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No. of Recommendations: 1
Hi Jean,

Ok here's a cleaner version with the help of the spreadsheet:
AutoDesk                                 ADSK

Selected Balance Sheet Items
Plus information from Note 5
(in millions)
Deferred Tax Calculation: 01/31/05 01/31/06
Assets
Deferred income taxes 223.50 285.50
Liabilities
Deferred income taxes (104.10) (91.90)

Net deferred tax assets 119.40 193.60
Investment in net deferred tax assets 74.20

Accrued Income Taxes*** 41.6 10.6
(31.00)


Accrual taxes** (54.10)
Change in Accrued Income Taxes** (31.00)
Investment in net deferred tax assets** (74.20)
(159.30)
<Additional adjustment?>
Tax Benefit from Stock Option*^ 124.00
Cash Income Taxes (35.30)

<<Actual Cash Taxes Paid>> (44.20)
Error 8.90

*** Not part of Hewitt's calculations
** Its negative because its an outflow
* Its positive because ita an inflow
^ Not so sure about this adjustment

So as you can see the investment is rather high if you don't consider the tax benefit of stock options and the inflation that I thought Jeff was talking about. Autodesk hasn't had any negative EBIT and I believe this is all IRS related for tax return purposes - not financial statements. As for that level of detail only the CFO could help us out.

And my point was that the statement of cash flows actually gives us the amount handed over. And that the statement of cash flows does come closer to the actual paid - all considering the tax benefit for stock options.
Cash Flow Version                         01/31/06

Accrual Taxes (54.10)
Tax benefits from employee stock plans 124.00
Deferred income taxes (87.80)
Accrued income taxes (27.30)

Adjusted Taxes (45.20)
<<Actual Cash Taxes Paid>> (44.20)
Error (1.00)

So I am not sure what to do but at least hopefully the data is easier to read :)

Matthew
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