Using Under Armour's 2021 10-K form, examine the income tax expense and deferred tax assets and liabilities.

• Analyze the footnotes and assess the company's effective tax rate. State the tax rate, and is it a consistent rate? If not, do the fluctuations seem reasonable?
• What was the effect of the 2017 TCJA on the provision for income taxes and how did the new law change the company's effective tax rate?
• Do the deferred tax assets and liabilities seem appropriate given the company's industry?
• Is there a valuation allowance, and if so, how big is it relative to total deferred tax assets? Has the valuation allowance changed markedly during the year?