Table:
|  | May 26, 2019 |  | May 27, 2018 |  |
| --- | --- | --- | --- | --- |
|  | Assets | Liabilities | Assets | Liabilities |
| Property, plant and equipment | $— | $240.7 | $— | $141.0 |
| Inventory | 15.2 | — | 2.6 | — |
| Goodwill, trademarks and other intangible assets | — | 1,187.0 | — | 406.2 |
| Accrued expenses | 11.8 | — | 15.5 | — |
| Compensation related liabilities | 35.9 | — | 34.1 | — |
| Pension and other postretirement benefits | 54.6 | — | 45.8 | — |
| Investment in unconsolidated subsidiaries | — | 185.4 | — | 165.8 |
| Other liabilities that will give rise to future tax deductions | 123.5 | — | 109.7 | — |
| Net capital and operating loss carryforwards | 766.5 | — | 762.5 | — |
| Federal credits | 18.0 | — | 3.5 | — |
| Other | 37.6 | 24.0 | 23.6 | 9.5 |
|  | 1,063.1 | 1,637.1 | 997.3 | 722.5 |
| Less: Valuation allowance | (738.1) | — | (739.6) | — |
| Net deferred taxes | $325.0 | $1,637.1 | $257.7 | $722.5 |
Paragraphs:
The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
The liability for gross unrecognized tax benefits at May 26, 2019 was $44.1 million, excluding a related liability of $11.7 million for gross interest and penalties. Included in the balance at May 26, 2019 are $1.0 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 27, 2018, our gross liability for unrecognized tax benefits was $32.5 million, excluding a related liability of $7.7 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Operations was an expense of $1.2 million in fiscal 2019, an expense of $1.6 million in fiscal 2018, and a benefit of $0.3 million in fiscal 2017.
Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Question:
Why was the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period?