0000950170-24-128009 | 10-K | XBRL Viewer

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

Insurance receivable - beginning of year

^[2]

101

^[2]

100

Insurance receivable - end of year

^[3]

Amounts collected

(9)

(6)

^[2]

101

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

Insurance receivable - beginning of year

^[1]

Insurance receivable - end of year

^[4]

(3)

Amounts collected

(3)

(2)

$ 50

$ 47

^[1]

$ 52

^[1]

[1]	Includes $6 million and $4 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.
[2]	Includes $9 million and $11 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.
[3]	The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.
[4]	The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.

Discontinued Operations - Reconciliation of Consolidated Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income(loss) from discontinued operations attributable to Composites/Marl facility disposal group
Pretax income of discontinued operations	$ (34)	$ 2	$ 1,068
Income (loss) from discontinued operations	(30)	10	746
Performance Adhesives [Member]
Income(loss) from discontinued operations attributable to Composites/Marl facility disposal group
Sales			171
Cost of sales			(122)
Selling, general and administrative expense			(12)
Research and development expense			(4)
Intangible amortization expense			0
Pretax operating income of discontinued operations			33
Other net periodic benefit loss (income)			0
Pretax income of discontinued operations	0	(1)	33
Benefit (expense) related to income (loss) from discontinued operations	$ (2)	$ 6	8
Income (loss) from discontinued operations			$ 41

Income Taxes - Summary of Income (loss) from Continuing Operations Before Income Taxes and Reconciliation of Provision for Income Taxes (Parenthetical) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Valuation allowance charges

^[1]

$ 10

$ (7)

$ (4)

Withholding tax included in other items

^[2]

Uncertain tax positions

(26)

(6)

Miscellaneous items

GILTI [Member]

Subpart F [Member]

State and Local Jurisdiction [Member]

Valuation allowance charges

$ 10

$ 4

Tax credit valuation allowance

$ 2

[1]	2024 includes net $10 million related to state NOL's, deferred taxes and foreign tax credits. 2023 includes net $2 million related to deferred taxes and foreign tax credits. 2022 includes $4 million related to state NOL's.
[2]	2024 includes miscellaneous items of $6 million. 2023 includes miscellaneous items of $1 million. 2022 includes $8 million related to withholding tax.

Fair Value Measurements - Summary of Restricted Investment Portfolio (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Demand Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	$ 5	$ 12
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	5	12
Fixed Income Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	211	226
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(28)	(48)
Fair Value	183	178
Equity Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	124	155
Gross Unrealized Gain	56	24
Gross Unrealized Loss	0	(2)
Fair Value	180	177
Restricted Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	340	393
Gross Unrealized Gain	56	24
Gross Unrealized Loss	(28)	(50)
Fair Value	$ 368	$ 367

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Debt - Financing Activity and Covenants - Additional Information (Details) € in Millions					12 Months Ended
	Sep. 13, 2024 USD ($)	Oct. 19, 2023 EUR (€)	Apr. 14, 2023 USD ($)	Mar. 17, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2023 USD ($)
Debt Instrument [Line Items]
Cash repatriation					$ 305,000,000	$ 92,000,000
Repayment of outstanding principal balance					0	0	$ 250,000,000
Gain (loss) on sale of receivables					$ (6,000,000)	(3,000,000)	(1,000,000)
Covenant restrictions [Abstract]
Maximum consolidated leverage ratio					4
Consolidated net leverage ratio					2.3
Minimum required consolidated interest coverage ratio					3
Consolidated interest coverage ratio					7.8
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Outstanding amount of receivables sold to affiliate						$ 124,000,000
Debt instrument, outstanding principal amount								$ 0
Debt, weighted average interest rate						0.50%
U.S. Accounts Receivable Sales Program [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer			$ 100,000,000	$ 100,000,000	$ 71,000,000	$ 86,000,000
Gain (loss) on sale of receivables					(3,000,000)	(3,000,000)
Sales against the buyers limit					71,000,000	86,000,000
Amount transferred in receivables					85,000,000	106,000,000
Gross cash proceeds received for receivables transferred and derecognized					323,000,000	217,000,000
Cash proceeds collected					322,000,000	241,000,000
Increase (decrease) in account receivable sales volume					1,000,000	(24,000,000)
U.S. Accounts Receivable Sales Program [Member] \| Between February and October of Each Year [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer				$ 125,000,000
U.S. Accounts Receivable Sales Program [Member] \| Between September 13, 2024 to (and including) December 31, 2024 [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer	$ 80,000,000
U.S. Accounts Receivable Sales Program [Member] \| Between April and October of Each Year [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer			$ 115,000,000
U.S. Accounts Receivable Sales Program [Member] \| From January 1, 2025 Through the Termination Date of the Agreement [Member]
Debt Instrument [Line Items]
Maximum limit of receivables can transfer	$ 70,000,000
Maximum \| U.S. Accounts Receivable Sales Program [Member]
Debt Instrument [Line Items]
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					104,000,000
Amount transferred in receivables					155,000,000
Ashland [Member] \| Maximum
Debt Instrument [Line Items]
Gain (loss) on sale of receivables					(3,000,000)
Recorded liabilities related to service obligations and limited guarantee					$ 1,000,000
2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of debt, accelerated amortization							1,000,000
2.00% Senior Notes Due 2028 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					2.00%	2.00%
Debt instrument, maturity year					2028	2028
6.875% Notes due 2043 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					6.875%	6.875%
Debt instrument, maturity year					2043	2043
6.50% Junior Subordinated Notes, Due 2029 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					6.50%	6.50%
Debt instrument, maturity year					2029	2029
Term Loan A [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal balance							250,000,000
European Facility [Member]
Debt Instrument [Line Items]
Repayment of outstanding principal balance							$ 23,000,000
Other Debt [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding principal amount					$ 71,000,000	$ 83,000,000

Litigation, Claims and Contingencies - Summary of Reconciliation of Changes in Environmental Remediation Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Environmental remediation reserve - beginning of year	$ 214	$ 211
Disbursements	(49)	(54)
Revised obligation estimates and accretion	56	57
Environmental remediation reserve - end of year	$ 221	$ 214

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.

Statements of Consolidated Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividend per common share	$ 0.385	$ 0.385	$ 1.58	$ 1.44	$ 1.27
Accumulated other comprehensive loss, net of tax	$ 448	$ 503	$ 448	$ 503
Unrecognized prior service costs	1	1	1	1
Net unrealized translation loss	445	499	445	499
Unrealized gains on commodity hedges	$ 2	$ 3	2	3
Benefit from stock based compensation employee withholding taxes paid			$ 5	$ 11	$ 9
Common shares issued (in shares)			137,799	193,767	168,270
Common shares repurchased (in shares)			4,285,194	3,082,928	2,853,312
Excise taxes on stock repurchase accrued			$ 3	$ 3

Employee Benefit Plans

12 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE L – EMPLOYEE BENEFIT PLANS

Pension plans

Ashland and its subsidiaries have several contributory and noncontributory qualified defined benefit pension plans that generally cover international employees and a small portion of certain U.S. manufacturing union employees. Pension obligations for applicable employees of non-U.S. consolidated subsidiaries are provided for in accordance with local practices and regulations of the respective countries. The majority of these foreign pension plans are closed to new participants while those that remain open relate to areas where jurisdictions require plans to operate within the applicable country.

Benefits for those eligible for Ashland’s U.S. pension plans generally are based on employees’ years of service and compensation during the years immediately preceding their retirement. The remaining U.S. plans are still open for enrollment for qualifying union employees within certain manufacturing sites.

Other postretirement benefit plans

Ashland and its subsidiaries maintain limited health care for certain eligible employees in the U.S. who are retired or disabled. Ashland shares the costs of providing health care coverage with certain eligible retired employees through premiums, deductibles and coinsurance provisions. Ashland funds its share of the costs of the postretirement benefit plans as the benefits are paid.

Postretirement health care plans include a limit on Ashland’s share of costs for recent and future retirees. The assumed pre-65 health care cost increase trend rate as of September 30, 2024 was 7.2% and continues to be reduced to 4.0% in 2048 and thereafter. The assumptions used to project the liability anticipate future cost-sharing changes to the written plans that are consistent with the increase in health care costs.

Plan Amendments and Remeasurements

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

Net periodic benefit loss (income) allocation

Consistent with Ashland’s historical accounting policies, service cost for continuing operations is allocated to each reportable segment, excluding the Unallocated and other segment, while all other costs for continuing operations are recorded within the Unallocated and other segment.

The following table summarizes the components of pension and other postretirement benefit costs for continuing operations and the assumptions used to determine net periodic benefit loss (income) for the plans.


	Pension benefits									Other postretirement benefits
(In millions)	2024			2023			2022			2024			2023			2022
Net periodic benefit loss (income)
Service cost(a)	$	3		$	3		$	4		$	1		$	1		$	1
Interest cost(b)		14			13			8			2			2			2
Curtailment, settlement and other(b)		—			—			(1	)		—			—			—
Expected return on plan assets(b)		(8	)		(7	)		(7	)		—			—			—
Actuarial (gain) loss(b)		11			—			(16	)		3			(2	)		(8	)
	$	20		$	9		$	(12	)	$	6		$	1		$	(5	)
Weighted-average plan assumptions(c)
Discount rate for service cost		4.64	%		4.56	%		2.99	%		6.04	%		5.80	%		3.19	%
Discount rate for interest cost		5.49	%		5.44	%		3.33	%		5.92	%		5.54	%		2.10	%
Rate of compensation increase		3.07	%		3.07	%		2.50	%
Expected long-term rate of return on plan assets		4.99	%		4.25	%		2.89	%

(a)

Service cost is classified within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss).

(b)

These components are classified within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).

(c)

The plan assumptions discussed are a blended weighted-average rate for Ashland’s U.S. and non-U.S. plans.

The changes in prior service credit recognized in accumulated other comprehensive income during both 2024 and 2023 were less than $1 million each. At September 30, 2024, Ashland expects to recognize less than $1 million of the prior service credit in accumulated other comprehensive income as net periodic benefit loss (income) during the next fiscal year.

At September 30, 2024 and 2023, the amounts included in accumulated other comprehensive income are shown in the following table.


	Pension				Postretirement
(In millions)	2024		2023		2024		2023
Prior service cost	$	2	$	2	$	—	$	—

Obligations and funded status

Actuarial valuations are performed for the pension and other postretirement benefit plans to determine Ashland’s obligation for each plan. In accordance with U.S. GAAP, Ashland recognizes the unfunded status of the plans as a liability in the Consolidated Balance Sheets. Ashland maintains a defined benefits plan in the UK that is overfunded by $18 million, all of which is recorded in the other noncurrent assets caption of the Consolidated Balance Sheets.

Summaries of the change in benefit obligations, plan assets, funded status of the plans, amounts recognized in the balance sheet, and assumptions used to determine the benefit obligations for 2024 and 2023 are as follows:


							Other postretirement
	Pension plans						benefit plans
(In millions)	2024			2023			2024			2023
Change in benefit obligations
Benefit obligations at October 1	$	255		$	250		$	34		$	36
Service cost		3			3			1			1
Interest cost		14			13			2			2
Participant contributions		—			—			—			—
Benefits paid		(17	)		(16	)		(2	)		(4	)
Actuarial (gain) loss		22			(10	)		3			(1	)
Curtailments		—			—			—			—
Foreign currency exchange rate changes		14			15			—			—
Other (including acquisitions)		—			—			—			—
Settlements		(1	)		—			—			—
Benefit obligations at September 30	$	290		$	255		$	38		$	34
Change in plan assets
Value of plan assets at October 1	$	203		$	201		$	—		$	—
Actual return on plan assets		20			(2	)		—			—
Employer contributions		15			8			—			—
Participant contributions		—			—			—			—
Benefits paid		(16	)		(16	)		—			—
Foreign currency exchange rate changes		13			14			—			—
Settlements		(1	)		—			—			—
Other		—			(2	)		—			—
Value of plan assets at September 30	$	234		$	203		$	—		$	—

Unfunded status of the plans	$	(56	)	$	(52	)	$	(38	)	$	(34	)

Amounts recognized in the balance sheet
Other assets (noncurrent)	$	18		$	17		$	—		$	—
Accrued expenses and other liabilities		(3	)		(4	)		(3	)		(3	)
Employee benefit obligations		(71	)		(65	)		(35	)		(31	)
Net amount recognized	$	(56	)	$	(52	)	$	(38	)	$	(34	)

Weighted-average plan assumptions
Discount rate		4.50	%		5.43	%		4.91	%		5.72	%
Rate of compensation increase		3.07	%		3.07	%

The accumulated benefit obligation for all pension plans was $284 million at September 30, 2024 and $250 million at September 30, 2023. All Ashland pension plans are either qualified U.S. or non-US plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:


(In millions)	2024		2023
Projected benefit obligation	$	168	$	149
Accumulated benefit obligation		162		144
Fair value of plan assets		93		80

Plan assets

The expected long-term rate of return on pension plan assets was 4.99% and 4.25% for September 30, 2024 and 2023, respectively. The basis for determining the expected long-term rate of return is a combination of future return assumptions for various asset classes in Ashland’s investment portfolio, historical analysis of previous returns, market indices and a projection of inflation.

The following table summarizes the various investment categories that the pension plan assets are invested in and the applicable fair value hierarchy that the financial instruments are classified within these investment categories as of September 30, 2024. For additional information and a detailed description of each level within the fair value hierarchy, see Note E.


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	Total fair		assets		inputs		inputs
(In millions)	value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2	$	2	$	—	$	—
U.S. Government securities		9		—		9		—
Non-U.S. Government securities		—		—		—		—
Corporate debt instruments		26		—		26		—
Listed real assets		10		—		10		—
Asset-backed securities		—		—		—		—
Corporate stocks		30		—		30		—
Insurance contracts		157		—		157		—
Total assets at fair value	$	234	$	2	$	232	$	—


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	Total fair		assets		inputs		inputs
(In millions)	value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	11	$	11	$	—	$	—
U.S. Government securities		6		—		6		—
Non-U.S. Government securities		39		—		39		—
Corporate debt instruments		80		—		80		—
Listed real assets		9		—		9		—
Asset-backed securities		7		—		7		—
Corporate stocks		25		—		25		—
Insurance contracts		26		—		26		—
Total assets at fair value	$	203	$	11	$	192	$	—

Ashland’s pension plan holds a variety of investments designed to diversify risk. Investments classified as a Level 1 fair value measure principally represent marketable securities priced in active markets. Cash and cash equivalents and public equity and debt securities are well diversified and invested in U.S. and international small-to-large companies across various asset managers and styles. Investments classified as a Level 2 fair value measure principally represents fixed-income securities and other investment grade corporate bonds and debt obligations.

Investments and Strategy

In developing an investment strategy for its defined benefit plans, Ashland has considered the following factors: the nature of the plans’ liabilities, the allocation of liabilities between active, deferred and retired members, the funded status of the plans, the applicable investment horizon, the respective size of the plans and historical and expected capital market returns. Ashland’s U.S. pension plan assets are managed by outside investment managers, which are monitored against investment return benchmarks and Ashland’s established investment strategy. Investment managers are selected based on an analysis of, among other things, their investment process, historical investment results, frequency of management turnover, cost structure and assets under management. Assets are periodically reallocated between investment managers to maintain an appropriate asset mix and diversification of investments and to optimize returns.

The current asset allocation for the U.S. plans is 47.6% fixed income securities, 38.8% equity securities and 13.6% other securities. Fixed income securities primarily include cash and cash equivalents, long duration corporate debt obligations and U.S. government debt obligations. In addition, Ashland’s non-U.S. plan fixed income securities include insurance contracts. Equity securities are comprised solely of traditional public equity investments. Investment managers may employ a limited use of derivatives to gain efficient exposure to markets.

Ashland’s investment strategy and management practices relative to plan assets of non-U.S. plans generally are consistent with those for U.S. plans, except in those countries where investment of plan assets is dictated by applicable regulations. Although the investment allocation may vary based on funding percentages and whether plans are still accruing additional liabilities, the weighted-average asset allocations for Ashland’s U.S. and non-U.S. plans at September 30, 2024 and 2023 by asset category follow.


		Actual at September 30
(In millions)	Target	2024			2023
Plan assets allocation
Equity securities	5 - 45%		14	%		18	%
Fixed income securities	55 - 95%		82	%		78	%
Other	0 - 5%		4	%		4	%
			100	%		100	%

Cash flows

During 2024 and 2023, Ashland contributed $7 million and $3 million to its U.S. pension plans, respectively, and $8 million and $5 million to its non-U.S. pension plans, respectively. Ashland expects to contribute approximately $6 million to its U.S. pension plans and expects to contribute approximately $5 million to its non-U.S. pension plans during 2025.

The following benefit payments, which reflect future service expectations, are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter.


			Other
	Pension		postretirement
(In millions)	benefits		benefits
2025	$	17	$	3
2026		18		3
2027		18		3
2028		18		3
2029		19		3
2030 - 2034		96		16

Other plans

Ashland sponsors savings plans to assist eligible employees in providing for retirement or other future needs. Under such plans, company contributions amounted to $21 million in 2024, and $23 million in 2023 and 2022, respectively. Ashland also sponsors various other employee benefit plans, some of which are required by different countries. The total noncurrent liabilities associated with these plans was $4 million for September 30, 2024 and 2023, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Restructuring Activities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost And Reserve [Line Items]
Accelerated depreciation	$ 57
Asset impairments	11	$ 4	$ 0
Specialty Additives [Member]
Restructuring Cost And Reserve [Line Items]
Accelerated depreciation	55
Fiscal 2024 and 2023 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	18	3
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Personal Care Facility [Member]
Restructuring Cost And Reserve [Line Items]
Accelerated depreciation	2
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Selling General and Administrative Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)	25	5
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Accrued Expenses and Other Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	18
Fiscal 2024 and 2023 Restructuring Severance Costs [Member] \| Specialty Additives [Member]
Restructuring Cost And Reserve [Line Items]
Accelerated depreciation	55
Fiscal 2023 Life Sciences Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	0
Fiscal 2023 Life Sciences Restructuring Program [Member] \| Selling General and Administrative Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)		$ 1
Fiscal 2020 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve	$ 0
Fiscal 2020 Restructuring Severance Costs [Member] \| Selling General and Administrative Expenses [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)			$ 2

Debt (Tables)

12 Months Ended

Sep. 30, 2024

Summary of Current and Long-term Debt

The following table summarizes Ashland’s current and long-term debt at September 30, 2024 and 2023.


(In millions)	2024			2023
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		558			528
6.875% notes, due 2043		282			282
6.50% junior subordinated notes, due 2029		67			64
Other(a)		(8	)		6
Total debt		1,349			1,330
Short-term debt		—			16
Long-term debt (less debt issuance costs)	$	1,349		$	1,314

(a)

Other includes $12 million and $13 million of debt issuance costs as of September 30, 2024 and 2023, respectively. The current portion of the long-term debt was zero for both September 30, 2024 and 2023.

Summary of Net Interest and Other Expense (Income)

Net interest and other expense (income)


(In millions)	2024			2023			2022
Interest expense(a)	$	53		$	54		$	62
Interest income		(10	)		(12	)		(4	)
Loss on the accounts receivables sale programs		6			3			1
Investment securities loss (income)(b)		(75	)		(42	)		86
Other financing costs		2			3			4
	$	(24	)	$	6		$	149

(a)

Includes $1 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2022.

(b)

Represents investment loss (income) related to the restricted investments discussed in Note E.

Summary of Debt Issuance Cost Amortization

The following table details the debt issuance cost and original issue discount amortization included in interest expense during 2024, 2023 and 2022.


(In millions)	2024		2023		2022
Normal amortization	$	6	$	6	$	6
Accelerated amortization(a)		—		—		1
Total	$	6	$	6	$	7

(a)

Fiscal year 2022 includes $1 million of accelerated debt issuance costs for the 2020 credit agreement.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Sales	$ 2,113	$ 2,191	$ 2,391
Life Sciences [Member]
Disaggregation Of Revenue [Line Items]
Sales	810	869	815
Life Sciences [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	241	228	244
Life Sciences [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	269	305	267
Life Sciences [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	225	233	218
Life Sciences [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	75	103	86
Personal Care [Member]
Disaggregation Of Revenue [Line Items]
Sales	634	598	678
Personal Care [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	183	176	198
Personal Care [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	238	233	270
Personal Care [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	128	105	126
Personal Care [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	85	84	84
Specialty Additives [Member]
Disaggregation Of Revenue [Line Items]
Sales	572	600	719
Specialty Additives [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	183	203	247
Specialty Additives [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	208	214	258
Specialty Additives [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	153	153	182
Specialty Additives [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	28	30	32
Intermediates [Member]
Disaggregation Of Revenue [Line Items]
Sales	144	185	256
Intermediates [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	103	128	163
Intermediates [Member] \| Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	21	27	39
Intermediates [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	16	22	43
Intermediates [Member] \| Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	$ 4	$ 8	$ 11

Stock Incentive Plans - Components of Pretax Compensation Expense for Stock-Based Awards (Net of Forfeitures) and Associated Income Tax Benefits (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

^[1]

Sep. 30, 2023

^[2]

Sep. 30, 2022

^[3]

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

Stock Appreciation Rights (SARs)

$ 17

$ 22

$ 24

Income tax benefit

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

Nonvested Stock Awards [Member]

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

Performance Shares [Member]

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

$ 4

$ 11

[1]	The year ended September 30, 2023 included $1 million of expense and $1 million of income related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[2]	The year ended September 30, 2024 included $2 million and less than $1 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[3]	The year ended September 30, 2022 included $4 million and $2 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.

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.

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

Stock Incentive Plans - Summary of Performance Shares/units Granted (Details) - Performance Shares [Member] - $ / shares
shares in Thousands

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Vesting period, start date

Oct. 01, 2023

Oct. 01, 2022

Oct. 01, 2021

Vesting period, end date

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2024

Target shares granted

^[1]

140

110

Weighted-average fair value per share

^[1]

$ 81.29

$ 135.93

$ 131.33

[1]	At the end of the performance period, the actual number of shares/units awarded can range from zero to 200% of the target shares/units granted, which is assumed to be 100%. Both the shares granted and weighted-average fair value per share/unit are as of the grant date.

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.

Property Plant and Equipment Income Statement Disclosures [Abstract]

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance at beginning of period	$ 59	$ 84
Decreases related to positions taken on items from prior years	(3)	(30)
Increases related to positions taken in the current year	13	8
Increases related to positions taken in the prior year	3	1
Lapse of statute of limitations	(6)	(4)
Settlements	(1)
Balance at end of period	$ 65	$ 59

Property, Plant and Equipment - Summary of Property, Plant and Equipment Charges Included in Statements of Consolidated Comprehensive Income (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Other Noncurrent Assets And Liabilities [Abstract]

^[1]

$ 198

$ 150

$ 147

Capitalized interest

$ 6

$ 4

$ 1

[1]	Includes $57 million of accelerated depreciation during 2024 related to plant optimization actions. See Note D for additional details.

Fair Value Measurements - Summary of Gains and Losses on Commodity Derivatives (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative gains (losses)	$ (6)	$ (3)	$ 10
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue

Other Noncurrent Assets and Liabilities

12 Months Ended

Sep. 30, 2024

Other Noncurrent Assets and Liabilities

NOTE I – OTHER NONCURRENT ASSETS AND LIABILITIES

The following table provides the components of other noncurrent assets in the Consolidated Balance Sheets as of September 30.


(In millions)	2024		2023
Deferred compensation investments	$	95	$	87
Tax and tax indemnity receivables		4		6
Life insurance policies		80		76
Manufacturing catalyst supplies		25		24
Defined benefit plan assets		18		17
Equity and other unconsolidated investments		3		3
Land use rights		6		6
Environmental insurance receivables		11		15
Debt issuance costs		2		2
Other		20		15
	$	264	$	251

Deferred compensation investments

Deferred compensation investments consist of insurance policies valued at cash surrender value. Gains and losses related to deferred compensation investments are immediately recognized within the selling, general and administrative expense caption on the Statements of Consolidated Comprehensive Income (Loss). These investments had gains of $8 million and $5 million during 2024 and 2023, respectively, and losses of $2 million during 2022. These cash inflows exclude company-owned life insurance death benefits of $1 million, $6 million and $3 million for 2024, 2023 and 2022, respectively.

The following table provides the components of other noncurrent liabilities in the Consolidated Balance Sheets as of September 30.


(In millions)	2024		2023
Tax liabilities	$	69	$	79
Environmental remediation reserves		164		165
Deferred compensation		28		25
Other		25		22
	$	286	$	291

Stock Incentive Plans (Tables)

12 Months Ended

Sep. 30, 2024

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

Components of Pretax Compensation Expense Associated With Income Tax Benefits

The components of Ashland's pretax compensation expense for stock-based awards (net of forfeitures) and associated income tax benefits are as follows.


(In millions)	2024(a)		2023(b)		2022(c)
SARs	$	—	$	—	$	1
Nonvested stock awards		13		11		12
Performance share awards		4		11		11
	$	17	$	22	$	24

Income tax benefit	$	3	$	5	$	6

(a)

The year ended September 30, 2024 included $2 million and less than $1 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.

(b)

The year ended September 30, 2023 included $1 million of expense and $1 million of income related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.

(c)

The year ended September 30, 2022 included $4 million and $2 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.

Stock Appreciation Rights (SARs) [Member]

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

Stock appreciation rights award activity

A progression of activity and various other information relative to SARs and previously issued and vested stock options is presented in the following table.


	2024					2023					2022
	Number			Weighted-		Number			Weighted-		Number			Weighted-
	of			average		of			average		of			average
(In thousands except per	common			exercise price		common			exercise price		common			exercise price
share data)	shares			per share		shares			per share		shares			per share
Outstanding - beginning of year		1,023		$	65.22		1,142		$	63.85		1,543		$	62.14
Exercised		(199	)		61.15		(114	)		52.31		(392	)		57.32
Forfeitures and expirations		(5	)		71.33		(5	)		46.67		(9	)		54.70
Outstanding - end of year(a)		819			66.16		1,023			65.22		1,142			63.85
Exercisable - end of year		819			66.16		1,023			65.22		1,094			63.24

(a)

Nonvested Stock Awards [Member]

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

Nonvested stock awards and performance shares activity

A progression of activity and various other information relative to nonvested stock awards is presented in the following table.


	2024					2023					2022
	Number			Weighted-		Number			Weighted-		Number			Weighted-
	of			average		of			average		of			average
(In thousands except per	common			grant date		common			grant date		common			grant date
share data)	shares			fair value		shares			fair value		shares			fair value
Nonvested - beginning of year		188		$	97.66		209		$	82.55		211		$	76.10
Granted		167			78.93		92			105.72		80			92.34
Vested		(107	)		97.33		(106	)		82.04		(72	)		78.81
Forfeitures		(32	)		84.96		(7	)		106.25		(10	)		80.06
Nonvested - end of year		216			85.21		188			97.66		209			82.55

Performance Shares [Member]

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

Weighted-average of key assumptions used in pricing model


	2024			2023			2022
Risk-free interest rate		4.59	%		4.22	%		1.2	%
Expected dividend yield		1.9	%		1.3	%	1.3
Expected life (in years)		3			3			3
Expected volatility		26.0	%		35.1	%	33.4%

Nonvested stock awards and performance shares activity

The following table shows changes in nonvested performance shares/units for all plans that award Ashland Common Stock.


	2024					2023					2022
				Weighted-					Weighted-					Weighted-
				average					average					average
(In thousands except per	Shares/			grant date		Shares/			grant date		Shares/			grant date
share data)	Units			fair value		Units			fair value		Units			fair value
Nonvested - beginning of year		287		$	118.43		310		$	105.78		253		$	88.66
Granted		141			81.29		98			135.93		110			131.33
Vested		(104	)		91.77		(88	)		84.33		(1	)		96.32
Forfeitures		(35	)		108.50		(33	)		94.53		(52	)		85.78
Nonvested - end of year		289			111.16		287			118.43		310			105.78

Performance shares/units granted

The following table shows the performance shares/units granted for all plans that award Ashland Common Stock.


				Weighted-
		Target		average
(In thousands except per		shares/units		fair value per
share data)	Vesting period	granted(a)		share/unit(a)
Fiscal Year 2024	October 1, 2023 - September 30, 2026		140	$	81.29
Fiscal Year 2023	October 1, 2022 - September 30, 2025		98	$	135.93
Fiscal Year 2022	October 1, 2021 - September 30, 2024		110	$	131.33

(a)

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.

Fair Value Measurements - Summary of Fair Values of Outstanding Commodity Derivatives (Details) - Commodity Contract [Member] - USD ($) $ in Millions	Sep. 30, 2024	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	13	16
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	3	2
Commodity derivative liabilities	$ 2	$ 4

Fair Value Measurements

12 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE E – FAIR VALUE MEASUREMENTS

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

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

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

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

For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived 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 September 30, 2024. For additional information on fair value hierarchy measurements of pension plan asset holdings, see Note L.


					Quoted prices
					in active		Significant
					markets for		other		Significant
					identical		observable		unobservable
	Carrying		Total fair		assets		inputs		inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	300	$	300	$	300	$	—	$	—
Restricted investments(a)(b)		368		368		368		—		—
Investments of captive insurance company(c)		7		7		7		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	676	$	676	$	675	$	1	$	—

Liabilities
Foreign currency derivatives(e)	$	1	$	1	$	—	$	1	$	—
Commodity derivatives(e)		2		2		—		2		—
Total liabilities at fair value	$	3	$	3	$	—	$	3	$	—

(a)

Includes $295 million within restricted investments and $73 million within other current assets in the Consolidated Balance Sheets.

(b)

Includes $248 million related to the Asbestos trust and $120 million related to the Environmental trust. See Note A for additional details.

(c)

Included in other noncurrent assets in the Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Consolidated Balance Sheets.

(e)

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

The following table summarizes financial instruments subject to recurring fair value measurements as of September 30, 2023.


					Quoted prices
					in active		Significant
					markets for		other		Significant
					identical		observable		unobservable
	Carrying		Total fair		assets		inputs		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		—		—
Investments 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)

Includes $290 million within restricted investments and $77 million within other current assets in the Consolidated Balance Sheets.

(b)

Includes $243 million related to the Asbestos trust and $124 million related to the Environmental trust. See Note A for additional details.

(c)

Included in other noncurrent assets in the Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Consolidated Balance Sheets.

(e)

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

Restricted investments

As discussed in Note A, Ashland maintains certain investments in a 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 $73 million and $77 million classified within other current assets, in the Consolidated Balance Sheets for the periods ended in September 30, 2024, and 2023, respectively.

The following table presents gross unrealized gains and losses for the restricted securities as of September 30, 2024 and 2023:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of September 30, 2024
Demand deposit	$	5	$	—	$	—		$	5
Equity mutual fund		124		56		—			180
Fixed income mutual fund		211		—		(28	)		183
Fair value	$	340	$	56	$	(28	)	$	368

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 during 2024, 2023 and 2022.


(In millions)	2024			2023			2022
Investment income(a)	$	15		$	13		$	16
Net gains (losses)(a)		60			29			(102	)
Funds restricted for specific transactions		5			9			74
Disbursements		(79	)		(58	)		(35	)

(a)

Included in the net interest and other expense (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 2024, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss).


(In millions)	2024		2023		2022
Foreign currency derivative gains (losses)	$	7	$	10	$	(40	)

The following table summarizes the fair values of the outstanding foreign currency derivatives as of September 30, 2024, and 2023 included in accounts receivable and accrued expenses and other liabilities of the Consolidated Balance Sheets.


(In millions)	2024		2023
Foreign currency derivative assets	$	1	$	1
Notional contract values		125		147

Foreign currency derivative liabilities	$	1	$	1
Notional contract values		184		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. See Note A for more information.

The following table summarizes the gains and losses recognized during 2024, 2023, 2022 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).


(In millions)	2024			2023			2022
Commodity derivative gains (losses)	$	(6	)	$	(3	)	$	10

The following table summarizes the fair values of the outstanding commodity derivatives as of September 30, 2024 and 2023 included in accounts receivable and accrued expenses and other liabilities of the Consolidated Balance Sheets.


(In millions)	2024		2023
Commodity derivative assets	$	—	$	—
Notional contract values		3		2

Commodity derivative liabilities	$	2	$	4
Notional contract values		13		16

Other financial instruments

At September 30, 2024 and 2023, Ashland’s long-term debt (including the current portion and excluding debt issuance cost discounts) had carrying values of $1,361 million and $1,327 million, respectively, compared to a fair value of $1,327 million and $1,160 million, respectively. The fair values of long-term debt are based on quoted market prices.

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.

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

Discontinued Operations - Components of Consolidated Comprehensive Income (Loss) Related to Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	$ (34)	$ 2	$ 1,068
Income (loss) from discontinued operations, net of income taxes	(30)	10	746
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	0	(1)	33
Gain on disposal of discontinued operations	0	0	1,063
Benefit (expense) related to income (loss) from discontinued operations	(2)	6	8
Expense related to gain on disposal of discontinued operations	0	0	(337)
Income (loss) from discontinued operations, net of income taxes			41
Composites Or Marl Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	(3)	(1)	0
Benefit (expense) related to income (loss) from discontinued operations	1	0	2
Valvoline [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	2	15	(7)
Benefit (expense) related to income (loss) from discontinued operations	0	0	1
Water Technologies [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	(5)	0	5
Benefit (expense) related to income (loss) from discontinued operations	1	0	(1)
Distribution [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	(7)	(5)	(9)
Benefit (expense) related to income (loss) from discontinued operations	1	1	2
Asbestos [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before taxes	(21)	(6)	(17)
Benefit (expense) related to income (loss) from discontinued operations	$ 3	$ 1	$ 3

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

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

^[1]

$ 50

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

Total allowance for credit losses

^[2]

$ 95

^[2]

$ 101

^[2]

$ 100

Ashland [Member] | Accounts Receivable [Member]

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

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

Total allowance for credit losses

^[1]

$ 52

^[1]

$ 47

Hercules [Member] | Accounts Receivable [Member]

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

Restructuring and Related Activities [Abstract]

$ 6

$ 4

[1]	Includes $6 million and $4 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.
[2]	Includes $9 million and $11 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

Restructuring Activities (Tables)

12 Months Ended

Sep. 30, 2024

Summary of Amount of Restructuring Reserves Related to Program

The following table details at September 30, 2024, the amount of restructuring severance reserves related to this program. The severance reserves were primarily recorded within accrued expenses and other liabilities in the Consolidated Balance Sheet as of September 30, 2024.


(In millions)	Severance costs
Balance as of September 30, 2023	$	3
Restructuring reserve		25
Utilization (cash paid)		(10	)
Balance as of September 30, 2024	$	18

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation and Basis of Presentation

Principles of consolidation and basis of presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and U.S. Securities and Exchange Commission ("SEC") regulations. The Consolidated Financial Statements include the accounts of Ashland Inc. ("Ashland") and its majority owned subsidiaries and, when applicable, entities for which Ashland has a controlling financial interest or is the primary beneficiary. Investments in joint ventures and 20% to 50% owned affiliates where Ashland has the ability to exert significant influence are accounted for under the equity method. Ashland had no significant equity method investments for any of the periods presented. All intercompany transactions and balances have been eliminated.

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. See Note Q for more information.

Use of Estimates, Risks and Uncertainties

Use of estimates, risks and uncertainties

The preparation of Ashland’s 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.

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents include cash on hand and highly liquid investments maturing within three months after purchase.

Allowance for Credit Losses on Accounts Receivable

Allowance for credit losses on accounts receivable

Ashland records an allowance for credit losses using the expected credit loss model. Ashland estimates expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, Ashland pools assets with similar country risk and credit risk characteristics. Each period, the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. No significant credit losses were incurred in 2024, 2023 and 2022.

A progression of activity in the allowance for credit losses is presented in the following table.


(In millions)	2024			2023			2022
Allowance for credit losses - beginning of year	$	3		$	4		$	3
Adjustments to allowances for credit losses(a)		—			1			2
Reserves utilized		(1	)		(2	)		(1	)
Allowance for credit losses - end of year	$	2		$	3		$	4

(a)

Adjustments to allowances for credit loses were less than $1 million for fiscal 2024.

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 summarizes Ashland’s inventories as of the Consolidated Balance Sheet dates.


(In millions)	2024		2023
Finished products	$	372	$	390
Raw materials, supplies and work in process		173		236
	$	545	$	626

A progression of activity in the inventory reserves for obsolete and slow moving inventories, which reduce the amounts of finished products and raw materials, supplies and work in process reported, is presented in the following table.


(In millions)	2024			2023			2022
Inventory reserves - beginning of year	$	21		$	13		$	13
Adjustments to inventory reserves		1			11			3
Reserves utilized		(4	)		(3	)		(3	)
Inventory reserves - end of year	$	18		$	21		$	13

Property, Plant and Equipment

Property, plant and equipment

The cost of property, plant and equipment is depreciated by the straight-line method over the estimated useful lives of the assets. Buildings are depreciated principally over 12 to 35 years and machinery and equipment principally over 2 to 25 years. Such costs are periodically reviewed for recoverability when impairment indicators are present. Such indicators include, among other factors, operating losses, unused capacity, market value declines and technological obsolescence. Recorded values of asset groups of property, plant and equipment that are not expected to be recovered through undiscounted future net cash flows are written down to current fair value, which generally is determined from estimated discounted future net cash flows (assets held for use) or net realizable value (assets held for sale). See Note F for additional information related to property, plant and equipment.

Leasing Arrangements

Leasing arrangements

Ashland determines if an arrangement contains a lease at inception based on whether or not it has the right to control the asset during the contract period and other facts and circumstances.

Operating lease right-of-use assets represent Ashland’s right to use an underlying asset for the lease term and lease liabilities represent Ashland’s obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded within the Consolidated Balance Sheet and are expensed on a straight-line basis over the lease term within the Statements of Consolidated Comprehensive Income (Loss). The lease term is determined by assuming the exercise of renewal options that are reasonably certain. As most leases do not provide an implicit interest rate, Ashland used its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. When contracts contain lease and non-lease components, Ashland generally accounts for both components as a single lease component. For additional information on leasing arrangements, see Note J.

Goodwill and Other Intangibles

Goodwill and other intangibles

Ashland tests goodwill and other indefinite-lived intangible assets for impairment annually as of July 1 and when events and circumstances indicate an impairment may have occurred. Ashland reviews goodwill for impairment based on its identified reporting units. Ashland determined that its reporting units are Life Sciences, Personal Care, Specialty Additives and Intermediates. Ashland tests goodwill for impairment by comparing the carrying value to the estimated fair value of its reporting units. If the fair value of the reporting unit is lower than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the fair value. However, the loss recognized cannot exceed the carrying amount of goodwill.

Using the quantitative approach, Ashland makes various estimates and assumptions in determining the estimated fair value of each reporting unit using a combination of discounted cash flow models and valuations based on earnings multiples for guideline public companies in each reporting unit’s industry peer group, when externally quoted market prices are not readily available. Discounted cash flow models are

reliant on various assumptions, including projected business results, long-term growth factors and weighted-average cost of capital. Management judgment is involved in estimating these variables, and they include uncertainties since they are forecasting future events. Ashland performs sensitivity analyses by using a range of inputs to confirm the reasonableness of the long-term growth rate and weighted average cost of capital. Additionally, Ashland compares the indicated equity value to Ashland’s market capitalization and evaluates the resulting implied control premium/discount to determine if the estimated enterprise value is reasonable.

Ashland tests at least annually its indefinite-lived intangible assets, principally trademarks and trade names. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is written down by an amount equal to such excess. Ashland performs a quantitative impairment test for the trademarks and trade names during which, trademarks and trade names are valued using a “relief-from-royalty” valuation method compared to the carrying value. Assumptions inherent in the valuation methodologies include, but are not limited to, such estimates as future projected business results, growth rates, the weighted-average cost of capital for a market participant, and royalty rates.

Finite-lived intangible assets principally consist of certain trademarks and trade names, intellectual property, and customer lists. These intangible assets 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 reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Ashland monitors these changes and events on at least a quarterly basis. The intangibles amortization expense caption within the Statement of Consolidated Comprehensive Income (Loss) includes amortization expense related to 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. For further information on goodwill and other intangible assets, see Note G.

Derivative Instruments

Derivative instruments

Ashland regularly uses derivative instruments to manage its exposure to fluctuations in foreign currencies and certain commodities. All derivative instruments are recognized as either assets or liabilities on the balance sheet and are measured at fair value. Changes in the fair value of all derivatives are recognized immediately in the Statements of Consolidated Comprehensive Income (Loss) unless the derivative qualifies as a hedge of future cash flows or a hedge of a net investment in a foreign operation. Gains and losses related to an instrument that qualifies for hedge accounting are either recognized in the Statements of Consolidated Comprehensive Income (Loss) immediately to offset the gain or loss on the hedged item, or deferred and recorded in the stockholders’ equity section of the Consolidated Balance Sheets as a component of accumulated other comprehensive income and subsequently recognized in the Statements of Consolidated Comprehensive Income (Loss) when the hedged item affects net income. For additional information on derivative instruments, see Note E.

Restricted Investments

Restricted investments

During 2015, Ashland placed $335 million of insurance proceeds into a renewable annual trust for asbestos (Asbestos trust) that Ashland determined is restricted for the purpose of paying ongoing and future litigation defense and claim settlement costs incurred in conjunction with asbestos claims. As of September 30, 2024 and 2023, the funds within the Asbestos trust had a balance of $248 million and $243 million, respectively, and were primarily invested in public equity, U.S. government bonds and investment grade corporate bond investments with a portion maintained in demand deposits. These funds are presented primarily as noncurrent assets within the restricted investments caption of the Consolidated Balance Sheets, with $36 million and $37 million classified within other current assets in the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

During 2021, Ashland established a renewable annual trust for environmental remediation (Environmental trust) that Ashland determined is restricted for ongoing and future environmental remediation and related litigation costs. As of September 30, 2024 and 2023, the funds within the Environmental trust had a balance of $120 million and $124 million, respectively, and were primarily invested in public equity, U.S. government bonds and investment grade corporate bond investments with a portion maintained in demand deposits. These funds are presented primarily as noncurrent assets within the restricted investments caption of the Consolidated Balance Sheets, with $37 million and $40 million classified within other current assets in the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

The funds within these trusts are classified as investment securities reported at fair value. Interest income and gains and losses (realized and unrealized) on the investment securities are reported in the net interest and other expense (income) caption in the Statements of Consolidated Comprehensive Income (Loss). See Note E for additional information regarding the fair value of these investments within the trusts.

Revenue Recognition

Revenue recognition

Ashland’s revenue is measured as the amount of consideration it expects to receive in exchange for transferring goods and is recognized when performance obligations are satisfied under the terms of contracts or purchase orders with customers. Ashland generally utilizes standardized language for the terms of contracts or purchase orders.

A performance obligation is deemed to be satisfied by Ashland when control of the product or service is transferred to the customer. The transaction price of a contract or purchase order, or the amount Ashland expects to receive upon satisfaction of all performance obligations, is determined by reference to the applicable terms. Ashland generally collects the cash from its customers within 60 days of the product delivery date. Sales and other similar taxes collected from customers on behalf of third parties are excluded from the contract price.

All of Ashland’s revenue is derived from contracts or purchase orders with customers, and nearly all contracts or purchase orders with customers contain a single performance obligation for the transfer of goods where such performance obligation is satisfied at a point in time. Control of a product is deemed to be transferred to the customer generally upon shipment or delivery. Costs for shipping and handling activities, whether performed before or after the customer obtains control of the goods, are accounted for as fulfillment costs when not reimbursed.

Costs incurred to obtain contracts with customers are not significant and are expensed immediately as the period of performance is generally one year or less. Ashland records credit losses in specific situations when it is determined that the customer is unable to meet its financial obligation.

Expense Recognition

Expense recognition

Cost of sales include material and production costs, as well as the costs of inbound freight, purchasing and receiving, inspection, warehousing, internal transfers and all other distribution network costs. Selling, general and administrative expense includes sales and marketing costs, advertising, customer support, environmental remediation, corporate and divisional administrative and other costs. Advertising costs ($1 million in 2024, $2 million in 2023 and $2 million in 2022) and research and development costs ($55 million in 2024, $51 million in 2023 and $55 million in 2022) are expensed as incurred.

Income Taxes

Income taxes

Ashland is subject to income taxes in the United States and numerous foreign jurisdictions. The provision for income taxes includes income taxes paid, currently payable or receivable, and deferred taxes. Ashland recognizes the income tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Ashland evaluates and adjusts these accruals based on changing facts and circumstances. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss and credit carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the enactment date occurs. Taxes due on Global Intangible Low-Taxed Income ("GILTI") inclusions in U.S. are recognized as a current period expense when incurred. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts expected to be realized. In the event that the actual outcome of tax consequences differs from Ashland’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the Statements of Consolidated Comprehensive Income (Loss) and Consolidated Balance Sheets. For additional information on income taxes, see Note K.

The Organization for Economic Co-operation and Development (“OECD”) introduced Global Anti-Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules under which multi-national entities would pay a minimum level of tax. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to effectuate the new rules. In addition, several non-EU countries have proposed and/or adopted legislation consistent with the global minimum tax framework. Important details of these minimum tax developments are still to be determined and, in some cases, enactment and timing remain uncertain. Based on current legislation and available guidance, these rules will be effective for Ashland in its fiscal year beginning October 1, 2024. Ashland plans to treat the Pillar Two global minimum tax as a period cost. Currently, Ashland expects these Pillar Two minimum tax rules will result in an increase in Ashland’s effective tax rate, but the overall impact will not have a material impact on Ashland’s financial condition, results of operations, or cash flows in the fiscal year ending September 30, 2025.

A progression of activity in the tax valuation allowances is presented in the following table.


(In millions)	2024		2023			2022
Tax valuation allowances - beginning of year	$	56	$	56		$	74
Adjustments to valuation allowances		5		(1	)		(19	)
Reserves utilized		3		1			1
Tax valuation allowances - end of year	$	64	$	56		$	56

Asbestos-related Litigation

Asbestos-related 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.

Ashland retained Gnarus Advisors LLC ("Gnarus") to assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions. The methodology used to project future asbestos costs is based largely on Ashland’s recent experience, including claim-filing and settlement rates, disease mix, open claims, and litigation defense. Ashland’s claim experience is compared to the results of previously conducted 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. Ashland records the amount it believes to be the best estimate of future payments for litigation defense and claim settlement costs using the results of a non-inflated, non-discounted approximate 40-year model. For additional information on asbestos-related litigation, see Note M.

Ashland and Hercules have liabilities from claims alleging personal injury caused by exposure to asbestos. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs, Ashland has 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 Remediation

Environmental remediation

Accruals for environmental remediation are recognized when it is probable a liability has been incurred and the amount of that liability can be reasonably estimated. Such costs are charged to expense if they relate to the remediation of conditions caused by past operations or are not expected to mitigate or prevent contamination from future operations. Accruals for environmental remediation reflect Ashland's estimates of the most likely costs that will be incurred over an extended period of time to remediate identified conditions for which costs are reasonably estimatible and probable of being incurred, without regard to any third-party recoveries, and are regularly adjusted as environmental assessments and remediation efforts continue. For additional information on environmental remediation, see Note M.

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.

Pension and Other Postretirement Benefits

Pension and other postretirement benefits

The funded status of Ashland’s pension and other postretirement benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at September 30, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation ("PBO") and for the other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation ("APBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The APBO represents the actuarial present value of postretirement benefits attributed to employee services already rendered. The measurement of the benefit obligation is based on Ashland’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions that require judgment, including, but not limited to, estimates of discount rates, rate of compensation increases, interest rates and mortality rates. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. For additional information regarding plan assumptions and the current financial position of the pension and other postretirement plans, see Note L.

Ashland recognizes the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for a remeasurement. The remaining components of pension and other postretirement benefits expense are recorded ratably on a quarterly basis. Pension and other postretirement benefits adjustments charged directly to cost of sales that are applicable to inactive participants are excluded from inventoriable costs. The service cost component of pension and other postretirement

benefits costs is allocated to each reportable segment; while the remaining components of pension and other postretirement benefits costs are recorded within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).

Foreign Currency Translation

Foreign currency translation

Subsidiaries outside the United States primarily use the local currency as the functional currency. Upon consolidation, the results of operations of the subsidiaries and affiliates whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the average exchange rates for the year while assets and liabilities are translated at year-end exchange rates. Adjustments to translate assets and liabilities into U.S. dollars are recorded in the stockholders’ equity section of the Consolidated Balance Sheets as a component of accumulated other comprehensive income (loss) and are included in net earnings only upon sale or substantial liquidation of the underlying foreign subsidiary or affiliated company.

During 2024, following the enactment by the Argentina government of a 50% peso devaluation against the dollar, Ashland recorded a $5 million currency devaluation charge within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss).

Stock Incentive Plans

Stock incentive plans

Ashland recognizes compensation expense for stock incentive plans awarded to key employees and directors over the requisite service period based upon the grant-date fair value. Stock incentive awards are primarily in the form of restricted stock and restricted stock units, performance shares and other non-vested stock awards. Ashland utilizes several industry accepted valuation models to determine grant-date fair value. For further information concerning stock incentive plans, see Note O.

Earnings Per Share

Earnings per share

The following is the computation of basic and diluted earnings per share ("EPS") from continuing operations attributable to Ashland. Earnings per share are reported under the treasury stock method. Stock Appreciation Rights ("SARs") and warrants for each reported year whose grant price was greater than the market price of Ashland Common Stock at the end of each fiscal year were not included in the computation of earnings per share from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was 1.2 million for 2024, 2023 and 2022. The majority of these shares are for warrants with a strike price of $128.66.


(In millions except per share data)	2024		2023		2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$	199	$	168	$	181
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		49		53		55
Share based awards convertible to common shares		1		1		1
Denominator for diluted EPS - Adjusted weighted - average shares and assumed conversions		50		54		56
EPS from continuing operations
Basic	$	3.99	$	3.18	$	3.26
Diluted	$	3.95	$	3.13	$	3.20

Other Accounting Pronouncements

Other accounting pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The ASU was issued to improve transparency and disclosure requirements for the rate reconciliation, income taxes paid and other tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this guidance.

In November 2023, the FASB issued ASU No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reporting Segment Disclosures." The ASU was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures of significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance.

In October 2023, the FASB issued ASU No. 2023-06 "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in this ASU represent changes to clarify or improve disclosures and presentation requirements of a variety of topics by aligning them with the SEC's regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC's removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. The Company does not expect the amendments in this ASU to have a material impact on the Ashland's Consolidated Financial Statements.

In December 2022, the Financial Accounting Standards Board ("FASB") issued ASU No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." The ASU was issued to provide an update on ASU 2020-04 and ASU 2021-01 that were issued in March 2020 and January 2021, respectively, which provided practical expedients simplifying the U.S. GAAP treatment of certain reference rate related contract modifications including hedging relationships and other agreements. Specifically, the guidance eased the accounting burden of the modification of the reference rate of contracts where the underlying reference rate was the London Interbank Offered Rate ("LIBOR"). With the issuance of ASU 2022-06, the sunset date of Topic 848 has been deferred from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This amendment did not have a material impact on Ashland's Consolidated Financial Statements.

Fair Value of Financial Instruments Policy

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

Goodwill and Intangible Assets, Goodwill

Goodwill

Ashland performed its annual goodwill impairment test using the quantitative approach as of July 1, 2024, and concluded that the reporting unit fair values for all reporting units exceeded their carrying values. No impairment existed as of that date and no subsequent impairment indicators have been identified.

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 performed its annual impairment test for other indefinite lived intangible assets using the quantitative approach as of July 1, 2024 and concluded that the assets fair values exceeded their carrying values. No impairment existed as of that date.

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 (loss) 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.

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Summary of Net Interest and Other Expense (Income) (Parenthetical) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Accelerated amortization

^[1]

$ 0

$ 1

[1]	Fiscal year 2022 includes $1 million of accelerated debt issuance costs for the 2020 credit agreement.

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.

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-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Funds restricted for specific transactions

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2015
Leases [Abstract]
Operating lease term	12 months
Restricted Cash and Investments [Abstract]
Restricted Investments, Current	$ 73,000,000	$ 77,000,000
Revenue from Contract with Customer [Abstract]
Maximum cash collection period from customer	60 days
Expense Recognition [Abstract]
Advertising costs	$ 1,000,000	2,000,000	$ 2,000,000
Research and development expense	$ 55,000,000	$ 51,000,000	$ 55,000,000
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of earnings per share	1.2	1.2	1.2
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Net decrease to retained earnings	$ (2,868,000,000)	$ (3,097,000,000)
Shares of warrants with a strike price	$ 128.66
Allowance for credit losses on accounts receivable incurred	$ 0	0	$ 0
Asbestos Trust [Member]
Restricted Cash and Investments [Abstract]
Increase (Decrease) in Restricted Cash				$ 335,000,000
Restricted Investments, Current	36,000,000	37,000,000
Available-for-sale securities, fair value	248,000,000	243,000,000
Environmental Trust [Member]
Restricted Cash and Investments [Abstract]
Restricted Investments, Current	37,000,000	40,000,000
Available-for-sale securities, fair value	120,000,000	$ 124,000,000
Selling, General and Administrative Expenses [Member]
Foreign Currency Translation [Abstract]
Devaluation charge	$ 5,000,000
Argentina [Member]
Foreign Currency Translation [Abstract]
Percentage of Peso devaluation against Dollar	50.00%
Minimum \| Affiliates [Member]
Principles of consolidation and basis of presentation [Abstract]
Percentage of ownership under equity method	20.00%
Minimum \| Trademarks and Trade Names [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	3 years
Minimum \| Intellectual Property [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	3 years
Minimum \| Customer and Supplier Relationships [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	10 years
Minimum \| Buildings [Member]
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Useful Life	12 years
Minimum \| Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Useful Life	2 years
Maximum \| Affiliates [Member]
Principles of consolidation and basis of presentation [Abstract]
Percentage of ownership under equity method	50.00%
Maximum \| Trademarks and Trade Names [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	20 years
Maximum \| Intellectual Property [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	20 years
Maximum \| Customer and Supplier Relationships [Member]
Goodwill and other intangibles [Abstract]
Useful life (in years)	24 years
Maximum \| Buildings [Member]
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Useful Life	35 years
Maximum \| Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Useful Life	25 years

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Investment income

^[1]

$ 15

$ 13

$ 16

Net gains (losses)

^[1]

(102)

Disbursements

$ (79)

$ (58)

$ (35)

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

Employee Benefit Plans - Cash Flows (Details) $ in Millions	Sep. 30, 2024 USD ($)
Pension Plans [Member]
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2025	$ 17
2026	18
2027	18
2028	18
2029	19
2030 - 2034	96
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2025	3
2026	3
2027	3
2028	3
2029	3
2030 - 2034	$ 16

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Product Concentration Risk [Member] \| Sales Revenue [Member] \| Minimum [Member]
Revenue From Contracts With Customers [Line Items]
Concentration risk percentage	10.00%
Cellulosics [Member] \| Product Concentration Risk [Member] \| Sales Revenue [Member]
Revenue From Contracts With Customers [Line Items]
Concentration risk percentage	37.00%
Polyvinylpyrrolidones (PVP) [Member] \| Product Concentration Risk [Member] \| Sales Revenue [Member]
Revenue From Contracts With Customers [Line Items]
Concentration risk percentage	23.00%
Trade Receivable [Member]
Revenue From Contracts With Customers [Line Items]
Trade receivables	$ 206	$ 288

Other Noncurrent Assets and Liabilities (Tables)

12 Months Ended

Sep. 30, 2024

Other Noncurrent Assets And Liabilities [Abstract]

Schedule of Other Assets and Other Liabilities

The following table provides the components of other noncurrent assets in the Consolidated Balance Sheets as of September 30.


(In millions)	2024		2023
Deferred compensation investments	$	95	$	87
Tax and tax indemnity receivables		4		6
Life insurance policies		80		76
Manufacturing catalyst supplies		25		24
Defined benefit plan assets		18		17
Equity and other unconsolidated investments		3		3
Land use rights		6		6
Environmental insurance receivables		11		15
Debt issuance costs		2		2
Other		20		15
	$	264	$	251

The following table provides the components of other noncurrent liabilities in the Consolidated Balance Sheets as of September 30.


(In millions)	2024		2023
Tax liabilities	$	69	$	79
Environmental remediation reserves		164		165
Deferred compensation		28		25
Other		25		22
	$	286	$	291

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

$ 3,097

$ 3,220

Cash dividends declared per common share

$ 2,868

$ 3,097

$ 3,220

$ 1.58

$ 1.44

$ 1.27

Common Stock and Paid in Capital [Member]

Common shares purchased under repurchase program

$ 5

$ 136

$ 328

^[1],[2]

(13)

(143)

(200)

Common shares issued under stock incentive and other plans

^[3]

Retained earnings [Member]

136

Adoption of new accounting pronouncements

3,595

3,653

2,796

Common shares purchased under repurchase program

^[1]

(370)

(160)

169

178

927

Regular dividends

(79)

(76)

(70)

Accumulated other comprehensive income (loss) [Member]

3,315

3,595

3,653

Unrealized translation gain (loss)

(503)

(569)

(372)

(197)

Unrealized gain (loss) on commodity hedges

(6)

(1)

Pension and postretirement obligation adjustment

Revenue from Contract with Customer [Abstract]

$ (448)

$ (503)

$ (569)

[1]	Common shares repurchased were 4,285,194, 3,082,928 and 2,853,312 for 2024, 2023 and 2022, respectively.
[2]	Includes $3 million in excise tax on stock repurchases for 2024 and 2023.
[3]	Common shares issued were 137,799, 193,767 and 168,270 for 2024, 2023 and 2022, respectively.

Revenue (Tables)

12 Months Ended

Sep. 30, 2024

Disaggregation of Revenue

Ashland disaggregates its revenue from contracts with customers by segment and geographical region, as Ashland believes these categories best depict how management reviews the financial performance of its operations for the twelve months ended September 30, 2024, 2023 and 2022. 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 (Intersegment sales eliminations have been excluded. See Note Q for additional information.):


Sales by geography
(In millions)	2024		2023		2022
Life Sciences
North America	$	241	$	228	$	244
Europe		269		305		267
Asia Pacific		225		233		218
Latin America & other		75		103		86
	$	810	$	869	$	815

(In millions)	2024		2023		2022
Personal Care
North America	$	183	$	176	$	198
Europe		238		233		270
Asia Pacific		128		105		126
Latin America & other		85		84		84
	$	634	$	598	$	678

(In millions)	2024		2023		2022
Specialty Additives
North America	$	183	$	203	$	247
Europe		208		214		258
Asia Pacific		153		153		182
Latin America & other		28		30		32
	$	572	$	600	$	719

(In millions)	2024		2023		2022
Intermediates
North America	$	103	$	128	$	163
Europe		21		27		39
Asia Pacific		16		22		43
Latin America & other		4		8		11
	$	144	$	185	$	256

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

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

Environmental expense

$ 54

$ 56

$ 66

Accretion

Legal expense

Total expense

$ 58

$ 60

$ 71

Selling, General and Administrative Expense

Total expense, net of receivable activity

$ (2)

$ (1)

$ (5)

^[1]

$ 56

$ 59

$ 66

[1]

Net expense of $11 million, $5 million and $13 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively, related to divested businesses which qualified for treatment as discontinued operations and for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income (Loss).

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.

Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2024

Computation of Basic and Diluted Earnings per Share

Summary of Inventories

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


(In millions)	2024		2023
Finished products	$	372	$	390
Raw materials, supplies and work in process		173		236
	$	545	$	626


(In millions except per share data)	2024		2023		2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$	199	$	168	$	181
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		49		53		55
Share based awards convertible to common shares		1		1		1
Denominator for diluted EPS - Adjusted weighted - average shares and assumed conversions		50		54		56
EPS from continuing operations
Basic	$	3.99	$	3.18	$	3.26
Diluted	$	3.95	$	3.13	$	3.20

Allowance for Credit Losses [Member]

Schedule of Valuation and Qualifying Accounts Disclosure

A progression of activity in the allowance for credit losses is presented in the following table.


(In millions)	2024			2023			2022
Allowance for credit losses - beginning of year	$	3		$	4		$	3
Adjustments to allowances for credit losses(a)		—			1			2
Reserves utilized		(1	)		(2	)		(1	)
Allowance for credit losses - end of year	$	2		$	3		$	4

(a)

Adjustments to allowances for credit loses were less than $1 million for fiscal 2024.

Inventory Reserve [Member]

Schedule of Valuation and Qualifying Accounts Disclosure


(In millions)	2024			2023			2022
Inventory reserves - beginning of year	$	21		$	13		$	13
Adjustments to inventory reserves		1			11			3
Reserves utilized		(4	)		(3	)		(3	)
Inventory reserves - end of year	$	18		$	21		$	13

Valuation Allowance of Deferred Tax Assets [Member]

Schedule of Valuation and Qualifying Accounts Disclosure

A progression of activity in the tax valuation allowances is presented in the following table.


(In millions)	2024		2023			2022
Tax valuation allowances - beginning of year	$	56	$	56		$	74
Adjustments to valuation allowances		5		(1	)		(19	)
Reserves utilized		3		1			1
Tax valuation allowances - end of year	$	64	$	56		$	56

Discontinued Operations

12 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE C – DISCONTINUED OPERATIONS

Ashland has divested certain businesses that have qualified as discontinued operations. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments and activities 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 and are discussed further within this note.

Due to the ongoing assessment of certain matters associated with previous divestitures, subsequent adjustments to these divestitures may continue in future periods in the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss).

The following divested businesses represent disposal groups that qualified as discontinued operations in previous periods and impacted discontinued operations:

•

The Performance Adhesives business divested in 2022;

•

The Composites business and Marl facility (Composites/Marl facility) divested in 2019;

•

The separation of Valvoline Inc. (Valvoline) business divested in 2017;

•

The sale of Ashland Water Technologies (Water Technologies) business divested in 2014; 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 (Riley), 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 M 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 each of the years ended September 30.


(In millions)	2024			2023			2022
Income (loss) from discontinued operations
Performance Adhesives	$	—		$	(1	)	$	33
Composites/Marl facility		(3	)		(1	)		—
Valvoline		2			15			(7	)
Water Technologies		(5	)		—			5
Distribution		(7	)		(5	)		(9	)
Asbestos-related litigation		(21	)		(6	)		(17	)
Gain on disposal of discontinued operations
Performance Adhesives		—			—			1,063
Income (loss) before taxes		(34	)		2			1,068
Income tax benefit (expense)
Benefit (expense) related to income (loss) from discontinued operations
Performance Adhesives		(2	)		6			8
Composites/Marl facility		1			—			2
Valvoline		—			—			1
Water Technologies		1			—			(1	)
Distribution		1			1			2
Asbestos-related litigation		3			1			3
Expense related to gain on disposal of discontinued operations
Performance Adhesives		—			—			(337	)
Income (loss) from discontinued operations, net of income taxes	$	(30	)	$	10		$	746

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2024

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

Summary of Financial Instruments Subject to Recurring Fair Value Measurements


					Quoted prices
					in active		Significant
					markets for		other		Significant
					identical		observable		unobservable
	Carrying		Total fair		assets		inputs		inputs
(In millions)	value		value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	300	$	300	$	300	$	—	$	—
Restricted investments(a)(b)		368		368		368		—		—
Investments of captive insurance company(c)		7		7		7		—		—
Foreign currency derivatives(d)		1		1		—		1		—
Total assets at fair value	$	676	$	676	$	675	$	1	$	—

Liabilities
Foreign currency derivatives(e)	$	1	$	1	$	—	$	1	$	—
Commodity derivatives(e)		2		2		—		2		—
Total liabilities at fair value	$	3	$	3	$	—	$	3	$	—

(a)

Includes $295 million within restricted investments and $73 million within other current assets in the Consolidated Balance Sheets.

(b)

Includes $248 million related to the Asbestos trust and $120 million related to the Environmental trust. See Note A for additional details.

(c)

Included in other noncurrent assets in the Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Consolidated Balance Sheets.

(e)

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

The following table summarizes financial instruments subject to recurring fair value measurements as of September 30, 2023.


					Quoted prices
					in active		Significant
					markets for		other		Significant
					identical		observable		unobservable
	Carrying		Total fair		assets		inputs		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		—		—
Investments 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)

Includes $290 million within restricted investments and $77 million within other current assets in the Consolidated Balance Sheets.

(b)

Includes $243 million related to the Asbestos trust and $124 million related to the Environmental trust. See Note A for additional details.

(c)

Included in other noncurrent assets in the Consolidated Balance Sheets.

(d)

Included in accounts receivable in the Consolidated Balance Sheets.

(e)

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

Summary of Restricted Investment Portfolio

The following table presents gross unrealized gains and losses for the restricted securities as of September 30, 2024 and 2023:


			Gross		Gross
(In millions)	Adjusted Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of September 30, 2024
Demand deposit	$	5	$	—	$	—		$	5
Equity mutual fund		124		56		—			180
Fixed income mutual fund		211		—		(28	)		183
Fair value	$	340	$	56	$	(28	)	$	368

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


(In millions)	2024			2023			2022
Investment income(a)	$	15		$	13		$	16
Net gains (losses)(a)		60			29			(102	)
Funds restricted for specific transactions		5			9			74
Disbursements		(79	)		(58	)		(35	)

(a)

Included in the net interest and other expense (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 2024, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss).


(In millions)	2024		2023		2022
Foreign currency derivative gains (losses)	$	7	$	10	$	(40	)

Summary of Fair Values of Outstanding Foreign Currency Derivatives


(In millions)	2024		2023
Foreign currency derivative assets	$	1	$	1
Notional contract values		125		147

Foreign currency derivative liabilities	$	1	$	1
Notional contract values		184		103

Commodity Derivatives [Member]

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

Summary of Net Gains and Losses on Derivatives

The following table summarizes the gains and losses recognized during 2024, 2023, 2022 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).


(In millions)	2024			2023			2022
Commodity derivative gains (losses)	$	(6	)	$	(3	)	$	10

Summary of Fair Values of Outstanding Derivatives


(In millions)	2024		2023
Commodity derivative assets	$	—	$	—
Notional contract values		3		2

Commodity derivative liabilities	$	2	$	4
Notional contract values		13		16

Significant Accounting Policies - Summary of Activity in Inventory Reserves (Details) - Inventory Reserve [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Reserves deducted from asset accounts [Roll Forward]
Beginning of year	$ 21	$ 13	$ 13
Adjustments to inventory reserves	1	11	3
Reserves utilized	(4)	(3)	(3)
End of year	$ 18	$ 21	$ 13

Stock Incentive Plans - Summary of Performance Shares/units Granted (Parenthetical) (Details) - Performance Shares [Member]	12 Months Ended
	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual to Target Number of Shares Issued Percentage, Minimum	0.00%
Actual to Target Number of Shares Issued Percentage, Maximum	200.00%
Target Number of Shares Issued Percentage	100.00%

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.

Commitments and Contingencies Disclosure [Abstract]

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Restricted Investments, Current	$ 73	$ 77
Long-term debt, carrying value	1,361	1,327
Long-term debt, fair value	$ 1,327	$ 1,160

Litigation, Claims and Contingencies

12 Months Ended

Sep. 30, 2024

Litigation, Claims and Contingencies

NOTE M – LITIGATION, CLAIMS AND CONTINGENCIES

Asbestos litigation

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, a former subsidiary. 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.


(In thousands)	2024			2023			2022
Open claims - beginning of year		42			44			46
New claims filed		2			2			2
Claims settled		(1	)		(1	)		(1	)
Claims dismissed		(2	)		(3	)		(3	)
Open claims - end of year		41			42			44

Ashland asbestos-related liability

During the most recent update completed during 2024, it was determined that the liability for Ashland asbestos-related claims should be increased by $24 million. Total reserves for asbestos claims were $274 million at September 30, 2024 compared to $281 million at September 30, 2023.

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


(In millions)	2024			2023			2022
Asbestos reserve - beginning of year	$	281		$	305		$	320
Reserve adjustment		24			9			16
Amounts paid		(31	)		(33	)		(31	)
Asbestos reserve - end of year(a)	$	274		$	281		$	305

(a)

Included $28 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 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 September 30, 2024, Ashland’s receivable for recoveries of litigation defense and claim settlement costs from insurers amounted to $97 million (excluding the Hercules receivable for asbestos claims discussed below). Receivables from insurers amounted to $95 million at

September 30, 2023. During 2024, 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 $11 million increase in the receivable for probable insurance recoveries.

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


(In millions)	2024			2023			2022
Insurance receivable - beginning of year	$	95		$	101		$	100
Receivable adjustment(a)		11			3			7
Amounts collected		(9	)		(9	)		(6	)
Insurance receivable - end of year(b)	$	97		$	95		$	101

(a)

The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.

(b)

Includes $9 million and $11 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

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.


(In thousands)	2024			2023		2022
Open claims - beginning of year		12			11		12
New claims filed		1			1		1
Claims dismissed		(1	)		—		(2	)
Open claims - end of year		12			12		11

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. As a result of the most recent annual update of this estimate completed during 2024, it was determined that the liability for Hercules asbestos-related claims should be increased by $14 million. Total reserves for asbestos claims were $185 million at September 30, 2024 compared to $191 million at September 30, 2023.

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


(In millions)	2024			2023			2022
Asbestos reserve - beginning of year	$	191		$	213		$	217
Reserve adjustments		14			(2	)		15
Amounts paid		(20	)		(20	)		(19	)
Asbestos reserve - end of year(a)	$	185		$	191		$	213

(a)

Included $17 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 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 September 30, 2024 and 2023, the receivables from insurers amounted to $50 million and $47 million, respectively. During 2024, 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 $6 million increase in the receivable for probable insurance recoveries.

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


(In millions)	2024			2023			2022
Insurance receivable - beginning of year	$	47		$	52		$	47
Receivable adjustment(a)		6			(3	)		7
Amounts collected		(3	)		(2	)		(2	)
Insurance receivable - end of year(b)	$	50		$	47		$	52

(a)

The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.

(b)

Includes $6 million and $4 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

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 $410 million for the Ashland asbestos-related litigation (current reserve of $274 million) and approximately $276 million for the Hercules asbestos-related litigation (current reserve of $185 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 within 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 September 30, 2024, such locations included 53 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 $221 million at September 30, 2024 compared to $214 million at September 30, 2023, of which $164 million at September 30, 2024 and $165 million at September 30, 2023 were classified in other noncurrent liabilities on the Consolidated Balance Sheets. The remaining reserves were classified in accrued expenses and other liabilities on the Consolidated Balance Sheets.

The following table provides a reconciliation of the changes in the environmental remediation reserves during 2024 and 2023.


(In millions)	2024			2023
Environmental remediation reserve - beginning of year	$	214		$	211
Disbursements		(49	)		(54	)
Revised obligation estimates and accretion		56			57
Environmental remediation reserve - end of year	$	221		$	214

and estimates surrounding the available or applicable insurance coverage. At September 30, 2024 and 2023, Ashland’s recorded receivable for these probable insurance recoveries was $13 million and $17 million, respectively, of which $11 million and $15 million was classified in other noncurrent assets in the respective Consolidated Balance Sheets.

During 2024, 2023 and 2022, Ashland recognized $54 million, $56 million and $66 million of expense, respectively, for certain environmental liabilities related to normal ongoing remediation cost estimate updates for sites, which is consistent with Ashland’s historical environmental accounting policy.

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 years ended September 30, 2024, 2023 and 2022.


(In millions)	2024			2023			2022
Environmental expense	$	54		$	56		$	66
Accretion		1			1			1
Legal expense		3			3			4
Total expense		58			60			71

Insurance receivable		(2	)		(1	)		(5	)
Total expense, net of receivable activity(a)	$	56		$	59		$	66

(a)

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 $485 million. The largest reserve for any site is 21% of the remediation reserve as of September 30, 2024.

Brazil tax credits

In March 2017, the Federal Supreme Court of Brazil (Brazil Supreme Court) ruled in a leading case that a Brazilian value-added tax (ICMS) should not be included in the base used to calculate a taxpayer’s federal contribution on total revenue known as PIS/COFINS (2017 Decision). As a result, two of Ashland’s Brazilian subsidiaries filed lawsuits challenging the inclusion of ICMS in Ashland’s calculation of PIS/COFINs, seeking recovery of excess taxes paid plus interest.

In response to the 2017 Decision, the Brazilian tax authority filed an appeal of the 2017 Decision seeking clarification of the amount of ICMS tax to exclude from the calculation of PIS/COFINS. In May 2021, the Brazil Supreme Court ruled that the ICMS tax be excluded from the calculation of PIS/COFINS. In May 2023, Law 14592/23 was passed in Brazil, converting the 2017 Decision provisional measure effective for PIS/COFINS legislation excluding ICMS from the calculation basis.

As of September 30, 2024, Ashland had received all favorable court rulings for previously filed suits, completed its analysis of certain prior year overpayments related to ICMS and received acknowledgment from the Brazilian tax authority that allows Ashland to begin the process to recover the taxes. As a result, Ashland recorded a pre-tax gain of $12 million for period ended September 30, 2023 for certain excess PIS/COFINS paid from 2012 to February 2023 plus interest. The gain was recognized within the selling, general and administrative expense caption of the Statement of Consolidated Comprehensive Income (Loss). Ashland started utilizing these credits in December 2023. As of September 30, 2024, Ashland had remaining credits for a total of $8 million available for future use ($5 million within other current assets and $3 million within other noncurrent assets in the Consolidated Balance Sheets, respectively).

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 September 30, 2024 and 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 September 30, 2024.

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Beginning of year

$ 281

^[1]

$ 305

^[1]

$ 320

Reserve adjustment

Amounts paid

(31)

(33)

(31)

End of year

^[1]

274

281

305

Beginning of year

191

^[2]

213

^[2]

217

Reserve adjustment

(2)

Amounts paid

(20)

(19)

End of year

^[2]

$ 185

$ 191

$ 213

[1]	Included $28 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.
[2]	Included $17 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Net expense relates to divested businesses	$ 11	$ 5	$ 13

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.

Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2024

Sep. 30, 2023

Current assets

Accounts receivable - Notes A and H

$ 300

$ 417

^[1]

243

338

Inventories - Note A

545

626

Other assets

107

125

Total current assets

1,195

1,506

Property, plant and equipment - Note F

Cost

3,316

3,211

Accumulated depreciation

2,013

1,838

Net property, plant and equipment

1,303

1,373

Goodwill - Note G

1,381

1,362

Intangibles - Note G

751

886

Operating lease assets, net - Note J

114

122

Restricted investments - Note E

295

290

Asbestos insurance receivable - Notes A and M

^[2]

132

127

Deferred income taxes - Note K

210

Other assets - Note I

264

251

Total noncurrent assets

4,450

4,433

Total assets

5,645

5,939

Current liabilities

Short-term debt - Note H

Trade and other payables

214

210

Accrued expenses and other liabilities

256

208

Current operating lease obligations - Note J

Total current liabilities

490

456

Noncurrent liabilities

Long-term debt - Note H

1,349

1,314

Asbestos litigation reserve - Note M

414

427

Deferred income taxes - Note K

148

Employee benefit obligations - Note L

110

100

Operating lease obligations - Note J

106

Other liabilities - Note I

286

291

Total noncurrent liabilities

2,287

2,386

Commitments and contingencies - Notes J and M

Equity - Notes N and O

Common stock, par value $.01 per share, 200 million shares authorized Issued 47 million and 51 million shares in 2024 and 2023

Paid-in capital

Retained earnings

3,315

3,595

Accumulated other comprehensive loss

(448)

(503)

Total equity

2,868

3,097

Total liabilities and equity

$ 5,645

$ 5,939

[1]	Accounts receivable includes an allowance for credit losses of $2 million and $3 million at September 30, 2024 and 2023, respectively.
[2]	Asbestos insurance receivable includes an allowance for credit losses of $2 million at both September 30, 2024 and 2023.

Significant Accounting Policies - Computation of Basic and Diluted Earnings per Share (Parenthetical) (Details) - shares shares in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted EPS calculation	1.2	1.2	1.2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Current assets
Allowance for credit losses on Accounts receivables	$ 2	$ 3
Noncurrent assets
Allowance for credit losses on Asbestos insurance receivable	$ 2	$ 2
Stockholders' Equity
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value per share (usd per share)	$ 0.01	$ 0.01
Common stock, shares issued	47,000,000	51,000,000

Significant Accounting Policies - Summary of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Inventories [Abstract]
Finished products	$ 372	$ 390
Raw materials, supplies and work in process	173	236
Total	$ 545	$ 626

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment in Consolidated Balance Sheets

The following table describes the various components of property, plant and equipment within the Consolidated Balance Sheets as of September 30, 2024 and 2023.


(In millions)	2024			2023
Land(a)	$	149		$	146
Buildings		473			467
Machinery and equipment		2,513			2,371
Construction in progress		181			227
Total property, plant and equipment (gross)		3,316			3,211
Accumulated depreciation		(2,013	)		(1,838	)
Total property, plant and equipment (net)	$	1,303		$	1,373

(a)

Includes $10 million of finance lease asset as of September 30, 2024.

Summary of Property, Plant and Equipment Charges Included in Statements of Consolidated Comprehensive Income

The following table summarizes various property, plant and equipment charges recognized during 2024, 2023, 2022 within the Statements of Consolidated Comprehensive Income.


(In millions)	2024		2023		2022
Depreciation(a)	$	198	$	150	$	147
Capitalized interest		6		4		1

(a)

Includes $57 million of accelerated depreciation during 2024 related to plant optimization actions. See Note D for additional details.

Fair Value Measurements - Summary of Fair Values of Outstanding Foreign Currency Derivatives (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Sep. 30, 2024	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	125	147
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	184	103
Foreign currency derivative liabilities	$ 1	$ 1

Employee Benefit Plans - Prior Service Credits Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Pension [Member]
Prior service credit recognized in accumulated other comprehensive income [Abstract]
Prior service credit	$ 2	$ 2
Postretirement [Member]
Prior service credit recognized in accumulated other comprehensive income [Abstract]
Prior service credit	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes Related to Continuing Operations

A summary of the provision for income taxes related to continuing operations follows.


(In millions)	2024			2023			2022
Current
Federal	$	21		$	(17	)	$	3
State		3			(5	)		7
Foreign		55			46			50
		79			24			60
Deferred		(302	)		(32	)		(35	)
Income tax expense (benefit)	$	(223	)	$	(8	)	$	25

Summary of Temporary Differences of Deferred Tax Assets and Liabilities

Temporary differences that give rise to significant deferred tax assets and liabilities as of September 30 are presented in the following table.


(In millions)	2024			2023
Deferred tax assets
Foreign net operating loss carryforwards(a)	$	24		$	24
Employee benefit obligations		19			17
Environmental, self-insurance and litigation reserves (net of receivables)		95			110
State net operating loss carryforwards (net of unrecognized tax benefits)(b)		23			18
Capital loss carryback/carryforward		106			—
Compensation accruals		25			25
Credit carryforwards (net of unrecognized tax benefits)(c)		17			18
Other items		37			25
Other lease liability		14			13
Goodwill and other intangibles(e)		20			—
Valuation allowances(d)		(64	)		(56	)
Total deferred tax assets		316			194
Deferred tax liabilities
Goodwill and other intangibles(e)		—			150
Property, plant and equipment		123			158
Right of use assets		12			12
Total deferred tax liabilities		135			320
Net deferred tax asset (liability)	$	181		$	(126	)

(a)

Gross net operating loss carryforwards of $97 million will expire in future years beyond 2025 or have no expiration, and primarily relate to European and Asian subsidiaries.

(b)

Apportioned net operating loss carryforwards generated of $473 million will expire in future years as follows: $53 million in 2025, $42 million in 2026 and the remaining balance in other future years.

(c)

Credit carryforwards consist primarily of foreign tax credits of $15 million expiring in future years, and state tax credits of $2 million that will expire in 2026 and other future years.

(d)

Valuation allowances primarily relate to certain state and foreign net operating loss carryforwards and certain federal credit carryforwards.

(e)

The total gross amount of goodwill as of September 30, 2024 expected to be deductible for tax purposes is $36 million.

Summary of Income from Continuing Operations Before Income Taxes and Reconciliation of Provision for Income Taxes

The U.S. and foreign components of income (loss) from continuing operations before income taxes and a reconciliation of the statutory federal income tax with the provision for income taxes follow. The foreign components of income from continuing operations disclosed in the following table exclude any allocations of certain corporate expenses incurred in the U.S.


(In millions)	2024			2023			2022
Income (loss) from continuing operations before income taxes
United States	$	(228	)	$	(112	)	$	(133	)
Foreign		204			272			339
Income (loss) from continuing operations before income taxes	$	(24	)	$	160		$	206

Income taxes computed at U.S. statutory rate	$	(5	)	$	34		$	43
Increase (decrease) in amount computed resulting from
Tax law changes		(49	)		—			—
Non U.S. restructuring		(83	)		—			—
Uncertain tax positions		13			(26	)		(6	)
Deemed inclusions, foreign dividends and other restructuring(a)		28			32			40
Foreign tax credits		(22	)		(22	)		(32	)
Valuation allowance changes(b)		10			(7	)		(4	)
Research and development credits		(4	)		(3	)		(2	)
State taxes		(3	)		(1	)		(4	)
International rate differential		(14	)		(16	)		(27	)
Basis difference on stock sale		(100	)		—			—
Other items(c)		6			1			17
Income tax expense (benefit)	$	(223	)	$	(8	)	$	25

(a)

2024 includes $17 million related to GILTI permanent adjustments and $11 million related to Subpart F. 2023 includes $19 million related to GILTI permanent adjustment and $12 million related to Subpart F. 2022 includes $31 million primarily related to GILTI permanent adjustments.

(b)

2024 includes net $10 million related to state NOL's, deferred taxes and foreign tax credits. 2023 includes net $2 million related to deferred taxes and foreign tax credits. 2022 includes $4 million related to state NOL's.

(c)

2024 includes miscellaneous items of $6 million. 2023 includes miscellaneous items of $1 million. 2022 includes $8 million related to withholding tax.

Summary of Changes in Unrecognized Tax Benefits

Changes in unrecognized tax benefits were as follows:


(In millions)
Balance at September 30, 2022	$	84
Decreases related to positions taken on items from prior years		(30	)
Increases related to positions taken in the current year		8
Increases related to positions taken in the prior year		1
Lapse of statute of limitations		(4	)
Balance at September 30, 2023	$	59
Decreases related to positions taken on items from prior years		(3	)
Increases related to positions taken in the current year		13
Increases related to positions taken in the prior year		3
Settlements		(1	)
Lapse of statute of limitations		(6	)
Balance at September 30, 2024	$	65

Leasing Arrangements - Schedule of Maturities Analysis of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
2025	$ 23
2026	18
2027	14
2028	10
2029	8
Thereafter	86
Total lease payments	159
Less amount of lease payment representing interest	(40)
Total present value of lease payments	$ 119	$ 128

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

$ 1,362

$ 1,312

^[1]

(17)

1,381

1,362

Life Sciences [Member]

819

787

^[1]

(17)

822

819

Personal Care [Member]

^[2]

122

118

^[2]

^[1],[2]

Specialty Additives [Member]

^[2]

125

122

^[2]

421

407

^[2]

^[1],[2]

^[2]

434

421

Intermediates [Member]

^[2]

^[2]

^[1],[2]

^[2]

$ 0

[1]	Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.
[2]	As of September 30, 2024 and 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.

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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

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Value of plan assets at October 1

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Change in plan assets

$ 203

Value of plan assets at September 30

234

$ 203

Amounts recognized in the balance sheet

Other assets (noncurrent)

(110)

(100)

Pension Plans [Member]

^[1]

$ 4

Other Postretirement Benefit Plan [Member]

^[2]

^[1]

Continuing Operations [Member] | Pension Plans [Member]

^[2]

Benefit obligations at October 1

255

250

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

$ 14

$ 13

Other Defined Benefit Plan Net Periodic Benefit Income Expense

Benefits paid

$ (17)

$ (16)

Foreign currency exchange rate changes

(10)

$ 15

Settlements

$ (1)

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Defined Benefit Plan Net Periodic Benefit Income Expense

Benefit obligations at September 30

$ 290

$ 255

250

Change in plan assets

Value of plan assets at October 1

203

201

Actual return on plan assets

(2)

Employer contributions

Benefits paid

(16)

Foreign currency exchange rate changes

Settlements

(1)

Other

(2)

Value of plan assets at September 30

234

203

201

Unfunded status of the plans

(56)

(52)

Amounts recognized in the balance sheet

Other assets (noncurrent)

Accrued expenses and other liabilities

(3)

(4)

Rate of compensation increase

(71)

(65)

Net amount recognized

$ (56)

$ (52)

Weighted-average plan assumptions

Discount rate

4.50%

5.43%

3.07%

Continuing Operations [Member] | Other Postretirement Benefit Plan [Member]

Benefit obligations at October 1

$ 34

$ 36

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

$ 2

Other Defined Benefit Plan Net Periodic Benefit Income Expense

Benefits paid

$ (2)

$ (4)

Benefit obligations at September 30

(1)

$ 36

Change in plan assets

Unfunded status of the plans

(38)

(34)

Amounts recognized in the balance sheet

Accrued expenses and other liabilities

(3)

Net Periodic Benefit Costs [Abstract]

(35)

(31)

Net amount recognized

$ (38)

$ (34)

Weighted-average plan assumptions

Discount rate

4.91%

5.72%

[1]	Service cost is classified within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss).
[2]	These components are classified within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).

Employee Benefit Plans - Components of Net Periodic Benefit Loss (Income) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Net Periodic Benefit Costs [Abstract]

$ (1)

Pension Plans [Member]

^[1]

$ 3

Curtailment, settlement and other

^[2]

^[2]

(1)

Expected return on plan assets

^[2]

$ (8)

$ (7)

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Defined Benefit Plan Net Periodic Benefit Income Expense

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible List]

^[2]

$ 11

$ 0

$ (16)

Other net periodic benefit loss (income) - Note L

Total net periodic benefit cost (income)

$ 20

$ 9

$ (12)

Weighted-Average Plan Assumptions [Abstract]

Discount rate for service cost

^[3]

4.64%

4.56%

2.99%

Discount rate for interest cost

^[3]

5.49%

5.44%

3.33%

Rate of compensation increase

^[3]

3.07%

2.50%

Expected long-term rate of return on plan assets

4.99%

4.25%

2.89%

Other Postretirement Benefit Plan [Member]

Net Periodic Benefit Costs [Abstract]

^[1]

$ 1

Curtailment, settlement and other

^[2]

^[2]

Expected return on plan assets

^[2]

$ 0

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Defined Benefit Plan Net Periodic Benefit Income Expense

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible List]

^[2]

$ 3

$ (2)

$ (8)

Other net periodic benefit loss (income) - Note L

Total net periodic benefit cost (income)

$ 6

$ 1

$ (5)

Weighted-Average Plan Assumptions [Abstract]

Discount rate for service cost

^[3]

6.04%

5.80%

3.19%

Discount rate for interest cost

^[3]

5.92%

5.54%

2.10%

[1]	Service cost is classified within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss).
[2]	These components are classified within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).
[3]	The plan assumptions discussed are a blended weighted-average rate for Ashland’s U.S. and non-U.S. plans.

Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Parenthetical) (Details) - Discontinued Operations, Held-for-sale [Member] $ in Millions	Sep. 30, 2024 USD ($)
Trademarks and Trade Names [Member]
Goodwill [Line Items]
Amount allocated to Nutraceuticals disposal group	$ 7
Intellectual Property [Member]
Goodwill [Line Items]
Amount allocated to Nutraceuticals disposal group	17
Customer Relationships [Member]
Goodwill [Line Items]
Amount allocated to Nutraceuticals disposal group	$ 45

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Significant Accounting Policies - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Numerator
Income from continuing operations attributable to Ashland, net of tax	$ 199	$ 168	$ 181
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding	49	53	55
Share based awards convertible to common shares	1	1	1
Denominator for diluted EPS - Adjusted weighted - average shares and assumed conversions	50	54	56
Earnings Per Share from Continuing Operations [Abstract]
Basic	$ 3.99	$ 3.18	$ 3.26
Diluted	$ 3.95	$ 3.13	$ 3.2

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

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

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.

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
Document And Entity Information - USD ($) $ in Billions	Sep. 30, 2024	Oct. 31, 2024	Mar. 31, 2024
Cover [Abstract]
Entity Registrant Name	ASHLAND INC.
Entity Central Index Key	0001674862
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 4.9
Entity Common Stock, Shares Outstanding		47,109,326
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	ASH
Document Type	10-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Title of 12(b) Security	Common Stock, par value $.01 per share
Security Exchange Name	NYSE
Entity File Number	333-211719
Entity Incorporation, State or Country Code	DE
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
City Area Code	302
Local Phone Number	995-3000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of Registrant’s Proxy Statement (Proxy Statement) for its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described herein.
Auditor Name	Ernst & Young LLP
Auditor Location	Grandview Heights, Ohio
Auditor Firm ID	42

Employee Benefit Plans - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Plans [Member] - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 168	$ 149
Accumulated benefit obligation	162	144
Fair value of plan assets	$ 93	$ 80

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Common shares issued	137,799	193,767	168,270
Common shares repurchased	4,285,194	3,082,928	2,853,312
Excise tax on stock repurchases	$ 3	$ 3

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.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 65	$ 59	$ 84
Total amount of unrecognized tax benefits that, if recognized, would affect the tax rate for continuing and discontinued operations	57
Interest and penalties related to uncertain tax positions	3	(1)	$ 3
Interest and penalties related to unrecognized tax benefits accrued	14	$ 10
Minimum
Income Tax Contingency [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	2
Maximum
Income Tax Contingency [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 5

Income Taxes

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE K – INCOME TAXES

Income Tax Provision

A summary of the provision for income taxes related to continuing operations follows.


(In millions)	2024			2023			2022
Current
Federal	$	21		$	(17	)	$	3
State		3			(5	)		7
Foreign		55			46			50
		79			24			60
Deferred		(302	)		(32	)		(35	)
Income tax expense (benefit)	$	(223	)	$	(8	)	$	25

Temporary differences that give rise to significant deferred tax assets and liabilities as of September 30 are presented in the following table.


(In millions)	2024			2023
Deferred tax assets
Foreign net operating loss carryforwards(a)	$	24		$	24
Employee benefit obligations		19			17
Environmental, self-insurance and litigation reserves (net of receivables)		95			110
State net operating loss carryforwards (net of unrecognized tax benefits)(b)		23			18
Capital loss carryback/carryforward		106			—
Compensation accruals		25			25
Credit carryforwards (net of unrecognized tax benefits)(c)		17			18
Other items		37			25
Other lease liability		14			13
Goodwill and other intangibles(e)		20			—
Valuation allowances(d)		(64	)		(56	)
Total deferred tax assets		316			194
Deferred tax liabilities
Goodwill and other intangibles(e)		—			150
Property, plant and equipment		123			158
Right of use assets		12			12
Total deferred tax liabilities		135			320
Net deferred tax asset (liability)	$	181		$	(126	)

(a)

Gross net operating loss carryforwards of $97 million will expire in future years beyond 2025 or have no expiration, and primarily relate to European and Asian subsidiaries.

(b)

(c)

Credit carryforwards consist primarily of foreign tax credits of $15 million expiring in future years, and state tax credits of $2 million that will expire in 2026 and other future years.

(d)

Valuation allowances primarily relate to certain state and foreign net operating loss carryforwards and certain federal credit carryforwards.

(e)

The total gross amount of goodwill as of September 30, 2024 expected to be deductible for tax purposes is $36 million.


(In millions)	2024			2023			2022
Income (loss) from continuing operations before income taxes
United States	$	(228	)	$	(112	)	$	(133	)
Foreign		204			272			339
Income (loss) from continuing operations before income taxes	$	(24	)	$	160		$	206

Income taxes computed at U.S. statutory rate	$	(5	)	$	34		$	43
Increase (decrease) in amount computed resulting from
Tax law changes		(49	)		—			—
Non U.S. restructuring		(83	)		—			—
Uncertain tax positions		13			(26	)		(6	)
Deemed inclusions, foreign dividends and other restructuring(a)		28			32			40
Foreign tax credits		(22	)		(22	)		(32	)
Valuation allowance changes(b)		10			(7	)		(4	)
Research and development credits		(4	)		(3	)		(2	)
State taxes		(3	)		(1	)		(4	)
International rate differential		(14	)		(16	)		(27	)
Basis difference on stock sale		(100	)		—			—
Other items(c)		6			1			17
Income tax expense (benefit)	$	(223	)	$	(8	)	$	25

(a)

(b)

(c)

2024 includes miscellaneous items of $6 million. 2023 includes miscellaneous items of $1 million. 2022 includes $8 million related to withholding tax.

Unrecognized tax benefits

U.S. GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires Ashland to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires Ashland to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than 50% likelihood of being realized. Ashland had $65 million and $59 million of unrecognized tax benefits at September 30, 2024 and 2023, respectively, recorded within other noncurrent liabilities. As of September 30, 2024, the total amount of unrecognized tax benefits that, if recognized, would affect the tax rate for continuing and discontinued operations was $57 million. The remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits would not have an impact on the effective tax rate.

Ashland recognizes interest and penalties related to uncertain tax positions as a component of income tax expense (benefit) in the Statements of Consolidated Comprehensive Income (Loss). Such interest and penalties totaled $3 million expense in 2024, $1 million benefit in 2023 and $3 million expense in 2022. Ashland had $14 million in interest and penalties related to unrecognized tax benefits accrued as of September 30, 2024 and $10 million as of 2023.

Changes in unrecognized tax benefits were as follows:


(In millions)
Balance at September 30, 2022	$	84
Decreases related to positions taken on items from prior years		(30	)
Increases related to positions taken in the current year		8
Increases related to positions taken in the prior year		1
Lapse of statute of limitations		(4	)
Balance at September 30, 2023	$	59
Decreases related to positions taken on items from prior years		(3	)
Increases related to positions taken in the current year		13
Increases related to positions taken in the prior year		3
Settlements		(1	)
Lapse of statute of limitations		(6	)
Balance at September 30, 2024	$	65

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 $2 million and $5 million for continuing operations. For the remaining balance as of September 30, 2024, 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.

Ashland or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Foreign taxing jurisdictions significant to Ashland include Belgium, Brazil, China, Germany, India, Italy, Mexico, Netherlands, Spain, Switzerland and the United Kingdom. Ashland is subject to U.S. federal income tax examinations by tax authorities for periods after September 30, 2021 and U.S. state income tax examinations by tax authorities for periods after September 30, 2017. With respect to countries outside of the United States, with certain exceptions, Ashland’s foreign subsidiaries are subject to income tax audits for years after 2018.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: 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

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Discontinued Operations, Held-for-sale [Member]

^[1]

$ 17

Personal Care [Member]

Accumulated impairment

356

$ 356

Specialty Additives [Member]

^[1],[2]

Accumulated impairment

174

^[1],[2]

Intermediates [Member]

Accumulated impairment

$ 90

^[1],[2]

$ 0

[1]	Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.
[2]	As of September 30, 2024 and 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.

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.

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

12 Months Ended

Sep. 30, 2024

Goodwill and Other Intangibles

NOTE G – GOODWILL AND OTHER INTANGIBLES

Goodwill

The following is a progression of goodwill by reportable segment for the years ended September 30, 2024 and 2023.


(In millions)	Life Sciences			Personal Care(a)		Specialty Additives(a)		Intermediates(a)		Total
Balance at September 30, 2022	$	787		$	118	$	407	$	—	$	1,312
Currency translation and other		32			4		14		—		50
Balance at September 30, 2023		819			122		421		—		1,362
Currency translation and other		20			3		13		—		36
Nutraceuticals divestiture(b)		(17	)		—		—		—		(17	)
Balance at September 30, 2024	$	822		$	125	$	434	$	—	$	1,381

(a)

As of September 30, 2024 and 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.

(b)

Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

Other intangible assets

Other intangible assets were comprised of the following as of September 30, 2024 and 2023.


	2024							2023
	Gross					Net		Gross					Net
	carrying		Accumulated			carrying		carrying		Accumulated			carrying
(In millions)	amount		amortization			amount		amount		amortization			amount
Definite-lived intangible assets
Trademarks and trade names(a)	$	87	$	(42	)	$	45	$	97	$	(43	)	$	54
Intellectual property(b)		715		(613	)		102		731		(581	)		150
Customer and supplier relationships(c)		759		(433	)		326		821		(417	)		404
Total definite-lived intangible assets		1,561		(1,088	)		473		1,649		(1,041	)		608

Indefinite-lived intangible assets
Trademarks and trade names		278		—			278		278		—			278
Total intangible assets	$	1,839	$	(1,088	)	$	751	$	1,927	$	(1,041	)	$	886

(a)

Ashland allocated $7 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

(b)

Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

(c)

Ashland allocated $45 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

Amortization expense recognized on intangible assets was $76 million for 2024, $93 million for 2023 and $94 million for 2022, and is included in the intangibles amortization expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of September 30, 2024, all of Ashland’s intangible assets that had a carrying value were being amortized except for certain trademarks and trade names that have been determined to have indefinite lives. Estimated amortization expense for future periods is $70 million in 2025, $68 million in 2026, $47 million in 2027, $44 million in 2028 and $39 million in 2029. The amortization expense for future periods is an estimate. 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.

Goodwill and Other Intangible assets

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

Stock Incentive Plans - Summary of Nonvested Stock Awards and Performance Shares Activity (Details) - Performance Shares [Member] - $ / shares shares in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested - beginning of year	287	310	253
Granted	141	98	110
Vested	(104)	(88)	(1)
Forfeitures	(35)	(33)	(52)
Nonvested - end of year	289	287	310
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value, nonvested - beginning of year	$ 118.43	$ 105.78	$ 88.66
Weighted-average grant date fair value, granted	81.29	135.93	131.33
Weighted-average grant date fair value, vested	91.77	84.33	96.32
Weighted-average grant date fair value, forfeitures	108.5	94.53	85.78
Weighted-average grant date fair value, nonvested - end of year	$ 111.16	$ 118.43	$ 105.78

Equity Items

12 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity Items

NOTE N – EQUITY ITEMS

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. In 2022, the 2022 Stock Repurchase Program replaced and terminated the 2018 $1 billion share repurchase program, which had $150 million outstanding at its date of termination on May 22, 2022. As of September 30, 2024, $620 million remained available for repurchase under the 2023 Stock Repurchase Program.

The following table provides the stock repurchase activity for fiscal years 2024, 2023, and 2022:


(In millions, except per share amounts)	2024		2023		2022
Number of shares repurchased		4.30		3.10		2.85
Weighted-average price per share(a)	$	88.70	$	97.33	$	70.09
Aggregate purchase price(a)	$	380	$	300	$	200
Program	2023 Stock Repurchase Program		2022 Stock Repurchase Program		2018 Stock Repurchase Program

(a)

Includes transactions costs.

Stockholder dividends

Ashland paid dividends per common share of $1.58, $1.44 and $1.27 during 2024, 2023 and 2022, respectively.

In May 2024, the Board of Directors of Ashland announced a quarterly cash dividend of 40.5 cents per share to eligible stockholders at record, which represented an increase from the previous quarterly cash dividend of 38.5 cents per share. The dividend was paid in the third and fourth quarter of fiscal 2024.

In May 2023, the Board of Directors of Ashland announced a quarterly cash dividend of 38.5 cents per share to eligible stockholders at record, which represented an increase from the previous quarterly cash dividend of 33.5 cents per share. The dividend was paid in the third and fourth quarter of fiscal 2023.

In May 2022, the Board of Directors of Ashland announced a quarterly cash dividend of 33.5 cents per share to eligible stockholders at record, which represented an increase from the previous quarterly cash dividend of 30.0 cents per share. This dividend was paid in the third and fourth quarters of fiscal 2022 and the first and second quarters of fiscal 2023.

In May 2021, the Board of Directors of Ashland announced a quarterly cash dividend of 30.0 cents per share to eligible stockholders at record, which represented an increase from the previous quarterly cash dividend of 27.5 cents per share. This dividend was paid in the third and fourth quarters of fiscal 2021 and the first and second quarters of fiscal 2022.

Shares reserved for issuance

At September 30, 2024, 17.1 million common shares were reserved for issuance under stock incentive and deferred compensation plans.

Other comprehensive income (loss)

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


				Tax
	Before			(expense)			Net of
(In millions)	tax			benefit			tax
Year ended September 30, 2024
Other comprehensive income (loss)
Unrealized translation gain	$	53		$	1		$	54
Unrealized gain on commodity hedges		2			(1	)		1
Total other comprehensive income (loss)	$	55		$	—		$	55

Year ended September 30, 2023
Other comprehensive income (loss)
Unrealized translation gain	$	72		$	—		$	72
Unrealized loss on commodity hedges		(8	)		2			(6	)
Total other comprehensive income (loss)	$	64		$	2		$	66

Year ended September 30, 2022
Other comprehensive income (loss)
Unrealized translation loss	$	(199	)	$	2		$	(197	)
Unrealized loss on commodity hedges		(2	)		1			(1	)
Pension and postretirement obligation adjustment		1			—			1
Total other comprehensive income (loss)	$	(200	)	$	3		$	(197	)

Summary of Stockholders’ Equity

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


(In millions)	2024			2023			2022
Common stock and paid in capital
Balance, beginning of period	$	5		$	136		$	328
Common shares issued under stock incentive and other plans(a)		9			12			8
Common shares purchased under repurchase program(b)(c)		(13	)		(143	)		(200	)
Balance, end of period		1			5			136
Retained earnings
Balance, beginning of period		3,595			3,653			2,796
Adoption of new accounting pronouncements		—			—			—
Common shares purchased under repurchase program(b)		(370	)		(160	)		—
Net income		169			178			927
Regular dividends		(79	)		(76	)		(70	)
Balance, end of period		3,315			3,595			3,653
Accumulated other comprehensive income (loss)
Balance, beginning of period		(503	)		(569	)		(372	)
Unrealized translation gain (loss)		54			72			(197	)
Unrealized gain (loss) on commodity hedges		1			(6	)		(1	)
Pension and postretirement obligation adjustment		—			—			1
Balance, end of period		(448	)		(503	)		(569	)
Total stockholders' equity	$	2,868		$	3,097		$	3,220
Cash dividends declared per common share	$	1.58		$	1.44		$	1.27

(a)

Common shares issued were 137,799, 193,767 and 168,270 for 2024, 2023 and 2022, respectively.

(b)

Common shares repurchased were 4,285,194, 3,082,928 and 2,853,312 for 2024, 2023 and 2022, respectively.

(c)

Includes $3 million in excise tax on stock repurchases for 2024 and 2023.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 11: 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 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reportable Segment Information - Schedule of Information About Domestic and International Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	$ 2,113	$ 2,191	$ 2,391
Net assets (liabilities)	2,868	3,097
Property, plant and equipment, net	1,303	1,373
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	624	634	731
Net assets (liabilities)	1,352	1,532
Property, plant and equipment, net	961	1,032
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	1,489	1,557	$ 1,660
Net assets (liabilities)	1,516	1,565
Property, plant and equipment, net	$ 342	$ 341

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Incentive Plans - Additional Information (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Model to fair value share-based payment awards

Performance Shares [Member]

Stock Appreciation Rights (SARs) [Member]

$ 17

^[1]

$ 22

^[2]

$ 24

^[3]

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

Unexercised SARs lapse expiration period

10 years

Intrinsic value of stock appreciation rights and stock options exercised

$ 6

Tax benefit realized from the exercised stock appreciation rights and stock options

Total grant date fair value of SARs and stock options that vested

$ 1

Total unrecognized compensation costs

Aggregate intrinsic value of exercisable stock appreciation rights and stock options

$ 17

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

819,000

^[4]

1,023,000

^[4]

1,142,000

^[4]

1,543,000

Stock Appreciation Rights (SARs) [Member] | Minimum

$ 0

^[1]

$ 0

^[2]

$ 1

^[3]

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

Stock Appreciation Rights (SARs) [Member] | Maximum

1 year

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

Nonvested Stock Awards [Member]

3 years

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

Total unrecognized compensation costs

$ 6

Unrecognized cost expected to be recognized over a weighted-average period (in years)

1 year 10 months 24 days

Total grant date fair value of nonvested stock awards that vested

$ 9

Nonvested Stock Awards [Member] | Minimum

$ 13

^[1]

^[2]

^[3]

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

Nonvested Stock Awards [Member] | Maximum

1 year

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

Cash-settled Nonvested Stock Awards [Member]

3 years

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

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number

3 years

31,000

Performance Shares [Member]

$ 2

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

Measurement period of share-based payment award

3 years

Total unrecognized compensation costs

$ 5

Unrecognized cost expected to be recognized over a weighted-average period (in years)

1 year 10 months 24 days

Number of common shares for each converted performance share

$ 4

^[1]

$ 11

^[2]

$ 11

^[3]

Percentage of performance measures used to determine actual number of performance shares issuable upon vesting includes weighting of total shareholder return performance and return on net assets performance

1.50%

Performance Shares [Member] | Minimum

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

Performance Shares [Member] | Maximum

1 year

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

Accelerated Share Repurchases [Line Items]

3 years

[1]	The year ended September 30, 2023 included $1 million of expense and $1 million of income related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[2]	The year ended September 30, 2024 included $2 million and less than $1 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[3]	The year ended September 30, 2022 included $4 million and $2 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[4]	Exercise prices per share for SARs outstanding at September 30, 2024 ranged from $57.96 to $59.95 for 368 thousand shares and from $67.16 to $82.34 for 451 thousand shares. The weighted-average remaining contractual life of outstanding and exercisable SARs and stock options was 3.0 years.

Equity Items - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Jun. 28, 2023

Stock repurchase during period value

^[1]

$ 383

^[2]

$ 303

^[2]

$ 200

Common shares repurchased

4,285,194

3,082,928

2,853,312

Dividend per common share

$ 0.385

$ 0.335

$ 1.58

$ 1.44

$ 1.27

Common stock, dividends, per share, declared

$ 0.385

$ 0.335

$ 0.385

$ 0.335

$ 0.300

$ 0.275

Common shares reserved (in shares)

17,100,000

2022 Stock Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Aggregate amount of common stock to be repurchased

$ 1,000

Stock repurchase program amount outstanding

$ 150

$ 200

2023 Stock Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Aggregate amount of common stock to be repurchased

$ 1,000

Stock Repurchase Program, Remaining Authorized Repurchase Amount

$ 620

[1]	Common shares repurchased were 4,285,194, 3,082,928, and 2,853,312 for 2024, 2023 and 2022, respectively.
[2]	Includes $3 million of accrued excise taxes on stock repurchases for 2024 and 2023.

Debt - Credit Agreement and Refinancing - Additional Information (Details) € in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 EUR (€)
Debt Instrument [Line Items]
Payments of debt issuance costs		$ 0	$ 0	$ 2
2020 Credit Agreement [Member]
Debt Instrument [Line Items]
Repayment of debt, accelerated accretion				1
2022 Credit Agreement [Member]
Debt Instrument [Line Items]
Payments of debt issuance costs				2
Debt issuance costs immediately recognized				$ 1
Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.125%
Credit Agreement [Member] \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.125%
Credit Agreement [Member] \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.275%
Credit Agreement [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.25%	1.25%
Debt instrument credit spread adjustment rate		0.10%
Credit Agreement [Member] \| SOFR [Member] \| Minimum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.25%	1.25%
Credit Agreement [Member] \| SOFR [Member] \| Maximum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.75%	1.75%
Credit Agreement [Member] \| EURIBOR [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.25%	1.25%
Credit Agreement [Member] \| EURIBOR [Member] \| Minimum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.25%	1.25%
Credit Agreement [Member] \| EURIBOR [Member] \| Maximum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					1.75%	1.75%
Credit Agreement [Member] \| Alternate base rate [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					0.25%	0.25%
Credit Agreement [Member] \| Alternate base rate [Member] \| Minimum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					0.25%	0.25%
Credit Agreement [Member] \| Alternate base rate [Member] \| Maximum
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate					0.75%	0.75%
3.375% Senior Notes, due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					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%
Debt instrument, maturity year		2028	2028
Aggregate principal amount \| €					€ 500		€ 500
Unsecured Revolving Credit Facility [Member] \| 2022 Credit Agreement [Member]
Debt Instrument [Line Items]
Unsecured line of credit	$ 600					$ 596
Debt instrument, term	5 years
Letters of Credit [Member] \| 2022 Credit Agreement [Member]
Debt Instrument [Line Items]
Unsecured line of credit						$ 4

Restructuring Activities - Summary of Severance Reserves and Facility Cost Reserves (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Fiscal 2024 and 2023 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 3
Restructuring reserve	25
Utilization (cash paid)	(10)
Ending balance	18
Fiscal 2023 Life Sciences Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Ending balance	$ 0

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.

Property, Plant and Equipment - Components of Property, Plant and Equipment in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Sep. 30, 2023

Net property, plant and equipment

$ 3,316

$ 3,211

Accumulated depreciation

(2,013)

(1,838)

1,303

1,373

Land [Member]

149

^[1]

146

Buildings [Member]

Machinery and Equipment [Member]

473

467

Construction in Progress [Member]

2,513

2,371

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

$ 181

$ 227

[1]	Includes $10 million of finance lease asset as of September 30, 2024.

Statements of Consolidated Cash Flows - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Loss (income) from discontinued operations, net of income taxes

$ 169

$ 178

$ 927

(10)

(746)

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

Depreciation and amortization

274

243

241

Original issue discount and debt issuance cost amortization

Deferred income taxes

(302)

(32)

(35)

Gain from sales of property and equipment

(1)

Stock based compensation expense - Note O

Excess tax benefits on stock based compensation

Loss (income) from restricted investments

(74)

(43)

Loss (income) on acquisitions and divestitures, net - Notes B

107

(7)

(42)

Asset impairments

Pension contributions

(15)

(8)

(5)

Loss (gain) on pension and other postretirement plan remeasurements

(2)

(22)

Change in operating assets and liabilities

^[1]

227

(58)

(237)

Total cash flows provided by operating activities from continuing operations

462

294

193

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

Proceeds from disposal of property, plant and equipment

(137)

(170)

(113)

Proceeds from sale or restructuring of operations

Proceeds from settlement of company-owned life insurance contracts

Company-owned life insurance payments

(5)

(4)

Funds restricted for specific transactions

(5)

(9)

(74)

Reimbursement from restricted investments

Proceeds from sale of securities

Purchase of securities

(53)

(47)

(87)

Other investing cash flows

(10)

Total cash flows used by investing activities from continuing operations

(51)

(109)

(102)

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

Repayment of long-term debt

(250)

Proceeds from (repayment of) short-term debt

(16)

(365)

Stock based compensation employee withholding taxes paid in cash

(380)

(300)

(200)

Debt issuance costs

(2)

Cash dividends paid

(78)

(76)

(70)

(5)

(11)

(9)

Total cash flows used by financing activities from continuing operations

(479)

(371)

(896)

CASH USED BY CONTINUING OPERATIONS

(68)

(186)

(805)

Cash provided (used) by discontinued operations

Operating cash flows

(51)

(406)

Investing cash flows

1,658

Total cash provided (used) by discontinued operations

(51)

1,252

Effect of currency exchange rate changes on cash and cash equivalents

(11)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(117)

(229)

436

CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR

417

646

210

CASH AND CASH EQUIVALENTS - END OF YEAR

300

417

646

CHANGES IN ASSETS AND LIABILITIES

Accounts receivable

(23)

Inventories

(7)

(141)

Trade and other payables

(112)

Other assets and liabilities

(4)

(107)

CHANGE IN OPERATING ASSETS AND LIABILITIES

^[1]

227

(58)

(237)

SUPPLEMENTAL DISCLOSURES

Interest paid

Income taxes paid (including discontinued operations)

$ 53

$ 63

$ 406

[1]	Excludes changes resulting from operations acquired or sold.

Debt - Summary of Current and Long-term Debt (Parenthetical) (Details) € in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance expense, long-term debt			$ 12	$ 13
Current portion of long-term debt			$ 0	$ 0
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

Stock Incentive Plans - Components of Pretax Compensation Expense for Stock-Based Awards (Net of Forfeitures) and Associated Income Tax Benefits (Parenthetical) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

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

Cash-settled Nonvested Restricted Stock Awards [Member]

$ 17

^[1]

$ 22

^[2]

$ 24

^[3]

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

Cash-settled Performance Shares [Member]

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

Cash-settled Performance Shares [Member] | Maximum [Member]

$ 1

$ 2

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

$ 1

[1]	The year ended September 30, 2023 included $1 million of expense and $1 million of income related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[2]	The year ended September 30, 2024 included $2 million and less than $1 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.
[3]	The year ended September 30, 2022 included $4 million and $2 million of expense related to cash-settled nonvested restricted stock awards and cash-settled performance units, respectively.

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.

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

Significant Accounting Policies - Summary of Activity in Tax Valuation Allowances (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Reserves deducted from asset accounts [Roll Forward]
Beginning of year	$ 56	$ 56	$ 74
Adjustments to allowances for credit losses	5	(1)	(19)
Reserves utilized	3	1	1
End of year	$ 64	$ 56	$ 56

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

Sep. 30, 2024

Sep. 30, 2023

Assets

$ 300

$ 417

368

^[1],[2]

367

^[3],[4]

^[5]

^[6]

^[7]

^[8]

676

791

^[9]

^[10]

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

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

$ 2

^[9]

$ 4

^[10]

Accrued Liabilities, Current

Estimate of Fair Value, Fair Value Disclosure [Member]

Assets

$ 300

$ 417

368

^[1],[2]

367

^[3],[4]

^[5]

^[6]

^[7]

^[8]

676

791

^[9]

^[10]

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

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

$ 2

^[9]

$ 4

^[10]

Accrued Liabilities, Current

Fair Value, Inputs, Level 1 [Member]

Assets

$ 300

$ 417

368

^[1],[2]

367

^[3],[4]

^[5]

^[6]

^[7]

^[8]

675

790

^[9]

^[10]

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

Fair Value, Inputs, Level 2 [Member]

^[9]

^[10]

Assets

^[1],[2]

^[3],[4]

^[5]

^[6]

^[7]

^[8]

^[9]

^[10]

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

Fair Value, Inputs, Level 3 [Member]

^[9]

^[10]

Assets

^[1],[2]

^[3],[4]

^[5]

^[6]

^[7]

^[8]

^[9]

^[10]

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

Reserves deducted from asset accounts [Roll Forward]

$ 0

^[9]

$ 0

^[10]

[1]	Includes $248 million related to the Asbestos trust and $120 million related to the Environmental trust. See Note A for additional details.
[2]	Includes $295 million within restricted investments and $73 million within other current assets in the Consolidated Balance Sheets.
[3]	Includes $243 million related to the Asbestos trust and $124 million related to the Environmental trust. See Note A for additional details.
[4]	Includes $290 million within restricted investments and $77 million within other current assets in the Consolidated Balance Sheets.
[5]	Included in other noncurrent assets in the Consolidated Balance Sheets.
[6]	Included in other noncurrent assets in the Consolidated Balance Sheets.
[7]	Included in accounts receivable in the Consolidated Balance Sheets.
[8]	Included in accounts receivable in the Consolidated Balance Sheets.
[9]	Included in accrued expenses and other liabilities in the Consolidated Balance Sheets.
[10]	Included in accrued expenses and other liabilities in the Consolidated Balance Sheets.

Significant Accounting Policies - Summary of Activity in Allowance for Credit Losses (Details) - Allowance for Credit Losses [Member] - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Beginning of year

$ 3

$ 4

$ 3

Adjustments to allowances for credit losses

^[1]

Reserves utilized

(1)

(2)

(1)

End of year

$ 2

$ 3

$ 4

[1]	Adjustments to allowances for credit loses were less than $1 million for fiscal 2024.

Stock Incentive Plans - Summary of Fair Values Assumptions Using Monte Carlo Simulation Valuation Model (Details)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Assumptions (weighted-average) [Abstract]
Risk-free interest rate	4.59%	4.22%	1.20%
Expected dividend yield	1.90%	1.30%	1.30%
Expected life (in years)	3 years	3 years	3 years
Expected volatility	26.00%	35.10%	33.40%

Leasing Arrangements (Tables)

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Cost Recognized

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


(In millions)	Location	2024		2023		2022
Lease cost:
Operating lease cost	Selling, General & Administrative	$	13	$	13	$	13
Operating lease cost	Cost of Sales		15		15		16
Variable lease cost	Selling, General & Administrative		5		4		5
Variable lease cost	Cost of Sales		6		6		4
Short-term leases	Cost of Sales		2		2		3
Total lease cost(a)		$	41	$	40	$	41

(a)

Includes $2 million lease termination fee in fiscal 2022.

Summary of Lease Assets and Liabilities

The following table summarizes Ashland’s lease assets and liabilities as presented in the Consolidated Balance Sheet at September 30:


(In millions)	2024		2023
Assets
Operating lease assets, net	$	114	$	122
Total lease assets	$	114	$	122

Liabilities
Current operating lease obligations	$	20	$	22
Non-current operating lease obligations		99		106
Total lease liabilities	$	119	$	128

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 for during 2024, 2023 and 2022:


(In millions)	2024		2023		2022
Operating cash flows from operating leases	$	27	$	27	$	29
Investing cash flows from finance lease		10		-		-

Schedule of Maturities Analysis of Lease Liabilities

The following table summarizes Ashland's maturities of lease liabilities as of September 30, 2024:


(In millions)	2024
2025	$	23
2026		18
2027		14
2028		10
2029		8
Thereafter		86
Total lease payments		159
Less amount of lease payment representing interest		(40	)
Total present value of lease payments	$	119

Goodwill and Other Intangibles (Tables)

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

The following is a progression of goodwill by reportable segment for the years ended September 30, 2024 and 2023.


(In millions)	Life Sciences			Personal Care(a)		Specialty Additives(a)		Intermediates(a)		Total
Balance at September 30, 2022	$	787		$	118	$	407	$	—	$	1,312
Currency translation and other		32			4		14		—		50
Balance at September 30, 2023		819			122		421		—		1,362
Currency translation and other		20			3		13		—		36
Nutraceuticals divestiture(b)		(17	)		—		—		—		(17	)
Balance at September 30, 2024	$	822		$	125	$	434	$	—	$	1,381

(a)

(b)

Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

Summary of Other Intangible Assets

Other intangible assets were comprised of the following as of September 30, 2024 and 2023.


	2024							2023
	Gross					Net		Gross					Net
	carrying		Accumulated			carrying		carrying		Accumulated			carrying
(In millions)	amount		amortization			amount		amount		amortization			amount
Definite-lived intangible assets
Trademarks and trade names(a)	$	87	$	(42	)	$	45	$	97	$	(43	)	$	54
Intellectual property(b)		715		(613	)		102		731		(581	)		150
Customer and supplier relationships(c)		759		(433	)		326		821		(417	)		404
Total definite-lived intangible assets		1,561		(1,088	)		473		1,649		(1,041	)		608

Indefinite-lived intangible assets
Trademarks and trade names		278		—			278		278		—			278
Total intangible assets	$	1,839	$	(1,088	)	$	751	$	1,927	$	(1,041	)	$	886

(a)

Ashland allocated $7 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

(b)

Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

(c)

Ashland allocated $45 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

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

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
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-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 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://www.xbrl.org/2009/role/commonPracticeRef
-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 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

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Information About Domestic and International Operations

Statements of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Sales	$ 2,113	$ 2,191	$ 2,391
Cost of sales	1,495	1,523	1,561
Gross profit	618	668	830
Selling, general and administrative expense	404	365	393
Research and development expense	55	51	55
Intangibles amortization expense - Note G	76	93	94
Equity and other income	6	7	3
Income (loss) on acquisitions and divestitures, net - Note B	(115)	6	42
Operating income (loss)	(26)	172	333
Net interest and other expense (income) - Note H	(24)	6	149
Other net periodic benefit loss (income) - Note L	22	6	(22)
Income (loss) from continuing operations before income taxes	(24)	160	206
Income tax expense (benefit) - Note K	(223)	(8)	25
Income from continuing operations	199	168	181
Income (loss) from discontinued operations, net of income taxes - Note C	(30)	10	746
Net income	$ 169	$ 178	$ 927
Basic earnings per share
Income from continuing operations	$ 3.99	$ 3.18	$ 3.26
Income (loss) from discontinued operations	(0.59)	0.18	13.45
Net income	3.4	3.36	16.71
Diluted earnings per share
Income from continuing operations	3.95	3.13	3.2
Income (loss) from discontinued operations	(0.59)	0.18	13.21
Net income	$ 3.36	$ 3.31	$ 16.41
COMPREHENSIVE INCOME
Net income	$ 169	$ 178	$ 927
Other comprehensive income (loss), net of tax
Unrealized translation gain (loss)	54	72	(197)
Unrealized gain (loss) on commodity hedges	1	(6)	(1)
Pension and postretirement obligation adjustment	0	0	1
Other comprehensive income (loss)	55	66	(197)
Comprehensive income	$ 224	$ 244	$ 730

Reportable Segment Information (Tables)

12 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Information about Ashland’s domestic and international operations follows. Ashland has no operations in any individual international country or single customer that represented more than 10% of sales in 2024, 2023 and 2022.


	Sales to external customers						Net assets (liabilities)				Property, plant and equipment - net
(In millions)	2024		2023		2022		2024		2023		2024		2023
United States	$	624	$	634	$	731	$	1,352	$	1,532	$	961	$	1,032
International		1,489		1,557		1,660		1,516		1,565		342		341
	$	2,113	$	2,191	$	2,391	$	2,868	$	3,097	$	1,303	$	1,373

Summary of Financial Information for Each Reportable Segment

The following table presents various financial information for each reportable segment for the years ended September 30, 2024, 2023 and 2022.


(In millions)	2024			2023			2022
Sales
Life Sciences	$	810		$	869		$	815
Personal Care		634			598			678
Specialty Additives		572			600			719
Intermediates		144			185			256
Intersegment sales(a)		(47	)		(61	)		(77	)
	$	2,113		$	2,191		$	2,391
Equity income
Life Sciences	$	—		$	—		$	—
Personal Care		—			1			1
Specialty Additives		—			—			—
Intermediates		—			—			—
	$	—		$	1		$	1
Other income
Life Sciences	$	—		$	—		$	—
Personal Care		—			—			—
Specialty Additives		—			—			—
Intermediates		—			—			—
Unallocated and Other		6			6			2
	$	6		$	6		$	2
Equity and other income	$	6		$	7		$	3

Operating income (loss)
Life Sciences	$	168		$	172		$	155
Personal Care(b)		73			52			102
Specialty Additives(b)		(32	)		10			103
Intermediates		29			50			87
Unallocated and Other(b)		(264	)		(112	)		(114	)
	$	(26	)	$	172		$	333


(In millions)	2024			2023			2022
Depreciation expense
Life Sciences	$	38		$	41		$	35
Personal Care(c)		36			38			37
Specialty Additives(d)		111			58			63
Intermediates		13			13			12
Unallocated and Other		—			—			—
	$	198		$	150		$	147
Amortization expense
Life Sciences	$	23		$	28		$	28
Personal Care		43			47			47
Specialty Additives		10			18			18
Intermediates		—			—			1
Unallocated and Other		—			—			—
	$	76		$	93		$	94
EBITDA(e)
Life Sciences	$	229		$	241		$	218
Personal Care		152			137			186
Specialty Additives		89			86			184
Intermediates		42			63			100
Unallocated and Other		(264	)		(112	)		(114	)
	$	248		$	415		$	574
Additions to property, plant and equipment
Life Sciences	$	61		$	46		$	28
Personal Care		11			20			14
Specialty Additives		61			99			61
Intermediates		2			3			7
Unallocated and Other		2			2			3
	$	137		$	170		$	113


(In millions)	2024		2023
Assets
Life Sciences	$	1,778	$	1,904
Personal Care		950		1,004
Specialty Additives		1,516		1,580
Intermediates		127		136
Unallocated and Other		1,274		1,315
	$	5,645	$	5,939
Property, plant and equipment - net
Life Sciences	$	415	$	419
Personal Care		146		160
Specialty Additives		603		642
Intermediates		38		47
Unallocated and Other		101		105
	$	1,303	$	1,373

(a)

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

(b)

Includes a $99 million impairment charge and a $8 million loss on sale, both related to the divestiture of the Nutraceuticals business within the income (loss) on acquisitions and divestitures, net in 2024. Includes a capital project impairment charge of $11 million within Personal Care in 2024 and a $4 million impairment charge related to a Specialty Additives facility in 2023.

(c)

Depreciation includes accelerated depreciation of $2 million for Personal Care in 2024.

(d)

Depreciation includes accelerated depreciation of $55 million for Specialty Additives in 2024.

(e)

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

Leasing Arrangements - Summary of Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Assets
Operating lease assets, net	$ 114	$ 122
Operating lease right-of-use assets	114	122
Liabilities
Current operating lease obligations	20	22
Non-current operating lease obligations	99	106
Total lease liabilities	$ 119	$ 128

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

12 Months Ended

Sep. 30, 2024

USD ($)

Site

ServiceStationProperty

Facility

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2021

USD ($)

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

Asbestos litigation cost projection [Abstract]

^[1]

$ 50

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

Accrual for environmental loss contingencies

$ 221

$ 214

$ 211

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

Other Liabilities, Noncurrent

Accrued environmental loss contingencies, noncurrent

$ 164

$ 165

Recorded third-party environmental recoveries receivable

Recorded third-party environmental recoveries, noncurrent

Environmental liabilities recognized

Environmental exit costs, reasonably possible additional loss

$ 485

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

21.00%

Remaining credits available for future use

Pre-tax gain

$ (115)

Other Current Assets [Member]

Remaining credits available for future use

Other Noncurrent Assets [Member]

Remaining credits available for future use

Increase (decrease) in asbestos related reserve

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

^[2]

101

^[2]

$ 100

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

410

Total reserves for asbestos claims

274

^[3]

281

^[3]

305

^[3]

320

Pre-tax gain

Increase (decrease) in asbestos related reserve

(2)

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

^[1]

Asbestos litigation cost projection [Abstract]

Possible total future litigation defense and claim settlement costs

276

Total reserves for asbestos claims

$ 185

^[4]

$ 191

^[4]

$ 213

^[4]

$ 217

[1]	Includes $6 million and $4 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.
[2]	Includes $9 million and $11 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.
[3]	Included $28 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.
[4]	Included $17 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

Employee Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Costs of Retirement Plans


	Pension benefits									Other postretirement benefits
(In millions)	2024			2023			2022			2024			2023			2022
Net periodic benefit loss (income)
Service cost(a)	$	3		$	3		$	4		$	1		$	1		$	1
Interest cost(b)		14			13			8			2			2			2
Curtailment, settlement and other(b)		—			—			(1	)		—			—			—
Expected return on plan assets(b)		(8	)		(7	)		(7	)		—			—			—
Actuarial (gain) loss(b)		11			—			(16	)		3			(2	)		(8	)
	$	20		$	9		$	(12	)	$	6		$	1		$	(5	)
Weighted-average plan assumptions(c)
Discount rate for service cost		4.64	%		4.56	%		2.99	%		6.04	%		5.80	%		3.19	%
Discount rate for interest cost		5.49	%		5.44	%		3.33	%		5.92	%		5.54	%		2.10	%
Rate of compensation increase		3.07	%		3.07	%		2.50	%
Expected long-term rate of return on plan assets		4.99	%		4.25	%		2.89	%

(a)

Service cost is classified within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss).

(b)

These components are classified within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).

(c)

The plan assumptions discussed are a blended weighted-average rate for Ashland’s U.S. and non-U.S. plans.

Total Prior Service Credits Recognized In Accumulated Other Comprehensive Income

At September 30, 2024 and 2023, the amounts included in accumulated other comprehensive income are shown in the following table.


	Pension				Postretirement
(In millions)	2024		2023		2024		2023
Prior service cost	$	2	$	2	$	—	$	—

Schedule of Defined Benefit Plans Disclosures


							Other postretirement
	Pension plans						benefit plans
(In millions)	2024			2023			2024			2023
Change in benefit obligations
Benefit obligations at October 1	$	255		$	250		$	34		$	36
Service cost		3			3			1			1
Interest cost		14			13			2			2
Participant contributions		—			—			—			—
Benefits paid		(17	)		(16	)		(2	)		(4	)
Actuarial (gain) loss		22			(10	)		3			(1	)
Curtailments		—			—			—			—
Foreign currency exchange rate changes		14			15			—			—
Other (including acquisitions)		—			—			—			—
Settlements		(1	)		—			—			—
Benefit obligations at September 30	$	290		$	255		$	38		$	34
Change in plan assets
Value of plan assets at October 1	$	203		$	201		$	—		$	—
Actual return on plan assets		20			(2	)		—			—
Employer contributions		15			8			—			—
Participant contributions		—			—			—			—
Benefits paid		(16	)		(16	)		—			—
Foreign currency exchange rate changes		13			14			—			—
Settlements		(1	)		—			—			—
Other		—			(2	)		—			—
Value of plan assets at September 30	$	234		$	203		$	—		$	—

Unfunded status of the plans	$	(56	)	$	(52	)	$	(38	)	$	(34	)

Amounts recognized in the balance sheet
Other assets (noncurrent)	$	18		$	17		$	—		$	—
Accrued expenses and other liabilities		(3	)		(4	)		(3	)		(3	)
Employee benefit obligations		(71	)		(65	)		(35	)		(31	)
Net amount recognized	$	(56	)	$	(52	)	$	(38	)	$	(34	)

Weighted-average plan assumptions
Discount rate		4.50	%		5.43	%		4.91	%		5.72	%
Rate of compensation increase		3.07	%		3.07	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets


(In millions)	2024		2023
Projected benefit obligation	$	168	$	149
Accumulated benefit obligation		162		144
Fair value of plan assets		93		80

Schedule of Expected Benefit Payments

The following benefit payments, which reflect future service expectations, are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter.


			Other
	Pension		postretirement
(In millions)	benefits		benefits
2025	$	17	$	3
2026		18		3
2027		18		3
2028		18		3
2029		19		3
2030 - 2034		96		16

Plan Asset Fair Value Heirarchy [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	Total fair		assets		inputs		inputs
(In millions)	value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2	$	2	$	—	$	—
U.S. Government securities		9		—		9		—
Non-U.S. Government securities		—		—		—		—
Corporate debt instruments		26		—		26		—
Listed real assets		10		—		10		—
Asset-backed securities		—		—		—		—
Corporate stocks		30		—		30		—
Insurance contracts		157		—		157		—
Total assets at fair value	$	234	$	2	$	232	$	—


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	Total fair		assets		inputs		inputs
(In millions)	value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	11	$	11	$	—	$	—
U.S. Government securities		6		—		6		—
Non-U.S. Government securities		39		—		39		—
Corporate debt instruments		80		—		80		—
Listed real assets		9		—		9		—
Asset-backed securities		7		—		7		—
Corporate stocks		25		—		25		—
Insurance contracts		26		—		26		—
Total assets at fair value	$	203	$	11	$	192	$	—

Plan Asset Allocation by Asset Type [Member]

Schedule of Allocation of Plan Assets


		Actual at September 30
(In millions)	Target	2024			2023
Plan assets allocation
Equity securities	5 - 45%		14	%		18	%
Fixed income securities	55 - 95%		82	%		78	%
Other	0 - 5%		4	%		4	%
			100	%		100	%

Debt - Summary of Net Interest and Other Expense (Income) (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Loss on the accounts receivables sale programs

Interest expense

^[1]

$ 53

$ 54

$ 62

Interest income

(10)

(12)

(4)

Investment securities income

^[2]

(75)

(42)

Other financing costs

Interest Income (Expense), Net

$ (24)

$ 6

$ 149

[1]	Includes $1 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2022.
[2]	Represents investment loss (income) related to the restricted investments discussed in Note E.

Property, Plant and Equipment - Components of Property, Plant and Equipment in Consolidated Balance Sheets (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Finance lease asset	$ 10

Reportable Segment Information - Summary of Financial Information for Each Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Loss on sale of divestiture business	$ 115	$ (6)	$ (42)
Accelerated depreciation	57
Specialty Additives facility [Member]
Segment Reporting Information [Line Items]
Impairment charge		$ 4
Discontinued Operations, Held-for-sale [Member]
Segment Reporting Information [Line Items]
Impairment charge	99
Loss on sale of divestiture business	(8)
Personal Care [Member]
Segment Reporting Information [Line Items]
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Income (Loss)
Capital project impairment	11
Accelerated depreciation	2
Specialty Additives [Member]
Segment Reporting Information [Line Items]
Accelerated depreciation	$ 55

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Lease cost:

Total lease cost

^[1]

$ 41

$ 40

$ 41

Selling General and Administrative Expenses [Member]

Lease cost:

Operating lease cost

Variable lease cost

Cost of Sales [Member]

Lease cost:

Operating lease cost

Variable lease cost

Short-term leases

$ 2

$ 3

[1]	Includes $2 million lease termination fee in fiscal 2022

Significant Accounting Policies - Summary of Activity in Allowance for Credit Losses (Parenthetical) (Details) - Allowance for Credit Losses [Member] - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Reserves utilized

$ (1)

$ (2)

$ (1)

Adjustments to allowances for credit losses

^[1]

$ 1

$ 2

Maximum [Member]

Adjustments to allowances for credit losses

^[1]

$ 1

[1]	Adjustments to allowances for credit loses were less than $1 million for fiscal 2024.

Litigation, Claims and Contingencies - Summary of Asbestos Claims Activity (Details) - Claim Claim in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Ashland [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	42	44	46
New claims filed	2	2	2
Claims settled	(1)	(1)	(1)
Claims dismissed	(2)	(3)	(3)
Open claims - end of year	41	42	44
Hercules [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	12	11	12
New claims filed	1	1	1
Claims dismissed	(1)	0	(2)
Open claims - end of year	12	12	11

Income Taxes - Summary of Temporary Differences of Deferred Tax Assets and Liabilities (Parenthetical) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Tax Credit Carryforward [Line Items]
Goodwill expected to be deductible for tax purposes	$ 36
Foreign Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards	97
Tax credits	15
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards	473
Operating loss carry forwards expiring 2025	53
Operating loss carry forwards expiring 2026	42
Tax credits	$ 2

Restructuring Activities

12 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

NOTE D – RESTRUCTURING ACTIVITIES

Restructuring activities

Ashland periodically implements company-wide and targeted 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. Ashland recorded severance expense of $25 million and $5 million during 2024 and 2023, respectively, within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of September 30, 2024, the severance reserve associated with this program was $18 million and is recorded within accrued expenses and other liabilities in the Consolidated Balance Sheets.


(In millions)	Severance costs
Balance as of September 30, 2023	$	3
Restructuring reserve		25
Utilization (cash paid)		(10	)
Balance as of September 30, 2024	$	18

Fiscal 2023 Life Sciences restructuring program

During 2023, Ashland implemented a restructuring program within the Nutraceuticals business of the Life Sciences segment. Ashland recorded severance expense of $1 million during 2023 within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of September 30, 2024, the severance reserve associated with this program was zero.

Fiscal 2020 restructuring costs

During 2022, Ashland realized severance income of $2 million attributable to executive management changes and business management changes within the organization initiated in fiscal 2020 within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss). As of September 30, 2024, the severance reserve associated with this transition was zero.

Plant optimization actions

During 2024, Ashland incurred $55 million of accelerated depreciation for product line optimization activities associated with two Specialty Additives manufacturing facilities, which was recorded within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss). Ashland's portfolio optimization actions include the consolidation of Ashland's carboxymethylcellulose (CMC) and industrial methylcellulose (MC) capacity and rebalancing of the hydroxyethylcellulose (HEC) network.

During 2024, Ashland incurred $2 million of accelerated depreciation for product line optimization activities associated with a Personal Care manufacturing facility in Summerville, South Carolina, which was recorded within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss).

Employee Benefit Plans - Additional Information (Details)
$ in Millions

12 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Employee

Pre-65 health care cost increase trend rate

7.20%

Future Pre-65 health care cost trend rate

4.00%

Number of employees transferred upon divestiture | Employee

Actuarial gain

$ 1

Defined benefits plan overfunded

$ 18

Defined Benefit Plan, Plan Assets Allocation [Abstract]

Historical investment strategy asset mix, fixed income (in hundredths)

47.60%

Historical investment strategy asset mix, risk assets (in hundredths)

38.80%

Historical investment strategy asset mix, other securities assets (in hundredths)

13.60%

United States Pension Plans of US Entity, Defined Benefit [Member]

Defined Benefit Plan, Plan Assets Allocation [Abstract]

Actual contributions to benefit plans in period

$ 7

$ 3

Estimated future contributions in current next fiscal year

Foreign Pension Plans, Defined Benefit [Member]

Defined Benefit Plan, Plan Assets Allocation [Abstract]

Actual contributions to benefit plans in period

Estimated future contributions in current next fiscal year

Maximum

Defined benefit plan, expects to recognize of prior service credit in accumulated other comprehensive income as next fiscal year

Prior service credit recognized in accumulated other comprehensive income

Pension Plans [Member]

Prior service credit recognized in accumulated other comprehensive income

Actuarial gain

^[1]

(11)

$ 16

Weighted-Average Plan Assumptions [Abstract]

Defined benefit plan, accumulated benefit obligation

$ 284

$ 250

Expected long-term rate of return on plan assets

4.99%

4.25%

2.89%

Other Pension Plan, Postretirement or Supplemental Plans [Member]

Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]

Company contributions to other employee benefit savings plans

$ 21

$ 23

Postemployment benefits liability, noncurrent

$ 4

[1]	These components are classified within the other net periodic benefit loss (income) caption on the Statements of Consolidated Comprehensive Income (Loss).

Other Noncurrent Assets and Liabilities - Components of Other Noncurrent Assets in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Other Assets, Noncurrent [Abstract]
Deferred compensation investments	$ 95	$ 87
Tax and tax indemnity receivables	4	6
Life insurance policies	80	76
Manufacturing catalyst supplies	25	24
Defined benefit plan assets	18	17
Equity and other unconsolidated investments	3	3
Land use rights	6	6
Environmental insurance receivables	11	15
Debt issuance costs	2	2
Other	20	15
Other noncurrent assets, Total	$ 264	$ 251

Debt - Summary of Debt Issuance Cost Amortization (Parenthetical) (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($)
2020 Credit Agreement [Member]
Debt Instrument [Line Items]
Repayment of debt, accelerated accretion	$ 1

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.

Divestitures - Additional Information (Details) $ in Millions				12 Months Ended
	Sep. 03, 2024 USD ($)	Aug. 30, 2024 USD ($)	Feb. 28, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business		$ 26	$ 1,700
Gain on divestitures after-tax recognized in comprehensive income (loss)						$ 726
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]						Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
Income (loss) on acquisitions and divestitures				$ (115)	$ 6	$ 42
Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge	$ 99
Income (loss) on acquisitions and divestitures				(8)
Reserve for foreign VAT taxes				$ 7
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stranded divestitures costs						9
Specialty Additives facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge					4
Specialty Additives facility [Member] \| Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction value in sale of business						4
Specialty Additives facility [Member] \| Discontinued Operations, Held-for-sale [Member] \| Selling General and Administrative Expenses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge					4
Specialty Additives facility [Member] \| Maximum [Member] \| Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction value in sale of business					1
Composites Segment and the Intermediates and Solvents Marl Facility [Member] \| Land and Buildings [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business					9	50
Sale of properties with net book value					2		$ 8
Income (loss) on acquisitions and divestitures					$ 7	$ 42
Number of properties \| Property					2	2

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments	$ 295	$ 290
Restricted Investments, Current	73	77
Asbestos Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, Current	36	37
Available-for-sale securities, fair value	248	243
Environmental Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, Current	37	40
Available-for-sale securities, fair value	$ 120	$ 124

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Foreign net operating loss carryforwards

Income Taxes - Summary of Temporary Differences of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Sep. 30, 2023

Deferred tax assets

^[1]

$ 24

Environmental, self-insurance and litigation reserves (net of receivables)

110

State net operating loss carryforwards (net of unrecognized tax benefits)

^[2]

Capital loss carryback/carryforward

106

Compensation accruals

Credit carryforwards (net of unrecognized tax benefits)

^[3]

Goodwill and other intangibles

Other lease liability

^[4]

Valuation allowances

^[5]

(64)

(56)

Total deferred tax assets

316

194

Deferred tax liabilities

Goodwill and other intangibles

^[4]

150

Property, plant and equipment

123

158

Right of use assets

Total deferred tax liabilities

135

320

Net deferred tax liability

$ (126)

Net deferred tax assets

$ 181

[1]	Gross net operating loss carryforwards of $97 million will expire in future years beyond 2025 or have no expiration, and primarily relate to European and Asian subsidiaries.
[2]	Apportioned net operating loss carryforwards generated of $473 million will expire in future years as follows: $53 million in 2025, $42 million in 2026 and the remaining balance in other future years.
[3]	Credit carryforwards consist primarily of foreign tax credits of $15 million expiring in future years, and state tax credits of $2 million that will expire in 2026 and other future years.
[4]	The total gross amount of goodwill as of September 30, 2024 expected to be deductible for tax purposes is $36 million.
[5]	Valuation allowances primarily relate to certain state and foreign net operating loss carryforwards and certain federal credit carryforwards.

Reportable Segment Information

12 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reportable Segment Information

NOTE Q – REPORTABLE SEGMENT INFORMATION

Change in reportable segments

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

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

Reportable segment business descriptions

Life Sciences is comprised of pharmaceuticals, nutrition, agricultural chemicals, diagnostic films (formerly known as advanced materials) and fine chemicals. Pharmaceutical solutions include controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers and tablet binders. Nutrition solutions include thickeners, stabilizers, emulsifiers and additives for enhancing mouthfeel, controlling moisture

migration, reducing oil uptake and binding structured foods. Customers include pharmaceutical, food, beverage, hospitals and radiologists and industrial manufacturers. The nutraceutical business was sold in August 2024. See Note B for additional details.

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. Personal Care 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. Butanediol 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.

International data


	Sales to external customers						Net assets (liabilities)				Property, plant and equipment - net
(In millions)	2024		2023		2022		2024		2023		2024		2023
United States	$	624	$	634	$	731	$	1,352	$	1,532	$	961	$	1,032
International		1,489		1,557		1,660		1,516		1,565		342		341
	$	2,113	$	2,191	$	2,391	$	2,868	$	3,097	$	1,303	$	1,373

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 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 (income) caption of the Statement 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. This includes changes in prior years for indirect corporate costs previously allocated to Performance Adhesives. These costs are now reflected in Unallocated and Other for all periods presented.

Ashland determined that disclosing sales by specific product was impracticable due to the highly customized and extensive portfolio of products offered to customers and since no one product or a small group of products could be aggregated together to represent a majority of revenue within a reportable segment.

The following table presents various financial information for each reportable segment for the years ended September 30, 2024, 2023 and 2022.


(In millions)	2024			2023			2022
Sales
Life Sciences	$	810		$	869		$	815
Personal Care		634			598			678
Specialty Additives		572			600			719
Intermediates		144			185			256
Intersegment sales(a)		(47	)		(61	)		(77	)
	$	2,113		$	2,191		$	2,391
Equity income
Life Sciences	$	—		$	—		$	—
Personal Care		—			1			1
Specialty Additives		—			—			—
Intermediates		—			—			—
	$	—		$	1		$	1
Other income
Life Sciences	$	—		$	—		$	—
Personal Care		—			—			—
Specialty Additives		—			—			—
Intermediates		—			—			—
Unallocated and Other		6			6			2
	$	6		$	6		$	2
Equity and other income	$	6		$	7		$	3

Operating income (loss)
Life Sciences	$	168		$	172		$	155
Personal Care(b)		73			52			102
Specialty Additives(b)		(32	)		10			103
Intermediates		29			50			87
Unallocated and Other(b)		(264	)		(112	)		(114	)
	$	(26	)	$	172		$	333


(In millions)	2024			2023			2022
Depreciation expense
Life Sciences	$	38		$	41		$	35
Personal Care(c)		36			38			37
Specialty Additives(d)		111			58			63
Intermediates		13			13			12
Unallocated and Other		—			—			—
	$	198		$	150		$	147
Amortization expense
Life Sciences	$	23		$	28		$	28
Personal Care		43			47			47
Specialty Additives		10			18			18
Intermediates		—			—			1
Unallocated and Other		—			—			—
	$	76		$	93		$	94
EBITDA(e)
Life Sciences	$	229		$	241		$	218
Personal Care		152			137			186
Specialty Additives		89			86			184
Intermediates		42			63			100
Unallocated and Other		(264	)		(112	)		(114	)
	$	248		$	415		$	574
Additions to property, plant and equipment
Life Sciences	$	61		$	46		$	28
Personal Care		11			20			14
Specialty Additives		61			99			61
Intermediates		2			3			7
Unallocated and Other		2			2			3
	$	137		$	170		$	113


(In millions)	2024		2023
Assets
Life Sciences	$	1,778	$	1,904
Personal Care		950		1,004
Specialty Additives		1,516		1,580
Intermediates		127		136
Unallocated and Other		1,274		1,315
	$	5,645	$	5,939
Property, plant and equipment - net
Life Sciences	$	415	$	419
Personal Care		146		160
Specialty Additives		603		642
Intermediates		38		47
Unallocated and Other		101		105
	$	1,303	$	1,373

(a)

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

(b)

(c)

Depreciation includes accelerated depreciation of $2 million for Personal Care in 2024.

(d)

Depreciation includes accelerated depreciation of $55 million for Specialty Additives in 2024.

(e)

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

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

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Equity Items - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share Repurchase Program [Line Items]
Number of shares repurchased	4,285,194	3,082,928	2,853,312
2023 Stock Repurchase Program
Share Repurchase Program [Line Items]
Number of shares repurchased	4,300,000
Weighted-average price per share	$ 88.7
Aggregate purchase price	$ 380
2022 Stock Repurchase Program
Share Repurchase Program [Line Items]
Number of shares repurchased		3,100,000
Weighted-average price per share		$ 97.33
Aggregate purchase price		$ 300
2018 Stock Repurchase Program
Share Repurchase Program [Line Items]
Number of shares repurchased			2,850,000
Weighted-average price per share			$ 70.09
Aggregate purchase price			$ 200

Assumptions (weighted-average) [Abstract]

Stock Incentive Plans - Stock Appreciation Rights (Details) - $ / shares
shares in Thousands

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Risk-free interest rate

4.59%

4.22%

1.20%

Expected dividend yield

1.90%

1.30%

Expected volatility

26.00%

35.10%

33.40%

Expected life (in years)

3 years

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Outstanding - beginning of year (in shares)

1,023

^[1]

1,142

^[1]

1,543

Exercised (in shares)

(199)

(114)

(392)

Forfeitures and expirations (in shares)

(5)

(9)

Outstanding - end of year (in shares)

^[1]

819

1,023

1,142

Exercisable - end of year (in shares)

819

1,023

1,094

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Weighted-average exercise price per share, outstanding - beginning of year (in usd per share)

$ 65.22

^[1]

$ 63.85

^[1]

$ 62.14

Weighted-average exercise price per share, exercised (in usd per share)

61.15

52.31

57.32

Weighted-average exercise price per share, forfeitures and expirations (in usd per share)

71.33

46.67

54.7

Weighted-average exercise price per share, outstanding - end of year (in usd per share)

^[1]

66.16

65.22

63.85

Weighted-average exercise price per share, exercisable - end of year (in usd per share)

$ 66.16

$ 65.22

$ 63.24

[1]	Exercise prices per share for SARs outstanding at September 30, 2024 ranged from $57.96 to $59.95 for 368 thousand shares and from $67.16 to $82.34 for 451 thousand shares. The weighted-average remaining contractual life of outstanding and exercisable SARs and stock options was 3.0 years.

Litigation, Claims and Contingencies (Tables)

12 Months Ended

Sep. 30, 2024

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 2024 and 2023.


(In millions)	2024			2023
Environmental remediation reserve - beginning of year	$	214		$	211
Disbursements		(49	)		(54	)
Revised obligation estimates and accretion		56			57
Environmental remediation reserve - end of year	$	221		$	214

Components of Environmental Remediation Expense


(In millions)	2024			2023			2022
Environmental expense	$	54		$	56		$	66
Accretion		1			1			1
Legal expense		3			3			4
Total expense		58			60			71

Insurance receivable		(2	)		(1	)		(5	)
Total expense, net of receivable activity(a)	$	56		$	59		$	66

(a)

Summary of Asbestos Claims Activity

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


(In thousands)	2024			2023			2022
Open claims - beginning of year		42			44			46
New claims filed		2			2			2
Claims settled		(1	)		(1	)		(1	)
Claims dismissed		(2	)		(3	)		(3	)
Open claims - end of year		41			42			44

Progression of Activity in Asbestos Reserve Accounts

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


(In millions)	2024			2023			2022
Asbestos reserve - beginning of year	$	281		$	305		$	320
Reserve adjustment		24			9			16
Amounts paid		(31	)		(33	)		(31	)
Asbestos reserve - end of year(a)	$	274		$	281		$	305

(a)

Included $28 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

Progression of Insurance Receivable

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


(In millions)	2024			2023			2022
Insurance receivable - beginning of year	$	95		$	101		$	100
Receivable adjustment(a)		11			3			7
Amounts collected		(9	)		(9	)		(6	)
Insurance receivable - end of year(b)	$	97		$	95		$	101

(a)

The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.

(b)

Includes $9 million and $11 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

Summary of Asbestos Claims Activity

A summary of Hercules’ asbestos claims activity follows.


(In thousands)	2024			2023		2022
Open claims - beginning of year		12			11		12
New claims filed		1			1		1
Claims dismissed		(1	)		—		(2	)
Open claims - end of year		12			12		11

Progression of Activity in Asbestos Reserve Accounts

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


(In millions)	2024			2023			2022
Asbestos reserve - beginning of year	$	191		$	213		$	217
Reserve adjustments		14			(2	)		15
Amounts paid		(20	)		(20	)		(19	)
Asbestos reserve - end of year(a)	$	185		$	191		$	213

(a)

Included $17 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

Progression of Insurance Receivable

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


(In millions)	2024			2023			2022
Insurance receivable - beginning of year	$	47		$	52		$	47
Receivable adjustment(a)		6			(3	)		7
Amounts collected		(3	)		(2	)		(2	)
Insurance receivable - end of year(b)	$	50		$	47		$	52

(a)

The total allowance for credit losses was $1 million as of September 30, 2024 and 2023.

(b)

Includes $6 million and $4 million classified in accounts receivable on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

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.

Schedule of Stock Repurchase Activity

Leasing Arrangements - Components of Lease Cost Recognized (Parenthetical) - (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($)
Leases [Abstract]
Lease termination fee	$ 2

Equity Items (Tables)

12 Months Ended

Sep. 30, 2024

Equity [Abstract]

The following table provides the stock repurchase activity for fiscal years 2024, 2023, and 2022:


(In millions, except per share amounts)	2024		2023		2022
Number of shares repurchased		4.30		3.10		2.85
Weighted-average price per share(a)	$	88.70	$	97.33	$	70.09
Aggregate purchase price(a)	$	380	$	300	$	200
Program	2023 Stock Repurchase Program		2022 Stock Repurchase Program		2018 Stock Repurchase Program

(a)

Includes transactions costs.

Components of Accumulated Other Comprehensive Income (Loss)

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


				Tax
	Before			(expense)			Net of
(In millions)	tax			benefit			tax
Year ended September 30, 2024
Other comprehensive income (loss)
Unrealized translation gain	$	53		$	1		$	54
Unrealized gain on commodity hedges		2			(1	)		1
Total other comprehensive income (loss)	$	55		$	—		$	55

Year ended September 30, 2023
Other comprehensive income (loss)
Unrealized translation gain	$	72		$	—		$	72
Unrealized loss on commodity hedges		(8	)		2			(6	)
Total other comprehensive income (loss)	$	64		$	2		$	66

Year ended September 30, 2022
Other comprehensive income (loss)
Unrealized translation loss	$	(199	)	$	2		$	(197	)
Unrealized loss on commodity hedges		(2	)		1			(1	)
Pension and postretirement obligation adjustment		1			—			1
Total other comprehensive income (loss)	$	(200	)	$	3		$	(197	)

Summary of Reconciliation of Changes in Stockholders' Equity

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


(In millions)	2024			2023			2022
Common stock and paid in capital
Balance, beginning of period	$	5		$	136		$	328
Common shares issued under stock incentive and other plans(a)		9			12			8
Common shares purchased under repurchase program(b)(c)		(13	)		(143	)		(200	)
Balance, end of period		1			5			136
Retained earnings
Balance, beginning of period		3,595			3,653			2,796
Adoption of new accounting pronouncements		—			—			—
Common shares purchased under repurchase program(b)		(370	)		(160	)		—
Net income		169			178			927
Regular dividends		(79	)		(76	)		(70	)
Balance, end of period		3,315			3,595			3,653
Accumulated other comprehensive income (loss)
Balance, beginning of period		(503	)		(569	)		(372	)
Unrealized translation gain (loss)		54			72			(197	)
Unrealized gain (loss) on commodity hedges		1			(6	)		(1	)
Pension and postretirement obligation adjustment		—			—			1
Balance, end of period		(448	)		(503	)		(569	)
Total stockholders' equity	$	2,868		$	3,097		$	3,220
Cash dividends declared per common share	$	1.58		$	1.44		$	1.27

(a)

Common shares issued were 137,799, 193,767 and 168,270 for 2024, 2023 and 2022, respectively.

(b)

Common shares repurchased were 4,285,194, 3,082,928 and 2,853,312 for 2024, 2023 and 2022, respectively.

(c)

Includes $3 million in excise tax on stock repurchases for 2024 and 2023.

Income Taxes - Summary of Income (loss) from Continuing Operations Before Income Taxes and Reconciliation of Provision for Income Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

United States

$ (228)

$ (112)

$ (133)

Foreign

204

272

339

Income (loss) from continuing operations before income taxes

(24)

160

206

Income taxes computed at U.S. statutory rate

(5)

Tax law changes

(49)

Non U.S. restructuring

(83)

Uncertain tax positions

(26)

(6)

Deemed inclusions, foreign dividends and other restructuring

^[1]

Foreign tax credits

(22)

(32)

Valuation allowance changes

^[2]

(7)

(4)

Research and development credits

(4)

(3)

(2)

State taxes

(3)

(1)

(4)

International rate differential

(14)

(16)

(27)

Basis difference on stock sale

(100)

Income tax expense (benefit)

^[3]

$ (223)

$ (8)

$ 25

[1]	2024 includes $17 million related to GILTI permanent adjustments and $11 million related to Subpart F. 2023 includes $19 million related to GILTI permanent adjustment and $12 million related to Subpart F. 2022 includes $31 million primarily related to GILTI permanent adjustments.
[2]	2024 includes net $10 million related to state NOL's, deferred taxes and foreign tax credits. 2023 includes net $2 million related to deferred taxes and foreign tax credits. 2022 includes $4 million related to state NOL's.
[3]	2024 includes miscellaneous items of $6 million. 2023 includes miscellaneous items of $1 million. 2022 includes $8 million related to withholding tax.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers On August 12, 2024, 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 1,464 shares of Ashland Common Stock. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The duration of the trading arrangement is until the earlier of (1) February 28, 2025, (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. Insider Trading Policy Ashland has adopted an insider trading policy (the “Insider Trading Policy”) to govern the purchase, sale, and other dispositions of Company securities by its directors, officers, and employees. The Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company.
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	August 12, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	February 28, 2025
Aggregate Available	1,464

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles amortization expense	$ 76	$ 93	$ 94
Expected future amortization expense [Abstract]
2025	70
2026	68
2027	47
2028	44
2029	$ 39
Minimum \| Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	3 years
Minimum \| Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	3 years
Minimum \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	10 years
Maximum \| Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years
Maximum \| Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years
Maximum \| Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	24 years

Fair Value Measurements - Summary of Gains and Losses on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 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 (losses)	$ 7	$ 10	$ (40)

Stock Incentive Plans - Summary of Progression of Activity and Various Other Information Relative Nonvested Stock Awards (Details) - Nonvested Stock Awards [Member] - $ / shares shares in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested - beginning of year	188	209	211
Granted	167	92	80
Vested	(107)	(106)	(72)
Forfeitures	(32)	(7)	(10)
Nonvested - end of year	216	188	209
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value, nonvested - beginning of year	$ 97.66	$ 82.55	$ 76.10
Weighted-average grant date fair value, granted	78.93	105.72	92.34
Weighted-average grant date fair value, vested	97.33	82.04	78.81
Weighted-average grant date fair value, forfeitures	84.96	106.25	80.06
Weighted-average grant date fair value, nonvested - end of year	$ 85.21	$ 97.66	$ 82.55

Income Taxes - Summary of Provision for Income Taxes Related to Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current
Federal	$ 21	$ (17)	$ 3
State	3	(5)	7
Foreign	55	46	50
Total current income tax expense (benefit)	79	24	60
Deferred	(302)	(32)	(35)
Income tax expense (benefit)	$ (223)	$ (8)	$ 25

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Equity Items - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Unrealized translation gain (loss), before tax	$ 53	$ 72	$ (199)
Unrealized translation gain (loss), tax	1	0	2
Unrealized translation gain (loss), net of tax	54	72	(197)
Unrealized gain (loss) on commodity hedges, before Tax	2	(8)	(2)
Unrealized gain (loss) on commodity hedges, tax	(1)	2	1
Unrealized gain (loss) on commodity hedges, net of tax	1	(6)	(1)
Pension and postretirement obligation adjustment, before tax			1
Pension and postretirement obligation adjustment, tax			0
Pension and postretirement obligation adjustment, net of tax			1
Total other comprehensive gain (loss), before tax	55	64	(200)
Total other comprehensive gain (loss), tax	0	2	3
Other comprehensive income (loss)	$ 55	$ 66	$ (197)

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

Sep. 30, 2024

Sep. 30, 2023

Long-term debt (less debt issuance costs)

$ 1,361

$ 1,327

Other

^[1]

(8)

Total debt

1,349

1,330

Short-term debt - Note H

1,349

1,314

3.375% Senior Notes, due 2031 [Member]

2.00% Senior Notes Due 2028 [Member]

450

6.875% Notes due 2043 [Member]

558

528

6.50% Junior Subordinated Notes, Due 2029 [Member]

282

$ 67

$ 64

[1]	Other includes $12 million and $13 million of debt issuance costs as of September 30, 2024 and 2023, respectively. The current portion of the long-term debt was zero for both September 30, 2024 and 2023.

Property, Plant and Equipment - Summary of Property, Plant and Equipment Charges Included in Statements of Consolidated Comprehensive Income (Parenthetical) (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Property Plant And Equipment [Line Items]
Accelerated depreciation	$ 57

Leasing Arrangements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Weighted average remaining operating lease term	19 years	17 years
Weighted average operating discount rate, percent	3.80%	3.50%
Right-of-use assets exchanged for new operating lease obligations	$ 6	$ 32
Operating lease obligations	119	128
Operating lease right-of-use assets	114	$ 122
Property, Plant and Equipment [Member]
Lessee Lease Description [Line Items]
Lease asset	$ 10
Real Estate [Member]
Lessee Lease Description [Line Items]
Lease liability percentage	85.00%	85.00%

Other Noncurrent Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Other Assets, Noncurrent [Abstract]
Gains (losses) related to deferred compensation investments	$ 8	$ 5	$ (2)
Bank Owned Life Insurance Death Benefits	$ 1	$ 6	$ 3

Debt - Summary of Debt Issuance Cost Amortization (Details) - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Normal amortization

$ 6

Accelerated amortization

^[1]

Total

$ 6

$ 7

[1]	Fiscal year 2022 includes $1 million of accelerated debt issuance costs for the 2020 credit agreement.

Employee Benefit Plans - Plan Assets Allocations (Details)	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, actual	100.00%	100.00%
Equity Securities [Member]
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, actual	14.00%	18.00%
Equity Securities [Member] \| Minimum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	5.00%
Equity Securities [Member] \| Maximum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	45.00%
Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, actual	82.00%	78.00%
Fixed Income Securities [Member] \| Minimum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	55.00%
Fixed Income Securities [Member] \| Maximum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	95.00%
Other [Member]
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, actual	4.00%	4.00%
Other [Member] \| Minimum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	0.00%
Other [Member] \| Maximum
Defined Benefit Plan, Plan Assets Allocation [Abstract]
Asset target allocation, minimum	5.00%

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

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Ashland [Member] | Other Current Liabilities [Member]

$ 274

^[1]

$ 281

^[1]

$ 305

^[1]

$ 320

Hercules [Member] | Other Current Liabilities [Member]

185

^[2]

191

^[2]

$ 213

^[2]

$ 217

Revenue from Contract with Customer [Abstract]

$ 17

[1]	Included $28 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.
[2]	Included $17 million classified in accrued expenses and other liabilities on the Consolidated Balance Sheets as of September 30, 2024 and 2023.

Revenue

12 Months Ended

Sep. 30, 2024

Revenue

NOTE P – REVENUE

Trade receivables

Trade receivables are defined as receivables arising from contracts with customers and are recorded within the accounts receivable caption within the Consolidated Balance Sheets. Ashland’s trade receivables were $206 million and $288 million as of September 30, 2024 and September 30, 2023, respectively. See Note H for additional information on Ashland's program to sell certain receivables on a revolving basis to third party banks up to an aggregate purchase limit.

Disaggregation of revenue


Sales by geography
(In millions)	2024		2023		2022
Life Sciences
North America	$	241	$	228	$	244
Europe		269		305		267
Asia Pacific		225		233		218
Latin America & other		75		103		86
	$	810	$	869	$	815

(In millions)	2024		2023		2022
Personal Care
North America	$	183	$	176	$	198
Europe		238		233		270
Asia Pacific		128		105		126
Latin America & other		85		84		84
	$	634	$	598	$	678

(In millions)	2024		2023		2022
Specialty Additives
North America	$	183	$	203	$	247
Europe		208		214		258
Asia Pacific		153		153		182
Latin America & other		28		30		32
	$	572	$	600	$	719

(In millions)	2024		2023		2022
Intermediates
North America	$	103	$	128	$	163
Europe		21		27		39
Asia Pacific		16		22		43
Latin America & other		4		8		11
	$	144	$	185	$	256

For fiscal 2024, Ashland had two product categories that represented 10% or greater of Ashland's total consolidated sales which were cellulosics representing 37% of total consolidated sales and polyvinylprrolidones (PVP) representing 23% of total consolidated sales.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Other Intangibles - Summary of Other Intangible Assets (Details) - USD ($)
$ in Millions

Sep. 30, 2024

Sep. 30, 2023

$ 1,561

$ 1,649

(1,088)

(1,041)

473

608

Intangible Assets, Net [Abstract]

1,839

1,927

Trademarks and Trade Names [Member]

751

886

^[1]

^[1]

(42)

(43)

Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]

^[1]

Indefinite-lived intangible assets

278

Intellectual Property [Member]

^[2]

715

731

^[2]

(613)

(581)

Customer and Supplier Relationships [Member]

^[2]

102

150

^[3]

759

821

^[3]

(433)

(417)

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

^[3]

$ 326

$ 404

[1]	Ashland allocated $7 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.
[2]	Ashland allocated $17 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.
[3]	Ashland allocated $45 million to the Nutraceuticals disposal group during 2024. See Note B for additional details.

Debt - Summary of Current and Long-term Debt - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Total debt outstanding principal balance	$ 1,390,000,000
Discounts on outstanding debt balance	29,000,000
Unamortized debt issuance expense, long-term debt	12,000,000	$ 13,000,000
Scheduled aggregate debt maturities by fiscal year [Abstract]
2025	0
2026	0
2027	4,000,000
2028	$ 558,000,000

Leasing Arrangements

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leasing Arrangements

NOTE J – LEASING ARRANGEMENTS

Ashland leases certain office buildings, transportation equipment, warehouses and storage facilities, and equipment. Substantially all of Ashland’s leases are operating leases or short-term leases. Real estate leases represented over 85% of the total lease liability at September 30, 2024 and 2023, respectively. See Note A for additional information related to Ashland’s leasing policies.

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


(In millions)	Location	2024		2023		2022
Lease cost:
Operating lease cost	Selling, General & Administrative	$	13	$	13	$	13
Operating lease cost	Cost of Sales		15		15		16
Variable lease cost	Selling, General & Administrative		5		4		5
Variable lease cost	Cost of Sales		6		6		4
Short-term leases	Cost of Sales		2		2		3
Total lease cost(a)		$	41	$	40	$	41

(a)

Includes $2 million lease termination fee in fiscal 2022.

The following table summarizes Ashland’s lease assets and liabilities as presented in the Consolidated Balance Sheet at September 30:


(In millions)	2024		2023
Assets
Operating lease assets, net	$	114	$	122
Total lease assets	$	114	$	122

Liabilities
Current operating lease obligations	$	20	$	22
Non-current operating lease obligations		99		106
Total lease liabilities	$	119	$	128

Ashland often has options to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at Ashland's sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at Ashland's discretion. Ashland evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for operating leases as of September 30, 2024 and 2023 was approximately 19 years and 17 years, respectively.

Residual value guarantees are not common within Ashland's lease agreements nor are restrictions or covenants imposed by leases. Ashland has elected the practical expedient to combine lease and non-lease components. The discount rate implicit within the leases is generally not determinable. Therefore, Ashland determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate is determined using a buildup method resulting in an estimated range of secured borrowing rates matching the lease term and the currency of the jurisdiction in which lease payments are made, adjusted for impacts of collateral. Consideration was given to Ashland’s own relevant debt issuances as well as debt instruments of comparable companies with similar credit characteristics. The weighted average discount rate used to measure operating lease liabilities as of September 30, 2024 and 2023 was 3.8% and 3.5%, respectively. There are no leases that have not yet commenced but that create significant rights and obligations for Ashland.

Right-of-use assets exchanged for new operating lease obligations was $6 million and $32 million for the twelve months ended September 30, 2024 and 2023, respectively. During the second quarter of fiscal 2024, Ashland acquired a favorable lease asset for $10 million, which was recorded in the property, plant and equipment caption of the Consolidated Balance Sheet at September 30, 2024.

The following table provides cash paid for amounts included in the measurement of operating lease liabilities for during 2024, 2023 and 2022:


(In millions)	2024		2023		2022
Operating cash flows from operating leases	$	27	$	27	$	29
Investing cash flows from finance lease		10		-		-

The following table summarizes Ashland's maturities of lease liabilities as of September 30, 2024:


(In millions)	2024
2025	$	23
2026		18
2027		14
2028		10
2029		8
Thereafter		86
Total lease payments		159
Less amount of lease payment representing interest		(40	)
Total present value of lease payments	$	119

Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2024


(In millions)	2024			2023			2022
Income (loss) from discontinued operations
Performance Adhesives	$	—		$	(1	)	$	33
Composites/Marl facility		(3	)		(1	)		—
Valvoline		2			15			(7	)
Water Technologies		(5	)		—			5
Distribution		(7	)		(5	)		(9	)
Asbestos-related litigation		(21	)		(6	)		(17	)
Gain on disposal of discontinued operations
Performance Adhesives		—			—			1,063
Income (loss) before taxes		(34	)		2			1,068
Income tax benefit (expense)
Benefit (expense) related to income (loss) from discontinued operations
Performance Adhesives		(2	)		6			8
Composites/Marl facility		1			—			2
Valvoline		—			—			1
Water Technologies		1			—			(1	)
Distribution		1			1			2
Asbestos-related litigation		3			1			3
Expense related to gain on disposal of discontinued operations
Performance Adhesives		—			—			(337	)
Income (loss) from discontinued operations, net of income taxes	$	(30	)	$	10		$	746

Performance Adhesives divestiture

The following table presents a reconciliation of the captions within Ashland’s Statements of Consolidated Income (Loss) for the income from discontinued operations attributable to the Performance Adhesives segment for the year ended September 30.


(In millions)	2022
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales	$	171
Cost of sales		(122	)
Selling, general and administrative expense		(12	)
Research and development expense		(4	)
Intangible amortization expense		—
Pretax operating income of discontinued operations		33
Other net periodic benefit loss (income)		—
Pretax income of discontinued operations		33
Income tax expense		8
Income from discontinued operations	$	41

Performance Adhesives [Member]

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


(In millions)	2022
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales	$	171
Cost of sales		(122	)
Selling, general and administrative expense		(12	)
Research and development expense		(4	)
Intangible amortization expense		—
Pretax operating income of discontinued operations		33
Other net periodic benefit loss (income)		—
Pretax income of discontinued operations		33
Income tax expense		8
Income from discontinued operations	$	41

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

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

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

$ 2,113

$ 2,191

$ 2,391

Equity and other income

(26)

172

333

^[1]

198

150

147

^[2]

248

415

574

137

170

113

5,645

5,939

Intersegment Eliminations [Member]

1,303

1,373

^[3]

(47)

(61)

(77)

Life Sciences [Member]

810

869

815

168

172

155

^[2]

229

241

218

1,778

1,904

Life Sciences [Member] | Operating Segments [Member]

415

419

810

869

815

Personal Care [Member]

^[4]

102

^[5]

^[2]

152

137

186

950

1,004

Personal Care [Member] | Operating Segments [Member]

146

160

Specialty Additives [Member]

634

598

678

572

600

719

^[4]

(32)

103

^[6]

111

^[2]

184

1,516

1,580

Specialty Additives [Member] | Operating Segments [Member]

603

642

572

600

719

Intermediates [Member]

^[2]

100

127

136

Intermediates [Member] | Operating Segments [Member]

Unallocated and Other [Member]

144

185

256

^[4]

(264)

(112)

(114)

^[2]

(264)

(112)

(114)

$ 3

1,274

1,315

$ 101

$ 105

[1]	Includes $57 million of accelerated depreciation during 2024 related to plant optimization actions. See Note D for additional details.
[2]	Excludes income (loss) from discontinued operations and other net periodic benefit loss (income). See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.
[3]	Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment sales are accounted for at cost.
[4]	Includes a $99 million impairment charge and a $8 million loss on sale, both related to the divestiture of the Nutraceuticals business within the income (loss) on acquisitions and divestitures, net in 2024. Includes a capital project impairment charge of $11 million within Personal Care in 2024 and a $4 million impairment charge related to a Specialty Additives facility in 2023.
[5]	Depreciation includes accelerated depreciation of $2 million for Personal Care in 2024.
[6]	Depreciation includes accelerated depreciation of $55 million for Specialty Additives in 2024.

Statements of Consolidated Equity - USD ($)
$ in Millions

Total

Common stock [Member]

Paid-in capital [Member]

Retained earnings [Member]

Accumulated other comprehensive income (loss) [Member]

^[1]

Balance at Sep. 30, 2021

$ 2,752

$ 1

$ 327

$ 2,796

$ (372)

Total comprehensive income (loss)

Other comprehensive income (loss)

927

(197)

Dividends

(70)

Compensation expense and common shares issued under stock incentive and other plans

^[2],[3]

^[4]

(200)

Balance at Sep. 30, 2022

3,220

135

3,653

(569)

Total comprehensive income (loss)

Other comprehensive income (loss)

178

Dividends

(76)

Compensation expense and common shares issued under stock incentive and other plans

^[2],[3]

^[4],[5]

(303)

(143)

(160)

Balance at Sep. 30, 2023

3,097

3,595

(503)

Total comprehensive income (loss)

Other comprehensive income (loss)

169

Dividends

(79)

Compensation expense and common shares issued under stock incentive and other plans

^[2],[3]

^[4],[5]

(383)

$ (13)

(370)

Balance at Sep. 30, 2024

$ 2,868

$ 1

$ 3,315

$ (448)

[1]	At September 30, 2024 and 2023, the net of tax accumulated other comprehensive loss of $448 million and $503 million, respectively, was comprised of net unrealized translation losses of $445 million and $499 million, respectively, unrecognized prior service costs as a result of certain employee benefit plan amendments of $1 million and $1 million, respectively, and net unrealized losses on commodity hedges of $2 million and $3 million, respectively.
[2]	Common shares issued were 137,799, 193,767, and 168,270 for 2024, 2023 and 2022, respectively.
[3]	Includes a benefit of $5 million, $11 million and $9 million for stock based compensation employee withholding taxes paid in cash for 2024, 2023 and 2022, respectively,
[4]	Common shares repurchased were 4,285,194, 3,082,928, and 2,853,312 for 2024, 2023 and 2022, respectively.
[5]	Includes $3 million of accrued excise taxes on stock repurchases for 2024 and 2023.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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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.

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

12 Months Ended

Sep. 30, 2024

Significant Accounting Policies

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation and basis of presentation

Use of estimates, risks and uncertainties

Cash and cash equivalents

Cash and cash equivalents include cash on hand and highly liquid investments maturing within three months after purchase.

Allowance for credit losses on accounts receivable

A progression of activity in the allowance for credit losses is presented in the following table.


(In millions)	2024			2023			2022
Allowance for credit losses - beginning of year	$	3		$	4		$	3
Adjustments to allowances for credit losses(a)		—			1			2
Reserves utilized		(1	)		(2	)		(1	)
Allowance for credit losses - end of year	$	2		$	3		$	4

(a)

Adjustments to allowances for credit loses were less than $1 million for fiscal 2024.

Inventories

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


(In millions)	2024		2023
Finished products	$	372	$	390
Raw materials, supplies and work in process		173		236
	$	545	$	626


(In millions)	2024			2023			2022
Inventory reserves - beginning of year	$	21		$	13		$	13
Adjustments to inventory reserves		1			11			3
Reserves utilized		(4	)		(3	)		(3	)
Inventory reserves - end of year	$	18		$	21		$	13

Property, plant and equipment

Leasing arrangements

Ashland determines if an arrangement contains a lease at inception based on whether or not it has the right to control the asset during the contract period and other facts and circumstances.

Goodwill and other intangibles

Derivative instruments

Restricted investments

Revenue recognition

Expense recognition

Income taxes

A progression of activity in the tax valuation allowances is presented in the following table.


(In millions)	2024		2023			2022
Tax valuation allowances - beginning of year	$	56	$	56		$	74
Adjustments to valuation allowances		5		(1	)		(19	)
Reserves utilized		3		1			1
Tax valuation allowances - end of year	$	64	$	56		$	56

Asbestos-related litigation

Environmental remediation

Pension and other postretirement benefits

Foreign currency translation

Stock incentive plans

Earnings per share


(In millions except per share data)	2024		2023		2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations, net of tax	$	199	$	168	$	181
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		49		53		55
Share based awards convertible to common shares		1		1		1
Denominator for diluted EPS - Adjusted weighted - average shares and assumed conversions		50		54		56
EPS from continuing operations
Basic	$	3.99	$	3.18	$	3.26
Diluted	$	3.95	$	3.13	$	3.20

Other accounting pronouncements

Debt

12 Months Ended

Sep. 30, 2024

Debt

NOTE H – DEBT

The following table summarizes Ashland’s current and long-term debt at September 30, 2024 and 2023.


(In millions)	2024			2023
3.375% Senior Notes, due 2031	$	450		$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)		558			528
6.875% notes, due 2043		282			282
6.50% junior subordinated notes, due 2029		67			64
Other(a)		(8	)		6
Total debt		1,349			1,330
Short-term debt		—			16
Long-term debt (less debt issuance costs)	$	1,349		$	1,314

(a)

At September 30, 2024, Ashland’s total debt had an outstanding principal balance of $1,390 million, discounts of $29 million and debt issuance costs of $12 million. As of September 30, 2024, Ashland had no long-term debt (excluding debt issuance costs) maturing within the next 2 years, $4 million due in fiscal 2027 and $558 million in 2028.

Credit Agreements and Refinancing

2022 Credit Agreement

During July 2022, Ashland, through two of its subsidiaries, enacted an amendment to the 2020 credit agreement. The amended credit agreement (the 2022 Credit Agreement) provides for a $600 million five-year revolving credit facility (the 2022 Revolving Credit Facility). The 2022 Credit Agreement and the obligations of Ashland Services B.V. under the 2022 Revolving Credit Facility are guaranteed by Ashland. 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 at September 30, 2024.

At Ashland’s option, loans issued under the 2022 Credit Agreement will bear interest at (a) in the case of loans denominated in U.S. dollars, either Term SOFR or an alternate base rate and (b) in the case of loans denominated in Euros, EURIBOR, in each case plus the applicable interest rate margin. Loans will initially bear interest at Term SOFR or EURIBOR plus 1.250% per annum, in the case of Term SOFR borrowings or EURIBOR borrowings, respectively, or at the alternate base rate plus 0.250% per annum, in the case of alternate base rate borrowings, through and including the date of delivery of a quarterly compliance certificate and thereafter the interest rate will fluctuate between Term SOFR or EURIBOR plus 1.250% per annum and Term SOFR or EURIBOR plus 1.750% per annum (or between the alternate base rate plus 0.250% per annum and the alternate base rate plus 0.750% per annum), based upon the Consolidated Net Leverage Ratio (as defined in the 2022 Credit Agreement) at such time. Term SOFR borrowings are subject to a credit spread adjustment of 0.10% per annum. In addition, the Company will initially be required to pay fees of 0.125% per annum on the daily unused amount of the 2022 Revolving Credit Facility through and including the date of delivery of a quarterly compliance certificate, and thereafter the fee rate will fluctuate between 0.125% and 0.275% per annum, based upon the Consolidated Net Leverage Ratio. Borrowings under the 2022 Credit Agreement may be prepaid at any time without premiums.

As a result of the amendment of the 2020 Credit Agreement, Ashland recognized a $1 million charge for accelerated amortization of previously capitalized debt issuance costs during 2022, which is included in the net interest and other expense (income) caption of the Statements of Consolidated Comprehensive Income (Loss). Ashland also incurred $2 million of new debt issuance costs in connection with the 2022 Credit Agreement, of which $1 million was expensed immediately during 2022 within the net interest and other expense (income) caption of the Statements of Consolidated Comprehensive Income (Loss). The remaining balance is amortized using the straight-line method.

The 2022 Credit Agreement contains financial covenants for leverage and interest coverage ratios akin to those in effect under the 2020 Credit Agreement. The 2022 Credit Agreement contains usual and customary representations, warranties and affirmative and negative covenants, including financial covenants for leverage and interest coverage ratios, limitations on liens, additional indebtedness, further negative pledges, investments, mergers, sale of assets and restricted payments, and other customary limitations.

Debt repayments and repurchases

Cash repatriation

During 2024 and 2023, Ashland repatriated approximately $305 million and $92 million, respectively, in cash.

2022 Debt repayments and repurchases

2020 Credit Agreement

During 2022, Ashland prepaid its Term loan A principal balance of $250 million.

Other Debt

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

Accounts receivable facilities and off-balance sheet arrangements

U.S. Accounts Receivable Sales Program

On March 17, 2021, a wholly-owned, bankruptcy-remote special purpose entity and consolidated Ashland subsidiary (SPE) entered into an agreement with a group of entities (buyers) to sell certain trade receivables, without recourse beyond the pledged receivables, of two other U.S. based Ashland subsidiaries. Under the agreement, Ashland can transfer whole receivables up to a limit established by the buyer, which was set at $125 million between February and October of each year and up to $100 million all other times. 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. The arrangement was set to terminate on May 31, 2023.

On April 14, 2023, Ashland entered into a Second and Third Amendments associated with this current program. As part of this amendment the buyer's limit was reduced to $115 million between April and October of each year, and up to $100 million at all other times. Additionally, the scheduled termination date was extended from May 31, 2023 to April 14, 2025.

On September 13, 2024, Ashland entered into a Fourth Amendment associated with this current program. As part of this amendment the buyer's limits were reduced to $80 million between September 13, 2024 to (and including) December 31, 2024 and up to $70 million from January 1, 2025 through the termination date of the agreement. Additionally, the scheduled termination date was extended from April 14, 2025 to September 11, 2026.

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 a true sale at law and non-consolidation opinions to support the legal isolation of these receivables. 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 Consolidated Cash Flows. Losses on sale of assets, including related transaction expenses are recorded within the net interest and other expense (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 $3 million loss within the Statements of Consolidated Comprehensive Income (Loss) for 2024 and 2023, respectively, within the net interest and other expense (income) caption associated with sales under the program. Ashland has recorded $71 million of sales against the buyer’s limit, which was $71 million at September 30, 2024, compared to $86 million of sales against the buyer's limit, which was $86 million at September 30, 2023. Ashland transferred $85 million and $106 million in receivables to the SPE as of September 30, 2024 and 2023, respectively. Ashland recorded liabilities related to its service obligations and limited guarantee as of September 30, 2024 and 2023 of less than $1 million.

As of September 30, 2024 and 2023, the year-to-date gross cash proceeds received for receivables transferred and derecognized were $323 million and $217 million, respectively, of which $322 million and $241 million were collected by Ashland in our capacity as a servicer of the receivables and remitted to the buyer. The difference between receivables transferred and derecognized versus collected of $1 million and $24 million for the periods ended September 30, 2024 and 2023, respectively, represents the impact of a net increase and a net reduction in account receivable sales volume during each year, respectively.

2018 foreign accounts receivable securitization

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. The weighted-average interest rate for this instrument was 0.5% for 2023.

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 Program) 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 September 30, 2024, Ashland has sold $104 million in receivables under this agreement. Accordingly, Ashland recognized a loss of $3 million within the net interest and other expense (income) caption of the Statements of Consolidated Income (Loss) for the twelve months ended September 30, 2024. Ashland recorded $104 million in sales and gross proceeds received against the buyer's limit, which was $104 million at September 30, 2024. Ashland transferred $155 million in receivables to the SPE as of September 30, 2024. Ashland recorded less than $1 million in liabilities related to its service obligations and limited guarantee as of September 30, 2024.

Supply Chain Finance Program

During April 2024, Ashland authorized a financing program offered through JP Morgan and Taulia Alliance. Under this program, JP Morgan and its affiliates may purchase certain confirmed receivables directly from suppliers pursuant to the terms of a separate arrangement entered into between JPMorgan and such Suppliers. There were no changes to Ashland's standard payment terms with its suppliers in connection with this program. Ashland provides no guarantees to JP Morgan under this program. As of September 30, 2024, the program has not yet been offered to suppliers for utilization.

Other debt

At September 30, 2024 and 2023, Ashland held other debt totaling $71 million and $83 million, respectively, comprised primarily of the 6.50% notes due 2029 and other notes.

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 September 30, 2024, Ashland was in compliance with all debt agreement covenant restrictions.

The maximum consolidated net leverage ratio permitted under Ashland’s most recent credit agreement (the 2022 Credit Agreement) is 4.0. The 2022 Credit Agreement defines the consolidated net leverage ratio as the ratio of consolidated indebtedness minus unrestricted cash and cash equivalents to consolidated EBITDA (Covenant Adjusted EBITDA) for any measurement period. In general, the 2022 Credit Agreement defines Covenant Adjusted EBITDA as net income plus consolidated interest charges, taxes, depreciation and amortization expense, fees and expenses related to capital market transactions and proposed or actual acquisitions and divestitures, restructuring and integration charges, certain environmental charges, non-cash stock and equity compensation expense, and any other nonrecurring expenses or losses that do not represent a cash item in such period or any future period; less any non-cash gains or other items increasing net income. In general, consolidated indebtedness includes debt plus all purchase money indebtedness, banker’s acceptances and bank guaranties, deferred purchase price of property or services, attributable indebtedness and guarantees. At September 30, 2024, Ashland’s calculation of the consolidated net leverage ratio was 2.3.

The minimum required consolidated interest coverage ratio under the 2022 Credit Agreement is 3.0. The 2022 Credit Agreement defines the consolidated interest coverage ratio as the ratio of Covenant Adjusted EBITDA to consolidated interest charges for any measurement period. At September 30, 2024, Ashland’s calculation of the consolidated interest coverage ratio was 7.8.

Net interest and other expense (income)


(In millions)	2024			2023			2022
Interest expense(a)	$	53		$	54		$	62
Interest income		(10	)		(12	)		(4	)
Loss on the accounts receivables sale programs		6			3			1
Investment securities loss (income)(b)		(75	)		(42	)		86
Other financing costs		2			3			4
	$	(24	)	$	6		$	149

(a)

Includes $1 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2022.

(b)

Represents investment loss (income) related to the restricted investments discussed in Note E.

The following table details the debt issuance cost and original issue discount amortization included in interest expense during 2024, 2023 and 2022.


(In millions)	2024		2023		2022
Normal amortization	$	6	$	6	$	6
Accelerated amortization(a)		—		—		1
Total	$	6	$	6	$	7

(a)

Fiscal year 2022 includes $1 million of accelerated debt issuance costs for the 2020 credit agreement.

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

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Divestitures

12 Months Ended

Sep. 30, 2023

Divestitures [Abstract]

Divestitures

NOTE B – DIVESTITURES

Nutraceuticals business sale

On August 30, 2024, Ashland completed the sale of its Nutraceuticals business to Turnspire Capital Partners LLC ("Turnspire"). Proceeds from the sale were approximately $26 million, net of transaction costs. Ashland recorded a $99 million impairment charge primarily related to allocated goodwill, intangibles and property, plant and equipment within the income (loss) on acquisitions and divestitures, net caption of the Statements of Consolidated Comprehensive Income (Loss) for the twelve months ended September 30, 2024. The impairment charge includes the impact of the related inside tax basis differences associated with the impaired assets. The tax benefit associated with the expected disposition is included within the income tax expense (benefit) caption of the Statements of Consolidated Comprehensive Income (Loss). See Note K for additional details. Ashland also recorded a pre-tax loss on sale of $8 million following the completion of this divestiture, mainly related to working capital movements, within the income (loss) on acquisitions and divestitures, net caption of Statements of Consolidated Comprehensive Income (Loss) for the twelve months ended September 30, 2024. The income (loss) on acquisitions and divestitures, net caption also includes a reserve of $7 million for foreign VAT taxes associated with the entities transferred within the Statements of Consolidated Comprehensive Income (Loss) for the twelve months ended September 30, 2024.

The Nutraceuticals business was included within Ashland's Life Sciences segment and served the broader nutrition market.

Ashland determined this transaction did not qualify for discontinued operations treatment since it neither represented a strategic shift nor did it have a major effect on Ashland's operations and financial results.

Performance Adhesives

On February 28, 2022, Ashland completed the sale of its Performance Adhesives business to Arkema, a French société anonyme. Proceeds from the sale were approximately $1.7 billion, net of transaction costs. Ashland recognized a $726 million after-tax gain on sale within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income (Loss) for the twelve months ended September 30, 2022.

The transaction represented a strategic shift in Ashland’s business and had a major effect on Ashland’s operations and financial results. Accordingly, the operating results and cash flows related to Performance Adhesives have been reflected as discontinued operations in the

Statements of Consolidated Comprehensive Income (Loss) and Statements of Consolidated Cash Flows, while the assets and liabilities that were sold have been classified within the Consolidated Balance Sheets as held for sale in periods preceding the sale. See Note C for the results of operations for Performance Adhesives for all periods presented.

Certain indirect corporate costs included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) that were previously allocated to the Performance Adhesives segment do not qualify for classification within discontinued operations and are now reported as selling, general and administrative expense within continuing operations on a consolidated basis and within the Unallocated and other segment. These costs were $9 million during the twelve months ended September 30, 2022.

Other manufacturing facility sales

During 2023, Ashland entered into and completed a definitive sale agreement to sell a Specialty Additives manufacturing facility for less than $1 million. The net asset value related to this site was $4 million at September 30, 2022. Ashland recorded a $4 million impairment charge within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) during the twelve months ended September 30, 2023 related to this site.

Other corporate assets

During 2023, Ashland completed the sale of two excess land properties with a net book value of $2 million. Ashland received net proceeds of approximately $9 million and recorded a pre-tax gain of $7 million within the income (loss) on acquisitions and divestitures caption within the Statement of Consolidated Comprehensive Income (Loss) for 2023.

During 2022, Ashland completed the sale of two excess land properties with a net book value of $8 million as of September 30, 2021. Ashland received net proceeds of approximately $50 million and recorded pre-tax gain of $42 million within the income (loss) on acquisitions and divestitures caption within the Statement of Consolidated Comprehensive Income (Loss) for 2022.

Leasing Arrangements - Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 27	$ 27	$ 29
Investing cash flows from finance lease	$ 10	$ 0	$ 0

Stock Incentive Plans - Stock Appreciation Rights (Parenthetical) (Details) shares in Thousands	12 Months Ended
	Sep. 30, 2024 $ / shares shares
Exercise Price Range 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share range, minimum (in usd per share)	$ 57.96
Exercise price per share range, maximum (in usd per share)	$ 59.95
Exercise price per share range, number of exercisable SARs and options \| shares	368
Exercise Price Range 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share range, minimum (in usd per share)	$ 67.16
Exercise price per share range, maximum (in usd per share)	$ 82.34
Exercise price per share range, number of exercisable SARs and options \| shares	451
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining contractual life of outstanding SARs and stock options (in years)	3 years
Weighted-average remaining contractual life of outstanding, exercisable SARs and stock options (in years)	3 years

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.