Autodesk 2014 Annual Report Download - page 156
Download and view the complete annual report
Please find page 156 of the 2014 Autodesk annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146 -
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
 |
 |
2013 Annual Report
2014 Form 10-K 82
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2014 2013 2012
Income tax provision at U.S. Federal statutory rate $ 98.0 $ 108.5 $ 127.0
State income tax (benefit) expense, net of the U.S. Federal benefit (2.9) (1.7) 2.8
Foreign income taxed at rates different from the U.S. statutory rate (57.1) (54.5) (61.5)
U.S. valuation allowance 2.1 1.7 1.7
Non-deductible stock-based compensation 10.8 21.1 12.8
Research and development tax credit benefit (8.8) (7.0) (6.0)
Tax expense (benefit) from closure of income tax audits and changes in uncertain
tax positions 3.6 (2.8) (0.4)
Officer compensation in excess of $1.0 million 3.0 1.8 1.9
U.S. Manufacturer's deduction (0.1) (4.9) (3.0)
Other 2.5 0.4 2.3
$ 51.1 $ 62.6 $ 77.6
Significant components of Autodesk’s deferred tax assets and liabilities are as follows:
January 31,
2014 2013
Nonqualified stock options $ 37.4 $ 67.5
Research and development tax credit carryforwards 78.4 54.0
Foreign tax credit carryforwards 16.3 —
Accrued compensation and benefits 38.6 34.5
Other accruals not currently deductible for tax 14.5 15.3
Purchased technology and capitalized software 23.4 9.8
Fixed assets 17.5 18.5
Tax loss carryforwards 12.6 21.0
Deferred Revenue 33.1 28.5
Other 5.1 2.2
Total deferred tax assets 276.9 251.3
Less: valuation allowance (67.2) (51.3)
Net deferred tax assets 209.7 200.0
Tax method change on advanced payments — (3.1)
Unremitted earnings of foreign subsidiaries (21.8) (31.9)
Total deferred tax liability (21.8) (35.0)
Net deferred tax assets $ 187.9 $ 165.0
The valuation allowance increased by $15.9 million, $3.8 million and $4.6 million in fiscal 2014, 2013 and 2012,
respectively. The fiscal 2014, fiscal 2013, and fiscal 2012 changes in valuation allowance were related to U.S. and Canadian
deferred taxes.
The Company provides U.S. income taxes on the earnings of foreign subsidiaries, except to the extent subsidiaries'
earnings are considered permanently reinvested outside the U.S. As of January 31, 2014, the cumulative amount of earnings
upon which U.S. income taxes have not been provided was $1,690.0 million. The unrecognized deferred tax liability for these
earnings was approximately $491.4 million.