Autodesk 2008 Annual Report Download - page 143
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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended
January 31,
2008 2007 2006
Federal:
Current ........................................................... $ 5.4 $— $ 1.2
Deferred .......................................................... 50.0 38.9 45.2
State:
Current ........................................................... 2.0 1.3 7.1
Deferred .......................................................... 10.4 (1.0) (1.3)
Foreign:
Current ........................................................... 50.4 27.5 17.6
Deferred .......................................................... (4.4) 10.1 (11.7)
$113.8 $76.8 $ 58.1
Pursuant to footnote 82 of SFAS 123R, the Company did not record fiscal year 2008 and 2007 excess stock
option tax benefits of $86.1 million and $42.3 million, respectively, to additional paid-in capital. The amount will
be recorded into equity when it reduces cash taxes payable. The tax benefit recognized as a credit to additional
paid-in capital associated with dispositions from employee stock plans was $124.6 million in fiscal 2006. Foreign
pretax income was $425.3 million in fiscal 2008, $354.1 million in fiscal 2007, and $276.2 million in fiscal 2006.
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2008 2007 2006
Income tax provision at statutory rate ...................................... $164.5 $128.3 $137.0
Foreign income taxed at rates different from the U.S. statutory rate ............... (64.7) (46.9) (52.6)
Non-deductible stock-based compensation .................................. 15.8 12.8 0.5
Tax benefit from closure of income tax audits ................................ (3.0) (12.4) (10.0)
Research and development tax credit benefit ................................. (5.8) (5.6) (3.6)
Extraterritorial income exclusion .......................................... 0.6 (5.0) (8.9)
State income taxes, net of the Federal benefit ................................ 3.6 2.5 3.5
Officer compensation in excess of $1.0 million ............................... 0.7 0.2 0.6
Tax benefit from DRD Legislation on prior year foreign earnings ................ — — (12.5)
Non-deductible In-Process research and development charge .................... — — 3.1
Other ................................................................ 2.1 2.9 1.0
$113.8 $ 76.8 $ 58.1
67
2008 Annua
l Report