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REDEEMABLE NONCONTROLLING INTERESTS
12 Months Ended
Sep. 30, 2026
Temporary Equity Disclosure [Abstract]  
REDEEMABLE NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS
The purchase agreements of JPE and VSA and P&I include a series of put and call options. The put options, held by the noncontrolling interest holders, provide the right to sell up to 100% of their remaining interest to the Company. The call options are held by the Company and provide it with the right to acquire from the noncontrolling interest holders up to 100% of their remaining interest. The redemption value is payable in cash and is primarily based on a formula using certain adjusted EBITDA metrics and a specified multiple.
The noncontrolling interests are classified as redeemable noncontrolling interests, outside of permanent equity, because the put options are not solely within the Company’s control. The rollforward of redeemable noncontrolling interests is presented in the consolidated statements of changes in stockholders’ deficit.
Redeemable noncontrolling interests are initially recorded at acquisition-date fair value. When a redeemable noncontrolling interest is currently redeemable or probable of becoming redeemable, it is adjusted to the greater of (i) its redemption value or (ii) its carrying amount, which is the initial amount adjusted for the holders’ share of earnings and distributions. The carrying amount of the redeemable noncontrolling interests as of September 30, 2026 was $85 million. The difference between the carrying amount and redemption value as of September 30, 2026 was not material.