The components of income tax expense as shown in our Consolidated Statements of Operations were as  follows:  State tax operating loss carryforwards totaled $7.5 million as of December 28, 2014 and $9.3 million as of  December 29, 2013. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have  remaining lives generally ranging from 1 to 20 years. The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets  were as follows:  We assess whether a valuation allowance should be established against deferred tax assets based on the  consideration of both positive and negative evidence using a “more likely than not” standard. In making such  P. 92 – THE NEW YORK TIMES COMPANY (In thousands) December 28, 2014 December 29, 2013 Deferred tax assets Retirement, postemployment and deferred compensation plans $ 320,174 $ 251,082 Accruals for other employee benefits, compensation, insurance and other 42,294 35,596 Accounts receivable allowances 1,746 1,478 Net operating losses 46,726 57,885 Other 41,186 63,821 Gross deferred tax assets 452,126 409,862 Valuation allowance (41,136) (42,295) Net deferred tax assets $ 410,990 $ 367,567 Deferred tax liabilities Property, plant and equipment $ 64,056 $ 75,661 Intangible assets 11,607 11,902 Investments in joint ventures 13,971 19,625 Other 5,129 14,531 Gross deferred tax liabilities 94,763 121,719 Net deferred tax asset $ 316,227 $ 245,848 Amounts recognized in the Consolidated Balance Sheets Deferred tax asset GLYPH<150> current $ 63,640 $ 65,859 Deferred tax asset GLYPH<150> long-term 252,587 179,989 Net deferred tax asset $ 316,227 $ 245,848 (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 Current tax (benefit)/expense Federal $ 17,397 $ 18,903 $ 51,836 Foreign 583 681 1,154 State and local (25,625) 8,371 (6,680) Total current tax (benefit)/expense (7,645) 27,955 46,310 Deferred tax expense Federal 4,014 5,426 38,845 Foreign GLYPH<151> GLYPH<151> GLYPH<151> State and local 90 4,511 9,462 Total deferred tax expense 4,104 9,937 48,307 Income tax (benefit)/expense $ (3,541) $ 37,892 $ 94,617