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Income Taxes
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3 Months Ended |
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Sep. 28, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
We had an effective income tax rate of 219.1% for the three months ended September 28, 2013, compared to an effective rate of 25.1% for the same period in the prior year and an effective rate of 7.3% for the fiscal year ended June 29, 2013. We have a three-month tax year associated with the transition period. We benefit from having income in foreign jurisdictions that are either exempt from income taxes or have tax rates lower than the United States. The transition period income tax benefit was recorded as a result of overall operating profits being lower than normal which lowered our U.S. taxable income while maintaining profits in the offshore taxable and tax-free jurisdictions.
Based on our current projected pre-tax income and the anticipated amount of U.S. taxable income compared to profits maintained in the offshore taxable and tax-free jurisdictions, our estimated effective income tax rate for the fiscal year ending September 27, 2014, should be approximately 24% to 25%.
We file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for our tax years before 2010. However, net operating loss carryforwards remain subject to examination to the extent they are carried forward and impact a year that is open to examination by authorities.
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