Citrix 2013 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2013 Citrix 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.

Page out of 110

  • 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

CITRIX SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F-29
The components of the provision for income taxes are as follows:
2013 2012 2011
(In thousands)
Current:
Federal $ 51,389 $ 81,019 $ 50,022
Foreign 37,221 30,059 29,169
State 11,605 17,395 11,905
Total current 100,215 128,473 91,096
Deferred:
Federal (34,897)(64,960)(8,631)
Foreign (8,413) 1,409 (4,792)
State (8,538)(7,240)(2,806)
Total deferred (51,848)(70,791)(16,229)
Total provision $ 48,367 $ 57,682 $ 74,867
The following table presents the breakdown between current and non-current net deferred tax assets:
December 31,
2013 2012
(In thousands)
Deferred tax assets - current $ 48,470 $ 36,846
Deferred tax liabilities - current (364)(876)
Deferred tax assets- non current 115,418 43,097
Deferred tax liabilities - non current (13,127)(19,756)
Total net deferred tax assets $ 150,397 $ 59,311
The significant components of the Company’s deferred tax assets and liabilities consisted of the following:
December 31,
2013 2012
(In thousands)
Deferred tax assets:
Accruals and reserves $ 25,556 $ 36,128
Deferred revenue 55,688 41,820
Tax credits 60,519 43,657
Net operating losses 103,329 89,856
Other 10,537 8,452
Stock based compensation 72,074 54,852
Depreciation and amortization 1,675 —
Valuation allowance (26,465)(18,185)
Total deferred tax assets 302,913 256,580
Deferred tax liabilities:
Depreciation and amortization —(40,159)
Acquired technology (136,258)(140,017)
Prepaid expenses (16,258)(17,093)
Total deferred tax liabilities (152,516)(197,269)
Total net deferred tax assets $ 150,397 $ 59,311
The authoritative guidance requires a valuation allowance to reduce the deferred tax assets reported if it is not more likely
than not that some portion or all of the deferred tax assets will be realized. At December 31, 2013, the Company determined
that a $26.5 million valuation allowance relating to deferred tax assets for net operating losses and tax credits was necessary.