NVIDIA 2003 Annual Report Download - page 66

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 10—Income Taxes
The provision for income taxes applicable to income before income taxes consists of the following:
Year Ended
January 26,
2003
Year Ended
January 27,
2002
Year Ended
January 28,
2001
(in thousands)
Current:
Federal .................................................. $ — $ — $ —
State .................................................... 135 134 205
Foreign .................................................. 20,555 38,673 10,136
Total current .............................................. 20,690 38,807 10,341
Deferred:
Federal .................................................. 20,569 (43,738) (15,866)
State .................................................... 9,319 (8,176) (11,335)
Foreign .................................................. — — —
Total deferred ............................................. 29,888 (51,914) (27,201)
Charge in lieu of taxes attributable to employer stock option plans ....... 9,180 88,932 63,199
Provision for income taxes .................................. $59,758 $ 75,825 $ 46,339
Income before income taxes consist of the following:
Year Ended
January 26,
2003
Year Ended
January 27,
2002
Year Ended
January 28,
2001
(in thousands)
Domestic .................................................... $ 20,764 $ 39,613 $105,147
Foreign ...................................................... 129,793 213,136 39,661
$150,557 $252,749 $144,808
The provision for income taxes differs from the amount computed by applying the federal statutory income
tax rate of 35% to income before taxes as follows:
Year Ended
January 26,
2003
Year Ended
January 27,
2002
Year Ended
January 28,
2001
(in thousands)
Tax expense computed at Federal Statutory Rate ..................... $52,695 $88,462 $50,683
State income taxes (benefit), net of federal tax effect .................. (4,241) (531) 2,547
Foreign tax rate differential ...................................... 23,222 (7,489) (3,747)
Research and experimental credit ................................. (12,048) (4,736) (3,274)
Other ....................................................... 130 119 130
Provision for income taxes .................................. $59,758 $75,825 $46,339
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