Yahoo 2004 Annual Report Download - page 82
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The provision (benefit) for income taxes is composed of the following (in thousands):
Years Ended December 31,
2002 2003 2004
Current:
United States federal $ 75,077 $ 121,758 $ 409,969
State 11,658 25,584 83,632
Foreign 4,220 14,589 17,782
Total current provision for income taxes 90,955 161,931 511,383
Deferred:
United States federal (17,473) (13,276) (62,620)
State (2,192) (1,631) (8,580)
Foreign – – (2,217)
Total deferred provision (benefit) for income taxes (19,665) (14,907) (73,417)
Provision for income taxes $ 71,290 $ 147,024 $ 437,966
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to
income before income taxes as follows (in thousands):
Years Ended December 31,
2002 2003 2004
Income tax at the federal statutory rate of 35 percent $ 55,117 $ 120,112 $ 414,758
State income taxes, net of federal benefit 7,078 15,184 49,920
Research and development tax credits (3,500) – –
Change in valuation allowance 7,368 8,516 (40,612)
Other 5,227 3,212 13,900
Provision for income taxes $ 71,290 $ 147,024 $ 437,966
Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred
income tax assets and liabilities are as follows (in thousands):
December 31,
2002 2003 2004
Deferred income tax assets:
Net operating loss and tax credit carryforwards $ 1,443,547 $ 1,538,723 $ 1,436,144
Non-deductible reserves and expenses 171,068 310,099 406,488
Gross deferred income tax assets 1,614,615 1,848,822 1,842,632
Valuation allowance (1,560,075) (1,659,551) (1,353,748)
Realizable deferred income tax assets $ 54,540 $ 189,271 $ 488,884
Deferred income tax liabilities:
Unrealized investment gains $ (6,955) $ (3,263) $ (315,274)
Purchased intangible assets (47,585) (186,008) (197,794)
Other – – (7,629)
Gross deferred income tax liabilities $ (54,540) $ (189,271) $ (520,697)
Net deferred income tax liabilities $ – $ – $ (31,813)
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