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AMD to book $325 million gain from GlobalFoundries spinoff

Posted on Friday, April 09 2010 @ 18:09:31 CEST by

AMD announced yesterday in a Form 8-K filing that it will recognize a one-time, non-cash gain of $325 million on the deconsolidation of GlobalFoundries.
Under the accounting guidelines pertaining to deconsolidation, the Company’s opening investment in GF is required to be recorded at fair value as of the date of deconsolidation. The difference between this initial fair value of the investment in GF and the net carrying book value is recognized as a gain or loss in earnings.

On April 7, 2010, the Company completed a valuation analysis to determine the initial fair value of its investment in GF. Based on this analysis, in the fiscal quarter ended March 27, 2010, the Company will recognize a non-cash, one-time gain related to the deconsolidation of approximately $325 million in the Other income (expense), net line on its Consolidated Statement of Operations.
Source: StreetInsider



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