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Income Taxes
9 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its continuing operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first nine months of fiscal 2015 was 30%, compared with 29% for the same period of fiscal 2014. The effective tax rate differs from the U.S. federal statutory rate due primarily to the taxes generated from a monetary gain in Ireland, unfavorable U.S permanent book-tax differences applied against the full year forecast for fiscal 2015 compared to U.S. tax credits and a domestic production activities deduction applied against forecasted income in fiscal 2014.

The Internal Revenue Service finalized regulations, as of August 2014, governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property. Taxpayers are required to follow the new regulations in taxable years beginning on or after January 1, 2014.  Management is currently assessing the impact of the regulations and does not expect they will have a material impact on the Company’s consolidated condensed financial statements.

The Company continues to assess the undistributed earnings of its Irish subsidiary to determine if such earnings will be reinvested for an indefinite period of time. Upon closing the acquisition of C Blade, effective July 1, 2015 (see Note 9), the Company believes it is reasonably possible that such undistributed earnings will be utilized in its foreign operations for an indefinite period of time resulting in a reversal of the deferred tax within the next twelve months. This potential reversal may result in a tax benefit up to $1,400.
The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland and various states and local jurisdictions. The Company believes it has appropriate support for its federal income tax returns.