Autodesk 2010 Annual Report Download - page 172

AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 5. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2010 2009 2008
Federal:
Current ....................................................... $12.3 $ 20.9 $ 5.4
Deferred ...................................................... (33.0) 0.7 50.0
State:
Current ....................................................... 3.0 5.9 2.0
Deferred ...................................................... 7.1 (0.7) 10.4
Foreign:
Current ....................................................... 34.1 54.2 50.4
Deferred ...................................................... 3.2 (12.1) (4.4)
$ 26.7 $ 68.9 $113.8
During fiscal year 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 accounting standards related to stock-based compensation, the Company has unrecorded excess stock
option tax benefits of $143.6 million as of January 31, 2010. These amounts will be credited to additional
paid-in-capital when such amounts reduce cash taxes payable. Foreign pretax income was $253.9 million in fiscal
2010, $298.5 million in fiscal 2009, and $425.3 million in fiscal 2008.
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2010 2009 2008
Income tax provision at U.S. Federal statutory rate ......................... $29.7 $ 88.3 $164.5
State income tax expense (benefit), net of the U.S. Federal benefit ............. (0.6) (1.5) 3.6
Foreign income taxed at rates different from the U.S. statutory rate ............ (22.7) (55.6) (64.7)
Valuation allowance ................................................. 14.9 (0.2) (0.3)
Non-deductible stock-based compensation ............................... 11.7 11.8 15.8
Research and development tax credit benefit .............................. (4.7) (6.9) (5.8)
Tax benefit from closure of income tax audits and decreases in uncertain tax
positions ........................................................ (2.5) (6.2) (3.0)
Officer compensation in excess of $1.0 million ............................ 0.3 0.2 0.7
Goodwill impairment ................................................ — 30.6 —
Non-deductible in-process research and development charge ................. — 7.0 —
Extraterritorial income exclusion ....................................... — — 0.6
Other ............................................................. 0.6 1.4 2.4
$ 26.7 $ 68.9 $113.8
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