NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Unum Group and Subsidiaries Note 7 - Income Tax - Continued Our net deferred tax asset (liability) consists of the following. Certain prior year amounts have been reclassified to conform to current year reporting. December 31 2020 2019 (in millions of dollars) Deferred Tax Asset Reserves $ 1,279.6  $ 1,154.6  Employee Benefits 218.7  201.6  Other 52.9  19.4  Gross Deferred Tax Asset 1,551.2  1,375.6  Less: Valuation Allowance 14.5  28.3  Net Deferred Tax Asset 1,536.7  1,347.3  Deferred Tax Liability Deferred Acquisition Costs 185.5  115.6  Fixed Assets 74.7  58.5  Invested Assets 1,443.5  1,213.7  Cost of Reinsurance 180.4  10.8  Other 68.7  44.1  Gross Deferred Tax Liability 1,952.8  1,442.7  Net Deferred Tax Asset (Liability) $ (416.1) $ (95.4) 175