On June 6, 2003, the company acquired for  $40.6 million the assets of the Brabant and Fairway newspaper groups, the printing operations of the Hamilton Printing Group, the Flamborough Review and the Orangeville Banner. Net tangible assets acquired were $4.3 million including $2.2 million  of property, plant and equipment. $36.3 million of the purchase price has been allocated to goodwill. The company purchased on December 1, 2003, J.H. Robinson Publishing Limited and Silva Litho Solutions Inc., for a purchase price of $8.9 million. Net tangible assets acquired were $3.2 million including $1.6 million of property, plant and equipment. $5.7 million of the purchase price has been allocated to goodwill.  A number of other smaller community newspaper purchases were completed during 2003 for a total purchase price of $1.1 million including $0.9 million allocated to goodwill. On May 8, 2003, the company acquired the remaining 49% interest in Transit Television Network for  $0.8 million plus a contingent purchase price based on future operating results. Each of the acquisitions above were accounted for under the purchase method. The consideration for each acquisition was cash. The amount of goodwill that is expected to be deductible for tax purposes  is $3.3 million (2003 – $27.7 million). The company maintains a number of defined benefit plans which provide pension benefits to its employees in Canada and the United States. The company also maintains defined contribution plans in the United States and in certain overseas operations of Harlequin. Post employment benefits other than pensions are also available to employees, primarily in the Canadian newspaper operations, which provide for various health and life insurance benefits. The company completed a number of community newspaper acquisitions during purchase price was $16.1 million. The purchase price included $1.0 million of tangible assets including $0.2 million of property, plant and equipment and $3.7 million of intangible assets. $11.4 million of the purchase price was allocated to goodwill. At December 31, 2004, the company had net  operating loss carryforwards of approximately  U.S. $45.1 million for income tax purposes for  which no future tax asset has been recognized.  U.S. $35.0 million of the U.S. carryforward will expire in 2021, U.S. $3.5 million will expire in 2023 and U.S. $6.6 million will expire in 2024. Future income temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the company's future income tax assets and liabilities as of December 31 are as follows: 12. EMPLOYEE FUTURE BENEFITS 11. ACQUISITIONS 55 TORSTAR 2004 2004 2003 Current future income tax assets: Receivables $18,336 $18,694 Other 5,515 5,740 $23,851 $24,434 Non-current future  income tax assets: Tax losses carried forward $55,100 $59,345 Pensions 1,426 4,623 Other 1,530 562 $58,056 $64,530 Non-current future  income tax liabilities: Property, plant and equipment $47,794 $49,361 Pensions 12,511 8,069 Goodwill and other 10,372 7,254 $70,677 $64,684 MANAGEMENT’S TORSTAR CORPORATION