Restructuring Activities

9 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Activities

NOTE D – RESTRUCTURING ACTIVITIES

Company-wide restructuring activities

Ashland periodically implements company-wide restructuring programs related to acquisitions, divestitures and other cost reduction programs in order to enhance profitability through streamlined operations and an improved overall cost structure.

Fiscal 2020 and 2021 restructuring program

Ashland recorded severance expense of zero and income of $6 million during the three months ended June 30, 2022 and 2021, respectively, and income of $1 million and expense of $2 million during the nine months ended June 30, 2022 and 2021, respectively, attributable to executive management changes and business management changes within the organization. As of June 30, 2022, the severance reserve associated with this transition was $2 million.

The following table details at June 30, 2022 and 2021, the amount of restructuring severance reserves related to this program. The severance reserves were primarily recorded within accrued expenses and other liabilities in the Condensed Consolidated Balance Sheet as of June 30, 2022 and 2021.

(In millions)	Severance costs
Balance at of September 30, 2021	$	6
Restructuring reserve		(1	)
Utilization (cash paid)		(3	)
Balance at June 30, 2022	$	2

(In millions)	Severance costs
Balance at of September 30, 2020	$	39
Restructuring reserve		2
Utilization (cash paid)		(27	)
Balance at June 30, 2021	$	14