Under Armour 2008 Annual Report Download - page 75
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Deferred tax assets and liabilities consisted of the following:
December 31,
(In thousands) 2008 2007
Deferred tax asset
State tax credits, net of federal tax impact $ 899 $ 2,950
Tax basis inventory adjustment 2,495 2,336
Inventory obsolescence reserves 1,985 1,769
Allowance for doubtful accounts and other reserves 7,802 4,879
Foreign net operating loss carryforward 6,378 2,798
Stock-based compensation 3,425 1,366
Intangible asset 1,354 1,047
Deferred rent 1,292 585
Other 1,911 2,147
Total deferred tax assets 27,541 19,877
Deferred tax liability
Unrealized (gains) losses (81) (818)
Other comprehensive income (101) (201)
Prepaid expenses (837) (701)
Property, plant and equipment (5,285) 434
Total deferred tax liabilities (6,304) (1,286)
Total deferred tax assets, net $21,237 $18,591
As of December 31, 2008, deferred tax liabilities of $260.3 thousand and $14.0 thousand were included in
other current liabilities and other long term liabilities, respectively. As of December 31, 2008, the Company has
available state tax credits of $1.4 million that will begin to expire in 12 to 13 year periods.
As of December 31, 2008, a Company subsidiary has available a net operating loss that will begin to expire
in 7 to 9 years. A valuation allowance has not been recorded against the foreign subsidiary net operating loss
based on the Company’s ability to implement tax planning strategies to utilize these net operating losses.
The Company adopted the provisions of FIN 48 on January 1, 2007. As a result of the implementation, the
Company recorded an additional $1.6 million liability for uncertain tax positions, including related interest and
penalties, of which $1.2 million was accounted for as a reduction to the January 1, 2007 balance of retained
earnings and the remainder was recorded within deferred tax assets. After recognizing the adoption of FIN 48,
the total liability for uncertain tax positions, including related interest and penalties, was approximately $2.0
million.
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