NVIDIA 2007 Annual Report Download - page 97
Download and view the complete annual report
Please find page 97 of the 2007 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.-
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
 |
 |
NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Income before income taxes consists of the following:
Year Ended
January 28,
2007 January 29,
2006 January 30,
2005
(In thousands)
Domestic $ (19,617) $ 52,112 $ (7,537)
Foreign 514,097 304,676 114,565
$ 494,480 $ 356,788 $ 107,028
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
January 28,
2007 January 29,
2006 January 30,
2005
(In thousands)
Tax expense computed at federal statutory rate $ 173,068 $ 124,876 $ 37,460
State income taxes, net of federal tax effect (1,372) 847 219
Foreign tax rate differential (97,390) (57,286) (8,462)
Research tax credit (35,359) (13,175) (10,935)
In−process research and development 4,690 −− −−
Stock−based compensation 3,564 −− −−
Other (851) 350 131
Provision for income taxes $ 46,350 $ 55,612 $ 18,413
The tax effect of temporary differences that gives rise to significant portions of the deferred tax assets and liabilities are presented below:
January 28,
2007 January 29,
2006
(In thousands)
Deferred tax assets:
Net operating loss carryforwards $ 23,272 $ 134,385
Accruals and reserves, not currently deductible for tax purposes 17,702 16,109
Property, equipment and intangible assets 16,436 16,928
Research and other tax credit carryforwards 145,393 146,089
Stock−based compensation 31,835 45,924
Gross deferred tax assets 234,638 359,435
Less valuation allowance (68,563) (233,016)
Deferred tax assets 166,075 126,419
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries (149,276) (85,716)
Net deferred tax asset $ 16,799 $ 40,703
88
Source: NVIDIA CORP, 10−K, March 16, 2007