ServiceMagic 2014 Annual Report Download - page 76
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IAC/INTERACTIVECORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Income taxes receivable (payable) and deferred tax assets (liabilities) are included in the following captions in the accompanying consolidated
balance sheet at December 31, 2014 and 2013 :
The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented
below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized.
December 31,
2014
2013
(In thousands)
Income taxes receivable (payable):
Other current assets
$
4,505
$
12,242
Other non-current assets
1,478
19,217
Accrued expenses and other current liabilities
(41,157
)
(16,159
)
Income taxes payable
(32,635
)
(416,384
)
Net income taxes payable
$
(67,809
)
$
(401,084
)
Deferred tax assets (liabilities):
Other current assets
$
17,993
$
34,381
Other non-current assets
1,380
26
Accrued expenses and other current liabilities
(255
)
(255
)
Deferred income taxes
(409,529
)
(320,748
)
Net deferred tax liabilities
$
(390,411
)
$
(286,596
)
December 31,
2014
2013
(In thousands)
Deferred tax assets:
Accrued expenses
$
34,654
$
28,005
Net operating loss carryforwards
55,579
52,336
Tax credit carryforwards
13,585
6,138
Stock-based compensation
69,342
69,101
Income tax reserves, including related interest
2,247
62,852
Cost method investments
27,581
2,383
Equity method investments
14,998
13,584
Other
10,075
10,212
Total deferred tax assets
228,061
244,611
Less valuation allowance
(98,350
)
(62,353
)
Net deferred tax assets
129,711
182,258
Deferred tax liabilities:
Investment in subsidiaries
(378,769
)
(377,483
)
Intangible and other assets
(115,470
)
(69,530
)
Other
(25,883
)
(21,841
)
Total deferred tax liabilities
(520,122
)
(468,854
)
Net deferred tax liabilities
$
(390,411
)
$
(286,596
)