Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Advanced Micro Devices Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
U.S. federal	496)	1,191)	112)	—)	(13)
U.S. state and local	27)	31)	11)	5)	1)
Non-U.S.	150)	161)	82)	8)	50)
Current	673)	1,383)	205)	13)	38)
U.S. federal	(860)	(1,365)	320)	(1,193)	—)
U.S. state and local	(29)	(26)	(7)	(28)	—)
Non-U.S.	(130)	(114)	(5)	(2)	(7)
Deferred	(1,019)	(1,505)	308)	(1,223)	(7)
Income tax provision (benefit)	(346)	(122)	513)	(1,210)	31)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Advanced Micro Devices Inc. current increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Advanced Micro Devices Inc. deferred decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Income tax provision (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Advanced Micro Devices Inc. income tax provision (benefit) decreased from 2021 to 2022 and from 2022 to 2023.

Advanced Micro Devices Inc., effective income tax rate (EITR) reconciliation

		Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
	Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	-68.00%	-10.00%	14.00%	-95.00%	11.83%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Advanced Micro Devices Inc. effective income tax rate decreased from 2021 to 2022 and from 2022 to 2023.

Advanced Micro Devices Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net operating loss carryovers	992)	1,031)	920)	1,029)	1,455)
Accruals and reserves not currently deductible	574)	835)	631)	514)	245)
Employee benefits not currently deductible	302)	214)	164)	122)	—)
Acquired intangibles and goodwill	—)	—)	—)	—)	45)
Federal and state tax credit carryovers	660)	631)	319)	569)	617)
Foreign R&D and investment tax credits	597)	578)	547)	489)	429)
Foreign tax credits	71)	46)	—)	—)	—)
Lease liability	181)	161)	124)	72)	—)
Capitalized R&D	1,753)	943)	—)	—)	—)
Other	96)	104)	148)	203)	159)
Deferred tax assets	5,226)	4,543)	2,853)	2,998)	2,950)
Valuation allowance	(2,124)	(2,078)	(1,735)	(1,576)	(2,743)
Deferred tax assets, net of valuation allowance	3,102)	2,465)	1,118)	1,422)	207)
Acquired intangibles	(3,104)	(3,430)	(50)	(1)	—)
Right-of-use assets	(175)	(151)	(110)	(62)	—)
Discount of convertible notes	—)	—)	—)	(2)	(22)
GILTI	(524)	(633)	—)	—)	—)
Other	(135)	(127)	(39)	(123)	(174)
Deferred tax liabilities	(3,938)	(4,341)	(199)	(188)	(196)
Net deferred tax assets (liabilities)	(836)	(1,876)	919)	1,234)	11)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Advanced Micro Devices Inc. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Advanced Micro Devices Inc. deferred tax assets, net of valuation allowance increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Advanced Micro Devices Inc. net deferred tax assets (liabilities) decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Advanced Micro Devices Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
	Deferred tax assets	366)	58)	931)	1,245)	22)
	Deferred tax liabilities	1,202)	1,934)	12)	11)	11)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Advanced Micro Devices Inc. deferred tax assets decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Advanced Micro Devices Inc. deferred tax liabilities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Advanced Micro Devices Inc., adjustments to financial statements

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Adjustment to Total Assets
Total assets (as reported)	67,885)	67,580)	12,419)	8,962)	6,028)
Less: Noncurrent deferred tax assets, net	366)	58)	931)	1,245)	22)
Total assets (adjusted)	67,519)	67,522)	11,488)	7,717)	6,006)
Adjustment to Total Liabilities
Total liabilities (as reported)	11,993)	12,830)	4,922)	3,125)	3,201)
Less: Noncurrent deferred tax liabilities, net	1,202)	1,934)	12)	11)	11)
Total liabilities (adjusted)	10,791)	10,896)	4,910)	3,114)	3,190)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	55,892)	54,750)	7,497)	5,837)	2,827)
Less: Net deferred tax assets (liabilities)	(836)	(1,876)	919)	1,234)	11)
Stockholders’ equity (adjusted)	56,728)	56,626)	6,578)	4,603)	2,816)
Adjustment to Net Income
Net income (as reported)	854)	1,320)	3,162)	2,490)	341)
Add: Deferred income tax expense (benefit)	(1,019)	(1,505)	308)	(1,223)	(7)
Net income (adjusted)	(165)	(185)	3,470)	1,267)	334)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Advanced Micro Devices Inc., Financial Data: Reported vs. Adjusted

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Advanced Micro Devices Inc., adjusted financial ratios

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net Profit Margin
Reported net profit margin	3.77%	5.59%	19.24%	25.50%	5.07%
Adjusted net profit margin	-0.73%	-0.78%	21.11%	12.98%	4.96%
Total Asset Turnover
Reported total asset turnover	0.33	0.35	1.32	1.09	1.12
Adjusted total asset turnover	0.34	0.35	1.43	1.27	1.12
Financial Leverage
Reported financial leverage	1.21	1.23	1.66	1.54	2.13
Adjusted financial leverage	1.19	1.19	1.75	1.68	2.13
Return on Equity (ROE)
Reported ROE	1.53%	2.41%	42.18%	42.66%	12.06%
Adjusted ROE	-0.29%	-0.33%	52.75%	27.53%	11.86%
Return on Assets (ROA)
Reported ROA	1.26%	1.95%	25.46%	27.78%	5.66%
Adjusted ROA	-0.24%	-0.27%	30.21%	16.42%	5.56%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Advanced Micro Devices Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Advanced Micro Devices Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Advanced Micro Devices Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Advanced Micro Devices Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Advanced Micro Devices Inc. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Advanced Micro Devices Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	854)	1,320)	3,162)	2,490)	341)
Net revenue	22,680)	23,601)	16,434)	9,763)	6,731)
Profitability Ratio
Net profit margin¹	3.77%	5.59%	19.24%	25.50%	5.07%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	(165)	(185)	3,470)	1,267)	334)
Net revenue	22,680)	23,601)	16,434)	9,763)	6,731)
Profitability Ratio
Adjusted net profit margin²	-0.73%	-0.78%	21.11%	12.98%	4.96%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 854 ÷ 22,680 = 3.77%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenue
= 100 × -165 ÷ 22,680 = -0.73%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Advanced Micro Devices Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	22,680)	23,601)	16,434)	9,763)	6,731)
Total assets	67,885)	67,580)	12,419)	8,962)	6,028)
Activity Ratio
Total asset turnover¹	0.33	0.35	1.32	1.09	1.12
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue	22,680)	23,601)	16,434)	9,763)	6,731)
Adjusted total assets	67,519)	67,522)	11,488)	7,717)	6,006)
Activity Ratio
Adjusted total asset turnover²	0.34	0.35	1.43	1.27	1.12

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 22,680 ÷ 67,885 = 0.33

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 22,680 ÷ 67,519 = 0.34

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Advanced Micro Devices Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	67,885)	67,580)	12,419)	8,962)	6,028)
Stockholders’ equity	55,892)	54,750)	7,497)	5,837)	2,827)
Solvency Ratio
Financial leverage¹	1.21	1.23	1.66	1.54	2.13
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	67,519)	67,522)	11,488)	7,717)	6,006)
Adjusted stockholders’ equity	56,728)	56,626)	6,578)	4,603)	2,816)
Solvency Ratio
Adjusted financial leverage²	1.19	1.19	1.75	1.68	2.13

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 67,885 ÷ 55,892 = 1.21

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 67,519 ÷ 56,728 = 1.19

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Advanced Micro Devices Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	854)	1,320)	3,162)	2,490)	341)
Stockholders’ equity	55,892)	54,750)	7,497)	5,837)	2,827)
Profitability Ratio
ROE¹	1.53%	2.41%	42.18%	42.66%	12.06%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	(165)	(185)	3,470)	1,267)	334)
Adjusted stockholders’ equity	56,728)	56,626)	6,578)	4,603)	2,816)
Profitability Ratio
Adjusted ROE²	-0.29%	-0.33%	52.75%	27.53%	11.86%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 854 ÷ 55,892 = 1.53%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × -165 ÷ 56,728 = -0.29%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Advanced Micro Devices Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	854)	1,320)	3,162)	2,490)	341)
Total assets	67,885)	67,580)	12,419)	8,962)	6,028)
Profitability Ratio
ROA¹	1.26%	1.95%	25.46%	27.78%	5.66%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	(165)	(185)	3,470)	1,267)	334)
Adjusted total assets	67,519)	67,522)	11,488)	7,717)	6,006)
Profitability Ratio
Adjusted ROA²	-0.24%	-0.27%	30.21%	16.42%	5.56%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 854 ÷ 67,885 = 1.26%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × -165 ÷ 67,519 = -0.24%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Advanced Micro Devices Inc. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Advanced Micro Devices Inc. (NASDAQ:AMD)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Advanced Micro Devices Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Advanced Micro Devices Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)