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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities      
Net income $ 166 $ 304 $ 273
Adjustments to reconcile to cash flows from operations      
Depreciation and amortization 54 42 38
Debt issuance cost and discount amortization 3 3 4
Deferred income taxes 145 117 13
Equity income from unconsolidated affiliates, net of distributions (4) (4) 4
Pension contributions (16) (412) (2)
Loss (gain) on pension and other postretirement plan remeasurements 38 (68) (42)
Stock-based compensation expense 12 9 0
Other, net 1 0 1
Change in assets and liabilities      
Accounts receivable [1] (38) (22) (17)
Inventories [1] (4) (35) (4)
Payables and accrued liabilities [1] (2) 0 5
Other assets and liabilities [1] (35) (64) 38
Total cash provided by (used in) operating activities 320 (130) 311
Cash flows from investing activities      
Additions to property, plant and equipment (93) (68) (66)
Acquisitions, net of cash acquired (125) (68) (83)
Other investing activities, net 5 1 1
Total cash used in investing activities (213) (135) (148)
Cash flows from financing activities      
Net transfers from (to) Ashland 0 5 (1,504)
Cash contributions from Ashland 0 0 60
Proceeds from initial public offering, net of offering costs of $40 0 0 719
Proceeds from borrowings, net of issuance costs 304 470 1,372
Repayments on borrowings (108) (90) (637)
Repurchases of common stock (325) (50) 0
Purchase of additional ownership in subsidiary (15) 0 0
Cash dividends paid (58) (40) 0
Other financing activities (7) 0 0
Total cash (used in) provided by financing activities (209) 295 10
Effect of currency exchange rate changes on cash and cash equivalents (3) (1) (1)
(Decrease) increase in cash and cash equivalents (105) 29 172
Cash and cash equivalents - beginning of year 201 172 0
Cash and cash equivalents - end of year 96 201 172
Supplemental disclosures      
Interest paid 53 35 0
Income taxes paid $ 26 $ 26 $ 17
[1] Excludes changes resulting from operations acquired or sold.