AMD 2015 Annual Report Download - page 94

Download and view the complete annual report

Please find page 94 of the 2015 AMD annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

The breakdown between current and non-current deferred tax assets and deferred tax liabilities as of
December 26, 2015 and December 27, 2014 is as follows:
December 26,
2015
December 27,
2014
(In millions)
Current deferred tax assets ............................. $ 8 $ 2
Non-current deferred tax assets ......................... 48 33
Current deferred tax liabilities .......................... (46) (16)
Net deferred tax assets ................................ $10 $19
Current deferred tax assets and current deferred tax liabilities are included in captions “Other current assets”
and “Accrued liabilities,” respectively, on the consolidated balance sheets. Non-current deferred tax assets are
included in the caption “Other assets” on the consolidated balance sheets.
As of December 26, 2015, substantially all of the Company’s U.S. and foreign deferred tax assets, net of
deferred tax liabilities, continued to be subject to a valuation allowance. The realization of these assets is
dependent on substantial future taxable income which, at December 26, 2015, in management’s estimate, is not
more likely than not to be achieved. In 2015, the net valuation allowance increased by $174 million primarily for
increases in deferred tax assets related to the net operating losses generated from pre-tax book losses in the U.S.
In 2014, the net valuation allowance increased by $120 million primarily for increases in deferred tax assets
related to net operating losses generated from pre-tax book losses in the U.S. In 2013, the net valuation allowance
decreased by $26 million primarily for decreases in deferred tax assets related to the utilization of net operating
losses due to pre-tax book income in Canada.
As of December 26, 2015 and December 27, 2014, the Company had $118 million and $127 million,
respectively, of deferred tax assets subject to a valuation allowance that related to excess stock option deductions,
which are not presented in the deferred tax asset balances.
The following is a summary of the various tax attribute carryforwards the Company had as of December 26,
2015. The amounts presented below include amounts related to excess stock option deductions, as discussed
above.
Carryforward Federal
State /
Provincial Expiration
(In millions)
U.S.-net operating loss carryovers .................................. $6,478 $335 2016 to 2035
U.S.-credit carryovers ............................................ $ 401 $204 2016 to 2035
Canada-net operating loss carryovers ................................ $ 173 $173 2027 to 2028
Canada-credit carryovers ......................................... $ 302 $ 32 2021 to 2035
Canada-R&D pools .............................................. $ 225 $225 no expiration
Barbados-net operating loss carryovers .............................. $ 143 N/A 2016 to 2017
Other foreign net operating loss carryovers ........................... $ 19 N/A various
Utilization of $12 million of the Company’s U.S. federal net operating loss carryforwards are subject to
annual limitations as a result of the ATI Technologies ULC (ATI) acquisition.
88