Autodesk 2001 Annual Report Download - page 41

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38 FY 01 Autodesk, Inc.
The tax benefit associated with dispositions from
employee stock plans reduced taxes currently payable by
$21.0 million for fiscal 2001,$4.6 million for fiscal 2000 and
$15.5 million for fiscal 1999. Foreign pretax income was
$86.4 million in fiscal 2001, $16.6 million in fiscal 2000 and
$110.1 million in fiscal 1999. The valuation allowance
decreased by $3.1 million in fiscal 2001 and $1.2 mil-
lion in fiscal 2000, and increased by $2.8 million in fiscal
1999.
(in thousands)
Fiscal year ended January 31, 2001 2000 1999
Income tax provision at statutory rate $ 56,372 $ 8,372 $ 55,727
Foreign income taxed at rates different from the U.S. statutory rate (5,058) (2,679) (1,994)
State income taxes, net of federal benefit 2,436 576 3,041
Tax-exempt interest (3,526) (3,165) (2,087)
Acquired in-process research and development — 645 3,973
Goodwill amortization 4,711 5,945 7,478
Effect of not benefiting foreign subsidiaries tax losses — — 2,304
Utilization of net operating losses not previously benefited (3,473) — (3,786)
Research and development tax credit benefit (1,162) (2,438) (2,521)
Non-deductible acquisition costs — 6,473 —
Other 1,240 383 (46)
$ 51,540 $ 14,112 $ 62,089
The principal reasons that the aggregate income tax provisions differ from the U.S. statutory rate are as follows:
Note 4. Income Taxes
The provision for income taxes consists of the following:
(in thousands)
Fiscal year ended January 31, 2001 2000 1999
Federal:
Current $ 26,350 $ 17,059 $ 30,708
Deferred 289 (13,027) 7,773
State:
Current 4,914 2,068 3,627
Deferred (452) (1,393) 1,229
Foreign:
Current 15,657 14,946 17,029
Deferred 4,782 (5,541) 1,723
$ 51,540 $ 14,112 $ 62,089