Seagate 2012 Annual Report Download - page 91

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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
7. Income Taxes
The provision for (benefit from) income taxes consisted of the following:
Income before income taxes consisted of the following:
During the fiscal year ended June 28, 2013, the American Taxpayer Relief Act of 2012 (ATRA 2012) was enacted on January 2, 2013.
ATRA 2012 retroactively reinstated and extended the federal Research and Development Tax Credit (R&D Credit) from January 1, 2012 to
December 31, 2013 as well as bonus depreciation on qualified property. Extension of the R&D Credit and bonus depreciation has no immediate
impact on the Company's income tax provision due to existing valuation allowances on its U.S. deferred tax assets. None of the other ATRA
2012 changes are expected to have a material impact on the Company's income tax provision.
The Company recorded $1 million, $6 million and $2 million of excess tax benefits associated with stock option deductions in fiscal years
2013, 2012 and 2011, respectively.
84
Fiscal Years Ended
(Dollars in millions)
June 28,
2013
June 29,
2012
July 1,
2011
Current tax expense (benefit):
U.S. Federal
$
3
$
—
$
(
6
)
U.S. State
10
(2
)
—
Non
-
U.S.
50
50
28
Total Current
63
48
22
Deferred tax expense (benefit):
U.S. Federal
(49
)
(30
)
23
U.S. State
(1
)
2
3
Non
-
U.S.
(20
)
—
20
Total Deferred
(70
)
(28
)
46
Provision for (benefit from) income taxes
$
(7
)
$
20
$
68
Fiscal Years Ended
(Dollars in millions)
June 28,
2013
June 29,
2012
July 1,
2011
U.S.
$
175
$
137
$
100
Non
-
U.S
1,656
2,745
479
$
1,831
$
2,882
$
579