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For the three months ended January 31, 2017 and 2016, the effective tax rates were 139.8% and 6.6%, respectively. The current effective tax rates for the nine and three months ended January 31, 2017, reflect a tax benefit for losses generated by domestic operations as well as the impact of deductible permanent differences between book and taxable income. The increase in the effective tax rates compared to the prior periods is primarily due to changes in the earnings mix between U.S. and non-domestic operations and a U.S. tax deduction relating to the realization of the excess tax basis in common shares of FEI-Asia. During the three months ended January 31, 2017, the Company made a tax election to treat FEI-Asia a disregarded entity for U.S. tax purposes. 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