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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 121 $ 199
Adjustments to reconcile net income to cash flows from operating activities    
Depreciation and amortization 39 30
Debt issuance cost and discount amortization 2 2
Deferred income taxes 71 0
Equity income from affiliates (12) (10)
Distributions from equity affiliates 8 7
Pension contributions (13) (16)
Gain on pension and other postretirement plan remeasurements 0 (8)
Gain on sale of assets (4) 0
Foreign currency exchange loss 3 0
Stock-based compensation expense 10 6
Change in assets and liabilities    
Accounts receivable [1] (80) (39)
Inventories [1] (23) (41)
Payables and accrued liabilities [1] 12 43
Other assets and liabilities [1] 47 (16)
Total cash provided by operating activities 181 157
Cash flows from investing activities    
Additions to property, plant and equipment (51) (43)
Acquisitions, net of cash acquired (71) (66)
Proceeds from sale of operations 5 0
Total cash used in investing activities (117) (109)
Cash flows from financing activities    
Net transfers from Ashland 0 5
Proceeds from borrowings, net of issuance costs 170 75
Repayments on borrowings (39) (87)
Repurchases of common stock (220) (50)
Purchase of additional ownership in subsidiary (15) 0
Cash dividends paid (45) (30)
Other financing activities (6) 0
Total cash used in financing activities (155) (87)
Effect of currency exchange rate changes on cash and cash equivalents (3) (1)
Decrease in cash and cash equivalents (94) (40)
Cash and cash equivalents - beginning of period 201 172
Cash and cash equivalents - end of period $ 107 $ 132
[1] Excludes changes resulting from operations acquired or sold.