Symantec 2008 Annual Report Download - page 186
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Note 17. Income Taxes
The components of the provision for income taxes are as follows:
March 28,
2008
March 30,
2007
March 31,
2006
Year Ended
Current:
Federal ....................................... $258,432 $136,626 $ 269,825
State ......................................... 48,460 4,133 49,656
International ................................... 123,297 75,310 89,067
430,189 216,069 408,548
Deferred:
Federal ....................................... (147,604) 11,410 (152,041)
State ......................................... (28,387) 7,482 (26,799)
International ................................... (5,525) (7,719) (23,837)
(181,516) 11,173 (202,677)
$ 248,673 $227,242 $ 205,871
Pretax income from international operations was $458 million, $336 million, and $324 million for fiscal 2008,
2007, and 2006, 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:
March 28,
2008
March 30,
2007
March 31,
2006
Year Ended
Federal statutory rate ................................. 35% 35% 35%
State taxes, net of federal benefit ........................ 1.5 1.2 2.1
Foreign earnings taxed at less than the federal rate ........... (0.1) (2.3) (3.5)
Non-deductible stock-based compensation .................. 0.9 2.0 —
American Jobs Creation Act — tax expense on
repatriation of foreign earnings . . ........................ — — (5.8)
Non-deductible IPR&D ............................... — — 27.5
Domestic production activities deduction .................. (2.0) (0.3) (2.0)
Contingent penalty accrual ............................. — 1.0 1.9
IRS audit settlement .................................. — (1.2) —
Other, net.......................................... (0.3) 0.6 1.6
35.0% 36.0% 56.8%
104
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)