DuPont 2012 Annual Report Download - page 64
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(Dollars in millions, except per share)
Cozaar®/Hyzaar® income $ 54 $ 282 $ 483
Royalty income 177 189 140
Interest income 109 110 92
Equity in earnings of affiliates, excluding exchange gains/losses 199 191 179
Gain on sale of equity method investment 122 — —
Net gains on sales of assets 130 89 121
Net exchange losses1(215) (146)(11)
Miscellaneous income and expenses, net 222 27 195
$ 498 $ 742 $1,199
1. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities.
The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes
on net monetary asset positions. The net pre-tax exchange gains and losses are recorded in other income, net and the related tax impact is recorded in provision for income taxes on
continuing operations on the Consolidated Income Statements. Exchange gains (losses) related to earnings of affiliates was $3, $1 and $(2) for 2012, 2011 and 2010, respectively.
2. Miscellaneous income and expenses, net, generally includes interest items, insurance recoveries, litigation settlements and other items.
Current tax expense (benefit) on continuing operations:
U.S. federal $ 121 $ 353 $(142)
U.S. state and local 16 (20) (9)
International 663 482 401
Total current tax expense on continuing operations 800 815 250
Deferred tax expense (benefit) on continuing operations:
U.S. federal (103)(147)240
U.S. state and local (46)(4) 22
International (29) (38)3
Total deferred tax (benefit) expense on continuing operations (178) (189) 265
Provision for income taxes on continuing operations $622 $626 $515
F-16