Table:
|  | December 31, |  |
| --- | --- | --- |
| (In millions) | 2019 | 2018 |
| Accruals not yet deductible for tax purposes | $ 17.4 | $ 17.5 |
| Net operating loss carryforwards | 245.9 | 265.5 |
| Foreign, federal and state credits | 8.4 | 10.4 |
| Employee benefit items | 79.5 | 77.0 |
| Capitalized expenses | 32.2 | 8.9 |
| Intangibles | 21.8 | — |
| Derivatives and other | 47.7 | 38.0 |
| Sub-total deferred tax assets | 452.9 | 417.3 |
| Valuation allowance | (197.6) | (218.4) |
| Total deferred tax assets | $ 255.3 | $ 198.9 |
| Depreciation and amortization | $ (37.0) | $ (26.8) |
| Unremitted foreign earnings | (10.0) | — |
| Intangible assets | — | (21.7) |
| Other | (0.4) | (0.4) |
| Total deferred tax liabilities | (47.4) | (48.9) |
| Net deferred tax assets | $ 207.9 | $ 150.0 |
Paragraphs:
Deferred tax assets (liabilities) consist of the following:
A valuation allowance has been provided based on the uncertainty of utilizing the tax benefits, mainly related to the following deferred tax assets: • $183.4 million of foreign items, primarily net operating losses; and • $7.7 million of state tax credits.
For the year ended December 31, 2019, the valuation allowance decreased by $20.8 million. This is primarily driven by our Reinvent SEE initiatives and decreases in foreign tax rates.
As of December 31, 2019, we have foreign net operating loss carryforwards of $899.4 million expiring in years beginning in 2020 with the majority of losses having an unlimited carryover. The state net operating loss carryforwards totaling $569.3 million expire in various amounts over 1 to 19 years.
Question:
What does the table show?
Answer: Deferred tax assets