Nautilus 2015 Annual Report Download - page 53
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Please find page 53 of the 2015 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Following is a reconciliation of the U.S. statutory federal income tax rate with our effective income tax rate for continuing operations:
Year Ended December 31,
2015
2014
2013
U.S. statutory income tax rate 35.0 %
35.0 %
35.0 %
State tax, net of U.S. federal tax benefit 2.6
2.5
2.9
Non-U.S. income taxes (0.1)
(0.3)
1.2
Nondeductible operating expenses 0.8
0.2
(0.4)
Research and development credit (0.6)
(2.4)
(0.7)
Change in deferred tax measurement rate —
0.1
0.2
Change in uncertain tax positions 1.1
1.5
2.2
Expiration of capital loss carryforward —
—
26.9
Change in valuation allowance (5.8)
(4.1)
(267.6)
Other —
0.1
0.2
Effective income tax rate 33.0 %
32.6 %
(200.1)%
Deferred Income Taxes
Individually significant components of deferred income tax assets and liabilities were as follows (in thousands):
December 31,
2015
2014
Deferred income tax assets:
Accrued liabilities $ 6,392
$ 3,510
Allowance for doubtful accounts 467
33
Inventory valuation 818
377
Capitalized indirect inventory costs 671
295
Stock-based compensation expense 693
558
Deferred rent 869
—
Net operating loss carryforward 3,361
19,742
Basis difference on long-lived assets 1,810
3,289
Credit carryforward 3,736
4,565
Other 171
339
Gross deferred income tax assets 18,988
32,708
Valuation allowance (888)
(6,156)
Deferred income tax assets, net of valuation allowance 18,100
26,552
Deferred income tax liabilities:
Prepaid advertising (523)
(467)
Other prepaids (579)
(696)
Basis difference on long-lived assets (26,285)
(3,355)
Undistributed earnings of foreign subsidiaries (188)
(179)
Other (1)
(1)
Deferred income tax liabilities (27,576)
(4,698)
Net deferred income tax assets (liabilities) $ (9,476)
$ 21,854
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