Citrix 2007 Annual Report Download - page 111
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CITRIX SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. INCOME TAXES
The United States and foreign components of income before income taxes are as follows:
2007 2006 2005
(In thousands)
United States ........................................ $ 46,475 $ 65,363 $ 59,141
Foreign ............................................. 204,433 177,718 165,213
Total ........................................... $250,908 $243,081 $224,354
The components of the provision for income taxes are as follows:
2007 2006 2005
(In thousands)
Current:
Federal ......................................... $ 7,692 $46,073 $ 52,181
Foreign ......................................... 28,512 14,176 16,118
State ........................................... 855 4,186 5,217
Total current ................................. 37,059 64,435 73,516
Deferred ............................................ (634) (4,351) (14,771)
Total provision ............................... $36,425 $60,084 $ 58,745
The significant components of the Company’s deferred tax assets and liabilities consisted of the following:
December 31,
2007 2006
(In thousands)
Deferred tax assets:
Accruals and reserves ........................................ $ 19,323 $ 12,363
Depreciation and amortization ................................. 6,030 3,856
Deferred revenue ............................................ 5,583 4,581
Tax credits ................................................. 7,998 36,077
Net operating losses ......................................... 55,844 52,756
Other ..................................................... 5,918 1,288
Stock option compensation .................................... 23,316 17,199
Valuation allowance ......................................... — (1,332)
Total deferred tax assets .................................. 124,012 126,788
Deferred tax liabilities:
Acquired technology ......................................... (79,555) (27,572)
Prepaid expenses ............................................ (7,261) (4,830)
Total deferred tax liabilities ............................... (86,816) (32,402)
Total net deferred tax assets ............................... $ 37,196 $ 94,386
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