Activision 2013 Annual Report Download - page 81
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The 2011 Restructuring charges for the year ended December 31, 2011 was $25 million. These charges, as well as the
2011 Restructuring reserve balances at December 31, 2013 and 2012 were recorded within our Activision segment. We
completed the 2011 Restructuring as of December 31, 2011 and we do not expect to incur significant additional restructuring
expenses relating thereto.
17. Interest and Other Investment Income (Expense), Net
Interest and other investment income (expense), net is comprised of the following (amounts in millions):
For the Years Ended
December 31,
2013 2012 2011
Interest income .......................................................................................... $ 5 $ 6 $ 14
Interest expense ......................................................................................... — (1) (4)
Interest expense from debt and amortization of debt discount and
deferred financing costs ....................................................................... (58) — —
Net realized gain (loss) on foreign exchange contracts ............................ — 2 (7)
Interest and other investment income (expense), net ............................... $ (53) $ 7 $ 3
18. Income Taxes
Domestic and foreign income (loss) before income taxes and details of the income tax expense (benefit) are as
follows (amounts in millions):
For the Years Ended
December 31,
2013 2012 2011
Income before income tax expense:
Domestic ...................................................................................................... $ 626 $ 668 $ 623
Foreign ......................................................................................................... 693 790 708
$ 1,319 $ 1,458 $ 1,331
Income tax expense (benefit):
Current:
Federal .................................................................................................... $ 100 $ 256 $ 144
State ........................................................................................................ 6 14 (2)
Foreign .................................................................................................... 31 49 28
Total current ........................................................................................... 137 319 170
Deferred:
Federal .................................................................................................... 134 12 61
State ........................................................................................................ (12) (11) (4)
Foreign .................................................................................................... 39 (11) 19
Total deferred ......................................................................................... 161 (10) 76
Add back tax benefit credited to additional paid-in capital:
Excess tax benefit associated with stock options ........................................ 11 — —
Income tax expense .......................................................................................... $ 309 $ 309 $ 246
The items accounting for the difference between income taxes computed at the U.S. federal statutory income tax rate
and the income tax expense (benefit) (the effective tax rate) for each of the years are as follows (amounts in millions):