The following is a summary of deferred tax assets and liabilities:


	December 31,
	2018		2017
	(in thousands)
Deferred tax assets:
Foreign deferred tax assets (1)	$	—	$	2,341
Federal net operating loss carryforward		1,213		1,142
Total deferred assets		1,213		3,483

Deferred tax liabilities:
Foreign deferred tax liabilities (1)		13,599		17,747
Total net deferred liabilities before valuation allowances		(12,386)		(14,264)
Valuation allowance on deferred tax asset		(1,213)		(1,142)
Net deferred tax liabilities	$	(13,599)	$	(15,406)

(1)

The deferred tax assets and liabilities primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition.