Debt (Tables)

12 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Current and Long-term Debt

The following table summarizes Ashland’s current and long-term debt at September 30, 2021 and 2020.

(In millions)	2021			2020
4.750% notes, due 2022	$	—		$	411
3.375% Senior Notes, due 2031		450			—
2.00% Senior Notes, due 2028 (Euro 500 million principal)		580			587
6.875% notes, due 2043		282			282
Term loan A		250			250
Accounts receivable securitizations		117			177
6.50% junior subordinated notes, due 2029		57			55
Revolving credit facility		225			80
Other (a)		9			11
Total debt		1,970			1,853
Short-term debt (includes current portion of long-term debt)		(374	)		(280	)
Long-term debt (less current portion and debt issuance costs)	$	1,596		$	1,573

(a)Other includes $17 million and $15 million of debt issuance costs as of September 30, 2021 and 2020, respectively. Additionally, as of both September 30, 2021 and 2020, Other included a European short-term loan facility with an outstanding balance of $23 million.

Summary of Net Interest and Other Expense (Income)

Net interest and other expense (income)

(In millions)	2021			2020			2019
Interest expense (a)	$	69		$	88		$	114
Interest income		(1	)		(1	)		(2	)
Loss on the accounts receivables sale program		1			—			—
Investment securities income (b)		(33	)		(30	)		(17	)
Other financing costs (c)		20			62			4
	$	56		$	119		$	99

(a) Includes $1 million, $8 million and $6 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2021, 2020 and 2019, respectively.

(b) Represents investment income related to the restricted investments discussed in Note F.

(c) Includes costs of $16 million related to early redemption premium payments for the 2022 notes during 2021, and $59 million related to early redemption premium payments for the 2022 Notes, 2043 Notes and 2029 Junior Debentures during 2020.

Summary of Debt Issuance Cost Amortization

The following table details the debt issuance cost and original issue discount amortization included in interest expense during 2021, 2020 and 2019.

(In millions)	2021		2020		2019
Normal amortization	$	6	$	7	$	7
Accelerated amortization (a)		1		8		6
Total	$	7	$	15	$	13

(a)Fiscal year 2021 includes $1 million of accelerated debt issuance cost for the 2022 Notes. Fiscal year 2020 includes $2 million of accelerated accretion of the recorded debt discount for the 2022 Notes, 2029 Junior Debentures and 2043 Notes, while the remaining amounts in each year related to the accelerated amortization of debt issuance costs.