Autodesk 2009 Annual Report Download - page 148
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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 3. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2009 2008 2007
Federal:
Current ........................................................... $20.9 $ 5.4 $ —
Deferred .......................................................... 0.7 50.0 38.9
State:
Current ........................................................... 5.9 2.0 1.3
Deferred .......................................................... (0.7) 10.4 (1.0)
Foreign:
Current ........................................................... 54.2 50.4 27.5
Deferred .......................................................... (12.1) (4.4) 10.1
$ 68.9 $113.8 $76.8
During fiscal 2009, the Company reduced its current federal and state taxes payable by $2.7 million
primarily related to excess tax benefits from non-qualified stock options, offsetting additional paid-in capital.
Pursuant to footnote 82 of SFAS 123R, the Company has unrecorded excess stock option tax benefits of $144.8
million as of January 31, 2009 relating to fiscal years 2009, 2008 and 2007 in the amounts of $13.8 million,
$91.4 million and $39.6 million, respectively. These amounts will be credited to additional paid-in-capital when
such amounts reduce cash taxes payable. Foreign pretax income was $298.5 million in fiscal 2009, $425.3
million in fiscal 2008, and $354.1 million in fiscal 2007.
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2009 2008 2007
Income tax provision at statutory rate ....................................... $88.3 $164.5 $128.3
Foreign income taxed at rates different from the U.S. statutory rate ............... (55.6) (64.7) (46.9)
Non-deductible stock-based compensation .................................. 11.8 15.8 12.8
Tax benefit from closure of income tax audits and other decreases in FIN 48
reserves ............................................................ (6.2) (3.0) (12.4)
Research and development tax credit benefit ................................. (6.9) (5.8) (5.6)
Extraterritorial income exclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.6 (5.0)
State income tax expense (benefit), net of the Federal benefit .................... (1.5) 3.6 2.5
Officer compensation in excess of $1.0 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.7 0.2
Goodwill impairment ................................................... 30.6 — —
Non-deductible in-process research and development charge . . . . . . . . . . . . . . . . . . . . 7.0 — —
Other ................................................................ 1.2 2.1 2.9
$ 68.9 $113.8 $ 76.8
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