The overall decrease in net deferred tax liabilities of $21.5 million in 2020 is primarily due to an increase in deferred tax assets of $143.9 million attributable to additional tax loss carryforwards, tax credits, and future deductible temporary differences generated in 2020, offset by an increase in deferred tax liabilities of $122.4 million related to the amortization of goodwill and indefinite-lived intangible assets for U.S. tax purposes due to the Acquisition. Additionally, our deferred tax balances are also impacted by foreign exchange rates, as a significant amount of our deferred tax assets and liabilities are in foreign jurisdictions. Our deferred tax valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards from operations in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. Based on this analysis, we have determined that the valuation allowances recorded in each period presented are appropriate. We have deferred tax assets for U.S. tax carryforwards that expire between 2021 and 2040 of $62.4 million as of December 31, 2020, and that expire between 2020 and 2039 of $63.2 million as of December 31, 2019. We have U.S. tax losses that may be carried forward indefinitely of $19.9 million and $0 million as of December 31, 2020 and December 31, 2019, respectively. We have foreign tax loss carryforwards that expire between 2021 and 2040 of $283.5 million as of December 31, 2020, and that expire between 2020 and 2039 of $233.8 million as of December 31, 2019. We have foreign tax losses that may be carried forward indefinitely of $22.0 million and $11.2 million as of December 31, 2020 and December 31, 2019, respectively. 99 As of December 31, 2020 December 31, 2019 (In millions) Non-current deferred tax assets: Compensation-related obligations $ 60.9  $ 54.8  Pension and postretirement benefits 102.4  115.9  Derivative instruments 76.5  41.8  Tax credit carryforwards 56.2  41.1  Tax loss carryforwards 331.6  267.1  Accrued liabilities and other 75.5  50.1  Valuation allowance (62.2) (73.8) Total non-current deferred tax assets $ 640.9  $ 497.0  Non-current deferred tax liabilities: Fixed assets 358.3  353.7  Partnerships and investments 19.6  18.8  Foreign exchange gain/loss —  —  Intangible assets 2,396.9  2,279.9  Total non-current deferred tax liabilities $ 2,774.8  $ 2,652.4  Net non-current deferred tax assets —  —  Net non-current deferred tax liabilities $ 2,133.9  $ 2,155.4 