NVIDIA 2010 Annual Report Download - page 124

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Note 14 - Income Taxes
The income tax expense (benefit) applicable to income before income taxes consists of the following:
Year Ended
January 31,
2010
January 25,
2009
January 27,
2008
(In thousands)
Current income taxes:
Federal $ 177 $ (31) $ (988)
State 438 133 516
Foreign 6,966 8,923 14,665
Total current 7,581 9,025 14,193
Deferred taxes:
Federal (22,013) (21,348) 90,178
State — — —
Foreign 866 (1,929) (1,014)
Total deferred (21,147) (23,277) 89,164
Charge in lieu of taxes attributable to employer stock option plans (741) 1,339 339
Income tax expense (benefit) $ (14,307) $ (12,913) $ 103,696
Income (loss) before income taxes consists of the following:
Year Ended
January 31,
2010
January 25,
2009
January 27,
2008
(In thousands)
Domestic $ (245,137) $ (174,412) $ 6,416
Foreign 162,843 131,458 894,925
$ (82,294) $ (42,954) $ 901,341
The income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 35% to
income (loss) before income taxes as follows:
Year Ended
January 31,
2010
January 25,
2009
January 27,
2008
(In thousands)
Tax expense computed at federal statutory rate $ (28,803) $ (15,034) $ 315,470
State income taxes, net of federal tax effect (196) 957 555
Foreign tax rate differential 26,902 18,875 (178,358)
Research tax credit (22,270) (22,766) (38,857)
Stock-based compensation 10,114 5,342 4,828
Other (54) (287) 58
Income tax expense (benefit) $ (14,307) $ (12,913) $ 103,696
99
Source: NVIDIA CORP, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠