company decreased T he srease have on its balance sheet and its income statement? pension plans and its discount rate from 4.78% to 3.78% in 2015, what effects) does this de- How did Johnson& Johnson's pension plan affect the company's cash flow in 2015 nalyzing and Interpreting Tax Footnote (Financial Statement Effects Template) Inder Armour Inc. reports total tax expense of $154,112 thousand on its income statement for year mber 31,2015, and paid cash of $99,708 thousand for taxes. The tax footnote in the 10-k fling, reports the follovwing defered tax assets and liabilities informaticn. UNDER company's ARMOUR IN December 31 ($ thousands) MBC 2015 2014 Deferred tax assets Stock-based compensation Allowance for doubtful accounts and other reserves 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. $40,406 $35,161 33,821 24,774 9,999 11,398 19,600 16,302 13,991 11,005 8,198 10,0195,845 .... 1,956 9217 4733 4,733 6,151 4,966 2,080 5,131 1,858 6.346 4,592 Total deferred tax assets. .****. 178,552 133,242 24,043) (15,550) 54,509 117,692 Total net deferred tax assets..... Deferred tax liability Property, plant and equipment intangible asset Prepaid expenses. 31,069) (17,638 22,820) (7,010) 8,766 (6,424) 612) (63.282) (3168) Other Total deferred tax iabilities Required a. Under Armour's deferred tax assets increased during the most recent fiscal year. What explains the b. Did Under Armour'sdeferred tax liabilities increase or decrease during the mos recent change? fiscal year? This company's valuation allowance relates to foreign net operating tax losses. Explain how ta give rise to deferred tax assets. Why does the company record a valuation account? What of these losses, at December 31, 2015, does the company believe will likely expire unused? Explain how the valuation allowance affected 2015 net income. Explain how the change arose. proportion fiscal year 2015 along with the changes in both deferred tax assets and liabilities. Assume that income taxes payable increased by $59,623 thousand. e Use the financial statement effects template to record Under Armour's income tax expense for the