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Equity Items | 9 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Equity Items | NOTE N – EQUITY ITEMS Stock repurchase program agreements In May 2019, under the 2018 stock repurchase program, Ashland announced that it entered into an accelerated share repurchase agreement (2019 ASR Agreement). Under the 2019 ASR Agreement, Ashland paid an initial purchase price of $200 million and received an initial delivery of 2.2 million shares of common stock during May 2019. The bank exercised its early termination option under the 2019 ASR Agreement in August 2019, and an additional 400 thousand shares were repurchased, bringing the total shares repurchased upon settlement to 2.6 million. This was the first stock repurchase under the 2018 stock repurchase program and no additional shares have been repurchased in fiscal 2020. Stockholder dividends Dividends of 27.5 cents per share were paid in the first, second and third quarters of fiscal 2020, and the third and fourth quarters of fiscal 2019. These dividends represented a 10% increase over the previous quarterly cash dividend of 25 cents per share paid in the first and second quarters of fiscal 2019. Accumulated other comprehensive income (loss) Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects.
|  | 2020 |  |  | 2019 |
(In millions) |  | Before tax |  |  | Tax (expense) benefit |  |  | Net of tax |  |  | Before tax |  |  | Tax (expense) benefit |  |  | Net of tax |
Three months ended June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Total other comprehensive income (loss) |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Nine months ended June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | (7 | ) |  | $ | — |  |  | $ | (7 | ) |  | $ | (37 | ) |  | $ | — |  |  | $ | (37 | )
Pension and postretirement obligation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustment of unrecognized prior service costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | 1 |  |  |  | (6 | )
Total other comprehensive income (loss) |  |  | (7 | ) |  |  | — |  |  |  | (7 | ) |  |  | (44 | ) |  |  | 1 |  |  |  | (43 | )
Summary of stockholders’ equity A reconciliation of changes in stockholders’ equity are as follows:
|  | Three months ended |  |  | Nine months ended |
|  | June 30 |  |  | June 30 |
(In millions) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Common stock and paid in capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 766 |  |  | $ | 953 |  |  | $ | 757 |  |  | $ | 947 |
Common shares issued under stock incentive and other plans (a) |  |  | 3 |  |  |  | 2 |  |  |  | 12 |  |  |  | 8 |
Common shares purchased under repurchase program (b) |  |  |  |  |  |  | (200 | ) |  |  |  |  |  |  | (200 | )
Balance, end of period |  |  | 769 |  |  |  | 755 |  |  |  | 769 |  |  |  | 755 |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | 2,641 |  |  |  | 2,780 |  |  |  | 3,224 |  |  |  | 2,750 |
Adoption of new accounting pronouncements (c) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34 |
Net income (loss) |  |  | 37 |  |  |  | 66 |  |  |  | (513 | ) |  |  | 94 |
Regular dividends |  |  | (17 | ) |  |  | (16 | ) |  |  | (50 | ) |  |  | (48 | )
Balance, end of period |  |  | 2,661 |  |  |  | 2,830 |  |  |  | 2,661 |  |  |  | 2,830 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | (424 | ) |  |  | (371 | ) |  |  | (410 | ) |  |  | (291 | )
Adoption of new accounting pronouncements (c) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (34 | )
Unrealized translation gain (loss) |  |  | 7 |  |  |  | 3 |  |  |  | (7 | ) |  |  | (37 | )
Pension and postretirement obligation adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | )
Net change in investment securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, end of period |  |  | (417 | ) |  |  | (368 | ) |  |  | (417 | ) |  |  | (368 | )
Total stockholders' equity |  | $ | 3,013 |  |  | $ | 3,217 |  |  | $ | 3,013 |  |  | $ | 3,217 |
Cash dividends declared per common share |  | $ | 0.275 |  |  | $ | 0.275 |  |  | $ | 0.825 |  |  | $ | 0.775 |
| (a) | Common shares issued were 14,460 shares and 46,725 shares for the three months ended June 30, 2020 and 2019, respectively, and 293,485 shares and 281,077 shares for the nine months ended June 30, 2020 and 2019. |
| (b) | Common shares repurchased were zero shares and 2,236,546 in the three and nine months ended June 30, 2020 and 2019. |
| (c) | Represents the cumulative-effect adjustment related to the adoption of the new guidance related to the accounting for equity securities and tax effects of intercompany transfers during fiscal 2019. |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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