UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission file number 333-211719 ASHLAND INC. Delaware (State or other jurisdiction of incorporation or organization) 81-2587835 (I.R.S. Employer I ...

Ashland Inc. (NYSE:ASH) Q3 2023 Earnings Conference Call November 9, 2023 8:00 AM ET Company Participants Seth Mrozek - Director, Investor Relations Guillermo Novo - Chair and Chief Executive Officer Kevin Willis - Senior Vice President and Chief Financial Officer Conference Call Participants David Begleiter - Deutsche Bank John McNulty - BMO Capital Markets Lucas Spector - UBS Group AG John Roberts - Mizuho Securities USA LLC Jeff Zekauskas - JPMorgan Chase & Co. Mike Harrison - Seaport Research Partners L ...

earnings conference call third-quarter fiscal 2023 July 26, 2023 I 9:00 am ET Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Actof1934,asamended. Ashlandhasidentifiedsomeoftheseforward-lookingstatementswithwordssuchas“anticipates,”“believes,”“expects,”“estimates,” “islikely,”“predicts,”“projects,”“forecasts,”“objectives,”“may,”“will,”“should,”“plans”and“int ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 333-211719 ASHLAND INC. (a Delaware corporation) I.R.S. No. 81-2587835 8145 Blazer Drive Wilmington, Delaware 19808 Telephone Number ...

Ashland Inc. (NYSE:ASH) Q2 2023 Earnings Conference Call May 3, 2023 9:00 AM ET Company Participants Seth Mrozek - Director, Investor Relations Guillermo Novo - Chair & Chief Executive Officer Kevin Willis - Senior Vice President & Chief Financial Officer Conference Call Participants Christopher Parkinson - Mizuho Securities Lucas Beaumont - UBS Michael Sison - Wells Fargo John McNulty - BMO Mike Harrison - Seaport Research Partners David Begleiter - Deutsche Bank John Roberts - Credit Suisse Laurence Alexa ...

earnings conference call second-quarter fiscal 2023 May 3, 2023 I 9:00 am ET Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "objectives," "may," "will ...

Financial Performance - Ashland reported net income of $91 million for the three months ended March 31, 2023, compared to $786 million for the same period in 2022, reflecting a significant decrease in earnings per share from $13.69 to $1.67[136][145]. - Adjusted EBITDA for the current quarter was $145 million, down $18 million from the prior year, primarily due to increased manufacturing costs and lower sales volumes[136]. - Operating income decreased to $83 million for the three months ended March 31, 2023, from $100 million in the same period of 2022[147]. - Sales for the current quarter decreased by $1 million to $603 million compared to $604 million in the prior year quarter, a decline of 0.2%[155]. - Year-to-date sales increased by $13 million to $1,128 million, representing a growth of 1.2% compared to $1,115 million in the prior year[157]. - Adjusted EBITDA for the six months ended March 31, 2023, was $254 million, compared to $269 million for the same period in 2022[198]. - The company reported a diluted EPS from continuing operations of $1.68 for the three months ended March 31, 2023, up from $0.66 in the same period of 2022[201]. - Adjusted diluted EPS for the three months ended March 31, 2023, was $1.09, compared to $1.17 for the same period in 2022[201]. Sales and Segment Performance - Sales generated outside of North America accounted for 70% of total sales for the three months ended March 31, 2023, compared to 67% for the same period in 2022[131]. - The Life Sciences segment contributed 40% to total sales for the three months ended March 31, 2023, up from 34% in the prior year[134]. - Life Sciences sales increased by $36 million to $240 million in Q1 2023, driven by favorable pricing and higher volume[209]. - Operating income for Life Sciences rose by $15 million to $58 million in Q1 2023, with an EBITDA increase of $17 million to $75 million, resulting in an EBITDA margin of 31.3%[209]. - Personal Care sales decreased by $5 million to $167 million in Q1 2023, impacted by unfavorable volume and foreign currency exchange[216]. - Year-to-date sales for Life Sciences increased by $73 million to $447 million, with strong global demand for pharmaceutical ingredients[210]. - Year-to-date sales for Personal Care decreased by $13 million to $305 million, affected by unfavorable volume and foreign currency exchange[217]. - Specialty Additives sales decreased by $21 million to $161 million in Q1 2023, primarily due to lower volume and unfavorable foreign currency exchange[222]. Costs and Expenses - Cost of sales for the current quarter increased by $22 million to $406 million, resulting in a gross profit margin decrease to 32.7% from 36.4%[158]. - Selling, general and administrative expenses for the current quarter decreased by $11 million to $79 million, with expenses as a percentage of sales decreasing by 1.8 percentage points[162]. - Research and development expenses remained consistent at $12 million for the current quarter and $25 million year-to-date[165]. - Net interest and other expenses decreased by $53 million in the current quarter, primarily due to lower interest expense and higher interest income[170]. Taxation - The effective income tax rate for the current quarter was a benefit of 1%, compared to an expense of 34% in the prior year quarter[146]. - The effective tax rate for the six months ended March 31, 2023, was 5%, compared to 26% for the same period in 2022, reflecting a favorable adjustment of $23 million related to uncertain tax positions[175][176]. - The adjusted effective tax rate, excluding key items, was 21% for the three months ended March 31, 2023, compared to 23% for the same period in 2022[180]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $247 million for the six months ended March 31, 2023, compared to a $754 million increase for the same period in 2022[238]. - Free cash flows for the current period were $(31) million, compared to $(6) million in the prior year[241]. - Working capital decreased by $56 million to $1,159 million as of March 31, 2023, primarily due to reductions in cash and cash equivalents[242]. - The company's available liquidity position was $1,089 million at March 31, 2023, down from $1,326 million at September 30, 2022[244]. Stock Repurchase and Equity - Ashland initiated a stock repurchase program in March 2023, repurchasing a total of $100 million worth of shares[254]. - Ashland repurchased a total of 1,488,251 shares during the three months ended March 31, 2023, with an average price per share of $99.08 to $104.13[276]. - As of March 31, 2023, Ashland has $348 million remaining available for repurchase under its $500 million stock repurchase program approved in May 2022[276]. - Total equity increased by $47 million to $3,267 million at March 31, 2023, driven by net income of $132 million[253]. Legal and Compliance - The company believes that adequate reserves have been recorded for pending legal proceedings, with losses recognized as immaterial as of March 31, 2023[272]. - The company is involved in various claims and lawsuits related to commercial matters and environmental issues, but potential losses are considered immaterial[272]. - Ashland's management remains confident in the adequacy of reserves for legal claims as of the reporting date[272]. - The company continues to monitor its risk factors and legal proceedings closely to mitigate potential impacts on its financial performance[274]. Outlook and Guidance - The updated fiscal year 2023 sales outlook is projected to be between $2.3 billion and $2.4 billion, down from the previous range of $2.5 billion to $2.7 billion[260]. - Adjusted EBITDA for fiscal year 2023 is now expected to be between $580 million and $610 million, revised from the prior range of $600 million to $650 million[260]. - The company is not reaffirming or providing forward-looking guidance for U.S. GAAP-reported financial measures due to uncertainties in economic conditions[193].

Financial Performance - Ashland's Q1 FY23 sales increased by 3% to $525 million compared to $512 million in Q1 FY22[15, 22] - The company's EBITDA for Q1 FY23 rose by 2% to $108 million, slightly up from $106 million in Q1 FY22[15, 22] - EPS (excluding acquisition amortization) increased by 10% to $0.97 from $0.88 year-over-year[15, 22] - Gross profit margin remained consistent at 31.4%[22] Segment Performance - Life Sciences sales grew significantly by 22% to $207 million, up from $170 million, with a 44% increase in EBITDA to $52 million[15, 24] - Personal Care sales decreased by 6% to $138 million from $147 million, and EBITDA decreased by 11% to $32 million[26] - Specialty Additives experienced an 8% decrease in sales to $143 million from $156 million, with a 39% drop in EBITDA to $23 million[28] - Intermediates sales increased by 2% to $54 million from $53 million, with a 21% increase in EBITDA to $23 million[30] Key Factors and Outlook - The company is maintaining its full-year guidance with sales expected to be in the range of $2.5 - $2.7 billion and adjusted EBITDA between $600 - $650 million[39] - Unfavorable FX impacted sales and EBITDA in multiple segments, including Life Sciences (5% and 19% respectively), Personal Care (5% and 8% respectively), and Specialty Additives (4% and 3% respectively)[24, 26, 28]

Ashland Inc. (NYSE:ASH) Q1 2023 Earnings Conference Call February 1, 2022 9:00 AM ET Company Participants Seth Mrozek - Director, IR Guillermo Novo - Chairman & CEO Kevin Willis - SVP & CFO Conference Call Participants Christopher Parkinson - Mizuho Securities Joshua Spector - UBS David Begleiter - Deutsche Bank John McNulty - BMO Capital Markets Mike Harrison - Seaport Research Partners John Roberts - Credit Suisse Jeffrey Zekauskas - JPMorgan Michael Sison - Wells Fargo Laurence Alexander - Jefferies Oper ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Ashland's unaudited condensed consolidated financial statements for the three months ended December 31, 2022, detailing financial performance, position, and cash movements Statements of Consolidated Comprehensive Income (Loss) (Unaudited) | (In millions except per share data) | Three months ended December 31, 2022 | Three months ended December 31, 2021 | | :--- | :--- | :--- | | **Sales** | $525 | $512 | | **Gross profit** | $165 | $161 | | **Operating income** | $37 | $42 | | **Income from continuing operations** | $42 | $32 | | **Net income** | $40 | $48 | | **Diluted earnings per share** | $0.73 | $0.83 | Condensed Consolidated Balance Sheets (Unaudited) | (In millions) | December 31, 2022 | September 30, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,724 | $1,768 | | **Total assets** | $6,259 | $6,213 | | **Total current liabilities** | $464 | $553 | | **Total liabilities** | $2,941 | $2,993 | | **Total stockholders' equity** | $3,318 | $3,220 | Statements of Condensed Consolidated Cash Flows (Unaudited) | (In millions) | Three months ended December 31, 2022 | Three months ended December 31, 2021 | | :--- | :--- | :--- | | **Cash flows from operating activities (continuing)** | $(29) | $14 | | **Cash flows from investing activities (continuing)** | $(27) | $(7) | | **Cash flows from financing activities (continuing)** | $(27) | $(11) | | **Decrease in cash and cash equivalents** | $(114) | $(16) | [Notes to Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations for financial statement line items, covering accounting policies, divestitures, discontinued operations, goodwill, debt, litigation, and segment information [Note A – Significant Accounting Policies](index=5&type=section&id=Note%20A%20%E2%80%93%20Significant%20Accounting%20Policies) The financial statements are prepared under U.S. GAAP, with operations organized into four segments, requiring significant management estimates for environmental, asbestos, and goodwill liabilities - Ashland is comprised of four reportable segments: **Life Sciences**, **Personal Care**, **Specialty Additives**, and **Intermediates**[14](index=14&type=chunk) - Significant management estimates are required for **environmental remediation**, **asbestos litigation**, **goodwill**, **intangible assets**, and **income taxes**[15](index=15&type=chunk) [Note B & C – Divestitures and Discontinued Operations](index=6&type=section&id=Note%20B%20%26%20C%20%E2%80%93%20Divestitures%20and%20Discontinued%20Operations) Ashland completed the sale of its Performance Adhesives business for approximately **$1.7 billion**, with discontinued operations reporting a **$2 million net loss** for the quarter, alongside a **$4 million impairment charge** for a facility pending sale - On February 28, 2022, Ashland completed the sale of its Performance Adhesives business to Arkema for approximately **$1.7 billion**, net of transaction costs, with results now reported as discontinued operations[19](index=19&type=chunk) Income (Loss) from Discontinued Operations (Net of Tax) | (In millions) | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | Performance Adhesives | $(1) | $17 | | Distribution | $(1) | $(1) | | **Total** | **$(2)** | **$16** | - A **$4 million impairment charge** was recorded in the quarter for a Specialty Additives manufacturing facility under a definitive sale agreement[21](index=21&type=chunk) [Note G – Goodwill and Other Intangibles](index=11&type=section&id=Note%20G%20%E2%80%93%20Goodwill%20and%20Other%20Intangibles) Goodwill increased to **$1,369 million** due to currency translation, with total net intangible assets at **$959 million** and quarterly amortization expense of **$23 million**, with no impairments identified Goodwill Progression by Segment (Q1 FY2023) | (In millions) | Balance at Sep 30, 2022 | Currency Translation | Balance at Dec 31, 2022 | | :--- | :--- | :--- | :--- | | Life Sciences | $787 | $35 | $822 | | Personal Care | $118 | $5 | $123 | | Specialty Additives | $407 | $17 | $424 | | **Total** | **$1,312** | **$57** | **$1,369** | - Total net intangible assets were **$959 million** as of December 31, 2022, consisting of **$681 million** in definite-lived intangibles and **$278 million** in indefinite-lived intangibles[53](index=53&type=chunk) - Amortization expense for intangible assets was **$23 million** for the quarter. Estimated amortization for the remainder of fiscal 2023 is **$92 million**[55](index=55&type=chunk) [Note H – Debt and Other Financing Activities](index=12&type=section&id=Note%20H%20%E2%80%93%20Debt%20and%20Other%20Financing%20Activities) Total debt stood at **$1,316 million**, with the company in compliance with all debt covenants, reporting a consolidated net leverage ratio of **1.3x** and an interest coverage ratio of **10.8x** - Total long-term debt was **$1,316 million** as of December 31, 2022[57](index=57&type=chunk) - As of December 31, 2022, Ashland was in compliance with all debt covenants[62](index=62&type=chunk) Key Debt Covenants (as of Dec 31, 2022) | Covenant | Requirement | Actual | Status | | :--- | :--- | :--- | :--- | | Consolidated Net Leverage Ratio | ≤ 4.0x | 1.3x | Compliant | | Consolidated Interest Coverage Ratio | ≥ 3.0x | 10.8x | Compliant | [Note L – Litigation, Claims and Contingencies](index=15&type=section&id=Note%20L%20%E2%80%93%20Litigation%2C%20Claims%20and%20Contingencies) Significant liabilities include **$501 million** in asbestos reserves with **$150 million** in insurance receivables, and **$206 million** in environmental remediation reserves with **$20 million** in related insurance receivables Asbestos Litigation Reserves (as of Dec 31, 2022) | (In millions) | Asbestos Reserve | Insurance Receivable | | :--- | :--- | :--- | | Ashland-related | $292 | $99 | | Hercules-related | $209 | $51 | | **Total** | **$501** | **$150** | - The company estimates that total future asbestos litigation costs on an inflated and undiscounted basis could range as high as approximately **$456 million** for Ashland claims and **$317 million** for Hercules claims[92](index=92&type=chunk) Environmental Remediation Reserves (as of Dec 31, 2022) | (In millions) | Amount | | :--- | :--- | | **Total Reserve** | $206 | | **Insurance Receivable** | $20 | [Note Q – Reportable Segment Information](index=23&type=section&id=Note%20Q%20%E2%80%93%20Reportable%20Segment%20Information) This note provides a financial breakdown for Ashland's four reportable segments, highlighting strong growth in Life Sciences and declines in Personal Care and Specialty Additives, with Intermediates remaining stable Segment Financial Performance (Three months ended Dec 31) | (In millions) | Sales 2022 | Sales 2021 | Operating Income 2022 | Operating Income 2021 | EBITDA 2022 | EBITDA 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Life Sciences** | $207 | $170 | $34 | $21 | $51 | $36 | | **Personal Care** | $138 | $147 | $11 | $15 | $32 | $36 | | **Specialty Additives** | $143 | $156 | $1 | $17 | $19 | $38 | | **Intermediates** | $54 | $53 | $20 | $16 | $23 | $19 | | **Unallocated & other** | - | - | $(29) | $(27) | $(29) | $(27) | [Management's Discussion and Analysis (MD&A)](index=27&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management provides an overview of business developments, consolidated and segment results, and financial position, highlighting strong Life Sciences performance offset by weaker demand in other segments, while reaffirming the full-year outlook [Business Overview & Key Developments](index=27&type=section&id=Business%20Overview%20%26%20Key%20Developments) Ashland reported **$40 million** net income and **$108 million** Adjusted EBITDA, driven by pricing gains offset by costs and lower volumes, with strong Life Sciences demand contrasting with weaker performance in other segments due to macroeconomic factors - For the three months ended December 31, 2022, **70%** of Ashland's sales were generated outside of North America[132](index=132&type=chunk) - Net income for the quarter was **$40 million**, compared to **$48 million** in the prior year quarter[136](index=136&type=chunk) - Adjusted EBITDA increased by **$2 million** to **$108 million**, driven by improved pricing and mix, substantially offset by increased costs, unfavorable foreign currency exchange, and lower sales volumes[137](index=137&type=chunk) [Results of Operations – Consolidated Review](index=29&type=section&id=Results%20of%20Operations%20%E2%80%93%20Consolidated%20Review) Consolidated sales increased by **$13 million** to **$525 million** due to pricing gains offset by volume and currency, while operating income decreased to **$37 million**, and Adjusted EBITDA slightly rose to **$108 million** Reconciliation of Change in Sales (Q1'23 vs Q1'22) | (In millions) | Amount | | :--- | :--- | | Volume | $(25) | | Pricing | $62 | | Foreign currency exchange | $(24) | | **Total Change in sales** | **$13** | - Gross profit margin remained stable at **31.4%**, as pricing actions offset higher operating costs related to inflation and plant shutdowns[152](index=152&type=chunk)[153](index=153&type=chunk) Adjusted EBITDA Reconciliation | (In millions) | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | Net income | $40 | $48 | | EBITDA | $93 | $118 | | Key items adjustments | $15 | $(12) | | **Adjusted EBITDA** | **$108** | **$106** | Adjusted Diluted EPS Reconciliation | | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | Diluted EPS from continuing operations (GAAP) | $0.76 | $0.55 | | Key items, after tax | $(0.12) | $0.00 | | **Adjusted diluted EPS (non-GAAP)** | **$0.64** | **$0.55** | | Amortization expense adjustment (net of tax) | $0.33 | $0.33 | | **Adjusted diluted EPS excluding intangibles (non-GAAP)** | **$0.97** | **$0.88** | [Results of Operations – Reportable Segment Review](index=35&type=section&id=Results%20of%20Operations%20%E2%80%93%20Reportable%20Segment%20Review) Life Sciences sales grew **22%** with **44%** Adjusted EBITDA increase, while Personal Care and Specialty Additives saw sales declines of **6%** and **8%** respectively due to weak demand and destocking, and Intermediates remained stable - **Life Sciences:** Sales increased **$37 million**, driven by strong global demand for pharmaceutical ingredients. Adjusted EBITDA rose to **$52 million** from **$36 million**[188](index=188&type=chunk)[191](index=191&type=chunk) - **Personal Care:** Sales decreased **$9 million**, negatively impacted by the COVID situation in China and significant destocking in Europe. EBITDA fell to **$32 million** from **$36 million**[194](index=194&type=chunk)[195](index=195&type=chunk) - **Specialty Additives:** Sales decreased **$13 million** due to the China reopening impact and a general economic slowdown in Europe. Adjusted EBITDA fell to **$23 million** from **$38 million**, also impacted by unplanned plant shutdowns in China[198](index=198&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk) - **Intermediates:** Sales increased slightly by **$1 million**, as favorable pricing offset lower volume. EBITDA increased to **$23 million** from **$19 million**[203](index=203&type=chunk)[204](index=204&type=chunk) [Financial Position and Liquidity](index=40&type=section&id=Financial%20Position%20and%20Liquidity) Cash and cash equivalents decreased by **$114 million**, with ongoing free cash flow at negative **$21 million** due to increased working capital, while total available liquidity remained strong at **$1.2 billion** Free Cash Flow Reconciliation | (In millions) | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | Cash from operating activities (continuing) | $(29) | $14 | | less: Additions to property, plant and equipment | $(23) | $(15) | | **Free cash flow** | **$(52)** | **$(1)** | | Adjustments for restructuring, environmental, etc. | $31 | $27 | | **Ongoing free cash flow** | **$(21)** | **$26** | - The **$47 million** decline in ongoing free cash flow was primarily caused by a **$45 million** increase in working capital, driven by higher inventories and reduced accrued expenses[217](index=217&type=chunk) - Total available liquidity was **$1,219 million** at December 31, 2022, comprising cash, the revolving credit facility, and the foreign accounts receivable securitization facility[219](index=219&type=chunk) [Outlook](index=44&type=section&id=Outlook) Ashland maintained its FY2023 outlook, expecting sales between **$2.5 billion** and **$2.7 billion** and Adjusted EBITDA between **$600 million** and **$650 million**, though current forecasts suggest earnings will be below the midpoint of the EBITDA range Fiscal Year 2023 Outlook | Key Operating Metrics | FY2023 Outlook | | :--- | :--- | | Sales | $2.5 - $2.7 billion | | Adjusted EBITDA | $600 - $650 million | - The company's current forecast model indicates earnings will be below the mid-point of the Adjusted EBITDA outlook range[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's market risk exposure as of December 31, 2022, remains materially consistent with disclosures in its most recent Annual Report on Form 10-K - Market risk exposure at December 31, 2022 is generally consistent with the exposures presented in the most recent Form 10-K[233](index=233&type=chunk) [Controls and Procedures](index=45&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Ashland's disclosure controls and procedures were deemed effective as of December 31, 2022, with no significant changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[234](index=234&type=chunk) - No significant changes to internal control over financial reporting occurred during the quarter[235](index=235&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section outlines Ashland's material legal proceedings, primarily involving asbestos-related personal injury claims from former subsidiaries and environmental cleanup responsibilities at **59** sites - The company is subject to liabilities from asbestos-related personal injury claims, primarily from indemnification obligations for former subsidiaries Riley Stoker Corporation and Hercules LLC[238](index=238&type=chunk) - As of December 31, 2022, Ashland has been identified as a potentially responsible party (PRP) for environmental investigation and/or cleanup at **59** sites under CERCLA and similar state laws[240](index=240&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes occurred during the quarter to the risk factors previously disclosed in Ashland's Annual Report on Form 10-K for the fiscal year ended September 30, 2022 - During the period covered by this report, there were no material changes from the risk factors previously disclosed in Ashland's Annual Report on Form 10-K for the fiscal year ended September 30, 2022[246](index=246&type=chunk) [Issuer Purchases of Equity Securities](index=48&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Ashland did not repurchase any equity securities during the quarter, with the full **$500 million** authorized under its evergreen stock repurchase program remaining available - There was no share repurchase activity during the three months ended December 31, 2022[247](index=247&type=chunk) - As of December 31, 2022, **$500 million** remains available for repurchase under the company's stock repurchase authorization[248](index=248&type=chunk) [Exhibits](index=49&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q report, including an amendment to the Tax Matters Agreement, CEO and CFO certifications, and financial statements in Inline XBRL format - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[250](index=250&type=chunk)