In the September quarter, the non-GAAP tax rate was 12.9%, and the GAAP tax rate was 12.2%. Our tax rate is impacted by the mix of geographical profits, withholding taxes associated with our licensing business, gains or losses on trading securities and a percentage of our cash that is invested in tax advantage securities. We expect our combined forward-looking effective tax rate on both the GAAP and non-GAAP bases to be about 12.75% to 13.25%.
To summarize the after-tax impact of the non-GAAP adjustments had on Microchip's earnings per share in the September quarter, share-based compensation was about $0.041, acquisition-related items were about $0.014, losses on trading securities was about $0.006 and noncash interest expense was about $0.006. The dividend declared today of $0.348 per share will be paid on December 5, 2011, to shareholders of record on November 21, 2011. The cash payment associated with this dividend will be approximately $66.7 million.
Moving on to the balance sheet. Microchip's inventory at September 30, 2011, was $211.2 million or 132 days, up 13 days from the prior quarter level. Inventory at our distributors was 46 days, which is up 3 days from the prior quarter level. We continue to see an increasing trend of large OEM customers using distribution to hold bonded inventory on their behalf, in order to achieve 0 lead times without having to carry inventory on their balance sheets. This has resulted in a general increase over time in the amount of inventory our distributors carry. However, I remind you that our distribution revenue throughout the world is recognized on a sell-through basis.
At September 30, Microchip's accounts receivables balance was $142.4 million, a decrease of 27.4% from the balance as of the end of June. The decrease in receivables was driven by the sequential revenue decline and differences in the shipment linearity between the June and September quarters. Receivable balances continue to be in great condition, with excellent payment performance from our customers. As of September 30, Microchip's cash and total investment position was approximately $1.78 billion, and was up $58.1 million from the prior quarter levels. Our total cash and investment position is projected to grow by approximately $75 million to $85 million in the December quarter, prior to our dividend payment.Read the rest of this transcript for free on seekingalpha.com
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