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Equity Items | 6 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Equity Items | NOTE N – EQUITY ITEMS 2023 Stock repurchase program On June 28, 2023, Ashland's board of directors authorized a new evergreen $1 billion common share repurchase program ("2023 Stock Repurchase Program"). The new authorization terminated and replaced the 2022 Stock Repurchase Program, which had $200 million outstanding at the date of termination. As of March 31, 2025, $520 million remained available for repurchase under the 2023 Stock Repurchase Program. The following table provides the common stock repurchase activity:
|  | Three months ended |  |  | Six months ended |
|  | March 31 |  |  | March 31 |
(In millions, except per share data) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Number of shares repurchased |  |  | 1.50 |  |  |  | — |  |  |  | 1.50 |  |  |  | 1.20 |
Weighted-average price per share(a) |  | $ | 64.90 |  |  | $ | — |  |  | $ | 64.90 |  |  | $ | 80.78 |
Aggregate purchase price(a) |  | $ | 100 |  |  | $ | — |  |  | $ | 100 |  |  | $ | 100 |
Program |  | 2023 Stock Repurchase Program |  |  | NA |  |  | 2023 Stock Repurchase Program |  |  | 2023 Stock Repurchase Program |
(a) Includes transactions costs. Stockholder dividends Dividends of 40.5 cents per share were paid in the first and second quarters of fiscal 2025 and 38.5 cents per share were paid in the first two quarters of fiscal 2024. Accumulated other comprehensive loss Components of other comprehensive income (loss) recorded in the Statements of Condensed Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects.
|  | 2025 |  |  | 2024 |
(In millions) |  | Before tax |  |  | Tax benefit (expense) |  |  | Net of tax |  |  | Before tax |  |  | Tax benefit |  |  | Net of tax |
Three months ended March 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | 49 |  |  | $ | — |  |  | $ | 49 |  |  | $ | (27 | ) |  | $ | — |  |  | $ | (27 | )
Unrealized gain (loss) on commodity hedges |  |  | 3 |  |  |  | (1 | ) |  |  | 2 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Total other comprehensive income (loss) |  | $ | 52 |  |  | $ | (1 | ) |  | $ | 51 |  |  | $ | (26 | ) |  | $ | — |  |  | $ | (26 | )
Six months ended March 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized translation gain (loss) |  | $ | (46 | ) |  | $ | 1 |  |  | $ | (45 | ) |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |
Unrealized gain (loss) on commodity hedges |  |  | 4 |  |  |  | (1 | ) |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |
Total other comprehensive income (loss) |  | $ | (42 | ) |  | $ | — |  |  | $ | (42 | ) |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |
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, except per share data) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Common stock and paid in capital |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 5 |
Common shares issued under stock incentive and other plans(a) |  |  | 5 |  |  |  | 5 |  |  |  | 6 |  |  |  | 3 |
Common shares purchased under repurchase program(b)(c) |  |  | (6 | ) |  |  | — |  |  |  | (6 | ) |  |  | (2 | )
Balance, end of period |  |  | 1 |  |  |  | 6 |  |  |  | 1 |  |  |  | 6 |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | 3,131 |  |  |  | 3,502 |  |  |  | 3,315 |  |  |  | 3,595 |
Net income (loss) |  |  | 31 |  |  |  | 120 |  |  |  | (135 | ) |  |  | 147 |
Regular dividends |  |  | (19 | ) |  |  | (19 | ) |  |  | (38 | ) |  |  | (39 | )
Common shares purchased under repurchase program(b)(c) |  |  | (95 | ) |  |  | — |  |  |  | (95 | ) |  |  | (99 | )
Other |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |
Balance, end of period |  |  | 3,048 |  |  |  | 3,604 |  |  |  | 3,048 |  |  |  | 3,604 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | (541 | ) |  |  | (450 | ) |  |  | (448 | ) |  |  | (503 | )
Unrealized translation gain (loss) |  |  | 49 |  |  |  | (27 | ) |  |  | (45 | ) |  |  | 27 |
Unrealized gain (loss) on commodity hedges |  |  | 2 |  |  |  | 1 |  |  |  | 3 |  |  |  | — |
Balance, end of period |  |  | (490 | ) |  |  | (476 | ) |  |  | (490 | ) |  |  | (476 | )
Total stockholders' equity |  | $ | 2,559 |  |  | $ | 3,134 |  |  | $ | 2,559 |  |  | $ | 3,134 |
Cash dividends declared per common share |  | $ | 0.405 |  |  | $ | 0.385 |  |  | $ | 0.810 |  |  | $ | 0.770 |
(a) Common stock issued were 52,993 and 32,458 for the three months ended March 31, 2025 and 2024, respectively, and 128,401 and 110,807 for the six months ended March 31, 2025 and 2024, respectively. Includes zero and $1 million for the three months ended March 31, 2025 and 2024, respectively, and $3 million and $4 million for the six months ended March 31, 2025 and 2024, respectively, associated with stock-based compensation employee withholding taxes. (b) Common stock repurchased were 1,541,320 for the three and six months ended March 31, 2025, and zero and 1,238,212 for the three and six months ended March 31, 2024. (c) Includes $1 million in excise tax on common stock repurchases for both the three and six months ended March 31, 2025, and zero and $1 million for the three and six months ended March 31, 2024, respectively. Ashland paid a total of $100 million for the three and six months ended March 31, 2025 and zero and $100 million for the three and six months ended March 31, 2024, respectively, for common stock repurchases.

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