The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):

Reconciliations of the United States federal statutory income tax rates and our effective tax rates are summarized as follows:

(1)	The statutory tax rate for Fiscal 2019 and Fiscal 2018 reflects the federal corporate tax rate of 21%. Fiscal 2017 is a blended rate that reflects the reduction of the federal corporate marginal tax rate effective January 1, 2018 as a result of U.S. Tax Reform.

(2)	Impact of foreign operations rate differential primarily reflects the rate differential between the United States and the respective foreign jurisdictions for any foreign income or losses, and the impact of any permanent differences.

(3)

Valuation allowance for foreign losses and other carry-forwards primarily reflects the valuation allowance recorded due to our inability to recognize an income tax benefit related to certain operating loss carry-forwards and deferred tax assets during the period. The benefit in Fiscal 2018 was primarily due to the utilization of certain operating loss carryforward benefits against current year earnings and changes in our assessment of the likelihood of recognition of certain foreign operating loss carryforwards.

(4)

Impact of U.S. Tax Reform on deferred tax amounts of $12 million consists of our provisional income tax benefit amount related to the revaluation of deferred tax assets and liabilities to reflect the change in the enacted tax rate due to U.S. Tax Reform. During Fiscal 2018 as we completed our calculation of the impact of U.S. Tax Reform in accordance with Staff Accounting Bulletin No. 118, which provided us with up to one year to complete accounting for the impacts of U.S. Tax Reform, we did not recognize any material measurement period adjustments to the provisional amounts recorded in Fiscal 2017.

Deferred tax assets and liabilities included in our consolidated balance sheets are comprised of the following (in thousands):


	February 1,		February 2,
	2020		2019
Deferred Tax Assets:
Inventories	$	13,067	$	13,210
Accrued compensation and benefits		8,977		8,096
Receivable allowances and reserves		993		890
Operating lease liabilities		85,969		3,371
Operating loss and other carry-forwards		3,171		2,785
Other, net		1,546		4,122
Deferred tax assets		113,723		32,474
Deferred Tax Liabilities:
Operating lease assets		(82,186)		—
Depreciation and amortization		(8,076)		(11,917)
Acquired intangible assets		(34,019)		(32,913)
Deferred tax liabilities		(124,281)		(44,830)
Valuation allowance		(5,213)		(5,103)
Net deferred tax liability	$	(15,771)	$	(17,459)

As of February 1, 2020 and February 2, 2019 our operating loss and other carry-forwards primarily relate to our operations in Canada and Hong Kong, as well as certain states. The majority of these operating loss carry-forwards allow for carry-forward of at least 20 years and in some cases, indefinitely. The substantial majority of our valuation allowance of $5 million and $5 million as of February 1, 2020 and February 2, 2019, respectively, relates to these foreign and state operating loss carry-forwards and the deferred tax assets in those jurisdictions. The recent history of operating losses in certain jurisdictions is considered significant negative evidence against the future realizability of these tax benefits. The amount of the valuation allowance could change in the future if our operating results or estimates of future taxable operating results changes.

U.S. Tax Reform made significant changes to how foreign earnings are taxed. Certain amounts of foreign earnings are subject to U.S. federal tax currently pursuant to the GILTI rules regardless of whether those earnings are distributed, and actual distributions of foreign earnings are generally no longer subject to U.S. federal tax. We continue to assert that our investments in foreign subsidiaries and substantially all of the related earnings are permanently reinvested outside the United States. We believe that any other taxes such as foreign withholding or U.S. state tax payable would be immaterial if we were to repatriate the foreign earnings. Therefore, we have not recorded any deferred tax liabilities related to investments and earnings in our consolidated balance sheets as of February 1, 2020 and February 2, 2019.

Accounting for income taxes requires that we offset deferred tax liabilities and assets within each tax jurisdiction and present the net deferred tax amount for each jurisdiction as a net deferred tax amount in our consolidated balance sheets. The amounts of deferred income taxes included in our consolidated balance sheets are as follows (in thousands):


	February 1,		February 2,
	2020		2019
Assets:
Deferred tax assets	$	769	$	952
Liabilities:
Deferred tax liabilities		(16,540)		(18,411)
Net deferred tax liability	$	(15,771)	$	(17,459)