AMD 2009 Annual Report Download - page 111
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NOTE 9: Income Taxes
The provision (benefit) for income taxes consists of:
2009 2008 2007
(In millions)
Current:
U.S. Federal ........................................................... $ (4) $ (6) $—
U.S. State and Local .................................................... 1 1 —
Foreign National and Local ............................................... (13) (9) 42
Total ............................................................ $(16) $ (14) $ 42
Deferred:
U.S. Federal ........................................................... $— $— $(11)
Foreign National and Local ............................................... 128 82 (4)
Total ............................................................ $128 $ 82 $ (15)
Provision for income taxes ................................................... $112 $ 68 $ 27
Pre-tax loss from foreign operations was $1.1 billion in 2009, $1.5 billion in 2008 and $1.1 billion in 2007.
Deferred income taxes reflect the net tax effects of tax carryovers and temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the balances for income tax
purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 26, 2009
and December 27, 2008 are as follows:
2009 2008
(In millions)
Deferred tax assets:
Net operating loss carryovers ............................. $ 774 $ 841
Deferred distributor income .............................. 58 35
Inventory valuation ..................................... 55 142
Accrued expenses not currently deductible .................. 179 160
Acquired intangibles .................................... 485 431
Tax deductible goodwill ................................. 482 675
Investments ........................................... 159 83
Federal and state tax credit carryovers ...................... 229 246
Foreign capitalized research and development costs ........... 106 134
Foreign research and development ITC credits ............... 355 201
Discount of convertible notes ............................. 372 472
Other ................................................ 238 237
Total deferred tax assets ............................. 3,492 3,657
Less: valuation allowance ................................ (3,279) (3,372)
213 285
Deferred tax liabilities:
Property, plant and equipment ............................ (245) (181)
Capitalized interest ..................................... (13) (23)
Acquired intangibles .................................... (5) (8)
Unrealized translation gain ............................... (25) (28)
Other ................................................ (21) (21)
Total deferred tax liabilities .......................... (309) (261)
Net deferred tax assets (liabilities) ............................. $ (96) $ 24
103