5 . 6.3. Deferred taxes in the balance sheet The net change in deferred taxes (assets and liabilities) can be analysed as follows: € millions Balance of deferred tax assets at 31 December 2018 572.7 Balance of deferred tax liabilities at 31 December 2018 -673.7 Income statement impact 42.5 Translation differences 3.8 Other effects (1) 94.3 Balance of deferred tax assets at 31 December 2019 777.3 Balance of deferred tax liabilities at 31 December 2019 -737.7 Income statement impact 10.1 Translation differences -8.5 Other effects (1) 62.1 Balance of deferred tax assets at 31 December 2020 809.9 Balance of deferred tax liabilities at 31 December 2020 -706.6 Income statement impact -83.6 Translation differences -7.4 Other effects (1) -126.0 BALANCE OF DEFERRED TAX ASSETS AT 31 DECEMBER 2021 696.5 BALANCE OF DEFERRED TAX LIABILITIES AT 31 DECEMBER 2021 -810.3 (1) Including mainly the deferred tax impact of currency hedging instruments recognised in equity, as well as the tax effect on actuarial gains and losses recognised in equity. Deferred tax assets and liabilities recorded in the balance sheet may be broken down as follows: €  millions 31.12.2021 31.12.2020 31.12.2019 Deferred tax assets Deferred tax assets Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Temporary differences 672.3 498.8 783.3 431.4 760.2 422.5 Deferred tax liabilities on revaluation of Sanofi 311.5 275.2 315.2 Tax credits and tax loss carry-forwards 24.2 26.6 17.1 DEFERRED TAX TOTAL 696.5 810.3 809.9 706.6 777.3 737.7 Deferred tax assets on temporary differences mainly relate to provisions for pensions and early retirement (€93.6   million, €263.8   million and €209.8  mill ion respectively at the end of 2021, 2020 and 2019) and provisions for liabilities and charges (€115.9 mill ion, €135.8 mill ion and €136.5 mill ion at the end of 2021, 2020 and 2019). Deferred tax liabilities on temporary differences mainly include intangible assets acquired under business combinations other than non-tax-deductible goodwill. Deferred tax assets whose recovery is not considered probable are not recorded in the financial statements; such assets amount to €16.4  mill ion at 31   December 2021 compared with €14.3   million at 31  December 2020 and €17.0  million at 31  December 2019. 310 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements