Qualcomm 2011 Annual Report Download - page 81

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QUALCOMM Incorporated
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*As adjusted for discontinued operations (Note 11)
Impairment losses on marketable securities for fiscal 2011 and 2010 did not contain any amount related to the noncredit portion of losses on
debt securities recognized in other comprehensive income. Impairment losses on marketable securities for fiscal 2009 were comprised of total
other-than-temporary impairment losses of $747 million less $4 million related to the noncredit portion of losses on debt securities recognized in
other comprehensive income. The other-than-temporary losses on marketable securities in fiscal 2009 were generally caused by a prolonged
disruption in U.S. and foreign credit and financial markets that depressed securities values.
Note 6. Income Taxes
The components of the income tax provision were as follows (in millions):
The foreign component of the income tax provision consists primarily of foreign withholding taxes on royalty income included in United
States earnings.
The components of income from continuing operations before income taxes by United States and foreign jurisdictions were as follows (in
millions):
The following is a reconciliation of the expected statutory federal income tax provision to the Company’s actual income tax provision for
continuing operations (in millions):
F- 19
2011
2010*
2009*
Interest and dividend income
$
500
$
530
$
516
Interest expense
(114
)
(43
)
(13
)
Net realized gains on marketable securities
335
401
136
Net realized gains on other investments
2
4
1
Impairment losses on marketable securities
(39
)
(111
)
(743
)
Impairment losses on other investments
(13
)
(14
)
(20
)
(Losses) gains on derivative instruments
(3
)
3
1
Equity in losses of investees
(7
)
(4
)
(17
)
$
661
$
766
$
(139
)
2011
2010
2009
Current provision:
Federal
$
179
$
1,514
$
268
State
57
242
71
Foreign
670
389
291
906
2,145
630
Deferred provision:
Federal
170
(1,139
)
(72
)
State
62
(26
)
72
Foreign
(6
)
(7
)
(19
)
226
(1,172
)
(19
)
$
1,132
$
973
$
611
2011
2010
2009
United States
$
2,984
$
2,195
$
1,368
Foreign
2,703
2,298
1,035
$
5,687
$
4,493
$
2,403