Autodesk 2005 Annual Report Download - page 69
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The principal reasons that the aggregate income tax provisions differ from the U.S. statutory rate
are as follows:
Fiscal year ended January 31,
2005 2004 2003
(In thousands)
Income tax provision at statutory rate .............. $ 86,215 $ 43,119 $13,463
Foreign income taxed at rates different from
the U.S. statutory rate ............................ (30,643) — (1,861)
State income taxes, net of the federal benefit ...... 2,121 (2,279) (1,361)
Tax-exempt interest .................................. (1,476) (1,846) (2,551)
Research and development tax credit benefit ....... (2,961) (3,968) (2,668)
Net income tax benefit from resolution of the
Foreign Sales Corporation issue ................... — (19,674) —
Net income tax benefit from closure of income tax
audits ............................................. (8,905) (7,013) (3,824)
Net income tax benefit from DRD Legislation on
prior year foreign earnings ........................ (15,540) — —
Additional taxes provided on prior year
foreign earnings ................................... — — 6,884
Extraterritorial income exclusion .................... (6,158) (4,575) (1,632)
Officer compensation in excess of $1.0 million ...... 1,316 248 (25)
Other ................................................ 851 (1,132) 137
$ 24,820 $ 2,880 $ 6,562
Significant components of Autodesk’s deferred tax assets and liabilities are as follows:
January 31,
2005 2004
(In thousands)
Purchased technology and capitalized software .................. $ 28,687 $ 27,648
Reserves for product returns and bad debts ..................... 5,856 7,805
Tax loss carryforwards ............................................ 103,843 57,969
Accrued compensation and benefits ............................. 11,564 7,568
Fixed assets ....................................................... 11,022 8,931
Research and development credit carryforwards ................. 25,518 15,635
Foreign tax credit carryforwards .................................. 16,834 11,463
Capitalized R&D expenditures .................................... 10,396 2,240
Other accruals not currently deductible for tax .................. 7,966 12,974
Other ............................................................. 4,129 1,408
Total deferred tax assets ......................................... 225,815 153,641
Less: valuation allowance ......................................... (2,380) (23,734)
Net deferred tax assets ........................................... 223,435 129,907
Unremitted earnings of foreign subsidiaries ...................... (104,124) (112,346)
Total deferred tax liability ........................................ (104,124) (112,346)
Net deferred tax assets ........................................... $ 119,311 $ 17,561
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 4. Income Taxes (Continued)
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