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Discontinued Operations
 6 Months Ended
Mar. 31, 2026
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 income tax items have been recorded within the income from discontinued operations, net of income taxes caption in the Statements of Condensed Consolidated Comprehensive Income (Loss) for all periods presented.

Due to the ongoing assessment of certain matters associated with previous divestitures, subsequent adjustments to these divestitures may continue in future periods in the income from discontinued operations, net of income taxes caption in the Statements of Condensed Consolidated Comprehensive Income (Loss).

The following divested businesses represent disposal groups that qualified as discontinued operations in previous periods and impacted discontinued operations for the three and six months ended March 31, 2026 and 2025:

•
The Performance Adhesives business divested in 2022;
•
The separation of Valvoline Inc. (Valvoline) business divested in 2017; and
•
The sale of Ashland Water Technologies (Water Technologies) business divested in 2014.

Components of amounts reflected in the Statements of Condensed Consolidated Comprehensive Income (Loss) related to discontinued operations are presented in the following table:

 

 

Three months ended

 

 

Six months ended

 

 

 

March 31

 

 

March 31

 

(In millions)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Water Technologies

 

$

—

 

 

$

—

 

 

$

2

 

 

$

—

 

Performance Adhesives

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Valvoline

 

 

1

 

 

 

2

 

 

 

1

 

 

 

2

 

 

$

1

 

 

$

1

 

 

$

3

 

 

$

1