Juno 2012 Annual Report Download - page 65
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Table of Contents
point-redeeming transaction. The canceling or disabling of inactive MyPoints accounts would have no impact on our consolidated financial statements,
as we fully consider inactive MyPoints accounts when establishing the member redemption liability, as discussed above.
The following table sets forth, for the periods presented, a reconciliation of the changes in the member redemption liability (in thousands):
We apply the provisions of ASC 740, . Under ASC 740, deferred tax assets and liabilities are determined based on differences
between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when
the differences are expected to reverse. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be
realized. In evaluating our ability to recover our deferred tax assets, we consider all available positive and negative evidence, including our operating
results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In accordance with ASC 740, we recognize,
in our consolidated financial statements, the impact of our tax positions that are more likely than not to be sustained upon examination based on the
technical merits of the positions. The Company recognizes interest and penalties for uncertain tax positions in income tax expense.
We are currently involved in certain legal proceedings and investigations. We record liabilities related to pending matters when an unfavorable
outcome is deemed probable and management can reasonably estimate the amount or range of loss. As additional information becomes available, we
continually assess the potential liability related to such pending matters.
Products revenues are derived primarily from selling floral, gift and related products to consumers and include merchandise revenues and the
related shipping and service fees, less discounts and refunds. Products revenues also include revenues generated from sales of branded and non-
branded hard goods, software and hardware systems, cut flowers, packaging and promotional products, and a wide variety of other floral-related
supplies to floral network members.
62
Beginning balance $ 22,453 $ 24,866
Accruals for points earned 14,077 19,440
Reduction for redeemed points (15,247) (21,394)
Changes in allowance for points expected to expire and weighted-average
cost of points 196 (459)
Ending balance $ 21,479 $ 22,453