SanDisk 2013 Annual Report Download - page 206
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 10: Provision for Income Taxes
The provision for income taxes consists of the following (in thousands):
Fiscal years ended
December 29, December 30, January 1,
2013 2012 2012
Current:
Federal ........................................ $ 359,012 $ 74,258 $ 447,126
State .......................................... 9,972 (824) 12,708
Foreign ........................................ 103,981 101,710 104,760
472,965 175,144 564,594
Deferred:
Federal ........................................ 27,328 45,383 (60,934)
State .......................................... 2,645 1,634 (49)
Foreign ........................................ (29,446) (12,649) (13,847)
527 34,368 (74,830)
Provision for income taxes .............................. $ 473,492 $ 209,512 $ 489,764
Income before provision for income taxes consisted of the following (in thousands):
Fiscal years ended
December 29, December 30, January 1,
2013 2012 2012
United States ....................................... $ 1,436,470 $ 518,509 $ 1,242,529
International ....................................... 79,679 108,407 234,225
Total .......................................... $ 1,516,149 $ 626,916 $ 1,476,754
The Company’s provision for income taxes differs from the amount computed by applying the federal
statutory rates to income before taxes as follows:
Fiscal years ended
December 29, December 30, January 1,
2013 2012 2012
U.S. federal statutory rate .............................. 35.0% 35.0% 35.0%
State taxes, net of federal benefit ......................... 0.6 (0.3) 0.5
Non-deductible share-based compensation expense .............. 0.5 1.3 0.4
Valuation allowance ................................... (0.1) 0.2 0.4
Tax-exempt interest income ............................. (0.7) (1.9) (0.9)
Foreign earnings at other than U.S. rates .................... (2.9) (1.2) (1.8)
Other ............................................ (1.2) 0.3 (0.4)
Effective income tax rates ........................... 31.2% 33.4% 33.2%
The Company’s earnings and taxes resulting from foreign operations are largely attributable to its
Irish, Chinese, Israeli and Japanese entities.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax
F-40