Nautilus 2015 Annual Report Download - page 55
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As previously mentioned, the table of tax attributes shown above does not include deferred tax assets created by, and associated with, excess tax benefits arose
directly from tax deductions related to equity compensation greater than compensation recognized for financial reporting.
The timing and manner in which we are permitted to utilize our net operating loss carryforwards may be limited by Internal Revenue Code Section 382, Limitation
on Net Operating Loss Carry-forwards and Certain Built-in-Losses Following Ownership Change .
Unrecognized Tax Benefits
Following is a reconciliation of gross unrecognized tax benefits from uncertain tax positions, excluding the impact of penalties and interest (in thousands):
Year Ended December 31,
2015
2014 2013
Balance, January 1 $ 2,768
$ 1,964 $ 2,530
Additions for tax positions taken in prior years 1
72 166
Reductions for tax positions taken in prior years (426)
— (472)
Additions for tax positions related to the current year 43
821 54
Settlements —
—
—
Lapses of statutes of limitations —
(89) (314)
Other 133
—
—
Balance, December 31 $ 2,519
$ 2,768 $ 1,964
Of the $2.5 million of gross unrecognized tax benefits from uncertain tax positions outstanding as of December 31, 2015 , $2.4 million would affect our effective
tax rate if recognized.
We recorded tax-related interest and penalties of $0.5 million , $0.4 million and $0.0 million in 2015 , 2014 and 2013 , respectively. We had a cumulative liability
for interest and penalties related to uncertain tax positions as of December 31, 2015 and 2014 of $2.5 million and $2.0 million , respectively.
Our U.S. federal income tax returns for 2009 through 2015 are open to review by the U.S. Internal Revenue Service. Our state income tax returns for 2006 through
2015 are open to review, depending on the respective statute of limitation in each state. In addition, we file income tax returns in several non-U.S. jurisdictions
with varying statutes of limitation.
As of December 31, 2015 , we believe it is reasonably likely that, within the next 12 months, $0.6 million of the previously unrecognized tax benefits related to
certain non-U.S. filing positions will be recognized as we anticipate the deregistration of certain entities.
(14) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss), net of applicable taxes, reported on our consolidated balance sheets consists of unrealized holding gains and
losses on available-for-sale securities and foreign currency translation adjustments. The following table sets forth the changes in accumulated other comprehensive
income (loss), net of tax (in thousands):
Unrealized Gain (Loss) on
Available-for-Sale Securities
Foreign Currency
Translation Adjustments
Total
Balance, January 1, 2013
$ —
$ 625
$ 625
Current period other comprehensive loss
—
(381)
(381)
Balance, December 31, 2013
—
244
244
Current period other comprehensive loss
(18)
(534)
(552)
Balance, December 31, 2014
(18)
(290)
(308)
Current period other comprehensive income (loss)
2
(1,021)
(1,019)
Balance, December 31, 2015
$ (16)
$ (1,311)
$ (1,327)
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