Avnet 2001 Annual Report Download - page 44

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Avnet, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
June 29, June 30, July 2,
Years Ended 2001 2000 1999
(In thousands)
Cash flows from operating activities:
Net income $ 15,402 $ 163,392 $ 174,639
(Income) loss from discontinued operations, net of income taxes (2,416) (828) 5,683
Gain on disposal of discontinued operations (12,889) — —
Net income from continuing operations 97 162,564 180,322
Non-cash and other reconciling items:
Depreciation and amortization 119,398 83,516 57,445
Deferred taxes (Note 9) (79,659) (40,159) (34,532)
Other, net (Note 15) 296,450 43,339 58,787
Pre-tax gain on dispositions of businesses (Note 17) — — (209,547)
336,286 249,260 52,475
Changes in (net of effects from businesses acquired):
Receivables 315,669 (453,330) (77,137)
Inventories 248,978 (535,844) 16,288
Payables, accruals and other, net (714,733) 245,532 106,269
Net cash flows provided from (used for) operating activities 186,200 (494,382) 97,895
Cash flows from financing activities:
Repurchase of common stock — — (70,147)
Sale of accounts receivable under asset securitization program (Note 3) 350,000 — —
Issuance of notes in public offerings, net 572,389 358,326 198,305
(Repayment) issuance of commercial paper and bank debt, net (427,227) 696,104 (209,773)
Payment of other debt, net (25,983) (138) (128)
Cash dividends (Note 15) (27,387) (18,180) (26,735)
Other, net 10,834 29,157 4,755
Net cash flows provided from (used for) financing activities 452,626 1,065,269 (103,723)
Cash flows from investing activities:
Purchases of property, plant and equipment (125,421) (92,488) (79,122)
(Acquisitions) dispositions of operations, net (Notes 2 and 17) (858,851) (675,030) 341,635
Investments in non-consolidated entities, net (2,955) (42,972) —
Proceeds from sale of discontinued operations 226,390 — —
Net cash flows (used for) provided from investing activities (760,837) (810,490) 262,513
Effect of exchange rate changes on cash and cash equivalents (7,468) (995) (272)
Net (decrease) increase in cash from discontinued operations (25,073) (11,082) 997
Cash and cash equivalents:
—(decrease) increase (154,552) (251,680) 257,410
— at beginning of year 268,244 519,924 262,514
— net change during Kent’s quarter ending June 30, 2000 (Note 2) (16,413) — —
— at end of year $ 97,279 $ 268,244 $ 519,924
Additional cash flow information (Note 15)
See notes to consolidated financial statements
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