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Discontinued Operations | 6 Months Ended
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Mar. 31, 2022
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 six months ended March 31, 2022 and 2021.
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Income (loss) from discontinued operations (net of tax) |  |  |  |  |  |  |  |  |  |  |  |
Performance Adhesives |  | $ | 17 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 36 |
Composites/Marl facility |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Water Technologies |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |
Distribution |  |  | (1 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (2 | )
Gain (loss) on disposal of discontinued operations (net of tax) |  |  |  |  |  |  |  |  |  |  |  |
Performance Adhesives |  |  | 732 |  |  |  | — |  |  |  | 732 |  |  |  | — |
Composites/Marl facility |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (4 | )
|  | $ | 748 |  |  | $ | 16 |  |  | $ | 764 |  |  | $ | 29 |
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 Performance Adhesives for the three and six months ended March 31, 2022 and 2021. The sale of the Performance Adhesives business was completed on February 28, 2022.
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Income (loss) from discontinued operations attributable to Performance Adhesives |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 75 |  |  | $ | 88 |  |  | $ | 171 |  |  | $ | 172 |
Cost of sales |  |  | (56 | ) |  |  | (59 | ) |  |  | (122 | ) |  |  | (112 | )
Selling, general and administrative expense |  |  | (6 | ) |  |  | (5 | ) |  |  | (11 | ) |  |  | (10 | )
Research and development expense |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | ) |  |  | (4 | )
Pretax income of discontinued operations |  |  | 12 |  |  |  | 22 |  |  |  | 35 |  |  |  | 46 |
Income tax (expense) benefit |  |  | 5 |  |  |  | (4 | ) |  |  | (1 | ) |  |  | (10 | )
Income from discontinued operations |  | $ | 17 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 36 |

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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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