Intel 2012 Annual Report Download - page 94
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88
The estimated net prior service cost and actuarial loss for the defined benefit plans that will be amortized from
accumulated other comprehensive income (loss) into net periodic benefit cost during 2013 are $4 million and $102 million,
respectively.
Note 26: Income Taxes
Income Tax Provision
Income before taxes and the provision for taxes consisted of the following:
(Dollars in Millions)
2012
2011
2010
Income before taxes:
U.S. .......................................................................................................................
$ 10,042
$ 14,659
$ 13,926
Non-U.S. ...............................................................................................................
4,831
3,122
2,119
Total income before taxes ......................................................................................
$ 14,873
$ 17,781
$ 16,045
Provision for taxes:
Current:
Federal ..................................................................................................................
$ 2,539
$ 3,212
$ 4,049
State......................................................................................................................
52
104
51
Non-U.S. ...............................................................................................................
1,135
374
359
Total current provision for taxes ...........................................................................
$ 3,726
$ 3,690
$ 4,459
Deferred:
Federal ..................................................................................................................
$ 129
$ 1,175
$ 187
Other .....................................................................................................................
13
(26)
(65)
Total deferred provision for taxes .........................................................................
$ 142
$ 1,149
$ 122
Total provision for taxes.........................................................................................
$ 3,868
$ 4,839
$ 4,581
Effective tax rate......................................................................................................
26.0%
27.2%
28.6%
The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of
income before income taxes (effective tax rate) was as follows:
2012
2011
2010
Statutory federal income tax rate............................................................................
35.0%
35.0%
35.0%
Increase (reduction) in rate resulting from:
Non-U.S. income taxed at different rates ...........................................................
(7.3)
(4.4)
(3.4)
Domestic manufacturing deduction benefit ........................................................
(2.1)
(1.9)
(2.1)
Research and development tax credits..............................................................
—
(1.0)
(0.9)
Other ..................................................................................................................
0.4
(0.5)
—
Effective tax rate...................................................................................................
26.0%
27.2%
28.6%
Income in certain non-U.S. countries is fully exempt from income taxes for a limited period of time due to eligible activities
and certain capital investment actions. These full tax exemptions expire at various dates through 2020; however, the
exemptions in certain countries are eligible for renewal. In 2012, the tax benefit attributable to tax holidays was $252
million with a $0.05 impact on diluted earnings per share. The tax holiday benefits for 2011 and 2010 were $554 million
($0.10 per diluted share) and $256 million ($0.04 per diluted share), respectively.
During 2012, net income tax benefits attributable to equity-based compensation transactions that were allocated to
stockholders’ equity totaled $137 million (net deficiencies of $18 million in 2011 and net benefits of $40 million in 2010).