NVIDIA 2006 Annual Report Download - page 94

Download and view the complete annual report

Please find page 94 of the 2006 NVIDIA annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS − (Continued)
Note 13 − Income Taxes
The provision for income taxes applicable to income before income taxes consists of the following:
Year Ended Year Ended Year Ended
January 29, January 30, January 25,
2006 2005 2004
(In thousands)
Current:
Federal $ 22,050 $ −− $ −−
State 375 355 221
Foreign 11,012 8,826 (51,590)
Total current 33,437 9,181 (51,369)
Deferred:
Federal (10,622) 4,683 19,861
State −− (620 ) 35,274
Foreign −− −− −−
Total deferred (10,622) 4,063 55,135
Charge in lieu of taxes attributable to employer stock
option plans 34,820 11,845 8,488
Provision for income taxes $ 57,635 $ 25,089 $ 12,254
Income before income taxes consists of the following:
Year
Ended Year
Ended Year
Ended
January
29, January
30, January
25,
2006 2005 2004
(In thousands)
Domestic $ 54,955 $ 9,556 $ (17,816)
Foreign 305,266 115,889 104,489
$ 360,221 $ 125,445 $ 86,673
The provision for income taxes differs from the amount computed by applying the federal statutory income tax rate of 35% to
income before income taxes as follows:
Year Ended Year Ended Year Ended
January 29, January 30, January 25,
2006 2005 2004
(In thousands)
Tax expense computed at Federal Statutory Rate $ 126,077 $ 43,906 $ 30,336
State income taxes (benefit), net of federal tax effect 861 230 544
Foreign tax rate differential (57,286) (8,462) (11,671)
Research and experimental credit (12,210) (10,710) (5,230)
In−process research and development −− −− 1,225
Change in estimates −− −− (36,766)
Increase in beginning of year valuation allowance −− −− 33,599
Other 193 125 217
Provision for income taxes $ 57,635 $ 25,089 $ 12,254
86