)	$	8		$	749		$	37

The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Comprehensive Income (Loss) for the income (loss) from discontinued operations attributable to Performance Adhesives for the three and nine months ended June 30, 2022 and 2021. The sale of the Performance Adhesives business was completed on February 28, 2022.


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales	$	—		$	94		$	171		$	266
Cost of sales		—			(69	)		(122	)		(180	)
Selling, general and administrative expense		(1	)		(6	)		(12	)		(16	)
Research and development expense		—			(2	)		(3	)		(6	)
Intangibles amortization expense		—			—			—			(1	)
Pretax income of discontinued operations		(1	)		17			34			63
Income tax (expense) benefit		5			(2	)		4			(12	)
Income from discontinued operations	$	4		$	15		$	38		$	51

Restructuring Activities

9 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Activities

NOTE D – RESTRUCTURING ACTIVITIES

Company-wide restructuring activities

Ashland periodically implements company-wide restructuring programs related to acquisitions, divestitures and other cost reduction programs in order to enhance profitability through streamlined operations and an improved overall cost structure.

Fiscal 2020 and 2021 restructuring program

Ashland recorded severance expense of zero and income of $6 million during the three months ended June 30, 2022 and 2021, respectively, and income of $1 million and expense of $2 million during the nine months ended June 30, 2022 and 2021, respectively, attributable to executive management changes and business management changes within the organization. As of June 30, 2022, the severance reserve associated with this transition was $2 million.

The following table details at June 30, 2022 and 2021, the amount of restructuring severance reserves related to this program. The severance reserves were primarily recorded within accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2022 and 2021.


(In millions)	Severance costs
Balance at of September 30, 2021	$	6
Restructuring reserve		(1	)
Utilization (cash paid)		(3	)
Balance at June 30, 2022	$	2


(In millions)	Severance costs
Balance at of September 30, 2020	$	39
Restructuring reserve		2
Utilization (cash paid)		(27	)
Balance at June 30, 2021	$	14

Fair Value Measurements

9 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE E – FAIR VALUE MEASUREMENTS

Ashland uses applicable guidance for defining fair value, the initial recording and periodic remeasurement of certain assets and liabilities measured at fair value and related disclosures for instruments measured at fair value. Fair value accounting guidance establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows.

Level 1 – Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect Ashland’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include Ashland’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment.

For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived using fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable.

The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2022.


	Carrying		Total fair		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	629	$	629	$	629	$	—	$	—
Restricted investments (a) (b)		407		407		407		—		—
Investment of captive insurance company (c)		9		9		9		—		—
Foreign currency derivatives (d)		2		2		—		2		—
Commodity derivatives (d)		3		3		—		3		—
Total assets at fair value	$	1,050	$	1,050	$	1,045	$	5	$	—

Liabilities
Foreign currency derivatives (e)	$	3	$	3	$	—	$	3	$	—
Commodity derivatives (e)		2		2		—		2		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $61 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $269 million related to the Asbestos trust and $138 million related to the Environmental trust.

(c)

Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Condensed Consolidated Balance Sheets.

(e)

Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2021.


	Carrying		Total fair		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	210	$	210	$	210	$	—	$	—
Restricted investments (a) (b)		421		421		421		—		—
Investment of captive insurance company (c)		8		8		8		—		—
Foreign currency derivatives (d)		1		1		—		1		—
Commodity derivatives (d)		5		5		—		5		—
Total assets at fair value	$	645	$	645	$	639	$	6	$	—

Liabilities
Foreign currency derivatives (e)	$	2	$	2	$	—	$	2	$	—

(a)

Included in restricted investments and $37 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $333 million related to the Asbestos trust and $88 million related to the Environmental trust.

(c)

Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Condensed Consolidated Balance Sheets.

(e)

Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

Restricted investments

Investment income and realized gains and losses on these company-restricted investments are reported within the net interest and other expense caption on the Statements of Consolidated Comprehensive Income (Loss). The following table provides a summary of the activity within the investment portfolio as of June 30, 2022 and September 30, 2021:


(In millions)	June 30 2022			September 30 2021
Original cost	$	335		$	335
Accumulated adjustments, net		37			(50	)
Adjusted cost, beginning of year (a)		372			285
Investment income (b)		13			12
Net unrealized gain (loss) (c)		(25	)		49
Realized gains (losses) (c)		1			17
Funds restricted for specific transactions (d)		74			91
Disbursements		(28	)		(33	)
Fair value	$	407		$	421

(a)

The adjusted cost of the demand deposits includes accumulated investment income, realized gains, additional funds restricted for specific transactions and disbursements recorded in previous periods. The adjusted cost as of June 30, 2022 includes the $90 million funding to establish the Environmental trust.

(b)

Investment income relates to the demand deposit and includes interest income as well as dividend income transferred from the equity and fixed income mutual funds.

(c)

Presented under the original cost method.

(d)

The June 30, 2022 period included additional contributions to the Environmental trust from proceeds associated with the Performance Adhesives sale and excess land sales. The September 30, 2021 period included $90 million to establish the Environmental trust.

The following table presents gross unrealized gains and losses for the restricted investment securities as of June 30, 2022 and September 30, 2021:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of June 30, 2022
Demand deposit	$	7	$	—	$	—		$	7
Equity mutual fund		178		23		(13	)		188
Fixed income mutual fund		247		—		(35	)		212
Fair value	$	432	$	23	$	(48	)	$	407

As of September 30, 2021
Demand deposit	$	6	$	—	$	—		$	6
Equity mutual fund		143		44		(1	)		186
Fixed income mutual fund		223		7		(1	)		229
Fair value	$	372	$	51	$	(2	)	$	421

The following table presents the investment income, net gains and losses realized and disbursements related to the investments within the portfolio for the three and nine months ended June 30, 2022 and 2021.


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Investment income	$	3		$	2		$	13		$	10
Net gains (losses)		(48	)		15			(72	)		26
Disbursements		—			(6	)		(28	)		(25	)

Foreign currency derivatives

Ashland conducts business in a variety of foreign currencies. Accordingly, Ashland regularly uses foreign currency derivative instruments to manage exposure on certain transactions denominated in foreign currencies to curtail potential earnings volatility effects on certain assets and liabilities, including short-term inter-company loans, denominated in currencies other than Ashland’s functional currency of an entity. These derivative contracts generally require exchange of one foreign currency for another at a fixed rate at a future date and generally have maturities of less than twelve months. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in non-functional currencies. The following table summarizes the net gains and losses recognized during the three and nine months ended June 30, 2022 and 2021 within the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended					Nine months ended
	June 30					June 30
(In millions)	2022			2021		2022			2021
Foreign currency derivative gain (loss)	$	(12	)	$	3	$	(21	)	$	6

The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2022 and September 30, 2021 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.


	June 30		September 30
(In millions)	2022		2021
Foreign currency derivative assets	$	2	$	1
Notional contract values		244		150

Foreign currency derivative liabilities	$	3	$	2
Notional contract values		263		212

Commodity derivatives

To manage its exposure to the market price volatility of natural gas consumed by its U.S. plants during the manufacturing process, Ashland regularly enters into forward contracts that are designated as cash flow hedges. The following table summarizes the net gains and losses recognized during the three and nine months ended June 30, 2022 and 2021 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Commodity derivative gain (loss)	$	2	$	—	$	6	$	—

The following table summarizes the fair values of the outstanding commodity derivatives as of June 30, 2022, and September 30, 2021 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.


	June 30		September 30
(In millions)	2022		2021
Commodity derivative assets	$	3	$	5
Notional contract values		12		6

Commodity derivative liabilities	$	2	$	—
Notional contract values		10		—

Total return derivatives

Ashland maintains certain employee stock based compensation programs whereby certain employees receive awards that entitle them to a cash payout based on Ashland's stock price at a future date. To manage its exposure to the changes in fair value of the shares that determine the payout, Ashland entered into a Total Return Swap (TRS) in fiscal year 2022. The company pays a floating rate, based on LIBOR plus an interest rate spread on the notional amount of the TRS. The TRS is designed to substantially offset changes in the stock based compensation liabilities due to the change in the fair value of Ashland's stock. The contract term of the TRS is through December 2022 and is settled on quarterly basis. The following table summarized the net gains and losses recognized for the three and nine months ended June 30, 2022 and 2021 within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Total return swap gain (loss)	$	—	$	—	$	—	$	—

The following table summarizes the fair values of the outstanding TRS as of June 30, 2022 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.


	June 30		September 30
(In millions)	2022		2021
Total return swap assets	$	—	$	—
Notional contract values		8		—

Other financial instruments

At June 30, 2022 and September 30, 2021, Ashland's long-term debt (including the current portion and excluding debt issuance cost discounts) had a carrying value of $1,317 million and $1,622 million, respectively, compared to a fair value of $1,181 million and $1,794 million, respectively. The fair values of long-term debt are based on quoted market prices or, if market prices are not available, the present values of the underlying cash flows discounted at Ashland’s incremental borrowing rates. The carrying value of long-term debt with variable interest approximated fair value.

Goodwill and Intangible Assets Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

9 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

NOTE F – INVENTORIES

Inventories are carried at the lower of cost or net realizable value. Inventories are stated at cost using the weighted-average cost method.

The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates.


	June 30		September 30
(In millions)	2022		2021
Finished products	$	350	$	282
Raw materials, supplies and work in process		259		191
	$	609	$	473

Goodwill and Other Intangibles

9 Months Ended

Jun. 30, 2022

Goodwill and Other Intangibles

NOTE G – GOODWILL AND OTHER INTANGIBLES

Goodwill

Ashland tests goodwill and other indefinite-lived intangible assets for impairment annually as of July 1 and when events and circumstances indicate an impairment may have occurred. Ashland tests goodwill and other indefinite-lived intangible assets for impairment by comparing the estimated fair value of the reporting units (for goodwill) and other indefinite-lived intangible assets to the related carrying value. If the carrying amount of a reporting unit or other indefinite-lived intangible asset exceeds its estimated fair value, Ashland records an impairment loss based on the difference between fair value and carrying amount, not to exceed the associated carrying amount of goodwill per reporting unit.

No indicators of impairment were identified in the three and nine months ended June 30, 2022.

Ashland’s assessment of an impairment on any of these assets classified currently as having indefinite lives, including goodwill, could change in future periods if significant events happen and/or circumstances change that effect the previously mentioned assumptions such as: a significant change in projected business results, a divestiture decision, increase in Ashland’s weighted-average cost of capital rates, decrease in growth rates or assumptions, economic deterioration that is more severe or of a longer duration than anticipated, or another significant economic event.

The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2022.


	Life			Personal			Specialty
(In millions)	Sciences			Care (a)			Additives (a)			Intermediates (a)		Total
Balance at September 30, 2021	$	856		$	129		$	445		$	—	$	1,430
Currency translation		(44	)		(7	)		(23	)		—		(74	)
Balance at June 30, 2022	$	812		$	122		$	422		$	—	$	1,356

(a)

As of June 30, 2022 and September 30, 2021, there were accumulated impairments of $356 million, $174 million and $90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.

Other intangible assets

Intangible assets principally consist of trademarks and trade names, intellectual property and customer and supplier relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 25 years, intellectual property over 5 to 25 years, and customer and supplier relationships over 3 to 24 years.

Ashland annually reviews, as of July 1, indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

No indicators of impairment were identified in the three and nine months ended June 30, 2022.

Intangible assets were comprised of the following as of June 30, 2022 and September 30, 2021.


	June 30, 2022
	Gross					Net
	carrying		Accumulated			carrying
(In millions)	amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	97	$	(36	)	$	61
Intellectual property		730		(519	)		211
Customer and supplier relationships		820		(369	)		451
Total definite-lived intangibles		1,647		(924	)		723

Indefinite-lived intangibles
Trademarks and trade names		278		—			278
Total intangible assets	$	1,925	$	(924	)	$	1,001


	September 30, 2021
	Gross					Net
	carrying		Accumulated			carrying
(In millions)	amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	101	$	(32	)	$	69
Intellectual property		750		(495	)		255
Customer and supplier relationships		849		(352	)		497
Total definite-lived intangibles		1,700		(879	)		821

Indefinite-lived intangibles
Trademarks and trade names		278		—			278
Total intangible assets	$	1,978	$	(879	)	$	1,099

Amortization expense recognized on intangible assets was $23 million for the three months ended June 30, 2022 and 2021, respectively, and $71 million and $65 million for the nine months ended June 30, 2022 and 2021, respectively, and is included in the intangibles amortization expense caption of the Statements of Consolidated Comprehensive Income (Loss). Estimated amortization expense for future periods is $96 million in 2022 (includes nine months actual and three months estimated), $96 million in 2023, $80 million in 2024, $75 million in 2025 and $72 million in 2026. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions and divestitures, potential impairment, accelerated amortization, or other events.

Debt and Other Financing Activities

9 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and Other Financing Activities

NOTE H – DEBT AND OTHER FINANCING ACTIVITIES

The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets.


(In millions)	June 30, 2022			September 30, 2021
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		522			580
6.875% notes, due 2043		282			282
Term loan A		—			250
Accounts receivable securitizations		—			117
6.50% junior subordinated notes, due 2029		59			57
Revolving credit facility		—			225
Other (a)		(11	)		9
Total debt		1,302			1,970
Short-term debt (includes current portion of long-term debt)		—			(374	)
Long-term debt (less current portion)	$	1,302		$	1,596

(a)

Includes $15 million and $17 million of debt issuance cost discounts as of June 30, 2022 and September 30, 2021, respectively. Additionally, at September 30, 2021, Other included a European short-term loan facility with an outstanding balance of $23 million.

As of June 30, 2022, Ashland had no long-term debt (excluding debt issuance costs) maturing within the next 5 years.

Accounts Receivable Facilities and Off-Balance Sheet Arrangements

U.S. Accounts Receivable Sales Program

Ashland maintains a U.S. Accounts Receivable Sales Program entered into during fiscal 2021. Ashland accounts for the receivables transferred to buyers as sales. Ashland recognizes any gains or losses based on the excess of proceeds received net of buyer’s discounts and fees compared to the carrying value of the assets. Proceeds received, net of buyer’s discounts and fees, are recorded within the operating activities of the Statement of Condensed Consolidated Cash Flows. Losses on sale of assets, including related transaction expenses are recorded within the Net interest and other expense caption of the Statements of Consolidated Comprehensive Income (Loss). Ashland regularly assesses its servicing obligations and records them as assets or liabilities when appropriate. Ashland also monitors its obligation with regards to the limited guarantee and records the resulting guarantee liability when warranted. When applicable, Ashland discloses the amount of the receivable that serves as over-collateralization as a restricted asset.

Ashland recognized a loss of $1 million for the three and nine months ended June 30, 2022 and 2021, respectively, within the net interest and other expense caption of the Statements of Consolidated Comprehensive Income (Loss) associated with sales under the program. Ashland has recorded $50 million in sales at June 30, 2022 against the buyer’s limit, which was $125 million at June 30, 2022 compared to $113 million of sales at September 30, 2021 against the buyer's limit, which was $125 million at September 30, 2021. Ashland transferred $140 million and $167 million in receivables to the special purpose entity as of June 30, 2022 and September 30, 2021, respectively. Ashland recorded liabilities related to its service obligations and limited guarantee as of June 30, 2022 and September 30, 2021 of less than $1 million. As of June 30, 2022, the year-to-date gross cash proceeds received for receivables transferred and derecognized was $205 million, of which $268 million was collected, which included collections from the sales in prior year transferred to the buyer. The difference of $63 million for receivables transferred and derecognized versus collected represents the impact of a net reduction in accounts receivable sales volume during the current year.

Foreign Accounts Receivable Securitization Facility

Ashland continues to maintain its Foreign 2018 Accounts Receivable Securitization Facility. Ashland accounts for the Foreign 2018 Accounts Receivable Securitization Facility as secured borrowings, and the receivables sold pursuant to the facility are included in the Consolidated Balance Sheets as accounts receivable. Ashland repaid all outstanding borrowings under the facility during the nine months ended June 30, 2022 for a total of $113 million. At June 30, 2022 and September 30, 2021, the outstanding amounts of accounts receivable transferred by Ashland were $159 million and $152 million, respectively, and borrowing (denominated in multiple currencies) under the facility were zero and $117 million, respectively.

Debt Repayments

2020 Credit Agreement

During the nine months ended June 30, 2022, Ashland prepaid its Term loan A principal balance of $250 million.

Other Debt

During the nine months ended June 30, 2022, Ashland repaid the outstanding balance on its European short-term loan facility for $23 million.

Available borrowing capacity and liquidity

The borrowing capacity remaining under the 2020 Credit Agreement which included the $600 million Revolving Credit Facility was $581 million due to an outstanding balance of zero, as well as a reduction of $19 million for letters of credit outstanding as of June 30, 2022. Ashland's total borrowing capacity at June 30, 2022 was $686 million, which included $105 million of available capacity from the Foreign 2018 Accounts Receivable Securitization Facility.

Additionally, Ashland had $58 million of available liquidity under its current U.S. Accounts Receivable Sales Program as of June 30, 2022.

Covenants related to current Ashland debt agreements

Ashland's debt contains usual and customary representations, warranties and affirmative and negative covenants, including financial covenants for leverage and interest coverage ratios, limitations on liens, additional subsidiary indebtedness, restrictions on subsidiary distributions, investments, mergers, sale of assets and restricted payments and other customary limitations. As of June 30, 2022, Ashland is in compliance with all debt agreement covenant restrictions.

The maximum consolidated net leverage ratio permitted under Ashland's current credit agreement (the 2020 Credit Agreement) is 4.0. At June 30, 2022, Ashland’s calculation of the consolidated net leverage ratio was 1.2.

The minimum required consolidated interest coverage ratio under the 2020 Credit Agreement during its entire duration is 3.0. At June 30, 2022, Ashland’s calculation of the interest coverage ratio was 9.7.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Leasing Arrangements

9 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leasing Arrangements

NOTE I – LEASING ARRANGEMENTS

Ashland leases certain office buildings, transportation equipment, warehouses and storage facilities, and equipment. Substantially all of Ashland’s leases are operating leases or short-term leases. Real estate leases represented over 80% of the total lease liability at June 30, 2022 and September 30, 2021, respectively.

The components of lease cost recognized within the Statements of Consolidated Comprehensive Income (Loss) were as follows:


		Three months ended				Nine months ended
		June 30				June 30
(In millions)	Location	2022		2021		2022		2021
Lease cost:
Operating lease cost	Selling, General & Administrative (a)	$	5	$	3	$	12	$	10
Operating lease cost	Cost of Sales		3		4		10		11
Variable lease cost	Selling, General & Administrative		1		1		3		2
Variable lease cost	Cost of Sales		1		1		3		2
Short-term leases	Cost of Sales		1		1		2		3
Total lease cost		$	11	$	10	$	30	$	28

Includes $2 million lease termination fee for the three and nine months ended June 30, 2022.

The following table summarizes Ashland’s lease assets and liabilities as presented in the Condensed Consolidated Balance Sheet:


(In millions)	June 30 2022		September 30 2021
Assets
Operating lease assets, net	$	112	$	124
Total lease assets	$	112	$	124

Liabilities
Current operating lease obligations	$	18	$	23
Non-current operating lease obligations		100		110
Total lease liabilities	$	118	$	133

Ashland often has options to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at Ashland’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at Ashland’s discretion. Ashland evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for operating leases as of June 30, 2022 and September 30, 2021 was approximately 15 years for each period.

Residual value guarantees are not common within Ashland’s lease agreements nor are restrictions or covenants imposed by leases. Ashland has elected the practical expedient to combine lease and non-lease components. The discount rate implicit within the leases is generally not determinable. Therefore, Ashland determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate is determined using a buildup method resulting in an estimated range of secured borrowing rates matching the lease term and the currency of the jurisdiction in which lease payments are made, adjusted for impacts of collateral. Consideration was given to Ashland’s own relevant debt issuances as well as debt instruments of comparable companies with similar credit characteristics. The weighted average discount rate used to measure operating lease liabilities as of June 30, 2022 and September 30, 2021 was 2.8%, respectively. There are no leases that have not yet commenced but that create significant rights and obligations.

Right-of-use assets exchanged for new operating lease obligations were $7 million and $6 million for the three months ended June 30, 2022 and 2021, respectively, and $11 million and $16 million for the nine months ended June 30, 2022 and 2021. This includes $1 million of right-of-use assets and operating lease obligations recorded as a result of the purchase of the Schülke personal care business during the three and nine months ended June 30, 2021.

The following table provides cash paid for amounts included in the measurement of operating lease liabilities:


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2021		2020
Operating cash flows from operating leases	$	9	$	8	$	23	$	23

The following table summarizes Ashland's maturities of lease liabilities as of June 30, 2022 and September 30, 2021:


(In millions)	June 30 2022			September 30 2021
Remainder of 2022	$	20		$	39
2023		21			20
2024		16			16
2025		12			11
2026		9			9
Thereafter		74			78
Total lease payments		152			173
Less amount of lease payment representing interest		(34	)		(40	)
Total present value of lease payments	$	118		$	133

Income Taxes

9 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE J – INCOME TAXES

Current fiscal year

Ashland’s effective tax rate in any interim period is subject to adjustments related to discrete items and the mix of domestic and foreign operating results. The overall effective tax rate was 2% and 17% for the three and nine months ended June 30, 2022.

The current quarter tax rate was impacted by jurisdictional income mix, as well as a net $1 million benefit primarily from favorable return to provision adjustments for certain jurisdictions. The current nine month tax rate was impacted by jurisdictional income mix as well as $3 million from net unfavorable tax discrete items primarily related to restructuring and separation activity partially offset by a favorable valuation adjustment for certain foreign tax credits and adjustments to uncertain positions.

Prior fiscal year

The overall effective tax rate was a benefit of 57% for the three months ended June 30, 2021 and a benefit of 34% for the nine months ended June 30, 2021. The quarter tax rate was primarily impacted by jurisdictional income mix, as well as $33 million from favorable tax discrete items primarily related to uncertain tax positions. The nine months tax rate impacted by $52 million from favorable tax discrete items primarily related to the Specialty Additives facility sale and uncertain tax positions.

Unrecognized tax benefits

Changes in unrecognized tax benefits are summarized as follows for the nine months ended June 30, 2022.


(In millions)
Balance at October 1, 2021	$	82
Increases related to positions taken in the current year		2
Lapse of statute of limitations		(2	)
Balance at June 30, 2022	$	82

From a combination of statute expirations and audit settlements in the next twelve months, Ashland expects a decrease in the amount accrued for uncertain tax positions of between $6 million and $16 million. It is reasonably possible that there could be other material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues or the reassessment of existing uncertain tax positions; however, Ashland is not able to estimate the impact of these items at this time.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Employee Benefit Plans

9 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE K - EMPLOYEE BENEFIT PLANS

Plan contributions

For the nine months ended June 30, 2022, Ashland contributed $4 million to its non-U.S. pension plans and less than $1 million to its U.S. pension plans. Ashland expects to make additional contributions of approximately $1 million to its non-U.S. and less than $1 million to its U.S. pension plans during the remainder of fiscal 2022.

Plan Remeasurements

Following the completion of the sale of its Performance Adhesives business segment on February 28, 2022, the post-retirement benefits for approximately 40 employees transferred to Arkema, all of whom participated in a non-contributory defined benefit plan in the U.S., were frozen. This resulted in a decrease in total expected future years of service within the plan and required Ashland to remeasure the plan as February 28, 2022. As a result, Ashland recorded a $1 million actuarial gain within the other net periodic benefits loss caption of the Statements of Consolidated Comprehensive Income (Loss) for the nine months ended June 30, 2022.

Components of net periodic benefit costs (income)

The following table details the components of pension and other postretirement benefit costs for continuing operations.


	Pension benefits						Other postretirement benefits
(In millions)	2022			2021			2022		2021
Three months ended June 30
Service cost	$	1		$	1		$	—	$	—
Interest cost		2			2			—		—
Expected return on plan assets		(1	)		(2	)		—		—
Actuarial (gain)		—			—			—		—
Total net periodic benefit costs	$	2		$	1		$	—	$	—
Nine months ended June 30
Service cost	$	3		$	4		$	—	$	—
Interest cost		5			4			1		1
Expected return on plan assets		(5	)		(5	)		—		—
Actuarial (gain)		(1	)		—			—		—
Total net periodic benefit costs	$	2		$	3		$	1	$	1

For segment reporting purposes, service cost is proportionately allocated to each segment, excluding the Unallocated and other segment, and is recorded within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss). All other components are recorded within the other net periodic benefit loss caption on the Statements of Consolidated Comprehensive Income (Loss), which netted to $1 million and zero for the three and nine months ended June 30, 2022, respectively, and zero for both the three and nine months ended June 30, 2021, respectively.

The entire disclosure for retirement benefits.

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Commitments and Contingencies Disclosure [Abstract]

Litigation, Claims and Contingencies

9 Months Ended

Jun. 30, 2022

Litigation, Claims and Contingencies

NOTE L – LITIGATION, CLAIMS AND CONTINGENCIES

Asbestos litigation

Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims result from indemnification obligations undertaken in 1990 in connection with the sale of Riley Stoker Corporation (Riley) and the acquisition of Hercules in November 2008. Although Riley, a former subsidiary, was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies. Hercules, an indirect wholly-owned subsidiary of Ashland, has liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products sold by one of Hercules’ former subsidiaries to a limited industrial market.

To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions for Ashland and Hercules asbestos claims, Ashland retained third party actuarial experts Gnarus. The methodology used by Gnarus to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, enacted legislation, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, Gnarus estimates a range of the number of future claims that may be filed, as well as the related costs that may be incurred in resolving those claims. Changes in asbestos-related liabilities and receivables are recorded on an after-tax basis within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss).

Ashland asbestos-related litigation

The claims alleging personal injury caused by exposure to asbestos asserted against Ashland result primarily from indemnification obligations undertaken in 1990 in connection with the sale of Riley. The amount and timing of settlements and number of open claims can fluctuate from period to period. A summary of Ashland asbestos claims activity, excluding Hercules claims, follows.


	Nine months ended
	June 30						Years ended September 30
(In thousands)	2022			2021			2021			2020			2019
Open claims - beginning of year		46			49			49			53			53
New claims filed		1			1			2			2			2
Claims settled		(1	)		—			(1	)		(1	)		(1	)
Claims dismissed		(1	)		(3	)		(4	)		(5	)		(1	)
Open claims - end of period		45			47			46			49			53

Ashland asbestos-related liability

During the most recent annual update of this estimate completed during the June 2022 fiscal quarter, it was determined that the liability for Ashland asbestos-related claims should be increased by $16 million. Total reserves for asbestos claims were $310 million at June 30, 2022 compared to $320 million at September 30, 2021.

A progression of activity in the asbestos reserve is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Asbestos reserve - beginning of year	$	320		$	335		$	335		$	352		$	380
Reserve adjustment		16			12			12			13			1
Amounts paid		(26	)		(21	)		(27	)		(30	)		(29	)
Asbestos reserve - end of period (a)	$	310		$	326		$	320		$	335		$	352

(a)

Included $29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Ashland asbestos-related receivables

Ashland has insurance coverage for certain litigation defense and claim settlement costs incurred in connection with its asbestos claims, and coverage-in-place agreements exist with the insurance companies that provide substantially all of the coverage that will be accessed.

For the Ashland asbestos-related obligations, Ashland has estimated the value of probable insurance recoveries associated with its asbestos reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage, including an assumption that all solvent insurance carriers remain solvent. A substantial portion of the estimated receivables from insurance companies are expected to be due from domestic insurers.

At June 30, 2022, Ashland’s receivable for recoveries of litigation defense and claim settlement costs from insurers amounted to $102 million (excluding the Hercules receivable for asbestos claims) compared to $100 million at September 30, 2021. During the June 2022 fiscal quarter, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in a $7 million increase in the receivable for probable insurance recoveries.

A progression of activity in the Ashland insurance receivable is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Insurance receivable - beginning of year	$	100		$	103		$	103		$	123		$	140
Receivable adjustment (a)		7			6			6			1			(5	)
Insurance settlement		—			—			—			(10	)		—
Amounts collected		(5	)		(7	)		(9	)		(11	)		(12	)
Insurance receivable - end of period (b)	$	102		$	102		$	100		$	103		$	123

(a)

The nine months ended June 30, 2021 includes a reserve adjustment of $2 million related to allowances for credit losses as a result of Ashland’s adoption of the new credit measurement standard. The total allowance for credit losses was $2 million as of June 30, 2022.

(b)

Includes $12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Hercules asbestos-related litigation

Hercules has liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products which were sold by one of Hercules’ former subsidiaries to a limited industrial market. The amount and timing of settlements and number of open claims can fluctuate from period to period. A summary of Hercules’ asbestos claims activity follows.


	Nine months ended
	June 30						Years ended September 30
(In thousands)	2022			2021			2021			2020			2019
Open claims - beginning of year		12			12			12			13			13
New claims filed		1			1			1			1			1
Claims dismissed		(1	)		(1	)		(1	)		(2	)		(1	)
Open claims - end of period		12			12			12			12			13

Hercules asbestos-related liability

From the range of estimates, Ashland records the amount it believes to be the best estimate of future payments for litigation defense and claim settlement costs, which generally approximates the mid-point of the estimated range of exposure from model results. Ashland reviews this estimate, and related assumptions quarterly and annually updates the results of a non-inflated, non-discounted approximate 40-year model developed with the assistance of Gnarus. As a result of the most recent annual update of this estimate, completed during the June 2022 fiscal quarter, it was determined that the liability for Hercules asbestos-related claims should be increased by $15 million. Total reserves for asbestos claims were $220 million at June 30, 2022 compared to $217 million at September 30, 2021.

A progression of activity in the asbestos reserve is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Asbestos reserve - beginning of year	$	217		$	229		$	229		$	252		$	282
Reserve adjustments		15			8			8			(3	)		(10	)
Amounts paid		(12	)		(16	)		(20	)		(20	)		(20	)
Asbestos reserve - end of period (a)	$	220		$	221		$	217		$	229		$	252

(a)

Included $18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Hercules asbestos-related receivables

For the Hercules asbestos-related obligations, certain reimbursement obligations pursuant to coverage-in-place agreements with insurance carriers exist. Ashland has estimated the value of probable insurance recoveries associated with its asbestos reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage, including an assumption that all solvent insurance carriers remain solvent. The estimated receivable consists exclusively of solvent domestic insurers.

As of June 30, 2022, Ashland’s receivable for recoveries of litigation defense and claims costs from insurers with respect to Hercules amounted to $53 million. During fiscal year 2022, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in an increase of $7 million in the receivable for probable insurance recoveries.

A progression of activity in the Hercules insurance receivable is presented in the following table.


	Nine months ended
	June 30					Years ended September 30
(In millions)	2022			2021		2021			2020			2019
Insurance receivable - beginning of year	$	47		$	47	$	47		$	49		$	54
Receivable adjustment (a)		7			1		1			(2	)		(5	)
Amounts collected		(1	)		—		(1	)		—			—
Insurance receivable - end of period (b)	$	53		$	48	$	47		$	47		$	49

(a)

The nine months ended June 30, 2021 includes a reserve adjustment of $1 million related to allowances for credit losses as a result of Ashland’s adoption of the new credit measurement standard. The total allowance for credit losses was $1 million as of June 30, 2022.

(b)

Includes $3 million and $1 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, respectively.

Asbestos litigation cost projection

Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict. In addition to the significant uncertainties surrounding the number of claims that might be received, other variables include the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, mortality rates, dismissal rates, costs of medical treatment, the impact of bankruptcies of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. Considering these inherent uncertainties, Ashland believes that the asbestos reserves for Ashland and Hercules represent the best estimate within a range of possible outcomes. As a part of the process to develop these estimates of future asbestos costs, a range of long-term cost models was developed. These models are based on national studies that predict the number of people likely to develop asbestos-related diseases and are heavily influenced by assumptions regarding long-term inflation rates for indemnity payments and legal defense costs, as well as other variables mentioned previously. Ashland has currently estimated in various models ranging from approximately 40 year periods that it is reasonably possible that total future litigation defense and claim settlement costs on an inflated and undiscounted basis could range as high as approximately $456 million for the Ashland asbestos-related litigation (current reserve of $310 million) and approximately $317 million for the Hercules asbestos-related litigation (current reserve of $220 million), depending on the combination of assumptions selected in the various models. If actual experience is worse than projected, relative to the number of claims filed, the severity of alleged disease associated with those claims or costs incurred to resolve those claims, or actuarial refinement or improvements to the assumptions used within these models are initiated, Ashland may need to further increase the estimates of the costs associated with asbestos claims and these increases could be material over time.

Environmental remediation and asset retirement obligations

Ashland is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively, environmental remediation) at multiple locations. At June 30, 2022, such locations included 76 sites where Ashland has been identified as a potentially responsible party under Superfund or similar state laws, 111 current and former operating facilities (including certain operating facilities conveyed as part of previous divestitures) and about 1,225 service station properties, of which 17 are being actively remediated.

Ashland’s reserves for environmental remediation and related environmental litigation amounted to $226 million at June 30, 2022 compared to $207 million at September 30, 2021, of which $171 million at June 30, 2022 and $152 million at September 30, 2021 were classified in other noncurrent liabilities on the Condensed Consolidated Balance Sheets. The remaining reserves were classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of the changes in the environmental remediation reserves during the nine months ended June 30, 2022 and 2021.


	Nine months ended
	June 30
(In millions)	2022			2021
Reserve - beginning of period	$	207		$	200
Disbursements		(42	)		(35	)
Changes in obligation estimates and accretion, net		61			40
Reserve - end of period	$	226		$	205

The total reserves for environmental remediation reflect Ashland’s estimates of the most likely costs that will be incurred over an extended period to remediate identified conditions for which the costs are reasonably estimable, without regard to any third-party recoveries. Engineering studies, probability techniques, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation. Ashland continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. At June 30, 2022 and September 30, 2021, Ashland’s recorded receivable for these probable insurance recoveries was $20 million and $16 million, of which $17 million and $13 million at June 30, 2022 and September 30, 2021, respectively, was classified in other noncurrent assets on the Condensed Consolidated Balance Sheets.

Components of environmental remediation expense included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) are presented in the following table for the three and nine ended June 30, 2022 and 2021.


	Three months ended					Nine months ended
	June 30					June 30
(In millions)	2022			2021		2022			2021
Environmental expense	$	45		$	24	$	60		$	39
Accretion		1			—		1			1
Legal expense		1			1		3			2
Total expense		47			25		64			42

Insurance receivable		(2	)		—		(5	)		(1	)
Total expense, net of receivable activity (a)	$	45		$	25	$	59		$	41

(a)

Net expense of $9 million and $11 million for the three and nine months ended June 30, 2022, respectively, and $3 million and $6 million for the three and nine months ended June 30, 2021, respectively, relates to divested businesses which qualified for treatment as discontinued operations for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income from discontinued operations caption of the Statements of Consolidated Comprehensive Income (loss).

Environmental remediation reserves are subject to numerous inherent uncertainties that affect Ashland’s ability to estimate its share of the costs. Such uncertainties involve the nature and extent of contamination at each site, the extent of required cleanup efforts under existing environmental regulations, widely varying costs of alternate cleanup methods, changes in environmental regulations, the potential effect of continuing improvements in remediation technology, and the number and financial strength of other potentially responsible parties at multiparty sites. Although it is not possible to predict with certainty the ultimate costs of environmental remediation, Ashland currently estimates that the upper end of the reasonably possible range of future costs for identified sites could be as high as approximately $480 million. The largest reserve for any site is 12% of the remediation reserve at June 30, 2022.

Other legal proceedings and claims

In addition to the matters described above, there are other various claims, lawsuits and administrative proceedings pending or threatened against Ashland and its current and former subsidiaries. Such actions are with respect to commercial matters, product liability, toxic tort liability, and other environmental matters, which seek remedies or damages, some of which are for substantial amounts. While Ashland cannot predict with certainty the outcome of such actions, it believes that adequate reserves have been recorded and losses already recognized with respect to such actions were immaterial as of June 30, 2022 and September 30, 2021. There is a reasonable possibility that a loss exceeding amounts already recognized may be incurred related to these actions; however, Ashland believes that such potential losses were immaterial as of June 30, 2022.

Earnings Per Share

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

NOTE M – EARNINGS PER SHARE

The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose grant price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 1 million at June 30, 2022 and 2021, respectively. Earnings per share is reported under the treasury stock method.


	Three months ended				Nine months ended
	June 30				June 30
(In millions, except per share data)	2022		2021		2022		2021
Numerator
Numerator for basic and diluted EPS -
Income from continuing operations	$	51	$	72	$	121	$	139
Denominator
Denominator for basic EPS - Weighted- average common shares outstanding		54		61		56		61
Share based awards convertible to common shares		1		1		1		1
Denominator for diluted EPS - Adjusted weighted- average shares and assumed conversions		55		62		57		62
EPS from continuing operations
Basic	$	0.94	$	1.18	$	2.16	$	2.29
Diluted		0.93		1.17		2.12		2.27

Equity Items

9 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity Items

NOTE N – EQUITY ITEMS

2022 Stock repurchase program

On May 25, 2022, Ashland's board of directors authorized a new, evergreen $500 million common share repurchase program (2022 stock repurchase program). The new authorization terminates and replaces the company's 2018 $1 billion share repurchase program, which had $150 million outstanding at the date of termination.

2018 Stock repurchase program

In September 2021, under the 2018 stock repurchase program, Ashland entered into an accelerated share repurchase agreement (2021 ASR Agreement). Under the 2021 ASR Agreement, Ashland paid an initial purchase price of $450 million and received an initial delivery of 3.9 million shares of common stock during September 2021. The bank exercised its early termination option under the 2021 ASR Agreement in February 2022, and an additional 0.7 million shares were repurchased, bringing the total shares repurchased upon settlement to 4.6 million.

On March 1, 2022, under the 2018 stock repurchase program, Ashland entered into an agreement to repurchase an aggregate amount of $200 million of Ashland common stock using open-market purchases under rule 10b-18. On April 8, 2022, Ashland completed repurchases under this agreement repurchasing a total of 2.15 million shares for a total amount of $200 million.

Stockholder dividends

On May 25, 2022, Ashland's Board declared a quarterly cash dividend of $0.335 cents per share on the company's common stock representing a 12 percent increase from the previous quarter. The dividend was paid in the third quarter of fiscal 2022. Dividends of 30 cents per share were paid in the third and fourth quarters of fiscal 2021 and the first and second quarter of fiscal 2022 and 27.5 cents per share were paid in the first and second quarter of fiscal 2021.

Accumulated other comprehensive income (loss)

Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below.


	2022								2021
(In millions)	Before tax			Tax (expense) benefit		Net of tax			Before tax		Tax (expense) benefit			Net of tax
Three months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(86	)	$	—	$	(86	)	$	23	$	—		$	23
Unrealized gain (loss) on commodity hedges		(4	)		1		(3	)		—		—			—
Total other comprehensive income (loss)	$	(90	)	$	1	$	(89	)	$	23	$	—		$	23

Nine months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(108	)	$	1	$	(107	)	$	38	$	(1	)	$	37
Unrealized gain (loss) on commodity hedges		(3	)		1		(2	)		—		—			—
Total other comprehensive income (loss)	$	(111	)	$	2	$	(109	)	$	38	$	(1	)	$	37

Summary of stockholders’ equity

A reconciliation of changes in stockholders’ equity are as follows:


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Common stock and paid in capital
Balance, beginning of period	$	177		$	773		$	328		$	770
Compensation expense and common shares issued (a)		1			4			5			7
Common shares purchased under repurchase program (b)		(45	)		—			(200	)		—
Balance, end of period		133			777			133			777
Retained earnings
Balance, beginning of period		3,596			2,710			2,796			2,649
Adoption of new accounting pronouncements		—			—			—			(2	)
Net income		36			80			870			176
Regular dividends		(18	)		(19	)		(52	)		(52	)
Balance, end of period		3,614			2,771			3,614			2,771
Accumulated other comprehensive income (loss)
Balance, beginning of period		(392	)		(369	)		(372	)		(383	)
Unrealized translation gain (loss)		(86	)		23			(107	)		37
Unrealized gain (loss) on commodity hedges		(3	)		—			(2	)		—
Balance, end of period		(481	)		(346	)		(481	)		(346	)
Total stockholders' equity	$	3,266		$	3,202		$	3,266		$	3,202
Cash dividends declared per common share	$	0.335		$	0.300		$	0.935		$	0.850

(a)

Common shares issued were 55,006 shares and 24,452 shares for the three months ended June 30, 2022 and 2021, respectively, and 163,656 shares and 165,158 shares for the nine months ended June 30, 2022 and 2021, respectively.

(b)

Common shares repurchased were 449,932 and 2,853,312 shares for the three and nine months ended June 30, 2022.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-based Payment Arrangement [Abstract]

Stock Incentive Plans

9 Months Ended

Jun. 30, 2022

Stock Incentive Plans

NOTE O – STOCK INCENTIVE PLANS

The components of Ashland’s pre-tax stock-based compensation expense included in continuing operations are as follows:


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022 (a)		2021 (b)		2022 (a)		2021 (b)
SARs	$	—	$	—	$	—	$	1
Nonvested stock awards		4		2		10		8
Performance share awards		3		2		8		5
	$	7	$	4	$	18	$	14

(a)

Included $1 million and $3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022, and $1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022.

(b)

Included zero and $2 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2021.

Revenue

9 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

NOTE P – REVENUE

Disaggregation of revenue

Ashland disaggregates its revenue by segment and geographical region as Ashland believes these categories best depict how management reviews the financial performance of its operations. Ashland includes only U.S. and Canada sales in its North America designation and includes Europe, Middle East and Africa in its Europe designation.


Sales by geography
	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Life Sciences
North America	$	70	$	60	$	185	$	171
Europe		76		63		197		177
Asia Pacific		61		52		159		146
Latin America & other		21		18		61		54
	$	228	$	193	$	602	$	548

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Personal Care
North America	$	50	$	46	$	146	$	129
Europe		69		59		194		162
Asia Pacific		31		25		93		68
Latin America & other		22		17		57		50
	$	172	$	147	$	490	$	409

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Specialty Additives
North America	$	71	$	53	$	185	$	146
Europe		67		65		192		179
Asia Pacific		48		43		133		123
Latin America & other		8		8		22		26
	$	194	$	169	$	532	$	474

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Intermediates
North America	$	47	$	33	$	121	$	73
Europe		13		7		32		19
Asia Pacific		10		7		31		21
Latin America & other		3		2		8		5
	$	73	$	49	$	192	$	118

Trade receivables

Trade receivables are defined as receivables arising from contracts with customers and are recorded within the accounts receivable caption within the Condensed Consolidated Balance Sheets. Ashland’s trade receivables were $444 million and $308 million as of June 30, 2022 and September 30, 2021, respectively. See Note H for additional information on Ashland’s program to sell certain receivables on a revolving basis to third party banks up to an aggregate purchase limit (U.S Accounts Receivable Sales Program).

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reportable Segment Information

Reportable Segment Information

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

NOTE Q – REPORTABLE SEGMENT INFORMATION

Ashland determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the chief operating decision maker, which includes determining resource allocation methodologies used for reportable segments. Operating income and EBITDA are the primary measures of performance that are reviewed by the chief operating decision maker in assessing each reportable segment's financial performance. Ashland does not aggregate operating segments to arrive at these reportable segments.

Change in reportable segments

On February 28, 2022, Ashland completed the sale of its Performance Adhesives segment. The operating results and cash flows for the Performance Adhesives segment have been classified as discontinued operations within the Consolidated Financial Statements for all periods presented. As a result, Ashland's reportable segments include Life Sciences, Personal Care, Specialty Additives and Intermediates.

Unallocated and Other includes corporate governance activities and certain legacy matters. The historical segment information has been recast to conform to the current segment structure.

Reportable segment business descriptions

Life Sciences is comprised of pharmaceuticals, nutrition, nutraceuticals, agricultural chemicals, advanced materials and fine chemicals. Pharmaceutical solutions include controlled release polymers, disintegrants, film coatings, solubilizers, and tablet binders. Nutrition solutions include thickeners, stabilizers, emulsifiers and additives for enhancing mouthfeel, controlling moisture migration, reducing oil uptake and controlling color. Nutraceutical solutions include products for weight management, joint comfort, stomach and intestinal health, sports nutrition and general wellness, and provide custom formulation, toll processing and particle engineering solutions. Customers include pharmaceutical, food, beverage, nutraceuticals and supplements manufacturers, hospitals and radiologists, and industrial manufacturers.

Personal Care (formerly Personal Care & Household) is comprised of biofunctionals, preservatives, skin care, sun care, oral care, hair care and household. These businesses have a broad range of nature-based, biodegradable, and performance ingredients for customer-driven solutions to help protect, renew, moisturize and revitalize skin and hair, and provide solutions for toothpastes, mouth washes and rinses, denture cleaning and care for teeth. Household supplies nature-derived rheology ingredients, biodegradable surface wetting agents, performance encapsulates, and specialty polymers for household, industrial and institutional cleaning products. Customers include formulators at large multinational branded consumer products companies and smaller, independent boutique companies.

Specialty Additives is comprised of rheology and performance-enhancing additives serving coatings, construction, energy, automotive and various industrial markets. Solutions include coatings additives for architectural paints, finishes and lacquers, cement and gypsum based dry mortars, ready-mixed joint compounds, synthetic plasters for commercial and residential construction, and specialty materials for industrial applications. Products include rheology modifiers (cellulosic and associative thickeners), foam control agents, surfactants and wetting agents, pH neutralizers, advanced ceramics used in catalytic converters, and environmental filters, ingredients that aid the manufacturing process of ceramic capacitors, plasma display panels and solar cells, ingredients for textile printing, thermoplastic metals and alloys for welding. Products help improve desired functional outcomes through rheology modification and control, water retention, workability, adhesive strength, binding power, film formation, deposition and suspension and emulsification. Customers include global paint manufacturers, electronics and automotive manufacturers, textile mills, the construction industry, and welders.

Intermediates (formerly Intermediates and Solvents) is comprised of the production of 1,4 butanediol (BDO) and related derivatives, including n-methylpyrrolidone. These products are used as chemical intermediates in the production of engineering polymers and polyurethanes, and as specialty process solvents in a wide array of applications including electronics, pharmaceuticals, water filtration membranes and more. Butanediol is also provided as a feedstock to Life Sciences, Personal Care, and Specialty Additives for use as a raw material.

Unallocated and Other generally includes items such as certain significant company-wide restructuring activities, corporate governance costs and legacy costs or activities that relate to divested businesses that are no longer operated by Ashland.

Reportable segment results

Results of Ashland’s reportable segments are presented based on its management and internal accounting structure. The structure is specific to Ashland; therefore, the financial results of Ashland’s reportable segments are not necessarily comparable with similar information for other comparable companies. Ashland allocates all significant costs to its reportable segments except for certain significant company-wide restructuring activities, certain corporate governance costs and other costs or activities that relate to former businesses that Ashland no longer operates. The service cost component of pension and other postretirement benefits costs is allocated to each reportable segment on a ratable basis; while the remaining components of pension and other postretirement benefits costs are recorded within the other net periodic benefit loss caption on the Statements of Consolidated Comprehensive Income (Loss). Ashland refines its expense allocation methodologies to the reportable segments from time to time as internal accounting practices are improved, more refined information becomes available and the industry or market changes. Significant revisions to Ashland’s methodologies are adjusted for all segments on a retrospective basis.

The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2022 and 2021.


	Three months ended						Nine months ended
	June 30						June 30
(In millions - unaudited)	2022			2021			2022			2021
SALES
Life Sciences	$	228		$	193		$	602		$	548
Personal Care		172			147			490			409
Specialty Additives		194			169			532			474
Intermediates		73			49			192			118
Intersegment sales (a)		(23	)		(15	)		(57	)		(29	)
	$	644		$	543		$	1,759		$	1,520
OPERATING INCOME (LOSS)
Life Sciences	$	51		$	37		$	115		$	101
Personal Care		25			16			67			49
Specialty Additives (b)		35			15			79			36
Intermediates		30			11			72			17
Unallocated and other		(64	)		(34	)		(121	)		(92	)
	$	77		$	45		$	212		$	111
DEPRECIATION EXPENSE
Life Sciences	$	9		$	9		$	25		$	26
Personal Care		10			10			28			29
Specialty Additives		16			16			48			49
Intermediates		2			4			9			10
Unallocated and other		—			1			1			1
	$	37		$	40		$	111		$	115
AMORTIZATION EXPENSE
Life Sciences	$	7		$	7		$	21		$	21
Personal Care		11			11			35			30
Specialty Additives		5			5			14			14
Intermediates		1			—			1			—
	$	24		$	23		$	71		$	65
EBITDA (c)
Life Sciences	$	67		$	53		$	161		$	148
Personal Care		46			37			130			108
Specialty Additives		56			36			141			99
Intermediates		33			15			82			27
Unallocated and other		(64	)		(33	)		(120	)		(91	)
	$	138		$	108		$	394		$	291


	June 30		September 30
(In millions - unaudited)	2022		2021
TOTAL ASSETS
Life Sciences	$	1,938	$	1,945
Personal Care		1,087		1,145
Specialty Additives		1,601		1,636
Intermediates		185		160
Unallocated and other		1,601		1,726
	$	6,412	$	6,612

(a)

Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment transfers are accounted for at cost.

(b)

Includes a capital project impairment of $9 million for the nine months ended June 30, 2021 relating to a long-term capital project plan change at a plant facility.

(c)

Excludes income (loss) from discontinued operations, other net periodic benefit income (expense) and income (loss) on acquisitions and divestitures, net. See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Summary of Assets and Liabilities Held for Sale

Subsequent Events

9 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

NOTE R – SUBSEQUENT EVENTS

On July 22, 2022, Ashland LLC and Ashland Services B.V., subsidiaries of Ashland, entered into an amended and restated credit agreement (the 2022 Credit Agreement) with a group of lenders, amending and restating the 2020 Credit Agreement. The 2022 Credit Agreement provides for a $600 million unsecured five-year revolving credit facility (the 2022 Revolving Credit Facility) replacing the 2020 Revolving Credit Facility. After the closing date, proceeds of borrowings under the 2022 Revolving Credit Facility will be used, among other things, to provide ongoing working capital and for other general corporate purposes.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with Ashland Global Holdings Inc. and consolidated subsidiaries (Ashland) Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Results of operations for the periods ended June 30, 2022 are not necessarily indicative of the expected results for the remaining quarter in the fiscal year. On February 28, 2022, Ashland completed the sale of its Performance Adhesives segment to Arkema, a French société anonyme. This divestiture represented a strategic shift in Ashland's business and qualified as a discontinued operation. As a result, the assets, liabilities, operating results and cash flows related to Performance Adhesives have been classified as discontinued operations for all periods presented within the Consolidated Financial Statements. See Notes B and C for additional information on this divestiture. Ashland is comprised of four reportable segments: Life Sciences, Personal Care (formerly Personal Care and Household), Specialty Additives, and Intermediates (formerly Intermediates and Solvents). Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information, see Note Q.
Use of Estimates, Risks and Uncertainties	Use of estimates, risks and uncertainties The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters.
New Accounting Pronouncements	New accounting pronouncements A description of new U.S. GAAP accounting standards issued or adopted during the current year is required in interim financial reporting. A detailed listing of new accounting standards relevant to Ashland is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2021. There were no new standards that were either issued or adopted in the current fiscal year that will have a material impact on Ashland's consolidated financial statements.
Fair Value of Financial Instruments Policy	Ashland uses applicable guidance for defining fair value, the initial recording and periodic remeasurement of certain assets and liabilities measured at fair value and related disclosures for instruments measured at fair value. Fair value accounting guidance establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows. Level 1 – Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect Ashland’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include Ashland’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment. For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived using fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable.
Inventories	Inventories are carried at the lower of cost or net realizable value. Inventories are stated at cost using the weighted-average cost method.
Goodwill and Intangible Assets, Goodwill	Ashland tests goodwill and other indefinite-lived intangible assets for impairment annually as of July 1 and when events and circumstances indicate an impairment may have occurred. Ashland tests goodwill and other indefinite-lived intangible assets for impairment by comparing the estimated fair value of the reporting units (for goodwill) and other indefinite-lived intangible assets to the related carrying value. If the carrying amount of a reporting unit or other indefinite-lived intangible asset exceeds its estimated fair value, Ashland records an impairment loss based on the difference between fair value and carrying amount, not to exceed the associated carrying amount of goodwill per reporting unit. No indicators of impairment were identified in the three and nine months ended June 30, 2022. Ashland’s assessment of an impairment on any of these assets classified currently as having indefinite lives, including goodwill, could change in future periods if significant events happen and/or circumstances change that effect the previously mentioned assumptions such as: a significant change in projected business results, a divestiture decision, increase in Ashland’s weighted-average cost of capital rates, decrease in growth rates or assumptions, economic deterioration that is more severe or of a longer duration than anticipated, or another significant economic event.
Finite-Lived Intangible Asset	Intangible assets principally consist of trademarks and trade names, intellectual property and customer and supplier relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 25 years, intellectual property over 5 to 25 years, and customer and supplier relationships over 3 to 24 years.
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived	Ashland annually reviews, as of July 1, indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No indicators of impairment were identified in the three and nine months ended June 30, 2022.
Commitments and Contingencies Policy	Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims result from indemnification obligations undertaken in 1990 in connection with the sale of Riley Stoker Corporation (Riley) and the acquisition of Hercules in November 2008. Although Riley, a former subsidiary, was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies. Hercules, an indirect wholly-owned subsidiary of Ashland, has liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products sold by one of Hercules’ former subsidiaries to a limited industrial market. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions for Ashland and Hercules asbestos claims, Ashland retained third party actuarial experts Gnarus. The methodology used by Gnarus to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, enacted legislation, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, Gnarus estimates a range of the number of future claims that may be filed, as well as the related costs that may be incurred in resolving those claims. Changes in asbestos-related liabilities and receivables are recorded on an after-tax basis within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss).
Environmental Cost Policy	The total reserves for environmental remediation reflect Ashland’s estimates of the most likely costs that will be incurred over an extended period to remediate identified conditions for which the costs are reasonably estimable, without regard to any third-party recoveries. Engineering studies, probability techniques, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation. Ashland continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. At June 30, 2022 and September 30, 2021, Ashland’s recorded receivable for these probable insurance recoveries was $20 million and $16 million, of which $17 million and $13 million at June 30, 2022 and September 30, 2021, respectively, was classified in other noncurrent assets on the Condensed Consolidated Balance Sheets.
Earnings Per Share	The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose grant price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 1 million at June 30, 2022 and 2021, respectively. Earnings per share is reported under the treasury stock method.
Segment Reporting	Ashland determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the chief operating decision maker, which includes determining resource allocation methodologies used for reportable segments. Operating income and EBITDA are the primary measures of performance that are reviewed by the chief operating decision maker in assessing each reportable segment's financial performance. Ashland does not aggregate operating segments to arrive at these reportable segments.

Acquisitions and Divestitures (Tables)

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]


	September 30
(In millions)	2021
Accounts receivable, net	$	26
Inventories		27
Net property, plant and equipment		80
Goodwill		453
Operating lease assets, net		10
Other assets		1
Current assets held for sale	$	597

Trade and other payables	$	33
Accrued expenses and other liabilities		7
Current operating lease obligations		1
Operating lease obligations		9
Current liabilities held for sale	$	50

Discontinued Operations (Tables)

9 Months Ended

Jun. 30, 2022

Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Income (loss) from discontinued operations (net of tax)
Performance Adhesives	$	4		$	15		$	38		$	51
Composites/Marl facility		—			2			—			1
Valvoline		—			2			—			2
Asbestos		(13	)		(8	)		(13	)		(8	)
Water Technologies		(1	)		(1	)		(1	)		(1	)
Distribution		(5	)		(2	)		(7	)		(4	)
Gain (loss) on disposal of discontinued operations (net of tax)
Performance Adhesives		—			—			732			—
Composites/Marl facility		—			—			—			(4	)
	$	(15	)	$	8		$	749		$	37

Performance Adhesives [Member]

Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales	$	—		$	94		$	171		$	266
Cost of sales		—			(69	)		(122	)		(180	)
Selling, general and administrative expense		(1	)		(6	)		(12	)		(16	)
Research and development expense		—			(2	)		(3	)		(6	)
Intangibles amortization expense		—			—			—			(1	)
Pretax income of discontinued operations		(1	)		17			34			63
Income tax (expense) benefit		5			(2	)		4			(12	)
Income from discontinued operations	$	4		$	15		$	38		$	51

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Restructuring and Related Activities [Abstract]

Restructuring Activities (Tables)

9 Months Ended

Jun. 30, 2022

Summary of Amount of Restructuring Reserves Related to Program


(In millions)	Severance costs
Balance at of September 30, 2021	$	6
Restructuring reserve		(1	)
Utilization (cash paid)		(3	)
Balance at June 30, 2022	$	2


(In millions)	Severance costs
Balance at of September 30, 2020	$	39
Restructuring reserve		2
Utilization (cash paid)		(27	)
Balance at June 30, 2021	$	14

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Financial Instruments Subject to Recurring Fair Value Measurements

The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2022.


	Carrying		Total fair		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	629	$	629	$	629	$	—	$	—
Restricted investments (a) (b)		407		407		407		—		—
Investment of captive insurance company (c)		9		9		9		—		—
Foreign currency derivatives (d)		2		2		—		2		—
Commodity derivatives (d)		3		3		—		3		—
Total assets at fair value	$	1,050	$	1,050	$	1,045	$	5	$	—

Liabilities
Foreign currency derivatives (e)	$	3	$	3	$	—	$	3	$	—
Commodity derivatives (e)		2		2		—		2		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $61 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $269 million related to the Asbestos trust and $138 million related to the Environmental trust.

(c)

Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Condensed Consolidated Balance Sheets.

(e)

Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2021.


	Carrying		Total fair		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	210	$	210	$	210	$	—	$	—
Restricted investments (a) (b)		421		421		421		—		—
Investment of captive insurance company (c)		8		8		8		—		—
Foreign currency derivatives (d)		1		1		—		1		—
Commodity derivatives (d)		5		5		—		5		—
Total assets at fair value	$	645	$	645	$	639	$	6	$	—

Liabilities
Foreign currency derivatives (e)	$	2	$	2	$	—	$	2	$	—

(a)

Included in restricted investments and $37 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $333 million related to the Asbestos trust and $88 million related to the Environmental trust.

(c)

Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Condensed Consolidated Balance Sheets.

(e)

Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

Summary of Investment Portfolio

The following table provides a summary of the activity within the investment portfolio as of June 30, 2022 and September 30, 2021:


(In millions)	June 30 2022			September 30 2021
Original cost	$	335		$	335
Accumulated adjustments, net		37			(50	)
Adjusted cost, beginning of year (a)		372			285
Investment income (b)		13			12
Net unrealized gain (loss) (c)		(25	)		49
Realized gains (losses) (c)		1			17
Funds restricted for specific transactions (d)		74			91
Disbursements		(28	)		(33	)
Fair value	$	407		$	421

(a)

(b)

Investment income relates to the demand deposit and includes interest income as well as dividend income transferred from the equity and fixed income mutual funds.

(c)

Presented under the original cost method.

(d)

The following table presents gross unrealized gains and losses for the restricted investment securities as of June 30, 2022 and September 30, 2021:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of June 30, 2022
Demand deposit	$	7	$	—	$	—		$	7
Equity mutual fund		178		23		(13	)		188
Fixed income mutual fund		247		—		(35	)		212
Fair value	$	432	$	23	$	(48	)	$	407

As of September 30, 2021
Demand deposit	$	6	$	—	$	—		$	6
Equity mutual fund		143		44		(1	)		186
Fixed income mutual fund		223		7		(1	)		229
Fair value	$	372	$	51	$	(2	)	$	421

Summary of Investment Income, Net Gains and Losses Realized and Disbursements Related to Investments


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Investment income	$	3		$	2		$	13		$	10
Net gains (losses)		(48	)		15			(72	)		26
Disbursements		—			(6	)		(28	)		(25	)

Summary of Net Gains and Losses on Foreign Currency Derivatives

The following table summarizes the net gains and losses recognized during the three and nine months ended June 30, 2022 and 2021 within the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended					Nine months ended
	June 30					June 30
(In millions)	2022			2021		2022			2021
Foreign currency derivative gain (loss)	$	(12	)	$	3	$	(21	)	$	6

Summary of Fair Values of Outstanding Foreign Currency Derivatives


	June 30		September 30
(In millions)	2022		2021
Foreign currency derivative assets	$	2	$	1
Notional contract values		244		150

Foreign currency derivative liabilities	$	3	$	2
Notional contract values		263		212

Commodity Derivatives [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Net Gains and Losses on Derivatives

The following table summarizes the net gains and losses recognized during the three and nine months ended June 30, 2022 and 2021 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Commodity derivative gain (loss)	$	2	$	—	$	6	$	—

Summary of Fair Values of Outstanding Derivatives


	June 30		September 30
(In millions)	2022		2021
Commodity derivative assets	$	3	$	5
Notional contract values		12		6

Commodity derivative liabilities	$	2	$	—
Notional contract values		10		—

Total Return Derivatives [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Net Gains and Losses on Derivatives

The following table summarized the net gains and losses recognized for the three and nine months ended June 30, 2022 and 2021 within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Total return swap gain (loss)	$	—	$	—	$	—	$	—

Summary of Fair Values of Outstanding Derivatives


	June 30		September 30
(In millions)	2022		2021
Total return swap assets	$	—	$	—
Notional contract values		8		—

Inventories (Tables)

9 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates.


	June 30		September 30
(In millions)	2022		2021
Finished products	$	350	$	282
Raw materials, supplies and work in process		259		191
	$	609	$	473

Goodwill and Other Intangibles (Tables)

9 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2022.


	Life			Personal			Specialty
(In millions)	Sciences			Care (a)			Additives (a)			Intermediates (a)		Total
Balance at September 30, 2021	$	856		$	129		$	445		$	—	$	1,430
Currency translation		(44	)		(7	)		(23	)		—		(74	)
Balance at June 30, 2022	$	812		$	122		$	422		$	—	$	1,356

(a)

Summary of Intangible Assets

Intangible assets were comprised of the following as of June 30, 2022 and September 30, 2021.


	June 30, 2022
	Gross					Net
	carrying		Accumulated			carrying
(In millions)	amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	97	$	(36	)	$	61
Intellectual property		730		(519	)		211
Customer and supplier relationships		820		(369	)		451
Total definite-lived intangibles		1,647		(924	)		723

Indefinite-lived intangibles
Trademarks and trade names		278		—			278
Total intangible assets	$	1,925	$	(924	)	$	1,001


	September 30, 2021
	Gross					Net
	carrying		Accumulated			carrying
(In millions)	amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	101	$	(32	)	$	69
Intellectual property		750		(495	)		255
Customer and supplier relationships		849		(352	)		497
Total definite-lived intangibles		1,700		(879	)		821

Indefinite-lived intangibles
Trademarks and trade names		278		—			278
Total intangible assets	$	1,978	$	(879	)	$	1,099

Debt and Other Financing Activities (Tables)

9 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Current and Long-term Debt

The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets.


(In millions)	June 30, 2022			September 30, 2021
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		522			580
6.875% notes, due 2043		282			282
Term loan A		—			250
Accounts receivable securitizations		—			117
6.50% junior subordinated notes, due 2029		59			57
Revolving credit facility		—			225
Other (a)		(11	)		9
Total debt		1,302			1,970
Short-term debt (includes current portion of long-term debt)		—			(374	)
Long-term debt (less current portion)	$	1,302		$	1,596

(a)

Leasing Arrangements (Tables)

9 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of Lease Cost Recognized

The components of lease cost recognized within the Statements of Consolidated Comprehensive Income (Loss) were as follows:


		Three months ended				Nine months ended
		June 30				June 30
(In millions)	Location	2022		2021		2022		2021
Lease cost:
Operating lease cost	Selling, General & Administrative (a)	$	5	$	3	$	12	$	10
Operating lease cost	Cost of Sales		3		4		10		11
Variable lease cost	Selling, General & Administrative		1		1		3		2
Variable lease cost	Cost of Sales		1		1		3		2
Short-term leases	Cost of Sales		1		1		2		3
Total lease cost		$	11	$	10	$	30	$	28

Includes $2 million lease termination fee for the three and nine months ended June 30, 2022.

Summary of Lease Assets and Liabilities

The following table summarizes Ashland’s lease assets and liabilities as presented in the Condensed Consolidated Balance Sheet:


(In millions)	June 30 2022		September 30 2021
Assets
Operating lease assets, net	$	112	$	124
Total lease assets	$	112	$	124

Liabilities
Current operating lease obligations	$	18	$	23
Non-current operating lease obligations		100		110
Total lease liabilities	$	118	$	133

Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

The following table provides cash paid for amounts included in the measurement of operating lease liabilities:


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2021		2020
Operating cash flows from operating leases	$	9	$	8	$	23	$	23

Schedule of Maturities Analysis of Lease Liabilities

The following table summarizes Ashland's maturities of lease liabilities as of June 30, 2022 and September 30, 2021:


(In millions)	June 30 2022			September 30 2021
Remainder of 2022	$	20		$	39
2023		21			20
2024		16			16
2025		12			11
2026		9			9
Thereafter		74			78
Total lease payments		152			173
Less amount of lease payment representing interest		(34	)		(40	)
Total present value of lease payments	$	118		$	133

Income Taxes (Tables)

9 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Changes in Unrecognized Tax Benefits

Changes in unrecognized tax benefits are summarized as follows for the nine months ended June 30, 2022.


(In millions)
Balance at October 1, 2021	$	82
Increases related to positions taken in the current year		2
Lapse of statute of limitations		(2	)
Balance at June 30, 2022	$	82

Employee Benefit Plans (Tables)

9 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of Components of Pension and Other Postretirement Benefit Costs for Continuing Operation

The following table details the components of pension and other postretirement benefit costs for continuing operations.


	Pension benefits						Other postretirement benefits
(In millions)	2022			2021			2022		2021
Three months ended June 30
Service cost	$	1		$	1		$	—	$	—
Interest cost		2			2			—		—
Expected return on plan assets		(1	)		(2	)		—		—
Actuarial (gain)		—			—			—		—
Total net periodic benefit costs	$	2		$	1		$	—	$	—
Nine months ended June 30
Service cost	$	3		$	4		$	—	$	—
Interest cost		5			4			1		1
Expected return on plan assets		(5	)		(5	)		—		—
Actuarial (gain)		(1	)		—			—		—
Total net periodic benefit costs	$	2		$	3		$	1	$	1

Litigation, Claims and Contingencies (Tables)

9 Months Ended

Jun. 30, 2022

Reconciliation of Changes in Environmental Contingencies and Asset Retirement Obligations Reserve

The following table provides a reconciliation of the changes in the environmental remediation reserves during the nine months ended June 30, 2022 and 2021.


	Nine months ended
	June 30
(In millions)	2022			2021
Reserve - beginning of period	$	207		$	200
Disbursements		(42	)		(35	)
Changes in obligation estimates and accretion, net		61			40
Reserve - end of period	$	226		$	205

Components of Environmental Remediation Expense


	Three months ended					Nine months ended
	June 30					June 30
(In millions)	2022			2021		2022			2021
Environmental expense	$	45		$	24	$	60		$	39
Accretion		1			—		1			1
Legal expense		1			1		3			2
Total expense		47			25		64			42

Insurance receivable		(2	)		—		(5	)		(1	)
Total expense, net of receivable activity (a)	$	45		$	25	$	59		$	41

(a)

Summary of Asbestos Claims Activity

A summary of Ashland asbestos claims activity, excluding Hercules claims, follows.


	Nine months ended
	June 30						Years ended September 30
(In thousands)	2022			2021			2021			2020			2019
Open claims - beginning of year		46			49			49			53			53
New claims filed		1			1			2			2			2
Claims settled		(1	)		—			(1	)		(1	)		(1	)
Claims dismissed		(1	)		(3	)		(4	)		(5	)		(1	)
Open claims - end of period		45			47			46			49			53

Progression of Activity in Asbestos Reserve Accounts

A progression of activity in the asbestos reserve is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Asbestos reserve - beginning of year	$	320		$	335		$	335		$	352		$	380
Reserve adjustment		16			12			12			13			1
Amounts paid		(26	)		(21	)		(27	)		(30	)		(29	)
Asbestos reserve - end of period (a)	$	310		$	326		$	320		$	335		$	352

(a)

Included $29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Progression of Insurance Receivable

A progression of activity in the Ashland insurance receivable is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Insurance receivable - beginning of year	$	100		$	103		$	103		$	123		$	140
Receivable adjustment (a)		7			6			6			1			(5	)
Insurance settlement		—			—			—			(10	)		—
Amounts collected		(5	)		(7	)		(9	)		(11	)		(12	)
Insurance receivable - end of period (b)	$	102		$	102		$	100		$	103		$	123

(a)

(b)

Includes $12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Summary of Asbestos Claims Activity

A summary of Hercules’ asbestos claims activity follows.


	Nine months ended
	June 30						Years ended September 30
(In thousands)	2022			2021			2021			2020			2019
Open claims - beginning of year		12			12			12			13			13
New claims filed		1			1			1			1			1
Claims dismissed		(1	)		(1	)		(1	)		(2	)		(1	)
Open claims - end of period		12			12			12			12			13

Progression of Activity in Asbestos Reserve Accounts

A progression of activity in the asbestos reserve is presented in the following table.


	Nine months ended
	June 30						Years ended September 30
(In millions)	2022			2021			2021			2020			2019
Asbestos reserve - beginning of year	$	217		$	229		$	229		$	252		$	282
Reserve adjustments		15			8			8			(3	)		(10	)
Amounts paid		(12	)		(16	)		(20	)		(20	)		(20	)
Asbestos reserve - end of period (a)	$	220		$	221		$	217		$	229		$	252

(a)

Included $18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Progression of Insurance Receivable

A progression of activity in the Hercules insurance receivable is presented in the following table.


	Nine months ended
	June 30					Years ended September 30
(In millions)	2022			2021		2021			2020			2019
Insurance receivable - beginning of year	$	47		$	47	$	47		$	49		$	54
Receivable adjustment (a)		7			1		1			(2	)		(5	)
Amounts collected		(1	)		—		(1	)		—			—
Insurance receivable - end of period (b)	$	53		$	48	$	47		$	47		$	49

(a)

(b)

Includes $3 million and $1 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, respectively.

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share


	Three months ended				Nine months ended
	June 30				June 30
(In millions, except per share data)	2022		2021		2022		2021
Numerator
Numerator for basic and diluted EPS -
Income from continuing operations	$	51	$	72	$	121	$	139
Denominator
Denominator for basic EPS - Weighted- average common shares outstanding		54		61		56		61
Share based awards convertible to common shares		1		1		1		1
Denominator for diluted EPS - Adjusted weighted- average shares and assumed conversions		55		62		57		62
EPS from continuing operations
Basic	$	0.94	$	1.18	$	2.16	$	2.29
Diluted		0.93		1.17		2.12		2.27

Equity Items (Tables)

9 Months Ended

Jun. 30, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below.


	2022								2021
(In millions)	Before tax			Tax (expense) benefit		Net of tax			Before tax		Tax (expense) benefit			Net of tax
Three months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(86	)	$	—	$	(86	)	$	23	$	—		$	23
Unrealized gain (loss) on commodity hedges		(4	)		1		(3	)		—		—			—
Total other comprehensive income (loss)	$	(90	)	$	1	$	(89	)	$	23	$	—		$	23

Nine months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(108	)	$	1	$	(107	)	$	38	$	(1	)	$	37
Unrealized gain (loss) on commodity hedges		(3	)		1		(2	)		—		—			—
Total other comprehensive income (loss)	$	(111	)	$	2	$	(109	)	$	38	$	(1	)	$	37

Summary of Reconciliation of Changes in Stockholders' Equity

A reconciliation of changes in stockholders’ equity are as follows:


	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2022			2021			2022			2021
Common stock and paid in capital
Balance, beginning of period	$	177		$	773		$	328		$	770
Compensation expense and common shares issued (a)		1			4			5			7
Common shares purchased under repurchase program (b)		(45	)		—			(200	)		—
Balance, end of period		133			777			133			777
Retained earnings
Balance, beginning of period		3,596			2,710			2,796			2,649
Adoption of new accounting pronouncements		—			—			—			(2	)
Net income		36			80			870			176
Regular dividends		(18	)		(19	)		(52	)		(52	)
Balance, end of period		3,614			2,771			3,614			2,771
Accumulated other comprehensive income (loss)
Balance, beginning of period		(392	)		(369	)		(372	)		(383	)
Unrealized translation gain (loss)		(86	)		23			(107	)		37
Unrealized gain (loss) on commodity hedges		(3	)		—			(2	)		—
Balance, end of period		(481	)		(346	)		(481	)		(346	)
Total stockholders' equity	$	3,266		$	3,202		$	3,266		$	3,202
Cash dividends declared per common share	$	0.335		$	0.300		$	0.935		$	0.850

(a)

(b)

Common shares repurchased were 449,932 and 2,853,312 shares for the three and nine months ended June 30, 2022.

Stock Incentive Plans (Tables)

9 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Components of Pretax Stock-Based Compensation Expense Included in Continuing Operations

The components of Ashland’s pre-tax stock-based compensation expense included in continuing operations are as follows:


	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022 (a)		2021 (b)		2022 (a)		2021 (b)
SARs	$	—	$	—	$	—	$	1
Nonvested stock awards		4		2		10		8
Performance share awards		3		2		8		5
	$	7	$	4	$	18	$	14

(a)

(b)

Included zero and $2 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2021.

Revenue (Tables)

9 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Sales by geography
	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Life Sciences
North America	$	70	$	60	$	185	$	171
Europe		76		63		197		177
Asia Pacific		61		52		159		146
Latin America & other		21		18		61		54
	$	228	$	193	$	602	$	548

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Personal Care
North America	$	50	$	46	$	146	$	129
Europe		69		59		194		162
Asia Pacific		31		25		93		68
Latin America & other		22		17		57		50
	$	172	$	147	$	490	$	409

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Specialty Additives
North America	$	71	$	53	$	185	$	146
Europe		67		65		192		179
Asia Pacific		48		43		133		123
Latin America & other		8		8		22		26
	$	194	$	169	$	532	$	474

	Three months ended				Nine months ended
	June 30				June 30
(In millions)	2022		2021		2022		2021
Intermediates
North America	$	47	$	33	$	121	$	73
Europe		13		7		32		19
Asia Pacific		10		7		31		21
Latin America & other		3		2		8		5
	$	73	$	49	$	192	$	118

Reportable Segment Information (Tables)

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Summary of Financial Information for Each Reportable Segment

The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2022 and 2021.


	Three months ended						Nine months ended
	June 30						June 30
(In millions - unaudited)	2022			2021			2022			2021
SALES
Life Sciences	$	228		$	193		$	602		$	548
Personal Care		172			147			490			409
Specialty Additives		194			169			532			474
Intermediates		73			49			192			118
Intersegment sales (a)		(23	)		(15	)		(57	)		(29	)
	$	644		$	543		$	1,759		$	1,520
OPERATING INCOME (LOSS)
Life Sciences	$	51		$	37		$	115		$	101
Personal Care		25			16			67			49
Specialty Additives (b)		35			15			79			36
Intermediates		30			11			72			17
Unallocated and other		(64	)		(34	)		(121	)		(92	)
	$	77		$	45		$	212		$	111
DEPRECIATION EXPENSE
Life Sciences	$	9		$	9		$	25		$	26
Personal Care		10			10			28			29
Specialty Additives		16			16			48			49
Intermediates		2			4			9			10
Unallocated and other		—			1			1			1
	$	37		$	40		$	111		$	115
AMORTIZATION EXPENSE
Life Sciences	$	7		$	7		$	21		$	21
Personal Care		11			11			35			30
Specialty Additives		5			5			14			14
Intermediates		1			—			1			—
	$	24		$	23		$	71		$	65
EBITDA (c)
Life Sciences	$	67		$	53		$	161		$	148
Personal Care		46			37			130			108
Specialty Additives		56			36			141			99
Intermediates		33			15			82			27
Unallocated and other		(64	)		(33	)		(120	)		(91	)
	$	138		$	108		$	394		$	291


	June 30		September 30
(In millions - unaudited)	2022		2021
TOTAL ASSETS
Life Sciences	$	1,938	$	1,945
Personal Care		1,087		1,145
Specialty Additives		1,601		1,636
Intermediates		185		160
Unallocated and other		1,601		1,726
	$	6,412	$	6,612

(a)

Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment transfers are accounted for at cost.

(b)

Includes a capital project impairment of $9 million for the nine months ended June 30, 2021 relating to a long-term capital project plan change at a plant facility.

(c)

Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Jun. 30, 2022 ReportableSegment
Accounting Policies [Abstract]
Number of reportable segments	4

Acquisitions and Divestitures - Additional Information (Details) $ in Millions		3 Months Ended				9 Months Ended		12 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($) Property	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) Property	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition related transaction costs				$ 2		$ 4
Income associated with foreign currency derivatives				4			$ 1
Net proceeds from sale of business	$ 1,700
Gain on divestitures recognized in comprehensive income (loss)		$ (15)	$ 732	8		749	37
Net income on acquisitions and divestitures, net		35		2		42	11
Schülke & Mayr GmbH [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, purchase price									$ 312
Specialty Ingredients Facility [Member] \| Specialty Ingredients [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business					$ 14
Net income on acquisitions and divestitures, net		14
Proceeds from sale of businesses including deposits received in previous fiscal year								$ 20
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stranded divestitures costs		1		4		8	12
Gain on divestitures recognized in comprehensive income (loss)		0		$ 0		732	$ 0
Performance Adhesives [Member] \| Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction service fee		1				1
Composites Segment and the Intermediates and Solvents Marl Facility [Member] \| Land and Building [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business		50				50
Net income on acquisitions and divestitures, net		$ 35				$ 42
Number of properties \| Property		2				2
Sale of land with net book value								$ 8

Acquisitions and Divestitures - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Business Combinations [Abstract]
Accounts receivable, net		$ 26
Inventories		27
Net property, plant and equipment		80
Goodwill		453
Operating lease assets, net		10
Other assets		1
Current assets held for sale	$ 0	597
Trade and other payables		33
Accrued expenses and other liabilities		7
Current operating lease obligations		1
Operating lease obligations		9
Current liabilities held for sale		$ 50

Discontinued Operations - Components of Consolidated Comprehensive Income (Loss) Related to Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	$ 15		$ 8	$ 749	$ 37
Gain (loss) on disposal of discontinued operations (net of tax)	(15)	$ 732	8	749	37
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	4		15	38	51
Gain (loss) on disposal of discontinued operations (net of tax)	0		0	732	0
Composites/Marl facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	0		2	0	1
Gain (loss) on disposal of discontinued operations (net of tax)	0		0	0	(4)
Valvoline [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	0		2	0	2
Asbestos [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(13)		(8)	(13)	(8)
Water Technologies [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(1)		(1)	(1)	(1)
Distribution [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	$ (5)		$ (2)	$ (7)	$ (4)

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Carrying (Reported) Amount, Fair Value Disclosure [Member]

Discontinued Operations - Reconciliation of Consolidated Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income (loss) from discontinued operations attributable to Performance Adhesives
Income from discontinued operations	$ 15	$ 8	$ 749	$ 37
Performance Adhesives [Member]
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales	0	94	171	266
Cost of sales	0	(69)	(122)	(180)
Selling, general and administrative expense	(1)	(6)	(12)	(16)
Research and development expense	0	(2)	(3)	(6)
Intangibles amortization expense	0	0	0	(1)
Pretax income of discontinued operations	(1)	17	34	63
Income tax (expense) benefit	5	(2)	4	(12)
Income from discontinued operations	$ 4	$ 15	$ 38	$ 51

Restructuring Activities - Additional Information (Details) - Fiscal 2020 and 2021 Restructuring Severance Costs [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)	$ 0	$ 6	$ 1	$ (2)
Restructuring reserve	$ 2	$ 14	$ 2	$ 14	$ 6	$ 39

Restructuring Activities - Summary of Severance Reserves and Facility Cost Reserves (Details) - Fiscal 2020 and 2021 Restructuring Severance Costs [Member] - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 6	$ 39
Restructuring reserve	(1)	2
Utilization (cash paid)	(3)	(27)
Ending balance	$ 2	$ 14

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Millions

Jun. 30, 2022

Sep. 30, 2021

Assets

$ 629

$ 210

407

^[1],[2]

421

^[3],[4]

^[5]

^[6]

^[7]

^[8]

1,050

645

^[9]

^[10]

Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commodity Derivatives [Member]

Assets

^[7]

^[8]

Estimate of Fair Value, Fair Value Disclosure [Member]

^[9]

Assets

629

210

407

^[1],[2]

421

^[3],[4]

^[5]

^[6]

^[7]

^[8]

1,050

645

^[9]

^[10]

Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Derivatives [Member]

Assets

^[7]

^[8]

Fair Value, Inputs, Level 1 [Member]

^[9]

Assets

629

210

407

^[1],[2]

421

^[3],[4]

^[5]

^[6]

^[7]

^[8]

1,045

639

^[9]

^[10]

Fair Value, Inputs, Level 1 [Member] | Commodity Derivatives [Member]

Assets

^[7]

^[8]

Fair Value, Inputs, Level 2 [Member]

^[9]

Assets

^[1],[2]

^[3],[4]

^[5]

^[6]

^[7]

^[8]

^[9]

^[10]

Fair Value, Inputs, Level 2 [Member] | Commodity Derivatives [Member]

Assets

^[7]

^[8]

Fair Value, Inputs, Level 3 [Member]

^[9]

Assets

^[1],[2]

^[3],[4]

^[5]

^[6]

^[7]

^[8]

^[9]

^[10]

Fair Value, Inputs, Level 3 [Member] | Commodity Derivatives [Member]

Assets

^[7]

$ 0

^[8]

Accumulated adjustments, net

^[9]

$ 0

[1]	Included in restricted investments and $61 million within other current assets in the Condensed Consolidated Balance Sheets
[2]	Includes $269 million related to the Asbestos trust and $138 million related to the Environmental trust
[3]	Included in restricted investments and $37 million within other current assets in the Condensed Consolidated Balance Sheets
[4]	Includes $333 million related to the Asbestos trust and $88 million related to the Environmental trust
[5]	Included in other noncurrent assets in the Condensed Consolidated Balance Sheets
[6]	Included in other noncurrent assets in the Condensed Consolidated Balance Sheets
[7]	Included in accounts receivable in the Condensed Consolidated Balance Sheets
[8]	Included in accounts receivable in the Condensed Consolidated Balance Sheets
[9]	Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.
[10]	Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, Current	$ 61	$ 37
Available-for-sale securities, fair value	407	421
Asbestos Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	269	333
Environmental Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	$ 138	$ 88

Fair Value Measurements - Summary of Investment Portfolio (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Original cost

$ 335

(50)

Net unrealized gain (loss)

^[1]

372

285

Investment income

$ 2

^[2]

$ 10

^[2]

^[3]

(25)

Realized gains (losses)

^[3]

Funds restricted for specific transactions

^[4]

Disbursements

$ (6)

(28)

$ (25)

(33)

Fair value

$ 407

$ 421

[1]	The adjusted cost of the demand deposits includes accumulated investment income, realized gains, additional funds restricted for specific transactions and disbursements recorded in previous periods. The adjusted cost as of June 30, 2022 includes the $90 million funding to establish the Environmental trust
[2]	Investment income relates to the demand deposit and includes interest income as well as dividend income transferred from the equity and fixed income mutual funds
[3]	Presented under the original cost method
[4]	The June 30, 2022 period included additional contributions to the Environmental trust from proceeds associated with the Performance Adhesives sale and excess land sales. The September 30, 2021 period included $90 million to establish the Environmental trust.

Fair Value Measurements - Summary of Investment Portfolio (Parenthetical) (Details) - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Jun. 30, 2022

Sep. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Funds restricted for specific transactions

^[1]

$ 74

$ 91

Environmental Trust [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Funds restricted for specific transactions

$ 90

[1]	The June 30, 2022 period included additional contributions to the Environmental trust from proceeds associated with the Performance Adhesives sale and excess land sales. The September 30, 2021 period included $90 million to establish the Environmental trust.

Fair Value Measurements - Summary of Available-for-sale Securities Portfolio (Details) - USD ($)
$ in Millions

Jun. 30, 2022

Sep. 30, 2021

Schedule of Available-for-sale Securities [Line Items]

^[1]

$ 372

$ 285

Restricted Securities [Member]

407

421

Schedule of Available-for-sale Securities [Line Items]

432

372

(48)

(2)

Fixed Income Mutual Fund [Member]

407

421

Schedule of Available-for-sale Securities [Line Items]

247

223

(35)

(1)

Equity Mutual Fund [Member]

212

229

Schedule of Available-for-sale Securities [Line Items]

178

143

(13)

(1)

Schedule of Available-for-sale Securities [Line Items]

188

186

Demand Deposit [Member]

$ 7

$ 6

[1]

Fair Value Measurements - Summary of Investment Income, Net Gains and Losses Realized and Disbursements Related to Investments (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Investment income

$ 3

$ 2

$ 13

^[1]

$ 10

$ 12

^[1]

Net gains (losses)

(48)

(72)

Disbursements

$ 0

$ (6)

$ (28)

$ (25)

$ (33)

[1]	Investment income relates to the demand deposit and includes interest income as well as dividend income transferred from the equity and fixed income mutual funds

Fair Value Measurements - Summary of Net Gains and Losses on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative gain (loss)		$ 4		$ 1
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative gain (loss)	$ (12)	$ 3	$ (21)	$ 6

Fair Value Measurements - Summary of Fair Values of Outstanding Foreign Currency Derivatives (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative assets	$ 2	$ 1
Notional contract values	244	150
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	263	212
Foreign currency derivative liabilities	$ 3	$ 2

Fair Value Measurements - Summary of Net Gains and Losses on Commodity Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative gain (loss)	$ 2	$ 0	$ 6	$ 0

Fair Value Measurements - Summary of Fair Values of Outstanding Commodity Derivatives (Details) - Commodity Contract [Member] - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	$ 3	$ 5
Notional contract values	12	$ 6
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	10
Commodity derivative liabilities	$ 2

Fair Value Measurements - Summary of Net Gains and Losses on Total Return Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Return Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total return swap gain (loss)	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Summary of Fair Values of Outstanding TRS (Details) - Total Return Derivatives [Member] - Accounts Receivable [Member] - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total return swap assets	$ 0	$ 0
Notional contract values	$ 8	$ 0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	$ 1,317	$ 1,622
Long-term debt, fair value	$ 1,181	$ 1,794

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Finished products	$ 350	$ 282
Raw materials, supplies and work in process	259	191
Total	$ 609	$ 473

Goodwill and Other Intangibles - Summary of Goodwill by Reportable Segment (Details)
$ in Millions

9 Months Ended

Jun. 30, 2022

USD ($)

$ 1,430

(74)

1,356

Life Sciences [Member]

856

(44)

812

Personal Care [Member]

129

^[1]

(7)

^[1]

Specialty Additives [Member]

122

^[1]

445

^[1]

(23)

^[1]

422

^[1]

Intermediates [Member]

^[1]

^[1]

$ 0

^[1]

[1]	As of June 30, 2022 and September 30, 2021, there were accumulated impairments of $356 million, $174 million and $90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.

Goodwill and Other Intangibles - Summary of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Personal Care [Member]
Goodwill [Line Items]
Accumulated impairment	$ 356	$ 356
Specialty Additives [Member]
Goodwill [Line Items]
Accumulated impairment	174	174
Intermediates [Member]
Goodwill [Line Items]
Accumulated impairment	$ 90	$ 90

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles amortization expense	$ 23	$ 23	$ 71	$ 65
Expected future amortization expense [Abstract]
2022 (includes nine months actual and three months estimated)	96		96
2023	96		96
2024	80		80
2025	75		75
2026	$ 72		$ 72
Minimum [Member] \| Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			3 years
Minimum [Member] \| Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			5 years
Minimum [Member] \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			3 years
Maximum [Member] \| Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			25 years
Maximum [Member] \| Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			25 years
Maximum [Member] \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)			24 years

Goodwill and Other Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,647	$ 1,700
Accumulated amortization	(924)	(879)
Net carrying amount	723	821
Intangible Assets, Net [Abstract]
Gross carrying amount	1,925	1,978
Net carrying amount	1,001	1,099
Trademarks and Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	97	101
Accumulated amortization	(36)	(32)
Net carrying amount	61	69
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	278	278
Intellectual Property [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	730	750
Accumulated amortization	(519)	(495)
Net carrying amount	211	255
Customer and Supplier Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	820	849
Accumulated amortization	(369)	(352)
Net carrying amount	$ 451	$ 497

Debt and Other Financing Activities - Summary of Current and Long-term Debt (Details) - USD ($)
$ in Millions

Jun. 30, 2022

Sep. 30, 2021

Short-term debt (includes current portion of long-term debt)

$ 1,317

$ 1,622

Other

^[1]

(11)

Total debt

1,302

1,970

(374)

Long-term debt (less current portion)

1,302

1,596

3.375% Senior Notes, due 2031 [Member]

2.00% Senior Notes Due 2028 [Member]

450

6.875% Notes due 2043 [Member]

522

580

282

Term Loan A [Member]

Accounts Receivable Securitization [Member]

250

6.50% Junior Subordinated Notes, Due 2029 [Member]

117

Revolving Credit Facility [Member]

$ 0

$ 225

[1]	Includes $15 million and $17 million of debt issuance cost discounts as of June 30, 2022 and September 30, 2021, respectively. Additionally, at September 30, 2021, Other included a European short-term loan facility with an outstanding balance of $23 million.

Debt and Other Financing Activities - Summary of Current and Long-term Debt (Parenthetical) (Details) € in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2022 EUR (€)	Sep. 30, 2021 EUR (€)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance expense, long-term debt			$ 15	$ 17
Short-term Debt			$ 0	365
3.375% Senior Notes, due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.375%		3.375%
Debt instrument, maturity year	2031	2031
2.00% Senior Notes Due 2028 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.00%		2.00%
Debt instrument, maturity year	2028	2028
Principal amount \| €	€ 500	€ 500
6.875% Notes due 2043 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.875%		6.875%
Debt instrument, maturity year	2043	2043
6.50% Junior Subordinated Notes, Due 2029 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.50%		6.50%
Debt instrument, maturity year		2029
European Facility [Member]
Debt Instrument [Line Items]
Short-term Debt				$ 23

Debt and Other Financing Activities - Summary of Current and Long-term Debt - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Scheduled aggregate debt maturities by fiscal year [Abstract]
Remaining in 2022	$ 0
2023	0
2024	0
2025	0
2026	$ 0

Debt and Other Financing Activities - U.S. Accounts Receivable Sales Program - Additional Information (Details) - U.S. Accounts Receivable Sales Program [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Disclosure Of Sales Program Of Receivable [Line Items]
Maximum limit of receivables can transfer			$ 125		$ 125
Gain (loss) on sale of receivables	$ (1)	$ (1)	(1)	$ (1)
Sales against the buyers limit			50		113
Amount transferred in receivables			140		167
Gross cash proceeds received for receivables transferred and derecognized			205
Cash proceeds collected			268
Payments for (proceeds from) new transfers of receivables			63
Maximum [Member]
Disclosure Of Sales Program Of Receivable [Line Items]
Recorded liabilities related to service obligations and limited guarantee	$ 1		$ 1		$ 1

Debt and Other Financing Activities - Foreign Accounts Receivable Securitization Facility - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Repayment of outstanding principal balance	$ 250
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal balance	113
Outstanding amount of receivables sold to affiliate	159	$ 152
Debt instrument, outstanding principal amount	$ 0	$ 117

Debt and Other Financing Activities - Debt Repayments - Additional Information (Details) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Repayment of outstanding principal balance	$ 250
Term Loan A [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal balance	250
European Facility [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal balance	$ 23

Debt and Other Financing Activities - Financing Activity and Covenants - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 686
Liquidity under accounts receivable sales program	$ 58
Covenant restrictions [Abstract]
Maximum consolidated leverage ratio	4.0
Consolidated net leverage ratio	1.2
Minimum required consolidated interest coverage ratio	3.0
Consolidated interest coverage ratio	9.7
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600
Line of credit facility, remaining borrowing capacity	581
Debt instrument, outstanding principal amount	0
Letters of credit outstanding, amount	19
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 105

Leasing Arrangements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Lessee Lease Description [Line Items]
Weighted average remaining operating lease term	15 years		15 years		15 years
Weighted average operating discount rate, percent	2.80%		2.80%		2.80%
Right-of-use assets exchanged for new operating lease obligations	$ 7	$ 6	$ 11	$ 16
Operating lease obligations	118		118		$ 133
Right of use assets	$ 112		$ 112		$ 124
Schülke & Mayr GmbH [Member]
Lessee Lease Description [Line Items]
Operating lease obligations		1		1
Right of use assets		$ 1		$ 1
Real Estate [Member]
Lessee Lease Description [Line Items]
Lease liability percentage			80.00%		80.00%

Leasing Arrangements - Components of Lease Cost Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease cost:
Total lease cost	$ 11	$ 10	$ 30	$ 28
Selling General and Administrative Expenses {Member]
Lease cost:
Operating lease cost	5	3	12	10
Variable lease cost	1	1	3	2
Cost of Sales [Member]
Lease cost:
Operating lease cost	3	4	10	11
Variable lease cost	1	1	3	2
Short-term leases	$ 1	$ 1	$ 2	$ 3

Leasing Arrangements - Components of Lease Cost Recognized (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Leases [Abstract]
Lease Termination Fee	$ 2	$ 2

Leasing Arrangements - Summary of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Assets
Operating lease assets, net	$ 112	$ 124
Total lease assets	112	124
Liabilities
Current operating lease obligations	18	23
Non-current operating lease obligations	100	110
Total lease liabilities	$ 118	$ 133

Leasing Arrangements - Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 9	$ 8	$ 23	$ 23

Leasing Arrangements - Schedule of Maturities Analysis of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Remainder of 2022	$ 20	$ 39
2023	21	20
2024	16	16
2025	12	11
2026	9	9
Thereafter	74	78
Total lease payments	152	173
Less amount of lease payment representing interest	(34)	(40)
Total present value of lease payments	$ 118	$ 133

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Minimum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 6		$ 6
Maximum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 16		$ 16
Current Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)	2.00%		17.00%
Tax reform (benefit) and expense	$ 1		$ 3
Prior Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)		(57.00%)		(34.00%)
Tax reform (benefit) and expense		$ (33)		$ (52)

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 82
Increases related to positions taken in the current year	2
Lapse of statute of limitations	(2)
Balance at end of period	$ 82

Employee Benefit Plans - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Employee	Jun. 30, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of employees transferred upon divestiture \| Employee			40
Actuarial gain			$ 1
Other net periodic benefit loss	$ 1	$ 0	0	$ 0
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period			4
Estimated future contributions in current fiscal year	1		1
United States Pension Plans of US Entity, Defined Benefit [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period			1
Estimated future contributions in current fiscal year	$ 1		$ 1

Asbestos litigation cost projection [Abstract]

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Employee Benefit Plans - Schedule of Components of Pension and Other Postretirement Benefit Costs for Continuing Operation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gain)			$ (1)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	3	$ 4
Interest cost	2	2	5	4
Expected return on plan assets	(1)	(2)	(5)	(5)
Actuarial (gain)	0	0	(1)	0
Total net periodic benefit costs	2	1	2	3
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost		0	0	0
Interest cost	0	0	1	1
Expected return on plan assets	0	0	0	0
Actuarial (gain)	0	0	0	0
Total net periodic benefit costs	$ 0	$ 0	$ 1	$ 1

Litigation, Claims and Contingencies - Summary of Asbestos Claims Activity (Details) - Claim Claim in Thousands	9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Ashland [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	46	49	49	53	53
New claims filed	1	1	2	2	2
Claims settled	(1)	0	(1)	(1)	(1)
Claims dismissed	(1)	(3)	(4)	(5)	(1)
Open claims - end of period	45	47	46	49	53
Hercules [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	12	12	12	13	13
New claims filed	1	1	1	1	1
Claims dismissed	(1)	(1)	(1)	(2)	(1)
Open claims - end of period	12	12	12	12	13

Litigation, Claims and Contingencies - Additional Information (Details)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

USD ($)

WasteTreatmentOrDisposalSite

ServiceStationProperty

Facility

Jun. 30, 2022

USD ($)

WasteTreatmentOrDisposalSite

ServiceStationProperty

Facility

Jun. 30, 2021

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2020

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Number of Years Included in Asbestos Assumption

40 years

Environmental Remediation Costs Recognized [Abstract]

Number of waste treatment or disposal sites were company is identified as a potentially responsible party under the superfund or similar state laws | WasteTreatmentOrDisposalSite

Number of current and former operating facilities subject to various environmental laws | Facility

111

Total number of service station properties subject to various environmental laws | ServiceStationProperty

1,225

Number of service stations being actively remediated | ServiceStationProperty

Accrual for environmental loss contingencies

$ 226

$ 205

$ 207

$ 200

Accrued environmental loss contingencies, noncurrent

171

152

Recorded third-party environmental recoveries receivable

Recorded third-party environmental recoveries, noncurrent

$ 17

Environmental exit costs, reasonably possible additional loss

$ 480

Maximum reserve for remediation reserve related to any one site (in hundredths)

12.00%

Increase (decrease) in asbestos related reserve

$ 16

$ 1

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

$ 102

^[1]

102

^[1]

102

^[1]

100

^[1]

103

^[1]

123

^[1]

$ 140

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

456

Total reserves for asbestos claims

310

^[2]

310

^[2]

326

^[2]

320

^[2]

335

^[2]

352

^[2]

380

Increase (decrease) in asbestos related reserve

(3)

(10)

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

^[3]

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

317

Total reserves for asbestos claims

$ 220

^[4]

$ 220

^[4]

$ 221

^[4]

$ 217

^[4]

$ 229

^[4]

$ 252

^[4]

$ 282

[1]	Includes $12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[2]	Included $29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[3]	Includes $3 million and $1 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, respectively.
[4]	Included $18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Litigation, Claims and Contingencies - Schedule of Progression of Activity in the Asbestos Reserve (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Asbestos reserve - beginning of year

$ 320

^[1]

$ 335

^[1]

$ 335

^[1]

$ 352

^[1]

$ 380

Reserve adjustment

Amounts paid

(26)

(21)

(27)

(30)

(29)

Asbestos reserve - end of period

^[1]

$ 310

310

326

320

335

352

Asbestos reserve - beginning of year

217

^[2]

229

^[2]

229

^[2]

252

^[2]

282

Reserve adjustment

(3)

(10)

Amounts paid

(12)

(16)

(20)

Asbestos reserve - end of period

^[2]

$ 220

$ 221

$ 217

$ 229

$ 252

[1]	Included $29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[2]	Included $18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Litigation, Claims and Contingencies - Schedule of Progression of Activity in the Asbestos Reserve (Parenthetical) (Details) - USD ($)
$ in Millions

Jun. 30, 2022

Sep. 30, 2021

Jun. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2018

Ashland [Member] | Other Current Liabilities [Member]

$ 310

^[1]

$ 320

^[1]

$ 326

^[1]

$ 335

^[1]

$ 352

^[1]

$ 380

Hercules [Member] | Other Current Liabilities [Member]

220

^[2]

217

^[2]

$ 221

^[2]

$ 229

^[2]

$ 252

^[2]

$ 282

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

$ 18

[1]	Included $29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[2]	Included $18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.

Litigation, Claims and Contingencies - Summary of Progression of Insurance Receivable (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Insurance settlement

$ 2

$ 0

$ 5

$ 1

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

Insurance receivable - beginning of year

100

^[1]

103

^[1]

$ 103

^[1]

$ 123

^[1]

$ 140

Insurance receivable - end of period

^[2]

(5)

Insurance settlement

(10)

Amounts collected

(5)

(7)

(9)

(11)

(12)

^[1]

102

100

103

123

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

Insurance receivable - beginning of year

^[3]

Insurance receivable - end of period

^[4]

(2)

(5)

Amounts collected

(1)

^[3]

$ 53

$ 48

$ 53

$ 48

$ 47

$ 49

[1]	Includes $12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[2]	The nine months ended June 30, 2021 includes a reserve adjustment of $2 million related to allowances for credit losses as a result of Ashland’s adoption of the new credit measurement standard. The total allowance for credit losses was $2 million as of June 30, 2022.
[3]	Includes $3 million and $1 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, respectively.
[4]	The nine months ended June 30, 2021 includes a reserve adjustment of $1 million related to allowances for credit losses as a result of Ashland’s adoption of the new credit measurement standard. The total allowance for credit losses was $1 million as of June 30, 2022.

Litigation, Claims and Contingencies - Summary of Progression of Insurance Receivable (Parenthetical) (Details) - USD ($)
$ in Millions

9 Months Ended

Jun. 30, 2021

Jun. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2018

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

Allowance for credit losses

$ 102

^[1]

$ 102

^[1]

$ 100

^[1]

$ 103

^[1]

$ 123

^[1]

$ 140

Total allowance for credit losses

Ashland [Member] | Accounts Receivable [Member]

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

Allowance for credit losses

^[2]

$ 47

^[2]

$ 49

^[2]

$ 54

$ 1

Total allowance for credit losses

Hercules [Member] | Accounts Receivable [Member]

Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]

$ 3

$ 1

[1]	Includes $12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021.
[2]	Includes $3 million and $1 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021, respectively.

Litigation, Claims and Contingencies - Summary of Reconciliation of Changes in Environmental Remediation Reserves (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Reserve - beginning of period	$ 207	$ 200
Disbursements	(42)	(35)
Changes in obligation estimates and accretion, net	61	40
Reserve - end of period	$ 226	$ 205

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Total expense, net of receivable activity

Environmental expense

$ 45

$ 24

$ 60

$ 39

(2)

(5)

(1)

$ 45

$ 25

^[1]

$ 59

$ 41

^[1]

[1]

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Net expense relates to divested businesses	$ 9	$ 3	$ 11	$ 6

Earnings Per Share - Additional Information (Details) - shares shares in Millions	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of earnings per share	1	1

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Numerator for basic and diluted EPS - Income from continuing operations	$ 51	$ 72	$ 121	$ 139
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding	54	61	56	61
Share based awards convertible to common shares	1	1	1	1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions	55	62	57	62
EPS from continuing operations
Basic	$ 0.94	$ 1.18	$ 2.16	$ 2.29
Diluted	$ 0.93	$ 1.17	$ 2.12	$ 2.27

Amount after tax of income (loss) from continuing operations attributable to the parent.

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Equity Items - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended							9 Months Ended
	May 25, 2022	Apr. 08, 2022	Feb. 28, 2022	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	Mar. 01, 2022
Accelerated Share Repurchases [Line Items]
Common shares repurchased					449,932							2,853,312
Common stock, dividends, per share, declared	$ 0.335
Common stock dividends per share cash paid increase	12.00%
Dividend per common share						$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.275	$ 0.275
2022 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Stock repurchase during period value	$ 500
Aggregate amount of common stock to be repurchased	1,000
Stock repurchase program amount outstanding	$ 150
2018 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Aggregate amount of common stock to be repurchased													$ 200
Stock repurchased and retired during period shares		2,150,000
Stock repurchased and retired during period value		$ 200
2021 Accelerated Share Repurchase Agreement [Member]
Accelerated Share Repurchases [Line Items]
Stock repurchase during period value				$ 450
Stock repurchased and retired during period shares				3,900,000								4,600,000
Common shares repurchased			700,000

Equity Items - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Unrealized translation gain (loss), before tax	$ (86)	$ 23	$ (108)	$ 38
Unrealized translation gain (loss), tax	0	0	1	(1)
Unrealized translation gain (loss), net of tax	(86)	23	(107)	37
Unrealized gain (loss) on commodity hedges, before tax	(4)	0	(3)	0
Unrealized gain (loss) on commodity hedges, tax	1	0	1	0
Unrealized gain (loss) on commodity hedges, net of tax	(3)	0	(2)	0
Total other comprehensive income (loss), before tax	(90)	23	(111)	38
Total other comprehensive income (loss), tax	1	0	2	(1)
Other comprehensive income (loss), net of tax	$ (89)	$ 23	$ (109)	$ 37

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Cash dividends declared per common share

$ 3,266

$ 3,202

$ 3,266

$ 3,202

$ 0.335

$ 0.300

$ 0.935

$ 0.850

Common Stock and Paid in Capital [Member]

Balance, beginning of period

$ 177

$ 773

$ 328

$ 770

Compensation expense and common shares issued

^[1]

Common shares purchased under repurchase program

^[2]

(45)

(200)

Retained earnings [Member]

133

777

133

777

Balance, beginning of period

3,596

2,710

2,796

2,649

Adoption of new accounting pronouncements

(2)

Net income

870

176

Regular dividends

(18)

(19)

(52)

Accumulated other comprehensive income (loss) [Member]

3,614

2,771

3,614

2,771

Balance, beginning of period

(392)

(369)

(372)

(383)

Unrealized translation gain (loss)

(86)

(107)

Unrealized gain on commodity hedges

(3)

(2)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ (481)

$ (346)

$ (481)

$ (346)

[1]	Common shares issued were 55,006 shares and 24,452 shares for the three months ended June 30, 2022 and 2021, respectively, and 163,656 shares and 165,158 shares for the nine months ended June 30, 2022 and 2021, respectively.
[2]	Common shares repurchased were 449,932 and 2,853,312 shares for the three and nine months ended June 30, 2022.

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Parenthetical) (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Common shares issued	55,006	24,452	163,656	165,158
Common shares repurchased	449,932		2,853,312

Stock Incentive Plans - Components of Pre-Tax Stock-Based Compensation Expense Included in Continuing Operations (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2022

^[1]

Jun. 30, 2021

^[2]

Jun. 30, 2022

^[1]

Jun. 30, 2021

^[2]

Stock Appreciation Rights (SARs) [Member]

$ 7

$ 4

$ 18

$ 14

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Nonvested Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 3

$ 2

$ 8

$ 5

[1]	Included $1 million and $3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022, and $1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022.
[2]	Included zero and $2 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2021.

Stock Incentive Plans - Components of Pre-Tax Stock-Based Compensation Expense Included in Continuing Operations (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Cash-settled Nonvested Restricted Stock Awards [Member]

$ 7

^[1]

$ 4

^[2]

$ 18

^[1]

$ 14

^[2]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cash-settled Performance Shares [Member]

$ 0

$ 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 1

[1]	Included $1 million and $3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022, and $1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022.
[2]	Included zero and $2 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2021.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Sales	$ 644	$ 543	$ 1,759	$ 1,520
Life Sciences [Member]
Disaggregation Of Revenue [Line Items]
Sales	228	193	602	548
Life Sciences [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	70	60	185	171
Life Sciences [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	76	63	197	177
Life Sciences [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	61	52	159	146
Life Sciences [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	21	18	61	54
Personal Care [Member]
Disaggregation Of Revenue [Line Items]
Sales	172	147	490	409
Personal Care [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	50	46	146	129
Personal Care [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	69	59	194	162
Personal Care [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	31	25	93	68
Personal Care [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	22	17	57	50
Specialty Additives [Member]
Disaggregation Of Revenue [Line Items]
Sales	194	169	532	474
Specialty Additives [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	71	53	185	146
Specialty Additives [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	67	65	192	179
Specialty Additives [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	48	43	133	123
Specialty Additives [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	8	8	22	26
Intermediates [Member]
Disaggregation Of Revenue [Line Items]
Sales	73	49	192	118
Intermediates [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	47	33	121	73
Intermediates [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	13	7	32	19
Intermediates [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	10	7	31	21
Intermediates [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	$ 3	$ 2	$ 8	$ 5

Revenue - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Trade Receivable [Member]
Revenue From Contracts With Customers [Line Items]
Trade receivables	$ 444	$ 308

Reportable Segment Information - Summary of Financial Information for Each Reportable Segment (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2021

$ 644

$ 543

$ 1,759

$ 1,520

212

111

111

115

^[1]

138

108

394

291

Intersegment Eliminations [Member]

6,412

$ 6,612

^[2]

(23)

(15)

(57)

(29)

Life Sciences [Member]

228

193

602

548

115

101

^[1]

161

148

1,938

1,945

Personal Care [Member]

172

147

490

409

^[1]

130

108

Specialty Additives [Member]

1,087

1,145

194

169

532

474

^[3]

^[1]

141

1,601

1,636

Intermediates [Member]

192

118

Unallocated and Other [Member]

^[1]

185

160

(64)

(34)

(121)

(92)

^[1]

(64)

$ (33)

(120)

$ (91)

$ 1,601

$ 1,726

[1]	Excludes income (loss) from discontinued operations, other net periodic benefit income (expense) and income (loss) on acquisitions and divestitures, net. See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.
[2]	Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment transfers are accounted for at cost.
[3]	Includes a capital project impairment of $9 million for the nine months ended June 30, 2021 relating to a long-term capital project plan change at a plant facility.

Reportable Segment Information - Summary of Financial Information for Each Reportable Segment (Parenthetical) (Details) $ in Millions	9 Months Ended
	Jun. 30, 2021 USD ($)
Specialty Additives [Member]
Segment Reporting Information [Line Items]
Capital project impairment	$ 9

Subsequent Events - Additional Information (Details) - 2022 Credit Agreement [Member] - Unsecured Revolving Credit Facility [Member] - Subsequent Event [Member] $ in Millions	Jul. 22, 2022 USD ($)
Subsequent Event [Line Items]
Unsecured line of credit	$ 600
Debt instrument, term	5 years