Crucial 2011 Annual Report Download - page 78

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Income tax (provision) benefit computed using the U.S. federal statutory rate reconciled to income tax (provision) benefit was as follows:
State taxes reflect tax credits of $10 million , $6 million and $7 million for 2011, 2010 and 2009, respectively.
Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and
income tax purposes. Deferred tax assets and liabilities consist of the following as of the end of the periods shown below:
75
2011
2010
2009
U.S. federal income tax (provision) benefit at statutory rate
$
(193
)
$
(672
)
$
648
Foreign operations
(119
)
135
(135
)
Debt repurchase premium
(20
)
—
—
State taxes, net of federal benefit
(5
)
(22
)
39
Change in valuation allowance
103
424
(572
)
Tax credits
17
3
18
Gain on acquisition of Numonyx
—
153
—
Other
14
(2
)
1
Income tax (provision) benefit
$
(203
)
$
19
$
(1
)
2011
2010
Deferred tax assets:
Net operating loss and credit carryforwards
$
1,581
$
1,336
Inventories
159
354
Accrued salaries, wages and benefits
99
124
Deferred income
55
92
Basis differences in investments in joint ventures
21
71
Property, plant and equipment
—
36
Other
50
55
Gross deferred tax assets
1,965
2,068
Less valuation allowance
(1,446
)
(1,627
)
Deferred tax assets, net of valuation allowance
519
441
Deferred tax liabilities:
Debt discount
(138
)
(92
)
Unremitted earnings on certain subsidiaries
(117
)
(97
)
Property, plant and equipment
(107
)
—
Product and process technology
(50
)
(45
)
Intangible assets
(24
)
(33
)
Other
(13
)
(6
)
Deferred tax liabilities
(449
)
(273
)
Net deferred tax assets
$
70
$
168
Reported as:
Current deferred tax assets (included in other current assets)
$
26
$
39
Noncurrent deferred tax assets (included in other noncurrent assets)
60
145
Noncurrent deferred tax liabilities (included in other noncurrent liabilities)
(16
)
(16
)
Net deferred tax assets
$
70
$
168