Autodesk 2004 Annual Report Download - page 63

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January 31, 2003
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair value
(In thousands)
Short-term:
Municipal Bonds ................ $ 46,813 $ 119 $(10) $ 46,922
Preferred Stock ................. 6,000 — — 6,000
Mutual Funds ................... 7,721 — — 7,721
60,534 119 (10) 60,643
Long-term:
Municipal Bonds ................ 159,222 4,807 — 164,029
$219,756 $4,926 $(10) $224,672
The short-term mutual fund balances represent amounts held by Autodesk for deferred
compensation arrangements.
The contractual maturities of Autodesk’s long-term marketable securities at January 31, 2004 were as
follows: $116.6 million between one and two years; $30.3 million maturing in three years; $18.0 million
maturing in four to five years; and $1.1 million beyond five years. Expected maturities may differ from
contractual maturities because the issuers of the securities may have the right to prepay or call obligations
without prepayment penalties. Realized gains on the sale of available-for-sale securities were $1.6 million in
fiscal 2004, $2.1 million in fiscal 2003 and $2.8 million in fiscal 2002. The cost of securities sold is based on the
specific identification method. Proceeds from the sale of marketable securities were $202.6 million in fiscal
2004, $145.9 million in fiscal 2003, and $191.0 million in fiscal 2002.
Note 4. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2004 2003 2002
(In thousands)
Federal:
Current ............................................ $(20,354) $(38,377) $ 9,468
Deferred .......................................... 16,856 42,660 6,735
State:
Current ............................................ 819 (1,532) 5,441
Deferred .......................................... (4,121) (561) (2,507)
Foreign:
Current ............................................ 11,536 7,112 12,621
Deferred .......................................... (1,856) (2,740) 3,411
$ 2,880 $ 6,562 $35,169
The tax benefit associated with dispositions from employee stock plans did not reduce taxes currently
payable in fiscal 2004 or fiscal 2003. The tax benefit associated with dispositions from employee stock plans
reduced taxes currently payable by $12.2 million for fiscal 2002. Foreign pretax income was $126.7 million
in fiscal 2004, $59.5 million in fiscal 2003 and $85.7 million in fiscal 2002.
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 3. Financial Instruments (Continued)
53