Table:
|  | September 27, 2019 | September 28, 2018 |
| --- | --- | --- |
| Deferred tax assets (liabilities): |  |  |
| Federal and foreign net operating losses and credits | $263,199 | $321,982 |
| Intangible assets | 9,887 | (94,929) |
| Property and equipment | (1,473) | (6,293) |
| Other non-current deferred tax assets | 16,933 | 13,850 |
| Deferred compensation | — | 3,810 |
| Deferred gain | — | 6,575 |
| Interest | 7,170 | — |
| Valuation allowance | (252,536) | (243,112) |
| Total deferred tax asset | $43,180 | $1,883 |
Paragraphs:
19. INCOME TAXES
Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands):
As of September 27, 2019, we had $923.4 million of gross federal net operating loss ("NOL") carryforwards consisting of $479.2 million relating to the AppliedMicro Acquisition, $158.9 million relating to our acquisition of Mindspeed Technologies, Inc. in 2013, $26.2 million relating to our acquisition of BinOptics Corporation in 2014 and $259.1 million relating to losses generated by MACOM.
The federal NOL carryforwards will expire at various dates through 2037 for losses generated prior to the tax period ended September 28, 2018. For losses generated during the tax period ended September 28, 2018 and future years, the NOL carryforward period is infinite. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382.
Question:
What does the deferred income taxes reflect?