Print Page     Close Window     
8-K
SUNEDISON, INC. filed this Form 8-K on 09/09/2013
Entire Document
 


expectancy for an on-going business relationship Semi-Materials claimed existed with the unrelated party. Upon MEMC’s motions for summary judgment in the Missouri Action, the Court dismissed the claim that MEMC tortiously interfered with the purported sales agency agreements, and the claim that MEMC tortiously interfered with an alleged sales agency agreement between Semi-Materials and the unrelated party. The Court also granted MEMC partial summary judgment as to the scope of the sales transactions on which plaintiffs based their alleged damages for breach of contract. The remaining claims were tried before a jury between January 4 and January 12, 2010. At trial, the jury found in favor of Semi-Materials and SMC on their respective claims for breach of contract against MEMC Pasadena, awarding a verdict of $0.2 million, and found in favor of MEMC on Semi-Materials’ claim for tortious interference with an expectancy of an ongoing business relationship with the unrelated party. Semi-Materials and SMC filed a notice of appeal to the United States Court of Appeals for the Eighth Circuit concerning aspects of the Court’s summary judgment rulings that pertained to the plaintiffs’ alleged damages on their breach of contract claims. MEMC Pasadena filed a notice of cross-appeal concerning the Court’s entry of judgment based upon the jury verdict. The Court of Appeals issued its decision on September 14, 2011 reversing the District Court’s damages-related summary judgment ruling. The Court of Appeals also denied MEMC Pasadena’s cross-appeal and remanded the case to the trial court for further proceedings. No activity was undertaken in the Texas Action, as it had been stayed. On December 6, 2011, the parties entered into a confidential Settlement Agreement and Mutual Release pursuant to which the Ingot Action, Missouri Action and Texas Action, as well as an ancillary garnishment action in Korea, were dismissed with prejudice.

12. INCOME TAXES

As discussed in Note 2 “Summary of Significant Accounting Policies,” we were historically included in SunEdison’s consolidated U.S. federal income tax return; our income taxes are computed and reported herein under the “separate return” method. Use of the separate return method may result in differences when the sum of the amounts allocated to carve-out tax provisions are compared with amounts presented in SunEdison’s consolidated financial statements. In that event, the related deferred tax assets and liabilities could be significantly different from those presented herein. Furthermore, certain tax attributes (i.e., net operating loss carry forwards) may or may not exist at the carve-out level that were actually reflected in SunEdison’s consolidated financial statements.

The net income (loss) before income tax expense (benefit) consists of the following:

 

     For the year ended December 31,  
     2012      2011  
In millions              

U.S.

   $ (117.1)       $ (113.1)    

Foreign

     243.4          (405.1)    
  

 

 

    

 

 

 

Total

   $         126.3        $         (518.2)    
  

 

 

    

 

 

 

Income tax expense (benefit) consists of the following:

 

     Current      Deferred      Total  
In millions                     

Year ended December 31, 2012:

        

U.S. Federal

   $         (1.9)       $ —        $         (1.9)   

Foreign

     22.1          (16.6)          5.5    
  

 

 

    

 

 

    

 

 

 

Total

   $ 20.2        $         (16.6)        $ 3.6    
  

 

 

    

 

 

    

 

 

 

Year ended December 31, 2011:

        

U.S. Federal

   $ 2.9        $ —        $ 2.9    

Foreign

     12.3          22.1          34.4    
  

 

 

    

 

 

    

 

 

 

Total

   $ 15.2        $ 22.1        $ 37.3    
  

 

 

    

 

 

    

 

 

 

 

24