content_image/1040448.jpg content_image/1040449.jpg
Net Deferred Tax Liability.  The tax effects of temporary differences between reported earnings and taxable income consisted of the following: 

<img src='content_image/1040448.jpg'>

Our deferred tax assets and liabilities are included in other noncurrent assets and liabilities on the Consolidated Balance Sheet. Our net deferred tax liability consisted of the following: 

<img src='content_image/1040449.jpg'>

We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized. 

Our deferred tax balance associated with our retirement benefits includes a deferred tax asset of $1.2 billion on December 31, 2020 and $1.1 billion on December 31, 2019, related to the amounts recorded in accumulated other comprehensive loss (AOCL) to recognize the funded status of our retirement plans. See Notes M and R for additional details. 

One of our deferred tax liabilities results from our participation in the Capital Construction Fund (CCF), a program established by the U.S. government and administered by the Maritime Administration that supports the acquisition, construction, reconstruction or operation of U.S. flag merchant marine vessels. The program allows us to defer federal and state income taxes on earnings derived from eligible programs as long as the proceeds are deposited in the fund and withdrawals are used for qualified activities. We had U.S. government accounts receivable pledged (and thereby deposited) to the CCF of $295 and $340 on December 31, 2020 and 2019, respectively. 

On December 31, 2020, we had net operating loss carryforwards of $1.1 billion, substantially all of which are associated with jurisdictions that have an indefinite carryforward period. 

