0001564590-22-028483 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	CBT
Entity Registrant Name	Cabot Corporation
Entity Central Index Key	0000016040
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		56,299,241
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-5667
Entity Tax Identification Number	04-2271897
Entity Address, Address Line One	Two Seaport Lane
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210-2019
City Area Code	617
Local Phone Number	345-0100
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $1 par value per share
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales and other operating revenues	$ 1,149	$ 917	$ 3,209	$ 2,505
Cost of sales	914	703	2,544	1,884
Gross profit	235	214	665	621
Selling and administrative expenses	51	68	196	200
Research and technical expenses	14	12	41	41
Loss on sale of business and asset impairment charge (Note D)	2		206
Gain on bargain purchase of a business (Note C)			(24)
Income (loss) from operations	168	134	246	380
Interest and dividend income		2	7	6
Interest expense	(15)	(12)	(38)	(37)
Other income (expense)	(1)	(1)	(9)	(9)
Income (loss) before income taxes and equity in earnings of affiliated companies	152	123	206	340
(Provision) benefit for income taxes	(49)	(30)	(73)	(93)
Equity in earnings of affiliated companies, net of tax	3	2	7	3
Net income (loss)	106	95	140	250
Net income (loss) attributable to noncontrolling interests, net of tax	9	9	25	29
Net income (loss) attributable to Cabot Corporation	$ 97	$ 86	$ 115	$ 221
Weighted-average common shares outstanding:
Basic	56.3	56.7	56.5	56.7
Diluted	56.8	57.0	56.9	56.8
Earnings (loss) per common share:
Basic	$ 1.70	$ 1.48	$ 2.00	$ 3.85
Diluted	$ 1.69	$ 1.48	$ 1.99	$ 3.84

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 106	$ 95	$ 140	$ 250
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of tax	(102)	71	(84)	89
Derivatives: net investment hedges
(Gains) losses reclassified to interest expense, net of tax	(1)	(1)	(4)	(4)
(Gains) losses excluded from effectiveness testing and amortized to interest expense, net of tax			1	1
Pension and other postretirement benefit liability adjustments, net of tax		2	2	6
Other comprehensive income (loss), net of tax of $ —, $1, ($1), and ($2)	(103)	72	(85)	92
Comprehensive income (loss)	3	167	55	342
Net income (loss) attributable to noncontrolling interests, net of tax	9	9	25	29
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax	(9)	3	(6)	8
Comprehensive income (loss) attributable to noncontrolling interests		12	19	37
Comprehensive income (loss) attributable to Cabot Corporation	$ 3	$ 155	$ 36	$ 305

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net of tax		$ 1	$ (1)	$ (2)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 208	$ 168
Accounts and notes receivable, net of reserve for doubtful accounts of $3 and $4	876	645
Inventories:
Raw materials	184	168
Finished goods	424	300
Other	56	55
Total inventories	664	523
Prepaid expenses and other current assets	123	89
Total current assets	1,871	1,425
Property, plant and equipment, net	1,273	1,376
Goodwill	136	140
Equity affiliates	18	40
Intangible assets, net	67	100
Deferred income taxes	57	53
Other assets	146	172
Total assets	3,568	3,306
Current liabilities:
Short-term borrowings	291	72
Accounts payable and accrued liabilities	738	667
Income taxes payable	49	35
Current portion of long-term debt	22	373
Total current liabilities	1,100	1,147
Long-term debt	1,097	717
Deferred income taxes	73	73
Other liabilities	255	279
Contingencies (Note G)
Preferred stock:
Authorized: 2,000,000 shares of $1 par value, Issued and Outstanding: None and none
Common stock:
Authorized: 200,000,000 shares of $1 par value, Issued: 56,436,645 and 56,870,237 shares, Outstanding: 56,298,570 and 56,726,818 shares	56	57
Less cost of 138,075 and 143,419 shares of common treasury stock	(3)	(4)
Additional paid-in capital		24
Retained earnings	1,210	1,159
Accumulated other comprehensive income (loss)	(368)	(289)
Total Cabot Corporation stockholders' equity	895	947
Noncontrolling interests	148	143
Total stockholders' equity	1,043	1,090
Total liabilities and stockholders' equity	$ 3,568	$ 3,306

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Statement Of Financial Position [Abstract]
Accounts and notes receivable, reserve for doubtful accounts	$ 3	$ 4
Preferred stock, authorized shares	2,000,000	2,000,000
Preferred stock, par value	$ 1	$ 1
Preferred stock, Issued shares	0	0
Preferred stock, Outstanding shares	0	0
Common stock, authorized shares	200,000,000	200,000,000
Common stock, par value	$ 1	$ 1
Common stock, issued shares	56,436,645	56,870,237
Common stock, outstanding shares	56,298,570	56,726,818
Common treasury stock, shares	138,075	143,419

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ 140	$ 250
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	111	117
Loss on sale of business and asset impairment charge	206
Gain on bargain purchase of a business	(24)
Gain on sale of land	(17)
Deferred tax provision (benefit)	(39)	4
Employee benefit plan settlement		7
Equity in earnings of affiliated companies	(7)	(3)
Non-cash compensation	17	16
Other non-cash (income) expense	15	10
Cash dividends received from equity affiliates	1	2
Changes in assets and liabilities:
Accounts and notes receivable	(286)	(198)
Inventories	(231)	(125)
Prepaid expenses and other assets	(35)	(15)
Accounts payable and accrued liabilities	127	97
Income taxes payable	18	12
Other liabilities	(1)	(17)
Cash provided (used) by operating activities	(5)	157
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(121)	(115)
Proceeds from sale of business	79
Cash paid for acquisition of business, net of cash acquired of $5 and $-	(9)
Proceeds from sale of land	18
Other	2	5
Cash provided (used) by investing activities	(31)	(110)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings	26
Proceeds from issuance (repayments) of commercial paper, net	193	46
Proceeds from long-term debt, net of issuance costs	394	150
Repayments of long-term debt	(357)	(167)
Purchases of common stock	(48)	(2)
Proceeds from sales of common stock	6	5
Cash dividends paid to noncontrolling interests	(22)	(20)
Cash dividends paid to common stockholders	(63)	(60)
Cash provided (used) by financing activities	129	(48)
Effects of exchange rate changes on cash	(49)	23
Increase (decrease) in cash, cash equivalents and restricted cash	44	22
Cash, cash equivalents and restricted cash at beginning of period	170	151
Cash, cash equivalents and restricted cash at end of period	214	173
Cash and cash equivalents	208	$ 173
Restricted cash classified within Prepaid expenses and other current assets	$ 6
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	http://www.cabotcorp.com/#PrepaidExpensesAndOtherCurrentAssets	http://www.cabotcorp.com/#PrepaidExpensesAndOtherCurrentAssets
Cash, cash equivalents and restricted cash	$ 214	$ 173

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($)
Statement Of Cash Flows [Abstract]
Cash acquired in acquisition of business	$ 5

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock, Net of Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Cabot Corporation Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Sep. 30, 2020	$ 814	$ 53		$ 989	$ (351)	$ 691	$ 123
Beginning Balance, Shares at Sep. 30, 2020		56,467
Net income (loss)	70			60		60	10
Total other comprehensive income (loss)	96				89	89	7
Cash dividends paid, Common stock, per share	(20)			(20)		(20)
Cash dividends declared to noncontrolling interests	(1)						(1)
Issuance of stock under equity compensation plans	1		$ 1			1
Issuance of stock under equity compensation plans, Shares		192
Amortization of share-based compensation	4		4			4
Purchase and retirement of common stock	(2)		(2)			(2)
Purchase and retirement of common stock, Shares		(53)
Amount reclassified to retained earnings in excess of additional paid in capital			(3)	3
Ending Balance at Dec. 31, 2020	962	$ 53		1,032	(262)	823	139
Ending Balance, Shares at Dec. 31, 2020		56,606
Beginning Balance at Sep. 30, 2020	814	$ 53		989	(351)	691	123
Beginning Balance, Shares at Sep. 30, 2020		56,467
Net income (loss)	250
Total other comprehensive income (loss)	92
Ending Balance at Jun. 30, 2021	1,094	$ 53		1,169	(267)	955	139
Ending Balance, Shares at Jun. 30, 2021		56,723
Beginning Balance at Dec. 31, 2020	962	$ 53		1,032	(262)	823	139
Beginning Balance, Shares at Dec. 31, 2020		56,606
Net income (loss)	85			75		75	10
Total other comprehensive income (loss)	(76)				(74)	(74)	(2)
Cash dividends paid, Common stock, per share	(20)			(20)		(20)
Cash dividends declared to noncontrolling interests	(11)						(11)
Issuance of stock under equity compensation plans	1		1			1
Issuance of stock under equity compensation plans, Shares		17
Amortization of share-based compensation	6		6			6
Purchase and retirement of common stock, Shares		(1)
Amount reclassified to retained earnings in excess of additional paid in capital			(7)	7
Ending Balance at Mar. 31, 2021	947	$ 53		1,094	(336)	811	136
Ending Balance, Shares at Mar. 31, 2021		56,622
Net income (loss)	95			86		86	9
Total other comprehensive income (loss)	72				69	69	3
Cash dividends paid, Common stock, per share	(20)			(20)		(20)
Cash dividends declared to noncontrolling interests	(9)						(9)
Issuance of stock under equity compensation plans	3		3			3
Issuance of stock under equity compensation plans, Shares		103
Amortization of share-based compensation	6		6			6
Purchase and retirement of common stock, Shares		(2)
Amount reclassified to retained earnings in excess of additional paid in capital			(9)	9
Ending Balance at Jun. 30, 2021	1,094	$ 53		1,169	(267)	955	139
Ending Balance, Shares at Jun. 30, 2021		56,723
Beginning Balance at Sep. 30, 2021	1,090	$ 53	24	1,159	(289)	947	143
Beginning Balance, Shares at Sep. 30, 2021		56,727
Net income (loss)	(80)			(89)		(89)	9
Total other comprehensive income (loss)	(28)				(30)	(30)	2
Cash dividends paid, Common stock, per share	(21)			(21)		(21)
Issuance of stock under equity compensation plans, Shares		202
Amortization of share-based compensation	6		6			6
Purchase and retirement of common stock	(19)		(19)			(19)
Purchase and retirement of common stock, Shares		(349)
Ending Balance at Dec. 31, 2021	948	$ 53	11	1,049	(319)	794	154
Ending Balance, Shares at Dec. 31, 2021		56,580
Beginning Balance at Sep. 30, 2021	1,090	$ 53	24	1,159	(289)	947	143
Beginning Balance, Shares at Sep. 30, 2021		56,727
Net income (loss)	140
Total other comprehensive income (loss)	(85)
Ending Balance at Jun. 30, 2022	1,043	$ 53		1,210	(368)	895	148
Ending Balance, Shares at Jun. 30, 2022		56,299
Beginning Balance at Dec. 31, 2021	948	$ 53	11	1,049	(319)	794	154
Beginning Balance, Shares at Dec. 31, 2021		56,580
Net income (loss)	114			107		107	7
Total other comprehensive income (loss)	46				45	45	1
Cash dividends paid, Common stock, per share	(21)			(21)		(21)
Cash dividends declared to noncontrolling interests	(14)						(14)
Issuance of stock under equity compensation plans	3		3			3
Issuance of stock under equity compensation plans, Shares		72
Amortization of share-based compensation	5		5			5
Purchase and retirement of common stock	(15)		(15)			(15)
Purchase and retirement of common stock, Shares		(221)
Ending Balance at Mar. 31, 2022	1,066	$ 53	4	1,135	(274)	918	148
Ending Balance, Shares at Mar. 31, 2022		56,431
Net income (loss)	106			97		97	9
Total other comprehensive income (loss)	(103)				(94)	(94)	(9)
Cash dividends paid, Common stock, per share	(21)			(21)		(21)
Issuance of stock under equity compensation plans	3		3			3
Issuance of stock under equity compensation plans, Shares		66
Amortization of share-based compensation	6		6			6
Purchase and retirement of common stock	(14)		$ (13)	(1)		(14)
Purchase and retirement of common stock, Shares		(198)
Ending Balance at Jun. 30, 2022	$ 1,043	$ 53		$ 1,210	$ (368)	$ 895	$ 148
Ending Balance, Shares at Jun. 30, 2022		56,299

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Statement Of Stockholders Equity [Abstract]
Common stock, cash dividends paid, per share	$ 0.37	$ 0.37	$ 0.37	$ 0.35	$ 0.35	$ 0.35

Basis of Presentation

9 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

A. Basis of Presentation

The consolidated financial statements have been prepared in conformity with accounting policies generally accepted in the United States (“U.S.”) and include the accounts of Cabot Corporation (“Cabot” or the “Company”) and its wholly-owned subsidiaries and majority-owned and controlled U.S. and non-U.S. subsidiaries. Additionally, Cabot considers consolidation of entities over which control is achieved through means other than voting rights. Intercompany transactions have been eliminated in consolidation.

The unaudited consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. Additional information may be obtained by referring to Cabot’s Annual Report on Form 10-K for its fiscal year ended September 30, 2021 (“2021 10-K”).

The financial information submitted herewith is unaudited and reflects all adjustments which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods ended June 30, 2022 and 2021. All such adjustments are of a normal recurring nature. The results for interim periods are not necessarily indicative of the results to be expected for the fiscal year.

As discussed in Note C, on February 28, 2022, the Company acquired Tokai Carbon (Tianjin) Co. (“Tokai Carbon”). The results of operations and cash flows of Tokai Carbon are included in the Company’s consolidated financial statements from the date of acquisition.

As discussed in Note D, on March 1, 2022, the Company completed the sale of its Purification Solutions business to an affiliate of funds advised by One Equity Partners (“OEP”). The sale of the Purification Solutions business did not meet the criteria to be reported as a discontinued operation as it did not constitute a significant strategic business shift for the Company, and has no major effect on operations. Therefore, prior periods’ consolidated financial statements and disclosures have not been retroactively restated to reflect the impact of the sale of the Purification Solutions business.

Significant Accounting Policies

9 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

B. Significant Accounting Policies

Recently Adopted Accounting Standards

In December 2019, the FASB issued a new standard Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance that reduces complexity in certain areas. The new standard is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard on October 1, 2021. The adoption of this standard did not materially impact the Company’s consolidated financial statements.

Recent Accounting Pronouncements

In March 2020, the FASB issued a new standard on Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The standard was effective upon issuance and may generally be applied through December 31, 2022 to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the timing of adoption and the impact of the adoption of this standard on its consolidated financial statements.

Acquisition

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Acquisition

C. Acquisition

Tokai Carbon (Tianjin) Co.

On February 28, 2022, the Company purchased 100% of the registered capital of Tokai Carbon, a carbon black manufacturing facility, from Tokai Carbon Group for a net purchase price of $9 million, consisting of cash consideration of $14 million, including customary post-closing adjustments, and net of $5 million of cash acquired.

The provisional estimates of the fair value of assets and liabilities acquired as of February 28, 2022 are set forth below along with the calculation of the Gain on bargain purchase of a business based on the cash consideration.

	(In millions)
Fair value of asset acquired
Cash	$	5
Accounts and notes receivable		5
Inventories		11
Prepaid expenses and other current assets		7
Property, plant and equipment		12
Amounts attributable to assets acquired		40

Fair value of liabilities assumed
Accounts payable and accrued liabilities		(2	)
Amounts attributable to liabilities assumed		(2	)

Total identifiable net assets		38

Cash consideration		14

Gain on bargain purchase of a business	$	24

The excess of the fair value of the net assets over the purchase price was recorded as a gain of $24 million. The Gain on bargain purchase of a business arose primarily due to necessary equipment upgrades that will be required after the purchase to continue to utilize the existing assets.

Cabot paid the $14 million of cash consideration during the third quarter of fiscal 2022.

Divestiture

9 Months Ended

Jun. 30, 2022

Discontinued Operations And Disposal Groups [Abstract]

Divestiture

D. Divestitures

Sale of Purification Solutions Business

On March 1, 2022, the Company completed the sale of its Purification Solutions business, a reporting segment of the Company, to OEP for total expected cash proceeds of approximately $90 million, net of $7 million cash transferred. Upon completion of the sale, the Company received net cash proceeds of $79 million and recorded a receivable for $11 million, which are subject to customary post-closing adjustments. The $11 million receivable is included in Accounts and notes receivable on the Consolidated Balance Sheet at June 30, 2022. The Company expects to settle this receivable by the end of fiscal 2022.

The Company recognized a pre-tax impairment charge on the Purification Solutions business of $197 million in the first quarter of fiscal 2022 and a pre-tax loss on sale of the Purification Solutions business of $9 million during the first nine months of fiscal 2022. The total after-tax loss on sale and impairment charge was $169 million for the nine months ended June 30, 2022.

Sale of Marshall Mine

In September 2020, the Company entered into an agreement to sell its lignite mine located in Marshall, Texas to ADA Carbon Solutions, LLC (“ADACS”) for a nominal amount. As part of the transaction, the Company agreed to fund a portion of the costs ADACS expects to incur to close the mine. Additionally, in conjunction with the sale of the mine, the Purification Solutions business entered into a long-term supply agreement with ADACS, a producer of lignite-based activated carbon, which included an agreement for the Company to fund certain capital expenditures. These liabilities totaled $11 million, which the Company settled in full with ADACS during the second quarter of fiscal 2022 in connection with the sale of the Purification Solutions business.

Goodwill and Intangible Assets

9 Months Ended

Jun. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

E. Goodwill and Intangible Assets

The carrying amount of goodwill attributable to each reportable segment with goodwill balances and the changes in those balances during the nine months ended June 30, 2022 are as follows:

	Reinforcement Materials			Performance Chemicals			Total
	(In millions)
Balance at September 30, 2021	$	48		$	92		$	140
Foreign currency impact		(1	)		(3	)		(4	)
Balance at June 30, 2022	$	47		$	89		$	136

The following table provides information regarding the Company’s intangible assets:

	June 30, 2022							September 30, 2021
	Gross Carrying Value		Accumulated Amortization			Net Intangible Assets		Gross Carrying Value		Accumulated Amortization			Net Intangible Assets
	(In millions)
Intangible assets with finite lives
Developed technologies	$	35	$	(8	)	$	27	$	62	$	(12	)	$	50
Trademarks		3		(1	)		2		11		(1	)		10
Customer relationships		60		(22	)		38		60		(20	)		40
Total intangible assets	$	98	$	(31	)	$	67	$	133	$	(33	)	$	100

Intangible assets are amortized over their estimated useful lives, which range between ten and twenty-five years, with a weighted average amortization period of approximately seventeen years. Amortization expense was $1 million and $2 million for the three months ended June 30, 2022 and 2021, respectively, and $5 million and $6 million for the nine months ended June 30, 2022 and 2021, respectively. Amortization expense is included in Cost of sales, Selling and administrative expenses and Research and technical expenses in the Consolidated Statements of Operations. Total amortization expense is estimated to be approximately $6 million each year for the next five fiscal years.

Accumulated Other Comprehensive Income (Loss) ("AOCI")

9 Months Ended

Jun. 30, 2022

Stockholders Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI")

F. Accumulated Other Comprehensive Income (Loss) (“AOCI”)

Comprehensive income combines net income (loss) and other comprehensive income items, which are reported as components of stockholders’ equity in the accompanying Consolidated Balance Sheets.

Changes in each component of AOCI, net of tax, were as follows:

	Currency Translation Adjustment			Pension and Other Postretirement Benefit Liability Adjustments			Total
	(In millions)
Balance at September 30, 2021, attributable to Cabot Corporation	$	(265	)	$	(24	)	$	(289	)
Other comprehensive income (loss) before reclassifications		(28	)		1			(27	)
Amounts reclassified from AOCI		(1	)		—			(1	)
Less: Other comprehensive income (loss) attributable to noncontrolling interests		2			—			2
Balance at December 31, 2021, attributable to Cabot Corporation		(296	)		(23	)		(319	)
Other comprehensive income (loss) before reclassifications		12			1			13
Amounts reclassified from AOCI		33			—			33
Less: Other comprehensive income (loss) attributable to noncontrolling interests		1			—			1
Balance at March 31, 2022, attributable to Cabot Corporation	$	(252	)	$	(22	)	$	(274	)
Other comprehensive income (loss) before reclassifications		(102	)		(1	)		(103	)
Amounts reclassified from AOCI		(1	)		1			—
Less: Other comprehensive income (loss) attributable to noncontrolling interests		(9	)		—			(9	)
Balance at June 30, 2022, attributable to Cabot Corporation	$	(346	)	$	(22	)	$	(368	)

The amounts reclassified out of AOCI and into the Consolidated Statements of Operations in each of the three and nine months ended June 30, 2022 and 2021 were as follows:

	Affected Line Item in the Consolidated	Three Months Ended June 30						Nine Months Ended June 30
	Statements of Operations	2022			2021			2022			2021
		(In millions)
Derivatives: net investment hedges
(Gains) losses reclassified to interest expense	Interest expense	$	(1	)	$	(1	)	$	(4	)	$	(4	)
(Gains) losses excluded from effectiveness testing and amortized to interest expense	Interest expense		—			—			1			1
Release of currency translation adjustment	Loss on sale of business and asset impairment charge		—			—			33			—
Pension and other postretirement
Release of actuarial losses and prior service cost (credit)	Loss on sale of business and asset impairment charge		—			—			1			—
Amortization of actuarial losses and prior service cost (credit)	Net Periodic Benefit Cost		1			3			1			4
Settlement charge	Net Periodic Benefit Cost		—			1			—			7
Total before tax		$	—		$	3		$	32		$	8

Contingencies

9 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Contingencies

G. Contingencies

Respirator Liabilities

Cabot has exposure in connection with a safety respiratory products business that a subsidiary acquired from American Optical Corporation (“AO”) in an April 1990 asset purchase transaction. The subsidiary manufactured respirators under the AO brand and disposed of that business in July 1995. In connection with its acquisition of the business, the subsidiary agreed, in certain circumstances, to assume a portion of AO’s liabilities, including costs of legal fees together with amounts paid in settlements and judgments, allocable to AO respiratory products used prior to the 1990 purchase by the Cabot subsidiary. In exchange for the subsidiary’s assumption of certain of AO’s respirator liabilities, AO agreed to provide to the subsidiary the benefits of: (i) AO’s insurance coverage for the period prior to the 1990 acquisition and (ii) a former owner’s indemnity of AO holding it harmless from any liability allocable to AO respiratory products used prior to May 1982. As more fully described in the 2021 10-K, the respirator liabilities generally involve claims for personal injury, including asbestosis, silicosis and coal worker’s pneumoconiosis, allegedly resulting from the use of respirators that are alleged to have been negligently designed and/or labeled. At no time did this respiratory product line represent a significant portion of the respirator market. In addition to Cabot’s subsidiary, other parties are responsible for significant portions of the costs of these respirator liabilities (as defined in the 2021 10-K, the “Payor Group”).

Cabot has a reserve to cover its expected share of liabilities for pending and future respirator liability claims, which is included in Other liabilities and Accounts payable and accrued liabilities on the Consolidated Balance Sheets. The Company expects these liabilities to be incurred over a number of years. The reserve balance decreased from $44 million at September 30, 2021 to $40 million at June 30, 2022, representing the net impact from a charge to the reserve and settlement payments made during the nine month period ended June 30, 2022.

The Company’s current estimate of the cost of its share of pending and future respirator liability claims is based on facts and circumstances existing at this time, including the number and nature of the remaining claims. Developments that could affect the Company’s estimate include, but are not limited to, (i) significant changes in the number of future claims, (ii) changes in the rate of dismissals without payment of pending claims, (iii) significant changes in the average cost of resolving claims, including potential settlements of groups of claims, (iv) significant changes in the legal costs of defending these claims, (v) changes in the nature of claims received or changes in our assessment of the viability of these claims, (vi) trial and appellate outcomes, (vii) changes in the law and procedure applicable to these claims, (viii) the financial viability of the parties that contribute to the payment of respirator claims, (ix) exhaustion or changes in the recoverability of the insurance coverage maintained by certain members of the Payor Group, or a change in the availability of the indemnity provided by a former owner of AO, (x) changes in the allocation of costs among the various parties paying legal and settlement costs, and (xi) a determination that the assumptions that were used to estimate Cabot’s share of liability are no longer reasonable. The Company cannot determine the impact of these potential developments on its current estimate of its share of liability for existing and future claims. On July 26, 2022, Aearo Technologies (“Aearo”), one of the members of the Payor Group, filed for Chapter 11 bankruptcy protection. The Company is assessing the impact of this development on its potential liability for these respirator claims. Because reserves are limited to amounts that are probable and estimable as of a relevant measurement date, and there is inherent difficulty in projecting the impact of potential developments on Cabot’s share of liability for these existing and future claims, it is reasonably possible that the liabilities for existing and future claims could change in the near term and that change could be material.

Other Matters

The Company has various other lawsuits, claims and contingent liabilities arising in the ordinary course of its business and with respect to its divested businesses. The Company does not believe that any of these matters will have a material adverse effect on its financial position; however, litigation is inherently unpredictable. Cabot could incur judgments, enter into settlements or revise its expectations regarding the outcome of certain matters, and such developments could have a material impact on its results of operations in the period in which the amounts are accrued or its cash flows in the period in which the amounts are paid.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Insurance Recoveries

9 Months Ended

Jun. 30, 2022

Insurance Recovery [Abstract]

Insurance Recoveries

H. Insurance Recoveries

Pepinster, Belgium

In July 2021, the Company’s Specialty Compounds manufacturing and research and development facility in Pepinster, Belgium experienced significant flooding. Full production, which was temporarily halted, resumed in the second quarter of fiscal 2022. During fiscal 2021, the Company recorded expenses of $17 million for clean-up costs, inventory, and fixed asset impairments and simultaneously recognized a fully offsetting loss recovery from expected insurance proceeds.

For the three and nine months ended June 30, 2022, the Company recorded additional expenses of $1 million and $7 million, respectively, for clean-up costs, inventory, and fixed asset impairments and simultaneously recognized a fully offsetting loss recovery from expected insurance proceeds as the Company expects insurance proceeds in excess of the total incurred costs and

policy deductibles. The flood-related expenses and loss recoveries are both included within Cost of sales in the Consolidated Statements of Operations for the three and nine months ended June 30, 2022.

During fiscal 2021, the Company received insurance proceeds of $8 million. For the three months ended June 30, 2022, the Company did not receive additional insurance proceeds. For the nine months ended June 30, 2022, the Company received insurance proceeds of $7 million. In the nine months ended June 30, 2022, this amount included $1 million in Cash provided by investing activities and $6 million in Cash provided by operating activities in the Consolidated Statements of Cash Flows. At June 30, 2022 and September 30, 2021, the receivable for insurance recoveries was $8 million and $9 million, respectively, and is included in Accounts and notes receivable on the Consolidated Balance Sheet.

Income Tax

9 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax

I. Income Tax

Effective Tax Rate

	Three Months Ended June 30						Nine Months Ended June 30
	2022			2021			2022			2021
	(Dollars in millions)
(Provision) benefit for income taxes	$	(49	)	$	(30	)	$	(73	)	$	(93	)
Effective tax rate		32	%		24	%		35	%		27	%

For the three and nine months ended June 30, 2022, the (Provision) benefit for income taxes included a net discrete tax expense of $14 million and a net discrete tax benefit of $22 million, respectively, after valuation allowance. The $22 million net benefit is primarily comprised of a benefit of $36 million related to the Purification Solutions business divestiture, and a tax expense of $8 million related to withholding tax accruals on historic earnings due to changes in indefinite reinvestment assertions on certain entities. For the three and nine months ended June 30, 2021, the (Provision) benefit for income taxes included a net discrete tax expense of $1 million and $2 million, respectively.

In the second quarter of fiscal 2022, Cabot generated a U.S. tax benefit of $183 million from the tax loss related to the divestiture of the Purification Solutions business. This benefit was fully offset with a valuation allowance.

Income tax in Interim Periods

The Company records its tax provision or benefit on an interim basis using an estimated annual effective tax rate. This rate is applied to the current period ordinary income or loss to determine the income tax provision or benefit allocated to the interim period. The income tax effects of unusual or infrequent items are excluded from the estimated annual effective tax rate and are recognized in the impacted interim period. Losses from jurisdictions for which no benefit can be recognized are excluded from the overall computations of the estimated annual effective tax rate and a separate estimated annual effective tax rate is computed and applied to ordinary income or loss in the loss jurisdiction.

Valuation allowances are provided against the future tax benefits that arise from the deferred tax assets in jurisdictions for which no benefit can be recognized. The estimated annual effective tax rate may be significantly impacted by nondeductible expenses and the Company’s projected earnings mix by tax jurisdiction. Adjustments to the estimated annual effective income tax rate are recognized in the period when such estimates are revised.

Uncertainties

Cabot and certain subsidiaries are under audit in a number of jurisdictions. In addition, certain statutes of limitations are scheduled to expire in the near future. It is reasonably possible that a change in the unrecognized tax benefits may also occur within the next twelve months related to the settlement of one or more of these audits or the lapse of applicable statutes of limitations. However, an estimated range of the impact on the unrecognized tax benefits cannot be quantified at this time.

Cabot files U.S. federal and state and non-U.S. income tax returns in jurisdictions with varying statutes of limitations. The 2018 through 2021 tax years generally remain subject to examination by the IRS and various tax years from 2005 through 2021 remain subject to examination by the respective state tax authorities. In significant non-U.S. jurisdictions, various tax years from 2005 through 2021 remain subject to examination by their respective tax authorities.

During the three and nine months ended June 30, 2022, Cabot released uncertain tax positions of a nil amount and $2 million, respectively, due to the expiration of statutes of limitations in various jurisdictions. During the three and nine months ended June 30, 2021, Cabot released uncertain tax positions of a nil amount and $1 million, respectively, due to the expiration of statutes of limitations in various jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

J. Earnings Per Share

The following tables summarize the components of the basic and diluted earnings (loss) per common share (“EPS”) computations:

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions, except per share amounts)
Basic EPS:
Net income (loss) attributable to Cabot Corporation	$	97	$	86	$	115	$	221
Less: Dividends and dividend equivalents to participating securities		—		1		1		1
Less: Undistributed earnings allocated to participating securities⁽¹⁾		1		1		1		2
Earnings (loss) allocated to common shareholders (numerator)	$	96	$	84	$	113	$	218

Weighted average common shares and participating securities outstanding		57.2		57.5		57.4		57.4
Less: Participating securities⁽¹⁾		0.9		0.8		0.9		0.7
Adjusted weighted average common shares (denominator)		56.3		56.7		56.5		56.7

Earnings (loss) per common share - basic:	$	1.70	$	1.48	$	2.00	$	3.85

Diluted EPS:
Earnings (loss) allocated to common shareholders	$	96	$	84	$	113	$	218
Plus: Earnings allocated to participating securities		1		1		2		2
Less: Adjusted earnings allocated to participating securities⁽²⁾		1		1		2		2
Earnings (loss) allocated to common shareholders (numerator)	$	96	$	84	$	113	$	218

Adjusted weighted average common shares outstanding		56.3		56.7		56.5		56.7
Effect of dilutive securities:
Common shares issuable⁽³⁾		0.5		0.3		0.4		0.1
Adjusted weighted average common shares (denominator)		56.8		57.0		56.9		56.8

Earnings (loss) per common share - diluted:	$	1.69	$	1.48	$	1.99	$	3.84

⁽¹⁾

Participating securities consist of shares underlying all outstanding and achieved performance-based restricted stock units and all unvested time-based restricted stock units. The holders of these units are entitled to receive dividend equivalents payable in cash to the extent dividends are paid on the Company’s outstanding common stock and equal in value to the dividends that would have been paid in respect of the shares underlying such units.

Undistributed earnings are the earnings which remain after dividends declared during the period are assumed to be distributed to the common and participating shareholders. Undistributed earnings are allocated to common and participating shareholders on the same basis as dividend distributions. The calculation of undistributed earnings is as follows:

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions)
Calculation of undistributed earnings (loss):
Net income (loss) attributable to Cabot Corporation	$	97	$	86	$	115	$	221
Less: Dividends declared on common stock		21		20		63		60
Less: Dividends declared on participating securities		—		1		1		1
Undistributed earnings (loss)	$	76	$	65	$	51	$	160

Allocation of undistributed earnings (loss):
Undistributed earnings (loss) allocated to common shareholders	$	75	$	64	$	50	$	158
Undistributed earnings allocated to participating shareholders		1		1		1		2
Undistributed earnings (loss)	$	76	$	65	$	51	$	160

⁽²⁾	Undistributed earnings are adjusted for the assumed distribution of dividends to the dilutive securities, which are described in (3) below, and then reallocated to participating securities.

⁽³⁾

Represents incremental shares of common stock from the (i) assumed exercise of stock options issued under Cabot’s equity incentive plans; and (ii) assumed issuance of shares to employees pursuant to the Company’s Deferred Compensation and Supplemental Retirement Plan. For the three and nine months ended June 30, 2022, 169,425 and 204,796 incremental shares of common stock were excluded from the calculation of diluted earnings per share because the inclusion of these shares would have been antidilutive. For the three and nine months ended June 30, 2021, 177,673 and 956,695 incremental shares of common stock were excluded from the calculation of diluted earnings per share because the inclusion of these shares would have been antidilutive.

Financial Instruments and Fair Value Measurements

9 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

K. Financial Instruments and Fair Value Measurements

The FASB authoritative guidance on fair value measurements defines fair value, provides a framework for measuring fair value, and requires certain disclosures about fair value measurements. The required disclosures focus on the inputs used to measure fair value. The guidance establishes the following hierarchy for categorizing these inputs:

Level 1	—	Quoted market prices in active markets for identical assets or liabilities

Level 2	—	Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs)

Level 3	—	Significant unobservable inputs

There were no transfers of financial assets or liabilities measured at fair value between Level 1 and Level 2 and there were no Level 3 investments during the first nine months of either fiscal 2022 or 2021.

At June 30, 2022 and September 30, 2021, Cabot had derivatives relating to foreign currency risks, including a net investment hedge and forward foreign currency contracts, carried at fair value. At June 30, 2022, the fair value of these derivatives was a net asset of less than $1 million and was included in Prepaid expenses and other current assets, Accounts payable and accrued liabilities, and Other liabilities on the Consolidated Balance Sheets. At September 30, 2021, the fair value of these derivatives was a net asset of $3 million and was included in Prepaid expenses and other current assets, Accounts payable and accrued liabilities, and Other assets on the Consolidated Balance Sheets. These derivatives are classified as Level 2 instruments within the fair value hierarchy as the fair value determination was based on observable inputs.

At June 30, 2022 and September 31, 2021, the fair value of guaranteed investment contracts included in Other assets on the Consolidated Balance Sheets was $9 million and $10 million, respectively. Guaranteed investment contracts were classified as Level 2 instruments within the fair value hierarchy as the fair value determination was based on other observable inputs.

At June 30, 2022 and September 30, 2021, the fair values of cash and cash equivalents, accounts and notes receivable, accounts payable and accrued liabilities, and short-term borrowings and variable rate debt approximated their carrying values due to the short-term nature of these instruments. The carrying value and fair value of the long-term fixed rate debt were $1.10 billion and $1.13 billion, respectively, as of June 30, 2022, and $1.06 billion and $1.13 billion, respectively, as of September 30, 2021. The fair values of Cabot’s fixed rate long-term debt are estimated based on comparable quoted market prices at the respective period ends. The carrying amounts of Cabot’s floating rate long-term debt and finance and operating lease obligations approximate their fair values. All such measurements are based on observable inputs and are classified as Level 2 within the fair value hierarchy. The valuation technique used is the discounted cash flow model.

In June 2022, Cabot issued $400 million in unsecured notes with a coupon of 5% that mature on June 30, 2032. Interest is payable semi-annually on June 30 and December 30, commencing on December 30, 2022. The net proceeds of this offering were $394 million after deducting discounts and issuance costs, each of which were $3 million, which were paid at issuance and are being amortized over the life of the notes.

Also in June 2022, Cabot settled $350 million in unsecured notes with a coupon of 3.7% that were scheduled to mature on July 15, 2022.

Financial Information by Segment

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Financial Information by Segment

L. Financial Information by Segment

The Company identifies a product line as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is Cabot’s President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Operating segments are aggregated into a reportable segment if the operating segments are determined to have similar economic characteristics and if the operating segments are similar in the following areas: i) nature of products and services; ii) nature of production processes; iii) type or class of customer for their products and services; iv) methods used to distribute the products or provide services; and v) if applicable, the nature of the regulatory environment.

The Company has two reportable segments consisting of Reinforcement Materials and Performance Chemicals. The Company’s former Purification Solutions business was a separate reporting segment prior to divestiture in the second quarter of fiscal 2022.

The Reinforcement Materials segment combines the reinforcing carbons and engineered elastomer composites product lines.

The Performance Chemicals segment combines the specialty carbons, fumed metal oxides, battery materials and aerogel product lines into the Performance Additives business, and combines the specialty compounds and inkjet colorants product lines into the Formulated Solutions business. These businesses are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods, and therefore have been aggregated into one reportable segment. The net sales from each of these businesses for the three and nine months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions)
Performance Additives	$	270	$	208	$	763	$	595
Formulated Solutions		102		95		271		269
Total Performance Chemicals	$	372	$	303	$	1,034	$	864

The Purification Solutions segment consisted of the Company’s activated carbon business.

Income (loss) before income taxes (“Segment EBIT”) is presented for each reportable segment in the table below. Segment EBIT excludes Interest expense, general unallocated income (expense), unallocated corporate costs, and certain items, meaning items management does not consider representative of on-going operating segment results. In addition, Segment EBIT includes Equity in earnings of affiliated companies, net of tax, the full operating results of a contractual joint venture in Purification Solutions, royalties, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.

Financial information by reportable segment is as follows:

	Reinforcement Materials		Performance Chemicals		Purification Solutions		Segment Total		Unallocated and Other⁽¹⁾			Consolidated Total
	(In millions)
Three Months Ended June 30, 2022
Revenues from external customers⁽²⁾	$	707	$	372	$	—	$	1,079	$	70		$	1,149
Income (loss) before income taxes⁽³⁾	$	113	$	63	$	—	$	176	$	(24	)	$	152

Three Months Ended June 30, 2021
Revenues from external customers⁽²⁾	$	479	$	303	$	69	$	851	$	66		$	917
Income (loss) before income taxes⁽³⁾	$	85	$	54	$	6	$	145	$	(22	)	$	123

Nine Months Ended June 30, 2022
Revenues from external customers⁽²⁾	$	1,875	$	1,034	$	97	$	3,006	$	203		$	3,209
Income (loss) before income taxes⁽³⁾	$	299	$	185	$	—	$	484	$	(278	)	$	206

Nine Months Ended June 30, 2021
Revenues from external customers⁽²⁾	$	1,288	$	864	$	191	$	2,343	$	162		$	2,505
Income (loss) before income taxes⁽³⁾	$	262	$	166	$	6	$	434	$	(94	)	$	340

⁽¹⁾	^{Unallocated and Other includes certain items and eliminations necessary to reflect management’s reporting of operating segment results. These items are reflective of the segment reporting presented to the CODM.}

⁽²⁾

Consolidated Total Revenues from external customers reconciles to Net sales and other operating revenues on the Consolidated Statements of Operations. Revenues from external customers that are categorized as Unallocated and Other reflects royalties, external shipping and handling fees, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate, discounting charges for certain Notes receivable, and by-product revenue. Details are provided in the table below:

	Three Months Ended June 30					Nine Months Ended June 30
	2022			2021		2022			2021
	(In millions)
Shipping and handling fees	$	44		$	41	$	124		$	112
By-product sales		28			19		89			54
Other		(2	)		6		(10	)		(4	)
Total	$	70		$	66	$	203		$	162

⁽³⁾	Consolidated Total Income (loss) before income taxes reconciles to Income (loss) before income taxes and equity in earnings of affiliated companies on the Consolidated Statements of Operations. Income (loss) before income taxes that are categorized as Unallocated and Other includes:

	Three Months Ended June 30						Nine Months Ended June 30
	2022			2021			2022			2021
	(In millions)
Interest expense	$	(15	)	$	(12	)	$	(38	)	$	(37	)
Certain items^(a)
Gain on bargain purchase of a business (Note C)		—			—			24			—
Gain on sale of land		17			—			17			—
Loss on sale of business and asset impairment charge (Note D)		(2	)		—			(206	)		—
Legal and environmental matters and reserves		(1	)		—			(9	)		—
Divestiture related charges		—			—			(5	)		—
Acquisition and integration-related charges		(1	)		(2	)		(4	)		(4	)
Global restructuring activities		(1	)		(4	)		(3	)		(8	)
Employee benefit plan settlement and other charges		—			(1	)		—			(6	)
Indirect tax settlement credits		—			12			—			12
Other		—			—			1			(1	)
Total certain items, pre-tax		12			5			(185	)		(7	)
Unallocated corporate costs^(b)		(15	)		(14	)		(45	)		(43	)
General unallocated income (expense)^(c)		(3	)		1			(3	)		(4	)
Less: Equity in earnings of affiliated companies, net of tax^(d)		3			2			7			3
Total	$	(24	)	$	(22	)	$	(278	)	$	(94	)

^(a)

Certain items are items of expense and income that management does not consider representative of the Company’s fundamental on-going segment results and they are, therefore, excluded from Segment EBIT.

^(b)

Unallocated corporate costs are costs that are not controlled by the segments and primarily benefit corporate interests.

^(c)

General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue, the impact of including the full operating results of a contractual joint venture in Purification Solutions Segment EBIT and unrealized holding gains (losses) for investments.

^(d)

Equity in earnings of affiliated companies, net of tax, is included in Segment EBIT and is removed in Unallocated and other to reconcile to Income (loss) from operations before income taxes and equity in earnings from affiliated companies.

The Company’s segments operate globally. In addition to presenting Revenue from external customers by reportable segment, the following tables further disaggregate Revenues from external customers by geographic region.

	Three Months Ended June 30, 2022
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	299	$	113	$	—	$	412
Asia Pacific		256		146		—		402
Europe, Middle East and Africa		152		113		—		265
Segment revenues from external customers		707		372		—		1,079
Unallocated and other								70
Net sales and other operating revenues							$	1,149

	Three Months Ended June 30, 2021
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	189	$	85	$	28	$	302
Asia Pacific		197		118		9		324
Europe, Middle East and Africa		93		100		32		225
Segment revenues from external customers		479		303		69		851
Unallocated and other								66
Net sales and other operating revenues							$	917

	Nine Months Ended June 30, 2022
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	757	$	313	$	43	$	1,113
Asia Pacific		741		420		14		1,175
Europe, Middle East and Africa		377		301		40		718
Segment revenues from external customers		1,875		1,034		97		3,006
Unallocated and other								203
Net sales and other operating revenues							$	3,209

	Nine Months Ended June 30, 2021
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	501	$	232	$	79	$	812
Asia Pacific		537		358		27		922
Europe, Middle East and Africa		250		274		85		609
Segment revenues from external customers		1,288		864		191		2,343
Unallocated and other								162
Net sales and other operating revenues							$	2,505

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued a new standard Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance that reduces complexity in certain areas. The new standard is effective for fiscal years beginning after December 15, 2020. The Company adopted this standard on October 1, 2021. The adoption of this standard did not materially impact the Company’s consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued a new standard on Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The standard was effective upon issuance and may generally be applied through December 31, 2022 to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the timing of adoption and the impact of the adoption of this standard on its consolidated financial statements.

Acquisition (Tables)

9 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Schedule of Estimates of Fair Value of Assets and Liabilities Acquired

	(In millions)
Fair value of asset acquired
Cash	$	5
Accounts and notes receivable		5
Inventories		11
Prepaid expenses and other current assets		7
Property, plant and equipment		12
Amounts attributable to assets acquired		40

Fair value of liabilities assumed
Accounts payable and accrued liabilities		(2	)
Amounts attributable to liabilities assumed		(2	)

Total identifiable net assets		38

Cash consideration		14

Gain on bargain purchase of a business	$	24

Goodwill and Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Balances

The carrying amount of goodwill attributable to each reportable segment with goodwill balances and the changes in those balances during the nine months ended June 30, 2022 are as follows:

	Reinforcement Materials			Performance Chemicals			Total
	(In millions)
Balance at September 30, 2021	$	48		$	92		$	140
Foreign currency impact		(1	)		(3	)		(4	)
Balance at June 30, 2022	$	47		$	89		$	136

Schedule of Intangible Assets

The following table provides information regarding the Company’s intangible assets:

	June 30, 2022							September 30, 2021
	Gross Carrying Value		Accumulated Amortization			Net Intangible Assets		Gross Carrying Value		Accumulated Amortization			Net Intangible Assets
	(In millions)
Intangible assets with finite lives
Developed technologies	$	35	$	(8	)	$	27	$	62	$	(12	)	$	50
Trademarks		3		(1	)		2		11		(1	)		10
Customer relationships		60		(22	)		38		60		(20	)		40
Total intangible assets	$	98	$	(31	)	$	67	$	133	$	(33	)	$	100

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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+ Details

Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)

9 Months Ended

Jun. 30, 2022

Equity [Abstract]

Changes in Each Component of AOCI, Net of Tax

Changes in each component of AOCI, net of tax, were as follows:

	Currency Translation Adjustment			Pension and Other Postretirement Benefit Liability Adjustments			Total
	(In millions)
Balance at September 30, 2021, attributable to Cabot Corporation	$	(265	)	$	(24	)	$	(289	)
Other comprehensive income (loss) before reclassifications		(28	)		1			(27	)
Amounts reclassified from AOCI		(1	)		—			(1	)
Less: Other comprehensive income (loss) attributable to noncontrolling interests		2			—			2
Balance at December 31, 2021, attributable to Cabot Corporation		(296	)		(23	)		(319	)
Other comprehensive income (loss) before reclassifications		12			1			13
Amounts reclassified from AOCI		33			—			33
Less: Other comprehensive income (loss) attributable to noncontrolling interests		1			—			1
Balance at March 31, 2022, attributable to Cabot Corporation	$	(252	)	$	(22	)	$	(274	)
Other comprehensive income (loss) before reclassifications		(102	)		(1	)		(103	)
Amounts reclassified from AOCI		(1	)		1			—
Less: Other comprehensive income (loss) attributable to noncontrolling interests		(9	)		—			(9	)
Balance at June 30, 2022, attributable to Cabot Corporation	$	(346	)	$	(22	)	$	(368	)

Amounts Reclassified Out of AOCI

The amounts reclassified out of AOCI and into the Consolidated Statements of Operations in each of the three and nine months ended June 30, 2022 and 2021 were as follows:

	Affected Line Item in the Consolidated	Three Months Ended June 30						Nine Months Ended June 30
	Statements of Operations	2022			2021			2022			2021
		(In millions)
Derivatives: net investment hedges
(Gains) losses reclassified to interest expense	Interest expense	$	(1	)	$	(1	)	$	(4	)	$	(4	)
(Gains) losses excluded from effectiveness testing and amortized to interest expense	Interest expense		—			—			1			1
Release of currency translation adjustment	Loss on sale of business and asset impairment charge		—			—			33			—
Pension and other postretirement
Release of actuarial losses and prior service cost (credit)	Loss on sale of business and asset impairment charge		—			—			1			—
Amortization of actuarial losses and prior service cost (credit)	Net Periodic Benefit Cost		1			3			1			4
Settlement charge	Net Periodic Benefit Cost		—			1			—			7
Total before tax		$	—		$	3		$	32		$	8

Income Tax (Tables)

9 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Effective Tax Rate

	Three Months Ended June 30						Nine Months Ended June 30
	2022			2021			2022			2021
	(Dollars in millions)
(Provision) benefit for income taxes	$	(49	)	$	(30	)	$	(73	)	$	(93	)
Effective tax rate		32	%		24	%		35	%		27	%

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Components of Basic and Diluted Earnings (Loss) Per Common Share (EPS)

The following tables summarize the components of the basic and diluted earnings (loss) per common share (“EPS”) computations:

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions, except per share amounts)
Basic EPS:
Net income (loss) attributable to Cabot Corporation	$	97	$	86	$	115	$	221
Less: Dividends and dividend equivalents to participating securities		—		1		1		1
Less: Undistributed earnings allocated to participating securities⁽¹⁾		1		1		1		2
Earnings (loss) allocated to common shareholders (numerator)	$	96	$	84	$	113	$	218

Weighted average common shares and participating securities outstanding		57.2		57.5		57.4		57.4
Less: Participating securities⁽¹⁾		0.9		0.8		0.9		0.7
Adjusted weighted average common shares (denominator)		56.3		56.7		56.5		56.7

Earnings (loss) per common share - basic:	$	1.70	$	1.48	$	2.00	$	3.85

Diluted EPS:
Earnings (loss) allocated to common shareholders	$	96	$	84	$	113	$	218
Plus: Earnings allocated to participating securities		1		1		2		2
Less: Adjusted earnings allocated to participating securities⁽²⁾		1		1		2		2
Earnings (loss) allocated to common shareholders (numerator)	$	96	$	84	$	113	$	218

Adjusted weighted average common shares outstanding		56.3		56.7		56.5		56.7
Effect of dilutive securities:
Common shares issuable⁽³⁾		0.5		0.3		0.4		0.1
Adjusted weighted average common shares (denominator)		56.8		57.0		56.9		56.8

Earnings (loss) per common share - diluted:	$	1.69	$	1.48	$	1.99	$	3.84

⁽¹⁾

Calculation of Undistributed Earnings

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions)
Calculation of undistributed earnings (loss):
Net income (loss) attributable to Cabot Corporation	$	97	$	86	$	115	$	221
Less: Dividends declared on common stock		21		20		63		60
Less: Dividends declared on participating securities		—		1		1		1
Undistributed earnings (loss)	$	76	$	65	$	51	$	160

Allocation of undistributed earnings (loss):
Undistributed earnings (loss) allocated to common shareholders	$	75	$	64	$	50	$	158
Undistributed earnings allocated to participating shareholders		1		1		1		2
Undistributed earnings (loss)	$	76	$	65	$	51	$	160

⁽²⁾	Undistributed earnings are adjusted for the assumed distribution of dividends to the dilutive securities, which are described in (3) below, and then reallocated to participating securities.

⁽³⁾

Financial Information by Segment (Tables)

9 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Performance Segment

The net sales from each of these businesses for the three and nine months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30				Nine Months Ended June 30
	2022		2021		2022		2021
	(In millions)
Performance Additives	$	270	$	208	$	763	$	595
Formulated Solutions		102		95		271		269
Total Performance Chemicals	$	372	$	303	$	1,034	$	864

Financial Information by Reportable Segment

Financial information by reportable segment is as follows:

	Reinforcement Materials		Performance Chemicals		Purification Solutions		Segment Total		Unallocated and Other⁽¹⁾			Consolidated Total
	(In millions)
Three Months Ended June 30, 2022
Revenues from external customers⁽²⁾	$	707	$	372	$	—	$	1,079	$	70		$	1,149
Income (loss) before income taxes⁽³⁾	$	113	$	63	$	—	$	176	$	(24	)	$	152

Three Months Ended June 30, 2021
Revenues from external customers⁽²⁾	$	479	$	303	$	69	$	851	$	66		$	917
Income (loss) before income taxes⁽³⁾	$	85	$	54	$	6	$	145	$	(22	)	$	123

Nine Months Ended June 30, 2022
Revenues from external customers⁽²⁾	$	1,875	$	1,034	$	97	$	3,006	$	203		$	3,209
Income (loss) before income taxes⁽³⁾	$	299	$	185	$	—	$	484	$	(278	)	$	206

Nine Months Ended June 30, 2021
Revenues from external customers⁽²⁾	$	1,288	$	864	$	191	$	2,343	$	162		$	2,505
Income (loss) before income taxes⁽³⁾	$	262	$	166	$	6	$	434	$	(94	)	$	340

⁽¹⁾	^{Unallocated and Other includes certain items and eliminations necessary to reflect management’s reporting of operating segment results. These items are reflective of the segment reporting presented to the CODM.}

⁽²⁾

	Three Months Ended June 30					Nine Months Ended June 30
	2022			2021		2022			2021
	(In millions)
Shipping and handling fees	$	44		$	41	$	124		$	112
By-product sales		28			19		89			54
Other		(2	)		6		(10	)		(4	)
Total	$	70		$	66	$	203		$	162

⁽³⁾	Consolidated Total Income (loss) before income taxes reconciles to Income (loss) before income taxes and equity in earnings of affiliated companies on the Consolidated Statements of Operations. Income (loss) before income taxes that are categorized as Unallocated and Other includes:

	Three Months Ended June 30						Nine Months Ended June 30
	2022			2021			2022			2021
	(In millions)
Interest expense	$	(15	)	$	(12	)	$	(38	)	$	(37	)
Certain items^(a)
Gain on bargain purchase of a business (Note C)		—			—			24			—
Gain on sale of land		17			—			17			—
Loss on sale of business and asset impairment charge (Note D)		(2	)		—			(206	)		—
Legal and environmental matters and reserves		(1	)		—			(9	)		—
Divestiture related charges		—			—			(5	)		—
Acquisition and integration-related charges		(1	)		(2	)		(4	)		(4	)
Global restructuring activities		(1	)		(4	)		(3	)		(8	)
Employee benefit plan settlement and other charges		—			(1	)		—			(6	)
Indirect tax settlement credits		—			12			—			12
Other		—			—			1			(1	)
Total certain items, pre-tax		12			5			(185	)		(7	)
Unallocated corporate costs^(b)		(15	)		(14	)		(45	)		(43	)
General unallocated income (expense)^(c)		(3	)		1			(3	)		(4	)
Less: Equity in earnings of affiliated companies, net of tax^(d)		3			2			7			3
Total	$	(24	)	$	(22	)	$	(278	)	$	(94	)

^(a)

^(b)

Unallocated corporate costs are costs that are not controlled by the segments and primarily benefit corporate interests.

^(c)

^(d)

Revenues from External Customers by Geographic Region

	Three Months Ended June 30, 2022
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	299	$	113	$	—	$	412
Asia Pacific		256		146		—		402
Europe, Middle East and Africa		152		113		—		265
Segment revenues from external customers		707		372		—		1,079
Unallocated and other								70
Net sales and other operating revenues							$	1,149

	Three Months Ended June 30, 2021
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	189	$	85	$	28	$	302
Asia Pacific		197		118		9		324
Europe, Middle East and Africa		93		100		32		225
Segment revenues from external customers		479		303		69		851
Unallocated and other								66
Net sales and other operating revenues							$	917

	Nine Months Ended June 30, 2022
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	757	$	313	$	43	$	1,113
Asia Pacific		741		420		14		1,175
Europe, Middle East and Africa		377		301		40		718
Segment revenues from external customers		1,875		1,034		97		3,006
Unallocated and other								203
Net sales and other operating revenues							$	3,209

	Nine Months Ended June 30, 2021
	Reinforcement Materials		Performance Chemicals		Purification Solutions		Consolidated Total
	(In millions)
Americas	$	501	$	232	$	79	$	812
Asia Pacific		537		358		27		922
Europe, Middle East and Africa		250		274		85		609
Segment revenues from external customers		1,288		864		191		2,343
Unallocated and other								162
Net sales and other operating revenues							$	2,505

Acquisition - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Businesses acquisition, net of cash acquired			$ 9
Gain on bargain purchase of a business			$ 24
Accounts Payable and Accrued Liabilities [Member]
Business Acquisition [Line Items]
Gain on bargain purchase of a business	$ 24
Tokai Carbon Group(Tianjin) Co. [Member]
Business Acquisition [Line Items]
Business acquisition, ownership percentage	100.00%
Business acquisition, purchase price	$ 9
Business acquisition, cash consideration	14	$ 14
Businesses acquisition, net of cash acquired	5
Gain on bargain purchase of a business	$ 24

Acquisition - Schedule of Estimates of Fair Value of Assets and Liabilities Acquired (Detail) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2022
Fair value of liabilities assumed
Gain on bargain purchase of a business			$ 24
Tokai Carbon Group(Tianjin) Co. [Member]
Fair value of asset acquired
Cash	$ 5
Accounts and notes receivable	5
Inventories	11
Prepaid expenses and other current assets	7
Property, plant and equipment	12
Amounts attributable to assets acquired	40
Fair value of liabilities assumed
Accounts payable and accrued liabilities	(2)
Amounts attributable to liabilities assumed	(2)
Total identifiable net assets	38
Business acquisition, cash consideration	14	$ 14
Gain on bargain purchase of a business	$ 24

Divestitures - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 01, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of business					$ 79
Accounts and notes receivable			$ 876		876	$ 645
Impairment charge			2		206
Purification Solutions [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of business		$ 79
Proceeds from divestiture of cash transferred		11
Accounts and notes receivable			$ 11		11
Pre-tax loss on sale					9
Impairment charge				$ 197
Impairment charge after tax					$ 169
Purification Solutions [Member] \| One Equity Partners [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 90
Proceeds from divestiture of cash transferred	$ 7
Marshall Mine \| ADA Carbon Solutions, LLC [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Accounts payable and accrued liabilities		$ 11

Goodwill and Intangible Assets - Schedule of Goodwill Balances (Detail) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill And Intangible Assets [Line Items]
Beginning balance	$ 140
Foreign currency impact	(4)
Ending balance	136
Reinforcement Materials [Member]
Goodwill And Intangible Assets [Line Items]
Beginning balance	48
Foreign currency impact	(1)
Ending balance	47
Performance Chemicals [Member]
Goodwill And Intangible Assets [Line Items]
Beginning balance	92
Foreign currency impact	(3)
Ending balance	$ 89

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value, finite lives	$ 98	$ 133
Accumulated Amortization	(31)	(33)
Net Intangible Assets, finite lives	67	100
Developed Technologies [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value, finite lives	35	62
Accumulated Amortization	(8)	(12)
Net Intangible Assets, finite lives	27	50
Trademarks [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value, finite lives	3	11
Accumulated Amortization	(1)	(1)
Net Intangible Assets, finite lives	2	10
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value, finite lives	60	60
Accumulated Amortization	(22)	(20)
Net Intangible Assets, finite lives	$ 38	$ 40

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill And Intangible Assets [Line Items]
Amortization expense estimated for year one	$ 6		$ 6
Amortization expense estimated for year two	6		6
Amortization expense estimated for year three	6		6
Amortization expense estimated for year four	6		6
Amortization expense estimated for year five	6		6
Cost of Sales, Selling and Administrative Expenses and Research and Technical Expenses [Member]
Goodwill And Intangible Assets [Line Items]
Amortization of intangible assets	$ 1	$ 2	$ 5	$ 6
Minimum [Member]
Goodwill And Intangible Assets [Line Items]
Useful life of intangible assets			10 years
Maximum [Member]
Goodwill And Intangible Assets [Line Items]
Useful life of intangible assets			25 years
Weighted Average [Member]
Goodwill And Intangible Assets [Line Items]
Useful life of intangible assets			17 years

Accumulated Other Comprehensive Income (Loss) ("AOCI") - Changes in Each Component of AOCI, Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 1,066	$ 948	$ 1,090
Ending Balance	1,043	1,066	948
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(252)	(296)	(265)
Other comprehensive income (loss) before reclassifications	(102)	12	(28)
Amounts reclassified from AOCI	(1)	33	(1)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(9)	1	2
Ending Balance	(346)	(252)	(296)
Pension and Other Postretirement Benefit Liability Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(22)	(23)	(24)
Other comprehensive income (loss) before reclassifications	(1)	1	1
Amounts reclassified from AOCI	1
Ending Balance	(22)	(22)	(23)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(274)	(319)	(289)
Other comprehensive income (loss) before reclassifications	(103)	13	(27)
Amounts reclassified from AOCI		33	(1)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(9)	1	2
Ending Balance	$ (368)	$ (274)	$ (319)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss) ("AOCI") - Amounts Reclassified Out of AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
(Gains) Losses Reclassified to Interest Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	$ (1)	$ (1)	$ (4)	$ (4)
(Gains) Losses Excluded from Effectiveness Testing and Amortized to Interest Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax			1	1
Release of Currency Translation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax			33
Release of Actuarial Losses and Prior Service Cost (Credit) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax			1
Amortization of Actuarial Losses and Prior Service Cost (Credit) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	$ 1	3	1	4
Settlement Charge [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax		1		7
Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax		$ 3	$ 32	$ 8

Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Respirator Liabilities [Member]
Loss Contingencies [Line Items]
Respirator reserve	$ 40	$ 44

Insurance Recoveries - Additional Information (Detail) - Pepinster, Belgium [Member] - Flood [Member] - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Business Interruption Loss [Line Items]
Flood-related expenses	$ 1,000,000	$ 7,000,000	$ 17,000,000
Insurance proceeds	0	7,000,000	8,000,000
Cash provided by investing activities		1,000,000
Cash provided by operating activities		6,000,000
Insurance settlements receivable	$ 8,000,000	$ 8,000,000	$ 9,000,000

Income Tax - Effective Tax Rate (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
(Provision) benefit for income taxes	$ (49)	$ (30)	$ (73)	$ (93)
Effective tax rate	32.00%	24.00%	35.00%	27.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Line Items]
Net discrete tax (benefits) expense related to tax settlements	$ 14		$ 1	$ (22)	$ 2
Tax expense related to withholding tax accruals on historic earnings due to changes in indefinite reinvestment assertion on certain entities				8
Uncertain tax positions from expirations of statute of limitations				$ 2	$ 1
United States Internal Revenue Service (IRS) [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2018
United States Internal Revenue Service (IRS) [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2021
State Tax Authorities [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2005
State Tax Authorities [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2021
Non-U.S. Jurisdictions [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2005
Non-U.S. Jurisdictions [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Tax years remain subject to examination				2021
Purification Solutions [Member]
Income Taxes [Line Items]
Net discrete tax (benefits) expense related to tax settlements				$ (36)
Income tax benefit from tax loss related to divestiture		$ 183

Earnings Per Share - Components of Basic and Diluted Earnings (Loss) Per Common Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic EPS:
Net income (loss) attributable to Cabot Corporation	$ 97	$ 86	$ 115	$ 221
Less: Dividends and dividend equivalents to participating securities		1	1	1
Less: Undistributed earnings allocated to participating securities	1	1	1	2
Earnings (loss) allocated to common shareholders (numerator)	$ 96	$ 84	$ 113	$ 218
Weighted average common shares and participating securities outstanding	57.2	57.5	57.4	57.4
Less: Participating securities	0.9	0.8	0.9	0.7
Adjusted weighted average common shares (denominator)	56.3	56.7	56.5	56.7
Earnings (loss) per common share - basic:	$ 1.70	$ 1.48	$ 2.00	$ 3.85
Diluted EPS:
Earnings (loss) allocated to common shareholders	$ 96	$ 84	$ 113	$ 218
Plus: Earnings allocated to participating securities	1	1	2	2
Less: Adjusted earnings allocated to participating securities	1	1	2	2
Earnings (loss) allocated to common shareholders (numerator)	$ 96	$ 84	$ 113	$ 218
Adjusted weighted average common shares outstanding	56.3	56.7	56.5	56.7
Common shares issuable	0.5	0.3	0.4	0.1
Adjusted weighted average common shares (denominator)	56.8	57.0	56.9	56.8
Earnings (loss) per common share - diluted:	$ 1.69	$ 1.48	$ 1.99	$ 3.84

Earnings Per Share - Calculation of Undistributed Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Cabot Corporation	$ 97	$ 86	$ 115	$ 221
Less: Dividends declared on common stock	21	20	63	60
Less: Dividends declared on participating securities		1	1	1
Undistributed earnings (loss)	76	65	51	160
Undistributed earnings (loss) allocated to common shareholders	75	64	50	158
Undistributed earnings allocated to participating shareholders	$ 1	$ 1	$ 1	$ 2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Earnings Per Share - Components of Basic and Diluted Earnings (Loss) Per Common Share (EPS) (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	169,425	177,673	204,796	956,695

Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities, Level 2 to Level 1 transfers, amount	$ 0	$ 0	$ 0
Fair value, assets, Level 2 to Level 1 transfers, amount	0	0	0
Fair value, liabilities, Level 1 to Level 2 transfers, amount	0	0	0
Fair value, assets, Level 1 to Level 2 transfers, amount	0	0	0
Fair value, assets, transfers into Level 3, amount		0	0
Fair value, assets, transfers out of Level 3, amount		0	0
Fair value, liabilities, transfers into Level 3, amount		0	0
Fair value, liabilities, transfers out of Level 3, amount		0	$ 0
Fair value of long-term debt	1,130,000,000	1,130,000,000		$ 1,130,000,000
5% Notes due fiscal 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured notes issued	$ 400,000,000
Debt maturity date	Jun. 30, 2032
Debt instrument interest payable description	Interest is payable semi-annually on June 30 and December 30, commencing on December 30, 2022.
Proceeds from issuance of unsecured notes	$ 394,000,000
Debt instrument, discount	3,000,000	3,000,000
3.7% Notes due fiscal 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured notes issued	$ 350,000,000
Debt maturity date	Jul. 15, 2022
Fixed Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt	$ 1,100,000,000	$ 1,100,000,000		1,060,000,000.00
Fixed Rate Debt [Member] \| 5% Notes due fiscal 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on borrowing	5.00%	5.00%
Fixed Rate Debt [Member] \| 3.7% Notes due fiscal 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on borrowing	3.70%	3.70%
Significant Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets in the Consolidated Balance Sheets	$ 9,000,000	$ 9,000,000		10,000,000
Significant Observable Inputs (Level 2) [Member] \| Foreign Currency Risks [Member] \| Prepaid Expenses and Other Current Assets Accounts Payable and Accrued Liabilities and Other Liabilities [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair Value, net	$ 1,000,000	$ 1,000,000
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair Value, net				$ 3,000,000

Financial Information by Segment - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting Information [Line Items]
Number of business reportable segments	2
Performance Chemicals [Member]
Segment Reporting Information [Line Items]
Number of business reportable segments	1

Financial Information by Segment - Schedule of Performance Segment (Detail) - Performance Chemicals [Member] - Operating Segments [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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Net sales	$ 372	$ 303	$ 1,034	$ 864
Performance Additives [Member]
Segment Reporting Information [Line Items]
Net sales	270	208	763	595
Formulated Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	$ 102	$ 95	$ 271	$ 269

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Financial Information by Segment - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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Revenues from external customers	$ 1,149	$ 917	$ 3,209	$ 2,505
Income (loss) before income taxes	152	123	206	340
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	1,079	851	3,006	2,343
Income (loss) before income taxes	176	145	484	434
Unallocated and Other [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	70	66	203	162
Income (loss) before income taxes	(24)	(22)	(278)	(94)
Reinforcement Materials [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	707	479	1,875	1,288
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Performance Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	372	303	1,034	864
Income (loss) before income taxes	$ 63	54	185	166
Purification Solutions [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers		69	$ 97	191
Income (loss) before income taxes		$ 6		$ 6

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Financial Information by Segment - Financial Information by Reportable Segment (Parenthetical) (Detail)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Percentage of sale of an equity method affiliate	100.00%	100.00%	100.00%	100.00%

Financial Information by Segment - Sales of Equity Method Affiliate and Discounting Charges for Certain Notes Receivable, by-product Revenue and Indirect Tax Settlement Credits (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenues from external customers	$ 1,149	$ 917	$ 3,209	$ 2,505
Unallocated and Other [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	70	66	203	162
Unallocated and Other [Member] \| Shipping and Handling Costs [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	44	41	124	112
Unallocated and Other [Member] \| By-product Sales [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	28	19	89	54
Unallocated and Other [Member] \| Other [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	$ (2)	$ 6	$ (10)	$ (4)

- Definition

+ References

+ Details

Financial Information by Segment - Schedule of Income (Loss) from Continuing Operations before Income Taxes and Equity in Earnings of Affiliated Companies for Unallocated and Other (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Interest expense	$ (15)	$ (12)	$ (38)	$ (37)
Gain on bargain purchase of a business (Note C)			24
Gain on sale of land			17
Loss on sale of business and asset impairment charge (Note D)	(2)		(206)
Unallocated and Other [Member]
Segment Reporting Information [Line Items]
Interest expense	(15)	(12)	(38)	(37)
Unallocated corporate costs	(15)	(14)	(45)	(43)
General unallocated income (expense)	(3)	1	(3)	(4)
Less: Equity in earnings of affiliated companies, net of tax	3	2	7	3
Income from continuing operations before income taxes and equity in earnings of affiliated companies	(24)	(22)	(278)	(94)
Certain Items [Member]
Segment Reporting Information [Line Items]
Gain on bargain purchase of a business (Note C)			24
Gain on sale of land	17		17
Loss on sale of business and asset impairment charge (Note D)	(2)		(206)
Legal and environmental matters and reserves	(1)		(9)
Divestiture related charges			(5)
Acquisition and integration-related charges	(1)	(2)	(4)	(4)
Global restructuring activities	(1)	(4)	(3)	(8)
Employee benefit plan settlement and other charges		(1)		(6)
Indirect tax settlement credits		12		12
Other			1	(1)
Total certain items, pre-tax	$ 12	$ 5	$ (185)	$ (7)

Financial Information by Segment - Revenue from External Customers by Geographic Region (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales and other operating revenues	$ 1,149	$ 917	$ 3,209	$ 2,505
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	1,079	851	3,006	2,343
Unallocated and Other [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	70	66	203	162
Americas [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	412	302	1,113	812
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	402	324	1,175	922
Europe, Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	265	225	718	609
Reinforcement Materials [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	707	479	1,875	1,288
Reinforcement Materials [Member] \| Americas [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	299	189	757	501
Reinforcement Materials [Member] \| Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	256	197	741	537
Reinforcement Materials [Member] \| Europe, Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	152	93	377	250
Performance Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	372	303	1,034	864
Performance Chemicals [Member] \| Americas [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	113	85	313	232
Performance Chemicals [Member] \| Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	146	118	420	358
Performance Chemicals [Member] \| Europe, Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues	$ 113	100	301	274
Purification Solutions [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues		69	97	191
Purification Solutions [Member] \| Americas [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues		28	43	79
Purification Solutions [Member] \| Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues		9	14	27
Purification Solutions [Member] \| Europe, Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Net sales and other operating revenues		$ 32	$ 40	$ 85