Ashland (ASH) 10-Q 27 Jul 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Entity Registrant Name	ASHLAND INC.
Entity Central Index Key	0001674862
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	333-211719
Entity Tax Identification Number	81-2587835
Entity Address, Address Line One	8145 Blazer Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
City Area Code	302
Local Phone Number	995-3000
Entity Common Stock, Shares Outstanding	51,241,016
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	ASH
Title of 12(b) Security	Common Stock, par value $.01 per share
Security Exchange Name	NYSE
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Entity Incorporation, State or Country Code	DE

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Sales	$ 546	$ 644	$ 1,674	$ 1,759
Cost of sales	368	404	1,134	1,139
Gross profit	178	240	540	620
Selling, general and administrative expense	84	127	256	299
Research and development expense	12	14	37	40
Intangibles amortization expense - Note G	24	23	70	71
Equity and other income	4	1	5	2
Income on acquisitions and divestitures, net - Note B	0	35	0	42
Operating income	62	112	182	254
Net interest and other expense (income)	3	59	(21)	108
Other net periodic benefit loss - Note K	2	1	6	0
Income from continuing operations before income taxes	57	52	197	146
Income tax expense - Note J	15	1	21	25
Income from continuing operations	42	51	176	121
Income (loss) from discontinued operations (net of income taxes) - Note C	8	(15)	6	749
Net income	$ 50	$ 36	$ 182	$ 870
Basic earnings per share - Note M
Income from continuing operations	$ 0.81	$ 0.94	$ 3.29	$ 2.16
Income (loss) from discontinued operations	0.15	(0.28)	0.11	13.4
Net income	0.96	0.66	3.4	15.56
Diluted earnings per share - Note M
Income from continuing operations	0.79	0.93	3.24	2.12
Income (loss) from discontinued operations	0.15	(0.28)	0.11	13.16
Net income	$ 0.94	$ 0.65	$ 3.35	$ 15.28
COMPREHENSIVE INCOME
Net income	$ 50	$ 36	$ 182	$ 870
Other comprehensive income (loss), net of tax
Unrealized translation gain (loss)	(4)	(86)	105	(107)
Unrealized gains (losses) on commodity hedges	1	(3)	(6)	(2)
Other comprehensive income (loss) - Note N	(3)	(89)	99	(109)
Comprehensive income (loss)	$ 47	$ (53)	$ 281	$ 761

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions		Jun. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents		$ 349	$ 646
Accounts receivable - Note H	[1]	345	402
Inventories - Note F		712	629
Other assets		120	91
Total current assets		1,526	1,768
Property, plant and equipment
Cost		3,191	3,050
Accumulated depreciation		1,837	1,712
Net property, plant and equipment		1,354	1,338
Goodwill - Note G		1,383	1,312
Intangibles - Note G		916	963
Operating lease assets, net - Note I		126	107
Restricted investments - Note E		321	313
Asbestos insurance receivable - Note L	[2]	129	138
Deferred income taxes		20	20
Other assets		254	254
Total noncurrent assets		4,503	4,445
Total assets		6,029	6,213
Current liabilities
Trade and other payables		210	265
Accrued expenses and other liabilities		201	269
Current operating lease obligations - Note I		21	19
Total current liabilities		432	553
Noncurrent liabilities
Long-term debt - Note H		1,328	1,270
Asbestos litigation reserve - Note L		437	472
Deferred income taxes		176	176
Employee benefit obligations - Note K		108	103
Operating lease obligations - Note I		109	94
Other liabilities		290	325
Total noncurrent liabilities		2,448	2,440
Commitments and contingencies - Note L
Stockholders' equity - Note N		3,149	3,220
Total liabilities and stockholders' equity		$ 6,029	$ 6,213
[1] Accounts receivable includes an allowance for credit losses of $ 4 million at both June 30, 2023 and September 30, 2022 , respectively. Asbestos insurance receivable includes an allowance for credit losses of $ 3 million at both June 30, 2023 and September 30, 2022 , respectively.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Current assets
Allowance for credit losses on Accounts receivables	$ 4	$ 4
Noncurrent assets
Allowance for credit losses on Asbestos insurance receivable	$ 3	$ 3

STATEMENTS OF CONDENSED CONSOLI

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (unaudited) - USD ($) $ in Millions		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Net income		$ 182	$ 870
Income from discontinued operations (net of income taxes)		(6)	(749)
Adjustments to reconcile income from continuing operations to cash flows from operating activities:
Depreciation and amortization		181	182
Original issue discount and debt issuance costs amortization		4	4
Deferred income taxes		11	(5)
Gain from sales of property and equipment		(1)	0
Stock based compensation expense		17	14
Excess tax benefit on stock based compensation		1	1
Loss (Income) from restricted investments		(57)	59
Income on acquisitions and divestitures		0	(42)
Asset impairments		4	0
Pension contributions		(7)	(4)
Gain on pension and other postretirement plan remeasurements		0	(1)
Change in operating assets and liabilities	[1]	(166)	(315)
Total cash flows provided by operating activities from continuing operations		163	14
CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Additions to property, plant and equipment		(101)	(67)
Proceeds from disposal of property, plant and equipment		3	51
Proceeds from settlement of company-owned life insurance contracts		3	2
Company-owned life insurance payments		(1)	0
Funds restricted for specific transactions		(7)	(74)
Reimbursements from restricted investments		46	28
Proceeds from sale of securities		36	75
Purchases of securities		(36)	(75)
Total cash flows used by investing activities from continuing operations		(57)	(60)
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Repurchase of common stock		(300)	(200)
Repayment of long-term debt		0	(250)
Repayment of short-term debt		0	(365)
Cash dividends paid		(56)	(52)
Stock based compensation employee withholding taxes paid in cash		(10)	(9)
Total cash flows used by financing activities from continuing operations		(366)	(876)
CASH USED BY CONTINUING OPERATIONS		(260)	(922)
Cash provided (used) by discontinued operations
Operating cash flows		(43)	(302)
Investing cash flows		0	1,650
Total cash provided (used) by discontinued operations		(43)	1,348
Effect of currency exchange rate changes on cash and cash equivalents		6	(7)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(297)	419
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		646	210
CASH AND CASH EQUIVALENTS - END OF PERIOD		$ 349	$ 629
[1] Excludes changes resulting from operations acquired, sold or held for sale.

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	NOTE A – SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting (U.S. GAAP) and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with the Ashland Inc. and consolidated subsidiaries (Ashland or the Company) Annual Report on Form 10-K for the fiscal year ended September 30, 2022. Results of operations for the period ended June 30, 2023 are not necessarily indicative of the expected results for the remainder of the fiscal year. Ashland is comprised of the following reportable segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information, see Note Q. Use of estimates, risks and uncertainties The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, sales 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 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 or other matters. New accounting pronouncements A description of new U.S. GAAP accounting standards issued or adopted during the current year is required in interim financial reporting. A detailed listing of new accounting standards relevant to Ashland is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2022 . There were no new standards that were either issued or adopted in the current fiscal year that will have a material impact on Ashland's Condensed Consolidated Financial Statements.

Divestitures

Divestitures	9 Months Ended
	Jun. 30, 2023
Divestitures [Abstract]
Divestitures	NOTE B – DIVESTITURES 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 $ 732 million gain on sale within the Income (Loss) from Discontinued Operations caption of the Statements of Consolidated Comprehensive Income (Loss) for the nine months ended June 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 Condensed Consolidated Cash Flows. See Note C for the results of operations for Performance Adhesives for all affected periods. 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. There were no such costs for the three and nine months ended June 30, 2023 and $ 1 million and $ 8 million for the three and nine months ended June 30, 2022, respectively. Other manufacturing facility sales During the December 2022 quarter, Ashland entered into a definitive sale agreement to sell a Specialty Additives manufacturing facility for less than $ 1 million. The net asset value related to these sites was $ 4 million at September 30, 2022. During the three and nine months ended June 30, 2023 , no impairment and $ 4 million of impairment charges, respectively, were recorded within the selling, general and administrative expense caption of the Statement of Consolidated Comprehensive Income (Loss) for this manufacturing facility. During the current quarter, Ashland completed the sale of this facility, received proceeds of less than $ 1 million, and recorded a loss of less than $ 1 million within the income on acquisition and divestitures, net caption of the Statement of Consolidated Comprehensive Income (Loss) for the three and nine months ended June 30, 2023. Other corporate assets During the three and nine months ended June 30, 2022 , Ashland completed the sale of two excess land properties. Ashland received net proceeds of approximately $ 50 million and recorded a pre-tax gain of $ 35 million within the Income on acquisitions and divestitures, net caption of the Statements of Consolidated Comprehensive Income (Loss) for the three and nine months ended June 30, 2022 .

Discontinued Operations

Discontinued Operations	9 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE C– DISCONTINUED OPERATIONS Ashland has divested certain businesses that have qualified as discontinued operations. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments of certain retained liabilities and tax items have been recorded within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss) for all periods presented. Components of amounts reflected in the Statements of Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Income (loss) from discontinued operations (net of tax) Performance Adhesives $ ( 1 ) $ 4 $ ( 1 ) $ 38 Composites/Marl facility — — ( 1 ) — Valvoline 15 — 15 — Asbestos ( 4 ) ( 13 ) ( 4 ) ( 13 ) Water Technologies — ( 1 ) — ( 1 ) Distribution ( 2 ) ( 5 ) ( 3 ) ( 7 ) Gain on disposal of discontinued operations (net of tax) Performance Adhesives — — — 732 $ 8 $ ( 15 ) $ 6 $ 749 The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Comprehensive Income (Loss) for the income (loss) from discontinued operations attributable to Performance Adhesives for the three and nine months ended June 30, 2022. This disclosure was not applicable for the three and nine months ended June 30, 2023 as a result of the sale in fiscal 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2022 2022 Income (loss) from discontinued operations attributable to Performance Adhesives Sales $ — $ 171 Cost of sales — ( 122 ) Selling, general and administrative expense ( 1 ) ( 12 ) Research and development expense — ( 3 ) Pretax income of discontinued operations ( 1 ) 34 Income tax (expense) benefit 5 4 Income from discontinued operations $ 4 $ 38

Restructuring Activities

Restructuring Activities	9 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Activities	NOTE D – RESTRUCTURING ACTIVITIES Fiscal 2023 Life Sciences restructuring program During the December 2022 quarter, Ashland implemented a restructuring program within the Nutraceuticals business of the Life Sciences segment. Ashland recorded severance expense of zero and $ 1 million during the three and nine months ended June 30, 2023. As of June 30, 2023, the severance reserve associated with this program was less than $ 1 million. Fiscal 2023 company-wide restructuring program During the current quarter, Ashland implemented additional targeted company-wide restructuring actions to reduce costs. Ashland recorded severance expense of $ 1 million during the three and nine months ended June 30, 2023. As of June 30, 2023 , the severance reserve associated with this program was $ 1 million.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE E – FAIR VALUE MEASUREMENTS Ashland uses applicable guidance for defining fair value, the initial recording and periodic remeasurement of certain assets and liabilities measured at fair value and related disclosures for instruments measured at fair value. Fair value accounting guidance establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived using fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable. The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2023. Carrying Total Quoted prices Significant Significant (In millions) value value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 349 $ 349 $ 349 $ — $ — Restricted investments (a) (b) 392 392 392 — — Investment of captive insurance company (c) 4 4 4 — — Foreign currency derivatives (d) 1 1 — 1 — Total assets at fair value $ 746 $ 746 $ 745 $ 1 $ — Liabilities Foreign currency derivatives (e) $ 1 $ 1 $ — $ 1 $ — Commodity derivatives (e) 5 5 — 5 — Total liabilities at fair value $ 6 $ 6 $ — $ 6 $ — (a) Included in restricted investments and $ 71 million within other current assets in the Condensed Consolidated Balance Sheets . (b) Includes $ 265 million related to the Asbestos trust and $ 127 million related to the Environmental trust . (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets . (d) Included in accounts receivable in the Condensed Consolidated Balance Sheets . (e) Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2022. Carrying Total Quoted prices Significant Significant (In millions) value value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 646 $ 646 $ 646 $ — $ — Restricted investments (a) (b) 374 374 374 — — Investment of captive insurance company (c) 9 9 9 — — Foreign currency derivatives (d) 1 1 — 1 — Commodity derivatives (d) 4 4 — 4 — Total assets at fair value $ 1,034 $ 1,034 $ 1,029 $ 5 $ — Liabilities Foreign currency derivatives (e) $ 9 $ 9 $ — $ 9 $ — Commodity derivatives (e) 1 1 — 1 — Total liabilities at fair value $ 10 $ 10 $ — $ 10 $ — (a) Included in restricted investments and $ 61 million within other current assets in the Condensed Consolidated Balance Sheets . (b) Includes $ 245 million related to the Asbestos trust and $ 129 million related to the Environmental trust . (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets . (d) Included in accounts receivable in the Condensed Consolidated Balance Sheets . (e) Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. Restricted investments Ashland maintains certain investments in company restricted renewable annual trusts for the purpose of paying future asbestos indemnity and defense costs and future environmental remediation and related litigation costs. The financial instruments are designated as investment securities, classified as Level 1 measurements within the fair value hierarchy. These securities were classified primarily as noncurrent restricted investment assets, with $ 71 million and $ 61 million classified within other current assets, in the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022, respectively. The following table presents gross unrealized gains and losses for the restricted securities as of June 30, 2023 and September 30, 2022: Gross Gross (In millions) Adjusted Cost Unrealized Gain Unrealized Loss Fair Value As of June 30, 2023 Demand deposit $ 8 $ — $ — $ 8 Equity mutual fund 158 33 — 191 Fixed income mutual fund 232 — ( 39 ) 193 Fair value $ 398 $ 33 $ ( 39 ) $ 392 As of September 30, 2022 Demand deposit $ 6 $ — $ — $ 6 Equity mutual fund 186 20 ( 25 ) 181 Fixed income mutual fund 234 — ( 47 ) 187 Fair value $ 426 $ 20 $ ( 72 ) $ 374 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 portfolio for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Investment income (a) $ 4 $ 3 $ 10 $ 13 Net gains (losses) (a) 6 ( 48 ) 47 ( 72 ) Funds restricted for specific transactions 1 30 7 74 Disbursements ( 29 ) — ( 46 ) ( 28 ) (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 on certain assets and liabilities, including short-term inter-company loans, denominated in currencies other than Ashland’s functional currency of an entity. These derivative contracts generally require exchange of one foreign currency for another at a fixed rate at a future date and generally have maturities of less than twelve months. 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 net gains and losses recognized during the three and nine months ended June 30, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss). Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Foreign currency derivative gains (losses) $ 1 $ ( 12 ) $ 10 $ ( 21 ) The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2023 and September 30, 2022 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2023 2022 Foreign currency derivative assets $ 1 $ 1 Notional contract values 123 133 Foreign currency derivative liabilities $ 1 $ 9 Notional contract values 145 535 Commodity derivatives To manage its exposure to the market price volatility of natural gas consumed by its U.S. plants during the manufacturing process, Ashland regularly enters into forward contracts that are designated as cash flow hedges. The following table summarizes the net gai ns and losses recognized during the three and nine months ended June 30, 2023 and 2022 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss). Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Commodity derivative gains (losses) $ ( 2 ) $ 2 $ ( 2 ) $ 6 The following table summarizes the fair values of the outstanding commodity derivatives as of June 30, 2023, and September 30, 2022 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2023 2022 Commodity derivative assets $ — $ 4 Notional contract values 1 13 Commodity derivative liabilities $ 5 $ 1 Notional contract values 18 9 Other financial instruments At June 30, 2023 and September 30, 2022 , Ashland's long-term debt (including the current portion and excluding debt issuance cost discounts) had a carrying value of $ 1,342 million and $ 1,284 million, respectively, compared to a fair value of $ 1,195 million and $ 1,102 million, respectively. The fair values of long-term debt are based on quoted market prices.

Inventories

Inventories	9 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	NOTE F – INVENTORIES Inventories are carried at the lower of cost or net realizable value. Inventories are stated at cost using the weighted-average cost method. This method values inventories using average costs for raw materials and most recent production costs for labor and overhead. The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates. June 30 September 30 (In millions) 2023 2022 Finished products $ 460 $ 391 Raw materials, supplies and work in process 252 238 $ 712 $ 629

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	NOTE G – GOODWILL AND OTHER INTANGIBLES Goodwill Ashland tests goodwill and other indefinite-lived intangible assets for impairment annually as of July 1 and when events and circumstances indicate an impairment may have occurred. N o indicators of impairment were identified in the three and nine months ended June 30, 2023 . The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2023. Life Personal Specialty (In millions) Sciences Care (a) Additives (a) Intermediates (a) Total Balance at September 30, 2022 $ 787 $ 118 $ 407 $ — $ 1,312 Currency translation 45 5 21 — 71 Balance at June 30, 2023 $ 832 $ 123 $ 428 $ — $ 1,383 (a) As of June 30, 2023 and September 30, 2022, there were accumulated impairments of $ 356 million, $ 174 million and $ 90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively. Other intangible assets Intangible assets principally consist of trademarks and trade names, intellectual property and customer and supplier relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 20 years , intellectual property over 3 to 20 years , and customer and supplier relationships over 10 to 24 years . Ashland annually reviews, as of July 1, indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No indicators of impairment were identified in the three and nine months ended June 30, 2023 . Other intangible assets were comprised of the following as of June 30, 2023 and September 30, 2022. June 30, 2023 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangibles Trademarks and trade names $ 98 $ ( 42 ) $ 56 Intellectual property 738 ( 573 ) 165 Customer and supplier relationships 830 ( 413 ) 417 Total definite-lived intangibles 1,666 ( 1,028 ) 638 Indefinite-lived intangibles Trademarks and trade names 278 — 278 Total intangible assets $ 1,944 $ ( 1,028 ) $ 916 September 30, 2022 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangibles Trademarks and trade names $ 95 $ ( 37 ) $ 58 Intellectual property 718 ( 523 ) 195 Customer and supplier relationships 801 ( 369 ) 432 Total definite-lived intangibles 1,614 ( 929 ) 685 Indefinite-lived intangibles Trademarks and trade names 278 — 278 Total intangible assets $ 1,892 $ ( 929 ) $ 963 Amortization expense recognized on intangible assets was $ 24 million and $ 23 million for the three months ended June 30, 2023 and 2022 , respectively, and $ 70 million and $ 71 million for the nine months ended June 30, 2023 and 2022 , respectively, and is included in the intangibles amortization expense caption of the Statements of Consolidated Comprehensive Income (Loss). Estimated amortization expense for future periods is $ 93 million in 2023 (includes nine months actual and three months estimated), $ 80 million in 2024, $ 76 million in 2025, $ 74 million in 2026 and $ 53 million in 2027. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions and divestitures, potential impairment, accelerated amortization, or other events.

Debt and Other Financing Activi

Debt and Other Financing Activities	9 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt and Other Financing Activities	NOTE H – DEBT AND OTHER FINANCING ACTIVITIES The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets. (In millions) June 30, 2023 September 30, 2022 3.375 % Senior Notes, due 2031 $ 450 $ 450 2.00 % Senior Notes, due 2028 (Euro 500 million principal) 544 489 6.875 % notes, due 2043 281 282 6.50 % junior subordinated notes, due 2029 63 60 Other (a) ( 10 ) ( 11 ) Total debt 1,328 1,270 Short-term debt (includes current portion of long-term debt) — — Long-term debt (less current portion) $ 1,328 $ 1,270 (a) Other includes $ 14 million of debt issuance costs as of June 30, 2023 and September 30, 2022 . The scheduled aggregate maturities to 2027 for long-term debt by year (including the current portion and excluding debt issuance costs) are as follows as of June 30, 2023 : zero in the next 4 years and $ 4 million in 2027. Accounts Receivable Facilities and Off-Balance Sheet Arrangements U.S. Accounts Receivable Sales Program Ashland continues to maintain its U.S. Accounts Receivable Sales Program entered into during fiscal 2021. Ashland accounts for the receivables transferred to buyers as sales. Ashland recognizes any gains or losses based on the excess of proceeds received net of buyer’s discounts and fees compared to the carrying value of the assets. Proceeds received, net of buyer’s discounts and fees, are recorded within the operating activities of the Statements of Condensed Consolidated Cash Flows. Losses on sale of assets, including related transaction expenses are recorded within the net interest and other 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 loss of less than $ 1 million and a loss of $ 1 million within the Statements of Consolidated Comprehensive Income (Loss) for the three months ended June 30, 2023 and June 30, 2022 , respectively, and losses of $ 2 million and $ 1 million for the nine months ended June 30, 2023 and June 30, 2022 , respectively, within the net interest and other expense (income) caption associated with sales under the program. Ashland has recorded $ 96 million in sales at June 30, 2023 against the buyer’s limit, which was $ 115 million at June 30, 2023 compared to $ 110 million of sales at September 30, 2022 against the buyer's limit, which was $ 125 million at September 30, 2022 . Ashland transferred $ 120 million and $ 136 million in receivables to the special purpose entity (SPE) as of June 30, 2023 and September 30, 2022, respectively. Ashland recorded liabilities related to its service obligations and limited guarantee as of June 30, 2023 and September 30, 2022 of less than $ 1 million. As of June 30, 2023 and 2022, the year-to-date gross cash proceeds received for receivables transferred and derecognized were $ 150 million and $ 205 million, respectively, of which $ 164 million and $ 268 million were collected, which includes collections from sales in prior years transferred to the buyer. The difference between receivables transferred and derecognized versus collected of $ 14 million and $ 63 million for the periods ended June 30, 2023 and 2022, respectively, represent the impact of a net reduction in accounts receivable sales volume during each period, respectively . The prior year period included the impact of a $ 21 million net reduction in accounts receivables sales volume attributable to the Adhesives business sold in 2022. On April 14, 2023, Ashland entered into Second and Third Amendments associated with this current program. As part of these amendments 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. Foreign Accounts Receivable Securitization Facility Ashland continues to maintain its Foreign 2018 Accounts Receivable Securitization Facility. Ashland accounts for the Foreign 2018 Accounts Receivable Securitization Facility as secured borrowings, and the receivables sold pursuant to the facility are included in the Consolidated Balance Sheets as accounts receivable. At June 30, 2023 and September 30, 2022 , the outstanding amounts of accounts receivable transferred by Ashland were $ 139 million and $ 162 million, respectively, and there were zero borrowings (denominated in multiple currencies) under the facility in both periods. Available borrowing capacity and liquidity The borrowing capacity remaining under the 2022 Credit Agreement was $ 593 million, which reflects the full $ 600 million Revolving Credit Facility less a reduction of $ 7 million for letters of credit outstanding as of June 30, 2023. Ashland's total borrowing capacity at June 30, 2023 was $ 702 million, which included $ 109 million of available capacity from the foreign 2018 Accounts Receivable Securitization Facility. Additionally, Ashland had zero available liquidity under its current U.S. Accounts Receivable Sales Program as of June 30, 2023. Covenants related to current Ashland debt agreements Ashland's debt contains usual and customary representations, warranties and affirmative and negative covenants, including financial covenants for leverage and interest coverage ratios, limitations on liens, additional subsidiary indebtedness, restrictions on subsidiary distributions, investments, mergers, sale of assets and restricted payments and other customary limitations. As of June 30, 2023, Ashland is in compliance with all debt agreement covenant restrictions. The maximum consolidated net leverage ratio permitted under Ashland's current credit agreement (the 2022 Credit Agreement) is 4.0 . At June 30, 2023 , Ashland’s calculation of the consolidated net leverage ratio was 1.8 . The minimum required consolidated interest coverage ratio under the 2022 Credit Agreement during its entire duration is 3.0 . At June 30, 2023 , Ashland’s calculation of the interest coverage ratio was 9.9 .

Leasing Arrangements

Leasing Arrangements	9 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leasing Arrangements	NOTE I – LEASING ARRANGEMENTS The components of lease cost recognized within the Statements of Consolidated Comprehensive Income (Loss) were as follows: Three months ended Nine months ended June 30 June 30 (In millions) Location 2023 2022 2023 2022 Lease cost: Operating lease cost Selling, General & Administrative (a) $ 3 $ 5 $ 10 $ 12 Operating lease cost Cost of Sales 3 3 11 10 Variable lease cost Selling, General & Administrative 1 1 3 3 Variable lease cost Cost of Sales 2 1 4 3 Short-term leases Cost of Sales — 1 2 2 Total lease cost $ 9 $ 11 $ 30 $ 30 (a) Includes $ 2 million lease termination fee for the three and nine months ended June 30, 2022 . Right-of-use assets exchanged for new operating lease obligations were $ 6 million and $ 7 million for the three months ended June 30, 2023 and 2022 , respectively, and $ 29 million and $ 11 million for the nine months ended June 30, 2023 and 2022. The following table provides cash paid for amounts included in the measurement of operating lease liabilities: Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Operating cash flows from operating leases $ 8 $ 9 $ 21 $ 23

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE J – INCOME TAXES Current fiscal year Ashland’s effective tax rate in any interim period is subject to adjustments related to discrete items and the mix of domestic and foreign operating results. The overall effective tax rate was 26 % and 11 % for the three and nine months ended June 30, 2023. The current quarter's tax rate was impacted by jurisdictional income mix, as well as net $ 4 million from favorable tax discrete items primarily related to changes in uncertain tax positions and adjustments to valuation allowances. The current nine month tax rate was impacted by jurisdictional income mix, as well as net $ 27 million from favorable tax discrete items primarily related to changes in uncertain tax positions. Prior fiscal year The overall effective tax rate was 2 % and 17 % for the three and nine months ended June 30, 2022 . The prior year quarter's tax rate was impacted by jurisdictional income mix, as well as a net $ 1 million benefit primarily from favorable return to provision adjustments for certain jurisdictions. The nine month tax rate was impacted by jurisdictional income mix as well as $ 3 million from net unfavorable tax discrete items primarily related to restructuring and separation activity partially offset by a favorable valuation adjustment for certain foreign tax credits and adjustments to uncertain positions. Unrecognized tax benefits Changes in unrecognized tax benefits are summarized as follows for the nine months ended June 30, 2023. (In millions) Balance at October 1, 2022 $ 84 Increases related to positions taken in prior years 1 Decreases related to positions taken in prior years ( 27 ) Increases related to positions taken in the current year 3 Lapse of statute of limitations ( 4 ) Balance at June 30, 2023 $ 57 From a combination of statute expirations and audit settlements in the next twelve months, Ashland expects a decrease in the amount accrued for uncertain tax positions of between zero and $ 1 million. It is reasonably possible that there could be other material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues or the reassessment of existing uncertain tax positions; however, Ashland is not able to estimate the impact of these items at this time.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	NOTE K - EMPLOYEE BENEFIT PLANS Plan contributions For the nine months ended June 30, 2023 , Ashland contributed $ 4 million to its non-U.S. pension plans and $ 3 million to its U.S. pension plans. Ashland expects to make additional contributions of less than $ 1 million to both its U.S. pension plans and non-U.S. pension plans during the remainder of fiscal 2023. Plan Remeasurements Following the completion of the sale of its Performance Adhesives business segment on February 28, 2022, the post-retirement benefits for approximately 40 employees transferred to Arkema, all of whom participated in a non-contributory defined benefit plan in the U.S., were frozen. This resulted in a significant decrease in total expected future years of service within the plan and required Ashland to remeasure the plan as of February 28, 2022. As a result, Ashland recorded zero and $ 1 million actuarial gain within the other net periodic benefits income caption of the Statements of Consolidated Comprehensive Income (Loss) for the three and nine months ended June 30, 2022. Components of net periodic benefit costs (income) The following table details the components of pension and other postretirement benefit costs for continuing operations. Pension benefits Other postretirement (In millions) 2023 2022 2023 2022 Three months ended June 30 Service cost $ — $ 1 $ 1 $ — Interest cost 4 2 — — Expected return on plan assets ( 2 ) ( 1 ) — — Actuarial (gain) — — — — Total net periodic benefit costs $ 2 $ 2 $ 1 $ — Nine months ended June 30 Service cost $ 2 $ 3 $ 1 $ — Interest cost 10 5 1 1 Expected return on plan assets ( 5 ) ( 5 ) — — Actuarial (gain) — ( 1 ) — — Total net periodic benefit costs $ 7 $ 2 $ 2 $ 1 For segment reporting purposes, service cost is proportionately allocated to each segment, excluding the Unallocated and other segment, and is recorded within the selling, general and administrative expense and cost of sales captions on the Statements of Consolidated Comprehensive Income (Loss). All other components are recorded within the other net periodic benefit loss caption on the Statements of Consolidated Comprehensive Income (Loss), which netted to a loss of $ 2 million and $ 6 million for the three and nine months ended June 30, 2023 , respectively, and a loss of $ 1 million and zero for the three and nine months ended June 30, 2022 .

Litigation, Claims and Continge

Litigation, Claims and Contingencies	9 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation, Claims and Contingencies	NOTE L – LITIGATION, CLAIMS AND CONTINGENCIES Asbestos litigation Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims result from indemnification obligations undertaken in 1990 in connection with the sale of Riley Stoker Corporation (Riley) and the acquisition of Hercules in November 2008. Although Riley, a former subsidiary, was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies. Hercules, an indirect wholly-owned subsidiary of Ashland, has liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products sold by one of Hercules’ former subsidiaries to a limited industrial market. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions for Ashland and Hercules asbestos claims, Ashland retained third party actuarial experts Gnarus. The methodology used by Gnarus to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, Gnarus estimates a range of the number of future claims that may be filed, as well as the related costs that may be incurred in resolving those claims. Changes in asbestos-related liabilities and receivables are recorded on an after-tax basis within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss). Ashland asbestos-related litigation The claims alleging personal injury caused by exposure to asbestos asserted against Ashland result primarily from indemnification obligations undertaken in 1990 in connection with the sale of Riley. The amount and timing of settlements and number of open claims can fluctuate from period to period. A summary of Ashland asbestos claims activity, excluding Hercules claims, follows. Nine months ended June 30 Years ended September 30 (In thousands) 2023 2022 2022 2021 2020 Open claims - beginning of year 44 46 46 49 53 New claims filed 1 1 2 2 2 Claims settled — ( 1 ) ( 1 ) ( 1 ) ( 1 ) Claims dismissed ( 3 ) ( 1 ) ( 3 ) ( 4 ) ( 5 ) Open claims - end of period 42 45 44 46 49 Ashland asbestos-related liability From the range of estimates, Ashland records the amount it believes to be the best estimate of future payments for litigation defense and claim settlement costs. Ashland reviews this estimate and related assumptions quarterly and annually updates the results of a non-inflated, non-discounted approximate 40-year model developed with the assistance of Gnarus. During the most recent update completed in June 2023, it was determined that the liability for Ashland asbestos-related claims should be increased by $ 9 million. Total reserves for asbestos claims were $ 285 million at June 30, 2023 compared to $ 305 million at September 30, 2022. A progression of activity in the asbestos reserve is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Asbestos reserve - beginning of year $ 305 $ 320 $ 320 $ 335 $ 352 Reserve adjustment 9 16 16 12 13 Amounts paid ( 29 ) ( 26 ) ( 31 ) ( 27 ) ( 30 ) Asbestos reserve - end of period (a) $ 285 $ 310 $ 305 $ 320 $ 335 (a) Included $ 28 million and $ 29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. 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 June 30, 2023 , 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) compared to $ 101 million at September 30, 2022 . In June 2023, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in a $ 3 million increase in the receivable for probable insurance recoveries. A progression of activity in the Ashland insurance receivable is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Insurance receivable - beginning of year $ 101 $ 100 $ 100 $ 103 $ 123 Receivable adjustment (a) 3 7 7 6 1 Insurance settlement — — — — ( 10 ) Amounts collected ( 7 ) ( 5 ) ( 6 ) ( 9 ) ( 11 ) Insurance receivable - end of period (b) $ 97 $ 102 $ 101 $ 100 $ 103 (a) 2021 includes a $ 2 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses were $ 1 million and $ 2 million as of June 30, 2023 and September 30, 2022, respectively. (b) Includes $ 11 million and $ 12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 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. Nine months ended June 30 Years ended September 30 (In thousands) 2023 2022 2022 2021 2020 Open claims - beginning of year 11 12 12 12 13 New claims filed 1 1 1 1 1 Claims dismissed — ( 1 ) ( 2 ) ( 1 ) ( 2 ) Open claims - end of period 12 12 11 12 12 Hercules asbestos-related liability From the range of estimates, Ashland records the amount it believes to be the best estimate of future payments for litigation defense and claim settlement costs. Ashland reviews this estimate, and related assumptions quarterly and annually updates the results of a non-inflated, non-discounted approximate 40-year model developed with the assistance of Gnarus. During the most recent update completed in June 2023, it was determined that the liability for Hercules asbestos-related claims should be decreased by $ 2 million. Total reserves for asbestos claims were $ 197 million at June 30, 2023 compared to $ 213 million at September 30, 2022. A progression of activity in the asbestos reserve is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Asbestos reserve - beginning of year $ 213 $ 217 $ 217 $ 229 $ 252 Reserve adjustments ( 2 ) 15 15 8 ( 3 ) Amounts paid ( 14 ) ( 12 ) ( 19 ) ( 20 ) ( 20 ) Asbestos reserve - end of period (a) $ 197 $ 220 $ 213 $ 217 $ 229 (a) Included $ 17 million and $ 18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 , respectively. 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 June 30, 2023 , Ashland’s receivable for recoveries of litigation defense and claims costs from insurers with respect to Hercules amounted to $ 47 million compared to $ 52 million at September 30, 2022 . In June 2023, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in a decrease of $ 3 million in the receivable for probable insurance recoveries. A progression of activity in the Hercules insurance receivable is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Insurance receivable - beginning of year $ 52 $ 47 $ 47 $ 47 $ 49 Receivable adjustment (a) ( 3 ) 7 7 1 ( 2 ) Amounts collected ( 2 ) ( 1 ) ( 2 ) ( 1 ) — Insurance receivable - end of period (b) $ 47 $ 53 $ 52 $ 47 $ 47 (a) 2021 includes a $ 1 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses was $ 1 million as of June 30, 2023 and September 30, 2022 . (b) Includes $ 4 million and $ 3 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 . Asbestos litigation cost projection Projecting future asbestos costs is subject to numerous variables that are difficult to predict. In addition to the uncertainties surrounding the number of claims that might be received, other variables include the type and severity of the disease alleged by each claimant and the related costs incurred in resolving those claims, mortality rates, dismissal rates, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. In light of these inherent uncertainties, Ashland believes that the asbestos reserves for Ashland and Hercules represent the best estimate within a range of possible outcomes. As a part of the process to develop these estimates of future asbestos costs, a range of long-term cost models was developed. These models are based on national studies that predict the number of people likely to develop asbestos-related diseases and are heavily influenced by assumptions regarding long-term inflation rates for indemnity payments and legal defense costs, as well as other variables mentioned previously. Ashland has currently estimated in various models ranging from approximately 40 year periods that it is reasonably possible that total future litigation defense and claim settlement costs on an inflated and undiscounted basis could range as high as approximately $ 422 million for the Ashland asbestos-related litigation (current reserve of $ 285 million) and approximately $ 288 million for the Hercules asbestos-related litigation (current reserve of $ 197 million), depending on the combination of assumptions selected in the various models. While the timeframe used in Ashland’s models for projecting asbestos liabilities generally decreases over time based on the expected lifetime of the liabilities, these models have been consistently applied between all periods presented. If actual experience is worse than projected, relative to the number of claims filed, the severity of alleged disease associated with those claims or costs incurred to resolve those claims, or actuarial refinement or improvements to the assumptions used within these models are initiated, Ashland may need to further increase the estimates of the costs associated with asbestos claims and these increases could be material over time. Environmental remediation and asset retirement obligations Ashland is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively environmental remediation) at multiple locations. At June 30, 2023 , such locations included 57 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 $ 204 million at June 30, 2023 compared to $ 211 million at September 30, 2022 , of which $ 155 million at June 30, 2023 and $ 157 million at September 30, 2022 were classified in other noncurrent liabilities on the Condensed Consolidated Balance Sheets. The remaining reserves were classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of the changes in the environmental remediation reserves during the nine months ended June 30, 2023 and 2022. Nine months ended June 30 (In millions) 2023 2022 Reserve - beginning of period $ 211 $ 207 Disbursements ( 40 ) ( 42 ) Revised obligation estimates and accretion 33 61 Reserve - end of period $ 204 $ 226 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 continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. At June 30, 2023 and September 30, 2022 , Ashland’s recorded receivable for these probable insurance recoveries was $ 21 million, of which $ 17 million at June 30, 2023 and September 30, 2022 were classified in other noncurrent assets on the Condensed Consolidated Balance Sheets. Components of environmental remediation expense included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) are presented in the following table for the three and nine ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Environmental expense $ 22 $ 45 $ 32 $ 60 Accretion — 1 1 1 Legal expense 1 1 3 3 Total expense 23 47 36 64 — — Insurance receivable ( 2 ) ( 2 ) ( 2 ) ( 5 ) Total expense, net of receivable activity (a) $ 21 $ 45 $ 34 $ 59 (a) Net expense of $ 5 million and $ 6 million for the three and nine months ended June 30, 2023 , respectively, and $ 9 million and $ 11 million for the three and nine months ended June 30, 2022 , respectively, relates to divested businesses which qualified for treatment as discontinued operations for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income (Loss). Environmental remediation reserves are subject to uncertainties that affect Ashland’s ability to estimate its share of the costs. Such uncertainties involve the nature and extent of contamination at each site and the extent of required cleanup efforts under existing environmental regulations. Although it is not possible to predict with certainty the ultimate costs of environmental remediation, Ashland currently estimates that the upper end of the reasonably possible range of future costs for identified sites could be as high as approximately $ 465 million. The largest reserve for any site is 13 % of the remediation reserve as of June 30, 2023. 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 June 2023, 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 the three and nine months ended June 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). Other legal proceedings and claims In addition to the matters described above, there are other various claims, lawsuits and administrative proceedings pending or threatened against Ashland and its current and former subsidiaries. Such actions are with respect to commercial matters, product liability, toxic tort liability, and other environmental matters, which seek remedies or damages, some of which are for substantial amounts. While Ashland cannot predict with certainty the outcome of such actions, it believes that adequate reserves have been recorded and losses already recognized with respect to such actions were immaterial as of June 30, 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 June 30, 2023 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NOTE M – EARNINGS PER SHARE The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose exercise price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive . The total number of these shares outstanding was approximately 1 million at June 30, 2023 and 2022 , respectively. The majority of these shares are for warrants with a strike price of $ 128.66 . Earnings per share is reported under the treasury stock method. Three months ended Nine months ended June 30 June 30 (In millions, except per share data) 2023 2022 2023 2022 Numerator Numerator for basic and diluted EPS - $ 42 $ 51 $ 176 $ 121 Denominator Denominator for basic EPS - Weighted- 52 54 53 56 Share based awards convertible to common shares 1 1 1 1 Denominator for diluted EPS - Adjusted weighted- 53 55 54 57 EPS from continuing operations Basic $ 0.81 $ 0.94 $ 3.29 $ 2.16 Diluted 0.79 0.93 3.24 2.12

Equity Items

Equity Items	9 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity Items	NOTE N – EQUITY ITEMS 2023 Stock repurchase program On June 28, 2023, Ashland's board of directors authorized a new evergreen $ 1 billion common share repurchase program (2023 stock repurchase program). The new authorization terminates and replaces the company's 2022 stock repurchase program, which had $ 200 million outstanding at the date of termination. Stock repurchase program agreements During May 2023, under the 2022 stock repurchase program, Ashland initiated a Rule 10b5-1 trading plan agreement to repurchase up to $ 100 million of its outstanding shares. The program was completed during June 2023, when Ashland paid a total of $ 100 million and received a delivery of 1.1 million shares of common stock. During March 2023, under the 2022 stock repurchase program, Ashland initiated a Rule 10b5-1 trading plan agreement to repurchase up to $ 100 million of its outstanding shares. The program was completed during April 2023, when Ashland paid a total of $ 100 million and received a delivery of 1.0 million shares of common stock. During February 2023, under the 2022 stock repurchase program, Ashland initiated a Rule 10b5-1 trading plan agreement to repurchase up to $ 100 million of its outstanding shares. The program was completed during February 2023, when Ashland paid a total of $ 100 million and received a delivery of 1.0 million shares of common stock. On March 1, 2022, under the 2018 stock repurchase program, Ashland entered into an agreement to repurchase an aggregate amount of $ 200 million of Ashland common stock using open-market purchases under rule 10b-18. On April 8, 2022, Ashland completed repurchases under this agreement repurchasing a total of 2.15 million shares for a total amount of $ 200 million. Stockholder dividends On May 11, 2023, Ashland's Board declared a quarterly cash dividend of $ 0.385 per share on the company's common stock representing a 15 percent increase from the previous quarter. The dividend was paid in the third quarter of fiscal 2023. Dividends of $ 0.335 per share were paid in the first and second quarters of fiscal 2023 and the third quarter of fiscal 2022 and $ 0.30 per share were paid in the first and second quarters of fiscal 2022. Accumulated other comprehensive income (loss) Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects. 2023 2022 (In millions) Before Tax Net of Before Tax Net of Three months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ ( 4 ) $ — $ ( 4 ) $ ( 86 ) $ — $ ( 86 ) Unrealized gain (loss) on commodity hedges 1 — 1 ( 4 ) 1 ( 3 ) Total other comprehensive income (loss) $ ( 3 ) $ — $ ( 3 ) $ ( 90 ) $ 1 $ ( 89 ) Nine months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 106 $ ( 1 ) $ 105 $ ( 108 ) $ 1 $ ( 107 ) Unrealized gain (loss) on commodity hedges ( 8 ) 2 ( 6 ) ( 3 ) 1 ( 2 ) Total other comprehensive income (loss) $ 98 $ 1 $ 99 $ ( 111 ) $ 2 $ ( 109 ) Summary of stockholders’ equity A reconciliation of changes in stockholders’ equity are as follows: Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Common stock and paid in capital Balance, beginning of period $ — $ 177 $ 136 $ 328 Compensation expense and common shares issued (a) 5 1 7 5 Common shares purchased under repurchase program (b) (c) ( 5 ) ( 45 ) ( 143 ) ( 200 ) Balance, end of period — 133 — 133 Retained earnings Balance, beginning of period 3,734 3,596 3,653 2,796 Net income 50 36 182 870 Regular dividends ( 20 ) ( 18 ) ( 56 ) ( 52 ) Common shares purchased under repurchase program (b) ( 145 ) — ( 160 ) — Balance, end of period 3,619 3,614 3,619 3,614 Accumulated other comprehensive income (loss) Balance, beginning of period ( 467 ) ( 392 ) ( 569 ) ( 372 ) Unrealized translation gain (loss) ( 4 ) ( 86 ) 105 ( 107 ) Unrealized gain (loss) on commodity hedges 1 ( 3 ) ( 6 ) ( 2 ) Balance, end of period ( 470 ) ( 481 ) ( 470 ) ( 481 ) Total stockholders' equity $ 3,149 $ 3,266 $ 3,149 $ 3,266 Cash dividends declared per common share $ 0.385 $ 0.335 $ 1.055 $ 0.935 (a) Common shares issued were 35,420 shares and 55,006 shares for the three months ended June 30, 2023 and 2022 , respectively, and 179,934 shares and 163,656 shares for the nine months ended June 30, 2023 and 2022 , respectively. (b) Common shares repurchased were 1,594,677 and 3,082,928 shares for the three and nine months ended June 30, 2023 , and 449,932 shares and 2,853,312 shares for the three and nine months ended June 30, 2022 . (c) Includes $ 2 million and $ 3 million in excise tax on stock repurchases for the three and nine months ended June 30, 2023 .

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	NOTE O – STOCK INCENTIVE PLANS The components of Ashland’s pre-tax stock-based compensation expense included in continuing operations are as follows: Three months ended Nine months ended June 30 June 30 (In millions) 2023 (a) 2022 (b) 2023 (a) 2022 (b) Nonvested stock awards $ 2 $ 4 $ 9 $ 10 Performance share awards 1 3 8 8 $ 3 $ 7 $ 17 $ 18 (a) Included $ 2 million of income and zero of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2023 . (b) Included $ 1 million and $ 3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022 , and $ 1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022 .

Revenue

Revenue	9 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	NOTE P – REVENUE Disaggregation of revenue Ashland disaggregates its revenue by segment and geographical region as Ashland believes these categories best depict how management reviews the financial performance of its operations. Ashland includes only U.S. and Canada in its North America designation and includes Europe, the Middle East and Africa in its Europe designation. See the following tables for details. See Note Q for additional information. Sales by geography Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Life Sciences North America $ 57 $ 70 $ 166 $ 185 Europe 77 76 237 197 Asia Pacific 60 61 182 159 Latin America & other 25 21 81 61 $ 219 $ 228 $ 666 $ 602 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Personal Care North America $ 43 $ 50 $ 134 $ 146 Europe 53 69 173 194 Asia Pacific 28 31 84 93 Latin America & other 22 22 61 57 $ 146 $ 172 $ 452 $ 490 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Specialty Additives North America $ 52 $ 71 $ 157 $ 185 Europe 53 67 162 192 Asia Pacific 40 48 114 133 Latin America & other 7 8 23 22 $ 152 $ 194 $ 456 $ 532 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Intermediates North America $ 30 $ 47 $ 100 $ 121 Europe 7 13 23 32 Asia Pacific 5 10 19 31 Latin America & other 1 3 6 8 $ 43 $ 73 $ 148 $ 192 Trade receivables Trade receivables are defined as receivables arising from contracts with customers and are recorded within the accounts receivable caption within the Condensed Consolidated Balance Sheets. Ashland’s trade receivables were $ 309 million and $ 369 million as of June 30, 2023 and September 30, 2022 , respectively. See Note H for additional information on Ashland’s program to sell certain receivables on a revolving basis to third party banks up to an aggregate purchase limit (U.S Accounts Receivable Sales Program).

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Reportable Segment Information	NOTE Q – REPORTABLE SEGMENT INFORMATION Ashland determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the chief operating decision maker, which includes determining resource allocation methodologies used for reportable segments. Operating income and EBITDA are the primary measures of performance that are reviewed by the chief operating decision maker in assessing each reportable segment's financial performance. Ashland does not aggregate operating segments to arrive at these reportable segments. Reportable segment business descriptions Life Sciences is comprised of pharmaceuticals, nutrition, nutraceuticals, agricultural chemicals, diagnostic films (formerly known as advanced materials) and fine chemicals. Pharmaceutical solutions include controlled release polymers, disintegrants, film coatings, solubilizers, and tablet binders. Nutrition solutions include thickeners, stabilizers, emulsifiers and additives for enhancing mouthfeel, controlling moisture migration, reducing oil uptake and controlling color. Nutraceutical solutions include products for weight management, joint comfort, stomach and intestinal health, sports nutrition and general wellness, and provide custom formulation, toll processing and particle engineering solutions. Customers include pharmaceutical, food, beverage, nutraceuticals and supplements manufacturers, hospitals and radiologists and industrial manufacturers. Personal Care is comprised of biofunctionals, microbial protectants (preservatives), skin care, sun care, oral care, hair care and household. These businesses have a broad range of natural, nature-derived, biodegradable, and high-performance ingredients for customer-driven solutions to help protect, renew, moisturize and revitalize skin and hair, and provide solutions for toothpastes, mouth washes and rinses, denture cleaning and care for teeth. Household supplies nature-derived rheology ingredients, biodegradable surface wetting agents, performance encapsulates, and specialty polymers for household, industrial and institutional cleaning products. Customers include formulators at large multinational branded consumer products companies and smaller, independent boutique companies. Specialty Additives is comprised of rheology and performance-enhancing additives serving the architectural coatings, construction, energy, automotive and various industrial markets. Solutions include coatings additives for architectural paints, finishes and lacquers, cement and gypsum based dry mortars, ready-mixed joint compounds, synthetic plasters for commercial and residential construction, and specialty materials for industrial applications. Products include rheology modifiers (cellulosic and associative thickeners), foam control agents, surfactants and wetting agents, pH neutralizers, advanced ceramics used in catalytic converters, and environmental filters, ingredients that aid the manufacturing process of ceramic capacitors, plasma display panels and solar cells, ingredients for textile printing, thermoplastic metals and alloys for welding. Products help improve desired functional outcomes through rheology modification and control, water retention, workability, adhesive strength, binding power, film formation, deposition and suspension and emulsification. Customers include global paint manufacturers, electronics and automotive manufacturers, textile mills, the construction industry, and welders. Intermediates is comprised of the production of 1,4 butanediol (BDO) and related derivatives, including n-methylpyrrolidone. These products are used as chemical intermediates in the production of engineering polymers and polyurethanes, and as specialty process solvents in a wide array of applications including electronics, pharmaceuticals, water filtration membranes and more. 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. Reportable segment results Results of Ashland’s reportable segments are presented based on its management and internal accounting structure. The structure is specific to Ashland; therefore, the financial results of Ashland’s reportable segments are not necessarily comparable with similar information for other comparable companies. Ashland allocates all significant costs to its reportable segments except for certain significant company-wide restructuring activities, certain corporate governance costs and other costs or activities that relate to former businesses that Ashland no longer operates. The service cost component of pension and other postretirement benefits costs is allocated to each reportable segment on a ratable basis; while the remaining components of pension and other postretirement benefits costs are recorded within the other net periodic benefit loss caption on the Statements of Consolidated Comprehensive Income (Loss). Ashland refines its expense allocation methodologies to the reportable segments from time to time as internal accounting practices are improved, more refined information becomes available and the industry or market changes. Significant revisions to Ashland’s methodologies are adjusted for all segments on a retrospective basis. The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions - unaudited) 2023 2022 2023 2022 SALES Life Sciences $ 219 $ 228 $ 666 $ 602 Personal Care 146 172 452 490 Specialty Additives 152 194 456 532 Intermediates 43 73 148 192 Intersegment sales (a) ( 14 ) ( 23 ) ( 48 ) ( 57 ) $ 546 $ 644 $ 1,674 $ 1,759 OPERATING INCOME (LOSS) Life Sciences $ 49 $ 51 $ 141 $ 115 Personal Care 14 25 38 67 Specialty Additives 5 35 22 79 Intermediates 13 30 50 72 Unallocated and other ( 19 ) ( 29 ) ( 69 ) ( 79 ) $ 62 $ 112 $ 182 $ 254 DEPRECIATION EXPENSE Life Sciences $ 11 $ 9 $ 31 $ 25 Personal Care 9 10 28 28 Specialty Additives 15 16 43 48 Intermediates 3 2 9 9 Unallocated and other — — — 1 $ 38 $ 37 $ 111 $ 111 AMORTIZATION EXPENSE Life Sciences $ 7 $ 7 $ 20 $ 21 Personal Care 12 11 35 35 Specialty Additives 5 5 14 14 Intermediates — 1 1 1 $ 24 $ 24 $ 70 $ 71 EBITDA (b) Life Sciences $ 67 $ 67 $ 192 $ 161 Personal Care 35 46 101 130 Specialty Additives 25 56 79 141 Intermediates 16 33 60 82 Unallocated and other ( 19 ) ( 64 ) ( 69 ) ( 120 ) $ 124 $ 138 $ 363 $ 394 June 30 September 30 (In millions - unaudited) 2023 2022 TOTAL ASSETS Life Sciences $ 1,938 $ 1,905 Personal Care 1,044 1,073 Specialty Additives 1,642 1,567 Intermediates 160 170 Unallocated and other 1,245 1,498 $ 6,029 $ 6,213 (a) Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment sales are accounted for at cost. (b) Excludes income (loss) from discontinued operations and other net periodic benefit loss. See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting (U.S. GAAP) and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with the Ashland Inc. and consolidated subsidiaries (Ashland or the Company) Annual Report on Form 10-K for the fiscal year ended September 30, 2022. Results of operations for the period ended June 30, 2023 are not necessarily indicative of the expected results for the remainder of the fiscal year. Ashland is comprised of the following reportable segments: Life Sciences, Personal Care, Specialty Additives and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. For additional information, see Note Q.
Use of Estimates, Risks and Uncertainties	Use of estimates, risks and uncertainties The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, sales 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 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 or other matters.
New Accounting Pronouncements	New accounting pronouncements A description of new U.S. GAAP accounting standards issued or adopted during the current year is required in interim financial reporting. A detailed listing of new accounting standards relevant to Ashland is included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2022 . There were no new standards that were either issued or adopted in the current fiscal year that will have a material impact on Ashland's Condensed Consolidated Financial Statements.
Fair Value of Financial Instruments Policy	For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived using fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable.
Inventories	Inventories are carried at the lower of cost or net realizable value. Inventories are stated at cost using the weighted-average cost method. This method values inventories using average costs for raw materials and most recent production costs for labor and overhead.
Goodwill and Intangible Assets, Goodwill	Ashland tests goodwill and other indefinite-lived intangible assets for impairment annually as of July 1 and when events and circumstances indicate an impairment may have occurred. N o indicators of impairment were identified in the three and nine months ended June 30, 2023 .
Finite-Lived Intangible Asset	Intangible assets principally consist of trademarks and trade names, intellectual property and customer and supplier relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 20 years , intellectual property over 3 to 20 years , and customer and supplier relationships over 10 to 24 years .
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived	Ashland annually reviews, as of July 1, indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No indicators of impairment were identified in the three and nine months ended June 30, 2023 .
Commitments and Contingencies Policy	Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims result from indemnification obligations undertaken in 1990 in connection with the sale of Riley Stoker Corporation (Riley) and the acquisition of Hercules in November 2008. Although Riley, a former subsidiary, was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies. Hercules, an indirect wholly-owned subsidiary of Ashland, has liabilities from claims alleging personal injury caused by exposure to asbestos. Such claims typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products sold by one of Hercules’ former subsidiaries to a limited industrial market. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions for Ashland and Hercules asbestos claims, Ashland retained third party actuarial experts Gnarus. The methodology used by Gnarus to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, Gnarus estimates a range of the number of future claims that may be filed, as well as the related costs that may be incurred in resolving those claims. Changes in asbestos-related liabilities and receivables are recorded on an after-tax basis within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss).
Environmental Cost Policy	The total reserves for environmental remediation reflect Ashland’s estimates of the most likely costs that will be incurred over an extended period to remediate identified conditions for which the costs are reasonably estimable, without regard to any third-party recoveries. Engineering studies, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation. Ashland continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. At June 30, 2023 and September 30, 2022 , Ashland’s recorded receivable for these probable insurance recoveries was $ 21 million, of which $ 17 million at June 30, 2023 and September 30, 2022 were classified in other noncurrent assets on the Condensed Consolidated Balance Sheets.
Earnings Per Share	. The total number of these shares outstanding was approximately 1 million at June 30, 2023 and 2022 , respectively. The majority of these shares are for warrants with a strike price of $ 128.66 . Earnings per share is reported under the treasury stock method.
Segment Reporting	Ashland determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the chief operating decision maker, which includes determining resource allocation methodologies used for reportable segments. Operating income and EBITDA are the primary measures of performance that are reviewed by the chief operating decision maker in assessing each reportable segment's financial performance. Ashland does not aggregate operating segments to arrive at these reportable segments.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Jun. 30, 2023
Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations	Components of amounts reflected in the Statements of Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Income (loss) from discontinued operations (net of tax) Performance Adhesives $ ( 1 ) $ 4 $ ( 1 ) $ 38 Composites/Marl facility — — ( 1 ) — Valvoline 15 — 15 — Asbestos ( 4 ) ( 13 ) ( 4 ) ( 13 ) Water Technologies — ( 1 ) — ( 1 ) Distribution ( 2 ) ( 5 ) ( 3 ) ( 7 ) Gain on disposal of discontinued operations (net of tax) Performance Adhesives — — — 732 $ 8 $ ( 15 ) $ 6 $ 749
Performance Adhesives [Member]
Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations	The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Comprehensive Income (Loss) for the income (loss) from discontinued operations attributable to Performance Adhesives for the three and nine months ended June 30, 2022. This disclosure was not applicable for the three and nine months ended June 30, 2023 as a result of the sale in fiscal 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2022 2022 Income (loss) from discontinued operations attributable to Performance Adhesives Sales $ — $ 171 Cost of sales — ( 122 ) Selling, general and administrative expense ( 1 ) ( 12 ) Research and development expense — ( 3 ) Pretax income of discontinued operations ( 1 ) 34 Income tax (expense) benefit 5 4 Income from discontinued operations $ 4 $ 38

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Summary of Financial Instruments Subject to Recurring Fair Value Measurements	The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2023. Carrying Total Quoted prices Significant Significant (In millions) value value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 349 $ 349 $ 349 $ — $ — Restricted investments (a) (b) 392 392 392 — — Investment of captive insurance company (c) 4 4 4 — — Foreign currency derivatives (d) 1 1 — 1 — Total assets at fair value $ 746 $ 746 $ 745 $ 1 $ — Liabilities Foreign currency derivatives (e) $ 1 $ 1 $ — $ 1 $ — Commodity derivatives (e) 5 5 — 5 — Total liabilities at fair value $ 6 $ 6 $ — $ 6 $ — (a) Included in restricted investments and $ 71 million within other current assets in the Condensed Consolidated Balance Sheets . (b) Includes $ 265 million related to the Asbestos trust and $ 127 million related to the Environmental trust . (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets . (d) Included in accounts receivable in the Condensed Consolidated Balance Sheets . (e) Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2022. Carrying Total Quoted prices Significant Significant (In millions) value value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 646 $ 646 $ 646 $ — $ — Restricted investments (a) (b) 374 374 374 — — Investment of captive insurance company (c) 9 9 9 — — Foreign currency derivatives (d) 1 1 — 1 — Commodity derivatives (d) 4 4 — 4 — Total assets at fair value $ 1,034 $ 1,034 $ 1,029 $ 5 $ — Liabilities Foreign currency derivatives (e) $ 9 $ 9 $ — $ 9 $ — Commodity derivatives (e) 1 1 — 1 — Total liabilities at fair value $ 10 $ 10 $ — $ 10 $ — (a) Included in restricted investments and $ 61 million within other current assets in the Condensed Consolidated Balance Sheets . (b) Includes $ 245 million related to the Asbestos trust and $ 129 million related to the Environmental trust . (c) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets . (d) Included in accounts receivable in the Condensed Consolidated Balance Sheets . (e) Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.
Summary of Restricted Investment Portfolio	The following table presents gross unrealized gains and losses for the restricted securities as of June 30, 2023 and September 30, 2022: Gross Gross (In millions) Adjusted Cost Unrealized Gain Unrealized Loss Fair Value As of June 30, 2023 Demand deposit $ 8 $ — $ — $ 8 Equity mutual fund 158 33 — 191 Fixed income mutual fund 232 — ( 39 ) 193 Fair value $ 398 $ 33 $ ( 39 ) $ 392 As of September 30, 2022 Demand deposit $ 6 $ — $ — $ 6 Equity mutual fund 186 20 ( 25 ) 181 Fixed income mutual fund 234 — ( 47 ) 187 Fair value $ 426 $ 20 $ ( 72 ) $ 374
Summary of Investment Income, Net Gains and Losses, Funds restricted for Specific Transactions and Disbursements Related to Investments	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 portfolio for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Investment income (a) $ 4 $ 3 $ 10 $ 13 Net gains (losses) (a) 6 ( 48 ) 47 ( 72 ) Funds restricted for specific transactions 1 30 7 74 Disbursements ( 29 ) — ( 46 ) ( 28 ) (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 net gains and losses recognized during the three and nine months ended June 30, 2023 and 2022 within the Statements of Consolidated Comprehensive Income (Loss). Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Foreign currency derivative gains (losses) $ 1 $ ( 12 ) $ 10 $ ( 21 )
Summary of Fair Values of Outstanding Foreign Currency Derivatives	The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2023 and September 30, 2022 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2023 2022 Foreign currency derivative assets $ 1 $ 1 Notional contract values 123 133 Foreign currency derivative liabilities $ 1 $ 9 Notional contract values 145 535
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 net gai ns and losses recognized during the three and nine months ended June 30, 2023 and 2022 within the cost of sales caption of the Statements of Consolidated Comprehensive Income (Loss). Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Commodity derivative gains (losses) $ ( 2 ) $ 2 $ ( 2 ) $ 6
Summary of Fair Values of Outstanding Derivatives	The following table summarizes the fair values of the outstanding commodity derivatives as of June 30, 2023, and September 30, 2022 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2023 2022 Commodity derivative assets $ — $ 4 Notional contract values 1 13 Commodity derivative liabilities $ 5 $ 1 Notional contract values 18 9

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates. June 30 September 30 (In millions) 2023 2022 Finished products $ 460 $ 391 Raw materials, supplies and work in process 252 238 $ 712 $ 629

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill by Reportable Segment	The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2023. Life Personal Specialty (In millions) Sciences Care (a) Additives (a) Intermediates (a) Total Balance at September 30, 2022 $ 787 $ 118 $ 407 $ — $ 1,312 Currency translation 45 5 21 — 71 Balance at June 30, 2023 $ 832 $ 123 $ 428 $ — $ 1,383 (a) As of June 30, 2023 and September 30, 2022, there were accumulated impairments of $ 356 million, $ 174 million and $ 90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.
Summary of Intangible Assets	Other intangible assets were comprised of the following as of June 30, 2023 and September 30, 2022. June 30, 2023 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangibles Trademarks and trade names $ 98 $ ( 42 ) $ 56 Intellectual property 738 ( 573 ) 165 Customer and supplier relationships 830 ( 413 ) 417 Total definite-lived intangibles 1,666 ( 1,028 ) 638 Indefinite-lived intangibles Trademarks and trade names 278 — 278 Total intangible assets $ 1,944 $ ( 1,028 ) $ 916 September 30, 2022 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangibles Trademarks and trade names $ 95 $ ( 37 ) $ 58 Intellectual property 718 ( 523 ) 195 Customer and supplier relationships 801 ( 369 ) 432 Total definite-lived intangibles 1,614 ( 929 ) 685 Indefinite-lived intangibles Trademarks and trade names 278 — 278 Total intangible assets $ 1,892 $ ( 929 ) $ 963

Debt and Other Financing Acti_2

Debt and Other Financing Activities (Tables)	9 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Current and Long-term Debt	The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets. (In millions) June 30, 2023 September 30, 2022 3.375 % Senior Notes, due 2031 $ 450 $ 450 2.00 % Senior Notes, due 2028 (Euro 500 million principal) 544 489 6.875 % notes, due 2043 281 282 6.50 % junior subordinated notes, due 2029 63 60 Other (a) ( 10 ) ( 11 ) Total debt 1,328 1,270 Short-term debt (includes current portion of long-term debt) — — Long-term debt (less current portion) $ 1,328 $ 1,270 (a) Other includes $ 14 million of debt issuance costs as of June 30, 2023 and September 30, 2022 .

Leasing Arrangements (Tables)

Leasing Arrangements (Tables)	9 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Lease Cost Recognized	The components of lease cost recognized within the Statements of Consolidated Comprehensive Income (Loss) were as follows: Three months ended Nine months ended June 30 June 30 (In millions) Location 2023 2022 2023 2022 Lease cost: Operating lease cost Selling, General & Administrative (a) $ 3 $ 5 $ 10 $ 12 Operating lease cost Cost of Sales 3 3 11 10 Variable lease cost Selling, General & Administrative 1 1 3 3 Variable lease cost Cost of Sales 2 1 4 3 Short-term leases Cost of Sales — 1 2 2 Total lease cost $ 9 $ 11 $ 30 $ 30 (a) Includes $ 2 million lease termination fee for the three and nine months ended June 30, 2022 .
Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	The following table provides cash paid for amounts included in the measurement of operating lease liabilities: Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Operating cash flows from operating leases $ 8 $ 9 $ 21 $ 23

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Summary of Changes in Unrecognized Tax Benefits	Changes in unrecognized tax benefits are summarized as follows for the nine months ended June 30, 2023. (In millions) Balance at October 1, 2022 $ 84 Increases related to positions taken in prior years 1 Decreases related to positions taken in prior years ( 27 ) Increases related to positions taken in the current year 3 Lapse of statute of limitations ( 4 ) Balance at June 30, 2023 $ 57

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Components of Pension and Other Postretirement Benefit Costs for Continuing Operation	The following table details the components of pension and other postretirement benefit costs for continuing operations. Pension benefits Other postretirement (In millions) 2023 2022 2023 2022 Three months ended June 30 Service cost $ — $ 1 $ 1 $ — Interest cost 4 2 — — Expected return on plan assets ( 2 ) ( 1 ) — — Actuarial (gain) — — — — Total net periodic benefit costs $ 2 $ 2 $ 1 $ — Nine months ended June 30 Service cost $ 2 $ 3 $ 1 $ — Interest cost 10 5 1 1 Expected return on plan assets ( 5 ) ( 5 ) — — Actuarial (gain) — ( 1 ) — — Total net periodic benefit costs $ 7 $ 2 $ 2 $ 1

Litigation, Claims and Contin_2

Litigation, Claims and Contingencies (Tables)	9 Months Ended
	Jun. 30, 2023
Loss Contingencies [Line Items]
Reconciliation of Changes in Environmental Contingencies and Asset Retirement Obligations Reserve	The following table provides a reconciliation of the changes in the environmental remediation reserves during the nine months ended June 30, 2023 and 2022. Nine months ended June 30 (In millions) 2023 2022 Reserve - beginning of period $ 211 $ 207 Disbursements ( 40 ) ( 42 ) Revised obligation estimates and accretion 33 61 Reserve - end of period $ 204 $ 226
Components of Environmental Remediation Expense	Components of environmental remediation expense included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income (Loss) are presented in the following table for the three and nine ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Environmental expense $ 22 $ 45 $ 32 $ 60 Accretion — 1 1 1 Legal expense 1 1 3 3 Total expense 23 47 36 64 — — Insurance receivable ( 2 ) ( 2 ) ( 2 ) ( 5 ) Total expense, net of receivable activity (a) $ 21 $ 45 $ 34 $ 59
Ashland [Member]
Loss Contingencies [Line Items]
Summary of Asbestos Claims Activity	A summary of Ashland asbestos claims activity, excluding Hercules claims, follows. Nine months ended June 30 Years ended September 30 (In thousands) 2023 2022 2022 2021 2020 Open claims - beginning of year 44 46 46 49 53 New claims filed 1 1 2 2 2 Claims settled — ( 1 ) ( 1 ) ( 1 ) ( 1 ) Claims dismissed ( 3 ) ( 1 ) ( 3 ) ( 4 ) ( 5 ) Open claims - end of period 42 45 44 46 49
Progression of Activity in Asbestos Reserve Accounts	A progression of activity in the asbestos reserve is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Asbestos reserve - beginning of year $ 305 $ 320 $ 320 $ 335 $ 352 Reserve adjustment 9 16 16 12 13 Amounts paid ( 29 ) ( 26 ) ( 31 ) ( 27 ) ( 30 ) Asbestos reserve - end of period (a) $ 285 $ 310 $ 305 $ 320 $ 335 (a) Included $ 28 million and $ 29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively.
Progression of Insurance Receivable	A progression of activity in the Ashland insurance receivable is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Insurance receivable - beginning of year $ 101 $ 100 $ 100 $ 103 $ 123 Receivable adjustment (a) 3 7 7 6 1 Insurance settlement — — — — ( 10 ) Amounts collected ( 7 ) ( 5 ) ( 6 ) ( 9 ) ( 11 ) Insurance receivable - end of period (b) $ 97 $ 102 $ 101 $ 100 $ 103 (a) 2021 includes a $ 2 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses were $ 1 million and $ 2 million as of June 30, 2023 and September 30, 2022, respectively. (b) Includes $ 11 million and $ 12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively.
Hercules [Member]
Loss Contingencies [Line Items]
Summary of Asbestos Claims Activity	A summary of Hercules’ asbestos claims activity follows. Nine months ended June 30 Years ended September 30 (In thousands) 2023 2022 2022 2021 2020 Open claims - beginning of year 11 12 12 12 13 New claims filed 1 1 1 1 1 Claims dismissed — ( 1 ) ( 2 ) ( 1 ) ( 2 ) Open claims - end of period 12 12 11 12 12
Progression of Activity in Asbestos Reserve Accounts	A progression of activity in the asbestos reserve is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Asbestos reserve - beginning of year $ 213 $ 217 $ 217 $ 229 $ 252 Reserve adjustments ( 2 ) 15 15 8 ( 3 ) Amounts paid ( 14 ) ( 12 ) ( 19 ) ( 20 ) ( 20 ) Asbestos reserve - end of period (a) $ 197 $ 220 $ 213 $ 217 $ 229 (a) Included $ 17 million and $ 18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 , respectively.
Progression of Insurance Receivable	A progression of activity in the Hercules insurance receivable is presented in the following table. Nine months ended June 30 Years ended September 30 (In millions) 2023 2022 2022 2021 2020 Insurance receivable - beginning of year $ 52 $ 47 $ 47 $ 47 $ 49 Receivable adjustment (a) ( 3 ) 7 7 1 ( 2 ) Amounts collected ( 2 ) ( 1 ) ( 2 ) ( 1 ) — Insurance receivable - end of period (b) $ 47 $ 53 $ 52 $ 47 $ 47 (a) 2021 includes a $ 1 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses was $ 1 million as of June 30, 2023 and September 30, 2022 . (b) Includes $ 4 million and $ 3 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose exercise price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive . The total number of these shares outstanding was approximately 1 million at June 30, 2023 and 2022 , respectively. The majority of these shares are for warrants with a strike price of $ 128.66 . Earnings per share is reported under the treasury stock method. Three months ended Nine months ended June 30 June 30 (In millions, except per share data) 2023 2022 2023 2022 Numerator Numerator for basic and diluted EPS - $ 42 $ 51 $ 176 $ 121 Denominator Denominator for basic EPS - Weighted- 52 54 53 56 Share based awards convertible to common shares 1 1 1 1 Denominator for diluted EPS - Adjusted weighted- 53 55 54 57 EPS from continuing operations Basic $ 0.81 $ 0.94 $ 3.29 $ 2.16 Diluted 0.79 0.93 3.24 2.12

Equity Items (Tables)

Equity Items (Tables)	9 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects. 2023 2022 (In millions) Before Tax Net of Before Tax Net of Three months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ ( 4 ) $ — $ ( 4 ) $ ( 86 ) $ — $ ( 86 ) Unrealized gain (loss) on commodity hedges 1 — 1 ( 4 ) 1 ( 3 ) Total other comprehensive income (loss) $ ( 3 ) $ — $ ( 3 ) $ ( 90 ) $ 1 $ ( 89 ) Nine months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 106 $ ( 1 ) $ 105 $ ( 108 ) $ 1 $ ( 107 ) Unrealized gain (loss) on commodity hedges ( 8 ) 2 ( 6 ) ( 3 ) 1 ( 2 ) Total other comprehensive income (loss) $ 98 $ 1 $ 99 $ ( 111 ) $ 2 $ ( 109 )
Summary of Reconciliation of Changes in Stockholders' Equity	A reconciliation of changes in stockholders’ equity are as follows: Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Common stock and paid in capital Balance, beginning of period $ — $ 177 $ 136 $ 328 Compensation expense and common shares issued (a) 5 1 7 5 Common shares purchased under repurchase program (b) (c) ( 5 ) ( 45 ) ( 143 ) ( 200 ) Balance, end of period — 133 — 133 Retained earnings Balance, beginning of period 3,734 3,596 3,653 2,796 Net income 50 36 182 870 Regular dividends ( 20 ) ( 18 ) ( 56 ) ( 52 ) Common shares purchased under repurchase program (b) ( 145 ) — ( 160 ) — Balance, end of period 3,619 3,614 3,619 3,614 Accumulated other comprehensive income (loss) Balance, beginning of period ( 467 ) ( 392 ) ( 569 ) ( 372 ) Unrealized translation gain (loss) ( 4 ) ( 86 ) 105 ( 107 ) Unrealized gain (loss) on commodity hedges 1 ( 3 ) ( 6 ) ( 2 ) Balance, end of period ( 470 ) ( 481 ) ( 470 ) ( 481 ) Total stockholders' equity $ 3,149 $ 3,266 $ 3,149 $ 3,266 Cash dividends declared per common share $ 0.385 $ 0.335 $ 1.055 $ 0.935 (a) Common shares issued were 35,420 shares and 55,006 shares for the three months ended June 30, 2023 and 2022 , respectively, and 179,934 shares and 163,656 shares for the nine months ended June 30, 2023 and 2022 , respectively. (b) Common shares repurchased were 1,594,677 and 3,082,928 shares for the three and nine months ended June 30, 2023 , and 449,932 shares and 2,853,312 shares for the three and nine months ended June 30, 2022 . (c) Includes $ 2 million and $ 3 million in excise tax on stock repurchases for the three and nine months ended June 30, 2023 .

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	9 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Components of Pretax Stock-Based Compensation Expense Included in Continuing Operations	The components of Ashland’s pre-tax stock-based compensation expense included in continuing operations are as follows: Three months ended Nine months ended June 30 June 30 (In millions) 2023 (a) 2022 (b) 2023 (a) 2022 (b) Nonvested stock awards $ 2 $ 4 $ 9 $ 10 Performance share awards 1 3 8 8 $ 3 $ 7 $ 17 $ 18 (a) Included $ 2 million of income and zero of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2023 . (b) Included $ 1 million and $ 3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022 , and $ 1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022 .

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Sales by geography Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Life Sciences North America $ 57 $ 70 $ 166 $ 185 Europe 77 76 237 197 Asia Pacific 60 61 182 159 Latin America & other 25 21 81 61 $ 219 $ 228 $ 666 $ 602 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Personal Care North America $ 43 $ 50 $ 134 $ 146 Europe 53 69 173 194 Asia Pacific 28 31 84 93 Latin America & other 22 22 61 57 $ 146 $ 172 $ 452 $ 490 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Specialty Additives North America $ 52 $ 71 $ 157 $ 185 Europe 53 67 162 192 Asia Pacific 40 48 114 133 Latin America & other 7 8 23 22 $ 152 $ 194 $ 456 $ 532 Three months ended Nine months ended June 30 June 30 (In millions) 2023 2022 2023 2022 Intermediates North America $ 30 $ 47 $ 100 $ 121 Europe 7 13 23 32 Asia Pacific 5 10 19 31 Latin America & other 1 3 6 8 $ 43 $ 73 $ 148 $ 192 Trade receivables Trade receivables are defined as receivables arising from contracts with customers and are recorded within the accounts receivable caption within the Condensed Consolidated Balance Sheets. Ashland’s trade receivables were $ 309 million and $ 369 million as of June 30, 2023 and September 30, 2022 , respectively. See Note H for additional information on Ashland’s program to sell certain receivables on a revolving basis to third party banks up to an aggregate purchase limit (U.S Accounts Receivable Sales Program).

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Financial Information for Each Reportable Segment	The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2023 and 2022. Three months ended Nine months ended June 30 June 30 (In millions - unaudited) 2023 2022 2023 2022 SALES Life Sciences $ 219 $ 228 $ 666 $ 602 Personal Care 146 172 452 490 Specialty Additives 152 194 456 532 Intermediates 43 73 148 192 Intersegment sales (a) ( 14 ) ( 23 ) ( 48 ) ( 57 ) $ 546 $ 644 $ 1,674 $ 1,759 OPERATING INCOME (LOSS) Life Sciences $ 49 $ 51 $ 141 $ 115 Personal Care 14 25 38 67 Specialty Additives 5 35 22 79 Intermediates 13 30 50 72 Unallocated and other ( 19 ) ( 29 ) ( 69 ) ( 79 ) $ 62 $ 112 $ 182 $ 254 DEPRECIATION EXPENSE Life Sciences $ 11 $ 9 $ 31 $ 25 Personal Care 9 10 28 28 Specialty Additives 15 16 43 48 Intermediates 3 2 9 9 Unallocated and other — — — 1 $ 38 $ 37 $ 111 $ 111 AMORTIZATION EXPENSE Life Sciences $ 7 $ 7 $ 20 $ 21 Personal Care 12 11 35 35 Specialty Additives 5 5 14 14 Intermediates — 1 1 1 $ 24 $ 24 $ 70 $ 71 EBITDA (b) Life Sciences $ 67 $ 67 $ 192 $ 161 Personal Care 35 46 101 130 Specialty Additives 25 56 79 141 Intermediates 16 33 60 82 Unallocated and other ( 19 ) ( 64 ) ( 69 ) ( 120 ) $ 124 $ 138 $ 363 $ 394 June 30 September 30 (In millions - unaudited) 2023 2022 TOTAL ASSETS Life Sciences $ 1,938 $ 1,905 Personal Care 1,044 1,073 Specialty Additives 1,642 1,567 Intermediates 160 170 Unallocated and other 1,245 1,498 $ 6,029 $ 6,213 (a) Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment sales are accounted for at cost. (b) Excludes income (loss) from discontinued operations and other net periodic benefit loss. See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded.

Divestitures - Additional Infor

Divestitures - Additional Information (Details) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 28, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) Property	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) Property	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business	$ 1,700
Gain on divestitures after-tax recognized in comprehensive income (loss)					$ 732
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]					Income (loss) from discontinued operations (net of tax)
Income (loss) on acquisitions and divestitures, net		$ 0	$ 35	$ 0	$ 42
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			50		50
Income (loss) on acquisitions and divestitures, net			$ 35		$ 35
Number of properties | Property			2		2
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stranded divestitures costs		0	$ 1	0	$ 8
Gain on divestitures after-tax recognized in comprehensive income (loss)		0	$ 0	0	$ 732
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		0		$ 4
Specialty Additives Facility [Member] | Discontinued Operations, Held-for-sale [Member] | Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business		1
Transaction value in sale of business						$ 1
Income (loss) on acquisitions and divestitures, net		$ (1)

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business	$ 1,700
Gain on divestitures recognized in comprehensive income (loss)					$ 732
Income (loss) on acquisitions and divestitures, net		$ 0	$ 35	$ 0	42
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stranded divestitures costs		0	1	0	8
Gain on divestitures recognized in comprehensive income (loss)		$ 0	0	$ 0	732
Composites Segment and the Intermediates and Solvents Marl Facility [Member] | Land and Building [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of business			50		50
Income (loss) on acquisitions and divestitures, net			$ 35		$ 35

Discontinued Operations - Compo

Discontinued Operations - Components of Consolidated Comprehensive Income (Loss) Related to Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	$ 8	$ (15)	$ 6	$ 749
Gain on disposal of discontinued operations (net of tax)				732
Performance Adhesives [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(1)	4	(1)	38
Gain on disposal of discontinued operations (net of tax)	0	0	0	732
Composites/Marl facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	0	0	(1)	0
Valvoline [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	15	0	15	0
Asbestos [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(4)	(13)	(4)	(13)
Water Technologies [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	0	(1)	0	(1)
Distribution [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	$ (2)	$ (5)	$ (3)	$ (7)

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Consolidated Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income (loss) from discontinued operations attributable to Performance Adhesives
Income from discontinued operations	$ 8	$ (15)	$ 6	$ 749
Performance Adhesives [Member]
Income (loss) from discontinued operations attributable to Performance Adhesives
Sales		0		171
Cost of sales		0		(122)
Selling, general and administrative expense		(1)		(12)
Research and development expense		0		(3)
Pretax income of discontinued operations		(1)		34
Income tax (expense) benefit		5		4
Income from discontinued operations	$ (1)	$ 4	$ (1)	$ 38

Restructuring Activities - Addi

Restructuring Activities - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Fiscal 2020 and 2021 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)	$ 0	$ (1)
Restructuring reserve	1	1
Fiscal 2022 and 2023 Restructuring Severance Costs [Member]
Restructuring Cost And Reserve [Line Items]
Severance income (expenses)	(1)	(1)
Restructuring reserve	$ 1	$ 1

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions		Jun. 30, 2023		Sep. 30, 2022
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		$ 349		$ 646
Restricted investments		392	[1],[2]	374	[3],[4]
Investment of captive insurance company		4	[5]	9	[6]
Foreign currency derivatives		1	[7]	1	[8]
Total assets at fair value		746		1,034
Liabilities
Foreign currency derivatives		1	[9]	9	[10]
Total liabilities at fair value		6		10
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commodity Derivatives [Member]
Assets
Commodity derivatives	[8]			$ 4
Derivative Asset, Statement of Financial Position [Extensible Enumeration]				Accounts Receivable, after Allowance for Credit Loss, Current
Liabilities
Commodity derivatives	[9]	$ 5		$ 1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities, Current		Accrued Liabilities, Current
Estimate of Fair Value, Fair Value Disclosure [Member]
Assets
Cash and cash equivalents		$ 349		$ 646
Restricted investments		392	[1],[2]	374	[3],[4]
Investment of captive insurance company		4	[5]	9	[6]
Foreign currency derivatives		1	[7]	1	[8]
Total assets at fair value		746		1,034
Liabilities
Foreign currency derivatives		1	[9]	9	[10]
Total liabilities at fair value		6		10
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Derivatives [Member]
Assets
Commodity derivatives	[8]			$ 4
Derivative Asset, Statement of Financial Position [Extensible Enumeration]				Accounts Receivable, after Allowance for Credit Loss, Current
Liabilities
Commodity derivatives	[9]	$ 5		$ 1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities, Current		Accrued Liabilities, Current
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents		$ 349		$ 646
Restricted investments		392	[1],[2]	374	[3],[4]
Investment of captive insurance company		4	[5]	9	[6]
Foreign currency derivatives		0	[7]	0	[8]
Total assets at fair value		745		1,029
Liabilities
Foreign currency derivatives		0	[9]	0	[10]
Total liabilities at fair value		0		0
Fair Value, Inputs, Level 1 [Member] | Commodity Derivatives [Member]
Assets
Commodity derivatives	[8]			0
Liabilities
Commodity derivatives	[9]	0		0
Fair Value, Inputs, Level 2 [Member]
Assets
Cash and cash equivalents		0		0
Restricted investments		0	[1],[2]	0	[3],[4]
Investment of captive insurance company		0	[5]	0	[6]
Foreign currency derivatives		1	[7]	1	[8]
Total assets at fair value		1		5
Liabilities
Foreign currency derivatives		1	[9]	9	[10]
Total liabilities at fair value		6		10
Fair Value, Inputs, Level 2 [Member] | Commodity Derivatives [Member]
Assets
Commodity derivatives	[8]			4
Liabilities
Commodity derivatives	[9]	5		1
Fair Value, Inputs, Level 3 [Member]
Assets
Cash and cash equivalents		0		0
Restricted investments		0	[1],[2]	0	[3],[4]
Investment of captive insurance company		0	[5]	0	[6]
Foreign currency derivatives		0	[7]	0	[8]
Total assets at fair value				0
Liabilities
Foreign currency derivatives		0	[9]	0	[10]
Total liabilities at fair value		0		0
Fair Value, Inputs, Level 3 [Member] | Commodity Derivatives [Member]
Assets
Commodity derivatives	[8]			0
Liabilities
Commodity derivatives	[9]	$ 0		$ 0
[1] Included in restricted investments and $ 71 million within other current assets in the Condensed Consolidated Balance Sheets Includes $ 265 million related to the Asbestos trust and $ 127 million related to the Environmental trust Included in restricted investments and $ 61 million within other current assets in the Condensed Consolidated Balance Sheets Includes $ 245 million related to the Asbestos trust and $ 129 million related to the Environmental trust Included in other noncurrent assets in the Condensed Consolidated Balance Sheets Included in other noncurrent assets in the Condensed Consolidated Balance Sheets Included in accounts receivable in the Condensed Consolidated Balance Sheets Included in accounts receivable in the Condensed Consolidated Balance Sheets Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. Included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Financial Instruments Subject to Recurring Fair Value Measurements (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, Current	$ 71	$ 61
Asbestos Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	265	245
Environmental Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	$ 127	$ 129

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Restricted Investment Portfolio (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Restricted Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	$ 398	$ 426
Gross Unrealized Gain	33	20
Gross Unrealized Loss	(39)	(72)
Fair Value	392	374
Fixed Income Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	232	234
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(39)	(47)
Fair Value	193	187
Equity Mutual Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	158	186
Gross Unrealized Gain	33	20
Gross Unrealized Loss	0	(25)
Fair Value	191	181
Demand Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost	8	6
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	$ 8	$ 6

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Investment Income, Net Gains and Losses, Funds restricted for Specific Transactions and Disbursements Related to Investments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Investment income	[1]	$ 4	$ 3	$ 10	$ 13
Net gains (losses)	[1]	6	(48)	47	(72)
Funds restricted for specific transactions		1	30	7	74
Disbursements		$ (29)	$ 0	$ (46)	$ (28)
[1] Included in the net interest and other expense (income) caption within the Statements of Consolidated Comprehensive Income (Loss).

Fair Value Measurements - Sum_5

Fair Value Measurements - Summary of Net Gains and Losses on Foreign Currency Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 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)	$ 1	$ (12)	$ 10	$ (21)

Fair Value Measurements - Sum_6

Fair Value Measurements - Summary of Fair Values of Outstanding Foreign Currency Derivatives (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
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	123	133
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	145	535
Foreign currency derivative liabilities	$ 1	$ 9

Fair Value Measurements - Sum_7

Fair Value Measurements - Summary of Net Gains and Losses on Derivatives (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative gains (losses)	$ (2)	$ 2	$ (2)	$ 6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue	Cost of Revenue

Fair Value Measurements - Sum_8

Fair Value Measurements - Summary of Fair Values of Outstanding Commodity Derivatives (Details) - Commodity Contract [Member] - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative assets	$ 0	$ 4
Notional contract values	1	13
Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional contract values	18	9
Commodity derivative liabilities	$ 5	$ 1

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Restricted Investments, Current	$ 71	$ 61
Long-term debt, carrying value	1,342	1,284
Long-term debt, fair value	$ 1,195	$ 1,102

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Finished products	$ 460	$ 391
Raw materials, supplies and work in process	252	238
Total	$ 712	$ 629

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Summary of Goodwill by Reportable Segment (Details) $ in Millions	9 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,312
Currency translation	71
Balance at end of period	1,383
Life Sciences [Member]
Goodwill [Roll Forward]
Balance at beginning of period	787
Currency translation	45
Balance at end of period	832
Personal Care [Member]
Goodwill [Roll Forward]
Balance at beginning of period	118	[1]
Currency translation	5	[1]
Balance at end of period	123	[1]
Specialty Additives [Member]
Goodwill [Roll Forward]
Balance at beginning of period	407	[1]
Currency translation	21	[1]
Balance at end of period	428	[1]
Intermediates [Member]
Goodwill [Roll Forward]
Balance at beginning of period	0	[1]
Currency translation	0	[1]
Balance at end of period	$ 0	[1]
[1] As of June 30, 2023 and September 30, 2022, there were accumulated impairments of $ 356 million, $ 174 million and $ 90 million related to the Personal Care, Specialty Additives and Intermediates reportable segments, respectively.

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Summary of Goodwill by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Personal Care [Member]
Goodwill [Line Items]
Accumulated impairment	$ 356	$ 356
Specialty Additives [Member]
Goodwill [Line Items]
Accumulated impairment	174	174
Intermediates [Member]
Goodwill [Line Items]
Accumulated impairment	$ 90	$ 90

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Intangibles amortization expense - Note G	$ 24	$ 23	$ 70	$ 71
Expected future amortization expense [Abstract]
2023 (includes nine months actual and three months estimated)	93		93
2024	80		80
2025	76		76
2026	74		74
2027	$ 53		$ 53
Minimum [Member] | Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	3 years		3 years
Minimum [Member] | Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	3 years		3 years
Minimum [Member] | Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	10 years		10 years
Maximum [Member] | Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years		20 years
Maximum [Member] | Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	20 years		20 years
Maximum [Member] | Customer and Supplier Relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)	24 years		24 years

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,666	$ 1,614
Accumulated amortization	(1,028)	(929)
Net carrying amount	638	685
Intangible Assets, Net [Abstract]
Gross carrying amount	1,944	1,892
Net carrying amount	916	963
Trademarks and Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	98	95
Accumulated amortization	(42)	(37)
Net carrying amount	56	58
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	278	278
Intellectual Property [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	738	718
Accumulated amortization	(573)	(523)
Net carrying amount	165	195
Customer and Supplier Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	830	801
Accumulated amortization	(413)	(369)
Net carrying amount	$ 417	$ 432

Debt and Other Financing Acti_3

Debt and Other Financing Activities - Summary of Current and Long-term Debt (Details) - USD ($) $ in Millions		Jun. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Carrying value of debt		$ 1,342	$ 1,284
Other	[1]	(10)	(11)
Total debt		1,328	1,270
Short-term debt (includes current portion of long-term debt)		0	0
Long-term debt (less current portion)		1,328	1,270
3.375% Senior Notes, due 2031 [Member]
Debt Instrument [Line Items]
Carrying value of debt		450	450
2.00% Senior Notes Due 2028 [Member]
Debt Instrument [Line Items]
Carrying value of debt		544	489
6.875% Notes due 2043 [Member]
Debt Instrument [Line Items]
Carrying value of debt		281	282
6.50% Junior Subordinated Notes, Due 2029 [Member]
Debt Instrument [Line Items]
Carrying value of debt		$ 63	$ 60
[1] Other includes $ 14 million of debt issuance costs as of June 30, 2023 and September 30, 2022 .

Debt and Other Financing Acti_4

Debt and Other Financing Activities - Summary of Current and Long-term Debt (Parenthetical) (Details) € in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Jun. 30, 2023 EUR (€)	Sep. 30, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance expense, long-term debt | $			$ 14	$ 14
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%	2%	2%	2%
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

Debt and Other Financing Acti_5

Debt and Other Financing Activities - Summary of Current and Long-term Debt - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Scheduled aggregate debt maturities by fiscal year [Abstract]
Remaining in 2023	$ 0
2024	0
2025	0
2026	0
2027	$ 4

Debt and Other Financing Acti_6

Debt and Other Financing Activities - U.S. Accounts Receivable Sales Program - Additional Information (Details) - U.S. Accounts Receivable Sales Program [Member] - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 14, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Disclosure Of Sales Program Of Receivable [Line Items]
Maximum limit of receivables can transfer				$ 115,000,000		$ 125,000,000
Gain (loss) on sale of receivables			$ (1,000,000)	(2,000,000)	$ (1,000,000)
Sales against the buyers limit				96,000,000		110,000,000
Reduction of sales of buyer's limit	$ 100,000,000
Amount transferred in receivables				120,000,000		136,000,000
Gross cash proceeds received for receivables transferred and derecognized				150,000,000	205,000,000
Cash proceeds collected				164,000,000	268,000,000
Payments for (proceeds from) new transfers of receivables				14,000,000	$ 63,000,000	21,000,000
Maximum [Member]
Disclosure Of Sales Program Of Receivable [Line Items]
Gain (loss) on sale of receivables		$ (1,000,000)
Reduction of sales of buyer's limit	$ 115,000,000
Recorded liabilities related to service obligations and limited guarantee		$ 1,000,000		$ 1,000,000		$ 1,000,000

Debt and Other Financing Acti_7

Debt and Other Financing Activities - Foreign Accounts Receivable Securitization Facility - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Repayment of outstanding principal balance	$ 0	$ 250
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Outstanding amount of receivables sold to affiliate	$ 139		$ 162

Debt and Other Financing Acti_8

Debt and Other Financing Activities - Financing Activity and Covenants - Additional Information (Details)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 702,000,000
Liquidity under accounts receivable sales program	$ 0
Covenant restrictions [Abstract]
Maximum consolidated leverage ratio	4
Consolidated net leverage ratio	1.8
Minimum required consolidated interest coverage ratio	3
Consolidated interest coverage ratio	9.9
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Line of credit facility, remaining borrowing capacity	593,000,000
Letters of credit outstanding, amount	7,000,000
2018 Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 109,000,000

Leasing Arrangements - Addition

Leasing Arrangements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee Lease Description [Line Items]
Right-of-use assets exchanged for new operating lease obligations	$ 6	$ 7	$ 29	$ 11

Leasing Arrangements - Componen

Leasing Arrangements - Components of Lease Cost Recognized (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease cost:
Total lease cost		$ 9	$ 11	$ 30	$ 30
Selling General and Administrative Expenses {Member]
Lease cost:
Operating lease cost	[1]	3	5	10	12
Variable lease cost		1	1	3	3
Cost of Sales [Member]
Lease cost:
Operating lease cost		3	3	11	10
Variable lease cost		2	1	4	3
Short-term leases		$ 0	$ 1	$ 2	$ 2
[1] Includes $ 2 million lease termination fee for the three and nine months ended June 30, 2022 .

Leasing Arrangements - Compon_2

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

Leasing Arrangements - Schedule

Leasing Arrangements - Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 8	$ 9	$ 21	$ 23

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Minimum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 0		$ 0
Maximum [Member]
Income Tax Contingency [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 1		$ 1
Current Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)	26%		11%
Tax reform (benefit) and expense	$ 4		$ 27
Prior Fiscal Year [Member]
Income Tax Contingency [Line Items]
Effective tax rate (in hundredths)		2%		17%
Tax reform (benefit) and expense		$ 1		$ 3

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) $ in Millions	9 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 84
Increases related to positions taken in prior years	1
Decreases related to positions taken in prior years	(27)
Increases related to positions taken in the current year	3
Lapse of statute of limitations	(4)
Balance at end of period	$ 57

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Employee	Jun. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period			$ 3
Number of employees transferred upon divestiture | Employee			40
Actuarial gain		$ 0		$ 1
Other net periodic benefit (loss) income	$ (2)	$ (1)	$ (6)	$ 0
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future contributions in current fiscal year	1		1
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period			4
Foreign Pension Plans, Defined Benefit [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future contributions in current fiscal year	$ 1		$ 1

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Components of Pension and Other Postretirement Benefit Costs for Continuing Operation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gain)		$ 0		$ (1)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	1	$ 2	3
Interest cost	4	2	10	5
Expected return on plan assets	(2)	(1)	(5)	(5)
Actuarial (gain)	0	0	0	(1)
Total net periodic benefit costs	(2)	2	7	2
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	0	1	0
Interest cost	0	0	1	1
Expected return on plan assets	0	0	0	0
Actuarial (gain)	0	0	0	0
Total net periodic benefit costs	$ 1	$ 0	$ 2	$ 1

Litigation, Claims and Contin_3

Litigation, Claims and Contingencies - Summary of Asbestos Claims Activity (Details) - Claim Claim in Thousands	9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Ashland [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	44	46	46	49	53
New claims filed	1	1	2	2	2
Claims settled	0	(1)	(1)	(1)	(1)
Claims dismissed	(3)	(1)	(3)	(4)	(5)
Open claims - end of period	42	45	44	46	49
Hercules [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of year	11	12	12	12	13
New claims filed	1	1	1	1	1
Claims dismissed	0	(1)	(2)	(1)	(2)
Open claims - end of period	12	12	11	12	12

Litigation, Claims and Contin_4

Litigation, Claims and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended				12 Months Ended
	Jun. 30, 2023 USD ($) Site Facility ServiceStationProperty		Jun. 30, 2023 USD ($) Site Facility ServiceStationProperty		Jun. 30, 2022 USD ($)		Sep. 30, 2022 USD ($)		Sep. 30, 2021 USD ($)		Sep. 30, 2020 USD ($)		Sep. 30, 2019 USD ($)
Asbestos litigation cost projection [Abstract]
Number of Years Included in Asbestos Assumption			40 years
Environmental Remediation Costs Recognized [Abstract]
Number of sites were company is identified as a potentially responsible party under the superfund or similar state law | Site	57		57
Number of current and former operating facilities subject to various environmental laws | Facility	108		108
Total number of service station properties subject to various environmental laws | ServiceStationProperty	1,225		1,225
Number of service stations being actively remediated | ServiceStationProperty	14		14
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other liabilities		Other liabilities
Accrual for environmental loss contingencies	$ 204		$ 204		$ 226		$ 211		$ 207
Accrued environmental loss contingencies, noncurrent	155		155				157
Recorded third-party environmental recoveries receivable	21		21				21
Recorded third-party environmental recoveries, noncurrent	$ 17		17				17
Environmental exit costs, reasonably possible additional loss			$ 465
Maximum reserve for remediation reserve related to any one site (in hundredths)	13%		13%
Pre-tax gain	$ 12		$ 12
Ashland [Member]
Asbestos reserve [Roll Forward]
Increase (decrease) in asbestos related reserve			9		16		16		12		$ 13
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable	97	[1]	97	[1]	102	[1]	101	[1]	100	[1]	103	[1]	$ 123
Receivable adjustment			3
Asbestos litigation cost projection [Abstract]
Possible total future litigation defense and claim settlement costs	422		422
Total reserves for asbestos claims	285	[2]	285	[2]	310	[2]	305	[2]	320	[2]	335	[2]	352
Hercules [Member]
Asbestos reserve [Roll Forward]
Increase (decrease) in asbestos related reserve			(2)		15		15		8		(3)
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable	47	[3]	47	[3]	53	[3]	52	[3]	47	[3]	47	[3]	49
Receivable adjustment			(3)
Asbestos litigation cost projection [Abstract]
Possible total future litigation defense and claim settlement costs	288		288
Total reserves for asbestos claims	$ 197	[4]	$ 197	[4]	$ 220	[4]	$ 213	[4]	$ 217	[4]	$ 229	[4]	$ 252
[1] Includes $ 11 million and $ 12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. Included $ 28 million and $ 29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. Includes $ 4 million and $ 3 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 . Included $ 17 million and $ 18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 , respectively.

Litigation, Claims and Contin_5

Litigation, Claims and Contingencies - Schedule of Progression of Activity in the Asbestos Reserve (Details) - USD ($) $ in Millions		9 Months Ended				12 Months Ended
		Jun. 30, 2023		Jun. 30, 2022		Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2020
Ashland [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve - beginning of year		$ 305	[1]	$ 320	[1]	$ 320	[1]	$ 335	[1]	$ 352
Reserve adjustment		9		16		16		12		13
Amounts paid		(29)		(26)		(31)		(27)		(30)
Asbestos reserve - end of period	[1]	285		310		305		320		335
Hercules [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve - beginning of year		213	[2]	217	[2]	217	[2]	229	[2]	252
Reserve adjustment		(2)		15		15		8		(3)
Amounts paid		(14)		(12)		(19)		(20)		(20)
Asbestos reserve - end of period	[2]	$ 197		$ 220		$ 213		$ 217		$ 229
[1] Included $ 28 million and $ 29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. Included $ 17 million and $ 18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 , respectively.

Litigation, Claims and Contin_6

Litigation, Claims and Contingencies - Schedule of Progression of Activity in the Asbestos Reserve (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023		Sep. 30, 2022		Jun. 30, 2022		Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2019
Ashland [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve	$ 285	[1]	$ 305	[1]	$ 310	[1]	$ 320	[1]	$ 335	[1]	$ 352
Ashland [Member] | Other Current Liabilities [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve	28		29
Hercules [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve	197	[2]	213	[2]	$ 220	[2]	$ 217	[2]	$ 229	[2]	$ 252
Hercules [Member] | Other Current Liabilities [Member]
Asbestos reserve [Roll Forward]
Asbestos reserve	$ 17		$ 18
[1] Included $ 28 million and $ 29 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. Included $ 17 million and $ 18 million classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 , respectively.

Litigation, Claims and Contin_7

Litigation, Claims and Contingencies - Summary of Progression of Insurance Receivable (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended				12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022		Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2020
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance settlement		$ 2	$ 2	$ 2		$ 5
Ashland [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable - beginning of year				101	[1]	100	[1]	$ 100	[1]	$ 103	[1]	$ 123
Receivable adjustment	[2]			3		7		7		6		1
Insurance settlement				0		0		0		0		(10)
Amounts collected				(7)		(5)		(6)		(9)		(11)
Insurance receivable - end of period	[1]	97	102	97		102		101		100		103
Hercules [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable - beginning of year				52	[3]	47	[3]	47	[3]	47	[3]	49
Receivable adjustment	[4]			(3)		7		7		1		(2)
Amounts collected				(2)		(1)		(2)		(1)		0
Insurance receivable - end of period	[3]	$ 47	$ 53	$ 47		$ 53		$ 52		$ 47		$ 47
[1] Includes $ 11 million and $ 12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. 2021 includes a $ 2 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses were $ 1 million and $ 2 million as of June 30, 2023 and September 30, 2022, respectively. Includes $ 4 million and $ 3 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 . 2021 includes a $ 1 million reserve adjustment related to allowances for credit losses as a result of Ashland's adoption of the new credit measurement standard. The total allowance for credit losses was $ 1 million as of June 30, 2023 and September 30, 2022 .

Litigation, Claims and Contin_8

Litigation, Claims and Contingencies - Summary of Progression of Insurance Receivable (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021		Jun. 30, 2023		Sep. 30, 2022		Jun. 30, 2022		Sep. 30, 2020		Sep. 30, 2019
Ashland [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable	$ 100	[1]	$ 97	[1]	$ 101	[1]	$ 102	[1]	$ 103	[1]	$ 123
Allowance for credit losses	2
Total allowance for credit losses			1		2
Ashland [Member] | Accounts Receivable [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable			11		12	[1]
Hercules [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable	47	[2]	47	[2]	52	[2]	$ 53	[2]	$ 47	[2]	$ 49
Allowance for credit losses	$ 1
Total allowance for credit losses			1		1
Hercules [Member] | Accounts Receivable [Member]
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable			$ 4		$ 3
[1] Includes $ 11 million and $ 12 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 respectively. Includes $ 4 million and $ 3 million classified in accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2023 and September 30, 2022 .

Litigation, Claims and Contin_9

Litigation, Claims and Contingencies - Summary of Reconciliation of Changes in Environmental Remediation Reserves (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
Reserve - beginning of period	$ 211	$ 207
Disbursements	(40)	(42)
Revised obligation estimates and accretion	(33)	61
Reserve - end of period	$ 204	$ 226

Litigation, Claims and Conti_10

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
Environmental expense		$ 22	$ 45	$ 32	$ 60
Accretion		0	1	1	1
Legal expense		1	1	3	3
Total expense		23	47	36	64
Insurance receivable		(2)	(2)	(2)	(5)
Total expense, net of receivable activity	[1]	$ 21	$ 45	$ 34	$ 59
[1] Net expense of $ 5 million and $ 6 million for the three and nine months ended June 30, 2023 , respectively, and $ 9 million and $ 11 million for the three and nine months ended June 30, 2022 , respectively, relates to divested businesses which qualified for treatment as discontinued operations for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income (Loss).

Litigation, Claims and Conti_11

Litigation, Claims and Contingencies - Summary of Components of Environmental Remediation Expense Included within Selling, General and Administrative Expense (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
Net expense relates to divested businesses	$ 5	$ 9	$ 6	$ 11

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares shares in Millions	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Shares, Outstanding	1	1
Shares of warrants with a strike price	$ 128.66	$ 128.66

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Numerator for basic and diluted EPS - Income from continuing operations	$ 42	$ 51	$ 176	$ 121
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding	52	54	53	56
Share based awards convertible to common shares	1	1	1	1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions	53	55	54	57
Earnings Per Share from Continuing Operations [Abstract]
Basic	$ 0.81	$ 0.94	$ 3.29	$ 2.16
Diluted	$ 0.79	$ 0.93	$ 3.24	$ 2.12

Equity Items - Additional Infor

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

1 Months Ended

3 Months Ended

May 11, 2023

Apr. 08, 2022

Jun. 30, 2023

Apr. 30, 2023

Feb. 28, 2023

Mar. 31, 2023

Dec. 31, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Jun. 28, 2023

May 31, 2023

Mar. 01, 2022

Accelerated Share Repurchases [Line Items]

Dividend per common share

$ 0.335

$ 0.335

$ 0.335

$ 0.3

$ 0.3

Common stock, dividends, per share, declared

$ 0.385

Common stock dividends per share cash paid increase

15%

2018 Stock Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Aggregate amount of common stock to be repurchased

$ 200

Stock repurchased and retired during period shares

2,150

Stock repurchased and retired during period value

$ 200

2022 Stock Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Stock repurchase during period value

$ 100

$ 100

$ 100

Aggregate amount of common stock to be repurchased

$ 100

$ 100

$ 100

Stock repurchased and retired during period shares

1,100

1,000

1,000

Stock repurchase program amount outstanding

$ 200

2023 Stock Repurchase Program [Member]

Accelerated Share Repurchases [Line Items]

Aggregate amount of common stock to be repurchased

$ 1,000

Equity Items - Components of Ac

Equity Items - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Unrealized translation gain (loss), before tax	$ (4)	$ (86)	$ 106	$ (108)
Unrealized translation gain (loss), tax	0	0	(1)	1
Unrealized translation gain (loss), net of tax	(4)	(86)	105	(107)
Unrealized gain (loss) on commodity hedges, before tax	1	(4)	(8)	(3)
Unrealized gain (loss) on commodity hedges, tax	0	1	2	1
Unrealized gain (loss) on commodity hedges, net of tax	1	(3)	(6)	(2)
Total other comprehensive income (loss), before tax	(3)	(90)	98	(111)
Total other comprehensive income (loss), tax	0	1	1	2
Other comprehensive income (loss) - Note N	$ (3)	$ (89)	$ 99	$ (109)

Equity Items - Summary of Recon

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance, end of period		$ 3,149	$ 3,266	$ 3,149	$ 3,266
Cash dividends declared per common share		$ 0.385	$ 0.335	$ 1.055	$ 0.935
Common Stock and Paid in Capital [Member]
Balance, beginning of period		$ 0	$ 177	$ 136	$ 328
Compensation expense and common shares issued	[1]	5	1	7	5
Common shares purchased under repurchase program	[2]	5	45	143	200
Balance, end of period		0	133	0	133
Retained earnings [Member]
Balance, beginning of period		3,734	3,596	3,653	2,796
Net income		50	36	182	870
Regular dividends		(20)	(18)	(56)	(52)
Common shares purchased under repurchase program	[2],[3]	145	0	160	0
Balance, end of period		3,619	3,614	3,619	3,614
Accumulated other comprehensive income (loss) [Member]
Balance, beginning of period		(467)	(392)	(569)	(372)
Unrealized translation gain (loss)		(4)	(86)	105	(107)
Unrealized gain (loss) on commodity hedges		1	(3)	(6)	(2)
Balance, end of period		$ (470)	$ (481)	$ (470)	$ (481)
[1] Common shares issued were 35,420 shares and 55,006 shares for the three months ended June 30, 2023 and 2022 , respectively, and 179,934 shares and 163,656 shares for the nine months ended June 30, 2023 and 2022 , respectively. Common shares repurchased were 1,594,677 and 3,082,928 shares for the three and nine months ended June 30, 2023 , and 449,932 shares and 2,853,312 shares for the three and nine months ended June 30, 2022 . Includes $ 2 million and $ 3 million in excise tax on stock repurchases for the three and nine months ended June 30, 2023 .

Equity Items - Summary of Rec_2

Equity Items - Summary of Reconciliation of Changes in Stockholders' Equity (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Common shares issued	35,420	55,006	179,934	163,656
Common shares repurchased	1,594,677	449,932	3,082,928	2,853,312
Excise tax on stock repurchases	$ 2		$ 3

Stock Incentive Plans - Compone

Stock Incentive Plans - Components of Pre-Tax Stock-Based Compensation Expense Included in Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Jun. 30, 2023	[1]	Jun. 30, 2022	[2]	Jun. 30, 2023	[1]	Jun. 30, 2022	[2]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3		$ 7		$ 17		$ 18
Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2		4		9		10
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1		$ 3		$ 8		$ 8
[1] Included $ 2 million of income and zero of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2023 . Included $ 1 million and $ 3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022 , and $ 1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022 .

Stock Incentive Plans - Compo_2

Stock Incentive Plans - Components of Pre-Tax Stock-Based Compensation Expense Included in Continuing Operations (Parenthetical) (Details) - USD ($)	3 Months Ended				9 Months Ended
	Jun. 30, 2023		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,000,000	[1]	$ 7,000,000	[2]	$ 17,000,000	[1]	$ 18,000,000	[2]
Cash-settled Nonvested Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,000,000		1,000,000		$ 0		3,000,000
Cash-settled Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 1,000,000				$ 1,000,000
[1] Included $ 2 million of income and zero of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2023 . Included $ 1 million and $ 3 million of expense related to cash-settled nonvested restricted stock awards during the three and nine months ended June 30, 2022 , and $ 1 million each of expense related to cash-settled performance units during the three and nine months ended June 30, 2022 .

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Sales	$ 546	$ 644	$ 1,674	$ 1,759
Life Sciences [Member]
Disaggregation Of Revenue [Line Items]
Sales	219	228	666	602
Life Sciences [Member] | North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	57	70	166	185
Life Sciences [Member] | Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	77	76	237	197
Life Sciences [Member] | Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	60	61	182	159
Life Sciences [Member] | Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	25	21	81	61
Personal Care [Member]
Disaggregation Of Revenue [Line Items]
Sales	146	172	452	490
Personal Care [Member] | North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	43	50	134	146
Personal Care [Member] | Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	53	69	173	194
Personal Care [Member] | Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	28	31	84	93
Personal Care [Member] | Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	22	22	61	57
Specialty Additives [Member]
Disaggregation Of Revenue [Line Items]
Sales	152	194	456	532
Specialty Additives [Member] | North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	52	71	157	185
Specialty Additives [Member] | Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	53	67	162	192
Specialty Additives [Member] | Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	40	48	114	133
Specialty Additives [Member] | Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	7	8	23	22
Intermediates [Member]
Disaggregation Of Revenue [Line Items]
Sales	43	73	148	192
Intermediates [Member] | North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	30	47	100	121
Intermediates [Member] | Europe [Member]
Disaggregation Of Revenue [Line Items]
Sales	7	13	23	32
Intermediates [Member] | Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Sales	5	10	19	31
Intermediates [Member] | Latin America & Other [Member]
Disaggregation Of Revenue [Line Items]
Sales	$ 1	$ 3	$ 6	$ 8

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Trade Receivable [Member]
Revenue From Contracts With Customers [Line Items]
Trade receivables	$ 309	$ 369

Reportable Segment Informatio_2

Reportable Segment Information - Summary of Financial Information for Each Reportable Segment (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Segment Reporting Information [Line Items]
SALES		$ 546	$ 644	$ 1,674	$ 1,759
OPERATING INCOME (LOSS)		62	112	182	254
DEPRECIATION EXPENSE		38	37	111	111
AMORTIZATION EXPENSE		24	24	70	71
EBITDA	[1]	124	138	363	394
TOTAL ASSETS		6,029		6,029		$ 6,213
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
SALES	[2]	(14)	(23)	(48)	(57)
Life Sciences [Member]
Segment Reporting Information [Line Items]
SALES		219	228	666	602
OPERATING INCOME (LOSS)		49	51	141	115
DEPRECIATION EXPENSE		11	9	31	25
AMORTIZATION EXPENSE		7	7	20	21
EBITDA	[1]	67	67	192	161
TOTAL ASSETS		1,938		1,938		1,905
Personal Care [Member]
Segment Reporting Information [Line Items]
SALES		146	172	452	490
OPERATING INCOME (LOSS)		14	25	38	67
DEPRECIATION EXPENSE		9	10	28	28
AMORTIZATION EXPENSE		12	11	35	35
EBITDA	[1]	35	46	101	130
TOTAL ASSETS		1,044		1,044		1,073
Specialty Additives [Member]
Segment Reporting Information [Line Items]
SALES		152	194	456	532
OPERATING INCOME (LOSS)		5	35	22	79
DEPRECIATION EXPENSE		15	16	43	48
AMORTIZATION EXPENSE		5	5	14	14
EBITDA	[1]	25	56	79	141
TOTAL ASSETS		1,642		1,642		1,567
Intermediates [Member]
Segment Reporting Information [Line Items]
SALES		43	73	148	192
OPERATING INCOME (LOSS)		13	30	50	72
DEPRECIATION EXPENSE		3	2	9	9
AMORTIZATION EXPENSE		0	1	1	1
EBITDA	[1]	16	33	60	82
TOTAL ASSETS		160		160		170
Unallocated and Other [Member]
Segment Reporting Information [Line Items]
OPERATING INCOME (LOSS)		(19)	(29)	(69)	(79)
DEPRECIATION EXPENSE		0	0	0	1
EBITDA	[1]	(19)	$ (64)	(69)	$ (120)
TOTAL ASSETS		$ 1,245		$ 1,245		$ 1,498
[1] Excludes income (loss) from discontinued operations and other net periodic benefit loss. See the Statement of Consolidated Comprehensive Income (Loss) for applicable amounts excluded. Intersegment sales from Intermediates are accounted for at prices that approximate fair value. All other intersegment sales are accounted for at cost.