AMD 2003 Annual Report Download - page 82

Table of Contents
The table below displays reconciliation between statutory federal income taxes and the total provision (benefit) for income taxes.
Tax Rate
(Thousands
except percent)
2003
Statutory federal income tax benefit $ (97,113) (35.0)%
State taxes, net of federal benefit — —
Tax-exempt foreign sales corporation income — —
Foreign income at other than U.S. rates (21,579) (7.7)
Residual U.S. tax on previously reinvested earnings — —
Restructuring charges at other than U.S. rates — —
Tax credits — —
Net operating losses not currently benefited 118,464 42.7
Other 3,164 1.1
$ 2,936 1.1%
Tax Rate
(Thousands
except percent)
2002
Statutory federal income tax benefit $ (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 benefit $ (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)%
The Company has made no provision for U.S. income taxes on approximately $430 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
income tax expense of approximately $126 million.
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Source: ADVANCED MICRO DEVIC, 10-K, March 09, 2004