Deferred tax assets and liabilities as of March 31, 2003 and 2002 are presented below: Long-term deferred tax assets of approximately $1.6 million are included in ‘‘Other Assets’’ in the accompa- nying Consolidated Balance Sheet at March 31, 2003. At March 31, 2003, the Company had $3.6 million of foreign net operating loss carryforwards that expire, if unused, in years 2007 though 2010. At March 31, 2003, the Company had $149.8 million of state net operating loss carryforwards that expire, if unused, in years 2008 through 2018. A valuation allowance of $4.3 million has been recognized to offset the deferred tax assets related to those carryforwards. The Company maintains various profit-sharing and thrift plans for all employees meeting certain service require- ments. Generally, the plans allow eligible employees to contribute a portion of their compensation, with the Company matching a percentage thereof. The Company may also make contributions each year for the benefit of all eligible employees under the plans. Total profit sharing and Company matching contributions were $2.3 million, $2.2 million and $4.9 million for 2003, 2002 and 2001, respectively. Pioneer-Standard also has a Supplemental Executive Retirement Plan (the ‘‘SERP’’), implemented during Fiscal 2001, which is a non-qualified plan designed to provide retirement benefits and life insurance for certain officers. Retirement benefits are based on compensation and length of service. The benefits under the SERP are provided from a combination of the benefits to which the officers are entitled under Pioneer-Standard’s profit- sharing and thrift plans and from life insurance policies that are owned by certain officers who have assigned the corporate interest (Pioneer-Standard’s share of the premiums paid) in the policies to the Company. The Com- pany’s cash surrender value of the policies was $1.5 million and $1.3 million at March 31, 2003 and 2002, respectively, and is included in ‘‘Other Assets’’ in the accompanying Consolidated Balance Sheets. The accrued and unfunded liability for the SERP was $1.8 million and $1.2 million at March 31, 2003 and 2002, respectively, and is included in ‘‘Other Long-Term Liabilities’’ in the accompanying Consolidated Balance Sheets. 44 9 EMPLOYEE RETIREMENT PLANS (Dollars in Thousands) 2003 2002 Deferred tax assets: Capitalized inventory costs $ 296 $ 518 Accrued liabilities 1,584 3,458 Allowance for doubtful accounts 1,040 1,117 Inventory valuation reserve 1,579 1,810 Restructuring reserve 2,955 101 Foreign net operating losses 1,237 — Available-for-sale securities — 1,565 Property and equipment 808 — Investment impairment 4,998 — State net operating losses 4,275 2,403 Other 188 710 18,960 11,682 Less valuation allowance (4,275) (3,325) Total net deferred tax assets $14,685 $ 8,357 Deferred tax liabilities: Property and equipment $ — $ 719 Software amortization 4,100 6,624 Goodwill amortization 9,598 6,874 Other 107 804 Total deferred tax liabilities 13,805 15,021 Net deferred tax assets (liabilities) $ 880 $(6,664)