Asset ImpairmentsDeferred taxes are provided on the outside basis differences and unremitted earnings of subsidiaries outside of Ireland. All undistributed earnings of foreign subsidiaries and affiliates are expected to be repatriated as of December 31, 2021. Based on the evaluation of available evidence, both positive and negative, we recognize future tax benefits, such as net operating loss carryforwards and tax credit carryforwards, to the extent that realizing these benefits is considered to be more likely than not.
As of December 31, 2020, net property, plant2021, we had deferred tax assets of $122.6 million, after valuation allowances of $127.7 million. In evaluating the ability to realize the deferred tax assets, we rely on, in order of increasing subjectivity, taxable income in prior carryback years, the future reversals of existing taxable temporary differences, tax planning strategies and equipment, net identifiable finite-lived intangible assets,forecasted taxable income using historical and goodwill totaled $601.4 million, $182.8 million,projected future operating results.
Swiss federal and $74.2 million, respectively. Management makes estimatescantonal tax reform was enacted on August 6, 2019 and assumptions in preparing the consolidated financial statements for which actual results will emerge over long periods of time. ThisOctober 25, 2019, respectively, and includes the recoverability of long-lived assets employed in the business. These estimates and assumptions are closely monitored by management and periodically adjusted as circumstances warrant. For instance, expected asset lives may be shortened or impairment may be recorded based on a change in the expected use of the asset or performance of the related asset group.
We evaluate long-lived assets and identifiable finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset grouping may not be recoverable. In the event the carrying value of the asset exceeds its undiscounted future cash flows and the carrying value is not considered recoverable, impairment may exist. An impairment loss, if any, is measuredmeasures such as, the excesselimination of certain preferential tax regimes and implementation of new tax rates at both the asset’s carrying value over its fair value, generally based on a discountedfederal and cantonal levels. It also includes transitional relief measures which may provide for future cash flow method, independent appraisals, etc.
tax deductions.As a result of continuing our strategy to focus effortsboth the federal and increase investments in certain product offerings serving specific applications that are less cyclical and offer significantly higher growth and margin potential, in March of 2020,cantonal law changes, the Company initiatedrecorded a consultation process with the Economic Council and Works Councils of Trinseo Deutschland regarding the disposition of our styrene monomer assets in Boehlen, Germany and our PBR assets in Schkopau, Germany. Based on the Company’s evaluation of these asset groups, we determined that the long-lived assets at both locations should be assessed for impairment. These assessments indicated that the carrying values of the asset groups at each location were not recoverable when compared to the expected undiscounted future cash flows from the operation and potential disposition of these assets. The fair value of the depreciable assets at each location was determined through an analysis of the underlying fixed asset records in conjunction with the use of industry experience and available market data. Based upon the Company’s assessments,$65.0 million one-time deferred tax benefit for the year ended December 31, 2020, we2019, of which $61.6 million was related to cantonal tax law changes. The Company believes it is more likely than not that a portion of this deferred tax benefit recorded impairment chargesas a result of these cantonal tax law changes will not be realized during the utilization period provided by the legislation, spanning 2025 through 2029. This is based on the Boehlen styrene monomer assetsCompany’s estimate of future taxable income in Switzerland, which was determined using management’s judgment and assumptions about various factors, such as: historical experience and results, cyclicality of the Schkopau PBR assetsbusiness, implications of $10.3COVID-19, recent acquisitions and divestitures, and future industry and macroeconomic conditions and trends possible during the aforementioned utilization period. As a result, the Company recorded a $25.3 million and $28.0 million, respectively, which are allocated to the Feedstocks segment and Synthetic Rubber segment, respectively. The amounts are included within “Impairment charges” in the consolidated statementsvaluation allowance as of operations.
Through December 31, 2020, we have continued to assess the recoverability of certain assets, and concluded there are no additional significant events or circumstances identified by management that would indicate these assets are not recoverable. However, the current environment is subject to changing market conditions and requires significant management judgment to identify the potential impact to our assessment. If we are not able to achieve certain actions or our future operating results do not meet our expectations, it is possible that impairment charges may need to be recorded on one or more of our operating facilities.
Long-lived assets to be disposed of by sale are classified as held-for-sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of in a manner other than by sale are classified as held-and-used until they are disposed.2019. As of December 31, 2020,2021, due to foreign exchange translation, the Company had no assets classified as held-for-sale. total valuation allowance recorded was $25.8 million.
As of December 31, 2019,2021, we had deferred tax assets for tax loss carryforward of approximately $389.4 million, $17.4 million of which is subject to expiration in the Company’s land in Livorno, Italy, onyears between 2022 and 2027. We continue to evaluate our historical and projected operating results for several legal entities for which we formerly had a latex binders manufacturing facility, and the associatedmaintain valuation allowances on net deferred tax liability relatedassets.
We are subject to that land were classified as held-for-saleincome taxes in Ireland, the United States and recorded at values of $11.8 millionnumerous foreign jurisdictions, and are subject to audit within “Other current assets” and $2.8 million within “Accrued expenses and other current liabilities,” respectively. The land was sold in January 2020, as described in further detail within Note 20these jurisdictions. Therefore, in the consolidatedordinary course of business there is inherent uncertainty in quantifying our income tax positions. The tax provision includes amounts considered sufficient to pay assessments that may result from examinations of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued. Since significant judgment is required to assess the future tax consequences of events that have been recognized in our financial statements or tax returns, the ultimate resolution of these events could result in adjustments to our financial statements and such adjustments could be material. Therefore, we consider such estimates to be critical in preparation of our financial statements.
As noted above, our goodwill impairment testingThe financial statement effect of an uncertain income tax position is performed annually as of October 1 at a reporting unit level. We perform more frequent impairment testsrecognized when events or changes in circumstances indicate that the fair value of a reporting unit hasit is more likely than not, declined below its carrying value. As of our annual assessment date of October 1, 2020, each of our reporting units had fair valuesbased on the technical merits, that exceeded the carrying value of their net assets, indicatingposition will be sustained upon examination. Accruals are recorded for other tax contingencies when it is probable that no impairment of goodwill is warranted.
A goodwill impairment loss generally would be recognized whena liability to a taxing authority has been incurred and the carrying amount of the reporting unit’s netcontingency can be reasonably estimated. Uncertain income tax positions have been recorded in “Other noncurrent obligations” in the consolidated balance sheets for the periods presented.
Management judgment is required in determining our provision for income taxes, our deferred tax assets exceedsand liabilities, and any valuation allowance recorded against our deferred tax assets. The valuation allowance is based on our estimates of future taxable income and the estimated fair valueperiod over which we expect the deferred tax assets to be recovered. Our estimate of future taxable income is based on management’s judgment and assumptions about various factors including historical experience and results, cyclicality of the reporting unit. The estimated fair value of a reporting unit is determined using a market approachbusiness, and an income approach (under the discounted cash flow method). When supportable, the Company employs the qualitative assessment of goodwill impairment prescribed by Accounting Standards Codification 350. As of December 31, 2020,future industry and macroeconomic conditions and trends. Changes in these assumptions in future periods may require we adjust our $74.2 million in total goodwill is allocated to our reportable segments as follows:
