Avnet 2003 Annual Report Download - page 78
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Please find page 78 of the 2003 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì Continued
The 4.5% convertible notes are excluded from the computation of earnings (loss) per share in all years
presented, as the eÅects were antidilutive. The eÅects of certain stock options and restricted stock awards are
also excluded from the determination of the weighted average common shares for diluted earnings (loss) per
share in each of the periods presented as the eÅects were antidilutive. Accordingly, in 2003, 2002 and 2001,
the eÅects of approximately 10,682,000, 9,705,000 and 4,164,000 shares, respectively, related to stock options
and restricted stock awards, are excluded from the computation above of which approximately 10,467,000,
3,891,000 and 4,164,000, respectively, related to options for which the exercise prices were greater than the
average market price of the Company's common stock (see Note 12 for options outstanding and weighted
average exercise prices).
15. Additional cash flow information:
Other non-cash and reconciling items consist of the following:
Years Ended
June 27, June 28, June 29,
2003 2002 2001
(Thousands, except per share data)
Non-cash portion of restructuring and other charges (Note 17) ÏÏ $ 55,344 $ 77,961 $184,024
Provisions for doubtful accountsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46,664 32,276 28,606
Kent deal costs (Note 17) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 81,026
Other, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,120 11,003 2,794
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $105,128 $121,240 $296,450
In 2003, the Company recognized through other comprehensive income (loss) an additional minimum
pension liability of $42,939,000 net of the related deferred tax beneÑt of $19,988,000. In 2002, the Company
recognized through other comprehensive income (loss) an additional minimum pension liability of
$28,205,000 net of the related deferred tax beneÑt of $11,155,000. These are non-cash reconciling items. See
Note 10 for discussion of the Company's pension plan.
The net cash disbursed in all 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 classiÑed as
discontinued operations), are reÖected as cash Öows from ""acquisitions of operations and investments, net.''
See Note 2 for further discussion of cash paid for acquisitions.
Interest and income taxes paid (refunded) during the last three years were as follows:
Years Ended
June 27, June 28, June 29,
2003 2002 2001
(Thousands)
Interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 95,306 $126,945 $183,236
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (195,994) 40,109 201,578
16. Segment information:
At June 27, 2003, the Company consisted of three major operating units: Electronics Marketing
(""EM''), Computer Marketing (""CM'') and Applied Computing (""AC''). This segment organization was
primarily based upon the nature of the products and services oÅered and the customer base served by each of
these operating units. EM is engaged in the global marketing, assembly and/or distribution of electronic and
electromechanical components and certain computer products, principally for industrial and some commercial
and military use. EM also oÅers various value-added services including supply-chain management, engineer-
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