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Income Taxes
3 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The Company’s income tax expense for the three months ended December 31, 2015 and 2014 was $83.6 million and $78.2 million, respectively. The effective tax rate was 34.6% for the three months ended December 31, 2015, compared to 35.4% in the prior year period. The effective tax rates for both periods include an expense for state income taxes that was reduced by a tax benefit for the domestic production activities deduction and a tax benefit related to the retroactive application of new tax legislation.

At December 31, 2015 and September 30, 2015, the Company had deferred tax assets, net of deferred tax liabilities, of $552.3 million and $568.2 million, respectively, partially offset by a valuation allowance of $10.1 million. 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.

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 valuation allowance for both periods relates to the Company’s state deferred tax assets for net operating loss (NOL) carryforwards and tax credit carryforwards. The Company believes it is more likely than not that a portion of its state NOL carryforwards and state tax credit carryforwards will not be realized because some state NOL and tax credit carryforward periods are too brief to realize the related deferred tax assets. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to its remaining state NOL carryforwards and state tax credit carryforwards.