Symantec 2012 Annual Report Download - page 179
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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)
Pretax income from international operations was $891 million, $460 million, and $498 million for fiscal
2012, fiscal 2011, and 2010, respectively.
The difference between our effective income tax and the federal statutory income tax is as follows:
Year Ended
March 30,
2012
April 1,
2011
April 2,
2010
(In millions)
Expected Federal statutory tax ................................ $515 $255 $303
State taxes, net of federal benefit .............................. 12 12 (2)
Foreign earnings taxed at less than the federal rate ................ (160) (84) (92)
Domestic production activities deduction ....................... (20) (9) (10)
Federal research and development credit ........................ (12) (10) (6)
Valuation allowance increase (decrease) ........................ 5 (15) (11)
Benefit of losses from joint venture ............................ (1) (2) (5)
Veritas tax positions (including valuation allowance release) ........ (52) (49) (70)
Other, net ................................................ 11 7 5
$ 298 $ 105 $ 112
The principal components of deferred tax assets are as follows:
As of
March 30,
2012
April 1,
2011
(In millions)
Deferred tax assets:
Tax credit carryforwards ........................................... $ 43 $ 17
Net operating loss carryforwards of acquired companies ................. 137 181
Other accruals and reserves not currently tax deductible .................. 152 141
Deferred revenue ................................................ 95 77
Loss on investments not currently tax deductible ....................... 23 17
State income taxes ............................................... 33 35
Goodwill ....................................................... 36 34
Stock-based compensation ......................................... 60 70
Other .......................................................... 4 9
583 581
Valuation allowance ................................................ (55) (45)
Total deferred tax assets ........................................... $528 $536
Deferred tax liabilities:
Tax over book depreciation ........................................ $ (41) $ (26)
Intangible assets ................................................. (208) (228)
Unremitted earnings of foreign subsidiaries ............................ (329) (282)
Total deferred tax liabilities ........................................ $(578) $(536)
Net deferred tax assets .............................................. $ (50) $ —
100