INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2025

The following table summarizes the Company’s income tax provision (in millions):


	Fiscal Year Ended
	September 30, 2025		September 30, 2024		September 30, 2023

Current:
Federal	$	(0.2)	$	(0.3)	$	(1.4)
State	(0.1)		(0.4)		0.9
Foreign	27.9		21.3		22.6
Total current	27.6		20.6		22.1
Deferred:
Federal	3.2		6.8		(0.8)
State	(4.9)		(8.8)		(2.0)
Foreign	0.2		(0.7)		(2.2)
Total deferred	(1.5)		(2.7)		(5.0)
Total provision for income taxes	$	26.1	$	17.9	$	17.1

Schedule of Components of Earnings Before Income Taxes, Provision for Income Taxes and Effective Tax Rate

The following table summarizes components of (loss) income before income taxes and shows the tax effects of significant adjustments from the expected income tax expense computed at the federal statutory rate (in millions):


	Fiscal Year Ended
	September 30, 2025			September 30, 2024			September 30, 2023
U.S. loss	$	(127.3)		$	(226.2)		$	(22.7)
Foreign income	73.6			38.0			50.3
(Loss) income before income taxes	$	(53.7)		$	(188.2)		$	27.6
Computed tax at the U.S. federal statutory rate of 21%	$	(11.3)		$	(39.5)		$	5.8
Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction	12.7			11.3			9.6
Benefit recognized on Canadian law change	—			—			(6.2)
Percentage depletion in excess of basis	(3.0)			(2.4)			(2.7)
Non-deductible compensation	1.2			2.0			3.1
Other domestic tax reserves, net of reversals	0.2			0.2			(2.6)
State income taxes, net of federal income tax benefit	(5.0)			(8.4)			(1.3)
Change in valuation allowance on deferred tax asset	33.0			46.9			11.1

Global Intangible Low-Taxed Income and Base Erosion and Anti-Abuse Tax	—			—			1.1

Goodwill impairment	—			8.5			—
Tax on repatriated amounts	—			—			(0.7)
Share based payment awards	1.3			—			—
Other, net	(3.0)			(0.7)			(0.1)
Provision for income taxes	$	26.1		$	17.9		$	17.1
Effective tax rate	(49)		%	(10)		%	62		%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities were as follows (in millions):


	September 30, 2025		September 30, 2024
Deferred tax assets to be netted with deferred tax liabilities:
U.S. intangible asset	$	14.4	$	3.9
Net operating loss carryforwards	24.0		22.3
Excess interest expense	84.1		63.0
Foreign tax credit	39.5		39.4
Stock-based compensation	1.3		2.1
Research and development costs	3.6		4.3
Federal and state capital losses	3.5		3.6
Right of use lease liability	13.5		12.7
State tax credits	9.5		8.9
Inventory	6.7		7.3
Other, net	15.9		18.1
Total deferred tax assets before valuation allowance	216.0		185.6
Valuation allowance	(198.9)		(167.3)
Total deferred tax assets to be netted with deferred tax liabilities	17.1		18.3
Deferred tax liabilities:
Property, plant and equipment	51.1		53.9

Foreign intangible asset	3.8		4.3
Right of use lease asset	13.1		12.7
Unrealized foreign exchange gain	1.1		1.2
Other, net	1.9		2.7
Total deferred tax liabilities	71.0		74.8
Net deferred tax liabilities	$	53.9	$	56.5

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):


	Fiscal Year Ended
	September 30, 2025		September 30, 2024		September 30, 2023
Unrecognized tax benefits:
Balance at beginning of period	$	37.1	$	35.4	$	33.6
Additions resulting from current year tax positions	(0.4)		1.7		3.8
Additions relating to tax positions taken in prior years	0.3		0.2		0.5


Reductions relating to tax positions taken in prior years	(1.6)		—		—
Reductions due to expiration of tax years	(0.1)		(0.2)		(2.5)
Balance at end of period	$	35.3	$	37.1	$	35.4