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Debt (Tables)
 12 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Summary of Current and Long-term Debt

The following table summarizes Ashland’s current and long-term debt at September 30, 2022 and 2021.

(In millions)

 

2022

 

 

2021

 

3.375% Senior Notes, due 2031

 

$

450

 

 

$

450

 

2.00% Senior Notes, due 2028 (Euro 500 million principal)

 

 

489

 

 

 

580

 

6.875% notes, due 2043

 

 

282

 

 

 

282

 

Term loan A

 

 

—

 

 

 

250

 

Accounts receivable securitizations

 

 

—

 

 

 

117

 

6.50% junior subordinated notes, due 2029

 

 

60

 

 

 

57

 

Revolving credit facility

 

 

—

 

 

 

225

 

Other (a)

 

 

(11

)

 

 

9

 

Total debt

 

 

1,270

 

 

 

1,970

 

Short-term debt (includes current portion of long-term debt)

 

 

—

 

 

 

(374

)

Long-term debt (less current portion and debt issuance costs)

 

$

1,270

 

 

$

1,596

 

 

 

 

 

 

 

 
(a)
Other includes $14 million and $17 million of debt issuance costs as of September 30, 2022 and 2021, respectively. Additionally, as of September 30, 2021 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)

 

2022

 

 

2021

 

 

2020

 

Interest expense (a)

 

$

62

 

 

$

69

 

 

$

88

 

Interest income

 

 

(4

)

 

 

(1

)

 

 

(1

)

Loss on the accounts receivables sale program

 

 

1

 

 

 

1

 

 

 

—

 

Investment securities loss (income) (b)

 

 

86

 

 

 

(33

)

 

 

(30

)

Other financing costs (c)

 

 

4

 

 

 

20

 

 

 

62

 

 

 

$

149

 

 

$

56

 

 

$

119

 

 

 

 

 

 

 

 

 

 

 

(a) Includes $1 million, $1 million and $8 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2022, 2021 and 2020, respectively.

(b) Represents investment loss 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 2022, 2021 and 2020.

(In millions)

 

2022

 

 

2021

 

 

2020

 

Normal amortization

 

$

6

 

 

$

6

 

 

$

7

 

Accelerated amortization (a)

 

 

1

 

 

 

1

 

 

 

8

 

Total

 

$

7

 

 

$

7

 

 

$

15

 

 

 

 

 

 

 

 

 

 

 
(a)
Fiscal year 2022 includes $1 million of accelerated debt issuance costs for the 2020 credit agreement. 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.