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Debt (Tables)
 12 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Summary of Current and Long-term Debt

The following table summarizes Ashland’s current and long-term debt at September 30, 2019 and 2018.

 

(In millions)

 

2019

 

 

2018

 

4.750% notes, due 2022

 

$

1,080

 

 

$

1,083

 

Term loan B, due 2024

 

 

—

 

 

 

593

 

6.875% notes, due 2043

 

 

374

 

 

 

376

 

Term loan A, due 2022

 

 

—

 

 

 

195

 

Accounts receivable securitizations

 

 

144

 

 

 

195

 

6.50% junior subordinated notes, due 2029

 

 

54

 

 

 

52

 

Revolving credit facility

 

 

—

 

 

 

25

 

Medium-term notes, due 2019, interest of 9.35% at September 30, 2019

 

 

—

 

 

 

5

 

Other (a)

 

 

15

 

 

 

5

 

Total debt

 

 

1,667

 

 

 

2,529

 

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

 

 

(166

)

 

 

(254

)

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

 

$

1,501

 

 

$

2,275

 

 

 

 

 

 

 

 

 

 

(a)

Other includes $12 million and $21 million of debt issuance costs as of September 30, 2019 and 2018, respectively.  Additionally, as of September 30, 2019 and 2018, Other included a European short-term loan facility with an outstanding balances of $22 million and $23 million, respectively.  
Summary of Net Interest and Other Expense (Income)

Net interest and other expense (income)

 

(In millions)

 

2019

 

 

2018

 

 

2017

 

Interest expense (a)

 

$

114

 

 

$

116

 

 

$

227

 

Interest income

 

 

(2

)

 

 

(4

)

 

 

(4

)

Investment securities income (b)

 

 

(17

)

 

 

(14

)

 

 

(11

)

Other financing costs (c)

 

 

4

 

 

 

4

 

 

 

17

 

 

 

$

99

 

 

$

102

 

 

$

229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Includes $6 million, $1 million and $101 million of accelerated accretion and/or amortization for original issue discounts and debt issuance costs during 2019, 2018 and 2017, respectively.

(b)

Represents investment income related to the restricted investments discussed in Note G.

(c)

Includes costs of $16 million related to early redemption premium payments and bondholder consent fees for the 2022 and 2018 Senior Notes and a net gain of $5 million related to the repayment of the 2029 Notes during 2017.
Summary of Debt Issuance Cost Amortization

 

 

 

The following table details the debt issuance cost and original issue discount amortization included in interest expense during 2019, 2018 and 2017.

 

(In millions)

 

2019

 

 

2018

 

 

2017

 

Normal amortization

 

$

7

 

 

$

7

 

 

$

8

 

Accelerated amortization (a)

 

 

6

 

 

 

1

 

 

 

101

 

Total

 

$

13

 

 

$

8

 

 

$

109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Fiscal year 2017 includes $92 million of accelerated accretion of the recorded debt discount for the 2029 Notes, while the remaining amounts in each year related to the accelerated amortization of debt issuance costs.