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Income Taxes
3 Months Ended
Sep. 26, 2014
Income Taxes [Abstract]  
Income Taxes

Note J — Income Taxes

 

Our effective tax rate (income taxes as a percentage of income from continuing operations before income taxes) was 28.7 percent in the first quarter of fiscal 2015 compared with 32.2 percent in the first quarter of fiscal 2014. In the first quarter of fiscal 2015, our effective tax rate benefited from the recognition of foreign tax credits resulting from a dividend paid by a foreign subsidiary during fiscal 2013 that exceeded the U.S. tax liability in respect of the dividend. This resulted in a benefit of approximately $9 million (approximately 5 percent of income from continuing operations before income taxes) that was recognized in calculating our effective tax rate in the first quarter of fiscal 2015 when the issue was settled with the Internal Revenue Service. In the first quarter of fiscal 2014, our effective tax rate benefited from the settlement of a state tax audit.