iRobot 2015 Annual Report Download - page 151
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iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
68
The components of net deferred tax assets were as follows:
January 2,
2016
December 27,
2014
(In thousands)
Net deferred tax assets
Current deferred tax assets
Reserves and accruals $
—
$18,568
Stock-based compensation
—
767
Net operating loss carryforwards
—
2,470
Foreign tax credits
—
148
Total current deferred tax assets
—
21,953
Non-current deferred tax assets
Reserves and accruals 21,544 586
Tax credits 6,114 5,927
Property and equipment 1,308 178
Stock-based compensation 5,962 5,011
Net operating loss carryforwards 3,606 3,879
Total non-current deferred tax assets 38,534 15,581
Current deferred tax liabilities
Prepaids
—
448
Total current deferred tax liabilities
—
448
Non-current deferred tax liabilities
Prepaids 623
—
Intangible assets 6,190 7,172
Total non-current deferred tax liabilities 6,813 7,172
Total net deferred tax assets $ 31,721
$ 29,914
In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes: Balance Sheet Classification of Deferred
Taxes." ASU 2015-17 requires that the presentation of deferred tax assets and liabilities be classified as noncurrent on the
balance sheet instead of separating deferred taxes into current and noncurrent amounts. This standard will become
effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016, with early
adoption allowed. The Company elected to prospectively adopt ASU 2015-17. The prior reporting period was not
retrospectively adjusted. The adoption of this guidance had no impact on the Company's Consolidated Statements of
Income and Comprehensive Income.
As of December 28, 2013, the Company maintained a valuation allowance of $2.1 million related to certain state tax
attributes from the Evolution Robotics, Inc. acquisition. During the year ended December 27, 2014, this valuation
allowance was released when realization of these state tax attributes became more likely than not. As of January 2, 2016,
the Company did not record a valuation allowance as all deferred tax assets are considered realizable.
The table below summarizes activity relating to the valuation allowance:
Fiscal Year Ended
Balance at
beginning of
period
Additions
Charged to
Costs and
Ex
pe
n
ses
Additions
Charged to
Goodwill Deductions
Balance
at End
of Period
(In thousands)
December 28, 2013 $2,691
—
—
601
$ 2,090
December 27, 2014 $ 2,090
—
—
2,090
$
—
January 2, 2016 $
—
—
—
—
$
—
Form 10-K