Valuation Allowances on Deferred Tax Assets and Tax Legislation Developments

Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands):



	March 31, 2020		December 31, 2019
Domestic net operating loss carryforward	$	110,167	$	102,827
Foreign net operating loss carryforward	5,826		8,007

We provide a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. As result, as of March 31, 2020 and December 31, 2019, we had valuation allowances of $68.5 million and $59.8 million that offset a portion of our domestic net deferred tax assets.

The majority of our domestic net operating losses will begin to expire in 2030, while losses generated after 2017 are carried forward indefinitely but are limited in usage to 80% of taxable income beginning in 2021. The majority of our foreign net operating losses are carried forward indefinitely, but losses generated after 2016 are carried forward for 12 years and will begin to expire in 2029. Upon our emergence from Chapter 11 on May 29, 2020, we underwent an ownership change, as defined in the U.S. Internal Revenue Code, which we expect will result in future annual limitations on the usage of our domestic net operating losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous corporate income tax provisions, some of which impact our calculation of income taxes, including providing for the carryback of certain net operating losses, modifications to the net interest deduction limitations, refundable payroll tax credits, and deferment of employer social security payments. However, the provisions did not have a material impact on our financial statements for the three months ended March 31, 2020.