Avnet 2003 Annual Report Download - page 72
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Please find page 72 of the 2003 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì Continued
The signiÑcant components of deferred tax assets and liabilities, included primarily in other long-term
assets on the consolidated balance sheets, are as follows:
June 27, June 28,
2003 2002
(Thousands)
Deferred tax assets:
Inventory valuation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 25,370 $ 25,900
Accounts receivable valuationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,963 28,299
Foreign tax loss carry-forwardsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 218,217 188,808
Various accrued liabilities and other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 78,682 80,346
341,232 323,353
Less Ì valuation allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (148,382) (120,671)
192,850 202,682
Deferred tax liabilities:
Depreciation and amortization of property, plant and equipmentÏÏÏÏÏ 9,051 12,474
Net deferred tax assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 183,799 $ 190,208
As of June 27, 2003, the Company has foreign net operating loss carryforwards of approximately
$735,020,000, approximately $168,318,000 of which have expiration dates ranging from 2004 to 2016 and the
remaining $566,702,000 of which have no expiration date.
10. Pension and proÑt sharing plans:
The Company's noncontributory deÑned beneÑt pension plan (the ""Plan'') and its 401(k) plan cover
substantially all domestic employees. Kent also had a 401(k) plan covering all of its eligible employees which,
in September 2001, was merged into the Avnet 401(k) plan. The expense relating to the 401(k) plans for
2003, 2002 and 2001 amounted to $17,900, $23,000 and $4,281,000, respectively. During 2003 and 2002, the
Company did not make any material matching contributions. The noncontributory pension plan provides
deÑned beneÑts pursuant to a cash balance feature whereby a participant accumulates a beneÑt based upon a
percentage of current salary, which varies with age, and interest credits. At June 27, 2003, the market value of
the pension plan assets was $132,764,000. These assets were comprised of common stocks (56%), corporate
debt obligations (25%), U.S. Government securities (14%) and money market funds (5%). The pension plan
assets do not include any material investments in Avnet common stock.
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