Leasing Arrangements (Tables)

6 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of Lease Cost Recognized

The components of lease cost recognized within our Statements of Consolidated Comprehensive Income (Loss) were as follows:

(In millions)	Location	Three months ended March 31, 2020		Six months ended March 31, 2020
Lease cost:
Operating lease cost	Selling, General & Administrative	$	3	$	8
Operating lease cost	Cost of Sales		3		6
Variable lease cost	Selling, General & Administrative		2		2
Variable lease cost	Cost of Sales		2		4
Short-term leases	Cost of Sales		2		3
Total lease cost		$	12	$	23

Summary of Lease Assets and Liabilities

The following table summarizes Ashland’s lease assets and liabilities as presented in the March 31, 2020 Condensed Consolidated Balance Sheet:

(In millions)	March 31, 2020
Assets
Operating lease assets, net	$	144
Total lease assets		144
Liabilities
Current operating lease obligations	$	23
Non-current operating lease obligations		131
Total lease liabilities	$	154

Schedule of Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

(In millions)	Three months ended March 31, 2020		Six months ended March 31, 2020
Operating cash flows from operating leases	$	5	$	14

Schedule of Maturities Analysis of Lease Liabilities

Maturities of lease liabilities are shown below as of March 31, 2020:

(In millions)	As of March 31, 2020
Remainder of 2020	$	13
2021		26
2022		34
2023		16
2024		13
Thereafter	$	100
Total lease payments		202
Less amount of lease payment representing interest		(48	)
Total present value of lease payments	$	154

Schedule of Future Minimum Rental Payments

As of September 30, 2019, under the previous guidance, the future minimum rental payments are as follows:

(In millions)	As of September 30, 2019
2020	$	29
2021		27
2022		34
2023		15
2024		13
Thereafter		110
Total lease payments	$	228