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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Recently issued accounting pronouncements —
In June 2011, the FASB amended its guidance on the presentation of
comprehensive income in financial statements. The amended guidance eliminates the option to present components of other
comprehensive income (“OCI”)
as part of the statement of changes in equity. Instead, entities can elect to present items of net income
and OCI in one continuous statement (a “statement of comprehensive income”),
or can elect to present these items in two separate but
consecutive statements. The guidance, which is effective beginning the Company’
s fiscal year 2013, will not have an impact on the
Company’s consolidated financial statements as the guidance only relates to changes in financial statement presentation.
In April 2011, the FASB issued new guidance to achieve common fair value measurement and disclosure requirements between
U.S. generally accepted accounting principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”).
This new
guidance, which is effective beginning the Company’
s fiscal year 2012, amends current U.S. GAAP fair value measurement and
disclosure requirements to include increased transparency around valuation inputs and investment categorization. The adoption of this
new guidance is not expected to have a material impact on the Company’s consolidated financial statements.
2. Acquisitions and divestitures
Acquisitions
During fiscal 2011, 2010 and 2009, the Company acquired sixteen businesses which are presented in the following table.
47
Approximate
Annualized
Acquisition
Acquired Business
Group & Region
Revenues (1)
Date
(Millions)
Fiscal 2011
itX Group Ltd.
TS Asia/Pac
$
160
January 2011
Center Cell
EM Americas
5
November 2010
Eurotone
EM Asia/Pac
30
October 2010
Broadband
EM Americas
8
October 2010
Unidux
EM Asia/Pac
370
July 2010
Tallard Technologies
TS Americas
250
July 2010
Bell Microproducts Inc.
EM & TS Americas
3,021
July 2010
TS EMEA
Fiscal 2010
Servodata HP Division
TS EMEA
$
20
April 2010
PT Datamation
TS Asia/Pac
90
April 2010
Sunshine Joint Stock Company
TS Asia/Pac
30
November 2009
Vanda Group
TS Asia/Pac
30
October 2009
Fiscal 2009
Abacus Group plc
EM EMEA
$
400
January 2009
Nippon Denso Industry Co., Ltd.
EM Asia/Pac
140
December 2008
Ontrack Solutions Pvt. Ltd.
TS Asia/Pac
13
July 2008
Horizon Technology Group plc
TS EMEA
400
June 2008
Source Electronics Corporation
EM Americas
82
June 2008
(1)
Represents the approximate annual revenue from the acquired businesses’
most recent fiscal year end prior to acquisition by
Avnet and based upon average foreign currency exchange rates for those periods.