NVIDIA 2009 Annual Report Download - page 119

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Note 13 - Income Taxes
The income tax expense (benefit) applicable to income before income taxes consists of the following:
Year Ended
January 25,
2009
January 27,
2008
January 28,
2007
(In thousands)
Current income taxes:
Federal $ (31) $ (988) $ (17)
State 133 516 (2,401)
Foreign 8,923 14,665 6,758
Total current 9,025 14,193 4,340
Deferred taxes:
Federal (21,348) 90,178 41,721
State — — —
Foreign (1,929) (1,014) —
Total deferred (23,277) 89,164 41,721
Charge in lieu of taxes attributable to employer stock option plans 1,339 339 289
Income tax expense (benefit) $ (12,913) $ 103,696 $ 46,350
Income (loss) before income taxes consists of the following:
Year Ended
January 25,
2009
January 27,
2008
January 28,
2007
(In thousands)
Domestic $ (174,412) $ 6,416 $ (19,617)
Foreign 131,458 894,925 514,097
$ (42,954) $ 901,341 $ 494,480
The income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 35% to
income (loss) before income taxes as follows:
Year Ended
January 25,
2009
January 27,
2008
January 28,
2007
(In thousands)
Tax expense computed at federal statutory rate $ (15,034) $ 315,470 $ 173,068
State income taxes, net of federal tax effect 957 555 (1,372)
Foreign tax rate differential 18,875 (178,358) (97,390)
Research tax credit (22,766) (38,857) (35,359)
In-process research and development - - 4,690
Stock-based compensation 5,342 4,828 3,564
Other (287)) 58 (851)
Income tax expense (benefit) $ (12,913) $ 103,696 $ 46,350
100
Source: NVIDIA CORP, 10-K, March 13, 2009 Powered by Morningstar® Document Research℠