Adobe 2012 Annual Report Download - page 100
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100
NOTE 8. ACCRUED EXPENSES
Accrued expenses as of November 30, 2012 and December 2, 2011 consisted of the following (in thousands):
2012 2011
Accrued compensation and benefits....................................................................................... $ 242,887 $ 235,500
Sales and marketing allowances ............................................................................................. 87,916 58,156
Accrued corporate marketing ................................................................................................. 39,503 37,757
Taxes payable.......................................................................................................................... 26,164 26,732
Royalties payable.................................................................................................................... 10,040 18,778
Accrued interest expense........................................................................................................ 20,796 21,010
Other ....................................................................................................................................... 162,834 157,008
Accrued expenses
................................................................................................................. $ 590,140 $ 554,941
Other primarily includes general corporate accruals for local and regional expenses and technical support. Other is also
comprised of deferred rent related to office locations with rent escalations and foreign currency liability derivatives.
NOTE 9. INCOME TAXES
Income before income taxes for fiscal 2012, 2011 and 2010 consisted of the following (in thousands):
2012 2011 2010
Domestic................................................................................................................... $ 402,723 $ 319,500 $ 283,819
Foreign...................................................................................................................... 716,071 715,730 659,332
Income before income taxes................................................................................... $ 1,118,794 $ 1,035,230 $ 943,151
Domestic income before taxes is significantly lower than foreign income before taxes due to certain accounting charges
that our foreign subsidiaries are not required to bear under foreign accounting standards. These charges do not lower our domestic
income subject to U.S. tax.
The provision for income taxes for fiscal 2012, 2011 and 2010 consisted of the following (in thousands):
2012 2011 2010
Current:
United States federal .............................................................................................. $ 162,574 $ 104,587 $ 260,118
Foreign ................................................................................................................... 59,255 41,724 44,869
State and local ........................................................................................................ (2,244)(8,769) 31,866
Total current.............................................................................................................. 219,585 137,542 336,853
Deferred:
United States federal .............................................................................................. 69,374 60,617 (158,350)
Foreign ................................................................................................................... (6,082) 8,262 (6,475)
State and local ........................................................................................................ 3,142 (13,606)(14,665)
Total deferred............................................................................................................ 66,434 55,273 (179,490)
Tax expense attributable to employee stock plans.................................................... — 9,568 11,108
Provision for income taxes..................................................................................... $ 286,019 $ 202,383 $ 168,471
Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)