Crucial 2013 Annual Report Download - page 97
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96
Loss on extinguishment of debt for 2013 resulted from the early repurchase of a portion of our 2014 Notes. Loss on
extinguishment of debt for 2011 included $111 million recognized in connection with a series of debt restructure transactions
with certain holders of our convertible notes. (See "Debt" note.)
Other non-operating income for 2011 included $15 million for the termination of our debt guarantee obligation that we
recorded in connection with our acquisition of Numonyx.
Income Taxes
For the year ended 2013 2012 2011
Income (loss) before taxes, net income attributable to noncontrolling interests
and equity in net income (loss) of equity method investees:
U.S. $ 446 $ (1,028) $ 257
Foreign 839 274 294
$ 1,285 $ (754) $ 551
Income tax (provision) benefit:
Current:
U.S. federal $ — $ 14 $ —
Foreign (17)(22)(89)
State — — (1)
(17)(8)(90)
Deferred:
U.S. federal — — —
Foreign 9 25 (113)
9 25 (113)
Income tax (provision) benefit $ (8) $ 17 $ (203)
Income tax (provision) benefit computed using the U.S. federal statutory rate reconciled to income tax (provision) benefit
was as follows:
For the year ended 2013 2012 2011
U.S. federal income tax (provision) benefit at statutory rate $ (450) $ 264 $ (193)
Change in valuation allowance (370)(373) 103
Transaction costs to acquire Elpida (38) — —
Gain on acquisition of Elpida 520 — —
Foreign operations 282 104 (119)
Tax credits 36 2 17
State taxes, net of federal benefit 6 9 (5)
Debt repurchase premium — — (20)
Other 6 11 14
Income tax (provision) benefit $ (8) $ 17 $ (203)