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Income Taxes
9 Months Ended
Jul. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 – Income Taxes

The income tax rate was 17.4% in the third fiscal quarter of 2015 compared with 23.7% in the prior-year period.  In the third fiscal quarter of 2015, the Company recognized $0.9 million of discrete tax benefits principally related to the following items.  The first item was approximately $1.2 million of tax benefits due to the release of reserves upon the expiration of a statute of limitations.  The second item was approximately $0.3 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision.  In the third fiscal quarter of 2014, the Company recognized $0.2 million of discrete tax expense. The income tax rate differed from the statutory rate in the third fiscal quarters of 2015 and 2014, as both years benefited from various tax credits and certain foreign interest expense deductions.

The income tax rates were 19.9% and 21.5% for the first nine months of fiscal 2015 and 2014, respectively.  In the first nine months of fiscal 2015, the Company recognized $0.1 million of discrete tax benefits principally related to the following items.  The first item was approximately $1.5 million of discrete tax benefits due to the retroactive extension of the U.S. federal research and experimentation credits.  The second item was approximately $1.2 million of tax benefits due to the release of reserves upon the expiration of a statute of limitations.  The third item was approximately $2.6 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision.  In the first nine months of fiscal 2014, the Company recognized approximately $0.9 million of discrete tax benefits principally related to the following items.  The first item was approximately $0.7 million of tax benefits upon the release of reserves due to the expiration of a statute of limitations.  The second item was a $0.5 million reduction of net deferred income tax liabilities as a result of the enactment of tax laws reducing the U.K. statutory income tax rate.  The third item was approximately $0.3 million of discrete tax expense principally related to reconciling the prior year’s income tax return to the income tax provision.  The income tax rate differed from the statutory rate in the first nine 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 $0.9 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.