XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.22.1

Equity Items | 6 Months Ended
--- | ---
Mar. 31, 2022
Equity [Abstract] |
Equity Items | NOTE N – EQUITY ITEMS Stock repurchase program agreements In September 2021, under the 2018 stock repurchase program, Ashland entered into an accelerated share repurchase agreement (2021 ASR Agreement). Under the 2021 ASR Agreement, Ashland paid an initial purchase price of $450 million and received an initial delivery of 3.9 million shares of common stock during September 2021. The bank exercised its early termination option under the 2021 ASR Agreement in February 2022, and an additional 0.7 million shares were repurchased, bringing the total shares repurchased upon settlement to 4.6 million. On March 1, 2022, under its current stock repurchase program, Ashland entered into an agreement to repurchase an aggregate amount of $200 million of Ashland common stock using open-market purchases under rule 10b-18. Under the terms of the agreement, the bank will purchase a number of shares of Ashland common stock for a pre-determined amount on various trading days dependent upon Ashland's prevailing stock price on that date. The term of the agreement is through September 1, 2022. As of March 31, 2022, Ashland paid $155 million and received 1.7 million shares of common stock under the agreement. On April 8, 2022, Ashland completed repurchases under this agreement repurchasing a total of 2.15 million shares. Stockholder dividends Dividends of 30 cents per share were paid in the first and second quarter of fiscal 2022 and 27.5 cents per share were paid in the first and second quarter of fiscal 2021. Accumulated other comprehensive income (loss) Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below.
|  | 2022 |  |  | 2021 |
(In millions) |  | Before tax |  |  | Tax (expense) benefit |  |  | Net of tax |  |  | Before tax |  |  | Tax (expense) benefit |  |  | Net of tax |
Three months ended March 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | (5 | ) |  | $ | — |  |  | $ | (5 | ) |  | $ | (33 | ) |  | $ | (1 | ) |  | $ | (34 | )
Unrealized gain (loss) on commodity hedges |  |  | 6 |  |  |  | (1 | ) |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |
Total other comprehensive income (loss) |  | $ | 1 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (33 | ) |  | $ | (1 | ) |  | $ | (34 | )
Six months ended March 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | (22 | ) |  | $ | 1 |  |  | $ | (21 | ) |  | $ | 15 |  |  | $ | (1 | ) |  | $ | 14 |
Unrealized gain on commodity hedges |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |
Total other comprehensive income (loss) |  | $ | (21 | ) |  | $ | 1 |  |  | $ | (20 | ) |  | $ | 15 |  |  | $ | (1 | ) |  | $ | 14 |
Summary of stockholders’ equity A reconciliation of changes in stockholders’ equity are as follows:
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Common stock and paid in capital |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 328 |  |  | $ | 771 |  |  | $ | 328 |  |  | $ | 770 |
Compensation expense and common shares issued (a) |  |  | 4 |  |  |  | 2 |  |  |  | 4 |  |  |  | 3 |
Common shares purchased under repurchase program (b) |  |  | (155 | ) |  |  | — |  |  |  | (155 | ) |  |  | — |
Balance, end of period |  |  | 177 |  |  |  | 773 |  |  |  | 177 |  |  |  | 773 |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | 2,827 |  |  |  | 2,686 |  |  |  | 2,796 |  |  |  | 2,649 |
Adoption of new accounting pronouncements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Net income |  |  | 786 |  |  |  | 41 |  |  |  | 834 |  |  |  | 97 |
Regular dividends |  |  | (17 | ) |  |  | (17 | ) |  |  | (34 | ) |  |  | (34 | )
Balance, end of period |  |  | 3,596 |  |  |  | 2,710 |  |  |  | 3,596 |  |  |  | 2,710 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | (392 | ) |  |  | (335 | ) |  |  | (372 | ) |  |  | (383 | )
Unrealized translation gain (loss) |  |  | (5 | ) |  |  | (34 | ) |  |  | (21 | ) |  |  | 14 |
Unrealized gain on commodity hedges |  |  | 5 |  |  |  | — |  |  |  | 1 |  |  |  | — |
Balance, end of period |  |  | (392 | ) |  |  | (369 | ) |  |  | (392 | ) |  |  | (369 | )
Total stockholders' equity |  | $ | 3,381 |  |  | $ | 3,114 |  |  | $ | 3,381 |  |  | $ | 3,114 |
Cash dividends declared per common share |  | $ | 0.300 |  |  | $ | 0.275 |  |  | $ | 0.600 |  |  | $ | 0.550 |
(a) Common shares issued were 13,935 shares and 41,512 shares for the three months ended March 31, 2022 and 2021, respectively, and 108,650 shares and 140,706 shares for the six months ended March 31, 2022 and 2021, respectively. (b) Common shares repurchased were 2,403,380 shares for the three and six months ended March 31, 2022.

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

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration