SanDisk 2004 Annual Report Download - page 70
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Table of Contents
Notes to Consolidated Financial Statements — (Continued)
The Company leases its headquarters and sales offices under operating leases that expire at various dates through 2007. Future
minimum lease payments under operating leases at January 2, 2005 were as follows (in thousands):
Fiscal Year Ending:
2005 $ 3,598
2006 1,465
2007 48
Thereafter —
Total $ 5,111
Rent expense under all operating leases was $3.7 million, $2.9 million, and $3.0 million for the years ended January 2, 2005,
December 28, 2003, and December 29, 2002, respectively.
The Company had foreign exchange contract lines in the amount of $120 million at January 2, 2005. Under these lines, the
Company may enter into forward exchange contracts that require the Company to sell or purchase foreign currencies. There were no
foreign exchange contracts outstanding at January 2, 2005.
Note 6: Income Taxes
The provision for income taxes consists of the following (in thousands):
January 2, December 28, December 29,
2005 2003 2002
Current:
Federal $ 138,558 $ 96,399 $ (2,717)
State 13,731 19,296 432
Foreign 25,336 15,025 13,753
177,625 130,720 11,468
Deferred:
Federal (20,963) (50,467) (7,729)
State (78) (7,231) —
Foreign — — —
(21,041) (57,698) (7,729)
Provision for income taxes $ 156,584 $ 73,022 $ 3,739
The tax benefits associated with the exercise of stock options reduced taxes payable by $17.9 million in 2004 and reduced taxes
payable by $28.1 million and increased the deferred tax asset by $17.0 million in 2003. Such benefits are credited to capital in excess
of par value when realized. F−24