Ashland (ASH) 8-K/A Completion of Acquisition or Disposition of Assets

Exhibit 99.1

ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED PRO FORMA FINANCIAL INFORMATION

On February 28, 2022, Ashland Global Holdings Inc. announced it has completed the previously announced sale of its Performance Adhesives business to Arkema in an all-cash transaction valued at approximately $1.65 billion. The following unaudited condensed consolidated pro forma balance sheet is based upon the historical financial statements of Ashland Global Holdings Inc. and its consolidated subsidiaries (Ashland), adjusted to reflect the disposition of the Performance Adhesives business. The following unaudited condensed consolidated pro forma balance sheet of Ashland should be read in conjunction with the related notes and with the historical consolidated financial statements of Ashland and the related notes included in previous filings with the Securities and Exchange Commission. The unaudited condensed pro forma consolidated balance sheet reflects the separation of the Performance Adhesives business as if it occurred on December 31. The pro forma adjustments, described in the related notes, are based on the best available information and certain assumptions that Ashland management believe are reasonable.

The unaudited condensed consolidated pro forma balance sheet is provided for illustrative purposes only and is not necessarily indicative of the financial position that would have occurred had the disposition of the Performance Adhesives business closed on December 31, 2021. Readers should not rely on the unaudited condensed consolidated pro forma balance sheet as being indicative of the financial position that it will experience after the transaction closes.

Ashland has not included unaudited condensed consolidated pro forma statements of consolidated income herein as the transaction has already been reflected as a component of discontinued operations within Ashland’s historical financial statements, including Ashland’s interim financial statements within its Quarterly Report on Form 10-Q for the December 31, 2021 period and Ashland’s annual consolidated financial statements included in its 2021 Annual Report on Form 10-K.

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Ashland Global Holdings Inc. and Consolidated Subsidiaries							Table 1
UNAUDITED CONDENSED PRO FORMA CONSOLIDATED BALANCE SHEET
December 31, 2021
				(a)
(In millions)	Historical			Performance Adhesives			Pro Forma
ASSETS
Current assets
Cash and cash equivalents	$	194		$	1,015		$	1,209
Accounts receivable		340						340
Inventories		530						530
Other assets		66						66
Held for sale		604			(600	)		4
Total current assets		1,734			415			2,149
Noncurrent assets
Property, plant and equipment
Cost		3,070						3,070
Accumulated depreciation		1,669						1,669
Net property, plant and equipment		1,401			-			1,401
Goodwill		1,411						1,411
Intangibles		1,068						1,068
Operating lease assets, net		117						117
Restricted Investments		390						390
Asbestos insurance receivable		132						132
Deferred income taxes		30						30
Other assets		266						266
Held for sale		-						-
Total noncurrent assets		4,815			-			4,815
Total assets	$	6,549		$	415		$	6,964
LIABILITIES AND EQUITY
Current liabilities
Short-term debt	$	376		$	(376	)	$	-
Current portion of long-term debt		13						13
Trade and other payables		236						236
Accrued expenses and other liabilities		214			375			589
Current operating lease obligations		22						22
Held for sale		47			(47	)		-
Total current liabilities		908	��		(48	)		860
Noncurrent liabilities
Long-term debt		1,580			(249	)		1,331
Asbestos litigation reserve		472						472
Deferred income taxes		238			(22	)		216
Employee benefit obligations		145			(1	)		144
Operating lease obligations		104						104
Other liabilities		339						339
Held for sale		-						-
Total noncurrent liabilities		2,878			(272	)		2,606
Equity		2,763			735			3,498
Total liabilities and equity	$	6,549		$	415		$	6,964

See Notes to Unaudited Condensed Consolidated Pro Forma Financial Statements.

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ASHLAND GLOBAL HOLDINGS INC. AND CONSOLIDATED SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(a)

These adjustments reflect the disposition of the Performance Adhesives business assets and liabilities which had been reported as "held for sale" as of December 31, 2021 for approximately $1.7 billion in cash, plus estimated purchase price adjustments for changes in specified balance sheet items (primarily working capital) as compared to the amounts set forth in the definitive agreement to sell the Performance Adhesives business dated August 31, 2021, the final amount of which will be determined subsequent to closing. The net increase to stockholders' equity of $735 million at December 31, 2021 approximates the estimated after-tax impact on the disposition of the Performance Adhesives business to be reported in the second quarter of 2022. This amount includes the estimated gain on sale of $735 million (including estimated transaction costs of $26 million) and pension curtailment gain of $1 million offset by debt issuance cost of $1 million.

The adjustments also reflect the accrual of estimated income taxes payable of $375 million, debt repayments of $626 million ($250 million of which represented a reduction of long-term debt associated with Term Loan A), deferred income tax impact of $22 million, a $1 million curtailment gain on pension plans retained by Ashland and accelerated debt issuance cost reduction of $1 million.

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