June 30,
June 30,
June 30,
($ in millions)
2019
2018
Deferred tax assets:
Pensions
$86.9
$66.8
Postretirement provisions
35.7
33.7
Net operating loss carryforwards
28.8
26.5
Derivatives and hedging activities
4.1
—
Other
32.1
29.4
Gross deferred tax assets
187.6
156.4
Valuation allowances
(24.6)
(23.9)
Total deferred tax assets
163.0
132.5
Deferred tax liabilities:
Depreciation
(249.5)
(235.2)
Intangible assets
(11.3)
(11.9)
Inventories
(36.1)
(30.5)
Derivatives and hedging activities
(0.3)
(8.7)
Other
(4.3)
(3.5)
Total deferred tax liabilities
(301.5)
(289.8)
Deferred tax liabilities, net
$(138.5)
$(157.3)
deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases .
the significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below .
a valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized .
as of june 30 2019 the company had state net operating loss carryforwards of $ 337 .
6 million expiring between 2020 and 2039 .
a significant portion of the state net operating loss carryforwards are subject to an annual limitation that under current law is likely to limit future tax benefits to approximately $ 3 .
3 million .
valuation allowances increased by $ 0 .
7 million during fiscal year 2019 primarily due to increases in net operating losses incurred in certain tax jurisdictions for which no tax benefit was recognized .
the company does not have unrecognized tax benefits as of june 30 2019 2018 and 2017 .
the company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense .
all years prior to fiscal year 2013 have been settled with the internal revenue service and with most significant state local and foreign tax jurisdictions .
in december 2017 an act to provide for reconciliation pursuant to titles ii and v of the concurrent resolution on the budget for fiscal year 2018 -the “ act ” was enacted .
the act included provisions that reduced the federal statutory income tax rate from 35 percent to 21 percent created a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings -i .
e .
transition tax and changed certain business deductions including allowing for immediate expensing of certain qualified capital expenditures and limitations on deductions of interest expense .
the sec staff issued guidance on income tax accounting for the act which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date .
in accordance with this guidance during fiscal year 2018 we recorded a provisional tax charge of $ 5 .
0 million for the transition tax and a provisional tax benefit of $ 74 .
6 million for the remeasurement of deferred tax assets and liabilities .
during fiscal year 2019 we recorded a discrete tax benefit of $ 0 .
2 million in measurement period adjustments for the transition tax offset by a discrete tax charge of $ 0 .
2 million for the remeasurement of deferred tax assets and liabilities .
our accounting for the impact of the act was completed as of the period ending december 31 2018 .
under the act the transition tax is being paid over an eight year period beginning in fiscal year 2019 .
the act also established new tax provisions that became effective in fiscal year 2019 including but not limited to eliminating the corporate alternative minimum tax creating the base erosion anti-abuse tax - “ beat ” establishing new limitations on deductible interest expense and certain executive compensation creating a new provision designed to tax global intangible low-tax income - “ gilti ” and generally eliminating u .
s .
federal income taxes on dividends from foreign subsidiaries .
the company has made an accounting policy election to treat the tax effect of gilti as a current period expense when incurred .
undistributed earnings of our foreign subsidiaries totaling $ 77 .
8 million were considered permanently reinvested .
following enactment of the act the repatriation of cash to the u .
s .
is generally no longer taxable for federal income tax purposes .
if these earnings were to be repatriated approximately $ 0 .
3 million of tax expense would be incurred .

Question: In which years was the amount of deferred tax liabilities, net calculated?
Answer: 2019 2018