INCOME TAXES

9 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

11.    INCOME TAXES

The Company uses the asset and liability method of accounting for income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income in the period that includes the enactment date. The Company records valuation allowances based on a determination of the expected realization of tax assets.

The Company’s effective tax rates for the three months ended June 30, 2025 and 2024 were 6.3% and 20.8%, respectively. For the three months ended June 30, 2025, the Company’s effective tax rate was primarily driven by the change in forecasted income in non-U.S. jurisdictions and unfavorable discrete items. For the three months ended June 30, 2024, the Company’s effective tax rate was primarily driven by a change in the Company's forecasted loss before income taxes.

The Company’s effective tax rates for the nine months ended June 30, 2025 and 2024 were 6.9% and 15.7%, respectively. For the nine months ended June 30, 2025, the Company’s effective tax rate was primarily driven by a change in the valuation allowance. For the nine months ended June 30, 2024, the Company’s effective tax rate was primarily driven by unfavorable permanent items related to the Resolution Agreement and Plea Agreement and valuation allowance adjustments.

The “One Big Beautiful Bill Act” (“OBBBA”) was signed into law on July 4, 2025, which is considered the enactment date under U.S. GAAP. Under ASC 740, the impact of tax law changes on current and deferred taxes is reflected in the estimated annual effective tax rate and/or recognized discretely in the period including the enactment date, which is the fourth quarter of the Company’s current fiscal year. The Company is currently assessing the tax implications stemming from certain provisions in the OBBBA and how they may affect the current fiscal year’s financial statements.