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Discuss the financial statement effects template to record

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Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) 

Under Armour, Inc. reports total tax expense of $74,661 (in thousands) on its income statement for the year ended December 31, 2012, and paid cash of $57,739 (in thousands) for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information.

Deferred tax assets    
Allowance for doubtful accounts and other reserves  $14,000 $9,576
Stock-based competition 13,157 11,238
Foreign net operating loss carryforward 12,416 11,078
Deferred Rent 6,007 4,611
Inventory obsolescence reserves 4,138 3,789
Tax basis inventory adjustment 3,581 4,317
State tax credits, net of federal tax impact 2,856 --
Foreign tax credits 2,210 1,784
Deferred compensation 1,170 1,448
Other 4,918 3,427
    Total deferred tax assets 64,453 51,268
    Less: valuation allowance (3,966) (1,784)
    Total net deferred tax assets 60,487 49,484

Deferred tax liabilities

Intangible asset

  

(610)

(341)
Prepaid expenses (4,153) (2,968)
Property, plant and equipment (10,116) (13,748)
    Total deferred tax liabilities (14,879) (17,057)
    Total deferred tax assets, net $45,608 $32,427

e) Use the financial statement effects template to record Under Armour's income tax expense for the current fiscal year 2012 along with the changes in both deferred tax assets and liabilities. Assume that the amount needed to balance the tax transaction represents the amount payable to tax authorities.

Reference no: EM131783594

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