Seagate 2003 Annual Report Download - page 82

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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
SAC U.S. affiliates to the extent the Company’s U.S. subsidiaries utilize the tax attributes of these U.S. affiliates of New SAC to reduce their
separately computed income tax liabilities within 30 days of the close of the fiscal year such affiliates would have otherwise been able to utilize
their own tax attributes. If New SAC’s participating U.S. affiliates utilize tax attributes of the Company’s U.S. subsidiaries, the Company’s
U.S. subsidiaries will be reimbursed for those tax attributes within 30 days of the close of the fiscal year during which the Company’s U.S.
subsidiaries would have otherwise been able to utilize the tax attributes to reduce their separately computed tax liabilities. As of July 2, 2004,
there were no outstanding balances for taxes due to or from any New SAC affiliates.
The provision for (benefit from) income taxes consisted of the following:
Income before income taxes consisted of the following:
For the fiscal year ended July 2, 2004, the pro forma information assuming a tax provision based on a separate state return basis is as
follows (in millions):
81
Fiscal Year
Ended
July 2,
2004
Fiscal Year
Ended
June 27,
2003
Fiscal Year
Ended
June 28,
2002
(in millions)
Current Tax Expense (Benefit):
U.S. Federal
$
(107
)
$
—
$
—
U.S. State
(17
)
—
—
Foreign
7
34
24
(117
)
34
24
Deferred Tax Expense (Benefit):
U.S. Federal
$
16
$
(18
)
$
66
U.S. State
3
(3
)
8
Foreign
(3
)
6
(12
)
16
(15
)
62
Provision for (Benefit from) income taxes
$
(101
)
$
19
$
86
Fiscal Year
Ended
July 2,
2004
Fiscal Year
Ended
June 27,
2003
Fiscal Year
Ended
June 28,
2002
(in millions)
U.S.
$
14
$
198
$
(83
)
Foreign
414
462
322
$
428
$
660
$
239
Income before income taxes
$
428
Provision for (benefit from) income taxes
(101
)
Net Income
$
529