XML 61 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Income Taxes
3 Months Ended
Jan. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 – Income Taxes

The income tax rates were 24.5% and 20.2% for the first fiscal quarter of fiscal 2015 and 2014, respectively.  In the first fiscal quarter of 2015, the Company recognized $0.5 million of discrete tax expense principally related to the following items.  The first item was approximately $2 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision.  The second item was approximately $1.5 million of tax benefits due to the retroactive extension of the U.S. federal research and experimentation credits.  In the first fiscal quarter of 2014, the Company recognized approximately $0.5 million of discrete tax benefits principally related to the release of reserves due to the expiration of a statute of limitations.  The income tax rate differed from the statutory rate in the first three months of fiscal 2015 and 2014, as both years benefited from various tax credits and certain foreign interest expense deductions.

It is reasonably possible that within the next twelve months approximately $2.9 million of tax benefits that are currently unrecognized could be recognized as a result of settlement of examinations and/or the expiration of applicable statutes of limitations.