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Discontinued Operations (Tables)
 3 Months Ended
Dec. 31, 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 the three months ended December 31, 2019 and 2018.

 

 

 

Three months ended

 

 

 

December 31

 

(In millions)

 

2019

 

 

2018

 

Income (loss) from discontinued operations (net of tax)

 

 

 

 

 

 

 

 

Composites/Marl facility

 

$

—

 

 

$

25

 

Valvoline

 

 

(1

)

 

 

—

 

Water Technologies

 

 

(1

)

 

 

(1

)

Distribution

 

 

—

 

 

 

(1

)

 

 

$

(2

)

 

$

23

 
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 Comprehensive Income (Loss) for the income (loss) from discontinued operations attributable to Composites and the Marl facility for the three months ended December 31, 2019 and 2018. Interest expense was allocated to discontinued operations based on Ashland’s mandatory debt prepayments upon the disposition of Composites and the Marl facility for applicable periods only. 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.

 

 

 

Three months ended

 

 

 

December 31

 

(In millions)

 

2019

 

 

2018

 

Income (loss) from discontinued operations attributable

 

 

 

 

 

 

 

 

to Composites/Marl facility

 

 

 

 

 

 

 

 

Sales

 

$

12

 

 

$

275

 

Cost of sales

 

 

(10

)

 

 

(217

)

Selling, general and administrative expense

 

 

(2

)

 

 

(22

)

Research and development expense

 

 

—

 

 

 

(3

)

Equity and other income

 

 

2

 

 

 

3

 

Pretax operating income of discontinued operations

 

 

2

 

 

 

36

 

Net interest and other financing expense

 

 

—

 

 

 

(6

)

Pretax income of discontinued operations

 

 

2

 

 

 

30

 

Income tax expense

 

 

(2

)

 

 

(5

)

Income from discontinued operations

 

$

—

 

 

$

25