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These excerpts taken from the WDC 10-K filed Aug 20, 2008. Tax
Holidays and Carryforwards
A substantial portion of the Company’s manufacturing
operations in Malaysia and Thailand operate under various tax
holidays and tax incentive programs which will expire in whole
or in part at various dates through 2022. Certain of the
holidays may be extended if specific conditions are met. The net
impact of these tax holidays and tax incentives was to increase
the Company’s net earnings by $391 million ($1.73 per
diluted share), $86 million ($0.38 per diluted share) and
$81 million ($0.36 per diluted share) in 2008, 2007, and
2006, respectively.
As of June 27, 2008, the Company had federal and state NOL
carryforwards of approximately $185 million and
$69 million, respectively. In addition, the Company had
various federal and state tax credit carryforwards combined of
approximately $157 million. The loss carryforwards
available to offset future federal and state taxable income
expire at various times from 2019 to 2026 and 2013 to 2017,
respectively. Approximately $55 million of the credit
carryforwards available to offset future taxable income expire
at various times from 2009 to 2027. The remaining amount is
available indefinitely. NOLs and credits relating to Komag are
subject to limitations under Section 382 and 383 of the
Internal Revenue Code. The Company does not expect these
limitations to result in a reduction in the total amount of NOLs
and credits ultimately realized.
Tax Holidays and Carryforwards A substantial portion of the Company’s manufacturing operations in Malaysia and Thailand operate under various tax holidays and tax incentive programs which will expire in whole or in part at various dates through 2022. Certain of the holidays may be extended if specific conditions are met. The net impact of these tax holidays and tax incentives was to increase the Company’s net earnings by $391 million ($1.73 per diluted share), $86 million ($0.38 per diluted share) and $81 million ($0.36 per diluted share) in 2008, 2007, and 2006, respectively. As of June 27, 2008, the Company had federal and state NOL carryforwards of approximately $185 million and $69 million, respectively. In addition, the Company had various federal and state tax credit carryforwards combined of approximately $157 million. The loss carryforwards available to offset future federal and state taxable income expire at various times from 2019 to 2026 and 2013 to 2017, respectively. Approximately $55 million of the credit carryforwards available to offset future taxable income expire at various times from 2009 to 2027. The remaining amount is available indefinitely. NOLs and credits relating to Komag are subject to limitations under Section 382 and 383 of the Internal Revenue Code. The Company does not expect these limitations to result in a reduction in the total amount of NOLs and credits ultimately realized. | EXCERPTS ON THIS PAGE:
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