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Discontinued Operations | 9 Months Ended
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Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations | NOTE C– DISCONTINUED OPERATIONS Ashland has divested certain businesses that have qualified as discontinued operations. The operating results from these divested businesses and subsequent adjustments related to ongoing assessments of certain retained liabilities and tax items have been recorded within the discontinued operations caption in the Statements of Consolidated Comprehensive Income (Loss) for all periods presented. 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 and nine months ended June 30, 2020 and 2019.
|  | Three months ended |  |  | Nine months ended |
|  | June 30 |  |  | June 30 |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Income (loss) from discontinued operations (net of tax) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Composites/Marl facility |  | $ | 1 |  |  | $ | 24 |  |  | $ | 5 |  |  | $ | 77 |
Valvoline |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | 1 |
Asbestos |  |  | (8 | ) |  |  | — |  |  |  | (15 | ) |  |  | — |
Water Technologies |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | 1 |
Distribution |  |  | (5 | ) |  |  | 19 |  |  |  | (7 | ) |  |  | 18 |
Gain (loss) on disposal of discontinued operations (net of taxes) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Composites/Marl facility |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |
|  | $ | (13 | ) |  | $ | 43 |  |  | $ | (22 | ) |  | $ | 97 |
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 and nine months ended June 30, 2020 and 2019. 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 as it meets the held for sale criteria.
|  | Three months ended |  |  | Nine months ended |
|  | June 30 |  |  | June 30 |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Income (loss) from discontinued operations attributable to Composites/Marl facility |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 10 |  |  | $ | 281 |  |  | $ | 38 |  |  | $ | 840 |
Cost of sales |  |  | (6 | ) |  |  | (215 | ) |  |  | (26 | ) |  |  | (648 | )
Selling, general and administrative expense |  |  | (2 | ) |  |  | (20 | ) |  |  | (5 | ) |  |  | (61 | )
Research and development expense |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (9 | )
Equity and other income |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 3 |
Pretax operating income of discontinued operations |  |  | 2 |  |  |  | 44 |  |  |  | 9 |  |  |  | 125 |
Net interest and other financing expense |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (18 | )
Pretax income of discontinued operations |  |  | 2 |  |  |  | 38 |  |  |  | 9 |  |  |  | 107 |
Income tax expense |  |  | (1 | ) |  |  | (14 | ) |  |  | (4 | ) |  |  | (30 | )
Income from discontinued operations |  | $ | 1 |  |  | $ | 24 |  |  | $ | 5 |  |  | $ | 77 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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