AMD 1997 Annual Report Download - page 82
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ADVANCED MICRO DEVICES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
The following is a reconciliation between statutory federal income taxes and
the total provision (benefit) for income taxes:
1997 1996 1995
--------------- --------------- -------------
TAX RATE TAX RATE TAX RATE
-------- ----- -------- ----- ------- ----
(THOUSANDS EXCEPT PERCENT)
Statutory federal income
tax provision
(benefit).............. $(35,291) (35.0)% $(73,065) (35.0)% $88,062 35.0%
State taxes net of
federal benefit........ (7,500) (7.4) (520) (0.2) 216 0.1
Tax exempt Foreign Sales
Corporation income..... (1,369) (1.4) (2,283) (1.1) (6,848) (2.7)
Foreign income and other
than U.S. rates........ (10,228) (10.1) (9,782) (4.7) (11,503) (4.6)
Other................... (767) (0.8) 642 0.3 279 0.1
-------- ----- -------- ----- ------- ----
$(55,155) (54.7)% $(85,008) (40.7)% $70,206 27.9%
======== ===== ======== ===== ======= ====
No provision has been made for income taxes on approximately $333 million of
cumulative undistributed earnings of certain foreign subsidiaries because it
is the Company's intention to permanently invest such earnings. If such
earnings were distributed, additional taxes of approximately $113 million
would accrue.
The Company's assembly and test plant in Thailand is operated under a tax
holiday which expires in 1998. The net impact of this tax holiday was a
decrease in the net loss of approximately $3 million ($0.02 diluted net loss
per common share) in 1997.
9. DEBT
Significant elements of revolving lines of credit are:
1997 1996
------------- -------------
(THOUSANDS EXCEPT PERCENT)
Committed:
Three-year secured revolving line of credit. $ 150,000 $ 150,000
Uncommitted:
Portion of unsecured lines of credit
available to foreign subsidiaries.......... 67,052 84,501
Amounts outstanding at year-end under lines of
credit:
Short-term.................................. 6,601 14,692
Short-term borrowings:
Average daily borrowings.................... 10,795 15,389
Maximum amount outstanding at any month-end. 13,846 22,971
Weighted-average interest rate.............. 1.75% 2.36%
Average interest rate on amounts outstanding
at year-end................................ 2.01% 1.47%
Interest on foreign and short-term domestic borrowings is negotiated at the
time of the borrowing.
F-17
Source: ADVANCED MICRO DEVIC, 10-K405, March 03, 1998