Ashland (ASH) 10-Q 4 Aug 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Jun. 30, 2017USD ($)shares
Document and Entity Information [Abstract]
Entity Registrant Name	ASHLAND GLOBAL HOLDINGS INC.
Entity Central Index Key	1,674,862
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float | $	$ 4,112,936,648
Entity Common Stock, Shares Outstanding | shares	62,402,316
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Sales		$ 870	$ 790	$ 2,380	$ 2,265
Cost of sales		635	554	1,727	1,581
Gross profit		235	236	653	684
Selling, general and administrative expense		182	160	493	481
Research and development expense		20	22	61	66
Equity and other income		4	3	9	7
Operating income		37	57	108	144
Net interest and other financing expense		51	40	203	125
Net gain (loss) on divestitures		(6)	3	(7)	3
Income (loss) from continuing operations before income taxes		(20)	20	(102)	22
Income tax benefit - Note I		(4)	(4)	(49)	(39)
Income (loss) from continuing operations		(16)	24	(53)	61
Income (loss) from discontinued operations (net of tax) - Note D		(14)	47	138	186
Net income (loss)		(30)	71	85	247
Net income attributable to noncontrolling interest	[1]	3	0	27	0
Net income (loss) attributable to Ashland		$ (33)	$ 71	$ 58	$ 247
Basic earnings per share - Note L
Income (loss) from continuing operations attributable to Ashland		$ (0.26)	$ 0.39	$ (0.85)	$ 0.97
Income (loss) from discontinued operations		(0.28)	0.76	1.78	2.94
Net income (loss) attributable to Ashland		(0.54)	1.15	0.93	3.91
Diluted earnings per share - Note L
Income (loss) from continuing operations attributable to Ashland		(0.26)	0.38	(0.85)	0.95
Income (loss) from discontinued operations		(0.28)	0.75	1.78	2.92
Net income (loss) attributable to Ashland		(0.54)	1.13	0.93	3.87
DIVIDENDS PAID PER COMMON SHARE		$ 0.23	$ 0.39	$ 1.005	$ 1.17
COMPREHENSIVE INCOME (LOSS)
Net income (loss)		$ (30)	$ 71	$ 85	$ 247
Other comprehensive income (loss), net of tax - Note M
Unrealized translation gain (loss)		105	(46)	19	(26)
Pension and postretirement obligation adjustment		0	0	(4)	21
Net change in available-for-sale securities		4	4	10	13
Other comprehensive income (loss)		109	(42)	25	8
Comprehensive income		79	29	110	255
Comprehensive income attributable to noncontrolling interest		3	0	27	0
Comprehensive income attributable to Ashland		$ 76	$ 29	$ 83	$ 255
[1]	Represents the income attributable to the previous noncontrolling interest in Valvoline Inc., whose results are now included within discontinued operations.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions		Jun. 30, 2017	Sep. 30, 2016
Current assets
Cash and cash equivalents		$ 492	$ 1,017
Accounts receivable	[1]	643	529
Inventories - Note F		631	539
Other assets		73	89
Current assets of discontinued operations - Note D		0	714
Total current assets		1,839	2,888
Property, plant and equipment
Cost		3,707	3,615
Accumulated depreciation		1,770	1,715
Net property, plant and equipment		1,937	1,900
Goodwill - Note G		2,426	2,138
Intangibles - Note G		1,316	1,061
Restricted investments - Note E		299	292
Asbestos insurance receivable - Note K		211	196
Equity and other unconsolidated investments		32	31
Deferred income taxes		35	35
Other assets		411	406
Noncurrent assets of discontinued operations - Note D		0	1,053
Total noncurrent assets		6,667	7,112
Total assets		8,506	10,000
Current liabilities
Short-term debt - Note H		223	170
Current portion of long-term debt - Note H		6	0
Trade and other payables		392	376
Accrued expenses and other liabilities		274	313
Current liabilities of discontinued operations - Note D		0	379
Total current liabilities		895	1,238
Noncurrent liabilities
Long-term debt - Note H		2,584	2,325
Employee benefit obligations - Note J		191	195
Asbestos litigation reserve - Note K		702	686
Deferred income taxes		374	315
Other liabilities		361	361
Noncurrent liabilities of discontinued operations - Note D		0	1,715
Total noncurrent liabilities		4,212	5,597
Commitments and contingencies - Note K
Equity
Stockholders' equity		3,399	3,347
Noncontrolling interest		0	(182)
Total equity		3,399	3,165
Total liabilities and equity		$ 8,506	$ 10,000
[1]	Accounts receivable includes an allowance for doubtful accounts of $8 million and $10 million at June 30, 2017 and September 30, 2016, respectively.

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2016
Current assets
Allowance for doubtful accounts	$ 8	$ 10

STATEMENT OF CONSOLIDATED EQUIT

STATEMENT OF CONSOLIDATED EQUITY (unaudited) - 9 months ended Jun. 30, 2017 - USD ($) $ in Millions		Total	Common stock [Member]	Paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]		Noncontrolling Interest [Member]
Beginning Balance at Sep. 30, 2016		$ 3,165	$ 1	$ 923	$ 2,704	$ (281)		$ (182)	[1]
Net income		85			58			27
Other comprehensive loss		25				25		0
Regular dividends, $1.005 per common share		(62)			(62)
Common shares issued under stock incentive and other plans	[2]	3		3
Distribution of Valvoline Inc.	[1]	187		0	68	(33)		152
Adjustments to Additional Paid in Capital, Other		0		(7)				7
Distributions to noncontrolling interest		(4)						(4)
Ending Balance at Jun. 30, 2017		$ 3,399	$ 1	$ 919	$ 2,768	$ (289)	[3]	$ 0	[1]
[1]	See Note B for discussion of the distribution of Valvoline Inc. and the noncontrolling interest.
[2]	Common shares issued were 242,043 for the nine months ended June 30, 2017.
[3]	At June 30, 2017 and September 30, 2016, the after-tax accumulated other comprehensive loss attributable to Ashland of $289 million and $281 million, respectively, was comprised of unrecognized prior service credits as a result of certain employee benefit plan amendments of $3 million and $46 million, respectively, net unrealized translation losses of $308 million and $333 million, respectively, and net unrealized gain on available-for-sale securities of $16 million and $6 million, respectively. At September 30, 2016, amounts attributable to noncontrolling interest included unrecognized prior service credits of $9 million and net unrealized translation losses of $2 million. The accumulated other comprehensive income that was distributed to Valvoline Inc. included $39 million of unrecognized prior service credits and $6 million of net unrealized translation losses.

STATEMENT OF CONSOLIDATED EQUI6

STATEMENT OF CONSOLIDATED EQUITY (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	May 12, 2017	Sep. 30, 2016
Dividends on common stock	$ 0.23	$ 1.005
Accumulated other comprehensive loss	$ (289)	$ (289)		$ (281)	[1]
Unrecognized prior service credits	3	3		46
Net unrealized translation loss	(308)	(308)		(333)
Available-for-sale securities unrealized gain	$ 16	$ 16		6
Common shares issued (in shares)		242,043
Noncontrolling Interest [Member]
Unrecognized prior service credits				9
Net unrealized translation loss				$ (2)
Valvoline [Member]
Unrecognized prior service credits			$ 39
Net unrealized translation loss			$ (6)
[1]	At June 30, 2017 and September 30, 2016, the after-tax accumulated other comprehensive loss attributable to Ashland of $289 million and $281 million, respectively, was comprised of unrecognized prior service credits as a result of certain employee benefit plan amendments of $3 million and $46 million, respectively, net unrealized translation losses of $308 million and $333 million, respectively, and net unrealized gain on available-for-sale securities of $16 million and $6 million, respectively. At September 30, 2016, amounts attributable to noncontrolling interest included unrecognized prior service credits of $9 million and net unrealized translation losses of $2 million. The accumulated other comprehensive income that was distributed to Valvoline Inc. included $39 million of unrecognized prior service credits and $6 million of net unrealized translation losses.

STATEMENTS OF CONDENSED CONSOLI

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (unaudited) - USD ($) $ in Millions		9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
Net income		$ 85	$ 247
Income from discontinued operations (net of tax)		(138)	(186)
Adjustments to reconcile income from continuing operations to cash flows from operating activities
Depreciation and amortization		218	227
Original issue discount and debt issuance cost amortization		108	9
Deferred income taxes		(4)	0
Equity income from affiliates		0	(1)
Distributions from equity affiliates		1	1
Stock based compensation expense		14	23
Loss on early retirement of debt		9	0
Gain on available-for-sale securities		(9)	(6)
Net loss (gain) on divestitures		4	(3)
Pension contributions		(6)	(24)
Loss (gain) on pension and other postretirement plan remeasurements		(2)	18
Change in operating assets and liabilities	[1]	(166)	(70)
Total cash flows provided by operating activities from continuing operations		114	235
CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
Additions to property, plant and equipment		(126)	(150)
Proceeds from disposal of property, plant and equipment		4	3
Purchase of operations - net of cash acquired		(680)	0
Proceeds from sale of operations or equity investments		4	18
Net purchase of funds restricted for specific transactions		(2)	(4)
Reimbursements from restricted investments		19	24
Purchases of available-for-sale securities		(19)	(4)
Proceeds from sales of available-for-sale securities		19	4
Proceeds from the settlement of derivative instruments		5	8
Payments for the settlement of derivative instruments		(3)	(2)
Total cash flows used by investing activities from continuing operations		(779)	(103)
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
Proceeds from issuance of long-term debt		1,100	0
Repayment of long-term debt		(913)	(50)
Premium on long-term debt repayment		(17)	0
Proceeds from short-term debt		69	389
Repurchase of common stock		0	(500)
Debt issuance costs		(15)	(2)
Cash dividends paid		(62)	(72)
Excess tax benefits related to share-based payments		2	1
Total cash flows provided (used) by financing activities from continuing operations		164	(234)
CASH USED BY CONTINUING OPERATIONS		(501)	(102)
Cash provided (used) by discontinued operations
Operating cash flows, net		123	170
Investing cash flows, net		(293)	(104)
Financing cash flows, net		(17)	0
Total cash provided (used) by discontinued operations		(187)	66
Effect of currency exchange rate changes on cash and cash equivalents		(8)	(6)
DECREASE IN CASH AND CASH EQUIVALENTS		(696)	(42)
Cash, beginning of period held by Ashland		1,017	1,257
Cash, beginning of period held by Valvoline and reported as discontinued operations		171	0
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD		1,188	1,257
CASH AND CASH EQUIVALENTS - END OF PERIOD		$ 492	$ 1,215
[1]	Excludes changes resulting from operations acquired or sold.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation On September 20, 2016, Ashland was reincorporated under the laws of the State of Delaware through a tax-free reorganization under a new holding company structure (the 2016 Reorganization). As a result of the Reorganization, Ashland Global Holdings Inc. replaced Ashland Inc. as the publicly held corporation and, through its subsidiaries, now conducts all of the operations that historically were conducted by Ashland Inc. The Condensed Consolidated Financial Statements include the accounts of Ashland Global Holdings Inc. and its majority owned subsidiaries and, when applicable, entities for which Ashland has a controlling financial interest or is the primary beneficiary (Ashland). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with Ashland’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 . Results of operations for the period ended June 30, 2017 are not necessarily indicative of the expected results for the remaining quarter in the fiscal year. On May 12, 2017, Ashland completed the distribution of its remaining 170 million shares of common stock of Valvoline Inc. which represented approximately 83% of the total outstanding shares of Valvoline Inc.'s common stock. This distribution of Valvoline represented a strategic shift in Ashland's business and qualified as a discontinued operation. Accordingly, Valvoline's assets, liabilities, operating results and cash flows for all periods presented have been classified as discontinued operations within the Condensed Consolidated Financial Statements. See Note B for additional information on the separation of Valvoline Inc. The term Valvoline as used herein, depending on context, refers to either Valvoline Inc. or Valvoline as a previous reportable segment of Ashland. Subsequent to completing the distribution of Valvoline Inc. during the current quarter, Ashland's operations are now managed within the following three reportable segments: Specialty Ingredients, Composites and Intermediates and Solvents. In previous periods, Composites and Intermediates and Solvents were reporting units included within the Ashland Performance Materials reportable segment. Use of estimates, risks and uncertainties The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), employee benefit obligations, income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters. New accounting standards 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, 2016 . The following standards relevant to Ashland were either issued or adopted in the current period, or will become effective in a subsequent period. In May 2014, the FASB issued accounting guidance outlining a single comprehensive five step model for entities to use in accounting for revenue arising from contracts with customers (ASC 606 Revenue from Contracts with Customers). The new guidance supersedes most current revenue recognition guidance, in an effort to converge the revenue recognition principles within U.S. GAAP. This new guidance also requires entities to disclose certain quantitative and qualitative information regarding the nature, amount, timing and uncertainty of qualifying revenue and cash flows arising from contracts with customers. Entities have the option of using a full retrospective or a modified retrospective approach to adopt the new guidance. Ashland has identified an implementation team that is currently evaluating the impact of the new standard on the Condensed Consolidated Financial Statements and the adoption method options available as well as the overall impact the new guidance will have on the organization. This guidance becomes effective for Ashland on October 1, 2018 and Ashland currently plans to adopt the standard at that time. In March 2017, the FASB issued accounting guidance that will change how employers who sponsor defined benefit pension and/or postretirement benefit plans present the net periodic benefit cost in the Statement of Consolidated Comprehensive Income. This guidance requires employers to present the service cost component of net periodic benefit cost in the same caption within the Statement of Consolidated Comprehensive Income as other employee compensation costs from services rendered during the period. All other components of the net periodic benefit cost will be presented separately outside of the operating income caption. This guidance must be applied retrospectively and will become effective for Ashland on October 1, 2018, with early adoption being optional. Ashland currently intends to early adopt this guidance on October 1, 2017 and will revise the presentation of the net periodic benefit cost in previous periods to conform to the current period presentation. Ashland does not expect this guidance to have a significant impact on the presentation of Ashland’s Statements of Consolidated Comprehensive Income. In January 2017, the FASB issued accounting guidance which simplifies the subsequent measurement of goodwill by eliminating the second step of the two-step impairment test under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. The guidance instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance must be applied prospectively and will become effective for Ashland on October 1, 2020. Ashland is currently evaluating the impact this guidance may have on Ashland's Condensed Consolidated Financial Statements. In April 2015, the FASB issued accounting guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Cloud computing arrangements represent the delivery of hosted services over the internet which includes software, platforms, infrastructure and other hosting arrangements. Under the guidance, customers that gain access to software in a cloud computing arrangement account for the software as internal-use software only if the arrangement includes a software license. This guidance became effective prospectively for Ashland on October 1, 2016.

VALVOLINE

VALVOLINE	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
VALVOLINE	Ashland Separation of Valvoline On September 22, 2015, Ashland announced that the Board of Directors approved proceeding with a plan to separate Ashland into two independent, publicly traded companies comprising of the new Ashland (now known as Ashland Global Holdings Inc.) and Valvoline Inc. The initial step of the separation, the initial public offering (IPO) of Valvoline Inc., closed on September 28, 2016. As discussed further within the Final Separation section of this Note, Ashland completed the distribution of its remaining shares in Valvoline Inc. on May 12, 2017. The new Ashland is a premier global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets. Key markets and applications include pharmaceutical, personal care, food and beverage, architectural coatings, adhesives, automotive, construction and energy. After completing the IPO on September 28, 2016 and before the distribution of its remaining shares on May 12, 2017, Ashland owned 170 million shares of Valvoline Inc.’s common stock which represented approximately 83% of the total outstanding shares of Valvoline Inc.’s common stock. As a result, Ashland continued to consolidate Valvoline within the Condensed Consolidated Financial Statements up until the distribution of the remaining shares. The resulting outside stockholders’ interests in Valvoline Inc., which was approximately 17% as of September 30, 2016 , was presented separately as noncontrolling interest within Ashland’s equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income attributable to these minority holders is presented as a separate caption on the Statements of Consolidated Comprehensive Income. Ashland recognized separation costs of $28 million for each of the three months ended June 30, 2017 and 2016 , and $82 million and $46 million for the nine months ended June 30, 2017 and 2016 , respectively, which are primarily related to transaction and legal fees. Of these amounts, $13 million of separation costs directly related to Valvoline and were included within the discontinued operations caption of the Statement of Consolidated Comprehensive Income for the nine months ended June 30, 2017 . Otherwise, separation costs are recorded within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income. Final Separation Ashland completed the distribution of its remaining 170 million shares of common stock of Valvoline Inc. as a pro rata dividend on shares of Ashland common stock outstanding at the close of business on the record date of May 5, 2017. Based on the shares of Ashland common stock outstanding as of May 5, 2017, the record date for the distribution, each share of Ashland common stock received 2.745338 shares of Valvoline common stock in the distribution. The distribution was recorded at the carrying amount of Valvoline Inc.'s net assets which was a deficit of $187 million as of May 12, 2017, as follows: May 12 (In millions) 2017 ASSETS Current assets Cash 179 Accounts receivable, net 385 Inventories 153 Other current assets 24 Total current assets 741 Noncurrent assets Net property, plant and equipment 357 Goodwill 329 Equity and other unconsolidated investments 31 Deferred income taxes 391 Other noncurrent assets 93 Total noncurrent assets 1,201 Total assets $ 1,942 LIABILITIES AND EQUITY Current liabilities Short-term debt 75 Current portion of long-term debt 16 Trade and other payables 353 Other current liabilities 34 Total current liabilities 478 Noncurrent liabilities Long-term debt 662 Employee benefit obligations 826 Other long-term liabilities 163 Total noncurrent liabilities 1,651 Total liabilities $ 2,129 Net deficit $ (187 ) A Tax Matters Agreement between Ashland and Valvoline Inc. governs the rights and obligations after the spin-off regarding certain income taxes and other taxes, including certain tax liabilities and benefits, attributes, returns and contests. Valvoline met the criteria to qualify as a discontinued operation and accordingly, its assets, liabilities, operating results and cash flows have been classified as discontinued operations within the Condensed Consolidated Financial Statements. See Note D for more information. Certain indirect corporate costs included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income that were previously allocated to the Valvoline reportable segment do not qualify for classification within discontinued operations and continue to be reported as selling, general and administrative expense within continuing operations on a consolidated basis and within the Unallocated and other segment. These costs were $6 million and $17 million for the three and nine months ended June 30, 2016 , respectively. Ashland entered into an agreement in September 2016 for an approximate two year period that provides certain transition services to Valvoline Inc. During the three and nine months ended June 30, 2017, Ashland recognized income for transition service fees of $1 million and $10 million , respectively, which offset costs within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income. Likewise, Valvoline Inc. provides certain transition services to Ashland as deemed necessary. During the three and nine months ended June 30, 2017, Ashland recognized expense for transition service fees of $1 million and $4 million , respectively, which are included within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income.

ACQUISITION AND DIVESTITURE

ACQUISITION AND DIVESTITURE	9 Months Ended
	Jun. 30, 2017
ACQUISITION AND DIVESTITURE [Abstract]
ACQUISITION AND DIVESTITURE	Pharmachem Background On May 17, 2017, Ashland completed its acquisition of the stock of Pharmachem Laboratories, Inc. (Pharmachem), a leading provider of quality ingredients to the global health and wellness industries and high-value differentiated products to fragrance and flavor houses. With annual revenues of approximately $300 million and 14 manufacturing facilities in the United States and Mexico, New Jersey-based Pharmachem develops, manufactures and supplies custom and branded nutritional and fragrance products. Ashland has included Pharmachem within the Specialty Ingredients reporting segment. Purchase price allocation The acquisition was recorded by Ashland using the purchase method of accounting in accordance with applicable U.S. GAAP whereby the total purchase price was allocated to tangible and intangible assets and liabilities acquired based on respective fair values. The all-cash purchase price of Pharmachem was $680 million which included working capital adjustments of approximately $20 million . Ashland incurred $5 million of transaction costs during the three and nine months ended June 30, 2017 related to the acquisition, which was recorded within the net gain (loss) on acquisitions and divestitures caption within the Statement of Consolidated Income. The following table summarizes the current preliminary values of the assets acquired and liabilities assumed at the date of acquisition. At May 17, Preliminary purchase price allocation (in millions) 2017 Assets: Accounts receivable 53 Inventory 76 Other current assets 9 Intangible assets 312 Goodwill 276 Property, plant and equipment 96 Other noncurrent assets 20 Liabilities: Accounts payable (23 ) Deferred tax - net (128 ) Other noncurrent liabilities (11 ) Total purchase price $ 680 As of June 30, 2017 , the purchase price allocation for the acquisition was preliminary and subject to completion. Adjustments to the current fair value estimates in the above table may occur as the process conducted for various valuations and assessments, including certain tangible and intangible assets, are finalized. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes. Intangible assets identified The purchase price allocation included $312 million of certain definite-lived intangible assets which are being amortized over the estimated useful life in proportion to the economic benefits consumed. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future cash flows of the combined company. In addition, Ashland reviewed certain technological trends and also considered the relative stability in the current Pharmachem customer base. The following details the total intangible assets identified as of May 17, 2017. Weighted-average amortization period Intangible asset type (in millions) Value (years) Trademarks and trade names $ 26 15 Intellectual property 69 22 Customer and supplier relationships 217 20 Total $ 312 Impact on operating results The results of Pharmachem’s operations have been included in Ashland’s Consolidated Financial Statements since the May 17, 2017 closing date. The following table provides sales and results of operations from the Pharmachem acquired business lines included in Ashland’s results during the current period. Pharmachem results of operations Nine months ended (In millions) June 30, 2017 (a) Sales $ 36 Operating income 4 (a) Amounts represent the sales and results of operations for the period May 17, 2017 through June 30, 2017, the period for which Pharmchem was owned. The following unaudited pro forma information for the three and nine months ended June 30, 2017 and 2016 assumes the acquisition of Pharmachem occurred at the beginning of the respective periods presented. Three months ended Nine months ended Unaudited pro forma information June 30 June 30 (In millions, except per share amounts) 2017 2016 2017 2016 Sales $ 943 $ 861 $ 2,589 $ 2,485 Net income (loss) (26 ) 70 97 245 These amounts have been calculated after applying Ashland’s accounting policies and adjusting the results of Pharmachem to reflect the additional depreciation, amortization and interest expense that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets, and the related debt incurred had been applied on October 1, 2015, together with the consequential tax effects. The unaudited pro forma information presented above is for illustrative purposes only and does not purport to be indicative of the results of future operations of Ashland or the results that would have been attained had the operations been combined during the periods presented. Specialty Ingredients Joint Venture During September 2016, Ashland entered into a definitive sale agreement to sell its ownership interest in a Specialty Ingredients joint venture in China, which primarily serves the construction end market. Ashland recognized a loss of $12 million before tax in 2016 to recognize the assets at fair value less cost to sell, using Level 2 nonrecurring fair value measurements. During June 2017, Ashland completed the transfer of its ownership interest in the joint venture and recognized an additional loss of $4 million during the current quarter primarily related to a license fee and tax adjustments. The loss was reported within the net gain (loss) on acquisitions and divestitures caption within the Statement of Consolidated Comprehensive Income. The net assets held for sale were not material to Ashland’s Condensed Consolidated Balance Sheet as of September 30, 2016. Ashland determined this transaction did not qualify for discontinued operations treatment since it did not represent a strategic shift that had or will have a major effect on Ashland’s operations and financial results. Specialty Ingredients Facility During the current quarter, Ashland committed to a plan to reorganize certain operations within the Specialty Ingredients reportable segment. As part of this plan a manufacturing facility that was previously operational was closed during the current quarter. As a result of this closure, the remaining value for primarily machinery and equipment related to this facility was written off during the current quarter, which resulted in an $11 million charge for these assets as well as an additional $2 million reserve for employee costs associated with the facility closure. No additional charges related to this facility are expected.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	In previous periods, 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 for all periods presented and are discussed further within this note. As previously discussed in Notes A and B, Ashland completed the distribution of its remaining 170 million shares of common stock of Valvoline Inc. on May 12, 2017. Ashland determined that the final distribution of Valvoline qualified as a discontinued operation, in accordance with U.S. GAAP, since it represents a strategic shift for Ashland and has a major effect on Ashland's operations and financial results. Accordingly, Valvoline's assets, liabilities, operating results and cash flows for all periods presented have been classified as discontinued operations within the Condensed Consolidated Financial Statements. On July 31, 2014, Ashland completed the sale of the Ashland Water Technologies (Water Technologies) business to Clayton, Dubilier & Rice. Ashland made subsequent post-closing adjustments to the discontinued operations caption as defined by the definitive agreement during the three and nine months ended June 30, 2017 and 2016 . Components of amounts reflected in the Statements of Consolidated Comprehensive Income related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Income (loss) from discontinued operations (net of tax) Asbestos-related litigation $ (25 ) $ (30 ) $ (25 ) $ (30 ) Water Technologies (1 ) 3 2 2 Valvoline 12 73 161 214 Gain on disposal of discontinued operations (net of tax) Water Technologies — 1 — — Total income (loss) from discontinued operations (net of tax) $ (14 ) $ 47 $ 138 $ 186 The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Income for the income from discontinued operations attributable to Valvoline for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 (a) 2016 2017 2016 Income (loss) from discontinued operations attributable to Valvoline Sales $ 234 $ 500 $ 1,237 $ 1,435 Cost of sales (148 ) (300 ) (750 ) (868 ) Selling, general and administrative expense (50 ) (84 ) (222 ) (245 ) Research and development expense (1 ) (3 ) (8 ) (9 ) Equity and other income 3 5 17 16 Operating income of discontinued operations 38 118 274 329 Net interest and other financing expense (5 ) — (22 ) — Pretax income of discontinued operations 33 118 252 329 Income tax expense (21 ) (45 ) (91 ) (115 ) Income from discontinued operations $ 12 $ 73 $ 161 $ 214 (a) Valvoline results in the current quarter reflect only 42 days of activity since the business was fully distributed on May 12, 2017. The following table presents the captions of assets and liabilities of Valvoline that are presented as discontinued operations within Ashland's Condensed Consolidated Balance Sheet as of September 30, 2016 . September 30 (In millions) 2016 Cash $ 171 Accounts receivable, net 387 Inventories 131 Other current assets 25 Current assets of discontinued operations $ 714 Net property, plant and equipment $ 324 Goodwill 264 Equity and other unconsolidated investments 26 Deferred income taxes 347 Other noncurrent assets 92 Noncurrent assets of discontinued operations $ 1,053 Current portion of long-term debt $ 19 Trade and other payables 360 Current liabilities of discontinued operations $ 379 Long-term debt $ 730 Employee benefit obligations 886 Other long-term liabilities 99 Noncurrent liabilities of discontinued operations $ 1,715 Equity Noncontrolling interest $ (182 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	As required by U.S. GAAP, Ashland uses applicable guidance for defining fair value, the initial recording and periodic remeasurement of certain assets and liabilities measured at fair value and related disclosures for instruments measured at fair value. Fair value accounting guidance establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows. Level 1 – Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect Ashland’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include Ashland’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment. For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable. The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2017 . (In millions) Carrying value Total fair value Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Assets Cash and cash equivalents $ 492 $ 492 $ 492 $ — $ — Restricted investments (a) 329 329 329 — — Deferred compensation investments (b) 155 155 — 155 — Investments of captive insurance company (b) 3 3 3 — — Foreign currency derivatives 14 14 — 14 — Total assets at fair value $ 993 $ 993 $ 824 $ 169 $ — Liabilities Foreign currency derivatives $ 10 $ 10 $ — $ 10 $ — (a) Included in restricted investments and $30 million within other current assets in the Condensed Consolidated Balance Sheets. (b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets. The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2016 . (In millions) Carrying value Total fair value Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Assets Cash and cash equivalents $ 1,017 $ 1,017 $ 1,017 $ — $ — Restricted investments (a) 322 322 322 — — Deferred compensation investments (b) 150 150 — 150 — Investments of captive insurance company (b) 4 4 4 — — Foreign currency derivatives 3 3 — 3 — Total assets at fair value $ 1,496 $ 1,496 $ 1,343 $ 153 $ — Liabilities Foreign currency derivatives $ 5 $ 5 $ — $ 5 $ — (a) Included in restricted investments and $30 million within other current assets in the Condensed Consolidated Balance Sheets. (b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets. Restricted investments On January 13, 2015, Ashland and Hercules entered into a comprehensive settlement agreement related to certain insurance coverage for asbestos bodily injury claims with Underwriters at Lloyd’s, certain London Companies and Chartis (AIG) member companies, along with National Indemnity Company and Resolute Management, Inc., under which Ashland and Hercules received a total of $398 million (the January 2015 asbestos insurance settlement). During the March 2015 quarter, Ashland placed $335 million of the settlement funds from the January 2015 asbestos insurance settlement into a renewable annual trust restricted for the purpose of paying ongoing and future litigation defense and claim settlement costs incurred in conjunction with asbestos claims. These funds were classified primarily as noncurrent restricted investment assets, with $30 million classified within other current assets, in the Condensed Consolidated Balance Sheets as of June 30, 2017 and September 30, 2016 . During 2015, Ashland diversified the restricted investments received from the January 2015 asbestos insurance settlement into primarily equity and corporate bond mutual funds that are designated as available-for-sale securities, classified as Level 1 measurements within the fair value hierarchy. Available-for-sale securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in the stockholders' equity section of the Condensed Consolidated Balance Sheets as a component of accumulated other comprehensive income (AOCI). Investment income and realized gains and losses on the available-for-sale securities are reported in the net interest and other financing expense caption in the Statements of Consolidated Comprehensive Income. The following table provides a summary of the available-for-sale securities portfolio as of June 30, 2017 and September 30, 2016 : June 30 September 30 (In millions) 2017 2016 Original cost $ 335 $ 335 Accumulated investment income, settlement funds and disbursements, net (24 ) (3 ) Adjusted cost (a) 311 332 Investment income (b) 7 8 Unrealized gain 26 11 Realized gain 2 — Settlement funds 2 4 Disbursements (19 ) (33 ) Fair value $ 329 $ 322 (a) The adjusted cost of the demand deposit includes accumulated investment income, disbursements and settlements recorded in previous periods. (b) Investment income for the demand deposit includes interest income as well as dividend income transferred from the equity and corporate bond mutual funds. The following table presents gross unrealized gains and losses for the restricted investment available-for-sale securities as of June 30, 2017 and September 30, 2016 : Gross Gross (In millions) Adjusted Cost Unrealized Gain Unrealized Loss Fair Value As of June 30, 2017 Demand Deposit $ 15 $ — $ — $ 15 Equity Mutual Fund 168 26 — 194 Corporate bond Mutual Fund 120 — — 120 Fair value $ 303 $ 26 $ — $ 329 As of September 30, 2016 Demand Deposit $ 6 $ — $ — $ 6 Equity Mutual Fund 185 8 — 193 Corporate bond Mutual Fund 120 3 — 123 Fair value $ 311 $ 11 $ — $ 322 The unrealized gains and losses as of June 30, 2017 and September 30, 2016 were recognized within AOCI. Ashland invests in highly-rated investment grade mutual funds. No other-than-temporary impairment was recognized in AOCI during the three and nine months ended June 30, 2017 and 2016 . The following table presents the investment income, realized gains and disbursements related to the investments within the portfolio for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Investment income $ 2 $ 2 $ 7 $ 6 Realized gains — — 2 — Disbursements (7 ) (1 ) (19 ) (24 ) Deferred compensation investments Deferred compensation investments consist of Level 2 measurements within the fair value hierarchy which are comprised primarily of a guaranteed interest fund, a common stock index fund and an intermediate government bond fund. Gains and losses related to deferred compensation investments are immediately recognized within the Statements of Consolidated Comprehensive Income. Derivative and hedging activities Currency hedges Ashland conducts business in a variety of foreign currencies. Accordingly, Ashland regularly uses foreign currency derivative instruments to manage exposure on certain transactions denominated in foreign currencies to curtail potential earnings volatility effects of certain assets and liabilities, including short-term 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 gains and losses recognized during the three and nine months ended June 30, 2017 and 2016 within the Statements of Consolidated Comprehensive Income. Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Foreign currency derivative gain (loss) $ (1 ) $ (3 ) $ 10 $ 1 The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2017 and September 30, 2016 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2017 2016 Foreign currency derivative assets $ 14 $ 3 Notional contract values 842 325 Foreign currency derivative liabilities $ 10 $ 4 Notional contract values 797 528 Net investment hedges Since 2014, Ashland has entered into foreign currency contracts in order to manage the foreign currency exposure of the net investment in certain foreign operations. These foreign currency contracts were primarily the result of certain proceeds from the sale of Water Technologies being received in non-U.S. denominated currencies during 2014 and ongoing management of the volatility in foreign currency exchange rates. Ashland designated the foreign currency contracts as hedges of net investments in its foreign subsidiaries. As a result, Ashland records these hedges at fair value using forward rates, with the effective portion of the gain or loss reported as a component of the cumulative translation adjustment within AOCI and subsequently recognized in the Statements of Consolidated Comprehensive Income when the hedged item affects net income . During 2017 and 2016, these foreign currency contracts were settled and for certain hedges Ashland entered into new foreign currency contracts designated as hedges of net investments in foreign subsidiaries. These settlements resulted in net gains and losses recorded within the cumulative translation adjustment within AOCI, including a net gain of $1 million and a net loss of $1 million for the three months ended June 30, 2017 and 2016 , respectively, and net gains of $2 million and $6 million for the nine months June 30, 2017 and 2016 , respectively. As of June 30, 2017 and September 30, 2016 , the total notional value of foreign currency contracts equaled $49 million and $94 million , respectively. The fair value of Ashland's net investment hedge assets and liabilities are calculated using forward rates. Accordingly, these instruments are deemed to be Level 2 measurements within the fair value hierarchy. Counterparties to these net investment hedges are highly rated financial institutions which Ashland believes carry only a nominal risk of nonperformance. The following table summarizes the fair value of the outstanding net investment hedge instruments as of June 30, 2017 and September 30, 2016 . June 30 September 30 (In millions) Consolidated balance sheet caption 2017 2016 Net investment hedge assets (a) Accounts receivable $ — $ — Net investment hedge liabilities (a) Accrued expenses and other liabilities — 1 (a) Fair value of $0 denotes a value less than $1 million. The following table summarizes the change in the unrealized gain (loss) on the net investment hedge instruments recognized within the cumulative translation adjustment within AOCI during the three and nine months ended June 30, 2017 and 2016 . No portion of the gain or loss was reclassified to income during the three and nine months ended June 30, 2017 and 2016 . There was no hedge ineffectiveness with these instruments during the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Change in unrealized gain in AOCI (a) $ — $ — $ — $ — Tax impact of change in unrealized gain in AOCI (a) — (1 ) — — (a) $0 denotes a value less than $1 million. Other financial instruments At June 30, 2017 and September 30, 2016 , Ashland’s consolidated long-term debt (including the current portion and excluding debt issuance cost discounts) had a carrying value of $2,616 million and $2,345 million , respectively, compared to a fair value of $2,750 million and $2,558 million , respectively. The fair values of long-term debt are based on quoted market prices or, if market prices are not available, the present values of the underlying cash flows discounted at Ashland’s incremental borrowing rates, which are deemed to be Level 2 measurements within the fair value hierarchy.

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
INVENTORIES	Inventories are carried at the lower of cost or market. Inventories are primarily stated at cost using the weighted-average cost method. In addition, certain chemicals, and plastics are valued at cost using the last-in, first-out (LIFO) method. The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates. June 30 September 30 (In millions) 2017 2016 Finished products $ 381 $ 377 Raw materials, supplies and work in process 251 163 LIFO reserves (1 ) (1 ) $ 631 $ 539

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	9 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	Goodwill Ashland reviews goodwill and indefinite-lived intangible assets for impairment annually or when events and circumstances indicate an impairment may have occurred. This annual assessment is performed as of July 1 and consists of Ashland determining each reporting unit’s current fair value compared to its current carrying value. For its July 1, 2016 assessment, Ashland determined that its reporting units for the allocation of goodwill include the Specialty Ingredients reportable segment, the Composites and Intermediates and Solvents reporting units within the Performance Materials reportable segment, and the Core North America, Quick Lubes and International reporting units within the Valvoline reportable segment. Subsequent to completing the distribution of Valvoline during the current quarter, Ashland performed an assessment that changed its reportable segments to Specialty Ingredients, Composites and Intermediates and Solvents. In addition, Ashland determined that the reportable segments would also be designated as reporting units. Based on the results of its goodwill impairment testing as of July 1, 2016, Ashland recorded a pre-tax goodwill impairment charge of $171 million for Intermediates and Solvents during the fourth quarter of 2016. The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2017 . Specialty Intermediates (In millions) Ingredients Composites and Solvents Total Balance as of September 30, 2016 $ 1,991 $ 147 $ — $ 2,138 Acquisitions (a) 276 — — 276 Currency translation adjustment 12 — — 12 Balance as of June 30, 2017 $ 2,279 $ 147 $ — $ 2,426 (a) Relates to the acquisition of Pharmachem during the current quarter. See Note C for more information. Other intangible assets Intangible assets principally consist of trademarks and trade names, intellectual property and customer relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 25 years, intellectual property over 5 to 25 years, and customer and supplier relationships over 3 to 24 years. Ashland annually reviews indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. Intangible assets were comprised of the following as of June 30, 2017 and September 30, 2016 . June 30, 2017 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangible assets Trademarks and trade names $ 66 $ (21 ) $ 45 Intellectual property 735 (308 ) 427 Customer and supplier relationships 759 (216 ) 543 Total definite-lived intangible assets (a) 1,560 (545 ) 1,015 Indefinite-lived intangible assets Trademarks and trade names 301 — 301 Total intangible assets $ 1,861 $ (545 ) $ 1,316 (a) The gross carrying amount of the definite-lived intangible assets increased during the nine months ended June 30, 2017 primarily due to the acquisition of Pharmachem. See Note C for more information. September 30, 2016 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangible assets Trademarks and trade names $ 40 $ (19 ) $ 21 Intellectual property 667 (273 ) 394 Customer relationships 543 (198 ) 345 Total definite-lived intangible assets 1,250 (490 ) 760 Indefinite-lived intangible assets Trademarks and trade names 301 — 301 Total intangible assets $ 1,551 $ (490 ) $ 1,061 Amortization expense recognized on intangible assets was $20 million and $19 million for the three months ended June 30, 2017 and 2016 , respectively, and $58 million and $57 million for the nine months ended June 30, 2017 and 2016 , respectively, and is included in the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income. Estimated amortization expense for future periods is $81 million in 2017 (includes nine months actual and three months estimated), $91 million in 2018 , $87 million in 2019 , $86 million in 2020 and $86 million in 2021 . The amortization expense for future periods is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions and divestitures, potential impairment, accelerated amortization, or other events.

DEBT

DEBT	9 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT	The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2017 2016 4.750% notes, due 2022 1,082 1,121 Term Loan B, due 2024 600 — 6.875% notes, due 2043 376 376 Term Loan A, due 2022 250 — Term Loan A, due 2020 250 — Revolving Credit Facility 128 — Accounts receivable securitization 95 — 6.50% junior subordinated notes, due 2029 51 140 Other international loans — 20 Medium-term notes, due 2019, interest of 9.4% at June 30, 2017 5 5 Term Loan, due 2017 — 150 3.875% notes, due 2018 — 700 Other (a) (24 ) (17 ) Total debt 2,813 2,495 Short-term debt (223 ) (170 ) Current portion of long-term debt (6 ) — Long-term debt (less current portion and debt issuance cost discounts) $ 2,584 $ 2,325 (a) Other includes $26 million and $20 million of debt issuance cost discounts as of June 30, 2017 and September 30, 2016 , respectively. The scheduled aggregate maturities of long-term debt by year (including the current portion and excluding debt issuance costs) are as follows: $2 million remaining in 2017 , $6 million in 2018 , $11 million in 2019 , $269 million in 2020 and $56 million in 2021 . Ashland Financing Activities 2017 Credit Agreement On May 17, 2017, in conjunction with the closing of the Pharmachem acquisition, Ashland entered into a credit agreement (the 2017 Credit Agreement) with a group of lenders. The 2017 Credit Agreement provides for (i) a $250 million three-year term loan A facility (the Three-Year TLA Facility), (ii) a $250 million five-year term loan A facility (the Five-Year TLA Facility and together with the Three-Year TLA Facility, the TLA Facilities) and (iii) a $680 million five-year revolving credit facility (including a $125 million letter of credit sublimit) (the 2017 Revolving Credit Facility). Proceeds of borrowings under the TLA Facilities were used solely to finance the acquisition of Pharmachem, and the proceeds of the 2017 Revolving Credit Facility were used to finance, in part, the acquisition of Pharmachem and to refinance the 2015 Senior Credit Agreement. On May 19, 2017, Ashland entered into Amendment No. 1 to the 2017 Credit Agreement, which increased the aggregate commitments under the 2017 Revolving Credit Facility from $680 million to $800 million . At Ashland’s option, loans issued under the 2017 Credit Agreement will bear interest at either LIBOR or an alternate base rate, in each case plus the applicable interest rate margin. Loans will initially bear interest at LIBOR plus 1.75% per annum, in the case of LIBOR borrowings, or at the alternate base rate plus 0.75% , in the alternative, through and including the date of delivery of a quarterly compliance certificate and thereafter the interest rate will fluctuate between LIBOR plus 1.375% per annum and LIBOR plus 2.500% per annum (or between the alternate base rate plus 0.375% per annum and the alternate base rate plus 1.500% annum), based upon Ashland’s secured facilities ratings or the consolidated net leverage ratio (as defined in the 2017 Credit Agreement) (whichever yields a lower applicable interest rate margin) at such time. In addition, Ashland will initially be required to pay fees of 0.25% per annum on the daily unused amount of the 2017 Revolving Credit Facility through and including the date of delivery of a compliance certificate, and thereafter the fee rate will fluctuate between 0.175% and 0.40% per annum, based upon the Ashland’s secured facilities rating or the consolidated net leverage ratio (whichever yields a lower applicable rate). The TLA Facilities may be prepaid at any time without premium. The Three-Year TLA Facility will not amortize and will be due on May 17, 2020. The Five-Year TLA Facility will not amortize in each of the first, second and third years and will amortize at a rate of 20% per annum in each of the fourth and fifth years (payable in equal quarterly installments), with the outstanding balance of the Five-Year TLA Facility to be paid on May 17, 2022. On June 14, 2017, Ashland entered into Amendment No. 2 to the 2017 Credit Agreement, which provides for a new $600 million seven-year senior secured term loan B facility (the 2017 TLB Facility). At Ashland’s option, loans issued under the 2017 TLB Facility will bear interest at either (x) LIBOR plus 2.00% per annum or (y) an alternate base rate plus 1.00% per annum. The 2017 TLB Facility may be prepaid at any time, subject to a prepayment premium if the prepayment is made on or prior to December 14, 2017 in connection with a Repricing Transaction (as defined in the 2017 Credit Agreement). The 2017 TLB Facility will amortize at a rate of 1.00% per annum (payable in equal quarterly installments) with the outstanding balance to be paid on May 17, 2024. Ashland incurred $15 million of new debt issuance costs in connection with the 2017 Credit Agreement, of which $2 million was recognized immediately during the three and nine months ended June 30, 2017 within the net interest and other financing expense caption of the Statements of Consolidated Comprehensive Income. The remaining balance is amortized using the effective interest method. Additionally, as a result of the termination of the 2015 Senior Credit Facility, Ashland recognized a $5 million charge for the accelerated amortization of previously capitalized debt issuance costs, which is included in the net interest and other financing expense caption of the Statements of Consolidated Comprehensive Income. The credit facilities under the 2017 Credit Agreement are guaranteed by Ashland Global Holdings Inc., Ashland Chemco Inc. and Ashland LLC's existing and future subsidiaries (other than certain immaterial subsidiaries, joint ventures, special purpose financing subsidiaries, regulated subsidiaries, foreign subsidiaries and certain other subsidiaries) and are secured by a first-priority security interest in substantially all of the personal property assets of Ashland and the guarantors, including all or a portion of the equity interests of certain of Ashland’s domestic subsidiaries and first-tier foreign subsidiaries and, in certain cases, a portion of the equity interests of other foreign subsidiaries. The guarantees by Ashland’s subsidiaries and pledge of security interests by such guarantors may, at Ashland’s option, be released upon and during the occurrence of a Collateral Release Event (as defined in the Credit Agreement). Redemption of 3.875% notes due 2018 In connection with the 2017 TLB Facility, Ashland redeemed all of its outstanding 3.875% Senior Notes due 2018, of which approximately $659 million were outstanding. Proceeds of borrowings under the 2017 TLB Facility, together with cash on hand, were used to pay for the redemption. Ashland recognized a $13 million charge related to premiums paid and accelerated amortization of previously capitalized debt issuance costs, which is included in the net interest and other financing expense caption of the Statements of Consolidated Comprehensive Income for the three and nine months ended June 30, 2017 . Open market repurchases of 4.750% notes due 2022 and 3.875% notes due 2018 During the nine months ended June 30, 2017 , Ashland executed open market repurchases of its 4.750% notes due 2022 (2022 notes) and its 3.875% notes due 2018 (2018 notes). As a result of these repurchases, the carrying values of the 2022 notes and 2018 notes were reduced by $39 million and $41 million , respectively. Ashland recognized a $3 million charge related to premiums paid in the open market repurchases and accelerated amortization of previously capitalized debt issuance costs, which is included in the net interest and other financing expense caption of the Statements of Consolidated Comprehensive Income for the nine months ended June 30, 2017 . As previously discussed, the remaining outstanding amount of the 2018 notes was redeemed during June 2017. 6.50% junior subordinated notes due 2029 In December 2016, Hercules LLC (Hercules) (formerly Hercules Incorporated), an indirect wholly-owned subsidiary of Ashland, repurchased, through a cash tender offer (the Tender Offer), $182 million of the aggregate principal par value amount of its 6.50% junior subordinated notes due 2029 (2029 notes) for an aggregate purchase price of $177 million . As a result of the Tender Offer, the carrying value of the 2029 notes was reduced by $90 million and Ashland recognized a $92 million charge related to accelerated accretion of the recorded debt discount (compared to the total par value) and $5 million of a net gain related to the repayment of the debt. The charge and net gain are included in the net interest and other financing expense caption of the Statements of Consolidated Comprehensive Income for the nine months ended June 30, 2017 . Subsidiary senior unsecured term loan During August 2016, a wholly owned foreign subsidiary of Ashland entered into a credit agreement which provided for an aggregate principal amount of $150 million in a senior unsecured term loan facility. This term loan was drawn in full as of September 30, 2016 and was fully repaid as of June 30, 2017 . Accounts receivable securitization During the December 2015 quarter, the Transfer and Administration Agreement was amended to extend the termination date of the accounts receivable securitization facility from December 31, 2015 to March 22, 2017. During the March 2017 quarter, this facility was extended for an additional year with similar terms as the previous facility agreement. No other changes to the agreement within the current or prior year amendments are expected to have a significant impact to Ashland's results of operations and financial position. Remaining borrowing capacity The borrowing capacity remaining under the 2017 Revolving Credit Facility was $620 million due to an outstanding balance of $128 million , as well as a reduction of $52 million for letters of credit outstanding at June 30, 2017 . Ashland's total borrowing capacity at June 30, 2017 was $625 million , which included $5 million of available capacity from the accounts receivable securitization facility. 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, 2017 , Ashland is in compliance with all debt agreement covenant restrictions. The maximum consolidated net leverage ratio permitted under Ashland's most recent credit agreement (the 2017 Credit Agreement) is 4.50 . At June 30, 2017 , Ashland’s calculation of the consolidated net leverage ratio was 4.0 , which is below the maximum consolidated leverage ratio of 4.50 . The minimum required consolidated interest coverage ratio under the 2017 Credit Agreement during its entire duration is 3.0 . At June 30, 2017 , Ashland’s calculation of the interest coverage ratio was 4.6 , which exceeds the minimum required consolidated ratio of 3.0 . Guarantee of Senior Notes Ashland Global Holdings Inc. was incorporated on May 6, 2016 as a direct wholly owned subsidiary of Ashland Inc. (now Ashland LLC) to reincorporate in Delaware and to help facilitate the separation of the Valvoline business from the specialty chemical businesses. As a result of the Reorganization, Ashland Global Holdings Inc. replaced Ashland Inc. as the publicly held corporation, and Ashland Inc. was converted to a Kentucky limited liability company and is now an indirect, wholly owned subsidiary of Ashland Global Holdings Inc. Ashland Global Holdings Inc. fully and unconditionally guaranteed the 3.875% notes due 2018 (which were fully repaid during the current quarter), 4.750% notes due 2022 and 6.875% notes due 2043 (collectively referred to as the Senior Notes) and has no significant independent assets or operations. For periods prior to September 30, 2016, the parent entity was Ashland LLC (formerly Ashland Inc.). Subsequent to the final distribution of Valvoline Inc., there are no longer any significant subsidiaries of Ashland Global Holdings Inc. other than the subsidiary issuer (Ashland LLC). As a result, Ashland is no longer required to provide condensed consolidated financial information for Ashland Global Holdings Inc., Ashland LLC and all other non-guarantor subsidiaries as disclosed in previous reporting periods.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	Current fiscal year Ashland’s estimated annual effective income tax rate used to determine income tax expense in interim financial reporting for the year ending September 30, 2017 is 9% . 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 20% for the three months ended June 30, 2017 and was impacted by tax rates applied to certain key items, which are considered significant unusual or infrequent items, and by net unfavorable tax discrete items. These discrete items primarily related to changes in the realization of certain historic tax attributes due to the Valvoline distribution and the Pharmachem acquisition as well as tax on certain restructuring items. The overall effective tax rate was 48% for the nine months ended June 30, 2017 and was impacted by tax rates applied to certain key items, which are considered significant unusual or infrequent items, and by net unfavorable tax discrete items primarily related to items previously noted in the current quarter, partially offset by a reversal for unrecognized tax benefits due to lapse of the statute of limitations. Prior fiscal year Ashland’s annual effective income tax rate used to determine income tax expense in interim financial reporting for the year ending September 30, 2016 was a benefit of 1% . The overall effective tax benefit rate was 20% for the three months ended June 30, 2016 and was primarily impacted by net tax rates applied to certain key items, which are considered significant unusual or infrequent items. The overall effective tax benefit rate was 177% for the nine months ended June 30, 2016 and was impacted by net favorable tax discrete items primarily related to the items noted above, a favorable tax liquidation resolution, and other tax adjustments. Unrecognized tax benefits Changes in unrecognized tax benefits are summarized as follows for the nine months ended June 30, 2017 . (In millions) Balance at October 1, 2016 $ 168 Increases related to positions taken on items from prior years 6 Decreases related to positions taken on items from prior years (2 ) Increases related to positions taken in the current year 12 Pharmachem acquisition 12 Lapse of the statute of limitations (3 ) Settlement of uncertain tax positions with tax authorities (1 ) Balance at June 30, 2017 $ 192 In the next twelve months, Ashland expects a decrease in the amount accrued for uncertain tax positions of up to $1 million for continuing operations and zero for discontinued operations related primarily to audit settlements and statute of limitations expirations in various tax jurisdictions. 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, 2017
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	For the nine months ended June 30, 2017 , Ashland contributed $9 million to its non-qualified U.S. pension plans, all of which was related to plans transferred to Valvoline, and $8 million to its non-U.S. pension plans, of which $3 million was related to plans transferred to Valvoline. Additionally, Ashland contributed $1 million to its qualified U.S. pension plans during the nine months ended June 30, 2017 . Ashland expects to make additional contributions to the non-U.S. plans of approximately $1 million during the remainder of 2017 . Plan Transfers During September 2016, Ashland transferred a substantial portion of the largest U.S. qualified pension and non-qualified U.S. pension plans as well as certain other postretirement obligations to Valvoline Inc. As of September 30, 2016 , the net pension and other postretirement plan liabilities that transferred to Valvoline Inc. totaled $886 million and are classified within the Noncurrent liabilities of discontinued operations caption of the Condensed Consolidated Balance Sheet. Plan Amendments and Remeasurements Effective January 1, 2017, Ashland discontinued certain post-employment health and life insurance benefits. The effect of these plan changes resulted in a remeasurement gain of $10 million for the nine months ended June 30, 2017 , of which $8 million is attributable to Valvoline and is included within the discontinued operations caption of the Statements of Consolidated Comprehensive Income. Of the remaining $2 million , $1 million is included within cost of sales and $1 million is included within selling, general and administrative expense. During March 2016, Ashland announced plans to amend the majority of its U.S. pension plans, with the exception of certain union plans, to freeze the accrual of pension benefits for participants. The freezing of pension benefits was effective September 30, 2016. Additionally, Ashland announced plans to reduce retiree life and medical benefits effective October 1, 2016 and January 1, 2017, respectively. The net effect of the these remeasurements resulted in a loss of $23 million within the Statements of Consolidated Comprehensive Income for the nine months ended June 30, 2016 , of which $5 million was included within discontinued operations. The following details the components of the remeasurement impact: • As a result of the remeasurement of the affected U.S. pension plans, Ashland recognized a curtailment gain of $65 million and actuarial loss of $123 million during the nine months ended June 30, 2016 . Of these amounts, $12 million of the curtailment gain and $22 million of the actuarial loss were attributable to Valvoline and are included within the discontinued operations caption of the Statements of Consolidated Comprehensive Income. • As a result of the remeasurement of other postretirement benefit plans, Ashland recognized a curtailment gain of $39 million and actuarial loss of $7 million during the nine months ended June 30, 2016 . Of these amounts, $6 million of the curtailment gain and $1 million of the actuarial loss were attributable to Valvoline and are included within the discontinued operations caption of the Statements of Consolidated Comprehensive Income. This remeasurement reduced the benefit obligations by $86 million . • Ashland was also required to remeasure a non-U.S. pension plan during the prior year quarter and as a result recognized a curtailment gain of $6 million and actuarial loss of $3 million during the nine months ended June 30, 2016 . Components of net periodic benefit costs (income) The following table details the components of pension and other postretirement benefit costs for both continued and discontinued operations. Other postretirement Pension benefits benefits (In millions) 2017 2016 2017 2016 Three months ended June 30 Service cost (a) $ 3 $ 7 $ — $ — Interest cost 12 27 — 1 Expected return on plan assets (19 ) (46 ) — — Amortization of prior service credit (a) — — (1 ) (3 ) $ (4 ) $ (12 ) $ (1 ) $ (2 ) Nine months ended June 30 Service cost (a) $ 8 $ 20 $ — $ 1 Interest cost 59 89 2 3 Expected return on plan assets (97 ) (141 ) — — Amortization of prior service credit (a) — (1 ) (7 ) (11 ) Curtailment gain — (71 ) — (39 ) Actuarial (gain) loss — 126 (10 ) 7 $ (30 ) $ 22 $ (15 ) $ (39 ) (a) Activity of $0 denote values less than $1 million. For segment reporting purposes, service cost for continuing operations is proportionately allocated to each segment, excluding the Unallocated and other segment, while all other costs for continuing operations are recorded within the Unallocated and other segment. The service cost previously allocated to the Valvoline reportable segment is now included within the discontinued operations caption of the Statements of Consolidated Comprehensive Income. Also, in accordance with U.S. GAAP, a portion of the other components of pension and other postretirement benefit costs (i.e. interest cost, expected return on assets, and amortization of prior service credit) related to Valvoline was reclassified from the Unallocated and other segment to the discontinued operations caption of the Statements of Consolidated Comprehensive Income. Net periodic benefit income of $8 million and $2 million was classified within discontinued operations for the three months ended June 30, 2017 and 2016 , respectively. Excluding the impact of curtailment gains and actuarial gains and losses, net periodic benefit income of $42 million and $4 million was classified within discontinued operations during the nine months ended June 30, 2017 and 2016 , respectively.

LITIGATION, CLAIMS AND CONTINGE

LITIGATION, CLAIMS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
LITIGATION, CLAIMS AND CONTINGENCIES	Asbestos litigation Ashland and Hercules have liabilities from claims alleging personal injury caused by exposure to asbestos. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions, Ashland retained Hamilton, Rabinovitz & Associates, Inc. (HR&A). The methodology used by HR&A to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, enacted legislation, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, HR&A 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. 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 Stoker Corporation, a former subsidiary. The amount and timing of settlements and number of open claims can fluctuate from period to period. A summary of Ashland asbestos claims activity, excluding Hercules claims, follows. Nine months ended June 30 Years ended September 30 (In thousands) 2017 2016 2016 2015 2014 Open claims - beginning of period 57 60 60 65 65 New claims filed 2 2 2 2 2 Claims settled (1 ) — — — (1 ) Claims dismissed (3 ) (4 ) (5 ) (7 ) (1 ) Open claims - end of period 55 58 57 60 65 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, which generally approximates the mid-point of the estimated range of exposure from model results. Ashland reviews this estimate and related assumptions quarterly and annually updates the results of a non-inflated, non-discounted approximate 50-year model developed with the assistance of HR&A. During the most recent annual update of this estimate completed during the June 2017 quarter, it was determined that the liability for Ashland asbestos-related claims should be increased by $36 million . Total reserves for asbestos claims were $424 million at June 30, 2017 compared to $415 million at September 30, 2016 . 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) 2017 2016 2016 2015 2014 Asbestos reserve - beginning of period $ 415 $ 409 $ 409 $ 438 $ 463 Reserve adjustment 36 37 37 — 4 Amounts paid (27 ) (27 ) (31 ) (29 ) (29 ) Asbestos reserve - end of period $ 424 $ 419 $ 415 $ 409 $ 438 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, 2017 , Ashland’s receivable for recoveries of litigation defense and claim settlement costs from insurers amounted to $156 million (excluding the Hercules receivable for asbestos claims), of which $4 million relates to costs previously paid. Receivables from insurers amounted to $151 million at September 30, 2016 . During the June 2017 quarter, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in a $15 million increase in the receivable for probable insurance recoveries. Ashland entered into settlement agreements totaling $5 million and $4 million with certain insurers during the nine months ended June 30, 2017 and 2016, respectively, which resulted in a reduction of the Ashland insurance receivable within the Condensed Consolidated Balance Sheets by the same amount. During the nine months ended June 30, 2017 and 2016, Ashland placed $2 million and $4 million , respectively, of the settlement funds into the renewable annual trust. 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) 2017 2016 2016 2015 2014 Insurance receivable - beginning of period $ 151 $ 150 $ 150 $ 402 $ 408 Receivable adjustment 15 16 16 (3 ) 22 Insurance settlement (5 ) (4 ) (4 ) (227 ) — Amounts collected (5 ) (10 ) (11 ) (22 ) (28 ) Insurance receivable - end of period $ 156 $ 152 $ 151 $ 150 $ 402 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) 2017 2016 2016 2015 2014 Open claims - beginning of period 15 20 20 21 21 New claims filed 1 1 1 1 1 Claims dismissed (4 ) (5 ) (6 ) (2 ) (1 ) Open claims - end of period 12 16 15 20 21 Hercules asbestos-related liability From the range of estimates, Ashland records the amount it believes to be the best estimate of future payments for litigation defense and claim settlement costs, which generally approximates the mid-point of the estimated range of exposure from model results. Ashland reviews this estimate and related assumptions quarterly and annually updates the results of a non-inflated, non-discounted approximate 50-year model developed with the assistance of HR&A. As a result of the most recent annual update of this estimate, completed during the June 2017 quarter, it was determined that the liability for Hercules asbestos-related claims should be increased by $16 million . Total reserves for asbestos claims were $328 million at June 30, 2017 compared to $321 million at September 30, 2016 . 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) 2017 2016 2016 2015 2014 Asbestos reserve - beginning of period $ 321 $ 311 $ 311 $ 329 $ 342 Reserve adjustment 16 25 25 4 10 Amounts paid (9 ) (10 ) (15 ) (22 ) (23 ) Asbestos reserve - end of period $ 328 $ 326 $ 321 $ 311 $ 329 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, 2017 and September 30, 2016 , the receivables from insurers amounted to $68 million and $63 million , respectively. During the June 2017 quarter, the annual update of the model used for purposes of valuing the asbestos reserve and its impact on valuation of future recoveries from insurers was completed. This model update resulted in a $5 million increase 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) 2017 2016 2016 2015 2014 Insurance receivable - beginning of period $ 63 $ 56 $ 56 $ 77 $ 75 Receivable adjustment 5 7 7 1 3 Insurance settlement — — — (22 ) — Amounts collected — — — — (1 ) Insurance receivable - end of period $ 68 $ 63 $ 63 $ 56 $ 77 Asbestos litigation cost projection Projecting future asbestos costs is subject to numerous variables that are extremely difficult to predict. In addition to the significant uncertainties surrounding the number of claims that might be received, other variables include the type and severity of the disease alleged by each claimant, the long latency period associated with asbestos exposure, mortality rates, dismissal rates, costs of medical treatment, the impact of bankruptcies of other companies that are co-defendants in claims, uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, and the impact of potential changes in legislative or judicial standards. Furthermore, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. 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 to 50 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 $660 million for the Ashland asbestos-related litigation (current reserve of $424 million ) and approximately $510 million for the Hercules asbestos-related litigation (current reserve of $328 million ), depending on the combination of assumptions selected in the various models. If actual experience is worse than projected, relative to the number of claims filed, the severity of alleged disease associated with those claims or costs incurred to resolve those claims, or actuarial refinement or improvements to the assumptions used within these models are initiated, Ashland may need to further increase the estimates of the costs associated with asbestos claims and these increases could be material over time. Environmental remediation and asset retirement obligations Ashland is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively environmental remediation) at multiple locations. At June 30, 2017 , such locations included 82 waste treatment or disposal sites where Ashland has been identified as a potentially responsible party under Superfund or similar state laws, 126 current and former operating facilities (including certain operating facilities conveyed as part of the MAP Transaction) and about 1,225 service station properties, of which 61 are being actively remediated. Ashland’s reserves for environmental remediation and related environmental litigation amounted to $173 million at June 30, 2017 compared to $177 million at September 30, 2016 , of which $129 million at June 30, 2017 and $134 million at September 30, 2016 were classified in other noncurrent 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, 2017 and 2016 . Nine months ended June 30 (In millions) 2017 2016 Reserve - beginning of period $ 177 $ 186 Disbursements (22 ) (32 ) Revised obligation estimates and accretion 18 32 Reserve - end of period $ 173 $ 186 The total reserves for environmental remediation reflect Ashland’s estimates of the most likely costs that will be incurred over an extended period to remediate identified conditions for which the costs are reasonably estimable, without regard to any third-party recoveries. Engineering studies, probability techniques, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation. Ashland continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage. At June 30, 2017 and September 30, 2016 , Ashland’s recorded receivable for these probable insurance recoveries was $15 million and $23 million , respectively, of which $14 million and $15 million at June 30, 2017 and September 30, 2016 , respectively, 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 are presented in the following table for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Environmental expense $ 11 $ 17 $ 16 $ 30 Accretion 2 1 2 2 Legal expense 1 1 6 6 Total expense 14 19 24 38 Insurance receivable (2 ) (2 ) (2 ) (3 ) Total expense, net of receivable activity (a) $ 12 $ 17 $ 22 $ 35 (a) Net expense of $1 million and $3 million for the three and nine months ended June 30, 2017 , respectively, and $1 million and $2 million for the three and nine months ended June 30, 2016 , respectively, relates to divested businesses which qualified for treatment as discontinued operations and for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income. Environmental remediation reserves are subject to numerous inherent uncertainties that affect Ashland’s ability to estimate its share of the costs. Such uncertainties involve the nature and extent of contamination at each site, the extent of required cleanup efforts under existing environmental regulations, widely varying costs of alternate cleanup methods, changes in environmental regulations, the potential effect of continuing improvements in remediation technology, and the number and financial strength of other potentially responsible parties at multiparty sites. Although it is not possible to predict with certainty the ultimate costs of environmental remediation, Ashland currently estimates that the upper end of the reasonably possible range of future costs for identified sites could be as high as approximately $420 million . The largest reserve for any site is approximately 15% of the remediation reserve. 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, 2017 and September 30, 2016 . 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, 2017 .

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose grant price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 1.4 million and 1.2 million at June 30, 2017 and 2016 , respectively. Earnings per share is reported under the treasury stock method. Three months ended Nine months ended June 30 June 30 (In millions except per share data) 2017 2016 2017 2016 Numerator Numerator for basic and diluted EPS – Income (loss) from continuing operations $ (16 ) $ 24 $ (53 ) $ 61 Denominator Denominator for basic EPS – Weighted-average common shares outstanding 62 62 62 63 Share-based awards convertible to common shares (a) — 1 — 1 Denominator for diluted EPS – Adjusted weighted- average shares and assumed conversions 62 63 62 64 EPS from continuing operations attributable to Ashland Basic $ (0.26 ) $ 0.39 $ (0.85 ) $ 0.97 Diluted (0.26 ) 0.38 (0.85 ) 0.95 (a) As a result of the loss from continuing operations attributable to Ashland during the three and nine months ended June 30, 2017 , the effect of the share-based awards convertible to common shares would be antidilutive. As such, they have been excluded from the diluted EPS calculation.

EQUITY ITEMS

EQUITY ITEMS	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
EQUITY ITEMS	Stock repurchase programs In April 2015, Ashland's Board of Directors approved a $1 billion share repurchase authorization that will expire on December 31, 2017 (the 2015 stock repurchase program). This authorization allows for Ashland’s common shares to be repurchased in open market transactions, privately negotiated transactions or pursuant to one or more accelerated stock repurchase programs or Rule 10b5-1 plans. The following summarizes the stock repurchases under the 2015 stock repurchase program. 2015 stock repurchase program agreement In November 2015, under the 2015 stock repurchase program, Ashland announced that it entered into an accelerated share repurchase agreement (2016 ASR Agreement) with Goldman, Sachs & Co. Under the 2016 ASR Agreement, Ashland paid an initial purchase price of $500 million and received an initial delivery of approximately 3.9 million shares of common stock during November 2015. In February 2016, Goldman, Sachs & Co. exercised their early termination option under the 2016 ASR Agreement and the pricing period was closed. The settlement price, which represents the weighted average price of Ashland's common stock over the pricing period less a discount, was $99.01 per share. Based on this settlement price, the final number of shares repurchased by Ashland that were delivered by Goldman, Sachs & Co. under the 2016 ASR Agreement was 5.1 million shares. Ashland received the additional 1.2 million shares during the March 2016 quarter to settle the difference between the initial share delivery and the total number of shares repurchased. After the 2016 ASR Agreement, $500 million of share repurchase authorization remains under the 2015 stock repurchase program. Stockholder dividends In May 2017, after the final distribution of Valvoline Inc.'s common stock, the Board of Directors of Ashland announced a quarterly cash dividend of 22.5 cents per share to eligible shareholders at record. This represents a reduction from the previous quarterly dividend of 39 cents per share which was paid for quarterly dividends in the first and second quarters of fiscal 2017 and each quarter of fiscal 2016. When combined with Valvoline Inc.'s most recent dividend, the total cash returned to shareholders of both companies is approximately equal to what Ashland paid prior to the separation. Accumulated other comprehensive income (loss) Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income are presented below, before tax and net of tax effects. 2017 2016 Tax Tax Before (expense) Net of Before (expense) Net of (In millions) tax benefit tax tax benefit tax Three months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 107 $ (2 ) $ 105 $ (45 ) $ (1 ) $ (46 ) Pension and postretirement obligation adjustment: Amortization of unrecognized prior service credits included in net income (a) (1 ) 1 — (3 ) 3 — Net change in available-for-sale securities: Unrealized gain during period 6 (2 ) 4 7 (3 ) 4 Total other comprehensive income (loss) $ 112 $ (3 ) $ 109 $ (41 ) $ (1 ) $ (42 ) Nine months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 15 $ 4 $ 19 $ (27 ) $ 1 $ (26 ) Pension and postretirement obligation adjustment: Adjustment of unrecognized prior service credit — — — 86 (31 ) 55 Amortization of unrecognized prior service credits included in net income (a) (7 ) 3 (4 ) (52 ) 18 (34 ) Net change in available-for-sale securities: Unrealized gain during period 15 (4 ) 11 21 (8 ) 13 Reclassification adjustment for gains included in net income (2 ) 1 (1 ) — — — Total other comprehensive income $ 21 $ 4 $ 25 $ 28 $ (20 ) $ 8 (a) Amortization of unrecognized prior service credits are included in the calculation of net periodic benefit costs (income) for pension and other postretirement plans. For specific financial statement captions impacted by the amortization see the table below. As discussed in the table above, certain pension and postretirement costs (income) are amortized from accumulated other comprehensive income (loss) and recognized in net income. The captions on the Statements of Consolidated Comprehensive Income impacted by the amortization of unrecognized prior service credits for pension and other postretirement plans are disclosed within. During the nine months ended June 30, 2016 , the amortization of unrecognized prior service credits included the impact of the pension and other postretirement plan remeasurements of $40 million . See Note J for more information. Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Cost of sales $ — $ (1 ) $ — $ (18 ) Selling, general and administrative expense — (1 ) — (26 ) Discontinued operations (1 ) (1 ) (7 ) (8 ) Total amortization of unrecognized prior service credits $ (1 ) $ (3 ) $ (7 ) $ (52 )

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	9 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLANS	Ashland has stock incentive plans under which key employees or directors are granted stock-settled SARs, performance share awards or nonvested stock awards. Each program is typically a long-term incentive plan designed to link employee compensation with increased shareholder value or reward superior performance and encourage continued employment with Ashland. Ashland recognizes compensation expense for the grant date fair value of stock-based awards over the applicable vesting period within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income. Stock-based compensation expense was $9 million and $7 million for the three months ended June 30, 2017 and 2016 , respectively, and $26 million and $25 million for the nine months ended June 30, 2017 and 2016 , respectively. Of these amounts, $1 million and $5 million of expense related to Valvoline and was included within discontinued operations during the three and nine months ended June 30, 2017 , respectively. Stock-based compensation expense during the three months ended June 30, 2017 included cash-settled nonvested stock awards expense of $2 million and cash-settled performance units expense of $1 million . Stock-based compensation expense during the nine months ended June 30, 2017 included cash-settled nonvested stock awards expense of $4 million and cash-settled performance units expense of $3 million , while the nine months ended June 30, 2016 included $2 million of expense for cash-settled nonvested stock awards. Conversion of Equity Awards Outstanding from Valvoline Distribution On May 12, 2017, the date of the final distribution of Valvoline common stock, certain of Ashland's outstanding equity awards held by Valvoline Inc. employees were converted to equivalent equity awards, as applicable, with respect to Valvoline Inc.’s common stock. These modified awards otherwise retained substantially the same terms and conditions, including term and vesting provisions, as the existing Ashland equity awards had at the time of conversion. Ashland transferred all Valvoline awards and will not incur any future compensation cost related to the conversion of Ashland equity awards held by Valvoline Inc. employees and directors in connection with the final Valvoline Inc. distribution. Additionally, in connection with this transaction, Ashland proportionately adjusted the number and exercise prices of SARS, nonvested stock awards and performance awards granted to Ashland employees and directors that were outstanding at the time of this transaction to maintain the approximate aggregate intrinsic value of such awards. To calculate the exchange ratio for all outstanding stock based compensation awards, Ashland utilized a 10-day volume weighted average stock price (VWAP), using the 10 consecutive trading days following the distribution. The ratio used to adjust these awards differs slightly from the exchange ratio that would have resulted had the ratio been calculated based on Ashland's stock price immediately following the transaction. On the date of the final distribution and in accordance with U.S. GAAP, Ashland reassessed all outstanding equity awards to determine if additional compensation expense had been incurred due to the transaction causing a modification to the outstanding equity awards. The additional stock compensation expense as a result of this modification and assessment performed during the current quarter for all outstanding equity awards was not significant. SARs SARs are granted to employees or directors at a price equal to the fair market value of the stock on the date of grant and typically become exercisable over periods of one to three years. Unexercised SARs lapse ten years and one month after the date of grant. No SARs were granted for the three months ended June 30, 2017 and 2016 . SARs granted for the nine months ended June 30, 2017 and 2016 were 0.4 million . As of June 30, 2017 , there was $7 million of total unrecognized compensation costs related to SARs. That cost is expected to be recognized over a weighted-average period of 1.9 years. Ashland estimates the fair value of SARs granted using the Black-Scholes option-pricing model . This model requires several assumptions, which Ashland has developed and updates based on historical trends and current market observations. The accuracy of these assumptions is critical to the estimate of fair value for these equity instruments. Nonvested stock awards Nonvested stock awards are granted to employees or directors at a price equal to the fair market value of the stock on the date of grant and generally vest over a one -to- five -year period. However, such shares or units are subject to forfeiture upon termination of service before the vesting period ends. During 2016 and 2017, these awards were primarily granted as stock units that will convert to shares upon vesting, while the grants in prior years were generally made in shares. Only nonvested stock awards granted in the form of shares entitle employees or directors to vote the shares. Dividends on nonvested stock awards granted are in the form of additional units or shares of nonvested stock awards, which are subject to vesting and forfeiture provisions. Executive performance incentive and retention program During 2016, certain executives were granted 0.3 million performance-based restricted shares of Ashland in order to provide an incentive to remain employed in the period after the full separation. At June 30, 2017 , total nonvested shares outstanding, assuming vesting at the 100% performance level, are 0.4 million shares, which includes forfeitures and the cumulative value of forfeitable dividends. The expense associated with these awards was contingent upon the completion of the full separation of Valvoline which occurred May 12, 2017, as discussed further in Note B. At this date, expense recognition was started and resulted in $1 million of expense for the current quarter. As of June 30, 2017 , there was $11 million of total unrecognized compensation costs related to these awards. Cash-settled nonvested stock awards Certain nonvested stock awards are granted to employees and are settled in cash upon vesting. The value of these cash-settled nonvested stock awards changes in connection with changes in the fair market value of the Ashland Common Stock. These awards generally vest over a period of three years. The expense recognized related to cash-settled nonvested stock awards was $2 million and $4 million during the three and nine months ended June 30, 2017 , respectively, and zero and $2 million during the three and nine months ended June 30, 2016 , respectively. Summary Total nonvested stock awards granted were zero and 7,000 for the three months ended June 30, 2017 and 2016 , respectively, and 83,690 and 99,850 for the nine months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , there was $17 million of total unrecognized compensation costs related to nonvested stock awards. That cost is expected to be recognized over a weighted-average period of 1.8 years. Performance awards Ashland sponsors a long-term incentive plan that awards performance shares/units to certain key employees that are primarily tied to Ashland’s overall financial performance relative to internal targets. Additionally, certain outstanding performance awards are tied to Ashland's overall financial performance relative to the financial performance of selected industry peer groups. Awards are granted annually, with each award covering a three -year vesting period. For awards granted in prior years, each performance share/unit is convertible to one share of Ashland Common Stock. These plans are recorded as a component of stockholders’ equity in the Condensed Consolidated Balance Sheets. Performance measures used to determine the actual number of performance shares issuable upon vesting include an equal weighting of Ashland’s total shareholder return (TSR) performance and Ashland’s return on investment (ROI) performance as compared to the internal targets. TSR relative to peers is considered a market condition while ROI is considered a performance condition under applicable U.S. GAAP. For awards granted in the current year, upon vesting, each performance unit will be settled in cash based on the fair market value of Ashland or Valvoline common stock. For these awards, dependent upon whether the participant is an employee of Ashland or Valvoline, the performance measure used to determine the actual number of performance units issuable upon vesting is the financial performance of Ashland or Valvoline compared to award targets. The financial performance award metric is considered a performance condition under applicable U.S. GAAP. Additionally, the actual number of performance units issuable upon vesting can be potentially increased or decreased based on a TSR performance modifier relative to peers for Ashland and Valvoline. Nonvested performance shares/units do not entitle employees to vote the shares or to receive any dividends thereon. No performance shares/units were granted during the three months ended June 30, 2017 and 2016 . Performance shares/units granted for the nine months ended June 30, 2017 and 2016 were 0.1 million . As of June 30, 2017 , there was $10 million of total unrecognized compensation costs related to performance shares/units. That cost is expected to be recognized over a weighted-average period of 1.9 years.

REPORTABLE SEGMENT INFORMATION

REPORTABLE SEGMENT INFORMATION	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
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 is the primary measure 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. New Reportable Segments Subsequent to completing the distribution of Valvoline Inc. during the current quarter, Ashland's operations are now managed by the chief operating decision maker within the following three reportable segments: Specialty Ingredients, Composites and Intermediates and Solvents. As a result, the financial information for the new reportable segments (Composites and Intermediates and Solvents) has been disclosed for all periods presented. In previous periods, Composites and Intermediates and Solvents were reporting units included within the Ashland Performance Materials reportable segment. Reportable segment business descriptions Specialty Ingredients is a global leader in cellulose ethers, vinyl pyrrolidones and biofunctionals. It offers industry-leading products, technologies and resources for solving formulation and product-performance challenges. Specialty Ingredients uses natural, synthetic and semisynthetic polymers derived from cellulose ethers, vinyl pyrrolidones, acrylic polymers, polyester and polyurethane-based adhesives, and plant and seed extract. Specialty Ingredients includes two divisions, Consumer Specialties and Industrial Specialties, that offer comprehensive and innovative solutions for today’s demanding consumer and industrial applications. Key customers include: pharmaceutical companies; makers of personal care products, food and beverages; manufacturers of paint, coatings and construction materials; packaging and converting; and oilfield service companies. On May 17, 2017, Ashland completed its acquisition of the stock of Pharmachem Laboratories, Inc. (Pharmachem), a leading provider of quality ingredients to the global health and wellness industries and high-value differentiated products to fragrance and flavor houses. With 14 manufacturing facilities in the United States and Mexico, New Jersey-based Pharmachem develops, manufactures and supplies custom and branded nutritional and fragrance products. See Note C for more information. Composites is a global leader in unsaturated polyester resins, vinyl ester resins and gel coats. The Composites business manufactures and sells a broad range of general-purpose and high-performance grades of unsaturated polyester and vinyl ester resins, gelcoats and low-profile additives for the reinforced plastics industry. The products in the Composites business provide an array of functional properties including corrosion resistance, fire retardance, ultraviolet resistance, water and chemical resistance, high mechanical strength, impact and scratch resistance and high strength-to-weight ratios. Key end markets include transportation, construction, marine and infrastructure. In addition, the business manufactures and sells molten maleic anhydride for the manufacture of a variety of products such as unsaturated polyester resins, copolymers, lubricating oil additives, alkenyl succinic anhydrides, malic acid, fumaric acid and numerous derivative chemicals. Key markets include composites, personal care, dispersants and paper sizing. Intermediates and Solvents is a leading producer of 1,4 butanediol (BDO) and related derivatives, including tetrahydrofuran and 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, construction, and active pharmaceutical ingredient manufacture. Butanediol is also supplied to Ashland’s Specialty Ingredients business for use as a raw material. Unallocated and Other generally includes items such as components of pension and other postretirement benefit plan expenses (excluding service costs, which are allocated to the reportable segments), certain significant company-wide restructuring activities, including internal separation costs, and legacy costs or adjustments 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 structure and internal accounting practices. The structure and practices are specific to Ashland; therefore, the financial results of Ashland’s reportable segments are not necessarily comparable with similar information for other comparable companies. Ashland allocates all costs to its reportable segments except for certain significant company-wide restructuring activities, such as the restructuring plans, and other costs or adjustments 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 to Unallocated and other. 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. Revisions to Ashland’s methodologies that are deemed insignificant are applied on a prospective basis. The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions - unaudited) 2017 2016 2017 2016 SALES Specialty Ingredients $ 591 $ 552 $ 1,617 $ 1,557 Composites 209 174 561 508 Intermediates and Solvents 70 64 202 200 $ 870 $ 790 $ 2,380 $ 2,265 OPERATING INCOME (LOSS) Specialty Ingredients $ 58 $ 66 $ 172 $ 169 Composites 22 17 50 55 Intermediates and Solvents 2 (1 ) (8 ) 5 Unallocated and other (45 ) (25 ) (106 ) (85 ) $ 37 $ 57 $ 108 $ 144

SIGNIFICANT ACCOUNTING POLICI23

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation On September 20, 2016, Ashland was reincorporated under the laws of the State of Delaware through a tax-free reorganization under a new holding company structure (the 2016 Reorganization). As a result of the Reorganization, Ashland Global Holdings Inc. replaced Ashland Inc. as the publicly held corporation and, through its subsidiaries, now conducts all of the operations that historically were conducted by Ashland Inc. The Condensed Consolidated Financial Statements include the accounts of Ashland Global Holdings Inc. and its majority owned subsidiaries and, when applicable, entities for which Ashland has a controlling financial interest or is the primary beneficiary (Ashland). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission (SEC) regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. These statements omit certain information and footnote disclosures required for complete annual financial statements and, therefore, should be read in conjunction with Ashland’s Annual Report on Form 10-K for the fiscal year ended September 30, 2016 . Results of operations for the period ended June 30, 2017 are not necessarily indicative of the expected results for the remaining quarter in the fiscal year. On May 12, 2017, Ashland completed the distribution of its remaining 170 million shares of common stock of Valvoline Inc. which represented approximately 83% of the total outstanding shares of Valvoline Inc.'s common stock. This distribution of Valvoline represented a strategic shift in Ashland's business and qualified as a discontinued operation. Accordingly, Valvoline's assets, liabilities, operating results and cash flows for all periods presented have been classified as discontinued operations within the Condensed Consolidated Financial Statements. See Note B for additional information on the separation of Valvoline Inc. The term Valvoline as used herein, depending on context, refers to either Valvoline Inc. or Valvoline as a previous reportable segment of Ashland. Subsequent to completing the distribution of Valvoline Inc. during the current quarter, Ashland's operations are now managed within the following three reportable segments: Specialty Ingredients, Composites and Intermediates and Solvents. In previous periods, Composites and Intermediates and Solvents were reporting units included within the Ashland Performance Materials reportable segment.
Use of Estimates, Risk and Uncertainties	Use of estimates, risks and uncertainties The preparation of Ashland’s Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill and other intangible assets), employee benefit obligations, income taxes and liabilities and receivables associated with asbestos litigation and environmental remediation. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions. Ashland’s results are affected by domestic and international economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of certain key raw materials, can have a significant effect on operations. While Ashland maintains reserves for anticipated liabilities and carries various levels of insurance, Ashland could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings relating to asbestos, environmental remediation or other matters.
New Accounting Standards	New accounting standards 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, 2016 . The following standards relevant to Ashland were either issued or adopted in the current period, or will become effective in a subsequent period. In May 2014, the FASB issued accounting guidance outlining a single comprehensive five step model for entities to use in accounting for revenue arising from contracts with customers (ASC 606 Revenue from Contracts with Customers). The new guidance supersedes most current revenue recognition guidance, in an effort to converge the revenue recognition principles within U.S. GAAP. This new guidance also requires entities to disclose certain quantitative and qualitative information regarding the nature, amount, timing and uncertainty of qualifying revenue and cash flows arising from contracts with customers. Entities have the option of using a full retrospective or a modified retrospective approach to adopt the new guidance. Ashland has identified an implementation team that is currently evaluating the impact of the new standard on the Condensed Consolidated Financial Statements and the adoption method options available as well as the overall impact the new guidance will have on the organization. This guidance becomes effective for Ashland on October 1, 2018 and Ashland currently plans to adopt the standard at that time. In March 2017, the FASB issued accounting guidance that will change how employers who sponsor defined benefit pension and/or postretirement benefit plans present the net periodic benefit cost in the Statement of Consolidated Comprehensive Income. This guidance requires employers to present the service cost component of net periodic benefit cost in the same caption within the Statement of Consolidated Comprehensive Income as other employee compensation costs from services rendered during the period. All other components of the net periodic benefit cost will be presented separately outside of the operating income caption. This guidance must be applied retrospectively and will become effective for Ashland on October 1, 2018, with early adoption being optional. Ashland currently intends to early adopt this guidance on October 1, 2017 and will revise the presentation of the net periodic benefit cost in previous periods to conform to the current period presentation. Ashland does not expect this guidance to have a significant impact on the presentation of Ashland’s Statements of Consolidated Comprehensive Income. In January 2017, the FASB issued accounting guidance which simplifies the subsequent measurement of goodwill by eliminating the second step of the two-step impairment test under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. The guidance instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance must be applied prospectively and will become effective for Ashland on October 1, 2020. Ashland is currently evaluating the impact this guidance may have on Ashland's Condensed Consolidated Financial Statements. In April 2015, the FASB issued accounting guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Cloud computing arrangements represent the delivery of hosted services over the internet which includes software, platforms, infrastructure and other hosting arrangements. Under the guidance, customers that gain access to software in a cloud computing arrangement account for the software as internal-use software only if the arrangement includes a software license. This guidance became effective prospectively for Ashland on October 1, 2016.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments Policy	As required by U.S. GAAP, Ashland uses applicable guidance for defining fair value, the initial recording and periodic remeasurement of certain assets and liabilities measured at fair value and related disclosures for instruments measured at fair value. Fair value accounting guidance establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows. Level 1 – Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect Ashland’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include Ashland’s own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant management judgment. For assets that are measured using quoted prices in active markets (Level 1), the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs (Level 2) are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. For all other assets and liabilities for which unobservable inputs are used (Level 3), fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models that Ashland deems reasonable.
Marketable Securities, Available-for-sale Securities, Policy	During 2015, Ashland diversified the restricted investments received from the January 2015 asbestos insurance settlement into primarily equity and corporate bond mutual funds that are designated as available-for-sale securities, classified as Level 1 measurements within the fair value hierarchy. Available-for-sale securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in the stockholders' equity section of the Condensed Consolidated Balance Sheets as a component of accumulated other comprehensive income (AOCI). Investment income and realized gains and losses on the available-for-sale securities are reported in the net interest and other financing expense caption in the Statements of Consolidated Comprehensive Income.
Marketable Securities, Trading Securities, Policy	Gains and losses related to deferred compensation investments are immediately recognized within the Statements of Consolidated Comprehensive Income.
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges, Policy	Ashland conducts business in a variety of foreign currencies. Accordingly, Ashland regularly uses foreign currency derivative instruments to manage exposure on certain transactions denominated in foreign currencies to curtail potential earnings volatility effects of certain assets and liabilities, including short-term 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.
Derivatives, Methods of Accounting, Hedging Derivatives, Policy	Since 2014, Ashland has entered into foreign currency contracts in order to manage the foreign currency exposure of the net investment in certain foreign operations. These foreign currency contracts were primarily the result of certain proceeds from the sale of Water Technologies being received in non-U.S. denominated currencies during 2014 and ongoing management of the volatility in foreign currency exchange rates. Ashland designated the foreign currency contracts as hedges of net investments in its foreign subsidiaries. As a result, Ashland records these hedges at fair value using forward rates, with the effective portion of the gain or loss reported as a component of the cumulative translation adjustment within AOCI and subsequently recognized in the Statements of Consolidated Comprehensive Income when the hedged item affects net income . During 2017 and 2016, these foreign currency contracts were settled and for certain hedges Ashland entered into new foreign currency contracts designated as hedges of net investments in foreign subsidiaries. These settlements resulted in net gains and losses recorded within the cumulative translation adjustment within AOCI, including a net gain of $1 million and a net loss of $1 million for the three months ended June 30, 2017 and 2016 , respectively, and net gains of $2 million and $6 million for the nine months June 30, 2017 and 2016 , respectively. As of June 30, 2017 and September 30, 2016 , the total notional value of foreign currency contracts equaled $49 million and $94 million , respectively. The fair value of Ashland's net investment hedge assets and liabilities are calculated using forward rates. Accordingly, these instruments are deemed to be Level 2 measurements within the fair value hierarchy. Counterparties to these net investment hedges are highly rated financial institutions which Ashland believes carry only a nominal risk of nonperformance.

INVENTORIES (Policies)

INVENTORIES (Policies)	9 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory Policy	Inventories are carried at the lower of cost or market. Inventories are primarily stated at cost using the weighted-average cost method. In addition, certain chemicals, and plastics are valued at cost using the last-in, first-out (LIFO) method.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Policies)	9 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Goodwill, Policy	Ashland reviews goodwill and indefinite-lived intangible assets for impairment annually or when events and circumstances indicate an impairment may have occurred. This annual assessment is performed as of July 1 and consists of Ashland determining each reporting unit’s current fair value compared to its current carrying value. For its July 1, 2016 assessment, Ashland determined that its reporting units for the allocation of goodwill include the Specialty Ingredients reportable segment, the Composites and Intermediates and Solvents reporting units within the Performance Materials reportable segment, and the Core North America, Quick Lubes and International reporting units within the Valvoline reportable segment. Subsequent to completing the distribution of Valvoline during the current quarter, Ashland performed an assessment that changed its reportable segments to Specialty Ingredients, Composites and Intermediates and Solvents. In addition, Ashland determined that the reportable segments would also be designated as reporting units. Based on the results of its goodwill impairment testing as of July 1, 2016, Ashland recorded a pre-tax goodwill impairment charge of $171 million for Intermediates and Solvents during the fourth quarter of 2016.
Finite-Lived Intangible Asset Policy	Intangible assets principally consist of trademarks and trade names, intellectual property and customer relationships. Intangible assets classified as finite are amortized on a straight-line basis over their estimated useful lives. The cost of trademarks and trade names is amortized principally over 3 to 25 years, intellectual property over 5 to 25 years, and customer and supplier relationships over 3 to 24 years.
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy	Ashland annually reviews indefinite-lived intangible assets for possible impairment or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

LITIGATION, CLAIMS AND CONTIN27

LITIGATION, CLAIMS AND CONTINGENCIES (Policies)	9 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Policy	Ashland and Hercules have liabilities from claims alleging personal injury caused by exposure to asbestos. To assist in developing and annually updating independent reserve estimates for future asbestos claims and related costs given various assumptions, Ashland retained Hamilton, Rabinovitz & Associates, Inc. (HR&A). The methodology used by HR&A to project future asbestos costs is based largely on recent experience, including claim-filing and settlement rates, disease mix, enacted legislation, open claims and litigation defense. The claim experience of Ashland and Hercules are separately compared to the results of previously conducted third party epidemiological studies estimating the number of people likely to develop asbestos-related diseases. Those studies were undertaken in connection with national analyses of the population expected to have been exposed to asbestos. Using that information, HR&A 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.
Environmental Cost Policy	The total reserves for environmental remediation reflect Ashland’s estimates of the most likely costs that will be incurred over an extended period to remediate identified conditions for which the costs are reasonably estimable, without regard to any third-party recoveries. Engineering studies, probability techniques, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation. Ashland continues to discount certain environmental sites and regularly adjusts its reserves as environmental remediation continues. Ashland has estimated the value of its probable insurance recoveries associated with its environmental reserve based on management’s interpretations and estimates surrounding the available or applicable insurance coverage.

EARNINGS PER SHARE (Policies)

EARNINGS PER SHARE (Policies)	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share Policy	The following is the computation of basic and diluted earnings per share (EPS) from continuing operations attributable to Ashland. Stock appreciation rights (SARs), stock options and warrants available to purchase shares outstanding for each reporting period whose grant price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 1.4 million and 1.2 million at June 30, 2017 and 2016 , respectively. Earnings per share is reported under the treasury stock method.

STOCK INCENTIVE PLANS (Policies

STOCK INCENTIVE PLANS (Policies)	9 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plan Policy	Ashland has stock incentive plans under which key employees or directors are granted stock-settled SARs, performance share awards or nonvested stock awards. Each program is typically a long-term incentive plan designed to link employee compensation with increased shareholder value or reward superior performance and encourage continued employment with Ashland. Ashland recognizes compensation expense for the grant date fair value of stock-based awards over the applicable vesting period within the selling, general and administrative expense caption of the Statements of Consolidated Comprehensive Income.

REPORTABLE SEGMENT INFORMATION

REPORTABLE SEGMENT INFORMATION (Policies)	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting, Policy [Policy Text Block]	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 is the primary measure 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.

VALVOLINE Valvoline (Tables)

VALVOLINE Valvoline (Tables)	7 Months Ended
	May 12, 2017
Valvoline [Abstract]
Condensed Balance Sheet, Valvoline at Date of Distribution	The distribution was recorded at the carrying amount of Valvoline Inc.'s net assets which was a deficit of $187 million as of May 12, 2017, as follows: May 12 (In millions) 2017 ASSETS Current assets Cash 179 Accounts receivable, net 385 Inventories 153 Other current assets 24 Total current assets 741 Noncurrent assets Net property, plant and equipment 357 Goodwill 329 Equity and other unconsolidated investments 31 Deferred income taxes 391 Other noncurrent assets 93 Total noncurrent assets 1,201 Total assets $ 1,942 LIABILITIES AND EQUITY Current liabilities Short-term debt 75 Current portion of long-term debt 16 Trade and other payables 353 Other current liabilities 34 Total current liabilities 478 Noncurrent liabilities Long-term debt 662 Employee benefit obligations 826 Other long-term liabilities 163 Total noncurrent liabilities 1,651 Total liabilities $ 2,129 Net deficit $ (187 )

ACQUISITION AND DIVESTITURE (Ta

ACQUISITION AND DIVESTITURE (Tables)	9 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Business Combination, Separately Recognized Transactions	The following table summarizes the current preliminary values of the assets acquired and liabilities assumed at the date of acquisition. At May 17, Preliminary purchase price allocation (in millions) 2017 Assets: Accounts receivable 53 Inventory 76 Other current assets 9 Intangible assets 312 Goodwill 276 Property, plant and equipment 96 Other noncurrent assets 20 Liabilities: Accounts payable (23 ) Deferred tax - net (128 ) Other noncurrent liabilities (11 ) Total purchase price $ 680
Schedule of Finite-Lived Intangible Assets as Part of Business Combination	The following details the total intangible assets identified as of May 17, 2017. Weighted-average amortization period Intangible asset type (in millions) Value (years) Trademarks and trade names $ 26 15 Intellectual property 69 22 Customer and supplier relationships 217 20 Total $ 312
Results of Operations	The results of Pharmachem’s operations have been included in Ashland’s Consolidated Financial Statements since the May 17, 2017 closing date. The following table provides sales and results of operations from the Pharmachem acquired business lines included in Ashland’s results during the current period. Pharmachem results of operations Nine months ended (In millions) June 30, 2017 (a) Sales $ 36 Operating income 4 (a) Amounts represent the sales and results of operations for the period May 17, 2017 through June 30, 2017, the period for which Pharmchem was owned.
Business Acquisition, Pro Forma Information	The following unaudited pro forma information for the three and nine months ended June 30, 2017 and 2016 assumes the acquisition of Pharmachem occurred at the beginning of the respective periods presented. Three months ended Nine months ended Unaudited pro forma information June 30 June 30 (In millions, except per share amounts) 2017 2016 2017 2016 Sales $ 943 $ 861 $ 2,589 $ 2,485 Net income (loss) (26 ) 70 97 245

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups Including Discontinued Operations, Income Statement and Balance Sheet Additional Disclosures	Components of amounts reflected in the Statements of Consolidated Comprehensive Income related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Income (loss) from discontinued operations (net of tax) Asbestos-related litigation $ (25 ) $ (30 ) $ (25 ) $ (30 ) Water Technologies (1 ) 3 2 2 Valvoline 12 73 161 214 Gain on disposal of discontinued operations (net of tax) Water Technologies — 1 — — Total income (loss) from discontinued operations (net of tax) $ (14 ) $ 47 $ 138 $ 186 The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Income for the income from discontinued operations attributable to Valvoline for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 (a) 2016 2017 2016 Income (loss) from discontinued operations attributable to Valvoline Sales $ 234 $ 500 $ 1,237 $ 1,435 Cost of sales (148 ) (300 ) (750 ) (868 ) Selling, general and administrative expense (50 ) (84 ) (222 ) (245 ) Research and development expense (1 ) (3 ) (8 ) (9 ) Equity and other income 3 5 17 16 Operating income of discontinued operations 38 118 274 329 Net interest and other financing expense (5 ) — (22 ) — Pretax income of discontinued operations 33 118 252 329 Income tax expense (21 ) (45 ) (91 ) (115 ) Income from discontinued operations $ 12 $ 73 $ 161 $ 214 (a) Valvoline results in the current quarter reflect only 42 days of activity since the business was fully distributed on May 12, 2017. The following table presents the captions of assets and liabilities of Valvoline that are presented as discontinued operations within Ashland's Condensed Consolidated Balance Sheet as of September 30, 2016 . September 30 (In millions) 2016 Cash $ 171 Accounts receivable, net 387 Inventories 131 Other current assets 25 Current assets of discontinued operations $ 714 Net property, plant and equipment $ 324 Goodwill 264 Equity and other unconsolidated investments 26 Deferred income taxes 347 Other noncurrent assets 92 Noncurrent assets of discontinued operations $ 1,053 Current portion of long-term debt $ 19 Trade and other payables 360 Current liabilities of discontinued operations $ 379 Long-term debt $ 730 Employee benefit obligations 886 Other long-term liabilities 99 Noncurrent liabilities of discontinued operations $ 1,715 Equity Noncontrolling interest $ (182 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table summarizes financial instruments subject to recurring fair value measurements as of June 30, 2017 . (In millions) Carrying value Total fair value Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Assets Cash and cash equivalents $ 492 $ 492 $ 492 $ — $ — Restricted investments (a) 329 329 329 — — Deferred compensation investments (b) 155 155 — 155 — Investments of captive insurance company (b) 3 3 3 — — Foreign currency derivatives 14 14 — 14 — Total assets at fair value $ 993 $ 993 $ 824 $ 169 $ — Liabilities Foreign currency derivatives $ 10 $ 10 $ — $ 10 $ — (a) Included in restricted investments and $30 million within other current assets in the Condensed Consolidated Balance Sheets. (b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets. The following table summarizes financial asset instruments subject to recurring fair value measurements as of September 30, 2016 . (In millions) Carrying value Total fair value Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Assets Cash and cash equivalents $ 1,017 $ 1,017 $ 1,017 $ — $ — Restricted investments (a) 322 322 322 — — Deferred compensation investments (b) 150 150 — 150 — Investments of captive insurance company (b) 4 4 4 — — Foreign currency derivatives 3 3 — 3 — Total assets at fair value $ 1,496 $ 1,496 $ 1,343 $ 153 $ — Liabilities Foreign currency derivatives $ 5 $ 5 $ — $ 5 $ — (a) Included in restricted investments and $30 million within other current assets in the Condensed Consolidated Balance Sheets. (b) Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.
Available-for-sale Securities	The following table provides a summary of the available-for-sale securities portfolio as of June 30, 2017 and September 30, 2016 : June 30 September 30 (In millions) 2017 2016 Original cost $ 335 $ 335 Accumulated investment income, settlement funds and disbursements, net (24 ) (3 ) Adjusted cost (a) 311 332 Investment income (b) 7 8 Unrealized gain 26 11 Realized gain 2 — Settlement funds 2 4 Disbursements (19 ) (33 ) Fair value $ 329 $ 322 (a) The adjusted cost of the demand deposit includes accumulated investment income, disbursements and settlements recorded in previous periods. (b) Investment income for the demand deposit includes interest income as well as dividend income transferred from the equity and corporate bond mutual funds. The following table presents gross unrealized gains and losses for the restricted investment available-for-sale securities as of June 30, 2017 and September 30, 2016 : Gross Gross (In millions) Adjusted Cost Unrealized Gain Unrealized Loss Fair Value As of June 30, 2017 Demand Deposit $ 15 $ — $ — $ 15 Equity Mutual Fund 168 26 — 194 Corporate bond Mutual Fund 120 — — 120 Fair value $ 303 $ 26 $ — $ 329 As of September 30, 2016 Demand Deposit $ 6 $ — $ — $ 6 Equity Mutual Fund 185 8 — 193 Corporate bond Mutual Fund 120 3 — 123 Fair value $ 311 $ 11 $ — $ 322
Investment Income	The following table presents the investment income, realized gains and disbursements related to the investments within the portfolio for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Investment income $ 2 $ 2 $ 7 $ 6 Realized gains — — 2 — Disbursements (7 ) (1 ) (19 ) (24 )
Summary of gains (losses) on foreign currency derivatives	The following table summarizes the gains and losses recognized during the three and nine months ended June 30, 2017 and 2016 within the Statements of Consolidated Comprehensive Income. Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Foreign currency derivative gain (loss) $ (1 ) $ (3 ) $ 10 $ 1
Summary of fair values on foreign currency derivatives	The following table summarizes the fair values of the outstanding foreign currency derivatives as of June 30, 2017 and September 30, 2016 included in accounts receivable and accrued expenses and other liabilities of the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2017 2016 Foreign currency derivative assets $ 14 $ 3 Notional contract values 842 325 Foreign currency derivative liabilities $ 10 $ 4 Notional contract values 797 528
Fair value of the outstanding net investment hedges	The following table summarizes the fair value of the outstanding net investment hedge instruments as of June 30, 2017 and September 30, 2016 . June 30 September 30 (In millions) Consolidated balance sheet caption 2017 2016 Net investment hedge assets (a) Accounts receivable $ — $ — Net investment hedge liabilities (a) Accrued expenses and other liabilities — 1 (a) Fair value of $0 denotes a value less than $1 million.
Summary of unrealized gain (loss) on net investment hedges	The following table summarizes the change in the unrealized gain (loss) on the net investment hedge instruments recognized within the cumulative translation adjustment within AOCI during the three and nine months ended June 30, 2017 and 2016 . No portion of the gain or loss was reclassified to income during the three and nine months ended June 30, 2017 and 2016 . There was no hedge ineffectiveness with these instruments during the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Change in unrealized gain in AOCI (a) $ — $ — $ — $ — Tax impact of change in unrealized gain in AOCI (a) — (1 ) — — (a) $0 denotes a value less than $1 million.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates. June 30 September 30 (In millions) 2017 2016 Finished products $ 381 $ 377 Raw materials, supplies and work in process 251 163 LIFO reserves (1 ) (1 ) $ 631 $ 539

GOODWILL AND OTHER INTANGIBLE36

GOODWILL AND OTHER INTANGIBLES (Tables)	9 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Segment	The following is a progression of goodwill by reportable segment for the nine months ended June 30, 2017 . Specialty Intermediates (In millions) Ingredients Composites and Solvents Total Balance as of September 30, 2016 $ 1,991 $ 147 $ — $ 2,138 Acquisitions (a) 276 — — 276 Currency translation adjustment 12 — — 12 Balance as of June 30, 2017 $ 2,279 $ 147 $ — $ 2,426 (a) Relates to the acquisition of Pharmachem during the current quarter. See Note C for more information.
Intangible Assets	Intangible assets were comprised of the following as of June 30, 2017 and September 30, 2016 . June 30, 2017 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangible assets Trademarks and trade names $ 66 $ (21 ) $ 45 Intellectual property 735 (308 ) 427 Customer and supplier relationships 759 (216 ) 543 Total definite-lived intangible assets (a) 1,560 (545 ) 1,015 Indefinite-lived intangible assets Trademarks and trade names 301 — 301 Total intangible assets $ 1,861 $ (545 ) $ 1,316 (a) The gross carrying amount of the definite-lived intangible assets increased during the nine months ended June 30, 2017 primarily due to the acquisition of Pharmachem. See Note C for more information. September 30, 2016 Gross Net carrying Accumulated carrying (In millions) amount amortization amount Definite-lived intangible assets Trademarks and trade names $ 40 $ (19 ) $ 21 Intellectual property 667 (273 ) 394 Customer relationships 543 (198 ) 345 Total definite-lived intangible assets 1,250 (490 ) 760 Indefinite-lived intangible assets Trademarks and trade names 301 — 301 Total intangible assets $ 1,551 $ (490 ) $ 1,061

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Debt	The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets. June 30 September 30 (In millions) 2017 2016 4.750% notes, due 2022 1,082 1,121 Term Loan B, due 2024 600 — 6.875% notes, due 2043 376 376 Term Loan A, due 2022 250 — Term Loan A, due 2020 250 — Revolving Credit Facility 128 — Accounts receivable securitization 95 — 6.50% junior subordinated notes, due 2029 51 140 Other international loans — 20 Medium-term notes, due 2019, interest of 9.4% at June 30, 2017 5 5 Term Loan, due 2017 — 150 3.875% notes, due 2018 — 700 Other (a) (24 ) (17 ) Total debt 2,813 2,495 Short-term debt (223 ) (170 ) Current portion of long-term debt (6 ) — Long-term debt (less current portion and debt issuance cost discounts) $ 2,584 $ 2,325 (a) Other includes $26 million and $20 million of debt issuance cost discounts as of June 30, 2017 and September 30, 2016 , respectively.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jun. 30, 2017
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, 2017 . (In millions) Balance at October 1, 2016 $ 168 Increases related to positions taken on items from prior years 6 Decreases related to positions taken on items from prior years (2 ) Increases related to positions taken in the current year 12 Pharmachem acquisition 12 Lapse of the statute of limitations (3 ) Settlement of uncertain tax positions with tax authorities (1 ) Balance at June 30, 2017 $ 192

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	The following table details the components of pension and other postretirement benefit costs for both continued and discontinued operations. Other postretirement Pension benefits benefits (In millions) 2017 2016 2017 2016 Three months ended June 30 Service cost (a) $ 3 $ 7 $ — $ — Interest cost 12 27 — 1 Expected return on plan assets (19 ) (46 ) — — Amortization of prior service credit (a) — — (1 ) (3 ) $ (4 ) $ (12 ) $ (1 ) $ (2 ) Nine months ended June 30 Service cost (a) $ 8 $ 20 $ — $ 1 Interest cost 59 89 2 3 Expected return on plan assets (97 ) (141 ) — — Amortization of prior service credit (a) — (1 ) (7 ) (11 ) Curtailment gain — (71 ) — (39 ) Actuarial (gain) loss — 126 (10 ) 7 $ (30 ) $ 22 $ (15 ) $ (39 ) (a) Activity of $0 denote values less than $1 million

LITIGATION, CLAIMS AND CONTIN40

LITIGATION, CLAIMS AND CONTINGENCIES (Tables)	9 Months Ended
	Jun. 30, 2017
Loss Contingencies [Line Items]
Reconciliation of Changes in the 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, 2017 and 2016 . Nine months ended June 30 (In millions) 2017 2016 Reserve - beginning of period $ 177 $ 186 Disbursements (22 ) (32 ) Revised obligation estimates and accretion 18 32 Reserve - end of period $ 173 $ 186
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 are presented in the following table for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Environmental expense $ 11 $ 17 $ 16 $ 30 Accretion 2 1 2 2 Legal expense 1 1 6 6 Total expense 14 19 24 38 Insurance receivable (2 ) (2 ) (2 ) (3 ) Total expense, net of receivable activity (a) $ 12 $ 17 $ 22 $ 35 (a) Net expense of $1 million and $3 million for the three and nine months ended June 30, 2017 , respectively, and $1 million and $2 million for the three and nine months ended June 30, 2016 , respectively, relates to divested businesses which qualified for treatment as discontinued operations and for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income.
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) 2017 2016 2016 2015 2014 Open claims - beginning of period 57 60 60 65 65 New claims filed 2 2 2 2 2 Claims settled (1 ) — — — (1 ) Claims dismissed (3 ) (4 ) (5 ) (7 ) (1 ) Open claims - end of period 55 58 57 60 65
Progression of Activity in the 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) 2017 2016 2016 2015 2014 Asbestos reserve - beginning of period $ 415 $ 409 $ 409 $ 438 $ 463 Reserve adjustment 36 37 37 — 4 Amounts paid (27 ) (27 ) (31 ) (29 ) (29 ) Asbestos reserve - end of period $ 424 $ 419 $ 415 $ 409 $ 438
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) 2017 2016 2016 2015 2014 Insurance receivable - beginning of period $ 151 $ 150 $ 150 $ 402 $ 408 Receivable adjustment 15 16 16 (3 ) 22 Insurance settlement (5 ) (4 ) (4 ) (227 ) — Amounts collected (5 ) (10 ) (11 ) (22 ) (28 ) Insurance receivable - end of period $ 156 $ 152 $ 151 $ 150 $ 402
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) 2017 2016 2016 2015 2014 Open claims - beginning of period 15 20 20 21 21 New claims filed 1 1 1 1 1 Claims dismissed (4 ) (5 ) (6 ) (2 ) (1 ) Open claims - end of period 12 16 15 20 21
Progression of Activity in the 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) 2017 2016 2016 2015 2014 Asbestos reserve - beginning of period $ 321 $ 311 $ 311 $ 329 $ 342 Reserve adjustment 16 25 25 4 10 Amounts paid (9 ) (10 ) (15 ) (22 ) (23 ) Asbestos reserve - end of period $ 328 $ 326 $ 321 $ 311 $ 329
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) 2017 2016 2016 2015 2014 Insurance receivable - beginning of period $ 63 $ 56 $ 56 $ 77 $ 75 Receivable adjustment 5 7 7 1 3 Insurance settlement — — — (22 ) — Amounts collected — — — — (1 ) Insurance receivable - end of period $ 68 $ 63 $ 63 $ 56 $ 77

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2017
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 grant price was greater than the average market price of Ashland Common Stock for each applicable period were not included in the computation of income from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 1.4 million and 1.2 million at June 30, 2017 and 2016 , respectively. Earnings per share is reported under the treasury stock method. Three months ended Nine months ended June 30 June 30 (In millions except per share data) 2017 2016 2017 2016 Numerator Numerator for basic and diluted EPS – Income (loss) from continuing operations $ (16 ) $ 24 $ (53 ) $ 61 Denominator Denominator for basic EPS – Weighted-average common shares outstanding 62 62 62 63 Share-based awards convertible to common shares (a) — 1 — 1 Denominator for diluted EPS – Adjusted weighted- average shares and assumed conversions 62 63 62 64 EPS from continuing operations attributable to Ashland Basic $ (0.26 ) $ 0.39 $ (0.85 ) $ 0.97 Diluted (0.26 ) 0.38 (0.85 ) 0.95 (a) As a result of the loss from continuing operations attributable to Ashland during the three and nine months ended June 30, 2017 , the effect of the share-based awards convertible to common shares would be antidilutive. As such, they have been excluded from the diluted EPS calculation.

EQUITY ITEMS (Tables)

EQUITY ITEMS (Tables)	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Comprehensive Income (Loss) [Table Text Block]	Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income are presented below, before tax and net of tax effects. 2017 2016 Tax Tax Before (expense) Net of Before (expense) Net of (In millions) tax benefit tax tax benefit tax Three months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 107 $ (2 ) $ 105 $ (45 ) $ (1 ) $ (46 ) Pension and postretirement obligation adjustment: Amortization of unrecognized prior service credits included in net income (a) (1 ) 1 — (3 ) 3 — Net change in available-for-sale securities: Unrealized gain during period 6 (2 ) 4 7 (3 ) 4 Total other comprehensive income (loss) $ 112 $ (3 ) $ 109 $ (41 ) $ (1 ) $ (42 ) Nine months ended June 30 Other comprehensive income (loss) Unrealized translation gain (loss) $ 15 $ 4 $ 19 $ (27 ) $ 1 $ (26 ) Pension and postretirement obligation adjustment: Adjustment of unrecognized prior service credit — — — 86 (31 ) 55 Amortization of unrecognized prior service credits included in net income (a) (7 ) 3 (4 ) (52 ) 18 (34 ) Net change in available-for-sale securities: Unrealized gain during period 15 (4 ) 11 21 (8 ) 13 Reclassification adjustment for gains included in net income (2 ) 1 (1 ) — — — Total other comprehensive income $ 21 $ 4 $ 25 $ 28 $ (20 ) $ 8 (a) Amortization of unrecognized prior service credits are included in the calculation of net periodic benefit costs (income) for pension and other postretirement plans. For specific financial statement captions impacted by the amortization see the table below.
Income Statement Location of Prior Service Credits Recognized in Accumulated Other Comprehensive Income [Table Text Block]	The captions on the Statements of Consolidated Comprehensive Income impacted by the amortization of unrecognized prior service credits for pension and other postretirement plans are disclosed within. During the nine months ended June 30, 2016 , the amortization of unrecognized prior service credits included the impact of the pension and other postretirement plan remeasurements of $40 million . See Note J for more information. Three months ended Nine months ended June 30 June 30 (In millions) 2017 2016 2017 2016 Cost of sales $ — $ (1 ) $ — $ (18 ) Selling, general and administrative expense — (1 ) — (26 ) Discontinued operations (1 ) (1 ) (7 ) (8 ) Total amortization of unrecognized prior service credits $ (1 ) $ (3 ) $ (7 ) $ (52 )

REPORTABLE SEGMENT INFORMATIO43

REPORTABLE SEGMENT INFORMATION (Tables)	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Reportable Segment Information	The following table presents various financial information for each reportable segment for the three and nine months ended June 30, 2017 and 2016 . Three months ended Nine months ended June 30 June 30 (In millions - unaudited) 2017 2016 2017 2016 SALES Specialty Ingredients $ 591 $ 552 $ 1,617 $ 1,557 Composites 209 174 561 508 Intermediates and Solvents 70 64 202 200 $ 870 $ 790 $ 2,380 $ 2,265 OPERATING INCOME (LOSS) Specialty Ingredients $ 58 $ 66 $ 172 $ 169 Composites 22 17 50 55 Intermediates and Solvents 2 (1 ) (8 ) 5 Unallocated and other (45 ) (25 ) (106 ) (85 ) $ 37 $ 57 $ 108 $ 144

SIGNIFICANT ACCOUNTING POLICI44

SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Millions	7 Months Ended	9 Months Ended
	May 12, 2017shares	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Valvoline Shares Owned by Ashland	170
Sale of Stock, Percentage of Ownership after Transaction	83.00%
Number of reportable segments		3

VALVOLINE (Details)

VALVOLINE (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		7 Months Ended	9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	May 12, 2017	Jun. 30, 2017	Jun. 30, 2016	May 17, 2017	Sep. 30, 2016
Distribution of Valvoline [Line Items]
Valvoline Shares Owned by Ashland				170
Sale of Stock, Percentage of Ownership after Transaction				83.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners								17.00%
Stockholders' Equity Note, Stock Split, Conversion Ratio				2.745338
Cash		$ 492			$ 492			$ 1,017
Accounts receivable, net	[1]	643			643			529
Inventories		631			631			539
Other current assets		73			73			89
Total current assets		1,839			1,839			2,888
Net property, plant and equipment		1,937			1,937			1,900
Goodwill		2,426			2,426		$ 276	2,138
Equity and other unconsolidated investments		32			32			31
Deferred income taxes		35			35			35
Other noncurrent assets		411			411			406
Total noncurrent assets		6,667			6,667			7,112
Total assets		8,506			8,506			10,000
Short-term debt		223			223			170
Current portion of long-term debt		6			6			0
Trade and other payables		392			392			376
Other current liabilities		274			274			313
Total current liabilities		895			895			1,238
Long-term debt		2,584			2,584			2,325
Employee benefit obligations		191			191			195
Other long-term liabilities		361			361			361
Total noncurrent liabilities		4,212			4,212			5,597
Stranded divestitures costs			$ 6			$ 17
Transition service fees, income		1			10
Transition service fees, expense		1			4
Selling, General and Administrative Expenses [Member]
Distribution of Valvoline [Line Items]
Separation costs		$ 28	$ 28		82	$ 46
Discontinued Operations [Member]
Distribution of Valvoline [Line Items]
Separation costs					$ 13
Valvoline [Member]
Distribution of Valvoline [Line Items]
Cash				$ 179
Accounts receivable, net				385
Inventories				153
Other current assets				24
Total current assets				741
Net property, plant and equipment				357
Goodwill				329
Equity and other unconsolidated investments				31				26
Deferred income taxes				391				347
Other noncurrent assets				93
Total noncurrent assets				1,201
Total assets				1,942
Short-term debt				75
Current portion of long-term debt				16				19
Trade and other payables				353
Other current liabilities				34
Total current liabilities				478
Long-term debt				662				730
Employee benefit obligations				826				$ 886
Other long-term liabilities				163
Total noncurrent liabilities				1,651
Total liabilities				2,129
Net deficit				$ (187)
[1]	Accounts receivable includes an allowance for doubtful accounts of $8 million and $10 million at June 30, 2017 and September 30, 2016, respectively.

ACQUISITION AND DIVESTITURE (De

ACQUISITION AND DIVESTITURE (Details) $ in Millions		May 17, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period							$ 300
Number of manufacturing facilities		14
Business acquisiton, purchase price		$ 680
Working capital adjustments		20
Business Acquisition, Transaction Costs			$ 5		$ 5
Accounts receivable		53
Inventory		76
Other current assets		9
Intangible assets		312
Goodwill		276	2,426		2,426		2,138
Property, plant and equipment		96
Other noncurrent assets		20
Accounts payable		(23)
Deferred tax - net		(128)
Other noncurrent liabilities		(11)
Operating income			37	$ 57	108	$ 144
Business Acquisition, Pro Forma Revenue			943	861	2,589	2,485
Business Acquisition, Pro Forma Net Income (Loss)			(26)	70	97	245
Gain (Loss) on Disposal			(6)	3	(7)	3
Restructuring Charges			2
Restructuring and Related Cost, Accelerated Depreciation			11
Specialty Ingredients [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill			2,279		2,279		1,991
Operating income			58	$ 66	172	$ 169
Specialty Ingredients [Member] | Specialty Ingredients Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposal			$ (4)				$ (12)
Intellectual Property [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Finite-lived Intangible Assets Acquired		$ 69
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		22 years
Trademarks and Trade Names [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Finite-lived Intangible Assets Acquired		$ 26
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		15 years
Customer and supplier relationships [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Finite-lived Intangible Assets Acquired		$ 217
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		20 years
Pharmachem [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	[1]				36
Operating income	[1]				$ 4
[1]	Amounts represent the sales and results of operations for the period May 17, 2017 through June 30, 2017, the period for which Pharmchem was owned.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended			7 Months Ended	9 Months Ended
	Jun. 30, 2017		Jun. 30, 2016	May 12, 2017	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Discontinued Operations [Line Items]
Valvoline Shares Owned by Ashland				170
Income (loss) from discontinued operations (net of tax)	$ (14)		$ 47		$ 138	$ 186
Research and development expense	20		22		61	66
Income tax expense	(4)		(4)		(49)	(39)
Current assets of discontinued operations	0				0		$ 714
Equity and other unconsolidated investments	32				32		31
Deferred income taxes	35				35		35
Noncurrent assets of discontinued operations	0				0		1,053
Current portion of long-term debt	6				6		0
Current liabilities of discontinued operations	0				0		379
Long-term debt	2,584				2,584		2,325
Employee benefit obligations	191				191		195
Noncurrent liabilities of discontinued operations	0				0		1,715
Noncontrolling interest	0				0		(182)
Asbestos [Member]
Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(25)		(30)		(25)	(30)
Water Technologies [Member]
Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	(1)		3		2	2
Gain on disposal of discontinued operations (net of tax)	0		1		0	0
Valvoline [Member]
Discontinued Operations [Line Items]
Income (loss) from discontinued operations (net of tax)	12	[1]	73		161	214
Sales	234	[1]	500		1,237	1,435
Cost of sales	(148)	[1]	(300)		(750)	(868)
Selling, general and administrative expense	(50)	[1]	(84)		(222)	(245)
Research and development expense	(1)	[1]	(3)		(8)	(9)
Equity and other income	3	[1]	5		17	16
Operating income of discontinued operations	38	[1]	118		274	329
Net interest and other financing expense	(5)	[1]	0		(22)	0
Pretax income of discontinued operations	33	[1]	118		252	329
Income tax expense	$ (21)	[1]	$ (45)		$ (91)	$ (115)
Cash							171
Accounts receivable, net							387
Inventories							131
Other current assets							25
Current assets of discontinued operations							714
Net property, plant and equipment							324
Goodwill							264
Equity and other unconsolidated investments				$ 31			26
Deferred income taxes				391			347
Other noncurrent assets							92
Noncurrent assets of discontinued operations							1,053
Current portion of long-term debt				16			19
Trade and other payables							360
Current liabilities of discontinued operations							379
Long-term debt				662			730
Employee benefit obligations				$ 826			886
Other long-term liabilities							99
Noncurrent liabilities of discontinued operations							$ 1,715
[1]	Valvoline results in the current quarter reflect only 42 days of activity since the business was fully distributed on May 12, 2017.

FAIR VALUE MEASUREMENTS (Recurr

FAIR VALUE MEASUREMENTS (Recurring Basis) (Details) - USD ($) $ in Millions		Jun. 30, 2017	Sep. 30, 2016
ASSETS
Restricted Investments, Current		$ 30	$ 30
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member]
ASSETS
Cash and cash equivalents		492	1,017
Restricted investments	[1]	329	322
Deferred compensation investments	[2]	155	150
Investments of captive insurance company	[2]	3	4
Foreign currency derivatives		14	3
Total assets at fair value		993	1,496
LIABILITIES
Foreign currency derivatives		10	5
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
ASSETS
Cash and cash equivalents		492	1,017
Restricted investments	[1]	329	322
Deferred compensation investments	[2]	155	150
Investments of captive insurance company	[2]	3	4
Foreign currency derivatives		14	3
Total assets at fair value		993	1,496
LIABILITIES
Foreign currency derivatives		10	5
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
ASSETS
Cash and cash equivalents		492	1,017
Restricted investments	[1]	329	322
Deferred compensation investments	[2]	0	0
Investments of captive insurance company	[2]	3	4
Foreign currency derivatives		0	0
Total assets at fair value		824	1,343
LIABILITIES
Foreign currency derivatives		0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
ASSETS
Cash and cash equivalents		0	0
Restricted investments	[1]	0	0
Deferred compensation investments	[2]	155	150
Investments of captive insurance company	[2]	0	0
Foreign currency derivatives		14	3
Total assets at fair value		169	153
LIABILITIES
Foreign currency derivatives		10	5
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
ASSETS
Cash and cash equivalents		0	0
Restricted investments	[1]	0	0
Deferred compensation investments	[2]	0	0
Investments of captive insurance company	[2]	0	0
Foreign currency derivatives		0	0
Total assets at fair value		0	0
LIABILITIES
Foreign currency derivatives		$ 0	$ 0
[1]	Included in restricted investments and $30 million within other current assets in the Condensed Consolidated Balance Sheets.
[2]	Included in other noncurrent assets in the Condensed Consolidated Balance Sheets.

FAIR VALUE MEASUREMENTS (Availa

FAIR VALUE MEASUREMENTS (Available-for-sale Securities) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended			12 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016	Sep. 30, 2016		Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Litigation Settlement, Amount									$ 398
Increase (Decrease) in Restricted Cash									$ 335
Restricted Investments, Current		$ 30		$ 30			$ 30
Original cost		335		335			335
Accumulated investment income, settlement funds and disbursements, net		(24)		(24)			(3)
Adjusted cost	[1]	311		311			332
Investment income		2	$ 2	7	[2]	$ 6	8	[2]
Unrealized gain		26		26			11
Realized gains		0	0	2		0	0
Settlement funds				2			4
Disbursements		(7)	(1)	(19)		(24)	(33)
Total, fair value		329		329			322
Equity Mutual Fund		0		0			0
Corporate bond mutual fund, unrealized loss							0
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities		0	$ 0	0		$ 0
Demand Deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Demand Deposit		15		15			6
Equity mutual fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost		168		168			185
Equity Mutual Fund		26		26			8
Equity mutual fund, Fair value		194		194			193
Corporate bond mutual fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost		120		120			120
Unrealized gain		0		0
Corporate bond mutual fund, unrealized loss		0		0
Corporate bond mutual fund, unrealized gain							3
Corporate bond mutual fund, Fair value		120		120			123
Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted cost		303		303			311
Unrealized gain		26		26			11
Unrealized loss		0		0			0
Total, fair value		$ 329		$ 329			$ 322
[1]	The adjusted cost of the demand deposit includes accumulated investment income, disbursements and settlements recorded in previous periods.
[2]	Investment income for the demand deposit includes interest income as well as dividend income transferred from the equity and corporate bond mutual funds.

FAIR VALUE MEASUREMENTS (Curren

FAIR VALUE MEASUREMENTS (Currency Hedges) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016		Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities		$ 0		$ 0	$ 0		$ 0
Settlement net gains (losses)		107		(45)	15		(27)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative gain (loss)		(1)		(3)	10		1
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative assets		14			14				$ 3
Notional amounts, foreign currency derivatives		842			842				325
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liabilities		10			10				4
Notional amounts, foreign currency derivatives		797			797				528
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amounts, foreign currency derivatives		49			49				94
Settlement net gains (losses)		1		(1)	2		6
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax		0		0	0		0
Loss on Fair Value Hedge Ineffectiveness		0		0	0		0
Change in unrealized gain in AOCI	[1]	0		0	0		0
Tax impact of change in unrealized loss in AOCI		0	[1]	$ (1)	0	[1]	$ 0	[1]
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accounts Receivable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative assets	[1]	0			0				0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Expenses and Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liabilities		$ 0	[1]		$ 0	[1]			$ 1
[1]	Fair value of $0 denotes a value less than $1 million.

FAIR VALUE MEASUREMENTS (Other

FAIR VALUE MEASUREMENTS (Other Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2016
Other financial instruments [Abstract]
Long-term Debt, Carrying Value	$ 2,616	$ 2,345
Long-term Debt, Fair Value	$ 2,750	$ 2,558

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2016
Inventory Disclosure [Abstract]
Finished products	$ 381	$ 377
Raw materials, supplies and work in process	251	163
LIFO reserve	(1)	(1)
Inventory, Net	$ 631	$ 539

GOODWILL AND OTHER INTANGIBLE53

GOODWILL AND OTHER INTANGIBLES (Goodwill) (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Jun. 30, 2017	Sep. 30, 2016
Goodwill [Line Items]
Goodwill impairment			$ 171
Goodwill [Roll Forward]
Balance at beginning of period		$ 2,138
Acquisitions		276
Currency translation adjustment		12
Balance at end of period		2,426	2,138
Specialty Ingredients [Member]
Goodwill [Roll Forward]
Balance at beginning of period		1,991
Acquisitions	[1]	276
Currency translation adjustment		12
Balance at end of period		2,279	1,991
Composites [Member]
Goodwill [Roll Forward]
Balance at beginning of period		147
Acquisitions		0
Currency translation adjustment		0
Balance at end of period		147	147
Intermediates and Solvents [Member]
Goodwill [Roll Forward]
Balance at beginning of period		0
Acquisitions		0
Currency translation adjustment		0
Balance at end of period		$ 0	$ 0
[1]	Relates to the acquisition of Pharmachem during the current quarter. See Note C for more information

GOODWILL AND OTHER INTANGIBLE54

GOODWILL AND OTHER INTANGIBLES (Other Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016	Sep. 30, 2016
Intangible Assets, Net [Abstract]
Intangible Assets, Gross (Excluding Goodwill)	$ 1,861			$ 1,861			$ 1,551
Intangibles	1,316			1,316			1,061
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	1,560	[1]		1,560	[1]		1,250
Accumulated amortization	(545)			(545)			(490)
Net carrying amount	1,015			1,015			760
Amortization expense recognized on intangible assets	20		$ 19	58		$ 57
Expected future amortization expense [Abstract]
2017 (includes nine months actual and three months estimated)	81			81
2,018	91			91
2,019	87			87
2,020	86			86
2,021	86			86
Trademarks and Trade Names [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	301			301			301
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	66			66			40
Accumulated amortization	(21)			(21)			(19)
Net carrying amount	45			45			21
Intellectual Property [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	735			735			667
Accumulated amortization	(308)			(308)			(273)
Net carrying amount	427			427			394
Customer and supplier relationships [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	759			759			543
Accumulated amortization	(216)			(216)			(198)
Net carrying amount	$ 543			$ 543			$ 345
Minimum [Member] | Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				3 years
Minimum [Member] | Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				5 years
Minimum [Member] | Customer and supplier relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				3 years
Maximum [Member] | Trademarks and Trade Names [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				25 years
Maximum [Member] | Intellectual Property [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				25 years
Maximum [Member] | Customer and supplier relationships [Member]
Intangible Assets, Net [Abstract]
Useful life (in years)				24 years
[1]	The gross carrying amount of the definite-lived intangible assets increased during the nine months ended June 30, 2017 primarily due to the acquisition of Pharmachem. See Note C for more information.

DEBT (Schedule of Long-term Deb

DEBT (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions		9 Months Ended
		Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Total debt		$ 2,813		$ 2,495
Short-term debt		(223)		(170)
Current portion of long-term debt		(6)		0
Long-term debt		2,584		2,325
Unamortized Debt Issuance Expense, Long-Term Debt		26		20
Scheduled aggregate debt maturities by fiscal year [Abstract]
2,017		2
2,018		6
2,019		11
2,020		269
2,021		56
Notes due 2022 [Member]
Debt Instrument [Line Items]
Total debt		$ 1,082		1,121
Debt Instrument, Interest Rate, Stated Percentage		4.75%
Debt Instrument, Maturity Date		Aug. 15, 2022
Term Loan B due 2024 [Member]
Debt Instrument [Line Items]
Total debt		$ 600		0
Notes due 2043 [Member]
Debt Instrument [Line Items]
Total debt		$ 376		376
Debt Instrument, Interest Rate, Stated Percentage		6.875%	6.875%
Debt Instrument, Maturity Date		May 15, 2043
Term Loan A due 2022 [Member]
Debt Instrument [Line Items]
Total debt		$ 250		0
Term Loan A due 2020 [Member]
Debt Instrument [Line Items]
Total debt		250		0
2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt		128		0
Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Total debt		95		0
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Total debt		$ 51		140
Debt Instrument, Interest Rate, Stated Percentage		6.50%
Debt Instrument, Maturity Date		Dec. 31, 2029
Other International Loans [Member]
Debt Instrument [Line Items]
Total debt		$ 0		20
Medium-term Notes [Member]
Debt Instrument [Line Items]
Total debt		$ 5		5
Debt Instrument, Interest Rate, Stated Percentage		9.40%
Debt Instrument, Maturity Date		Dec. 31, 2019
Term Loan Due 2017 [Member]
Debt Instrument [Line Items]
Total debt		$ 0		150
Notes due 2018 [Member]
Debt Instrument [Line Items]
Total debt		$ 0		700
Debt Instrument, Interest Rate, Stated Percentage		3.875%
Other Notes [Member]
Debt Instrument [Line Items]
Total debt	[1]	$ (24)		$ (17)
[1]	Other includes $26 million and $20 million of debt issuance cost discounts as of June 30, 2017 and September 30, 2016, respectively.

DEBT (Financing Activity and Co

DEBT (Financing Activity and Covenants) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	May 17, 2017USD ($)	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 2,813	$ 2,813			$ 2,495
Debt Issuance Costs		15	$ 2
Charges Incurred for Early Repayment of Debt		(9)	$ 0
Line of Credit Facility, Remaining Borrowing Capacity	625	625
Term Loan A due 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	250	250			0
Term Loan A due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	250	250			0
2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	128	128			0
Line of Credit Facility, Maximum Borrowing Capacity	800	800		$ 680
Line of credit facility, letter of credit sublimit	125	$ 125
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Line of Credit Facility, Remaining Borrowing Capacity	620	$ 620
Letters of Credit Outstanding, Amount	52	52
Term Loan B due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 600	600			0
2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Debt Issuance Costs		(15)
Debt issuance costs immediately recognized		2
2015 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of Debt, Accelerated Amortization		$ 5
Covenant restrictions [Abstract]
Maximum consolidated leverage ratio	4.50	4.50
Calculated leverage ratio	4	4
Minimum required consolidated interest coverage ratio	3	3
Calculated consolidated interest coverage ratio	4.6	4.6
Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 1,082	$ 1,082			1,121
Repayments of Debt		$ 39
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%
Notes due 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 0	$ 0			700
Repayments of Debt	$ 659	41
Charges Incurred for Early Repayment of Debt		$ 13
Debt Instrument, Interest Rate, Stated Percentage	3.875%	3.875%
Notes due 2018 and 2022 [Member]
Debt Instrument [Line Items]
Gain (Loss) on Repurchase of Debt Instrument		$ (3)
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 51	51			140
Aggregate purchase price of debt		177
Repayment of debt, accelerated accretion		92
Par value of debt repurchases		182
Reduction in carrying value of debt		90
Gain (Loss) on Repurchase of Debt Instrument		$ 5
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
2017 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount					150
Accounts Receivable Securitization [Member]
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 95	$ 95			$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 5	$ 5
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	1.75%	1.75%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan B due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	2.00%	2.00%
Alternate base rate [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	0.75%	0.75%
Alternate base rate [Member] | Term Loan B due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	1.00%	1.00%
Minimum [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.175%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	1.375%	1.375%
Minimum [Member] | Alternate base rate [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	0.375%	0.375%
Maximum [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.40%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	2.50%	2.50%
Maximum [Member] | Alternate base rate [Member] | 2017 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instruments, percentage points added to variable rate	1.50%	1.50%

INCOME TAXES (Effective Tax Rat

INCOME TAXES (Effective Tax Rate) (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Estimated Annual Effective Interest Rate			9.00%	1.00%
Effective tax rate (in hundredths)	20.00%	(20.00%)	48.00%	(177.00%)

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) $ in Millions	9 Months Ended
	Jun. 30, 2017USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 168
Increases related to positions taken on items from prior years	6
Decreases related to positions taken on items from prior years	(2)
Increases related to positions taken in the current year	12
Pharmachem acquisition	12
Lapse of the statute of limitations	(3)
Settlement of uncertain tax positions with tax authorities	(1)
Balance	192
Continuing Operations [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	1
Discontinued Operations [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 0

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions		3 Months Ended				9 Months Ended
		Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017		Jun. 30, 2016	May 12, 2017	Sep. 30, 2016	Mar. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Employee benefit obligations		$ 191				$ 191				$ 195
Defined Benefit Plan, Effect of Plan Amendment on Accumulated Benefit Obligation											$ (86)
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss						2		$ (18)
Combined Discontinued and Continuing Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss								23
Discontinued Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss								5
Total net periodic benefit cost		8		$ 2		42		4
Continuing Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss						(2)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period						1
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period						8
Estimated future contributions in current fiscal year						1
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost		3		7		8		20
Interest cost		12		27		59		89
Expected return on plan assets		(19)		(46)		(97)		(141)
Amortization of prior service credit		0	[1]	0	[1]	0	[1]	(1)
Curtailment gain						0		(71)
Actuarial (gain) loss						0		126
Total net periodic benefit cost		(4)		(12)		(30)		22
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	[1]	0		0		0		1
Interest cost		0		1		2		3
Expected return on plan assets		0		0		0		0
Amortization of prior service credit		(1)		(3)		(7)		(11)
Curtailment gain						0		(39)
Actuarial (gain) loss						(10)		7
Total net periodic benefit cost		$ (1)		$ (2)		(15)		(39)
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cost of Sales [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss						1
Other Postretirement Benefit Plan, Defined Benefit [Member] | Selling, General and Administrative Expenses [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss						(1)
Other Postretirement Benefit Plan, Defined Benefit [Member] | Discontinued Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Actuarial (gain) loss						(8)
Amendments to Plan [Member] | Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Curtailment gain								(65)
Actuarial (gain) loss								123
Amendments to Plan [Member] | Pension Plan [Member] | Discontinued Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Curtailment gain								12
Actuarial (gain) loss								22
Amendments to Plan [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Curtailment gain								(39)
Actuarial (gain) loss								7
Amendments to Plan [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Discontinued Operations [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Curtailment gain								6
Actuarial (gain) loss								1
Reduction in Employees [Member] | Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Curtailment gain								(6)
Actuarial (gain) loss								$ 3
Valvoline [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee benefit obligations									$ 826	$ 886
Valvoline [Member] | United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period						9
Valvoline [Member] | Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Actual contributions to benefit plans in period						$ 3
[1]	Activity of $0 denote values less than $1 million

LITIGATION, CLAIMS AND CONTIN60

LITIGATION, CLAIMS AND CONTINGENCIES (Asbestos Litigation) (Details) claim in Thousands, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)claim	Jun. 30, 2016USD ($)claim	Jun. 30, 2017USD ($)claim	Jun. 30, 2016USD ($)claim	Sep. 30, 2016USD ($)claim	Sep. 30, 2015USD ($)claim	Sep. 30, 2014USD ($)claim
Loss Contingencies [Line Items]
Net expense related to divested businesses	$ 1	$ 1	$ 3	$ 2
Asbestos claims [Roll Forward]
Settlement funds			2		$ 4
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance settlement	2	$ 2	2	$ 3
Asbestos litigation cost projection [Abstract]
Recorded Third-Party Environmental Recoveries, Noncurrent	$ 14		$ 14		$ 15
Minimum [Member]
Asbestos litigation cost projection [Abstract]
Number of Years Included in Asbestos Assumption			40 years
Maximum [Member]
Asbestos litigation cost projection [Abstract]
Number of Years Included in Asbestos Assumption			50 years
Ashland [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of period | claim			57	60	60	65	65
New claims filed | claim			2	2	2	2	2
Claims settled | claim			(1)	0	0	0	(1)
Claims dismissed | claim			(3)	(4)	(5)	(7)	(1)
Open claims - end of period | claim	55	58	55	58	57	60	65
Asbestos reserve [Roll Forward]
Asbestos reserve - beginning of period			$ 415	$ 409	$ 409	$ 438	$ 463
Reserve adjustment			36	37	37	0	4
Amounts paid			(27)	(27)	(31)	(29)	(29)
Asbestos reserve - end of period	$ 424	$ 419	424	419	415	409	438
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable - beginning of period			151	150	150	402	408
Receivable adjustment			15	16	16	(3)	22
Insurance settlement			(5)	(4)	(4)	(227)	0
Amounts collected			(5)	(10)	(11)	(22)	(28)
Insurance receivable - end of period	156	$ 152	156	$ 152	$ 151	$ 150	$ 402
Insurance receivables relating to costs previously paid	4		4
Asbestos litigation cost projection [Abstract]
Possible total future litigation defense and claim settlement costs	$ 660		$ 660
Hercules [Member]
Asbestos claims [Roll Forward]
Open claims - beginning of period | claim			15	20	20	21	21
New claims filed | claim			1	1	1	1	1
Claims dismissed | claim			(4)	(5)	(6)	(2)	(1)
Open claims - end of period | claim	12	16	12	16	15	20	21
Asbestos reserve [Roll Forward]
Asbestos reserve - beginning of period			$ 321	$ 311	$ 311	$ 329	$ 342
Reserve adjustment			16	25	25	4	10
Amounts paid			(9)	(10)	(15)	(22)	(23)
Asbestos reserve - end of period	$ 328	$ 326	328	326	321	311	329
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Insurance receivable - beginning of period			63	56	56	77	75
Receivable adjustment			5	7	7	1	3
Insurance settlement			0	0	0	(22)	0
Amounts collected			0	0	0	0	(1)
Insurance receivable - end of period	68	$ 63	68	$ 63	$ 63	$ 56	$ 77
Asbestos litigation cost projection [Abstract]
Possible total future litigation defense and claim settlement costs	$ 510		$ 510

LITIGATION, CLAIMS AND CONTIN61

LITIGATION, CLAIMS AND CONTINGENCIES (Environmental Remediation and Asset Retirement Obligations) (Details) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
		Jun. 30, 2017USD ($)disposal_sitewaste_treatment_or_disposal_sitesservice_station_property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)disposal_sitewaste_treatment_or_disposal_sitesservice_station_property	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Environmental contingencies and asset retirement obligation [Roll Forward]
Environmental remediation reserve - beginning of period				$ 177	$ 186	$ 186
Disbursements				(22)	(32)
Revised obligation estimates and accretion				18	32
Environmental remediation reserve - end of period		$ 173	$ 186	173	186	177
Accrued Environmental Loss Contingencies, Noncurrent		129		129		134
Recorded Third-Party Environmental Recoveries Receivables		15		15		23
Recorded Third-Party Environmental Recoveries, Noncurrent		$ 14		$ 14		$ 15
Environmental Remediation Costs Recognized [Abstract]
Number of waste treatment or disposal sites were company is identified as a potentially responsible party under the superfund or similar state laws | waste_treatment_or_disposal_sites		82		82
Number of current and former operating facilities subject to various environmental laws. | disposal_site		126		126
Total number of service station properties subject to various environmental laws | service_station_property		1,225		1,225
Number of service stations being actively remediated | service_station_property		61		61
Environmental expense		$ 11	17	$ 16	30
Accretion Expense		2	1	2	2
Legal Fees		1	1	6	6
Total expense		14	19	24	38
Insurance receivable		(2)	(2)	(2)	(3)
Total environmental remediation expense, net of receivable activity	[1]	12	17	22	35
Site Contingency [Line Items]
Net expense related to divested businesses		$ 1	$ 1	$ 3	$ 2
Maximum reserve for remediation reserve related to any one site (in hundredths)		15.00%		15.00%
Maximum [Member]
Site Contingency [Line Items]
Environmental Exit Costs, Reasonably Possible Additional Loss				$ 420
[1]	Net expense of $1 million and $3 million for the three and nine months ended June 30, 2017, respectively, and $1 million and $2 million for the three and nine months ended June 30, 2016, respectively, relates to divested businesses which qualified for treatment as discontinued operations and for which certain environmental liabilities were retained by Ashland. These amounts are classified within the income (loss) from discontinued operations caption of the Statements of Consolidated Comprehensive Income.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of earnings per share				1.4	1.2
Numerator [Abstract]
Numerator for basic and diluted EPS - Income (loss) from continuing operations		$ (16)	$ 24	$ (53)	$ 61
Denominator [Abstract]
Denominator for basic EPS - Weighted-average common shares outstanding		62	62	62	63
Share based awards convertible to common shares	[1]	0	1	0	1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions		62	63	62	64
EPS from continuing operations [Abstract]
Basic (in usd per share)		$ (0.26)	$ 0.39	$ (0.85)	$ 0.97
Diluted (in usd per share)		$ (0.26)	$ 0.38	$ (0.85)	$ 0.95
[1]	As a result of the loss from continuing operations attributable to Ashland during the three and nine months ended June 30, 2017, the effect of the share-based awards convertible to common shares would be antidilutive. As such, they have been excluded from the diluted EPS calculation.

EQUITY ITEMS Stock Repurchase P

EQUITY ITEMS Stock Repurchase Programs and Stockholder Dividends (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended							9 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2015
Accelerated Share Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount										$ 1,000
Payments for Repurchase of Common Stock								$ 0	$ 500
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 500							$ 500
Common Stock, Dividends, Per Share, Declared	$ 0.23	$ 0.39	$ 0.39	$ 0.39	$ 0.39		$ 0.39
2016 Accelerated Share Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Payments for Repurchase of Common Stock									$ 500
Stock Repurchased and Retired During Period, Shares						1.2	3.9		5.1
Accelerated Share Repurchases, Final Price Paid Per Share									$ 99.01

EQUITY ITEMS Accumulated Other

EQUITY ITEMS Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income (Loss) [Line Items]
Unrealized translation gain (loss), before tax		$ 107	$ (45)	$ 15	$ (27)
Unrealized translation gain (loss), tax		(2)	(1)	4	1
Unrealized translation gain (loss), net of tax		105	(46)	19	(26)
Adjustment of unrecognized prior service credit, before tax				0	86
Adjustment of unrecognized prior service credit, tax				0	(31)
Adjustment of unrecognized prior service credit, after tax				0	55
Amortization of unrecognized prior service credits included in net income, before tax	[1]	(1)	(3)	(7)	(52)
Amortization of unrecognized prior service credits included in net income, tax		1	3	3	18
Amortization of unrecognized prior service credits included in net income, net of tax		0	0	(4)	(34)
Unrealized gain on available-for-sale securities, before taxes		6	7	15	21
Unrealized gain on available-for-sale securities, tax		(2)	(3)	(4)	(8)
Unrealized gain on available-for-sale securities, net of tax		4	4	11	13
Reclassification adjustment for gains on available-for-sale securities included in net income, before tax				(2)	0
Reclassification adjustment for gains on available-for-sale securities included in net income, tax				(1)	0
Reclassification adjustment for gains on available-for-sale securities included in net income, net of tax				(1)	0
Other comprehensive income (loss), before tax		112	(41)	21	28
Other comprehensive income (loss), tax		(3)	(1)	4	(20)
Other comprehensive income (loss)		109	(42)	25	8
Cost of Sales [Member]
Other Comprehensive Income (Loss) [Line Items]
Amortization of unrecognized prior service credits included in net income, before tax		0	(1)	0	(18)
Selling, General and Administrative Expenses [Member]
Other Comprehensive Income (Loss) [Line Items]
Amortization of unrecognized prior service credits included in net income, before tax		0	(1)	0	(26)
Discontinued Operations [Member]
Other Comprehensive Income (Loss) [Line Items]
Amortization of unrecognized prior service credits included in net income, before tax		$ (1)	$ (1)	$ (7)	(8)
Amendments to Plan [Member]
Other Comprehensive Income (Loss) [Line Items]
Amortization of unrecognized prior service credits included in net income, before tax					$ 40
[1]	Amortization of unrecognized prior service credits are included in the calculation of net periodic benefit costs (income) for pension and other postretirement plans. For specific financial statement captions impacted by the amortization see the table below.

STOCK INCENTIVE PLANS (Details)

STOCK INCENTIVE PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 9	$ 7	$ 26	$ 25
Cash-settled Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2	$ 0	$ 4	$ 2
Vesting period of share-based payment award			3 years
Cash-settled Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1		$ 3
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unexercised SARs lapse expiration period			10 years 1 month
Grants of share-based payment awards in period	0	0	400,000	400,000
Total unrecognized compensation costs	$ 7		$ 7
Unrecognized cost expected to be recognized over a weighted-average period (in years)			1 year 10 months 25 days
Model to fair value share-based payment awards			Black-Scholes option-pricing model
Stock Appreciation Rights (SARs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of share-based payment award			1 year
Stock Appreciation Rights (SARs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of share-based payment award			3 years
Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants of share-based payment awards in period	0	7,000	83,690	99,850
Total unrecognized compensation costs	$ 17		$ 17
Unrecognized cost expected to be recognized over a weighted-average period (in years)			1 year 9 months 18 days
Nonvested Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of share-based payment award			1 year
Nonvested Stock Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of share-based payment award			5 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of share-based payment award			3 years
Grants of share-based payment awards in period	0	0	100,000	100,000
Total unrecognized compensation costs	$ 10		$ 10
Unrecognized cost expected to be recognized over a weighted-average period (in years)			1 year 10 months 25 days
Number of common shares for each converted performance share	1		1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1
Total unrecognized compensation costs	$ 11		$ 11
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	381,000		381,000
Discontinued Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1		$ 5

REPORTABLE SEGMENT INFORMATIO66

REPORTABLE SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	May 17, 2017
Segment Reporting Information [Line Items]
Number of reportable segments			3
Number of manufacturing facilities					14
Sales	$ 870	$ 790	$ 2,380	$ 2,265
Operating income (loss)	37	57	108	144
Specialty Ingredients [Member]
Segment Reporting Information [Line Items]
Sales	591	552	1,617	1,557
Operating income (loss)	58	66	172	169
Composites [Member]
Segment Reporting Information [Line Items]
Sales	209	174	561	508
Operating income (loss)	22	17	50	55
Intermediates and Solvents [Member]
Segment Reporting Information [Line Items]
Sales	70	64	202	200
Operating income (loss)	2	(1)	(8)	5
Unallocated and other [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	$ (45)	$ (25)	$ (106)	$ (85)