AMD 1999 Annual Report Download - page 158
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The valuation allowance for deferred tax assets increased $176 million in 1999
from 1998 primarily to offset tax benefits from operating losses incurred during
1999. The valuation allowance for deferred tax assets includes $38 million
attributable to stock option deductions, the benefit of which will be credited
to equity when realized.
Pretax income from foreign operations was approximately $62 million in 1999.
Pretax loss from foreign operations was approximately $36 million in 1998.
Pretax income from foreign operations was approximately $10 million in 1997.
The federal and state tax credit and net operating loss carryovers expire
beginning in the year 2002 through 2019.
The table below displays a reconciliation between statutory federal income
taxes and the total benefit for income taxes.
(Thousands except percent) Tax Rate
----------------------------------------------------------------------
1999
Statutory federal income tax expense $ 25,766 35.0%
State taxes, net of federal benefit 17,252 23.4
Foreign income at other than U.S. rates (4,952) (6.7)
Net operating losses not currently benefitted 126,684 172.1
Other 2,600 3.5
----------------------------------------------------------------------
$167,350 227.3%
----------------------------------------------------------------------
1998
Statutory federal income tax benefit $(72,598) (35.0)%
State taxes, net of federal benefit (8,000) (3.9)
Tax-exempt Foreign Sales Corporation income (940) (0.5)
Foreign income at other than U.S. rates (3,949) (1.9)
Tax credits (6,200) (3.0)
Other (191) --
----------------------------------------------------------------------
$(91,878) (44.3)%
----------------------------------------------------------------------
1997
Statutory federal income tax benefit $(35,291) (35.0)%
State taxes, net of federal benefit (7,500) (7.4)
Tax-exempt Foreign Sales Corporation income (1,369) (1.4)
Foreign income at other than U.S. rates (10,228) (10.1)
Tax credits (4,077) (4.0)
Other 3,310 3.2
----------------------------------------------------------------------
$(55,155) (54.7)%
----------------------------------------------------------------------
The Company has made no provision for income taxes on approximately $394
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, the Company would accrue additional taxes of
approximately $125 million.
Note 7: Debt
Significant elements of revolving lines of credit are:
(Thousands except percent) 1999 1998
---------------------------------------------------------------------------------------------------
Committed:
Three-year secured revolving line of credit $ 200,000 $ 150,000
33
Source: ADVANCED MICRO DEVIC, 10-K405, March 21, 2000