XML 17 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Discontinued Operations
 9 Months Ended
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

NOTE C– DISCONTINUED OPERATIONS

Ashland has divested certain businesses that have qualified as discontinued operations. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments of certain retained liabilities and tax items have been recorded within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss) for all periods presented.

Components of amounts reflected in the Statements of Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2022 and 2021.

 

 

Three months ended

 

 

Nine months ended

 

 

 

June 30

 

 

June 30

 

(In millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Income (loss) from discontinued operations (net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

Performance Adhesives

 

$

4

 

 

$

15

 

 

$

38

 

 

$

51

 

Composites/Marl facility

 

 

—

 

 

 

2

 

 

 

—

 

 

 

1

 

Valvoline

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Asbestos

 

 

(13

)

 

 

(8

)

 

 

(13

)

 

 

(8

)

Water Technologies

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Distribution

 

 

(5

)

 

 

(2

)

 

 

(7

)

 

 

(4

)

Gain (loss) on disposal of discontinued operations (net of tax)

 

 

 

 

 

 

 

 

 

 

 

 

Performance Adhesives

 

 

—

 

 

 

—

 

 

 

732

 

 

 

—

 

Composites/Marl facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

$

(15

)

 

$

8

 

 

$

749

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Comprehensive Income (Loss) for the income (loss) from discontinued operations attributable to Performance Adhesives for the three and nine months ended June 30, 2022 and 2021. The sale of the Performance Adhesives business was completed on February 28, 2022.

 

 

Three months ended

 

 

Nine months ended

 

 

 

June 30

 

 

June 30

 

(In millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Income (loss) from discontinued operations attributable to Performance Adhesives

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

—

 

 

$

94

 

 

$

171

 

 

$

266

 

Cost of sales

 

 

—

 

 

 

(69

)

 

 

(122

)

 

 

(180

)

Selling, general and administrative expense

 

 

(1

)

 

 

(6

)

 

 

(12

)

 

 

(16

)

Research and development expense

 

 

—

 

 

 

(2

)

 

 

(3

)

 

 

(6

)

Intangibles amortization expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

Pretax income of discontinued operations

 

 

(1

)

 

 

17

 

 

 

34

 

 

 

63

 

Income tax (expense) benefit

 

 

5

 

 

 

(2

)

 

 

4

 

 

 

(12

)

Income from discontinued operations

 

$

4

 

 

$

15

 

 

$

38

 

 

$

51