AMD 2015 Annual Report Download - page 93
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NOTE 9: Income Taxes
The provision (benefit) for income taxes consists of:
2015 2014 2013
(In millions)
Current:
U.S. Federal ........................................ $ (1) $ (1) $ (2)
U.S. State and Local ................................. — — —
Foreign National and Local ............................ 16 6 10
Total ......................................... 15 5 8
Deferred:
U.S. Federal ........................................ — — 3
Foreign National and Local ............................ (1) — (2)
Total ......................................... (1) — 1
Provision for income taxes ................................ $ 14 $ 5 $ 9
Loss before income taxes consists of the following:
2015 2014 2013
(In millions)
U.S. ............................................. $(1,100) $ (621) $ (397)
Foreign .......................................... 454 223 323
Total pre-tax loss .............................. $ (646) $ (398) $ (74)
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 26, 2015
and December 27, 2014 are as follows:
December 26,
2015
December 27,
2014
(In millions)
Deferred tax assets:
Net operating loss carryovers ....................... $2,342 $ 1,978
Deferred distributor income ........................ 20 28
Inventory valuation .............................. 39 22
Accrued expenses not currently deductible ............ 74 107
Acquired intangibles ............................. 257 248
Tax deductible goodwill .......................... 192 295
Federal and state tax credit carryovers ............... 400 391
Foreign capitalized research and development costs ..... 60 41
Foreign research and development ITC credits ......... 231 282
Discount of convertible notes ...................... 1 11
Other ......................................... 119 167
Total deferred tax assets ....................... 3,735 3,570
Less: valuation allowance ......................... (3,669) (3,495)
Total deferred tax assets, net of valuation
allowance ................................ 66 75
Deferred tax liabilities:
Undistributed foreign earnings ..................... (33) (37)
Other ......................................... (23) (19)
Total deferred tax liabilities .................... (56) (56)
Net deferred tax assets ................................ $ 10 $ 19
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