Avnet 2003 Annual Report Download - page 80
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Please find page 80 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
Years Ended
June 27, June 28, June 29,
2003 2002 2001
(Millions)
Capital expenditures:
Electronics Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 20.2 $ 56.3 $ 96.4
Computer Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7.8 10.6 22.9
Applied Computing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.6 12.1 5.1
Corporate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.6 8.2 22.9
$ 34.2 $ 87.2 $ 147.3
Depreciation & amortization expense:
Electronics Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 44.3 $ 53.6 $ 45.3
Computer Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.7 13.6 14.6
Applied Computing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.2 5.6 1.0
Corporate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27.6 31.1 58.5
$ 88.8 $ 103.9 $ 119.4
Sales, by geographic area, are as follows:
AmericasÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $5,028.7 $5,346.3 $ 8,746.0
EMEA (Europe, Middle East and Africa) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,997.1 2,874.4 3,511.6
Asia/PaciÑc ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,022.6 699.5 556.4
$9,048.4 $8,920.2 $12,814.0
Assets, by geographic area, are as follows:
AmericasÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,616.6 $2,892.4 $ 3,442.6
EMEA (Europe, Middle East and Africa) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,461.3 1,444.0 1,990.2
Asia/PaciÑc ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 421.7 345.5 431.3
$4,499.6 $4,681.9 $ 5,864.1
The Company manages its business based upon the operating results of its three operating units before
restructuring and other charges (see Note 17). In each of the three years presented above, approximate
unallocated charges related to EM, CM and AC, respectively, were: $84,238,000, $19,103,000 and $2,212,000
in 2003; $12,811,000, $31,336,000 and $1,191,000 in 2002; and $96,912,000, $17,062,000 and $5,000,000 in
2001. The remaining restructuring and other charges in each year relate to corporate activities.
As a result of the goodwill impairment charge recorded as a cumulative eÅect of change in accounting
principle and the suspension of amortization of goodwill in accordance with SFAS 142 (see Note 6), there is a
signiÑcant decrease in the amount of assets and depreciation and amortization expense in 2002 as compared
with 2001. Beginning in 2003, the Company has allocated its remaining goodwill to the applicable unit level in
order to better evaluate and measure performance of its unit and segment operations. Asset balances by group
and by geography in 2002 and 2001 have been reclassiÑed to present these prior years on a consistent basis.
17. Restructuring and other charges:
Over the course of the past three years, the Company has recorded a number of restructuring and
integration charges which generally related either to charges stemming from acquisition and integration of
newly acquired businesses or the reorganization of operations in each of the three major regions of the world in
which the Company operates. During that period, the Company has also recorded other charges, generally
taken in response to business conditions at the time of the charge, including impairments recorded to certain
of its Internet-related investments.
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