Adobe 2003 Annual Report Download - page 81
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81
A summary of restructuring activities, related to our acquisition of Accelio, is as follows:
Balance at
November 29, 2002
Cash
Payments
Adjustments
Balance at
November 28, 2003
Severance and related charges...
.
$ 647 $ (507) $ (140) $ ―
Transaction costs .......................
.
627 (253) (119) 255
Cost of closing redundant
facilities ..................................
.
4,442
(2,432)
(1,181)
829
Contract termination costs.........
.
67 (74) 7 ―
Other exit costs..........................
.
395 (844) 497 48
Total $ 6,178 $ (4,110) $ (936) $ 1,132
Note 9. Income Taxes
Income before income taxes includes net income from foreign operations of approximately $197.0
million, $163.0 million and $90.0 million for the years ended November 28, 2003, November 29, 2002 and
November 30, 2001, respectively.
The provision for income taxes consisted of the following:
Years Ended
November 28,
2003
November 29,
2002
November 30,
2001
Current:
United States federal ........................................................... $ 32,751 $ 63,547 $ 52,355
Foreign ................................................................................ 11,814 8,344 16,087
State and local ..................................................................... 1,090 5,055 4,753
Total current ........................................................................... 45,655 76,946 73,195
Deferred:
United States federal ........................................................... 31,815 (4,984) (14,494)
Foreign ................................................................................ (1,072) 259 (767)
State and local ..................................................................... 314 (761) (2,339)
Total deferred ......................................................................... 31,057 (5,486) (17,600)
Charge in lieu of taxes attributable to employee stock plans.. 37,436 21,830 45,692
$ 114,148 $ 93,290 $ 101,287
Total income tax expense differs from the expected tax expense (computed by multiplying the United
States federal statutory rate of 35% for fiscal 2003, 2002, and 2001 by income before income taxes) as a
result of the following:
Years Ended
November 28,
2003
November 29,
2002
November 30,
2001
Computed “expected” tax expense ......................................... $ 133,172 $ 99,641 $ 107,426
State tax expense, net of federal benefit ................................. 2,473 6,477 6,983
Non-deductible goodwill........................................................ ― 7,437 3,178
Tax-exempt income ................................................................ (3,786) (3,915) (4,496)
Tax credits .............................................................................. (4,878) (6,000) (8,000)
Differences between statutory rate and foreign effective tax
rate.......................................................................................... (24,816) (9,487) (2,653)
Change in deferred tax asset valuation allowance .................. 11,856 ― ―
Other, net................................................................................ 127 (863) (1,151)
$ 114,148 $ 93,290 $ 101,287