Avnet 2001 Annual Report Download - page 57

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5555
Avnet, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
15. ADDITIONAL CASH FLOW INFORMATION
Other non-cash and reconciling items primarily include provisions
for doubtful accounts and certain non-recurring items (see Note 17).
Due to the Company’s fiscal year end (see Note 1) and its historical
dividend payment dates, the fiscal year ended July 2, 1999 includes
the cash payment of the July 1, 1999 dividend. This results in the
inclusion of five quarterly dividend payments in 1999 as compared
with three quarterly payments in 2000 and four in 2001. No divi-
dends were paid on Kent shares prior to the acquisition.
The net cash disbursed in each of the three years in connection with
acquisitions (see Note 2), as well as the net cash collected in those
years from dispositions (with the exception of the disposal of K*TEC,
which is classified as discontinued operations), are reflected as cash
flows from “(acquisitions) dispositions of operations, net.”
Interest and income taxes paid during the last three years were
as follows:
June 29, June 30, July 2,
Years Ended 2001 2000 1999
(In thousands)
Interest $183,236 $ 82,860 $ 57,109
Income taxes 201,578 227,901 92,700
16. SEGMENT INFORMATION
The Company currently consists of three major operating groups:
Electronics Marketing (“EM”), Computer Marketing (“CM”) and
Avnet Applied Computing (“AAC”), which began operating in the
Americas and in Europe effective as of the beginning of the second
and third quarters of 2000, respectively, and in Asia beginning in
2001. The results for AAC in the Americas, Europe and Asia prior
to those dates are included in EM and CM as the results of the
operating groups have not been restated. EM focuses on the global
distribution of, and value-added services associated with, electronics
components; CM focuses on middle- to high-end, value-added
computer products distribution and related services; and AAC serves
the needs of personal computer OEMs and system integrators by
providing the latest technologies such as microprocessors, and
serves the needs of embedded systems OEMs that require technical
services such as product prototyping, configurations and other
value-added services.