AMD 2001 Annual Report Download - page 243
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-------------------------------------------------------------
2000
------------------------------------- ------------- ---------
(Thousands except percent) Tax Rate
------------------------------------- ------------- ---------
Statutory federal income tax
expense $438,165 35.0%
State taxes, net of federal benefit 9,292 0.7
Tax-exempt foreign sales
corporation income (1,756) (0.2)
Foreign income at other than
U.S. rates (9,091) (0.7)
Valuation allowance utilized (177,008) (14.1)
Tax credits (5,000) (0.4)
Other 2,266 0.2
---------- ---------
$256,868 20.5%
========== =========
-------------------------------------------------------------
-------------------------------------------------------------
1999
------------------------------------- ------------- ---------
(Thousands except percent) Tax Rate
------------------------------------- ------------- ---------
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
benefited 126,684 172.1
Other 2,600 3.5
---------- ---------
$ 167,350 227.3%
========== =========
-------------------------------------------------------------
The Company has made no provision for U.S. income taxes on approximately $387
million of cumulative undistributed earnings of certain foreign subsidiaries
because it is the Company's intention to permanently reinvest such earnings. If
such earnings were distributed, the Company would accrue additional taxes of
approximately $117 million.
35
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 2002