LEGAL PROCEEDINGS
−Removed: The following is a description of Ashland’s material legal proceedings.
−Removed: Ashland’s threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
+Added: The following is a description of Ashland’s material legal proceedings.
+Added: Ashland’s threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
Asbestos-Related Litigation
2 unchanged sentences
Although Riley was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies.
−Removed: Hercules LLC (formerly Hercules Incorporated), an indirect wholly-owned subsidiary of Ashland, is also subject to liabilities from asbestos-related personal injury lawsuits involving claims which typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products which were sold by one of Hercules’
−Removed: former subsidiaries to a limited industrial market.
+Added: Hercules LLC (formerly Hercules Incorporated), an indirect wholly-owned subsidiary of Ashland, is also subject to liabilities from asbestos-related personal injury lawsuits involving claims which typically arise from alleged exposure to asbestos fibers from resin encapsulated pipe and tank products which were sold by one of Hercules’ former subsidiaries to a limited industrial market.
Ashland and Hercules are also defendants in lawsuits alleging exposure to asbestos at facilities formerly or presently owned or operated by Ashland or Hercules.
−Removed: For additional detailed information regarding liabilities arising from asbestos-related litigation, see Note L of Notes to Condensed Consolidated Financial Statements in this quarterly report on Form 10-Q.
+Added: For additional detailed information regarding liabilities arising from asbestos-related litigation, see Note K of Notes to Condensed Consolidated Financial Statements in this quarterly report on Form 10-Q.
Environmental Proceedings
−Removed: (a) CERCLA and Similar State Law Sites - Under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state laws, Ashland and its subsidiaries may be subject to joint and several liability for cleanup costs in connection with alleged releases of hazardous substances at sites where it has been identified as a “potentially responsible party”
−Removed: As of June 30, 2023, Ashland and its subsidiaries have been identified as a PRP by U.S.
+Added: (a) CERCLA and Similar State Law Sites - Under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state laws, Ashland and its subsidiaries may be subject to joint and several liability for cleanup costs in connection with alleged releases of hazardous substances at sites where it has been identified as a “potentially responsible party” (PRP).
+Added: As of December 31, 2023, Ashland and its subsidiaries have been identified as a PRP by U.S.
federal and state authorities, or by private parties seeking contribution, for the cost of environmental investigation and/or cleanup at 55 sites.
2 unchanged sentences
The ultimate costs are not predictable with assurance.
−Removed: (b) Lower Passaic River, New Jersey Matters - Ashland, through two formerly owned facilities, and ISP, through a now-closed facility, have been identified as PRPs, along with approximately 70 other companies (the Cooperating Parties Group or the CPG), in a May 2007 Administrative Order of Consent (AOC) with the USEPA.
+Added: (b) Lower Passaic River, New Jersey Matters - Ashland, through two formerly owned facilities, and ISP, through a now-closed facility, have been identified as PRPs, along with approximately 70 other companies (the Cooperating Parties Group or the CPG), in a May 2007 Administrative Order of Consent (AOOC) with the USEPA.
The parties are required to perform a remedial investigation and feasibility study (RI/FS) of the entire 17 miles of the Passaic River.
In June 2007, the USEPA separately commenced a Focused Feasibility Study (FFS) as an interim measure.
−Removed: In accordance with the 2007 AOC, in June 2012 the CPG voluntarily entered into another AOC for an interim removal action focused solely at mile 10.9 of the Passaic River.
−Removed: The allocations for the 2007 AOC and the 2012 removal action are based on interim allocations, are immaterial and have been accrued.
+Added: In accordance with the 2007 AOOC, in June 2012 the CPG voluntarily entered into another AOOC for an interim removal action focused solely at mile 10.9 of the Passaic River.
+Added: The allocations for the 2007 AOOC and the 2012 removal action are based on interim allocations, are immaterial and have been accrued.
In April 2014, the USEPA released the FFS.
The CPG submitted the Draft RI/FS Report on April 30, 2015.
−Removed: The USEPA has released the FFS Record of Decision for the lower 8 miles and recently reached an agreement with another chemical company to conduct and pay for the remedial design.
+Added: The USEPA has released the FFS Record of Decision for the lower 8 miles and reached an agreement with another chemical company to conduct and pay for the remedial design.
This chemical company has sued Ashland, ISP and numerous other defendants to recover past and future costs pursuant to the CERCLA.
−Removed: Ashland, ISP and numerous other defendants have filed a Motion to Dismiss all of the claims.
−Removed: Ashland and ISP are participating in an USEPA allocation process.
−Removed: The release of the FFS Record of Decision, the current allocations proceedings and the lawsuit are not expected to be material to Ashland.
−Removed: For additional information regarding environmental matters and reserves, see Note L of Notes to Condensed Consolidated Financial Statements in this quarterly report on Form 10-Q.
+Added: Ashland and ISP participated in an USEPA allocation process that resulted in a partial settlement with the EPA.
+Added: Possible future allocation proceedings are not expected to have a significant impact to Ashland.
+Added: For additional information regarding environmental matters and reserves, see Note K of Notes to Condensed Consolidated Financial Statements in this quarterly report on Form 10-Q.
Other Pending Legal Proceedings
1 unchanged sentence
Such actions are with respect to commercial matters, product liability, toxic tort liability and other environmental matters which seek remedies or damages, some of which are for substantial amounts.
−Removed: While Ashland cannot predict with certainty the outcome of such actions, it believes that adequate reserves have been recorded and losses already recognized with respect to such actions were immaterial as of June 30, 2023.
+Added: While Ashland cannot predict with certainty the outcome of such actions, it believes that adequate reserves have been recorded as of December 31, 2023.
There is a reasonable possibility that a loss exceeding amounts already recognized may be incurred related to these actions;
−Removed: however, Ashland believes that such potential losses were immaterial as of June 30, 2023.
−Removed: 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.
+Added: however, Ashland believes that such potential losses were immaterial as of December 31, 2023.
+Added: 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, 2023.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.