Autodesk 2013 Annual Report Download - page 148

The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2013 2012 2011
Income tax provision at U.S. Federal statutory rate $ 108.5 $ 127.0 $ 95.2
State income tax expense (benefit), net of the U.S. Federal benefit (1.7) 2.8 1.4
Foreign income taxed at rates different from the U.S. statutory rate (54.5) (61.5) (39.7)
U.S. valuation allowance 1.7 1.7 2.8
Non-deductible stock-based compensation 21.1 12.8 7.9
Research and development tax credit benefit (7.0) (6.0) (5.6)
Tax benefit from closure of income tax audits and decreases in uncertain tax
positions (2.8) (0.4) (2.8)
Officer compensation in excess of $1.0 million 1.8 1.9 0.5
U.S. Manufacturer's deduction (4.9) (3.0) (1.5)
Other 0.4 2.3 1.8
$ 62.6 $ 77.6 $ 60.0
Significant components of Autodesk’s deferred tax assets and liabilities are as follows:
January 31,
2013 2012
Nonqualified stock options $ 67.5 $ 71.6
Research and development tax credit carryforwards 54.0 49.3
Foreign tax credit carryforwards — 0.1
Accrued compensation and benefits 34.5 35.6
Other accruals not currently deductible for tax 15.3 14.2
Purchased technology and capitalized software 9.8 20.6
Fixed assets 18.5 15.9
Tax loss carryforwards 21.0 12.4
Deferred Revenue 28.5 16.9
Other 2.2 3.7
Total deferred tax assets 251.3 240.3
Less: valuation allowance (51.3) (47.5)
Net deferred tax assets 200.0 192.8
Tax method change on advanced payments (3.1) (6.3)
Unremitted earnings of foreign subsidiaries (31.9) (20.6)
Total deferred tax liability (35.0) (26.9)
Net deferred tax assets $ 165.0 $ 165.9
The valuation allowance increased by $3.8 million, $4.6 million and $3.9 million in fiscal 2013, 2012 and 2011,
respectively. The fiscal 2013, fiscal 2012, and fiscal 2011 changes in valuation allowance were related to U.S. and Canadian
deferred taxes.
The Company provides U.S. income taxes on the earnings of foreign subsidiaries, except to the extent subsidiaries'
earnings are considered permanently reinvested outside the U.S. As of January 31, 2013, the cumulative amount of earnings
upon which U.S. income taxes have not been provided was $1,489.9 million. The unrecognized deferred tax liability for these
earnings was approximately $442.9 million.
Realization of the Company's net deferred tax assets of $165.0 million is dependent upon the Company's ability to
generate future taxable income in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net
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