Symantec 2016 Annual Report Download - page 171
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The difference between our effective income tax and the federal statutory income tax is as follows:
Year Ended
April 1,
2016
April 3,
2015
March 28,
2014
(Dollars in millions)
Federal statutory tax $ 138 $ 35 $ 38
Foreign earnings not considered indefinitely reinvested, net 1,065 (8) 2
State taxes, net of federal benefit 9 (13) 1
Foreign earnings taxed at less than the federal rate 12 34 8
Domestic production activities deduction (5) (1) -
Federal research and development credit (9) (8) (4)
Valuation allowance (decrease) increase 10 1 (3)
Nondeductible separation costs 1 2 -
Change in uncertain tax positions (4) (57) (19)
Other, net (4) 7 (7)
Provision for income taxes $ 1,213 $ (8) $ 16
The principal components of deferred tax assets are as follows:
Year Ended
April 1,
2016
April 3,
2015
(Dollars in millions)
Deferred tax assets:
Tax credit carryforwards $ 53 $ 31
Net operating loss carryforwards of acquired companies 34 57
Other accruals and reserves not currently tax deductible 112 173
Deferred revenue 89 74
Loss on investments not currently tax deductible 14 16
State income taxes 814
Stock-based compensation 39 45
Other 9-
Gross deferred tax assets 358 410
Valuation allowance (50) (60)
Deferred tax assets, net of valuation allowance $ 308 $ 350
Deferred tax liabilities:
Property and equipment $ (106) $ (88)
Goodwill (50) (54)
Intangible assets (11) (24)
Unremitted earnings of foreign subsidiaries (1,327) (273)
Prepaids and deferred expenses (17) (42)
Total deferred tax liabilities (1,511) (481)
Net deferred tax assets (liabilities) $(1,203) $ (131)
The valuation allowance provided against our deferred tax assets as of April 1, 2016 is mainly attributable to
net operating loss and tax credit carryforwards of acquired companies, state tax credits, and net operating losses
in foreign jurisdictions. The valuation allowance decreased by a net of $10 million in fiscal 2016 due to changes
in corresponding deferred tax assets primarily related to state tax credit carryforwards.
As of April 1, 2016, we have U.S. federal net operating losses attributable to various acquired companies of
approximately $47 million, which, if not used, will expire between fiscal 2018 and 2032. These net operating loss
83