Autodesk 2015 Annual Report Download - page 175

2015 Form 10-K 83
4. Income Taxes
The provision for income taxes consists of the following:
Fiscal year ended January 31,
2015 2014 2013
Federal:
Current $ (43.8) $ 29.1 $ 30.9
Deferred (11.9) (41.4) (13.3)
State:
Current (13.2) 0.6 7.8
Deferred 9.0 — (18.6)
Foreign:
Current 69.5 63.9 54.3
Deferred (8.4) (1.1) 1.5
$ 1.2 $ 51.1 $ 62.6
During fiscal year 2015, the Company reduced its current federal and state taxes payable by $0.5 million 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 $217.9 million as of January 31,
2015. These amounts will be credited to additional paid-in-capital when such amounts reduce cash taxes payable. Foreign
pretax income was $302.5 million in fiscal 2015, $380.5 million in fiscal 2014, and $383.3 million in fiscal 2013.
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:
Fiscal year ended January 31,
2015 2014 2013
Income tax provision at U.S. Federal statutory rate $ 29.0 $ 98.0 $ 108.5
State income tax benefit, net of the U.S. Federal benefit (4.0) (2.9) (1.7)
Foreign income taxed at rates different from the U.S. statutory rate (40.0) (57.1) (54.5)
U.S. valuation allowance 2.9 2.1 1.7
Tax effect of non-deductible stock-based compensation 15.7 10.8 21.1
Research and development tax credit benefit (7.2) (8.8) (7.0)
Tax (benefit) expense from closure of income tax audits and changes in uncertain
tax positions (0.7) 3.6 (2.8)
Tax effect of officer compensation in excess of $1.0 million 2.4 3.0 1.8
U.S. Manufacturer's deduction — (0.1) (4.9)
Other 3.1 2.5 0.4
$ 1.2 $ 51.1 $ 62.6
2015 Annual Report