Symantec 2011 Annual Report Download - page 168
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Note 12. Income Taxes
The components of the provision for income taxes are as follows:
April 1,
2011
April 2,
2010
April 3,
2009
Year Ended
(In millions)
Current:
Federal .............................................. $ 17 $ 62 $161
State ................................................ 18 — 48
International ........................................... 70 91 101
105 153 310
Deferred:
Federal .............................................. 26 2 (121)
State ................................................ 3 (2) (39)
International ........................................... (29) (41) 33
0 (41) (127)
$105 $112 $ 183
Pretax income from international operations was $460 million and $498 million for fiscal 2011 and 2010,
respectively. Pretax loss from international operations was $1.5 billion in fiscal 2009.
The difference between our effective income tax and the federal statutory income tax is as follows:
April 1,
2011
April 2,
2010
April 3,
2009
Year Ended
(In millions)
Expected Federal statutory tax .............................. $255 $303 $(2,293)
State taxes, net of federal benefit ............................ 12 (2) (8)
Goodwill impairment — non deductible ....................... — — 2,510
Foreign earnings taxed at less than the federal rate ............... (84) (92) (64)
Domestic production activities deduction ....................... (9) (10) (12)
Federal research and development credit ....................... (10) (6) (12)
Valuation allowance increase (decrease) ....................... (15) (11) 61
Benefit of losses from joint venture........................... (2) (5) (9)
Veritas Tax Court Decision (including valuation allowance release) . . . (49) (70) —
Other, net .............................................. 7 5 10
$105 $112 $ 183
98
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)