AMD 2012 Annual Report Download - page 101
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The table below displays reconciliation between statutory federal income taxes and the total provision
(benefit) for income taxes.
Tax Rate
(In millions except for percentages)
2012
Statutory federal income tax expense ..................... $(426) 35.0%
State taxes, net of federal benefit ........................ 1 (0.1)%
Foreign income at other than U.S. rates ................... (13) 1.1%
US valuation allowance generated ....................... 406 (33.4)%
Credit monetization ................................... (2) 0.2%
$ (34) 2.8%
2011
Statutory federal income tax expense ..................... $172 35.0%
State taxes, net of federal benefit ........................ 1 0.2%
Foreign income at other than U.S. rates ................... (2) (0.4)%
US valuation allowance utilized ......................... (171) (34.8)%
Credit monetization ................................... (4) (0.8)%
$ (4) (0.8)%
2010
Statutory federal income tax expense ..................... $178 35.0%
State taxes, net of federal benefit ........................ 1 0.2%
Foreign income at other than U.S. rates ................... (24) (4.7)%
Foreign losses not benefited ............................ 51 10.0%
US valuation allowance utilized ......................... (164) (32.3)%
Alternative minimum tax .............................. (2) (0.4)%
Credit monetization ................................... (2) (0.4)%
$ 38 7.4%
The Company has made no provision for U.S. income taxes on approximately $386 million of cumulative
undistributed earnings of certain foreign subsidiaries through December 29, 2012 because it is the Company’s
intention to permanently reinvest such earnings. If such earnings were distributed, the Company would incur
additional income taxes of approximately $137 million (after an adjustment for foreign tax credits). These
additional income taxes may not result in income tax expense or a cash payment to the Internal Revenue Service,
but may result in the utilization of deferred tax assets that are currently subject to a valuation allowance.
The Company’s operations in Malaysia currently operate under tax holidays, which will expire in 2013.
These tax holidays may be extended if specific conditions are met. The net impact of the tax holidays was to
decrease the Company’s net loss by $11 million in 2012, less than $.02 per share, diluted. The net impact of the
tax holidays increased the Company’s net income by $9 million and $7 million, in 2011 and 2010, respectively,
less than $.01 per share, diluted in each year.
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