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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
See notes to consolidated financial statements
42
Years Ended
July 2,
July 3,
June 27,
2011
2010
2009
(Thousands)
Cash flows from operating activities:
Net income (loss)
$
669,069
$
410,370
$
(1,129,712
)
Non
-
cash and other reconciling items:
Depreciation and amortization
81,389
60,643
65,781
Deferred income taxes (Note 9)
15,966
46,424
(92,787
)
Stock
-
based compensation (Note 12)
28,931
28,363
18,269
Gain on sale of assets (Note 2)
—
(
8,751
)
(14,318
)
Gain on bargain purchase and other (Note 2)
(22,715
)
—
—
Impairment charges (Note 6)
—
—
1,411,127
Other, net (Note 15)
56,846
15,385
38,414
Changes in (net of effects from businesses acquired):
Receivables
(421,457
)
(1,070,302
)
709,908
Inventories
(321,939
)
(459,917
)
483,453
Accounts payable
165,185
963,332
(375,509
)
Accrued expenses and other, net
26,804
(15,962
)
3,409
Net cash flows provided by (used for) operating activities
278,079
(30,415
)
1,118,035
Cash flows from financing activities:
Borrowings under accounts receivable securitization program, net
(Note 7)
160,000
—
—
Issuance of notes in a public offering, net of issuance costs (Note 7)
—
296,469
—
Repayment of notes (Note 7)
(109,600
)
—
(
300,000
)
Proceeds from (repayments of) bank debt, net (Note 7)
1,644
(1,732
)
(90,444
)
Proceeds from (repayments of) other debt, net (Note 7)
7,238
(2,803
)
(16,361
)
Other, net (Note 12)
3,930
4,838
1,564
Net cash flows provided by (used for) financing activities
63,212
296,772
(405,241
)
Cash flows from investing activities:
Purchases of property, plant and equipment
(148,707
)
(66,888
)
(110,219
)
Cash proceeds from sales of property, plant and equipment
10,621
12,015
13,157
Acquisitions of operations and investments, net of cash acquired (Note 2)
(690,997
)
(69,333
)
(314,941
)
Cash proceeds from divestiture activities (Note 2)
19,108
11,785
14,318
Net cash flows used for investing activities
(809,975
)
(112,421
)
(397,685
)
Effect of exchange rate changes on cash and cash equivalents
51,916
(5,755
)
(11,637
)
Cash and cash equivalents:
—
(
decrease) increase
(416,768
)
148,181
303,472
—
at beginning of year
1,092,102
943,921
640,449
—
at end of year
$
675,334
$
1,092,102
$
943,921
Additional cash flow information (Note 15)