DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups Including Discontinued Operations, Income Statement and Balance Sheet Additional Disclosures

Components of amounts reflected in the Statements of Consolidated Comprehensive Income related to discontinued operations are presented in the following table for the three and nine months ended June 30, 2017 and 2016.

	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2017			2016			2017			2016
Income (loss) from discontinued operations (net of tax)
Asbestos-related litigation	$	(25	)	$	(30	)	$	(25	)	$	(30	)
Water Technologies	(1		)	3			2			2
Valvoline	12			73			161			214
Gain on disposal of discontinued operations (net of tax)
Water Technologies	—			1			—			—
Total income (loss) from discontinued operations (net of tax)	$	(14	)	$	47		$	138		$	186

The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Income for the income from discontinued operations attributable to Valvoline for the three and nine months ended June 30, 2017 and 2016.

	Three months ended						Nine months ended
	June 30						June 30
(In millions)	2017 (a)			2016			2017			2016
Income (loss) from discontinued operations
attributable to Valvoline
Sales	$	234		$	500		$	1,237		$	1,435
Cost of sales	(148		)	(300		)	(750		)	(868		)
Selling, general and administrative expense	(50		)	(84		)	(222		)	(245		)
Research and development expense	(1		)	(3		)	(8		)	(9		)
Equity and other income	3			5			17			16
Operating income of discontinued operations	38			118			274			329
Net interest and other financing expense	(5		)	—			(22		)	—
Pretax income of discontinued operations	33			118			252			329
Income tax expense	(21		)	(45		)	(91		)	(115		)
Income from discontinued operations	$	12		$	73		$	161		$	214

(a) Valvoline results in the current quarter reflect only 42 days of activity since the business was fully distributed on May 12, 2017.

The following table presents the captions of assets and liabilities of Valvoline that are presented as discontinued operations within Ashland's Condensed Consolidated Balance Sheet as of September 30, 2016.

	September 30
(In millions)	2016
Cash	$	171
Accounts receivable, net	387
Inventories	131
Other current assets	25
Current assets of discontinued operations	$	714
Net property, plant and equipment	$	324
Goodwill	264
Equity and other unconsolidated investments	26
Deferred income taxes	347
Other noncurrent assets	92
Noncurrent assets of discontinued operations	$	1,053
Current portion of long-term debt	$	19
Trade and other payables	360
Current liabilities of discontinued operations	$	379
Long-term debt	$	730
Employee benefit obligations	886
Other long-term liabilities	99
Noncurrent liabilities of discontinued operations	$	1,715
Equity
Noncontrolling interest	$	(182	)