NVIDIA 2011 Annual Report Download - page 89

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Note 14 - Income Taxes
The income tax expense (benefit) applicable to income before income taxes consists of the following:
Year Ended
January 30,
2011 January 31,
2010 January 25,
2009
(In thousands)
Current income taxes:
Federal $ 141 $ 177 $ (31)
State (511) 438 133
Foreign 6,827 6,966 8,923
Total current 6,457 7,581 9,025
Deferred taxes:
Federal (3,063) (22,013) (21,348)
State - - -
Foreign 417 866 (1,929)
Total deferred (2,646) (21,147) (23,277)
Charge in lieu of taxes attributable to employer stock option plans 14,212 (741) 1,339
Income tax expense (benefit) $ 18,023 $ (14,307) $ (12,913)
Income (loss) before income taxes consists of the following:
Year Ended
January 30,
2011 January 31,
2010 January 25,
2009
(In thousands)
Domestic $ 82,531 $ (105,793) $ (135,149)
Foreign 188,638 23,499 92,195
$ 271,169 $ (82,294) $ (42,954)
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 30,
2011 January 31,
2010 January 25,
2009
(In thousands)
Tax expense computed at federal statutory rate $ 94,909 $ (28,803) $ (15,034)
State income taxes, net of federal tax effect (391) (196) 957
Foreign tax rate differential (49,585) 26,902 18,875
Research tax credit (28,729) (22,270) (22,766)
Stock-based compensation 1,668 10,114 5,342
Other 151 (54) (287)
Income tax expense (benefit) $ 18,023 $ (14,307) $ (12,913)
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