Symantec 2007 Annual Report Download - page 113
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Note 13. Income Taxes
The components of the provision for income taxes are as follows:
2007 2006 2005
Year Ended March 31,
(In thousands)
Current:
Federal ........................................ $136,626 $ 269,825 $128,025
State .......................................... 4,133 49,656 36,460
International .................................... 75,310 89,067 96,623
216,069 408,548 261,108
Deferred:
Federal ........................................ 11,410 (152,041) 66,234
State .......................................... 7,482 (26,799) (804)
International .................................... (7,719) (23,837) (4,569)
11,173 (202,677) 60,861
$227,242 $ 205,871 $321,969
Pretax income from international operations was $362 million, $324 million, and $499 million for fiscal 2007,
2006, and 2005, respectively.
The difference between our effective income tax rate and the federal statutory income tax rate as a percentage
of income before income taxes is as follows:
2007 2006 2005
Year Ended March 31,
Federal statutory rate ........................................... 35.0% 35.0% 35.0%
State taxes, net of federal benefit .................................. 1.2 2.1 2.0
Foreign earnings taxed at less than the federal rate ..................... (2.3) (3.5) (6.5)
Non-deductible stock-based compensation............................ 2.0 — —
American Jobs Creation Act — tax expense on repatriation of foreign
earnings ................................................... — (5.8) 6.3
Non-deductible IPR&D ......................................... — 27.5 —
Domestic production activities deduction ............................ (0.3) (2.0) —
Contingent penalty accrual ....................................... 1.0 1.9 —
IRS audit settlement ............................................ (1.2) — —
Other, net ................................................... 0.6 1.6 0.7
36.0% 56.8% 37.5%
107
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)