NVIDIA 2013 Annual Report Download - page 240

NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
96
Income before income taxes consists of the following:
Year Ended
January 26,
2014 January 27, 2013 January 29, 2012
(In thousands)
Domestic............................................................................................... $ 79,136 $ 99,422 $ 120,768
Foreign.................................................................................................. 431,118 562,617 542,628
Income before income tax........................................................... $ 510,254 $ 662,039 $ 663,396
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 26,
2014 January 27, 2013 January 29, 2012
(In thousands)
Tax expense computed at federal statutory rate.................................... $ 178,589 $ 231,714 $ 232,189
State income taxes, net of federal tax effect......................................... 1,608 1,048 2,302
Foreign tax rate differential .................................................................. (93,831)(123,626)(142,071)
U.S. federal R&D tax credit ................................................................. (30,155)(29,294)(24,270)
Stock-based compensation.................................................................... 8,900 11,876 10,983
Tax expense related to intercompany transaction................................. 9,785 9,785 1,533
Other ..................................................................................................... (4,632)(2,000) 1,640
Income tax expense................................................................... $ 70,264 $ 99,503 $ 82,306