4.3.17Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities and associated offsets are summarized as follows:

Deferred tax positions (summary)

Movements in net deferred tax positions

Expected realization and settlement of deferred tax positions is within 9 years. The current portion of the net deferred tax position (liability) as of December 31, 2019 amounts to US$2 million. The deferred tax losses are expected to be recovered based on the anticipated profit in the applicable jurisdiction. The Company has US$16 million (2018: US$24 million) of deferred tax assets unrecognized in 2019 due to current tax losses not valued. The term in which these unrecognized deferred tax assets could be settled depends on the respective tax jurisdiction and ranges from seven years to an unlimited period of time.

The non-current portion of deferred tax assets amounts to US$8 million (2018: US$17 million). On a cumulative basis a total amount of US$197 million at the end of 2019 (2018: US$193 million) corresponds to deferred tax assets unrecognized on temporary differences, unused tax losses and tax credits.

Expiry date on deferred tax assets unrecognized on temporary differences, unused tax losses and tax credits:

Deferred tax assets per location are as follows:

Deferred tax positions per location