Autodesk 2006 Annual Report Download - page 106
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Note 5. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2006 2005 2004
Federal:
Current ............................................ $ 1.2 $ 2.9 $(20.3)
Deferred .......................................... 41.8 (3.1) 16.9
State:
Current ............................................ 7.1 8.5 0.8
Deferred .......................................... (1.9) (2.7) (4.1)
Foreign:
Current ............................................ 17.6 12.4 11.5
Deferred .......................................... (11.7) 6.8 (1.9)
$ 54.1 $24.8 $ 2.9
The tax benefit recognized associated with dispositions from employee stock plans was $124.0 million in
fiscal 2006, $116.9 million in fiscal 2005, and zero in fiscal 2004. Foreign pretax income was $276.2 million in
fiscal 2006, $183.5 million in fiscal 2005, and $126.7 million in fiscal 2004.
The principal reasons that the aggregate income tax provisions differ from the U.S. statutory rate are
as follows:
Fiscal year ended January 31,
2006 2005 2004
Income tax provision at statutory rate .............. $134.0 $ 86.2 $ 43.1
Foreign income taxed at rates different from the
U.S. statutory rate ................................. (52.6) (30.6) —
State income taxes, net of the federal benefit ...... 3.1 2.1 (2.3)
Tax-exempt interest .................................. — (1.5) (1.8)
Research and development tax credit benefit ....... (3.6) (3.0) (3.9)
Net income tax benefit from resolution of the
Foreign Sales Corporation issue ................... — — (19.7)
Net income tax benefit from closure of income
tax audits ......................................... (10.0) (8.9) (7.0)
Net income tax benefit from DRD Legislation on
prior year foreign earnings ........................ (12.5) (15.5) —
Non-deductible In-Process R&D charge ............. 3.1 — —
Extraterritorial income exclusion .................... (8.9) (6.2) (4.6)
Officer compensation in excess of $1.0 million ...... 0.6 1.3 0.2
Other ................................................ 0.9 0.9 (1.1)
$ 54.1 $ 24.8 $ 2.9
AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
60