For the years ended December 31, 2020, 2019 and 2018 we have asserted indefinite reinvestment on certain earnings of our foreign subsidiaries. As of December 31, 2020, we have not recorded approximately $19.1 million of deferred tax liabilities associated with remaining unremitted earnings considered indefinitely reinvested, primarily related to foreign withholding taxes that would be due upon repatriation of the designated earnings to the U.S. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the consolidated deferred tax assets and liabilities were: We have $481.7 million of U.S. and foreign net operating loss carryforwards at December 31, 2020. Of this total, $33.1 million are state net operating losses. Net operating losses generated in the U.S., if unused, will expire in 2024 through 2026 tax years. The majority of our foreign net operating losses carry forward without expiration. Additionally, we have $35.9 million of foreign tax credit carryforwards at December 31, 2020. The foreign tax credit carryforwards, if unused, will expire in 2026, 2028-2030 tax years. Our valuation allowances primarily relate to the deferred tax assets established for U.S. foreign tax credit carryforwards of $35.9  million, a foreign capital loss carryforward of $97.8 million, and other foreign deferred tax assets of $154.1 million. The for eign capital loss carryforward was the result of a reorganization of certain foreign subsidiaries in the current year. Due to its capital nature, it is uncertain if the loss will be utilized within its ten year carryforward period and, therefore, has a full valuation allowance. 107 December 31, 2020 2019 (Amounts in thousands) Deferred tax assets related to: Retirement benefits $ 29,754  $ 25,214  Net operating loss carryforwards 109,020  101,193  Compensation accruals 20,290  24,685  Inventories 36,402  34,846  Credit and capital loss carryforwards 136,956  131,744  Warranty and accrued liabilities 27,483  18,741  Bad debt reserve 17,455  30,884  Operating lease liability 25,446  27,799  Other 38,457  25,339  Total deferred tax assets 441,263  420,445  Valuation allowances (287,787) (266,414) Net deferred tax assets 153,476  154,031  Deferred tax liabilities related to: Property, plant and equipment (11,714) (26,311) Goodwill and intangibles (101,818) (114,122) Foreign undistributed earnings (50,332) (67,930) Operating lease right-of-use-assets (25,799) (27,799) Other (17,621) (12,623) Total deferred tax liabilities (207,284) (248,785) Deferred tax liabilities, net $ (53,808) $ (94,754)