Avnet 2001 Annual Report Download - page 41

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Avnet, Inc. and Subsidiaries
Consolidated Balance Sheets
June 29, June 30,
2001 2000
(In thousands, except share amounts)
Assets:
Current assets:
Cash and cash equivalents $ 97,279 $ 268,244
Receivables, less allowances of
$65,204 and $44,523, respectively (Note 3) 1,629,566 1,899,988
Inventories (Note 4) 1,917,044 2,013,221
Net assets of discontinued operations (Note 2) — 143,795
Other 103,600 80,550
Total current assets 3,747,489 4,405,798
Property, plant and equipment, net (Note 6) 417,159 345,659
Goodwill, net of accumulated amortization of
$120,127 and $84,824, respectively (Note 1) 1,404,863 959,995
Other assets 294,637 222,972
Total assets $ 5,864,148 $5,934,424
Liabilities:
Current liabilities:
Borrowings due within one year (Note 7) $ 1,302,129 $ 503,287
Accounts payable 853,196 1,185,292
Accrued expenses and other (Note 8) 414,740 348,532
Total current liabilities 2,570,065 2,037,111
Long-term debt, less due within one year (Note 7) 919,493 1,650,610
Total liabilities 3,489,558 3,687,721
Commitments and contingencies (Notes 11 and 13)
Shareholders’ equity (Notes 1 and 12):
Common stock $1.00 par, authorized 300,000,000
shares and 120,000,000 shares, respectively, issued
117,840,000 shares and 115,400,000 shares, respectively 117,840 115,400
Additional paid-in capital 542,733 470,360
Retained earnings 1,770,645 1,776,025
Cumulative translation adjustments (Note 5) (56,297) (54,582)
Cumulative valuation adjustments (Note 5) — 2,293
Treasury stock at cost, 12,711 shares and
2,396,000 shares, respectively (331) (62,793)
Total shareholders’ equity 2,374,590 2,246,703
Total liabilities and shareholders’ equity $ 5,864,148 $5,934,424
See notes to consolidated financial statements
39