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Income Taxes
9 Months Ended
Jul. 01, 2016
Income Tax Disclosure [Abstract]  
Income Taxes

Income Taxes

The Company’s consolidated effective income tax rate for the three months ended July 1, 2016 increased to 31.0% from (0.1)% for the corresponding period last year.  The increase in the tax rate for the three months ended July 1, 2016 as compared to the corresponding period last year was primarily the result of a $23.1 million, or $0.19 per share, tax benefit recorded in the third quarter of fiscal 2015, related to the inter-company debt refinancing that was completed during the three months ended June 26, 2015 2015 (the “2015 Inter-company Debt Refinancing”).  Also impacting the current quarter tax rate was a net benefit of $1.4 million related to various discrete items.  The discrete items consisted of a favorable income tax reserve release due to statute expiration and an amended tax return to claim additional benefits for foreign tax credits and a U.S. Internal Revenue Code (“IRC”) Section 179D deduction.  These benefits were partially offset by an unfavorable return to tax accrual adjustment in the quarter.

The Company’s effective income tax rate for the nine months ended July 1, 2016 increased to 26.5% from 23.4% for the corresponding period last year.  Contributing to the increase in the comparable nine month period from the prior year was the result of a $23.1 million, or $0.19 per share, tax benefit recorded in the third quarter of fiscal 2015, which was related to the 2015 Inter-company Debt Refinancing.  Also impacting the current year to date tax rate was $18.8 million of net benefit related to discrete items recorded in the first three quarters of fiscal 2016.  These discrete items consisted of a favorable valuation allowance release, the release of certain tax reserves due to statute expiration and a benefit associated with an amended tax return to claim additional benefits for foreign tax credits and IRC Section 179D deductions.  These benefits were partially offset by an unfavorable return to tax accrual adjustment.