0000950170-24-009280 | 10-Q | XBRL Viewer

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Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 4
Maximum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 5
Current Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)	600.00%
Tax reform (benefit) and expense	$ 24
Prior Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)		16.00%
Tax reform (benefit) and expense		$ 1

Litigation, Claims and Contingencies

3 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Litigation, Claims and Contingencies

NOTE K – 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, 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.


	Three months ended
	December 31						Years ended September 30
(In thousands)	2023			2022			2023			2022			2021
Open claims - beginning of year		42			44			44			46			49
New claims filed		1			1			2			2			2
Claims settled		—			—			(1	)		(1	)		(1	)
Claims dismissed		(1	)		(1	)		(3	)		(3	)		(4	)
Open claims - end of period		42			44			42			44			46

Ashland asbestos-related liability

During the most recent update completed in fiscal 2023, it was determined that the liability for Ashland asbestos-related claims should be increased by $9 million. Total reserves for asbestos claims were $271 million at December 31, 2023 compared to $281 million at September 30, 2023.

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Asbestos reserve - beginning of year	$	281		$	305		$	305		$	320		$	335
Reserve adjustment		—			—			9			16			12
Amounts paid		(10	)		(13	)		(33	)		(31	)		(27	)
Asbestos reserve - end of period(a)	$	271		$	292		$	281		$	305		$	320

(a)

Included $28 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

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. Substantially all of the estimated receivables from insurance companies are expected to be due from domestic insurers, all of which are solvent.

At December 31, 2023, Ashland’s receivable for recoveries of litigation defense and claim settlement costs from insurers amounted to $93 million (excluding the Hercules receivable for asbestos claims discussed below) compared to $95 million at September 30, 2023. In fiscal 2023, 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 $3 million increase in the receivable for probable insurance recoveries.

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Insurance receivable - beginning of year	$	95		$	101		$	101		$	100		$	103
Receivable adjustment(a)		—			—			3			7			6
Amounts collected		(2	)		(2	)		(9	)		(6	)		(9	)
Insurance receivable - end of period(b)	$	93		$	99		$	95		$	101		$	100

(a)

2021 includes a $2 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the credit measurement standard. The total allowance for credit losses was $1 million as of December 31, 2023 and September 30, 2023.

(b)

Includes $11 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

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.


	Three months ended
	December 31				Years ended September 30
(In thousands)	2023		2022		2023		2022			2021
Open claims - beginning of year		12		11		11		12			12
New claims filed		—		—		1		1			1
Claims dismissed		—		—		—		(2	)		(1	)
Open claims - end of period		12		11		12		11			12

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. 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. During the most recent update completed in fiscal 2023, it was determined that the liability for Hercules asbestos-related claims should be decreased by $2 million. Total reserves for asbestos claims were $186 million at December 31, 2023 compared to $191 million at September 30, 2023.

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Asbestos reserve - beginning of year	$	191		$	213		$	213		$	217		$	229
Reserve adjustments		—			—			(2	)		15			8
Amounts paid		(5	)		(4	)		(20	)		(19	)		(20	)
Asbestos reserve - end of period(a)	$	186		$	209		$	191		$	213		$	217

(a)

Included $17 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Hercules asbestos-related receivables

For the Hercules asbestos-related obligations, certain reimbursement obligations pursuant to coverage-in-place agreements with insurance carriers exist. As a result, any increases in the asbestos reserve have been partially offset by probable insurance recoveries. 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 December 31, 2023, Ashland’s receivable for recoveries of litigation defense and claims costs from insurers with respect to Hercules amounted to $46 million compared to $47 million at September 30, 2023. In fiscal 2023, 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 decrease of $3 million in the receivable for probable insurance recoveries.

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Insurance receivable - beginning of year	$	47		$	52		$	52		$	47		$	47
Receivable adjustment(a)		—			—			(3	)		7			1
Amounts collected		(1	)		(1	)		(2	)		(2	)		(1	)
Insurance receivable - end of period(b)	$	46		$	51		$	47		$	52		$	47

(a)

2021 includes a $1 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the credit measurement standard. The total allowance for credit losses was $1 million as of December 31, 2023 and September 30, 2023.

(b)

Includes $4 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Asbestos litigation cost projection

Projecting future asbestos costs is subject to numerous variables that are difficult to predict. In addition to the uncertainties surrounding the number of claims that might be received, other variables include the type and severity of the disease alleged by each claimant and the related costs incurred in resolving those claims, mortality rates, dismissal rates, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. In light of 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 $422 million for the Ashland asbestos-related litigation (current reserve of $271 million) and approximately $288 million for the Hercules asbestos-related litigation (current reserve of $186 million), depending on the combination of assumptions selected in the various models. While the timeframe used in Ashland’s models for projecting asbestos liabilities generally decreases over time based on the expected lifetime of the liabilities, these models have been consistently applied between all periods presented. 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 December 31, 2023, such locations included 55 sites where Ashland has been identified as a potentially responsible party under Superfund or similar state laws, 108 current and former operating facilities and about 1,225 service station properties, of which 14 are being actively remediated.

Ashland’s reserves for environmental remediation and related environmental litigation amounted to $207 million at December 31, 2023 compared to $214 million at September 30, 2023, of which $158 million at December 31, 2023 and $165 million at September 30, 2023 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 three months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions)	2023			2022
Reserve - beginning of period	$	214		$	211
Disbursements		(11	)		(13	)
Revised obligation estimates and accretion		4			8
Reserve - end of period	$	207		$	206

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, 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 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 December 31, 2023 and September 30, 2023, Ashland’s recorded receivable for these probable insurance recoveries

were $16 million and $17 million, respectively, of which $12 million and $15 million at December 31, 2023 and September 30, 2023 were 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 months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions)	2023			2022
Environmental expense	$	4		$	8
Legal expense		1			1
Total expense		5			9

Insurance receivable		(1	)		—
Total expense, net of receivable activity(a)	$	4		$	9

(a)

Net expense of $1 million for the three months ended December 31, 2022 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 loss from discontinued operations caption of the Statements of Consolidated Comprehensive Income (Loss).

Environmental remediation reserves are subject to 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 and the extent of required cleanup efforts under existing environmental regulations. 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 $455 million. The largest reserve for any site is 22% of the remediation reserve as of December 31, 2023.

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 December 31, 2023. 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 December 31, 2023.

Litigation, Claims and Contingencies - Summary of Asbestos Claims Activity (Details) - Claim Claim in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Ashland [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	42	44	44	46	49
New claims filed	1	1	2	2	2
Claims settled	0	0	(1)	(1)	(1)
Claims dismissed	(1)	(1)	(3)	(3)	(4)
Open claims - end of period	42	44	42	44	46
Hercules [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	12	11	11	12	12
New claims filed	0	0	1	1	1
Claims dismissed	0	0	0	(2)	(1)
Open claims - end of period	12	11	12	11	12

Employee Benefit Plans - Schedule of Components of Pension and Other Postretirement Benefit Costs for Continuing Operation (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	3	3
Expected return on plan assets	(2)	(2)
Total net periodic benefit costs	2	2
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	0
Expected return on plan assets	0	0
Total net periodic benefit costs	$ 1	$ 0

Fair Value Measurements - Summary of Restricted Investment Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Restricted Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	$ 389	$ 393
Gross Unrealized Gain	36	24
Gross Unrealized Loss	(33)	(50)
Fair Value	392	367
Fixed Income Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	226	226
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(33)	(48)
Fair Value	193	178
Equity Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	147	155
Gross Unrealized Gain	36	24
Gross Unrealized Loss	0	(2)
Fair Value	183	177
Demand Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	16	12
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	$ 16	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Equity Items - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2023	Jun. 28, 2023
Accelerated Share Repurchases [Line Items]
Dividend per common share		$ 38.5	$ 33.5
2022 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Stock repurchase program amount outstanding					$ 200
2023 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Stock repurchase during period value	$ 100	$ 100
Aggregate amount of common stock to be repurchased				$ 100	$ 1,000
Stock repurchased and retired during period shares	1.2
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 900	$ 900

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Parenthetical) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Net expense relates to divested businesses	$ 1

Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Fiscal 2024 and 2023 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	$ 3		$ 3
Accelerated depreciation	21
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Accrued Expenses and Other Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	3		3
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Selling, General and Administrative Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)	(3)	$ 0
Fiscal 2023 Life Sciences Restructuring Program [Member] \| Accrued Expenses and Other Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	$ 0		$ 0
Fiscal 2023 Life Sciences Restructuring Program [Member] \| Selling, General and Administrative Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)		$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,675	$ 1,649
Accumulated amortization	(1,078)	(1,041)
Net carrying amount	597	608
Intangible Assets, Net [Abstract]
Gross carrying amount	1,953	1,927
Net carrying amount	875	886
Trademarks and Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	99	97
Accumulated amortization	(44)	(43)
Net carrying amount	55	54
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	741	731
Accumulated amortization	(598)	(581)
Net carrying amount	143	150
Customer and Supplier Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	835	821
Accumulated amortization	(436)	(417)
Net carrying amount	$ 399	$ 404

Revenue

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

NOTE O – 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 in its North America designation and includes Europe, the Middle East and Africa in its Europe designation. See the following tables for details. See Note P for additional information.


Sales by geography
	Three months ended
	December 31
(In millions)	2023		2022
Life Sciences
North America	$	67	$	47
Europe		63		74
Asia Pacific		51		60
Latin America & other		19		26
	$	200	$	207

	Three months ended
	December 31
(In millions)	2023		2022
Personal Care
North America	$	40	$	42
Europe		47		51
Asia Pacific		25		28
Latin America & other		17		17
	$	129	$	138

	Three months ended
	December 31
(In millions)	2023		2022
Specialty Additives
North America	$	42	$	53
Europe		40		48
Asia Pacific		34		35
Latin America & other		6		7
	$	122	$	143

	Three months ended
	December 31
(In millions)	2023		2022
Intermediates
North America	$	25	$	34
Europe		4		9
Asia Pacific		3		8
Latin America & other		1		3
	$	33	$	54

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 $161 million and $288 million as of December 31, 2023 and September 30, 2023, respectively. See Note G for additional information on Ashland’s programs to sell certain receivables on a revolving basis to third party banks up to an aggregate purchase limit (U.S and Foreign Accounts Receivable Sales Programs).

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

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

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Ashland [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve

$ 271

^[1]

$ 281

^[1]

$ 292

^[1]

$ 305

^[1]

$ 320

^[1]

$ 335

Ashland [Member] | Other Current Liabilities [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve

Hercules [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve

186

^[2]

191

^[2]

$ 209

^[2]

$ 213

^[2]

$ 217

^[2]

$ 229

Hercules [Member] | Other Current Liabilities [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve

$ 17

[1]	Included $28 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[2]	Included $17 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions

Dec. 31, 2023

Sep. 30, 2023

Current assets

Cash and cash equivalents

$ 440

$ 417

Accounts receivable - Note G

^[1]

194

338

Inventories - Note F

588

626

Other assets

143

125

Total current assets

1,365

1,506

Property, plant and equipment

Cost

3,277

3,211

Accumulated depreciation

1,910

1,838

Net property, plant and equipment

1,367

1,373

Goodwill - Note F

1,396

1,362

Intangibles - Note F

875

886

Operating lease assets, net - Note H

123

122

Restricted investments - Note D

315

290

Asbestos insurance receivable - Note K

^[2]

124

127

Deferred income taxes

Other assets

256

251

Total noncurrent assets

4,501

4,433

Total assets

5,866

5,939

Current liabilities

Short-term debt - Note G

Trade and other payables

202

210

Accrued expenses and other liabilities

190

208

Current operating lease obligations - Note H

Total current liabilities

414

456

Noncurrent liabilities

Long-term debt - Note G

1,341

1,314

Asbestos litigation reserve - Note K

412

427

Deferred income taxes

148

Employee benefit obligations - Note J

100

Operating lease obligations - Note H

107

106

Other liabilities

293

291

Total noncurrent liabilities

2,399

2,386

Commitments and contingencies - Note K

Stockholders' equity - Note M

3,053

3,097

Total liabilities and stockholders' equity

$ 5,866

$ 5,939

[1]	Accounts receivable includes an allowance for credit losses of $3 million at both December 31, 2023 and September 30, 2023.
[2]	Asbestos insurance receivable includes an allowance for credit losses of $2 million at both December 31, 2023 and September 30, 2023.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Current assets
Allowance for credit losses on Accounts receivables	$ 3	$ 3

Leasing Arrangements - Components of Lease Cost Recognized (Parenthetical) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Leases [Abstract]
Lease termination fee	$ 1

Leasing Arrangements

3 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leasing Arrangements

NOTE H – LEASING ARRANGEMENTS

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


		Three months ended
		December 31
(In millions)	Location	2023		2022
Lease cost:
Operating lease cost	Selling, General & Administrative(a)	$	4	$	3
Operating lease cost	Cost of Sales		3		3
Variable lease cost	Selling, General & Administrative		1		1
Variable lease cost	Cost of Sales		1		2
Short-term leases	Cost of Sales		1		1
Total lease cost		$	10	$	10

(a)

Includes a $1 million charge for the impairment of an abandoned right of use office building asset for the three months ended December 31, 2023.

Right-of-use assets exchanged for new operating lease obligations were $1 million and $2 million for the three months ended December 31, 2023 and 2022, respectively.

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


	Three months ended
	December 31
(In millions)	2023		2022
Operating cash flows from operating leases	$	7	$	7

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Sales	$ 473	$ 525
Cost of sales	375	360
Gross profit	98	165
Selling, general and administrative expense	83	93
Research and development expense	12	13
Intangibles amortization expense - Note F	21	23
Equity and other income	2	1
Loss on acquisitions and divestitures, net	(2)	0
Operating income (loss)	(18)	37
Net interest and other income	(24)	(14)
Other net periodic benefit loss - Note J	2	1
Income from continuing operations before income taxes	4	50
Income tax expense (benefit) - Note I	(24)	8
Income from continuing operations	28	42
Loss from discontinued operations, net of income taxes - Note B	(2)	(2)
Net income	$ 26	$ 40
Basic earnings per share - Note L
Income from continuing operations	$ 0.54	$ 0.77
Loss from discontinued operations	(0.03)	(0.03)
Net income	0.51	0.74
Diluted earnings per share - Note L
Income from continuing operations	0.54	0.76
Loss from discontinued operations	(0.03)	(0.03)
Net income	$ 0.51	$ 0.73
COMPREHENSIVE INCOME
Net income	$ 26	$ 40
Other comprehensive income (loss), net of tax
Unrealized translation gain	54	82
Unrealized loss on commodity hedges	(1)	(4)
Other comprehensive income - Note M	53	78
Comprehensive income	$ 79	$ 118

Debt and Other Financing Activities (Tables)

3 Months Ended

Dec. 31, 2023

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)	December 31, 2023			September 30, 2023
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		554			528
6.875% notes, due 2043		282			282
6.50% junior subordinated notes, due 2029		64			64
Other(a)		(9	)		6
Total debt		1,341			1,330
Short-term debt		—			16
Long-term debt (less debt issuance costs)	$	1,341		$	1,314

(a)

Other includes $13 million of debt issuance costs as of December 31, 2023 and September 30, 2023. The current portion of the long-term debt was zero for both December 31, 2023 and September 30, 2023.

Goodwill and Other Intangibles - Summary of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Discontinued Operations

3 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE B – 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.

The following divested businesses represent disposal groups that qualified as discontinued operations in previous periods and impacted discontinued operations for the three months ended December 31, 2023 and 2022:

•

The Performance Adhesives business divested in 2022; and

•

The sale of the Ashland Distribution (Distribution) business divested in 2011.

Additionally, Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims result primarily from indemnification obligations undertaken in 1990 in connection with the sale of

Riley Stoker Corporation, a former subsidiary, which qualified as a discontinued operation and from the acquisition during 2009 of Hercules LLC (formerly Hercules Incorporated), an indirect wholly-owned subsidiary of Ashland. Adjustments to the recorded litigation reserves and related insurance receivables are recorded within the discontinued operations caption. See Note K for more information related to the adjustments on asbestos liabilities and receivables.

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 months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions)	2023			2022
Loss from discontinued operations, net of income taxes
Performance Adhesives	$	(3	)	$	(1	)
Asbestos-related litigation		1			—
Distribution		—			(1	)
	$	(2	)	$	(2	)

Leasing Arrangements (Tables)

3 Months Ended

Dec. 31, 2023

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
		December 31
(In millions)	Location	2023		2022
Lease cost:
Operating lease cost	Selling, General & Administrative(a)	$	4	$	3
Operating lease cost	Cost of Sales		3		3
Variable lease cost	Selling, General & Administrative		1		1
Variable lease cost	Cost of Sales		1		2
Short-term leases	Cost of Sales		1		1
Total lease cost		$	10	$	10

(a)

Includes a $1 million charge for the impairment of an abandoned right of use office building asset for the three months ended December 31, 2023.

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
	December 31
(In millions)	2023		2022
Operating cash flows from operating leases	$	7	$	7

Income Taxes (Tables)

3 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Changes in Unrecognized Tax Benefits

Changes in unrecognized tax benefits are summarized as follows for the three months ended December 31, 2023.


(In millions)
Balance at October 1, 2023	$	59
Increases related to positions taken in prior years		3
Lapse of statute of limitations		(1	)
Balance at December 31, 2023	$	61

Fair Value Measurements

3 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE D – 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.

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 through the use of 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 December 31, 2023.


	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	$	440	$	440	$	440	$	—	$	—
Restricted investments(a)(b)		392		392		392		—		—
Investment of captive insurance company(c)		7		7		7		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	840	$	840	$	839	$	1	$	—

Liabilities
Commodity derivatives(e)		5		5		—		5		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $258 million related to the Asbestos trust and $134 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, 2023.


	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	$	417	$	417	$	417	$	—	$	—
Restricted investments(a)(b)		367		367		367		—		—
Investment of captive insurance company(c)		6		6		6		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	791	$	791	$	790	$	1	$	—

Liabilities
Foreign currency derivatives(e)	$	1	$	1	$	—	$	1	$	—
Commodity derivatives(e)		4		4		—		4		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $243 million related to the Asbestos trust and $124 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

Ashland maintains certain investments in company restricted renewable annual trusts for the purpose of paying future asbestos indemnity and defense costs and future environmental remediation and related litigation costs. The financial instruments are designated as investment securities, classified as Level 1 measurements within the fair value hierarchy. These securities were classified primarily as noncurrent restricted investment assets, with $77 million classified within other current assets, in the Condensed Consolidated Balance Sheets at both December 31, 2023 and September 30, 2023.

The following table presents gross unrealized gains and losses for the restricted securities as of December 31, 2023 and September 30, 2023:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of December 31, 2023
Demand deposit	$	16	$	—	$	—		$	16
Equity mutual fund		147		36		—			183
Fixed income mutual fund		226		—		(33	)		193
Fair value	$	389	$	36	$	(33	)	$	392

As of September 30, 2023
Demand deposit	$	12	$	—	$	—		$	12
Equity mutual fund		155		24		(2	)		177
Fixed income mutual fund		226		—		(48	)		178
Fair value	$	393	$	24	$	(50	)	$	367

The following table presents the investment income, net gains and losses realized, funds restricted for specific transactions, and disbursements related to the investments within the restricted investments portfolio for the three months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions)	2023			2022
Investment income(a)	$	5		$	4
Net gains(a)		31			21
Funds restricted for specific transactions		5			5
Disbursements		(16	)		—

(a)

Included in the net interest and other income caption within the Statements of Consolidated Comprehensive Income (Loss).

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 of certain assets and liabilities, including short-term intercompany 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. All contracts are valued at fair value with net changes in fair value recorded within the selling, general and administrative expense caption. 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 gains and losses recognized during the three months ended December 31, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended
	December 31
(In millions)	2023		2022
Foreign currency derivative gains	$	3	$	8

The following table summarizes the fair values of the outstanding foreign currency derivatives as of December 31, 2023 and September 30, 2023 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.


	December 31		September 30
(In millions)	2023		2023
Foreign currency derivative assets	$	1	$	1
Notional contract values		173		147

Foreign currency derivative liabilities	$	—	$	1
Notional contract values		17		103

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 months ended December 31, 2023 and 2022 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended
	December 31
(In millions)	2023			2022
Commodity derivative gains (losses)	$	(1	)	$	1

The following table summarizes the fair values of the outstanding commodity derivatives as of December 31, 2023, and September 30, 2023 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets.


	December 31		September 30
(In millions)	2023		2023
Commodity derivative assets	$	—	$	—
Notional contract values		—		2

Commodity derivative liabilities	$	5	$	4
Notional contract values		14		16

Other financial instruments

At December 31, 2023 and September 30, 2023, Ashland's long-term debt (including the current portion and excluding debt issuance cost discounts) had a carrying value of $1,354 million and $1,327 million, respectively, compared to a fair value of $1,279 million and $1,160 million, respectively. The fair values of long-term debt are based on quoted market prices.

- Definition

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

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

Dec. 31, 2023

Sep. 30, 2023

Debt Instrument [Line Items]

Carrying value of debt

$ 1,354

$ 1,327

Other

^[1]

(9)

Total debt

1,341

1,330

Short-term debt

Long-term debt (less debt issuance costs)

1,341

1,314

3.375% Senior Notes, due 2031 [Member]

Debt Instrument [Line Items]

Carrying value of debt

450

2.00% Senior Notes Due 2028 [Member]

Debt Instrument [Line Items]

Carrying value of debt

554

528

6.875% Notes due 2043 [Member]

Debt Instrument [Line Items]

Carrying value of debt

282

6.50% Junior Subordinated Notes, Due 2029 [Member]

Debt Instrument [Line Items]

Carrying value of debt

$ 64

[1]	Other includes $13 million of debt issuance costs as of December 31, 2023 and September 30, 2023. The current portion of the long-term debt was zero for both December 31, 2023 and September 30, 2023.

Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted 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 and warrants available to purchase shares outstanding for each reporting period whose exercise 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 December 31, 2023 and 2022, respectively. The majority of these shares are for warrants with a strike price of $128.66. Earnings per share is reported under the treasury stock method.


	Three months ended
	December 31
(In millions, except per share data)	2023		2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$	28	$	42
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		51		54
Share based awards convertible to common shares		—		1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions		51		55
EPS from continuing operations
Basic	$	0.54	$	0.77
Diluted		0.54		0.76

Discontinued Operations (Tables)

3 Months Ended

Dec. 31, 2023

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


	Three months ended
	December 31
(In millions)	2023			2022
Loss from discontinued operations, net of income taxes
Performance Adhesives	$	(3	)	$	(1	)
Asbestos-related litigation		1			—
Distribution		—			(1	)
	$	(2	)	$	(2	)

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
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-Paragraph 4A
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Sales	$ 473	$ 525
Life Sciences [Member]
Disaggregation Of Revenue [Line Items]
Sales	200	207
Life Sciences [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	67	47
Life Sciences [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	63	74
Life Sciences [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	51	60
Life Sciences [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	19	26
Personal Care [Member]
Disaggregation Of Revenue [Line Items]
Sales	129	138
Personal Care [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	40	42
Personal Care [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	47	51
Personal Care [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	25	28
Personal Care [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	17	17
Specialty Additives [Member]
Disaggregation Of Revenue [Line Items]
Sales	122	143
Specialty Additives [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	42	53
Specialty Additives [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	40	48
Specialty Additives [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	34	35
Specialty Additives [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	6	7
Intermediates [Member]
Disaggregation Of Revenue [Line Items]
Sales	33	54
Intermediates [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	25	34
Intermediates [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	4	9
Intermediates [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	3	8
Intermediates [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	$ 1	$ 3

Restructuring Activities - Summary of Severance Reserves and Facility Cost Reserves (Details) - Fiscal 2024 and 2023 Restructuring Severance Costs [Member] $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 3
Restructuring reserve	3
Utilization (cash paid)	(3)
Ending balance	$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leasing Arrangements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Right-of-use assets exchanged for new operating lease obligations	$ 1	$ 2

Revenue - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Trade Receivable [Member]
Revenue From Contracts With Customers [Line Items]
Trade receivables	$ 161	$ 288

Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) on acquisitions and divestitures, net	$ (2)	$ 0

Debt and Other Financing Activities

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt and Other Financing Activities

NOTE G – 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)	December 31, 2023			September 30, 2023
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		554			528
6.875% notes, due 2043		282			282
6.50% junior subordinated notes, due 2029		64			64
Other(a)		(9	)		6
Total debt		1,341			1,330
Short-term debt		—			16
Long-term debt (less debt issuance costs)	$	1,341		$	1,314

(a)

Other includes $13 million of debt issuance costs as of December 31, 2023 and September 30, 2023. The current portion of the long-term debt was zero for both December 31, 2023 and September 30, 2023.

The scheduled aggregate maturities to 2028 for long-term debt by year (including the current portion and excluding debt issuance costs) are as follows as of December 31, 2023: zero in the next 3 years, $4 million in 2027, and $554 million in 2028.

Accounts Receivable Facilities and Off-Balance Sheet Arrangements

U.S. Accounts Receivable Sales Program

Ashland continues to maintain its U.S. Accounts Receivable Sales Program, which was 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 Statements of Condensed Consolidated Cash Flows. Losses on sale of assets, including related transaction expenses are recorded within the net interest and other income 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 less than $1 million within the Statements of Consolidated Comprehensive Income (Loss) for the three months ended December 31, 2023 and 2022 within the net interest and other income caption associated with sales under the program. Ashland has recorded $78 million in sales at December 31, 2023 against the buyer’s limit, which was $100 million at December 31, 2023 compared to $86 million of sales at September 30, 2023 against the buyer's limit, which was $115 million at September 30, 2023. Ashland transferred $99 million and $106 million in receivables to the special purpose entity as of December 31, 2023 and September 30, 2023, respectively. Ashland recorded liabilities related to its service obligations and limited guarantee as of December 31, 2023 and September 30, 2023 of less than $1 million.

As of December 31, 2023 and 2022, the year-to-date gross cash proceeds received for receivables transferred and derecognized were $85 million and $49 million, respectively, of which $77 million and $68 million were collected, which includes collections from sales in prior years transferred to the buyer. The difference between receivables transferred and derecognized versus collected of $8 million and $19 million for the periods ended December 31, 2023 and 2022, respectively, represents the impact of a net increase and a net reduction in accounts receivable sales volume during each period, respectively.

2018 Foreign Accounts Receivable Securitization Facility

In October 2023, Ashland terminated its 2018 Foreign Accounts Receivable Securitization Facility. The program had no outstanding borrowings at its termination. This program did not meet criteria for sale accounting and was reported as secured borrowing under ASC 860. At September 30, 2023, the outstanding amount of accounts receivable transferred by Ashland to the purchaser was $124 million.

Foreign Accounts Receivable Sales Program

On October 19, 2023, Ashland entered, through an Ireland based, wholly-owned, bankruptcy-remote consolidated special purpose entity (the "SPE"), into a three-year agreement with a group of entities (buyers) to sell certain trade receivables, without recourse beyond the pledged receivables, of certain wholly-owned Ashland subsidiaries (Foreign Accounts Receivable Sales Programs) primarily in Europe. Under the agreement, Ashland can transfer whole receivables up to a limit established by the buyer, which is currently set at €125 million. Ashland’s continuing involvement is limited to servicing the receivables, including billing, collections and remittance of payments to the buyers as well as a limited guarantee on over-collateralization.

Ashland determined that any receivables transferred under this agreement are put presumptively beyond the reach of Ashland and its creditors, even in bankruptcy or other receivership. Ashland received true sale at law and non-consolidation opinions from independent qualified legal advisors in the jurisdiction of each originating subsidiary to support the legal isolation of these receivables. Consequently, Ashland accounts for receivables transferred to buyers as part of this agreement as sales.

Through December 31, 2023, Ashland has sold $102 million in receivables under this agreement. Accordingly, Ashland recognized $1 million in losses within the net interest and other income caption of the Statements of Consolidated Income (Loss) for the three months ended December 31, 2023. Ashland recorded $102 million in sales and gross proceeds received against the buyer's limit, which was $102 million at December 31, 2023. Ashland transferred $147 million in receivables to the SPE as of December 31, 2023. Ashland recorded less than $1 million in liabilities related to its service obligations and limited guarantee as of December 31, 2023.

Available borrowing capacity and liquidity

The borrowing capacity remaining under the 2022 Credit Agreement was $596 million, which reflects the full $600 million Revolving Credit Facility less a reduction of $4 million for letters of credit outstanding as of December 31, 2023. Ashland's total borrowing capacity at December 31, 2023 was $596 million.

Ashland had no available liquidity under its current U.S. and Foreign Accounts Receivable Sales Programs as of December 31, 2023.

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 December 31, 2023, Ashland is in compliance with all debt agreement covenant restrictions.

The maximum consolidated net leverage ratio permitted under Ashland's current credit agreement (the 2022 Credit Agreement) is 4.0. At December 31, 2023, Ashland’s calculation of the consolidated net leverage ratio was 2.1.

The minimum required consolidated interest coverage ratio under the 2022 Credit Agreement during its entire duration is 3.0. At December 31, 2023, Ashland’s calculation of the interest coverage ratio was 7.6.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leasing Arrangements - Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 7	$ 7

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

Dec. 31, 2023

Sep. 30, 2023

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

Assets

Cash and cash equivalents

$ 440

$ 417

Restricted investments

392

^[1],[2]

367

^[3],[4]

Investment of captive insurance company

^[5]

^[6]

Foreign currency derivatives

^[7]

^[8]

Total assets at fair value

840

791

Liabilities

Foreign currency derivatives

^[9]

Total liabilities at fair value

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

Liabilities

Commodity derivatives

^[10]

$ 5

$ 4

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued Liabilities, Current

Estimate of Fair Value, Fair Value Disclosure [Member]

Assets

Cash and cash equivalents

$ 440

$ 417

Restricted investments

392

^[1],[2]

367

^[3],[4]

Investment of captive insurance company

^[5]

^[6]

Foreign currency derivatives

^[7]

^[8]

Total assets at fair value

840

791

Liabilities

Foreign currency derivatives

^[9]

Total liabilities at fair value

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

Liabilities

Commodity derivatives

^[10]

$ 5

$ 4

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

Accrued Liabilities, Current

Fair Value, Inputs, Level 1 [Member]

Assets

Cash and cash equivalents

$ 440

$ 417

Restricted investments

392

^[1],[2]

367

^[3],[4]

Investment of captive insurance company

^[5]

^[6]

Foreign currency derivatives

^[7]

^[8]

Total assets at fair value

839

790

Liabilities

Foreign currency derivatives

^[9]

Total liabilities at fair value

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

Liabilities

Commodity derivatives

^[10]

Fair Value, Inputs, Level 2 [Member]

Assets

Cash and cash equivalents

Restricted investments

^[1],[2]

^[3],[4]

Investment of captive insurance company

^[5]

^[6]

Foreign currency derivatives

^[7]

^[8]

Total assets at fair value

Liabilities

Foreign currency derivatives

^[9]

Total liabilities at fair value

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

Liabilities

Commodity derivatives

^[10]

Fair Value, Inputs, Level 3 [Member]

Assets

Cash and cash equivalents

Restricted investments

^[1],[2]

^[3],[4]

Investment of captive insurance company

^[5]

^[6]

Foreign currency derivatives

^[7]

^[8]

Total assets at fair value

Liabilities

Foreign currency derivatives

^[9]

Total liabilities at fair value

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

Liabilities

Commodity derivatives

^[10]

$ 0

[1]	Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets
[2]	Includes $258 million related to the Asbestos trust and $134 million related to the Environmental trust
[3]	Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets
[4]	Includes $243 million related to the Asbestos trust and $124 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.

Debt and Other Financing Activities - Summary of Current and Long-term Debt (Parenthetical) (Details) € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023 EUR (€)	Sep. 30, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance expense, long-term debt			$ 13	$ 13
Current portion of long-term debt			0	0
Short-Term Debt			$ 0	$ 16
3.375% Senior Notes, due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.375%	3.375%	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%	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%	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%	6.50%	6.50%
Debt instrument, maturity year	2029	2029

Fair Value Measurements - Summary of Fair Values of Outstanding Foreign Currency Derivatives (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative assets	$ 1	$ 1
Notional contract values	173	147
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	17	103
Foreign currency derivative liabilities	$ 0	$ 1

Restructuring Activities

3 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

NOTE C – RESTRUCTURING ACTIVITIES

Ashland periodically implements 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 2024 and 2023 restructuring costs

During fiscal 2023, Ashland implemented targeted organizational restructuring actions to reduce costs. This program continued into fiscal 2024.

Severance costs

Ashland recorded severance expense of $3 million and zero during the three months ended December 31, 2023 and 2022, respectively, within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of December 31, 2023 and September 30, 2023, the severance reserve associated with this program was $3 million within accrued expenses and other liabilities in the Consolidated Balance Sheets.

The following table details at December 31, 2023, the amount of restructuring severance reserves related to this program.


(In millions)	Severance costs
Balance at of September 30, 2023	$	3
Restructuring reserve		3
Utilization (cash paid)		(3	)
Balance at December 31, 2023	$	3

Plant optimization actions

During the three months ended December 31, 2023, Ashland incurred $21 million of accelerated depreciation for product line optimization activities associated with a Specialty Additives manufacturing facility, which was recorded within the cost of goods sold caption of the Statements of Consolidated Comprehensive Income (Loss).

Fiscal 2023 Life Sciences restructuring program

During the three months ended December 31, 2022, Ashland implemented a restructuring program within the Nutraceuticals business of the Life Sciences segment. Ashland recorded severance expense of $1 million during the three months ended December 31, 2022, within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of December 31, 2023 and September 30, 2023, the severance reserve associated with this program was zero.

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Investment income

^[1]

$ 5

$ 4

Net gains

^[1]

Funds restricted for specific transactions

Disbursements

$ (16)

$ 0

[1]	Included in the net interest and other income caption within the Statements of Consolidated Comprehensive Income (Loss).

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

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Ashland [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve - beginning of year

$ 281

^[1]

$ 305

^[1]

$ 305

^[1]

$ 320

^[1]

$ 335

Reserve adjustment

Amounts paid

(10)

(13)

(33)

(31)

(27)

Asbestos reserve - end of period

^[1]

271

292

281

305

320

Hercules [Member]

Asbestos reserve [Roll Forward]

Asbestos reserve - beginning of year

191

^[2]

213

^[2]

213

^[2]

217

^[2]

229

Reserve adjustment

(2)

Amounts paid

(5)

(4)

(20)

(19)

(20)

Asbestos reserve - end of period

^[2]

$ 186

$ 209

$ 191

$ 213

$ 217

[1]	Included $28 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[2]	Included $17 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period	$ 4
Estimated future contributions in current fiscal year	2
Other net periodic benefit (loss) income	(2)	$ (1)
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	$ 4

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

3 Months Ended

Dec. 31, 2023

USD ($)

Goodwill [Roll Forward]

Balance at beginning of period

$ 1,362

Currency translation

Balance at end of period

1,396

Life Sciences [Member]

Goodwill [Roll Forward]

Balance at beginning of period

819

Currency translation

Balance at end of period

840

Personal Care [Member]

Goodwill [Roll Forward]

Balance at beginning of period

122

^[1]

Currency translation

^[1]

Balance at end of period

124

^[1]

Specialty Additives [Member]

Goodwill [Roll Forward]

Balance at beginning of period

421

^[1]

Currency translation

^[1]

Balance at end of period

432

^[1]

Intermediates [Member]

Goodwill [Roll Forward]

Balance at beginning of period

^[1]

Currency translation

^[1]

Balance at end of period

$ 0

^[1]

[1]	As of December 31, 2023 and September 30, 2023, there were accumulated impairments of $356 million, $174 million and $90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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

3 Months Ended

12 Months Ended

Dec. 31, 2023

USD ($)

Site

ServiceStationProperty

Facility

Dec. 31, 2022

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2020

USD ($)

Asbestos litigation cost projection [Abstract]

Number of Years Included in Asbestos Assumption

40 years

Environmental Remediation Costs Recognized [Abstract]

Number of sites were company is identified as a potentially responsible party under the superfund or similar state law | Site

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

108

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

1,225

Number of service stations being actively remediated | ServiceStationProperty

Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]

Other liabilities

Accrual for environmental loss contingencies

$ 207

$ 206

$ 214

$ 211

Accrued environmental loss contingencies, noncurrent

158

165

Recorded third-party environmental recoveries receivable

Recorded third-party environmental recoveries, noncurrent

Environmental exit costs, reasonably possible additional loss

$ 455

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

22.00%

Ashland [Member]

Asbestos reserve [Roll Forward]

Increase (decrease) in asbestos related reserve

$ 0

$ 12

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

Insurance receivable

^[1]

101

^[1]

100

^[1]

$ 103

Receivable adjustment

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

422

Total reserves for asbestos claims

271

^[2]

292

^[2]

281

^[2]

305

^[2]

320

^[2]

335

Hercules [Member]

Asbestos reserve [Roll Forward]

Increase (decrease) in asbestos related reserve

(2)

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

Insurance receivable

^[3]

Receivable adjustment

(3)

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

288

Total reserves for asbestos claims

$ 186

^[4]

$ 209

^[4]

$ 191

^[4]

$ 213

^[4]

$ 217

^[4]

$ 229

[1]	Includes $11 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[2]	Included $28 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[3]	Includes $4 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[4]	Included $17 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

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

Dec. 31, 2023

Dec. 31, 2022

Loss Contingencies [Line Items]

Environmental expense

$ 4

$ 8

Legal expense

Total expense

$ 5

$ 9

Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]

Selling, General and Administrative Expense

Insurance receivable

$ (1)

$ 0

Total expense, net of receivable activity

^[1]

$ 4

$ 9

[1]

Discontinued Operations - Components of Consolidated Comprehensive Income (Loss) Related to Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	$ (2)	$ (2)
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)	(3)	(1)
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)	1	0
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)	$ 0	$ (1)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482551/740-270-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3

+ Details

Equity Items

3 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity Items

NOTE M – EQUITY ITEMS

2023 Stock repurchase program

On June 28, 2023, Ashland's board of directors authorized a new evergreen $1 billion common share repurchase program ("2023 Stock Repurchase Program"). The new authorization terminated and replaced the 2022 Stock Repurchase Program, which had $200 million outstanding at the date of termination. As of December 31, 2023, $900 million remained available for repurchase under this authorization.

Stock repurchase program agreements

During November 2023, under the 2023 Stock Repurchase Program, Ashland initiated a Rule 10b5-1 trading plan agreement to repurchase up to $100 million of its outstanding shares. The program was completed during December 2023, when Ashland paid a total of $100 million and received a delivery of 1.2 million shares of common stock.

Stockholder dividends

Dividends of 38.5 cents and 33.5 cents per share were paid in the first quarters of fiscal 2024 and 2023, respectively.

Accumulated other comprehensive income (loss)

Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects.


	2023								2022
(In millions)	Before tax			Tax (expense) benefit		Net of tax			Before tax			Tax (expense) benefit			Net of tax
Three months ended December 31
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	54		$	—	$	54		$	83		$	(1	)	$	82
Unrealized gain (loss) on commodity hedges		(1	)		—		(1	)		(5	)		1			(4	)
Total other comprehensive income	$	53		$	—	$	53		$	78		$	—		$	78

Summary of stockholders’ equity

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


	Three months ended
	December 31
(In millions)	2023			2022
Common stock and paid in capital
Balance, beginning of period	$	5		$	136
Common shares issued under stock incentive and other plans(a)		(2	)		(2	)
Common shares purchased under repurchase program(b)(c)		(2	)		—
Balance, end of period		1			134
Retained earnings
Balance, beginning of period		3,595			3,653
Common shares purchased under repurchase program(b)(c)		(99	)		—
Net income		26			40
Regular dividends		(20	)		(18	)
Balance, end of period		3,502			3,675
Accumulated other comprehensive income (loss)
Balance, beginning of period		(503	)		(569	)
Unrealized translation gain		54			82
Unrealized loss on commodity hedges		(1	)		(4	)
Balance, end of period		(450	)		(491	)
Total stockholders' equity	$	3,053		$	3,318
Cash dividends declared per common share	$	0.385		$	0.335

(a)

Common shares issued were 78,349 and 127,577 for the three months ended December 31, 2023 and 2022, respectively. Includes $3 million and $9 million associated with stock-based compensation employee withholding taxes for the three months ended December 31, 2023 and 2022, respectively.

(b)

Common shares repurchased were 1,238,212 for the three months ended December 31, 2023.

(c)

Includes $1 million in excise tax on stock repurchases for the three months ended December 31, 2023. Ashland paid a total of $100 million for the three months ended December 31, 2023 for common stock repurchases.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earnings Per Share

3 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE L – EARNINGS PER SHARE


	Three months ended
	December 31
(In millions, except per share data)	2023		2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$	28	$	42
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		51		54
Share based awards convertible to common shares		—		1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions		51		55
EPS from continuing operations
Basic	$	0.54	$	0.77
Diluted		0.54		0.76

Goodwill and Other Intangibles (Tables)

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

The following is a progression of goodwill by reportable segment for the three months ended December 31, 2023.


	Life		Personal		Specialty
(In millions)	Sciences		Care(a)		Additives(a)		Intermediates(a)		Total
Balance at September 30, 2023	$	819	$	122	$	421	$	—	$	1,362
Currency translation		21		2		11		—		34
Balance at December 31, 2023	$	840	$	124	$	432	$	—	$	1,396

(a)

As of December 31, 2023 and September 30, 2023, there were accumulated impairments of $356 million, $174 million and $90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.

Summary of Intangible Assets

Other intangible assets were comprised of the following as of December 31, 2023 and September 30, 2023.


	December 31, 2023							September 30, 2023
	Gross					Net		Gross					Net
	carrying		Accumulated			carrying		carrying		Accumulated			carrying
(In millions)	amount		amortization			amount		amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	99	$	(44	)	$	55	$	97	$	(43	)	$	54
Intellectual property		741		(598	)		143		731		(581	)		150
Customer and supplier relationships		835		(436	)		399		821		(417	)		404
Total definite-lived intangibles		1,675		(1,078	)		597		1,649		(1,041	)		608

Indefinite-lived intangibles
Trademarks and trade names		278		—			278		278		—			278
Total intangible assets	$	1,953	$	(1,078	)	$	875	$	1,927	$	(1,041	)	$	886

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Litigation, Claims and Contingencies (Tables)

3 Months Ended

Dec. 31, 2023

Loss Contingencies [Line Items]

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 three months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions)	2023			2022
Reserve - beginning of period	$	214		$	211
Disbursements		(11	)		(13	)
Revised obligation estimates and accretion		4			8
Reserve - end of period	$	207		$	206

Components of Environmental Remediation Expense


	Three months ended
	December 31
(In millions)	2023			2022
Environmental expense	$	4		$	8
Legal expense		1			1
Total expense		5			9

Insurance receivable		(1	)		—
Total expense, net of receivable activity(a)	$	4		$	9

(a)

Ashland [Member]

Loss Contingencies [Line Items]

Summary of Asbestos Claims Activity

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


	Three months ended
	December 31						Years ended September 30
(In thousands)	2023			2022			2023			2022			2021
Open claims - beginning of year		42			44			44			46			49
New claims filed		1			1			2			2			2
Claims settled		—			—			(1	)		(1	)		(1	)
Claims dismissed		(1	)		(1	)		(3	)		(3	)		(4	)
Open claims - end of period		42			44			42			44			46

Progression of Activity in Asbestos Reserve Accounts

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Asbestos reserve - beginning of year	$	281		$	305		$	305		$	320		$	335
Reserve adjustment		—			—			9			16			12
Amounts paid		(10	)		(13	)		(33	)		(31	)		(27	)
Asbestos reserve - end of period(a)	$	271		$	292		$	281		$	305		$	320

(a)

Included $28 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Progression of Insurance Receivable

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Insurance receivable - beginning of year	$	95		$	101		$	101		$	100		$	103
Receivable adjustment(a)		—			—			3			7			6
Amounts collected		(2	)		(2	)		(9	)		(6	)		(9	)
Insurance receivable - end of period(b)	$	93		$	99		$	95		$	101		$	100

(a)

(b)

Includes $11 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Hercules [Member]

Loss Contingencies [Line Items]

Summary of Asbestos Claims Activity

A summary of Hercules’ asbestos claims activity follows.


	Three months ended
	December 31				Years ended September 30
(In thousands)	2023		2022		2023		2022			2021
Open claims - beginning of year		12		11		11		12			12
New claims filed		—		—		1		1			1
Claims dismissed		—		—		—		(2	)		(1	)
Open claims - end of period		12		11		12		11			12

Progression of Activity in Asbestos Reserve Accounts

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Asbestos reserve - beginning of year	$	191		$	213		$	213		$	217		$	229
Reserve adjustments		—			—			(2	)		15			8
Amounts paid		(5	)		(4	)		(20	)		(19	)		(20	)
Asbestos reserve - end of period(a)	$	186		$	209		$	191		$	213		$	217

(a)

Included $17 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Progression of Insurance Receivable

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


	Three months ended
	December 31						Years ended September 30
(In millions)	2023			2022			2023			2022			2021
Insurance receivable - beginning of year	$	47		$	52		$	52		$	47		$	47
Receivable adjustment(a)		—			—			(3	)		7			1
Amounts collected		(1	)		(1	)		(2	)		(2	)		(1	)
Insurance receivable - end of period(b)	$	46		$	51		$	47		$	52		$	47

(a)

(b)

Includes $4 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Leasing Arrangements - Components of Lease Cost Recognized (Details) - USD ($)
$ in Millions

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Lease cost:

Total lease cost

$ 10

Selling General and Administrative Expenses [Member]

Lease cost:

Operating lease cost

^[1]

Variable lease cost

Cost of Sales [Member]

Lease cost:

Operating lease cost

Variable lease cost

Short-term leases

$ 1

[1]	Includes a $1 million charge for the impairment of an abandoned right of use office building asset for the three months ended December 31, 2023.

Equity Items (Tables)

3 Months Ended

Dec. 31, 2023

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, before tax and net of tax effects.


	2023								2022
(In millions)	Before tax			Tax (expense) benefit		Net of tax			Before tax			Tax (expense) benefit			Net of tax
Three months ended December 31
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	54		$	—	$	54		$	83		$	(1	)	$	82
Unrealized gain (loss) on commodity hedges		(1	)		—		(1	)		(5	)		1			(4	)
Total other comprehensive income	$	53		$	—	$	53		$	78		$	—		$	78

Summary of Reconciliation of Changes in Stockholders' Equity

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


	Three months ended
	December 31
(In millions)	2023			2022
Common stock and paid in capital
Balance, beginning of period	$	5		$	136
Common shares issued under stock incentive and other plans(a)		(2	)		(2	)
Common shares purchased under repurchase program(b)(c)		(2	)		—
Balance, end of period		1			134
Retained earnings
Balance, beginning of period		3,595			3,653
Common shares purchased under repurchase program(b)(c)		(99	)		—
Net income		26			40
Regular dividends		(20	)		(18	)
Balance, end of period		3,502			3,675
Accumulated other comprehensive income (loss)
Balance, beginning of period		(503	)		(569	)
Unrealized translation gain		54			82
Unrealized loss on commodity hedges		(1	)		(4	)
Balance, end of period		(450	)		(491	)
Total stockholders' equity	$	3,053		$	3,318
Cash dividends declared per common share	$	0.385		$	0.335

(a)

(b)

Common shares repurchased were 1,238,212 for the three months ended December 31, 2023.

(c)

Debt and Other Financing Activities - Financing Activity and Covenants - Additional Information (Details)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 596,000,000
Liquidity under accounts receivable sales program	$ 0
Covenant restrictions [Abstract]
Maximum consolidated leverage ratio	4
Consolidated net leverage ratio	2.1
Minimum required consolidated interest coverage ratio	3
Consolidated interest coverage ratio	7.6
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Line of credit facility, remaining borrowing capacity	596,000,000
Letters of credit outstanding, amount	$ 4,000,000

Revenue (Tables)

3 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Sales by geography
	Three months ended
	December 31
(In millions)	2023		2022
Life Sciences
North America	$	67	$	47
Europe		63		74
Asia Pacific		51		60
Latin America & other		19		26
	$	200	$	207

	Three months ended
	December 31
(In millions)	2023		2022
Personal Care
North America	$	40	$	42
Europe		47		51
Asia Pacific		25		28
Latin America & other		17		17
	$	129	$	138

	Three months ended
	December 31
(In millions)	2023		2022
Specialty Additives
North America	$	42	$	53
Europe		40		48
Asia Pacific		34		35
Latin America & other		6		7
	$	122	$	143

	Three months ended
	December 31
(In millions)	2023		2022
Intermediates
North America	$	25	$	34
Europe		4		9
Asia Pacific		3		8
Latin America & other		1		3
	$	33	$	54

Trade receivables

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles amortization expense - Note F	$ 21	$ 23
Expected future amortization expense [Abstract]
2024 (includes three months actual and nine months estimated)	79
2025	77
2026	75
2027	53
2028	$ 50
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)	3 years
Minimum [Member] \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	10 years
Maximum [Member] \| Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years
Maximum [Member] \| Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years
Maximum [Member] \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	24 years

Reportable Segment Information

3 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reportable Segment Information

NOTE P – 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.

Reportable segment business descriptions

Life Sciences is comprised of pharmaceuticals, nutrition, nutraceuticals, agricultural chemicals, diagnostic films (formerly known as 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 is comprised of biofunctionals, microbial protectants (preservatives), skin care, sun care, oral care, hair care and household. These businesses have a broad range of natural, nature-derived, biodegradable, and high-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 the architectural 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 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. BDO is also supplied 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 months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions - unaudited)	2023			2022
SALES
Life Sciences	$	200		$	207
Personal Care		129			138
Specialty Additives		122			143
Intermediates		33			54
Intersegment sales(a)		(11	)		(17	)
	$	473		$	525
OPERATING INCOME (LOSS)
Life Sciences	$	32		$	34
Personal Care		2			11
Specialty Additives		(32	)		1
Intermediates		7			20
Unallocated and other		(27	)		(29	)
	$	(18	)	$	37
DEPRECIATION EXPENSE
Life Sciences	$	9		$	10
Personal Care		9			9
Specialty Additives(b)		35			14
Intermediates		3			3
Unallocated and other		—			—
	$	56		$	36
AMORTIZATION EXPENSE
Life Sciences	$	7		$	7
Personal Care		11			12
Specialty Additives		3			4
Intermediates		—			—
	$	21		$	23
EBITDA(c)
Life Sciences	$	48		$	51
Personal Care		22			32
Specialty Additives		6			19
Intermediates		10			23
Unallocated and other		(27	)		(29	)
	$	59		$	96


	December 31		September 30
(In millions - unaudited)	2023		2023
TOTAL ASSETS
Life Sciences	$	1,908	$	1,904
Personal Care		985		1,004
Specialty Additives		1,556		1,580
Intermediates		132		136
Unallocated and other		1,285		1,315
	$	5,866	$	5,939

(a)

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

(b)

Depreciation includes accelerated depreciation of $21 million for Specialty Additives for the three months ended December 31, 2023.

(c)

Excludes loss from discontinued operations and other net periodic benefit loss. See the Statements of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

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

Net income

$ 26

$ 40

Loss from discontinued operations, net of income taxes

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

Depreciation and amortization

Original issue discount and debt issuance costs amortization

Deferred income taxes

(30)

Stock based compensation expense

Excess tax benefit on stock based compensation

Income from restricted investments

(35)

(26)

Asset impairments

Pension contributions

(8)

(1)

Change in operating assets and liabilities

^[1]

167

(123)

Total cash flows provided (used) by operating activities from continuing operations

201

(29)

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

Additions to property, plant and equipment

(36)

(23)

Proceeds from settlement of company-owned life insurance contracts

Company-owned life insurance payments

(1)

Funds restricted for specific transactions

(5)

Reimbursements from restricted investments

Proceeds from sale of securities

Purchases of securities

(9)

Total cash flows used by investing activities from continuing operations

(26)

(27)

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

Repurchase of common stock

(100)

Repayment of short-term debt

(16)

Cash dividends paid

(20)

(18)

Stock based compensation employee withholding taxes paid in cash

(3)

(9)

Total cash flows used by financing activities from continuing operations

(139)

(27)

CASH PROVIDED (USED) BY CONTINUING OPERATIONS

(83)

Cash used by discontinued operations

Operating cash flows

(14)

(34)

Total cash used by discontinued operations

(14)

(34)

Effect of currency exchange rate changes on cash and cash equivalents

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(114)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD

417

646

CASH AND CASH EQUIVALENTS - END OF PERIOD

$ 440

$ 532

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

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Sep. 30, 2023

Segment Reporting Information [Line Items]

SALES

$ 473

$ 525

OPERATING INCOME (LOSS)

(18)

^[1]

5,866

$ 5,939

Intersegment Eliminations [Member]

Segment Reporting Information [Line Items]

SALES

^[2]

(11)

(17)

Life Sciences [Member]

Segment Reporting Information [Line Items]

SALES

200

207

OPERATING INCOME (LOSS)

^[1]

1,908

1,904

Life Sciences [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

SALES

200

207

Personal Care [Member]

Segment Reporting Information [Line Items]

OPERATING INCOME (LOSS)

^[1]

985

1,004

Personal Care [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

SALES

129

138

Specialty Additives [Member]

Segment Reporting Information [Line Items]

SALES

122

143

OPERATING INCOME (LOSS)

(32)

^[3]

^[1]

1,556

1,580

Specialty Additives [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

SALES

122

143

Intermediates [Member]

Segment Reporting Information [Line Items]

OPERATING INCOME (LOSS)

^[1]

132

136

Intermediates [Member] | Operating Segments [Member]

Segment Reporting Information [Line Items]

SALES

Unallocated and Other [Member]

Segment Reporting Information [Line Items]

OPERATING INCOME (LOSS)

(27)

(29)

DEPRECIATION EXPENSE

EBITDA

^[1]

(27)

$ (29)

TOTAL ASSETS

$ 1,285

$ 1,315

[1]	Excludes loss from discontinued operations and other net periodic benefit loss. See the Statements 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 sales are accounted for at cost.
[3]	Depreciation includes accelerated depreciation of $21 million for Specialty Additives for the three months ended December 31, 2023.

Debt and Other Financing Activities - Foreign Accounts Receivable Sales Program -Additional Information (Details) € in Millions		3 Months Ended		12 Months Ended
	Oct. 19, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
U.S. Accounts Receivable Sales Program [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer		$ 100,000,000		$ 115,000,000
Amount transferred in receivables		99,000,000		106,000,000
Maximum [Member] \| U.S. Accounts Receivable Sales Program [Member]
Debt Instrument [Line Items]
Gain (loss) on sale of receivables		1,000,000	$ 1,000,000
Recorded liabilities related to service obligations and limited guarantee		1,000,000		$ 1,000,000
Ashland [Member]
Debt Instrument [Line Items]
Agreement term to sell trade receivables	3 years
Maximum limit of receivables can transfer \| €	€ 125
Receivables sold under agreement		102,000,000
Gain (loss) on sale of receivables		(1,000,000)
Gross proceeds received against buyers limit		102,000,000
Amount transferred in receivables		147,000,000
Ashland [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Recorded liabilities related to service obligations and limited guarantee		$ 1,000,000

Employee Benefit Plans (Tables)

3 Months Ended

Dec. 31, 2023

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)	2023			2022			2023		2022
Three months ended December 31
Service cost	$	1		$	1		$	—	$	—
Interest cost		3			3			1		—
Expected return on plan assets		(2	)		(2	)		—		—
Total net periodic benefit costs	$	2		$	2		$	1	$	—

Document And Entity Information	3 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Cover [Abstract]
Entity Registrant Name	ASHLAND INC.
Entity Central Index Key	0001674862
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	333-211719
Entity Tax Identification Number	81-2587835
Entity Address, Address Line One	8145 Blazer Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
City Area Code	302
Local Phone Number	995-3000
Entity Common Stock, Shares Outstanding	50,094,986
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	ASH
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Entity Incorporation, State or Country Code	DE

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 59
Increases related to positions taken in prior years	3
Lapse of statute of limitations	(1)
Balance at end of period	$ 61

Stock Incentive Plans (Tables)

3 Months Ended

Dec. 31, 2023

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
	December 31
(In millions)	2023(a)			2022(b)
Nonvested stock awards	$	4		$	3
Performance share awards		(3	)		5
	$	1		$	8

(a)

Included less than $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2023, and $1 million of income related to cash-settled performance units during the three months ended December 31, 2023.

(b)

Included $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2022.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Restricted Investments, Current	$ 77	$ 77
Long-term debt, carrying value	1,354	1,327
Long-term debt, fair value	$ 1,279	$ 1,160

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accelerated Share Repurchases [Line Items]
Common shares issued		78,349	127,577
Stock based compensation employee withholding taxes		$ 3	$ 9
Common shares repurchased		1,238,212
Excise tax on stock repurchases		$ 1
2023 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Stock repurchase during period value	$ 100	$ 100

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

+ References + Details

Litigation, Claims and Contingencies - Summary of Reconciliation of Changes in Environmental Remediation Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Reserve - beginning of period	$ 214	$ 211
Disbursements	(11)	(13)
Revised obligation estimates and accretion	4	8
Reserve - end of period	$ 207	$ 206

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

3 Months Ended

Dec. 31, 2023

^[1]

Dec. 31, 2022

^[2]

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

Stock-based compensation

$ 1

$ 8

Nonvested Stock Awards [Member]

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

Stock-based compensation

Performance Shares [Member]

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

Stock-based compensation

$ (3)

$ 5

[1]	Included less than $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2023, and $1 million of income related to cash-settled performance units during the three months ended December 31, 2023.
[2]	Included $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2022.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, Current	$ 77	$ 77
Asbestos Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	258	243
Environmental Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	$ 134	$ 124

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

12 Months Ended

Sep. 30, 2021

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Sep. 30, 2022

Sep. 30, 2020

Ashland [Member]

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

Insurance receivable

$ 100

^[1]

$ 93

^[1]

$ 95

^[1]

$ 99

^[1]

$ 101

^[1]

$ 103

Allowance for credit losses

Total allowance for credit losses

Ashland [Member] | Accounts Receivable [Member]

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

Insurance receivable

Hercules [Member]

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

Insurance receivable

^[2]

$ 51

^[2]

$ 52

^[2]

$ 47

Allowance for credit losses

$ 1

Total allowance for credit losses

Hercules [Member] | Accounts Receivable [Member]

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

Insurance receivable

$ 4

[1]	Includes $11 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[2]	Includes $4 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Dec. 31, 2023
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 ("U.S. GAAP") 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 the Ashland Inc. and consolidated subsidiaries ("Ashland" or the "Company") Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Results of operations for the period ended December 31, 2023 are not necessarily indicative of the expected results for the remainder of the fiscal year. Ashland is comprised of the following reportable segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information about Ashland's reportable segments, see Note P. 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, environmental remediation, asbestos litigation, the accounting for goodwill and other indefinite-lived intangible assets and income taxes. 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, income taxes 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, 2023. 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 Condensed Consolidated Financial Statements.

Fair Value Measurements - Summary of Net Gains and Losses on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 gains	$ 3	$ 8

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
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 ("U.S. GAAP") 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 the Ashland Inc. and consolidated subsidiaries ("Ashland" or the "Company") Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Results of operations for the period ended December 31, 2023 are not necessarily indicative of the expected results for the remainder of the fiscal year. Ashland is comprised of the following reportable segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information about Ashland's reportable segments, see Note P.
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, environmental remediation, asbestos litigation, the accounting for goodwill and other indefinite-lived intangible assets and income taxes. 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, income taxes 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, 2023. 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 Condensed Consolidated Financial Statements.
Fair Value of Financial Instruments Policy	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 through the use of 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. This method values inventories using average costs for raw materials and most recent production costs for labor and overhead.
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. No indicators of impairment were identified in the three months ended December 31, 2023.
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 20 years, intellectual property over 3 to 20 years, and customer and supplier relationships over 10 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 months ended December 31, 2023.
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, 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, 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 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 December 31, 2023 and September 30, 2023, Ashland’s recorded receivable for these probable insurance recoveries were $16 million and $17 million, respectively, of which $12 million and $15 million at December 31, 2023 and September 30, 2023 were classified in other noncurrent assets on the Condensed Consolidated Balance Sheets.
Earnings Per Share	. The total number of these shares outstanding was approximately 1 million at December 31, 2023 and 2022, respectively. The majority of these shares are for warrants with a strike price of $128.66. 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.

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Shares, Outstanding	1	1
Shares of warrants with a strike price	$ 128.66	$ 128.66

Insider Trading Arrangements - shares		1 Months Ended	3 Months Ended
Insider Trading Arrangements - shares	Nov. 17, 2023	Nov. 30, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			Securities Trading Plans of Directors and Executive Officers On November 17, 2023, Robin E. Lampkin, Ashland’s Senior Vice President, General Counsel and Corporate Secretary, entered into a Rule 10b5-1 trading arrangement that provides for the sale of 844 shares of Ashland Common Stock. The trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The duration of the trading arrangement is until the earlier of (1) February 29, 2024, (2) the date on which all transactions under the trading arrangement are completed, or (3) at such time as the trading arrangement is otherwise terminated or expires according to its terms. Ashland Securities Trading Plans During November 2023, Ashland entered into a Rule 10b5-1 trading arrangement to repurchase Ashland Common Stock under its 2023 Stock Repurchase Program, in the aggregate dollar amount of $100 million. The trading arrangement was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The trading arrangement terminated in December 2023, upon the completion of the purchase of 1,238,212 shares of Ashland Common Stock.
Rule 10b5-1 Trading Plan [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		November 2023
Rule 10b5-1 Arrangement Terminated		true
Termination Date		December 2023
Aggregate Available		1,238,212
Rule 10b5-1 Trading Plan [Member] \| Robin E. Lampkin [Member]
Trading Arrangements, by Individual
Name	Robin E. Lampkin
Title	Senior Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 17, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 29, 2024
Aggregate Available	844

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$ 28	$ 42
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding	51	54
Share based awards convertible to common shares	0	1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions	51	55
Earnings Per Share from Continuing Operations [Abstract]
Basic	$ 0.54	$ 0.77
Diluted	$ 0.54	$ 0.76

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

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The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Divestitures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) on acquisitions and divestitures, net	$ (2)	$ 0

Fair Value Measurements - Summary of Net Gains and Losses on Derivatives (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative gains (losses)	$ (1)	$ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue

Employee Benefit Plans

3 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE J - EMPLOYEE BENEFIT PLANS

Plan contributions

For the three months ended December 31, 2023, Ashland contributed $4 million to its non-U.S. pension plans and $4 million to its U.S. pension plans. Ashland expects to make additional contributions of $2 million to its U.S. pension plans and $4 million to its non-U.S. pension plans during the remainder of fiscal 2024.

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)	2023			2022			2023		2022
Three months ended December 31
Service cost	$	1		$	1		$	—	$	—
Interest cost		3			3			1		—
Expected return on plan assets		(2	)		(2	)		—		—
Total net periodic benefit costs	$	2		$	2		$	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 expense of $2 million and $1 million for the three months ended December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Fair Value Measurements - Summary of Fair Values of Outstanding Commodity Derivatives (Details) - Commodity Contract [Member] - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	$ 0	$ 0
Notional contract values	0	2
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	14	16
Commodity derivative liabilities	$ 5	$ 4

Reportable Segment Information - Summary of Financial Information for Each Reportable Segment (Parenthetical) (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Specialty Additives [Member]
Segment Reporting Information [Line Items]
Accelerated depreciation	$ 21

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

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

Stock-based compensation

$ 1

^[1]

$ 8

^[2]

Cash-settled Nonvested Restricted Stock Awards [Member]

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

Stock-based compensation

$ 1

Cash-settled Performance Shares [Member]

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

Stock-based compensation

$ 1

[1]	Included less than $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2023, and $1 million of income related to cash-settled performance units during the three months ended December 31, 2023.
[2]	Included $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2022.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Inventories (Tables)

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

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


	December 31		September 30
(In millions)	2023		2023
Finished products	$	376	$	390
Raw materials, supplies and work in process		212		236
	$	588	$	626

Reportable Segment Information (Tables)

3 Months Ended

Dec. 31, 2023

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 months ended December 31, 2023 and 2022.


	Three months ended
	December 31
(In millions - unaudited)	2023			2022
SALES
Life Sciences	$	200		$	207
Personal Care		129			138
Specialty Additives		122			143
Intermediates		33			54
Intersegment sales(a)		(11	)		(17	)
	$	473		$	525
OPERATING INCOME (LOSS)
Life Sciences	$	32		$	34
Personal Care		2			11
Specialty Additives		(32	)		1
Intermediates		7			20
Unallocated and other		(27	)		(29	)
	$	(18	)	$	37
DEPRECIATION EXPENSE
Life Sciences	$	9		$	10
Personal Care		9			9
Specialty Additives(b)		35			14
Intermediates		3			3
Unallocated and other		—			—
	$	56		$	36
AMORTIZATION EXPENSE
Life Sciences	$	7		$	7
Personal Care		11			12
Specialty Additives		3			4
Intermediates		—			—
	$	21		$	23
EBITDA(c)
Life Sciences	$	48		$	51
Personal Care		22			32
Specialty Additives		6			19
Intermediates		10			23
Unallocated and other		(27	)		(29	)
	$	59		$	96


	December 31		September 30
(In millions - unaudited)	2023		2023
TOTAL ASSETS
Life Sciences	$	1,908	$	1,904
Personal Care		985		1,004
Specialty Additives		1,556		1,580
Intermediates		132		136
Unallocated and other		1,285		1,315
	$	5,866	$	5,939

(a)

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

(b)

Depreciation includes accelerated depreciation of $21 million for Specialty Additives for the three months ended December 31, 2023.

(c)

Excludes loss from discontinued operations and other net periodic benefit loss. See the Statements of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

Restructuring Activities (Tables)

3 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Summary of Amount of Restructuring Reserves Related to Program

The following table details at December 31, 2023, the amount of restructuring severance reserves related to this program.


(In millions)	Severance costs
Balance at of September 30, 2023	$	3
Restructuring reserve		3
Utilization (cash paid)		(3	)
Balance at December 31, 2023	$	3

Debt and Other Financing Activities - Summary of Current and Long-term Debt - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Scheduled aggregate debt maturities by fiscal year [Abstract]
Remaining in 2024	$ 0
2025	0
2026	0
2027	4
2028	$ 554

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

3 Months Ended

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

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

Insurance settlement

$ 1

$ 0

Ashland [Member]

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

Insurance receivable - beginning of year

^[1]

101

^[1]

$ 101

^[1]

$ 100

^[1]

$ 103

Receivable adjustment

^[2]

Amounts collected

(2)

(9)

(6)

(9)

Insurance receivable - end of period

^[1]

101

100

Hercules [Member]

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

Insurance receivable - beginning of year

^[3]

Receivable adjustment

^[4]

(3)

Amounts collected

(1)

(2)

(1)

Insurance receivable - end of period

^[3]

$ 46

$ 51

$ 47

$ 52

$ 47

[1]	Includes $11 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[2]	2021 includes a $2 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the credit measurement standard. The total allowance for credit losses was $1 million as of December 31, 2023 and September 30, 2023.
[3]	Includes $4 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023.
[4]	2021 includes a $1 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the credit measurement standard. The total allowance for credit losses was $1 million as of December 31, 2023 and September 30, 2023.

Debt and Other Financing Activities - 2018 Foreign Accounts Receivable Securitization Facility - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Outstanding amount of receivables sold to affiliate	$ 124

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Incentive Plans

3 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

NOTE N – STOCK INCENTIVE PLANS

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


	Three months ended
	December 31
(In millions)	2023(a)			2022(b)
Nonvested stock awards	$	4		$	3
Performance share awards		(3	)		5
	$	1		$	8

(a)

(b)

Included $1 million of expense related to cash-settled nonvested restricted stock awards during the three months ended December 31, 2022.

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2023

Fair Value, off-Balance-Sheet Risks, Disclosure Information [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 December 31, 2023.


	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	$	440	$	440	$	440	$	—	$	—
Restricted investments(a)(b)		392		392		392		—		—
Investment of captive insurance company(c)		7		7		7		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	840	$	840	$	839	$	1	$	—

Liabilities
Commodity derivatives(e)		5		5		—		5		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $258 million related to the Asbestos trust and $134 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, 2023.


	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	$	417	$	417	$	417	$	—	$	—
Restricted investments(a)(b)		367		367		367		—		—
Investment of captive insurance company(c)		6		6		6		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	791	$	791	$	790	$	1	$	—

Liabilities
Foreign currency derivatives(e)	$	1	$	1	$	—	$	1	$	—
Commodity derivatives(e)		4		4		—		4		—
Total liabilities at fair value	$	5	$	5	$	—	$	5	$	—

(a)

Included in restricted investments and $77 million within other current assets in the Condensed Consolidated Balance Sheets.

(b)

Includes $243 million related to the Asbestos trust and $124 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 Restricted Investment Portfolio

The following table presents gross unrealized gains and losses for the restricted securities as of December 31, 2023 and September 30, 2023:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of December 31, 2023
Demand deposit	$	16	$	—	$	—		$	16
Equity mutual fund		147		36		—			183
Fixed income mutual fund		226		—		(33	)		193
Fair value	$	389	$	36	$	(33	)	$	392

As of September 30, 2023
Demand deposit	$	12	$	—	$	—		$	12
Equity mutual fund		155		24		(2	)		177
Fixed income mutual fund		226		—		(48	)		178
Fair value	$	393	$	24	$	(50	)	$	367

Summary of Investment Income, Net Gains and Losses, Funds restricted for Specific Transactions and Disbursements Related to Investments


	Three months ended
	December 31
(In millions)	2023			2022
Investment income(a)	$	5		$	4
Net gains(a)		31			21
Funds restricted for specific transactions		5			5
Disbursements		(16	)		—

(a)

Included in the net interest and other income caption within the Statements of Consolidated Comprehensive Income (Loss).

Summary of Net Gains and Losses on Foreign Currency Derivatives

The following table summarizes the gains and losses recognized during the three months ended December 31, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss).


	Three months ended
	December 31
(In millions)	2023		2022
Foreign currency derivative gains	$	3	$	8

Summary of Fair Values of Outstanding Foreign Currency Derivatives


	December 31		September 30
(In millions)	2023		2023
Foreign currency derivative assets	$	1	$	1
Notional contract values		173		147

Foreign currency derivative liabilities	$	—	$	1
Notional contract values		17		103

Commodity Derivatives [Member]

Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]

Summary of Net Gains and Losses on Derivatives


	Three months ended
	December 31
(In millions)	2023			2022
Commodity derivative gains (losses)	$	(1	)	$	1

Summary of Fair Values of Outstanding Derivatives


	December 31		September 30
(In millions)	2023		2023
Commodity derivative assets	$	—	$	—
Notional contract values		—		2

Commodity derivative liabilities	$	5	$	4
Notional contract values		14		16

Equity Items - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Unrealized translation gain (loss), before tax	$ 54	$ 83
Unrealized translation gain (loss), tax	0	(1)
Unrealized translation gain (loss), net of tax	54	82
Unrealized gain (loss) on commodity hedges, before tax	(1)	(5)
Unrealized gain (loss) on commodity hedges, tax	0	1
Unrealized gain (loss) on commodity hedges, net of tax	(1)	(4)
Total other comprehensive income (loss), before tax	53	78
Total other comprehensive income (loss), tax	0	0
Other comprehensive income - Note M	$ 53	$ 78

Inventories

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

NOTE E – INVENTORIES

Inventories are carried at the lower of cost or net realizable value. Inventories are stated at cost using the weighted-average cost method. This method values inventories using average costs for raw materials and most recent production costs for labor and overhead.

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


	December 31		September 30
(In millions)	2023		2023
Finished products	$	376	$	390
Raw materials, supplies and work in process		212		236
	$	588	$	626

Debt and Other Financing Activities - U.S. Accounts Receivable Sales Program - Additional Information (Details) - U.S. Accounts Receivable Sales Program [Member] - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Disclosure Of Sales Program Of Receivable [Line Items]
Maximum limit of receivables can transfer	$ 100,000,000		$ 115,000,000
Sales against the buyers limit	78,000,000		86,000,000
Amount transferred in receivables	99,000,000		106,000,000
Gross cash proceeds received for receivables transferred and derecognized	85,000,000	$ 49,000,000
Cash proceeds collected	77,000,000	68,000,000
Payments for (proceeds from) new transfers of receivables	8,000,000	19,000,000
Maximum [Member]
Disclosure Of Sales Program Of Receivable [Line Items]
Gain (loss) on sale of receivables	1,000,000	$ 1,000,000
Recorded liabilities related to service obligations and limited guarantee	$ 1,000,000		$ 1,000,000

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Inventory Disclosure [Abstract]
Finished products	$ 376	$ 390
Raw materials, supplies and work in process	212	236
Total	$ 588	$ 626

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

3 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Balance, end of period

$ 3,053

$ 3,318

Cash dividends declared per common share

$ 0.385

$ 0.335

Common Stock and Paid in Capital [Member]

Balance, beginning of period

$ 5

$ 136

Common shares issued under stock incentive and other plans

^[1]

(2)

Common shares purchased under repurchase program

^[2],[3]

(2)

Balance, end of period

134

Retained earnings [Member]

Balance, beginning of period

3,595

3,653

Net income

Regular dividends

(20)

(18)

Common shares purchased under repurchase program

^[2],[3]

(99)

Balance, end of period

3,502

3,675

Accumulated other comprehensive income (loss) [Member]

Balance, beginning of period

(503)

(569)

Unrealized translation gain

Unrealized loss on commodity hedges

(1)

(4)

Balance, end of period

$ (450)

$ (491)

[1]	Common shares issued were 78,349 and 127,577 for the three months ended December 31, 2023 and 2022, respectively. Includes $3 million and $9 million associated with stock-based compensation employee withholding taxes for the three months ended December 31, 2023 and 2022, respectively.
[2]	Common shares repurchased were 1,238,212 for the three months ended December 31, 2023.
[3]	Includes $1 million in excise tax on stock repurchases for the three months ended December 31, 2023. Ashland paid a total of $100 million for the three months ended December 31, 2023 for common stock repurchases.

Income Taxes

3 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE I – 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 a benefit of 600% for the three months ended December 31, 2023.

The current quarter's tax rate was impacted by jurisdictional income mix, as well as net $24 million from favorable tax discrete items primarily related to changes in foreign tax reform related activity.

Prior fiscal year

The overall effective tax rate was 16% for the three months ended December 31, 2022. The prior year quarter's tax rate was impacted by jurisdictional income mix, as well as net $1 million from favorable tax discrete items.

Unrecognized tax benefits

Changes in unrecognized tax benefits are summarized as follows for the three months ended December 31, 2023.


(In millions)
Balance at October 1, 2023	$	59
Increases related to positions taken in prior years		3
Lapse of statute of limitations		(1	)
Balance at December 31, 2023	$	61

From a combination of statute expirations and audit settlements in the next twelve months, Ashland expects a decrease in the amount of accrual for uncertain tax positions of between $4 million and $5 million for continuing operations. For the remaining balance as of December 31, 2023, it is reasonably possible that there could be material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues, reassessment of existing uncertain tax positions or the expiration of applicable statute of limitations; however, Ashland is not able to estimate the impact of these items at this time.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Goodwill and Other Intangibles

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

NOTE F – 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.

No indicators of impairment were identified in the three months ended December 31, 2023.

The following is a progression of goodwill by reportable segment for the three months ended December 31, 2023.


	Life		Personal		Specialty
(In millions)	Sciences		Care(a)		Additives(a)		Intermediates(a)		Total
Balance at September 30, 2023	$	819	$	122	$	421	$	—	$	1,362
Currency translation		21		2		11		—		34
Balance at December 31, 2023	$	840	$	124	$	432	$	—	$	1,396

(a)

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 20 years, intellectual property over 3 to 20 years, and customer and supplier relationships over 10 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 months ended December 31, 2023.

Other intangible assets were comprised of the following as of December 31, 2023 and September 30, 2023.


	December 31, 2023							September 30, 2023
	Gross					Net		Gross					Net
	carrying		Accumulated			carrying		carrying		Accumulated			carrying
(In millions)	amount		amortization			amount		amount		amortization			amount
Definite-lived intangibles
Trademarks and trade names	$	99	$	(44	)	$	55	$	97	$	(43	)	$	54
Intellectual property		741		(598	)		143		731		(581	)		150
Customer and supplier relationships		835		(436	)		399		821		(417	)		404
Total definite-lived intangibles		1,675		(1,078	)		597		1,649		(1,041	)		608

Indefinite-lived intangibles
Trademarks and trade names		278		—			278		278		—			278
Total intangible assets	$	1,953	$	(1,078	)	$	875	$	1,927	$	(1,041	)	$	886

Amortization expense recognized on intangible assets was $21 million and $23 million for the three months ended December 31, 2023 and 2022, 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 $79 million in 2024 (includes three months actual and nine months estimated), $77 million in 2025, $75 million in 2026, $53 million in 2027 and $50 million in 2028. 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.