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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities      
Net income $ 208 $ 166 $ 304
Adjustments to reconcile to cash flows from operations      
Depreciation and amortization 61 54 42
Deferred income taxes 23 145 117
Equity income from unconsolidated affiliates, net of distributions (3) (4) (4)
Pension contributions (10) (16) (412)
Loss (gain) on pension and other postretirement plan remeasurements 69 38 (68)
Stock-based compensation expense 9 12 9
Other, net (2) 4 3
Change in assets and liabilities      
Accounts receivable [1] (30) (38) (22)
Inventories [1] (10) (4) (35)
Payables and accrued liabilities [1] 37 (2) 0
Other assets and liabilities [1] (27) (35) (64)
Total cash provided by (used in) operating activities 325 320 (130)
Cash flows from investing activities      
Additions to property, plant and equipment (108) (93) (68)
Acquisitions, net of cash acquired (78) (125) (68)
Other investing activities, net (2) 5 1
Total cash used in investing activities (188) (213) (135)
Cash flows from financing activities      
Net transfers from Ashland 0 0 5
Proceeds from borrowings, net of issuance costs 750 304 470
Repayments on borrowings (734) (108) (90)
Repurchases of common stock 0 (325) (50)
Purchase of additional ownership in subsidiary (1) (15) 0
Cash dividends paid (80) (58) (40)
Other financing activities (6) (7) 0
Total cash (used in) provided by financing activities (71) (209) 295
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (3) (3) (1)
Increase (decrease) in cash, cash equivalents, and restricted cash 63 (105) 29
Cash, cash equivalents, and restricted cash - beginning of year 96 201 172
Cash, cash equivalents, and restricted cash - end of year 159 96 201
Supplemental disclosures      
Interest paid 67 53 35
Income taxes paid $ 25 $ 26 $ 26
[1] Excludes changes resulting from operations acquired or sold.