Adobe 2011 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2011 Adobe annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

99
The provision for income taxes for fiscal 2011, 2010 and 2009 consisted of the following (in thousands):
Current:
United States federal
Foreign
State and local
Total current
Deferred:
United States federal
Foreign
State and local
Total deferred
Tax expense attributable to employee stock plans
Provision for income taxes
2011
$ 104,587
41,724
(8,769)
137,542
60,617
8,262
(13,606)
55,273
9,568
$ 202,383
2010
$ 260,118
44,869
31,866
336,853
(158,350)
(6,475)
(14,665)
(179,490)
11,108
$ 168,471
2009
$ 152,840
36,794
25,427
215,061
50,376
559
4,635
55,570
44,381
$ 315,012
Total income tax expense differs from the expected tax expense (computed by multiplying the U.S. federal statutory rate
of 35% by income before income taxes) as a result of the following (in thousands):
Computed “expected” tax expense
State tax expense, net of federal benefit
Tax credits
Differences between statutory rate and foreign effective tax rate
Change in deferred tax asset valuation allowance
Stock-based compensation (net of tax deduction)
Resolution of U.S. income tax exams
Domestic manufacturing deduction benefit
U.S. tax benefits related to state income tax ruling
Tax charge for licensing acquired company technology to foreign subsidiaries
Other, net
Provision for income taxes
2011
$ 362,331
8,436
(30,283)
(135,178)
(493)
3,983
—
(14,350)
(22,320)
31,298
(1,041)
$ 202,383
2010
$ 330,103
13,444
(1,317)
(129,063)
1,408
4,181
(39,753)
(14,630)
—
—
4,098
$ 168,471
2009
$ 245,532
7,799
(14,127)
(91,262)
2,759
6,085
—
(7,525)
—
161,701
4,050
$ 315,012
Table of Contents
ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)