AMD 2010 Annual Report Download - page 107
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Deferred income taxes reflect the net tax effects of tax carryovers and temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the balances for income tax
purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 25, 2010
and December 26, 2009 are as follows:
December 25,
2010
December 26,
2009
(In millions)
Deferred tax assets:
Net operating loss carryovers ....................... $ 948 $ 774
Deferred distributor income ........................ 60 58
Inventory valuation .............................. 31 55
Accrued expenses not currently deductible ............ 88 179
Acquired intangibles ............................. 460 485
Tax deductible goodwill .......................... 427 482
Investments .................................... 157 159
Federal and state tax credit carryovers ............... 348 229
Foreign capitalized research and development costs ..... 49 106
Foreign research and development ITC credits ......... 265 355
Discount of convertible notes ...................... 126 372
Other ......................................... 289 238
Total deferred tax assets ....................... 3,248 3,492
Less: valuation allowance ......................... (3,223) (3,279)
25 213
Deferred tax liabilities:
Property, plant and equipment ...................... — (245)
Capitalized interest ............................... (4) (13)
Acquired intangibles ............................. (1) (5)
Unrealized translation gain ........................ — (25)
Other ......................................... (7) (21)
Total deferred tax liabilities .................... (12) (309)
Net deferred tax assets (liabilities) ....................... $ 13 $ (96)
The breakdown between current and long-term deferred tax assets and deferred tax liabilities as of
December 25, 2010 and December 26, 2009 is as follows:
December 25,
2010
December 26,
2009
(In millions)
Current deferred tax assets ............................. $— $ 8
Non-current deferred tax assets ......................... 17 102
Current deferred tax liabilities .......................... (4) (9)
Non-current deferred tax liabilities ...................... — (197)
Net deferred tax assets (liabilities) ....................... $ 13 (96)
Current deferred tax assets and current deferred tax liabilities are included in captions “Prepaid expenses
and other current assets” and “Accrued Liabilities”, respectively, on the consolidated balance sheet. Non-current
deferred tax assets and non-current deferred tax liabilities are included in captions “Other assets” and “Other long
term liabilities”, respectively, on the consolidated balance sheet.
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