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 19,999 11,398 19,600 16,302 13,991 11,005 11,9568,198 10,019 5,845 9,2174,733 6,15 5,131 4,966 4,245 2,080 ,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 (a) Did Under Armour's deferred tax assets increase or decrease during the most recent fiscal year. By what amount? Under Armour's deferred tax assets increased V by $ 23,183 X (thousands) (b) Did Under Armour's deferred tax liabilities increase or decrease during the most recent fiscal year? Under Amour's deferred tax liabilities increasedby$0x(thousands). What proportion of the foreign net operating losses does the company believe will likely expire unused? Round your answer to the nearest percent. X% (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 Noncash Assets Contributed Earned Capital Capital Transaction Cash Asset LiabilitiesC Record tax expense, part cash and part deferred 0 0 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 19,999 11,398 19,600 16,302 13,991 11,005 11,9568,198 10,019 5,845 9,2174,733 6,15 5,131 4,966 4,245 2,080 ,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 (a) Did Under Armour's deferred tax assets increase or decrease during the most recent fiscal year. By what amount? Under Armour's deferred tax assets increased V by $ 23,183 X (thousands) (b) Did Under Armour's deferred tax liabilities increase or decrease during the most recent fiscal year? Under Amour's deferred tax liabilities increasedby$0x(thousands). What proportion of the foreign net operating losses does the company believe will likely expire unused? Round your answer to the nearest percent. X% (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 Noncash Assets Contributed Earned Capital Capital Transaction Cash Asset LiabilitiesC Record tax expense, part cash and part deferred 0 0 Income Statement Net Income Revenue Expenses