Debt and Other Financing Activities (Tables)

9 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following table summarizes Ashland’s long-term debt as of:


(In millions)		June 30, 2026				September 30, 2025
3.375% Senior Notes, due 2031		$	450			$	450
2.00% Senior Notes, due 2028 (Euro 500 million principal)			571				586
6.875% Notes, due 2043			282				282
6.50% Junior Subordinated Notes, due 2029			76				72
Other(a)			(5	)			(6	)
Long-term debt (less debt issuance costs)(b)		$	1,374			$	1,384

(a)

Other includes $9 million and $10 million of debt issuance costs as of June 30, 2026 and September 30, 2025, respectively.

(b)

The current portion of the long-term debt was zero for both June 30, 2026 and September 30, 2025.

Summary of Information Related to Account Receivable Sales Program

The following table provides information related to the U.S. and Foreign Accounts Receivable Sales Programs as of:


(In millions)		June 30, 2026				September 30, 2025
U.S. Accounts Receivable Sales Program
Buyer limit		$	68			$	59
Sales outstanding			68				59
Receivables transferred to SPE (Special purpose entity)			88				75
Servicing and guarantee liability(a)			—				—
Foreign Accounts Receivable Sales Program
Buyer limit		$	109			$	103
Sales outstanding			109				103
Receivables transferred to SPE			149				142
Servicing and guarantee liability(a)			—				—

(a)

Zero denotes less than $1 million of activity.

Summary of Impact of Account Receivable Sales Program on Statements of Condensed Consolidated Comprehensive Income (Loss)

The following table provides the impact of the U.S. and Foreign Accounts Receivable Sales Programs on the Statements of Condensed Consolidated Comprehensive Income (Loss).


		Three months ended								Nine months ended
		June 30								June 30
(In millions)		2026				2025				2026				2025
U.S. Accounts Receivable Sales Program
Loss on sale(a)(b)		$	—			$	1			$	1			$	3
Foreign Accounts Receivable Sales Program
Loss on sale(a)(b)		$	1			$	—			$	2			$	3

(a)

Recorded within the net interest and other (income) expense caption within the Statements of Condensed Consolidated Comprehensive Income (Loss).

(b)

Zero denotes less than $1 million of activity.

Summary of Cash Flow Activity Related to Accounts Receivable Sales Programs

The following table provides cash flow activity related to the U.S. and Foreign Accounts Receivable Sales Programs.


		Nine months ended				Nine months ended
(In millions)		June 30, 2026				June 30, 2025
U.S. Accounts Receivable Sales Program
Gross proceeds received		$	100			$	290
Cash collections			91				301
Net change in receivables sales volume		$	9			$	(11	)
Foreign Accounts Receivable Sales Program
Gross proceeds received		$	57			$	413
Cash collections			45				400
Net change in receivables sales volume		$	12			$	13

Schedule of Obligations Confirmed and Paid

A rollforward of obligations confirmed and paid is presented below:


(In millions)		Three months ended June 30, 2026				Nine months ended June 30, 2026
Confirmed obligations outstanding at beginning of period		$	5			$	—
Invoices confirmed during the period			6				16
Confirmed invoices paid during the period			(6	)			(11	)
Confirmed obligations outstanding at end of period		$	5			$	5