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Income Taxes | 6 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE J – INCOME TAXES Current fiscal year Ashland’s effective tax rate in any interim period is subject to adjustments related to discrete items and the mix of domestic and foreign operating results. The overall effective tax rate was 23% and 20% for the three and six months ended March 31, 2025, respectively. The tax rate for the three months ended March 31, 2025 was primarily impacted by jurisdictional income mix. The tax rate for the six months ended March 31, 2025 was impacted by jurisdictional income mix, as well as a net $7 million from unfavorable tax discrete items primarily related to changes in foreign tax activity and final regulations issued in the United States impacting the recognition of deferred taxes on certain unrealized foreign exchange gains and losses. Prior fiscal year The overall effective tax rate was a benefit of 612% and 610% for the three and six months ended March 31, 2024, respectively. The tax rate for the three months ended March 31, 2024 was impacted by jurisdictional income mix, as well as a net $102 million from favorable tax discrete items primarily related to changes in foreign tax activity. The tax rate for the six months ended March 31, 2024 was impacted by jurisdictional income mix, as well as net $126 million from favorable tax discrete items primarily related to changes in foreign tax activity. Unrecognized tax benefits Changes in unrecognized tax benefits are summarized as follows for the six months ended March 31, 2025.
(In millions) |  |
Balance at October 1, 2024 | $ | 65 |
Decreases related to positions taken on items from prior years |  | (5 | )
Increases related to positions taken in the current year |  | 2 |
Increases related to positions taken in the prior year |  | 1 |
Balance at March 31, 2025 | $ | 63 |
From a combination of statute expirations and audit settlements in the next twelve months, Ashland expects a decrease in the amount of accrual for uncertain tax positions of between $2 million and $4 million for continuing operations. For the remaining balance as of March 31, 2025, it is reasonably possible that there could be material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues, reassessment of existing uncertain tax positions or the expiration of applicable statute of limitations; however, Ashland is not able to estimate the impact of these items at this time.

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