Autodesk 2003 Annual Report Download - page 57

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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,
2003 2002 2001
(In thousands)
Federal:
Current ...................................................... $(38,377) $ 9,468 $26,350
Deferred ..................................................... 42,660 6,735 289
State:
Current ...................................................... (1,532) 5,441 4,914
Deferred ..................................................... (561) (2,507) (452)
Foreign:
Current ...................................................... 7,112 12,621 15,657
Deferred ..................................................... (2,740) 3,411 4,782
$ 6,562 $35,169 $51,540
The tax benefit associated with dispositions from employee stock plans reduced taxes currently payable by
$0 million for fiscal 2003, $12.2 million for fiscal 2002 and $21.0 million for fiscal 2001. Foreign pretax income
was $59.5 million in fiscal 2003, $85.7 million in fiscal 2002 and $86.4 million in fiscal 2001.
The principal reasons that the aggregate income tax provisions differ from the U.S. statutory rate are as
follows:
Fiscal year ended January 31,
2003 2002 2001
(In thousands)
Income tax provision at statutory rate ................................... $13,463 $44,342 $56,372
Foreign income taxed at rates different from the U.S. statutory rate ............ (1,861) (7,449) (5,058)
State income taxes, net of the federal benefit ............................. (1,361) 1,907 2,436
Tax-exempt interest ................................................. (2,551) (2,882) (3,526)
Goodwill amortization ............................................... — 4,308 4,711
Utilization of net operating losses not previously benefited .................. — — (3,473)
Research and development tax credit benefit .............................. (2,668) (1,433) (1,162)
Net tax benefit from closure of IRS audit ................................ (3,824) — —
Non-taxable gain on disposition of unconsolidated affiliate .................. — (3,311) —
Additional taxes provided on prior year foreign earnings .................... 6,884 — —
Extraterritorial income exclusion/Foreign Sales Corporation tax benefit ........ (1,632) (2,690) (2,007)
Other............................................................. 112 2,377 3,247
$ 6,562 $35,169 $51,540
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