AMD 2002 Annual Report Download - page 65

Table of Contents
The table below displays a reconciliation between statutory federal income taxes and the total provision (benefit) for income taxes.
Tax Rate
(Thousands except percent)
2002
Statutory federal income tax expense $ (442,611) (35.0)%
State taxes, net of federal benefit 24,602 1.9
Tax-exempt foreign sales corporation income — —
Residual U.S. tax on previously reinvested earnings — —
Restructuring charges at other than U.S. rates — —
Tax credits — —
Net Operating losses not currently benefited 462,595 36.6
Other — —
$ 44,586 3.5 %
Tax Rate
(Thousands except percent)
2001
Statutory federal income tax expense $ (32,872) (35.0)%
State taxes, net of federal benefit (4,762) (5.1)
Tax-exempt foreign sales corporation income (2,394) (2.5)
Residual U.S. tax on previously reinvested earnings 21,663 23.1
Restructuring charges at other than U.S. rates 11,082 11.8
Tax credits (6,018) (6.4)
Other (1,162) (1.3)
$ (14,463) (15.4)%
Tax Rate
(Thousands except percent)
2000
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 %
The Company has made no provision for U.S. income taxes on approximately $366 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 $107 million.
NOTE 7: Debt
On July 13, 1999, the Company entered into a Loan and Security Agreement (the July 1999 Loan Agreement) with a consortium of banks led by a
domestic financial institution. Under the Loan Agreement,
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Source: ADVANCED MICRO DEVIC, 10-K, March 14, 2003