Other Noncurrent Assets and Liabilities

12 Months Ended

Sep. 30, 2022

Other Noncurrent Assets And Liabilities [Abstract]

Other Noncurrent Assets and Liabilities

NOTE J – OTHER NONCURRENT ASSETS AND LIABILITIES

The following table provides the components of other noncurrent assets in the Consolidated Balance Sheets as of September 30.

(In millions)	2022		2021
Deferred compensation investments	$	85	$	92
Tax and tax indemnity receivables		2		9
Life insurance policies		73		63
Manufacturing catalyst supplies		25		28
Defined benefit plan assets		21		28
Equity and other unconsolidated investments		3		4
Land use rights		6		7
Environmental insurance receivables		17		13
Debt issuance costs		2		3
Other		20		20
	$	254	$	267

Deferred compensation investments

Deferred compensation investments consist of insurance policies valued at cash surrender value. Gains and losses related to deferred compensation investments are immediately recognized within the selling, general and administrative expense caption on the Statements of Consolidated Comprehensive Income (Loss). These investments had losses of $2 million during 2022 and gains of $10 million during both 2021 and 2020, respectively. During 2022, Ashland liquidated $5 million of deferred compensation investments, which were reinvested in company owned life insurance assets. During 2021, Ashland liquidated $90 million of deferred compensation investments to fund the Environmental trust. Ashland did not liquidate any deferred compensation investments during 2020. These cash inflows exclude company-owned life insurance death benefits of $3 million, $1 million and $7 million for 2022, 2021 and 2020, respectively. See Note A for additional details.

The following table provides the components of other noncurrent liabilities in the Consolidated Balance Sheets as of September 30.

(In millions)	2022		2021
Tax liabilities	$	127	$	145
Environmental remediation reserves	$	157		152
Deferred compensation		25		31
Other		16		21
	$	325	$	349