Memorex 2012 Annual Report Download - page 81

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
International
December 31,
2011
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs (Level 2)
Unobservable
Inputs
(Level 3)
(In millions)
Short-term investments
Other ........................... $ 0.3 $— $ 0.3 $—
Mutual Funds
Equity securities — blended funds ..... 13.0 — 13.0 —
Fixed income securities ............. 21.9 — 21.9 —
Insurance contracts .................. 18.3 — 18.3 —
Total ............................. $53.5 $— $53.5 $—
Employee Retirement Savings Plans
Effective January 1, 2011, our matching formula under our 401(k) retirement plan is 100 percent of employee
contributions up to the first five percent of eligible compensation. We used shares of treasury stock to match employee 401(k)
contributions for 2012, 2011 and 2010. Total expense related to the use of shares of treasury stock to match employee 401(k)
contributions was $2.3 million, $2.1 million and $1.7 million in 2012, 2011 and 2010, respectively.
We also sponsor a variable compensation program in which we may, at our discretion, contribute up to three percent of
eligible employee compensation to employees’ 401(k) retirement accounts, depending upon total company performance. We
use shares of treasury stock for this contribution. A contribution of $0.7 million was made under the variable compensation
program during the year ended December 31, 2012 for 2011. No contributions were made under the variable compensation
program for the years ended December 31, 2011 or 2010.
Note 10 — Income Taxes
The components of loss from continuing operations before income taxes were as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
U.S. ......................................................... $(282.5) $(67.0) $(114.3)
International ................................................... (58.6) 24.1 37.9
Total ...................................................... $(341.1) $(42.9) $ (76.4)
The components of the income tax provision (benefit) from continuing operations were as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
Current
Federal .................................................... $(11.9) $ 1.5 $12.1
State ...................................................... — — 3.8
International ................................................. 4.9 5.5 9.0
Deferred
Federal .................................................... 8.8 — 44.7
State ...................................................... — — 8.6
International ................................................. (2.2) (3.2) 3.7
Total ......................................................... $ (0.4) $ 3.8 $81.9
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