Autodesk 2002 Annual Report Download - page 47

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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2002 2001 2000
(In thousands)
Federal:
Current ...................................................... $ 9,468 $26,350 $ 17,059
Deferred ..................................................... 6,735 289 (13,027)
State:
Current ...................................................... 5,441 4,914 2,068
Deferred ..................................................... (2,507) (452) (1,393)
Foreign:
Current ...................................................... 12,621 15,657 14,946
Deferred ..................................................... 3,411 4,782 (5,541)
$35,169 $51,540 $ 14,112
The tax benefit associated with dispositions from employee stock plans reduced taxes currently payable by
$12.2 million for fiscal 2002, $21.0 million for fiscal 2001 and $4.6 million for fiscal 2000. Foreign pretax
income was $85.7 million in fiscal 2002, $86.4 million in fiscal 2001 and $16.6 million in fiscal 2000. The
valuation allowance decreased by $0.6 million in fiscal 2002, $3.1 million in fiscal 2001 and $1.2 million in
fiscal 2000.
The principal reasons that the aggregate income tax provisions differ from the U.S. statutory rate are as
follows:
Fiscal year ended January 31,
2002 2001 2000
(In thousands)
Income tax provision at statutory rate ................................... $44,342 $56,372 $ 8,372
Foreign income taxed at rates different from the U.S. statutory rate ............ (7,449) (5,058) (2,679)
State income taxes, net of the federal benefit ............................. 1,907 2,436 576
Tax-exempt interest ................................................. (2,882) (3,526) (3,165)
Acquired in-process research and development ............................ — — 645
Goodwill amortization ............................................... 4,308 4,711 5,945
Utilization of net operating losses not previously benefited .................. — (3,473) —
Research and development tax credit benefit .............................. (1,433) (1,162) (2,438)
Non-deductible acquisition costs ....................................... — — 6,473
Non-taxable gain on disposition of unconsolidated affiliate .................. (3,311) — —
Other............................................................. (313) 1,240 383
$35,169 $51,540 $14,112
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