XML 29 R19.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes
6 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
12.
Income Taxes

Our effective tax rate (ETR) from continuing operations was 5.6% and 6.4% for the three and six months ended March 31, 2023, respectively, and 22.4% for the three and six months ended March 31, 2022. The Company’s ETR during the three and six months ended March 31, 2023 decreased from the prior year tax rate, primarily as a result of certain tax differences, state taxes, and changes in the valuation allowance against federal and state net operating losses.

We maintain a valuation allowance on a portion of our federal and state net operating losses in jurisdictions with shortened carryforward periods or in jurisdictions where our operations have significantly decreased as compared to prior years in which the net operating losses were generated.

As of September 30, 2022, the Company had aggregate federal and state net operating loss carryforwards of approximately $591.4 million and $247.0 million, respectively, which expire in fiscal years 2027-2038 and 2023-2043, respectively. Approximately $7.1 million of state net operating loss carryforwards are expected to expire in the current fiscal year.