XML 37 R15.htm IDEA: XBRL DOCUMENT
v3.19.2

Debt | 9 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | NOTE H – DEBT The following table summarizes Ashland’s current and long-term debt as of the dates reported in the Condensed Consolidated Balance Sheets.
(In millions) |  | June 30, 2019 |  |  | September 30, 2018 |
4.750% notes, due 2022 |  | $ | 1,083 |  |  | $ | 1,083 |
Term Loan B, due 2024 |  |  | 588 |  |  |  | 593 |
6.875% notes, due 2043 |  |  | 376 |  |  |  | 376 |
Term Loan A, due 2022 |  |  | 195 |  |  |  | 195 |
Accounts receivable securitizations |  |  | 214 |  |  |  | 195 |
6.50% junior subordinated notes, due 2029 |  |  | 53 |  |  |  | 52 |
Revolving credit facility |  |  | 90 |  |  |  | 25 |
Medium-term notes, due 2019, interest of 9.4% |  |  | — |  |  |  | 5 |
Other (a) |  |  | 8 |  |  |  | 5 |
Total debt |  |  | 2,607 |  |  |  | 2,529 |
Short-term debt (includes current portion of long-term debt) |  |  | (332 | ) |  |  | (254 | )
Long-term debt (less current portion) |  | $ | 2,275 |  |  | $ | 2,275 |
| (a) | Includes $18 million and $21 million of debt issuance cost discounts as of June 30, 2019 and September 30, 2018, respectively, in addition to a European short-term loan facility with an outstanding balance of $23 million at both June 30, 2019 and September 30, 2018. |
The scheduled aggregate maturities of long-term debt by year (including the current portion and excluding debt issuance costs) are as follows: $2 million remaining in 2019, $6 million in 2020, $14 million in 2021, $1,279 million in 2022 and $6 million in 2023. Available borrowing capacity The borrowing capacity remaining under the Revolving Credit Facility was $661 million due to an outstanding balance of $90 million, as well as a reduction of $49 million for letters of credit outstanding at June 30, 2019. Ashland's total borrowing capacity at June 30, 2019 was $673 million, which included $12 million of available capacity from the two accounts receivable securitization facilities. Covenants related to current Ashland debt agreements Ashland's debt contains usual and customary representations, warranties and affirmative and negative covenants, including financial covenants for leverage and interest coverage ratios, limitations on liens, additional subsidiary indebtedness, restrictions on subsidiary distributions, investments, mergers, sale of assets and restricted payments and other customary limitations. As of June 30, 2019, Ashland is in compliance with all debt agreement covenant restrictions. The maximum consolidated net leverage ratio permitted under Ashland's most recent credit agreement (the 2017 Credit Agreement) is 4.5. At June 30, 2019, Ashland’s calculation of the consolidated net leverage ratio was 3.6. The minimum required consolidated interest coverage ratio under the 2017 Credit Agreement during its entire duration is 3.0. At June 30, 2019, Ashland’s calculation of the interest coverage ratio was 5.6.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration