Juno 2012 Annual Report Download - page 161
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Table of Contents
The significant components of net deferred tax balances were as follows (in thousands):
The Company had a valuation allowance of $10.5 million and $8.8 million at December 31, 2012 and 2011, respectively, to reduce deferred tax
assets to an amount that is more likely than not to be realized in future periods. The valuation allowance relates primarily to net operating losses and
foreign tax credits.
At December 31, 2012 and 2011, the Company had gross unrecognized tax benefits totaling $4.8 million and $4.3 million, respectively, of which
$4.1 million and $4.3 million, respectively, would have an impact on the Company's effective income tax rate, if recognized. A reconciliation of the
F-44
Deferred tax assets:
Net operating loss and tax credit carryforwards $ 47,910 $ 51,046
Stock-based compensation 3,725 3,212
Other, net 12,635 13,781
Total gross deferred tax assets 64,270 68,039
Less: valuation allowance (10,490) (8,777)
Total deferred tax assets after valuation allowance 53,780 59,262
Deferred tax liabilities:
Amortization of acquired intangible assets (62,567) (76,069)
Depreciation and amortization (10,830) (11,704)
Total deferred tax liabilities (73,397) (87,773)
Net deferred tax liabilities $ (19,617) $ (28,511)
Current deferred tax assets, net $ 12,279 $ 15,587
Non-current deferred tax liabilities, net (31,896) (44,098)
Net deferred tax liabilities $ (19,617) $ (28,511)