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Discontinued Operations (Tables)
 12 Months Ended
Sep. 30, 2019
Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations Components of amounts reflected in the Statements of Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table for each of the years ended September 30.

 

(In millions)

 

2019

 

 

2018

 

 

2017

 

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Composites/Marl facility

 

$

118

 

 

$

103

 

 

$

98

 

Valvoline

 

 

—

 

 

 

(1

)

 

 

240

 

Asbestos-related litigation

 

 

—

 

 

 

14

 

 

 

(31

)

Water Technologies

 

 

(1

)

 

 

—

 

 

 

1

 

Distribution

 

 

18

 

 

 

(11

)

 

 

(5

)

Gain on disposal of discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Composites/Marl facility

 

 

423

 

 

 

—

 

 

 

—

 

Income before taxes

 

 

558

 

 

 

105

 

 

 

303

 

Income tax benefit (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit (expense) related to income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Composites/Marl facility

 

 

(24

)

 

 

(17

)

 

 

(23

)

Valvoline

 

 

—

 

 

 

—

 

 

 

(81

)

Asbestos-related litigation

 

 

—

 

 

 

(1

)

 

 

6

 

Water Technologies

 

 

2

 

 

 

3

 

 

 

1

 

Distribution

 

 

(4

)

 

 

5

 

 

 

2

 

Expense related to gain on disposal of discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Composites/Marl facility

 

 

(51

)

 

 

—

 

 

 

—

 

Income from discontinued operations (net of taxes)

 

$

481

 

 

$

95

 

 

$

208

 

 
Composites/Marl facility [Member]  
Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations

The following table presents a reconciliation of the captions within Ashland's Statements of Consolidated Income (Loss) for the income (loss) from discontinued operations attributable to the Composites business and the Marl facility disposal group for each of the years ended September 30. Interest expense was allocated to discontinued operations based on Ashland’s mandatory debt prepayments upon the disposition of the Composites business and the Marl facility. Although the Maleic business was not sold to INEOS, this business was operated under the Composites business and Marl facility disposal group and will continue to be reported in discontinued operations along with the Composites business and Marl facility.

 

(In millions)

 

2019

 

 

2018

 

 

2017

 

Income(loss) from discontinued operations attributable to

Composites/Marl facility disposal group

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,012

 

 

$

1,154

 

 

$

951

 

Cost of sales

 

 

(785

)

 

 

(942

)

 

 

(783

)

Selling, general and administrative expense

 

 

(74

)

 

 

(79

)

 

 

(65

)

Research and development expense

 

 

(11

)

 

 

(12

)

 

 

(10

)

Equity and other income

 

 

3

 

 

 

4

 

 

 

4

 

Pretax operating income of discontinued operations

 

 

145

 

 

 

125

 

 

 

97

 

Net interest and other financing expense

 

 

(21

)

 

 

(20

)

 

 

(5

)

Other net periodic benefit income (costs)

 

 

(6

)

 

 

(2

)

 

 

2

 

Net gain on acquisitions and divestitures

 

 

—

 

 

 

—

 

 

 

4

 

Pretax income of discontinued operations

 

 

118

 

 

 

103

 

 

 

98

 

Income tax expense

 

 

(24

)

 

 

(17

)

 

 

(23

)

Income from discontinued operations

 

$

94

 

 

$

86

 

 

$

75

 

 
Valvoline [Member]  
Components of Amounts in the Statements of Consolidated Income (Loss) Related To Discontinued Operations

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 year ended September 30, 2017.

(In millions)

 

2017 (a)

 

Income from discontinued operations attributable to Valvoline

 

 

 

 

Sales

 

$

1,237

 

Cost of sales

 

 

(750

)

Selling, general and administrative expense

 

 

(234

)

Research and development expense

 

 

(8

)

Equity and other income

 

17

 

Operating income of discontinued operations

 

262

 

Net loss on acquisitions and divestitures

 

 

—

 

Net interest and other financing expense

 

 

(22

)

Pretax income of discontinued operations

 

 

240

 

Income tax expense

 

 

(81

)

Income from discontinued operations

 

$

159

 

 

 

 

 

 

(a)

Results in 2017 reflect activity through May 12, 2017 when Valvoline was fully separated, as previously discussed.