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Income Taxes | 3 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | J. INCOME TAXES The calculation of the effective tax rate is as follows (in thousands):
| Three months ended December 31, |
| 2014 |  |  | 2013 |
Income (loss) from continuing operations before income taxes | $ | (1,230 | ) |  | $ | 11,205 |
Income tax provision (benefit) |  | (991 | ) |  |  | 3,937 |
Income (loss) from continuing operations | $ | (239 | ) |  | $ | 7,268 |
Effective tax rate |  | 81 | % |  |  | 35 | %
We recorded a benefit for income taxes for continuing operations of $1.0 million in the first quarter of Fiscal 2015, compared to the provision of $3.9 million recorded in the first quarter of Fiscal 2014. The effective tax rate for the first quarter of Fiscal 2015 was 81% compared to an effective tax rate of 35% in the first quarter of Fiscal 2014, primarily due to the differences in the availability of the Federal Research and Development Tax Credit (R&D Tax Credit). On December 19, 2014, the “Tax Increase Prevention Act of 2014” was enacted which retroactively reinstated and extended the R&D Tax Credit for one year through December 31, 2014. The retroactive tax benefit for the previously expired period from January 1, 2014 to September 30, 2014 of $0.6 million is reflected as a discrete item and had a favorable impact to our consolidated tax benefit for the first quarter of Fiscal 2015. The effective tax rate for the quarter ended December 31, 2013 approximated the expected U.S. federal and state statutory rates as the majority of our income is attributable to the U.S. At December 31, 2014, we had $26 million of gross foreign operating loss carryforwards which are subject to a 20-year carryforward period, the first of which will expire in 2031. At September 30, 2013, we released a valuation allowance that was recorded against Canadian deferred tax assets, resulting in a $7 million tax benefit. Although our Canadian operations reported a loss for Fiscal 2014 and the first quarter of Fiscal 2015, we believe these deferred tax assets are more likely than not to be utilized by future taxable income. With the exception of the deferred tax assets related to certain foreign withholding taxes as well as the net operating losses of our Dutch entities, we believe that our other deferred tax assets are more likely than not realizable through future reversals of existing taxable temporary differences and our estimate of future taxable income. The recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability. Estimates may change as new events occur, additional information becomes available or operating environments change.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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