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Significant Accounting Policies (Tables)
 6 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Segment Reporting Revenue Percentage

The following table shows the relative size of the revenue recognized in each of the Company’s reportable segments.

 

 

 

Three Months Ended March 31

 

 

Six Months Ended March 31

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Reinforcement Materials

 

 

57

%

 

 

54

%

 

 

57

%

 

 

52

%

Performance Chemicals

 

 

34

%

 

 

35

%

 

 

33

%

 

 

35

%

Purification Solutions

 

 

8

%

 

 

10

%

 

 

9

%

 

 

11

%

Specialty Fluids

 

 

1

%

 

 

1

%

 

 

1

%

 

 

2

%

 
Schedule of Change Retrospectively to Prior Periods Financial Statement Line Items

The Company applied this change retrospectively to all prior periods presented. This change resulted in a $17 million increase in retained earnings as of October 1, 2016, from $1,544 million to $1,561 million. In addition, the following financial statement line items in the Company’s Consolidated Statements of Operations for the three and six months ended March 31, 2017, its Consolidated Balance Sheets as of September 30, 2017, and its Consolidated Statements of Cash Flows for the six months ended March 31, 2017 were adjusted as follows:

 

Consolidated Statements of Operations

 

Three Months Ended March 31

 

 

 

2017

 

 

 

As Originally Reported

 

 

Effect of Change

 

 

As Adjusted

 

 

 

(In millions, except per share amounts)

 

Cost of sales

 

$

509

 

 

$

—

 

 

$

509

 

Income (loss) from continuing operations before income taxes

   and equity in earnings of affiliated companies

 

$

78

 

 

$

—

 

 

$

78

 

(Provision) benefit for income taxes

 

$

1

 

 

$

—

 

 

$

1

 

Net income (loss)

 

$

80

 

 

$

—

 

 

$

80

 

Net income (loss) attributable to Cabot Corporation

 

$

74

 

 

$

—

 

 

$

74

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.19

 

 

$

—

 

 

$

1.19

 

Diluted

 

$

1.18

 

 

$

0.01

 

 

$

1.19

 

 

Consolidated Statements of Operations

 

Six Months Ended March 31

 

 

 

2017

 

 

 

As Originally Reported

 

 

Effect of Change

 

 

As Adjusted

 

 

 

(In millions)

 

Cost of sales

 

$

963

 

 

$

(2

)

 

$

961

 

Income (loss) from continuing operations before income taxes

   and equity in earnings of affiliated companies

 

$

151

 

 

$

2

 

 

$

153

 

(Provision) benefit for income taxes

 

$

(16

)

 

$

(1

)

 

$

(17

)

Net income (loss)

 

$

138

 

 

$

1

 

 

$

139

 

Net income (loss) attributable to Cabot Corporation

 

$

128

 

 

$

1

 

 

$

129

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

$

—

 

Basic

 

$

2.04

 

 

$

0.02

 

 

$

2.06

 

Diluted

 

$

2.03

 

 

$

0.02

 

 

$

2.05

 

 

Consolidated Balance Sheets

 

September 30, 2017

 

 

 

As Originally Reported

 

 

Effect of Change

 

 

As Adjusted

 

 

 

(In millions)

 

Inventories

 

$

396

 

 

$

37

 

 

$

433

 

Deferred income taxes (assets)

 

$

250

 

 

$

(13

)

 

$

237

 

Retained earnings

 

$

1,683

 

 

$

24

 

 

$

1,707

 

 

Consolidated Statements of Cash Flows

 

Six Months Ended March 31

 

 

 

2017

 

 

 

As Originally Reported

 

 

Effect of Change

 

 

As Adjusted

 

 

 

(In millions)

 

Net income (loss)

 

$

138

 

 

$

1

 

 

$

139

 

Deferred tax provision (benefit)

 

$

(27

)

 

$

1

 

 

$

(26

)

Inventories

 

$

(63

)

 

$

(2

)

 

$

(65

)