(Loss) income from continuing operations before income taxes and gain on sale of joint venture is summarized below. (Loss) income from continuing operations for certain foreign entities is classified differently for book reporting and income tax reporting purposes.

At December 31, 2019, the Corporation has U.S. federal net operating loss carryforwards of $42,517, of which $35,783 can be carried forward indefinitely but will be limited to 80 percent of taxable income in any given year. The balance of $6,734 will begin to expire in 2035. Additionally, at December 31, 2019, the Corporation had state net operating loss carryforwards of $54,560, which begin to expire in 2020, and foreign net operating loss carryforwards from continuing operations of $50,792 and capital loss carryforwards of $768 which do not expire.

	2019			2018
Current:
Federal	$	(118	)	$	1,166
State		56			73
Foreign		1,611			839
Current income tax provision		1,549			2,078
Deferred:
Federal		2,244			(10,881	)
State		(217	)		(2,189	)
Foreign		(422	)		3,350
(Decrease) increase in valuation allowance		(1,046	)		7,910
Deferred income tax provision (benefit)		559			(1,810	)
Total income tax provision	$	2,108		$	268

The Tax Cuts and Jobs Act (the “Tax Reform”) became effective as of January 1, 2018. As was permitted, the Corporation recorded provisional amounts for certain effects of the Tax Reform in its 2017 income tax provision and, subsequently, adjusted the provisional amounts in its 2018 income tax provision. As a result, the income tax provision for 2018 includes a benefit for the carryback of additional 2017 tax losses of $986 and a refund of AMT credits of $433 partially offset by recognition of a one-time tax on the deemed repatriation of previously untaxed foreign earnings of approximately $2,369. The Tax Reform also enacted the Global Intangible Low-taxed Income (“GILTI”) whereby corporations are required to effectively pay a minimum tax on the earnings of their controlled foreign corporations, regardless of repatriation. No amount is expected to be paid currently by the Corporation, however, due to U.S. federal net operating loss from current year activity in excess of the current year GILTI inclusion. There was no GILTI inclusion for 2018 due to the foreign subsidiaries having a net loss.

During 2018, the Corporation also released the valuation allowance previously established against the net deferred income tax assets of one of its foreign subsidiaries of $1,242 on the basis that it was “more likely than not” the net deferred income tax assets would be realized.

The difference between statutory U.S. federal income tax and the Corporation’s effective income tax was as follows:

	2019			2018
Computed at statutory rate	$	(1,757	)	$	(8,943	)
Tax differential on non-U.S. earnings		44			56
State income taxes		(172	)		(2,131	)
Meals and entertainment		83			76
Alternative minimum tax credits		(13	)		(433	)
GILTI inclusion		4,859			0
(Decrease) increase in valuation allowance		(1,046	)		7,910
Repatriation transition tax impact		0			1,383
Adjustments to net operating losses		4			1,879
Other – net		106			471
Total income tax provision	$	2,108		$	268

Deferred income tax assets and liabilities as of December 31, 2019, and 2018, are summarized below. Unremitted earnings of the Corporation’s non-U.S. subsidiaries and affiliates are deemed to be permanently reinvested and, accordingly, no deferred income tax liability has been recorded. If the Corporation were to remit any foreign earnings to the U.S., the estimated tax impact would be insignificant.

	2019			2018
Assets:
Employment – related liabilities	$	8,643		$	10,667
Pension liability – foreign		958			996
Pension liability – domestic		11,605			8,527
Capital loss carryforwards		316			305
Asbestos-related liability		17,963			18,894
Net operating loss – domestic		8,929			3,936
Net operating loss – state		4,014			3,057
Net operating loss – foreign		10,256			9,514
Inventory related		2,100			3,905
Impairment charge associated with investment in MG		1,043			1,050
Operating lease right-of-use assets		1,388			0
Other		3,476			3,352
Gross deferred income tax assets		70,691			64,203
Valuation allowance		(43,671	)		(33,881	)
		27,020			30,322
Liabilities:
Depreciation		(21,741	)		(25,420	)
Intangible assets – finite life		(830	)		(1,181	)
Intangible assets – indefinite life		(492	)		(550	)
Operating lease liabilities		(1,388	)		0
Other		(115	)		(147	)
Gross deferred income tax liabilities		(24,566	)		(27,298	)
Net deferred income tax assets	$	2,454		$	3,024

Unrecognized tax benefits and changes in unrecognized tax benefits for the years ended December 31, 2019, and 2018, are insignificant. If the unrecognized tax benefits were recognized, the effect on the Corporation’s effective income tax rate would also be insignificant. The amount of penalties and interest recognized in the consolidated balance sheets as of December 31, 2019, and 2018, and in the consolidated statements of operations for 2019 and 2018 is insignificant.

The Corporation is subject to taxation in the United States, various states and foreign jurisdictions, and remains subject to examination by tax authorities for tax years 2016 – 2019. During 2019, the audit of the Corporation’s federal income tax returns for the 2014 – 2017 tax years was concluded without change. Additionally, the audit of UES’ Pennsylvania state income tax returns for the 2015 and 2016 tax years was concluded without change.