ctive tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change.

TCJA was signed into law on The TCJA reduced the value of our deferred tax liabilities resulting in the recognition of a tax benefit of approximately million in the quarter of with a credit to earnings for a reduction of those liabilities. In addition, the TCJA contains significant changes to corporate taxes that will materially affect the taxes owed by us in and subsequent years. Among other things, the new law reduces the maximum federal corporate income tax rate from to which should have a positive effect on our net earnings and earnings per share. It also limits or eliminates certain deductions to which we have been entitled in past years.

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(“SAB ) to address the application of U.S. GAAP in situations when a registrant does have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. We have recognized the provisional tax impacts related primarily to depreciation deductions and included these amounts in our consolidated financial statements for the year ended The ultimate impact differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that be issued, and actions we take as a result of the TCJA. The accounting is expected to be complete when the U.S. corporate income tax return is filed later in

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When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are offset or aggregated with other positions. Tax positions that meet the more-likely-than- recognition threshold are measured as the largest amount of tax benefit that is more than percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income tax expense in the statement of operations.

and local income tax expense (benefit) is summarized as follows (in thousands):

 

We have approximately million in federal operating loss carryforwards from which will be fully utilized when we file our tax return. Additionally, we have an aggregate of approximately million of various state operating loss carryforwards. We project to have taxable income in the carryforward periods. Therefore, we believe that it is more likely than that our state net operating loss carryforwards will be fully utilized.

A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will meet the more likely than threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at and was million and million, respectively.

million for the year ended due to changes in estimated utilization of state operating loss carryforwards. Our total valuation allowance provided for deferred income tax assets decreased million for the year ended due to changes in estimated utilization of state operating loss carryforwards.

A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended and is as follows (in thousands):

we increased our recorded non-current pension liability by million and recognized other comprehensive loss of million, net of a million tax benefit. During we increased our recorded non-current pension liability by million and recognized other comprehensive loss of million, net of a million tax benefit. During we decreased our recorded non-current pension liability by million and recognized other comprehensive income of million, net of a million tax expense.

In and we made income tax payments (net of refunds) of million, million and million, respectively. At we had current prepaid income taxes of approximately million and at we had current prepaid income taxes of approximately million.

prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than to be sustained upon examination by taxing authorities.

 With few exceptions, we are longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to  This extended open adjustment period is due to material amounts of net operating loss carryforwards, which exist at the federal level and in multiple-state jurisdictions arising from the and tax years.