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DEBT (Tables)
 12 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes Ashland’s current and long-term debt at September 30, 2016 and 2015.
 
(In millions)
2016

 
2015

4.750% notes, due 2022
$
1,121

 
$
1,120

3.875% notes, due 2018
700

 
700

6.875% notes, due 2043
376

 
376

Term Loan, due 2021 (a)
375

 
—

5.500% notes, due 2024 (a)
375

 
—

Term Loan, due 2017
150

 
—

6.50% junior subordinated notes, due 2029
140

 
136

Other international loans, interest at a weighted-
 

 
 

average rate of 4.9% at September 30, 2016 (4.8% to 5.0%)
20

 
25

Medium-term notes, due 2019, interest of 9.4% at September 30, 2016
5

 
5

Term Loan, due 2020
—

 
1,086

2015 Revolving Credit Facility
—

 
110

Accounts receivable securitization (b)
—

 
190

Other (c)
(18
)
 
(19
)
Total debt
3,244

 
3,729

Short-term debt
(170
)
 
(326
)
Current portion of long-term debt
(19
)
 
(55
)
Long-term debt (less current portion and debt issuance cost discounts)
$
3,055

 
$
3,348

 
 
 
 

(a)
These debt instruments were issued as part of the Valvoline Financing Activities discussed further within this Note.
(b)
The potential funding for qualified receivables was reduced from $275 million to $250 million during 2015 and from $250 million to $100 million during 2016.
(c)
Other includes $29 million and $28 million of debt issuance cost discounts as of September 30, 2016 and 2015, respectively.
Net interest and other financing expense (income)
Net interest and other financing expense (income)
 
(In millions)
2016

 
2015

 
2014

Interest expense (a)
$
190

 
$
166

 
$
163

Interest income
(6
)
 
(6
)
 
(6
)
Available-for-sale securities income (b)
(8
)
 
(3
)
 
—

Other financing costs (c)
6

 
17

 
9

 
$
182

 
$
174

 
$
166

 
 
 
 
 
 

(a)
Includes $10 million and $4 million of accelerated amortization for debt issuance costs during 2016 and 2015, respectively.
(b)
Represents investment income related to the restricted investments discussed in Note G.
(c)
Includes $9 million related to the early redemption premium payments for the tender and redemption of the 2016 senior notes during 2015
Debt issuance cost amortization
The following table details the debt issuance cost and original issue discount amortization included in interest expense during 2016, 2015 and 2014.
 
(In millions)
2016

 
2015

 
2014

Normal amortization
$
13

 
$
14

 
$
14

Accelerated amortization (a)
10

 
4

 
—

Total
$
23

 
$
18

 
$
14

 
 
 
 
 
 
(a)
Accelerated amortization of $10 million for debt issuance costs during 2016 resulted from the combined Ashland and Valvoline financing activities, including the full repayment of the 2015 term loan facility and the $500 million repayment of the 2016 term loan facility. Accelerated amortization of $4 million for debt issuance costs during 2015 resulted from early redemption of the 2016 senior notes and the entrance into the 2015 Senior Credit Agreement.