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Income Taxes
6 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The Company’s income tax expense for the three and six months ended March 31, 2015 was $82.2 million and $160.4 million, respectively, compared to $70.9 million and $137.5 million in the same periods of fiscal 2014. The effective tax rate was 35.7% and 35.6% for the three and six months ended March 31, 2015, respectively, compared to 35.1% in both periods of fiscal 2014. The effective tax rates for all periods include an expense for state income taxes that is partially offset by a tax benefit for the domestic production activities deduction.

At March 31, 2015 and September 30, 2014, the Company had deferred tax assets, net of deferred tax liabilities, of $578.6 million and $596.1 million, respectively, partially offset by valuation allowances of $30.9 million and $31.1 million, respectively. The valuation allowance for both periods relates to the Company’s state deferred tax assets for net operating loss (NOL) carryforwards. The Company believes it is more likely than not that a portion of its state NOL carryforwards will not be realized because some state NOL carryforward periods are too brief to realize the related deferred tax assets.
 
When assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company's consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company's deferred tax assets.