Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Under Armour, Inc. reports total tax expense of $154,112 thousands on its income statement for year ended December 31, 2015, and paid cash of $99,708 thousand for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information December 31 ($ thousands) 2015 2014 Deferred tax assets Stock-based compensation Allowance for doubtful accounts and other reserves33,821 Accrued expenses Foreign net operating loss carryforward Deferred rent Inventory obsolescence reserves Tax basis inventory adjustment U.S. net operating loss carryforward Foreign tax credits State tax credits, net of foreign impact Deferred compensation Other Total deferred tax assets Less: valuation allowance Total net deferred tax assets Deferred tax liability Property, plant and equipment Intangilble asset Prepaid expenses Other Total deferred tax liabilities Total deferred tax assets, net $40,406 $35,161 24,774 19,99911,398 9,600 16,302 13,991 11,005 11,956 8,198 10,019 5,845 9,217 4,733 6,15 5,131 4,966 4,245 2,080 1,858 6,346 4,592 178,552 133,242 (24,043) (15,550) 154,509 117,692 (31,069) (17,638) (22,820) (7,010) (8,766) (6,424) (627) (612) (63,282) (31,684) $91,227 $86,008 (e) Use the financial statement effects template to record Under Armour's income tax expense for the current fiscal year 2015 along with the changes in both deferred tax assets and liabilities. Assume that income taxes payable increased by $59,623 thousand. Use negative signs with answers, when appropriate. Balance Sheet Earned + Capital 9,014 Noncash Contributed Capital Transaction Cash Asset + Assets - Liabilities Record tax expense, part caslh and part deferred 57,739 31,069 57,739 Income Statement Net Income Revenue Expenses Analyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Under Armour, Inc. reports total tax expense of $154,112 thousands on its income statement for year ended December 31, 2015, and paid cash of $99,708 thousand for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information December 31 ($ thousands) 2015 2014 Deferred tax assets Stock-based compensation Allowance for doubtful accounts and other reserves33,821 Accrued expenses Foreign net operating loss carryforward Deferred rent Inventory obsolescence reserves Tax basis inventory adjustment U.S. net operating loss carryforward Foreign tax credits State tax credits, net of foreign impact Deferred compensation Other Total deferred tax assets Less: valuation allowance Total net deferred tax assets Deferred tax liability Property, plant and equipment Intangilble asset Prepaid expenses Other Total deferred tax liabilities Total deferred tax assets, net $40,406 $35,161 24,774 19,99911,398 9,600 16,302 13,991 11,005 11,956 8,198 10,019 5,845 9,217 4,733 6,15 5,131 4,966 4,245 2,080 1,858 6,346 4,592 178,552 133,242 (24,043) (15,550) 154,509 117,692 (31,069) (17,638) (22,820) (7,010) (8,766) (6,424) (627) (612) (63,282) (31,684) $91,227 $86,008 (e) Use the financial statement effects template to record Under Armour's income tax expense for the current fiscal year 2015 along with the changes in both deferred tax assets and liabilities. Assume that income taxes payable increased by $59,623 thousand. Use negative signs with answers, when appropriate. Balance Sheet Earned + Capital 9,014 Noncash Contributed Capital Transaction Cash Asset + Assets - Liabilities Record tax expense, part caslh and part deferred 57,739 31,069 57,739 Income Statement Net Income Revenue Expenses