iRobot 2014 Annual Report Download - page 132
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iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
59
The components of net deferred tax assets were as follows:
December 27,
2014 December 28,
2013
(In thousands)
Net deferred tax assets
Current deferred tax assets
Reserves and accruals $ 18,568 $ 18,554
Stock-based compensation 767 556
Net operating loss carryforwards 2,470 2,470
Foreign tax credits 148 105
Valuation allowance —(1,100)
Total current deferred tax assets 21,953 20,585
Non-current deferred tax assets
Reserves and accruals 586 715
Tax credits 5,927 5,737
Property and equipment 178 1,308
Stock-based compensation 5,011 4,957
Net operating loss carryforwards 3,879 6,587
Valuation allowance —(990)
Total non-current deferred tax assets 15,581 18,314
Current deferred tax liabilities
Prepaids 448 441
Total current deferred tax liabilities 448 441
Non-current deferred tax liabilities
Intangible assets 7,172 8,219
Total non-current deferred tax liabilities 7,172 8,219
Total net deferred tax assets $ 29,914 $ 30,239
As of December 28, 2013, the Company maintained a valuation allowance of $2.1 million related to certain state tax
attributes from the Evolution Robotics, Inc. acquisition. During the year ended December 27, 2014, this valuation
allowance was released when realization of these state tax attributes became more likely than not.
The table below summarizes activity relating to the valuation allowance:
Fiscal Year Ended
Balance at
beginning of
period
Additions
Charged to
Costs and
Expenses
Additions
Charged to
Goodwill Deductions
Balance
at End
of Period
(In thousands)
December 29, 2012 $ — — 2,691 — $ 2,691
December 28, 2013 $ 2,691 — — 601 $ 2,090
December 27, 2014 $ 2,090 — — 2,090 $ —
The net deferred tax assets after valuation allowance as of December 27, 2014 and December 28, 2013 were $29.9
million and $30.2 million, respectively.
The Company has federal and state net operating loss carryforwards of $34.5 million and $45.0 million as of
December 27, 2014 and December 28, 2013, respectively, which expire from 2028 to 2032. The Company has federal and
state research and development credit carryforwards of $9.1 million and $8.9 million as of December 27, 2014 and
December 28, 2013, respectively, which expire from 2022 to 2029. The Company has state investment tax credit
carryforwards of $0.7 million and $0.6 million as of December 27, 2014 and December 28, 2013, respectively, which
expire from 2015 to 2024. Under the Internal Revenue Code, certain substantial changes in the Company’s ownership
could result in an annual limitation on the amount of these tax carryforwards which can be utilized in future years. As of