Avnet 2004 Annual Report Download - page 61

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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:
July 3, June 27,
2004 2003
(Thousands)
Deferred tax assets:
Inventory valuation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 12,060 $ 25,370
Accounts receivable valuationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,845 18,963
Federal, state and foreign tax loss carry-forwards ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 328,678 218,217
Various accrued liabilities and other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 57,102 78,682
414,685 341,232
Less Ì valuation allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (174,090) (148,382)
240,595 192,850
Deferred tax liabilities:
Depreciation and amortization of property, plant and equipmentÏÏÏÏÏ 7,544 9,051
Net deferred tax assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 233,051 $ 183,799
As of July 3, 2004, the Company had foreign net operating loss carryforwards of approximately
$781,531,000, approximately $153,535,000 of which have expiration dates ranging from Ñscal 2005 to 2019
and the remaining $627,996,000 of which have no expiration date. The Company also had U.S. federal net
operating loss carryforwards of approximately $69,470,000 as of July 3, 2004, which expire in Ñscal 2024.
10. Pension and ProÑt Sharing Plans:
Pension Plan
The Company's noncontributory deÑned beneÑt pension plan (the ""Plan'') covers substantially all
domestic employees. Employees are eligible to participate in the Plan following the Ñrst year of service with at
least 1,000 hours worked. The 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. The Company uses June 30 as the measurement date for determining pension beneÑts for
each Ñscal year.
52