Symantec 2010 Annual Report Download - page 174
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Pretax income from international operations was $498 million and $458 million for fiscal 2010 and 2008,
respectively. Pretax loss from international operations was $1.5 billion in fiscal 2009.
The difference between our effective income tax and the federal statutory income tax is as follows:
April 2,
2010
April 3,
2009
March 28,
2008
Year Ended
(In millions)
Expected Federal statutory tax ............................. $303 $(2,293) $218
State taxes, net of federal benefit ........................... (2) (8) 6
Goodwill impairment — non deductible ...................... — 2,510 —
Foreign earnings taxed at less than the federal rate .............. (92) (64) (1)
Domestic production activities deduction ..................... (10) (12) (14)
Federal research and development credit ..................... (6) (12) (7)
Valuation allowance increase (decrease) for Irish NOLs .......... (11) 61 —
Benefit of losses from joint venture ......................... (5) (9) —
Veritas Tax Court Decision (including valuation allowance release). . (70) — —
Other,net............................................ 5 10 11
$112 $ 183 $213
The principal components of deferred tax assets are as follows:
April 2,
2010
April 3,
2009
Year Ended
(In millions)
Deferred tax assets:
Tax credit carryforwards ......................................... $ 16 $ 20
Net operating loss carryforwards of acquired companies . ................. 148 202
Other accruals and reserves not currently tax deductible . ................. 137 160
Deferred revenue ............................................... 61 57
Loss on investments not currently tax deductible ....................... 23 22
Book over tax depreciation ....................................... 20 27
State income taxes.............................................. 36 43
Goodwill..................................................... 64 77
Other ....................................................... 81 65
586 673
Valuation allowance .............................................. (67) (102)
Deferred tax assets ............................................. 519 571
Deferred tax liabilities:
Intangible assets ............................................... (272) (377)
Unremitted earnings of foreign subsidiaries ........................... (244) (206)
Net deferred tax assets ............................................ $ 3 $ (12)
98
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)