Table of Contents On December 22, 2017, the 2017 Act was signed into law, making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the non-previously taxed post-1986 foreign earnings and profits of certain U.S.-owned foreign corporations as of December 31, 2017. Also on December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118"), Income Tax Accounting Implications of the Tax Cuts and Jobs Act, was issued by the SEC to address the application of U.S. GAAP for financial reporting. SAB 118 permitted the use of provisional amounts based on reasonable estimates in the financial statements. SAB 118 also provided that the tax impact may be considered incomplete in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Act. The Company calculated a reasonable estimate of the impact of the 2017 Act’s tax rate reduction and one-time transition tax in its 2017 year end income tax provision in accordance with its understanding of the 2017 Act and guidance available and, as a result, recorded a $272 tax charge in the fourth quarter of 2017, the period in which the legislation was enacted. In 2018, the Company included a $59 tax charge in income from continuing operations as a result of finalizing its accounting for the 2017 Tax Act in accordance with SAB 118. This charge primarily related to a $16 charge for the one-time transition tax and a $43 charge to update deferred tax balances. The components of net deferred tax assets and liabilities were as follows: 2020 2019 December 31, Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Depreciation $ 21  $ 506  $ 10  $ 480  Employee benefits 364  —  368  6  Loss provisions 24  1  36  —  Deferred income/expense 41  1,033  48  939  Interest 3  —  56  —  Tax loss carryforwards 3,267  —  2,819  —  Tax credit carryforwards 378  —  379  —  Other 7  13  23  —  $ 4,105  $ 1,553  $ 3,739  $ 1,425  Valuation allowance (2,307) —  (2,121) —  $ 1,798  $ 1,553  $ 1,618  $ 1,425  The following table details the expiration periods of the deferred tax assets presented above: December 31, 2020 Expires within 10 years Expires within 11-20 years No Expiration Other Total Tax loss carryforwards $ 378  $ 262  $ 2,627  $ —  $ 3,267  Tax credit carryforwards 299  66  13  —  378  Other —  —  389  71  460  Valuation allowance (644) (161) (1,479) (23) (2,307) $ 33  $ 167  $ 1,550  $ 48  $ 1,798  (1) (2) (3) Deferred tax assets with no expiration may still have annual limitations on utilization. (1) Other represents deferred tax assets whose expiration is dependent upon the reversal of the underlying temporary difference. (2) A substantial amount of Other deferred tax assets relates to employee benefits that will become deductible for tax purposes in jurisdictions with unlimited expiration over an extended period of time as contributions are made to employee benefit plans and payments are made to retirees. (3) The total deferred tax asset (net of valuation allowance) is supported by projections of future taxable income exclusive of reversing temporary differences (15%) and taxable temporary differences that reverse within the carryforward period (85%). 79