Computer Associates 2005 Annual Report Download - page 133
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Table of Contents
Note 8 — Income Taxes (Continued)
Income tax benefit consists of the following:
Year Ended March 31,
2005 2004 2003
(restated) (restated) (restated)
(in millions)
Current:
Federal $ 51 $ 135 $ 278
State 20 19 25
Foreign 129 121 90
200 275 393
Deferred:
Federal $ (145) $ (217) $ (408)
Federal tax cost of repatriation under the American Jobs Creation Act 55
—
—
State (23) (28) (40)
Foreign (83) (47) (53)
(196) (292) (501)
Total:
Federal $ (94) $ (82) $ (130)
Federal tax cost of repatriation under the American Jobs Creation Act 55
—
—
State (3) (9) (15)
Foreign 46 74 37
$ 4 $ (17) $ (108)
The tax expense (benefit) is reconciled to the tax expense (benefit) computed at the federal statutory rate as follows:
Year Ended March 31,
2005 2004 2003
(restated
) (restated) (restated)
(in millions)
Tax expense (benefit) at U.S. federal statutory rate $ 1 $ (34) $ (157)
Increase in tax expense resulting from:
Nondeductible impairment of goodwill
—
—
28
Nondeductible portion of class action settlement and litigation charge 3 10
—
Federal tax cost of repatriation under the American Jobs Creation Act 55
—
—
Nondeductible U.S. share-based compensation 9 10 12
Effect of international operations, including foreign export benefit and
nondeductible share-based compensation (64) (27) (9)
Foreign export benefit refund (26)
—
—
State taxes, net of federal tax benefit 3 (6) (9)
Valuation allowance 7 22 17
Other, net 16 8 10
$ 4 $ (17) $ (108)
Deferred income taxes reflect the impact of temporary difference between the carrying amounts of assets and liabilities recognized for
financial reporting purposes and the amounts recognized for tax purposes. The tax effects of the temporary differences are as follows:
86