Crucial 2014 Annual Report Download - page 91
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89
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 2014 2013 2012
U.S. federal income tax (provision) benefit at statutory rate $ (956) $ (450) $ 264
Change in unrecognized tax benefits (152) 2 52
State taxes, net of federal benefit (39) 6 9
Gain on MMJ Acquisition (11) 520 —
Change in valuation allowance 544 (418)(368)
Foreign tax rate differential 474 339 77
Tax credits 11 36 2
Transaction costs related to the MMJ Acquisition — (38) —
Other 1 (5)(19)
Income tax (provision) benefit $ (128) $ (8) $ 17
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 as well as carryforwards. Deferred tax assets and liabilities consist of the
following:
As of 2014 2013
Deferred tax assets:
Net operating loss and tax credit carryforwards $ 3,162 $ 4,048
Property, plant and equipment 284 313
Accrued salaries, wages and benefits 152 107
Other accrued liabilities 113 8
Other 104 169
Gross deferred tax assets 3,815 4,645
Less valuation allowance (2,443)(3,155)
Deferred tax assets, net of valuation allowance 1,372 1,490
Deferred tax liabilities:
Debt discount (291)(294)
Unremitted earnings on certain subsidiaries (115)(126)
Product and process technology (29)(74)
Other (67)(14)
Deferred tax liabilities (502)(508)
Net deferred tax assets $ 870 $ 982
Reported as:
Current deferred tax assets (included in other current assets) $ 228 $ 123
Noncurrent deferred tax assets 816 861
Current deferred tax liabilities (included in accounts payable and accrued expenses) (4)(2)
Noncurrent deferred tax liabilities (included in other noncurrent liabilities) (170) —
Net deferred tax assets $ 870 $ 982