On November 1, 1993, we issued to the public LYONs® with principal amounts totaling $345.0 million and proceeds of $190.5 million (the “1993 LYONs®"). We issued each 1993 LYON® for a price of $552.07, and we are not required to make periodic interest payments on the notes. Our 1993 LYONs® will mature on November 1, 2008 at $1,000 per LYON®, representing a yield to maturity, computed on a semi-annual bond equivalent basis, of 4%.

All LYONs® are subordinated to all of our existing and future senior indebtedness.

Each LYON® is convertible at the option of the holder at any time on or prior to maturity into our common stock at a conversion rate of 43.895 shares per 1992 LYON® and 31.851 shares per 1993 LYON®. On November 1, 2000, the majority of the holders of our 1993 LYONs® required us to purchase the LYONs® from them at the issue price plus accrued original issue discount. We paid the holders $249.2 million in connection with this repurchase, and reclassified the remaining 1993 LYONs® obligation to long-term on our balance sheet. Our 1992 LYONs® have a similar provision, where our holders may require us to purchase these notes at the issue price plus accrued original issue discount, on December 11, 2002. If the holders decide to exercise their put option, we have the choice of paying the holders in cash, common stock or a combination of the two. The total outstanding amounts of the 1992 and 1993 LYONs® as of December 30, 2000, including accrued interest, approximated $222.3 million and $2.1 million, respectively.

Beginning on December 11, 1996 for the 1992 LYONs® and on November 1, 2000 for the 1993 LYONs®, we can redeem all or part of these notes at any time from the holders for cash equal to the issue price plus accrued original issue discount through the date of redemption. As of December 30, 2000, we have reserved 13,844,869 shares of unissued common stock for conversion of the zero coupon, convertible subordinated notes.

Note H—Income Taxes

Our income tax provision consisted of the following:

The tax-effected components of deferred income tax assets and liabilities consisted of the following:

As of December 30, 2000, we had approximately $143 million of foreign and $419 million of state net operating loss carry-forwards. Of these carryforwards, $38 million will expire in 2001 and the balance will expire between 2002 and 2020. The valuation allowance has been developed to reduce our deferred tax asset to an amount that is more likely than not to be realized, and is based upon the uncertainty of the realization of certain foreign and state deferred tax assets relating to net operating loss carryforwards.

The following is a reconciliation of income taxes at the Federal statutory rate of 35% to our provision for income taxes: