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TableofContents
SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
U.S.federalandstatetaxcreditcarryforwardsof$387millionand$89million,respectively,whichwillexpireatvariousdatesbeginninginfiscalyear2016,ifnot
utilized.
AsofJuly3,2015,approximately$422millionand$90millionoftheCompany'stotalU.S.netoperatinglossandtaxcreditcarryforwards,respectively,are
subjecttoanaggregateannuallimitationof$46millionpursuanttoU.S.taxlaw.
Forpurposesofthereconciliationbetweentheprovisionfor(benefitfrom)incometaxesatthestatutoryrateandtheeffectivetaxrate,theIrishstatutoryrate
of25%wasappliedasfollows:
AsubstantialportionoftheCompany'soperationsinMalaysia,Singapore,andThailandoperateundervarioustaxholidayprograms,whichexpireinwholeor
inpartatvariousdatesthrough2022.Certainofthetaxholidaysmaybeextendedifspecificconditionsaremet.Thenetimpactofthesetaxholidayprogramswas
toincreasetheCompany'snetincomebyapproximately$349millioninfiscalyear2015($1.05pershare,diluted),toincreasetheCompany'snetincomeby
approximately$289millioninfiscalyear2014($0.83pershare,diluted),andtoincreasetheCompany'snetincomeby$338millioninfiscalyear2013($0.89per
share,diluted).
TheCompanyconsistsofanIrishtaxresidentparentholdingcompanywithvariousU.S.andnon-U.S.subsidiariesthatoperateinmultiplenon-Irishtaxing
jurisdictions.Theamountoftemporarydifferences(includingundistributedearnings)relatedtooutsidebasisdifferencesinthestockofnon-Irishresident
subsidiariesconsideredindefinitelyreinvestedoutsideofIrelandforwhichIrishincometaxeshavenotbeenprovidedasofJuly3,2015,wasapproximately
$3billion.IfsuchamountwereremittedtoIrelandasadividend,itislikelythattaxat25%orapproximately$750millionwouldresult.
AsofJuly3,2015andJune27,2014,theCompanyhadapproximately$83millionand$115million,respectively,ofunrecognizedtaxbenefitsexcluding
interestandpenalties.Theamountofunrecognizedtaxbenefits,ifrecognized,thatwouldimpacttheeffectivetaxrateis$83millionand$115millionasofJuly3,
2015andJune27,2014,respectively,subjecttocertainfuturevaluationallowanceoffsets.
88
 FiscalYearsEnded
(Dollarsinmillions) 
July3,
2015
June27,
2014
June28,
2013
Provisionatstatutoryrate  $ 493 $ 389 $ 458
NetU.S.federalandstateincometaxes   7  3  12
Permanentdifferences   2  3  3
Valuationallowance 15 (100)  (97)
Non-U.S.losseswithnotaxbenefits   2  8  27
Non-U.S.earningstaxedatlessthanstatutoryrate (463)  (313)  (414)
Auditassessment   173  —  —
Otherindividuallyimmaterialitems   (1)  (4)  4
Provisionfor(benefitfrom)incometaxes $ 228 $ (14) $ (7)