AVNET, INC. | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(THOUSANDS) | ||||||||||||
JUNE 29, | JUNE 30, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 1,009,343 | $ | 1,006,864 | ||||||||
Receivables, net | 4,868,973 | 4,607,324 | ||||||||||
Inventories | 2,264,341 | 2,388,642 | ||||||||||
Prepaid and other current assets | 214,221 | 251,609 | ||||||||||
Total current assets | 8,356,878 | 8,254,439 | ||||||||||
Property, plant and equipment, net | 492,606 | 461,230 | ||||||||||
Goodwill | 1,261,288 | 1,100,621 | ||||||||||
Other assets | 363,908 | 351,576 | ||||||||||
Total assets | $ | 10,474,680 | $ | 10,167,866 | ||||||||
Liabilities and Shareholders' Equity: | ||||||||||||
Current liabilities: | ||||||||||||
Borrowings due within one year | $ | 838,190 | $ | 872,404 | ||||||||
Accounts payable | 3,278,152 | 3,230,765 | ||||||||||
Accrued expenses and other | 705,102 | 695,483 | ||||||||||
Total current liabilities |
4,821,444 | 4,798,652 | ||||||||||
Long-term debt | 1,206,993 | 1,271,985 | ||||||||||
Other long-term liabilities | 157,118 | 191,497 | ||||||||||
Total liabilities | 6,185,555 | 6,262,134 | ||||||||||
Shareholders' equity | 4,289,125 | 3,905,732 | ||||||||||
Total liabilities and shareholders' equity | $ | 10,474,680 | $ | 10,167,866 | ||||||||
AVNET, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(THOUSANDS) | ||||||||||||||
FISCAL YEARS ENDED | ||||||||||||||
JUNE 29, | JUNE 30, | |||||||||||||
2013 | 2012 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 450,073 | $ | 567,019 | ||||||||||
Non-cash and other reconciling items: | ||||||||||||||
Depreciation and amortization | 120,676 | 101,336 | ||||||||||||
Deferred income taxes | (10,019 | ) | 11,782 | |||||||||||
Stock-based compensation | 43,677 | 35,737 | ||||||||||||
Gain on bargain purchase and other | (31,011 | ) | (2,918 | ) | ||||||||||
Other, net | 75,327 | 66,263 | ||||||||||||
Changes in (net of effects from businesses acquired): | ||||||||||||||
Receivables | (94,203 | ) | 72,267 | |||||||||||
Inventories | 225,667 | 133,178 | ||||||||||||
Accounts payable | (78,834 | ) | (319,094 | ) | ||||||||||
Accrued expenses and other, net | (5,156 | ) | (136,852 | ) | ||||||||||
Net cash flows provided by operating activities | 696,197 | 528,718 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Issuance of notes in public offering, net of issuance cost | 349,258 | - | ||||||||||||
(Repayment of) borrowings under accounts receivable securitization program | (310,000 | ) | 510,000 | |||||||||||
(Repayment of) Proceeds from bank debt, net | (179,861 | ) | 86,823 | |||||||||||
Repayment of other debt, net | (1,080 | ) | (1,007 | ) | ||||||||||
Repurchases of common stock | (207,192 | ) | (318,333 | ) | ||||||||||
Other, net | 4,792 | 5,590 | ||||||||||||
Net cash flows (used in) provided by financing activities | (344,083 | ) | 283,073 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment |
(97,379 | ) | (128,652 | ) | ||||||||||
Cash proceeds from sales of property, plant and equipment | 3,018 | 1,046 | ||||||||||||
Acquisitions of operations, net of cash acquired | (262,306 | ) | (313,218 | ) | ||||||||||
Cash proceeds from divestitures | 3,613 | - | ||||||||||||
Net cash flows used for investing activities | (353,054 | ) | (440,824 | ) | ||||||||||
Effect of exchange rates on cash and cash equivalents | 3,419 | (39,437 | ) | |||||||||||
Cash and cash equivalents: | ||||||||||||||
- increase | 2,479 | 331,530 | ||||||||||||
- at beginning of period | 1,006,864 | 675,334 | ||||||||||||
- at end of period | $ | 1,009,343 | $ | 1,006,864 | ||||||||||
AVNET, INC. | ||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
(MILLIONS) | ||||||||||||||||||||
FOURTH QUARTERS ENDED | FISCAL YEARS ENDED | |||||||||||||||||||
JUNE 29, |
JUNE 30, | JUNE 29, | JUNE 30, | |||||||||||||||||
SALES: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Electronics Marketing | $ | 3,970.6 | $ | 3,764.4 | $ | 15,094.4 | $ | 14,933.1 | ||||||||||||
Technology Solutions | 2,620.1 | 2,543.0 | 10,364.5 | 10,774.4 | ||||||||||||||||
Consolidated | $ | 6,590.7 | $ | 6,307.4 | $ | 25,458.9 | $ | 25,707.5 | ||||||||||||
OPERATING INCOME: | ||||||||||||||||||||
Electronics Marketing | $ | 175.4 | $ | 191.1 | $ | 624.0 | $ | 751.4 | ||||||||||||
Technology Solutions | 73.3 | 67.4 | 278.4 | 319.3 | ||||||||||||||||
Corporate | (26.0 | ) | (24.6 | ) | (126.9 | ) | (112.9 | ) | ||||||||||||
222.7 | 233.9 | 775.5 | 957.8 | |||||||||||||||||
Restructuring, integration and other charges |
(59.8 | ) | (20.5 | ) | (149.5 | ) | (73.6 | ) | ||||||||||||
Consolidated* |
$ | 162.8 | $ | 213.4 | $ | 626.0 | $ | 884.2 |
* |
Certain amounts may not total due to rounding |
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AVNET, INC.