Avnet 2007 Annual Report Download - page 50

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AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
June 30,
2007
July 1,
2006
July 2,
2005
Years Ended
(Thousands)
Cash flows from operating activities:
Net income ........................................... $393,067 $ 204,547 $ 168,239
Non-cash and other reconciling items:
Depreciation and amortization ........................... 53,775 66,526 61,746
Deferred income taxes (Note 9) .......................... 99,604 52,169 63,734
Non-cash restructuring and other charges (Note 17) ........... 1,404 15,308 —
Stock-based compensation (Note 12) ...................... 24,250 18,096 1,135
Other, net (Note 15)................................... 26,341 47,667 45,980
Changes in (net of effects from business acquisitions):
Receivables ........................................... (129,351) (254,691) (168,892)
Inventories ........................................... 53,678 (142,563) 144,004
Accounts payable ...................................... 262,192 99,670 191,270
Accrued expenses and other, net ........................... (60,321) (125,843) (45,380)
Net cash flows provided by (used for) operating activities ..... 724,639 (19,114) 461,836
Cash flows from financing activities:
Issuance of notes in public offerings, net of issuance costs (Note 7). . 593,169 246,483 —
Repayment of notes (Note 7) . ............................. (505,035) (369,965) (89,589)
(Repayment of) proceeds from bank debt, net.................. (122,999) 89,511 (10,789)
Payment of other debt, net (Note 7) ......................... (780) (643) (86)
Other, net (Note 15) .................................... 69,512 30,991 2,274
Net cash flows provided by (used for) financing activities ..... 33,867 (3,623) (98,190)
Cash flows from investing activities:
Purchases of property, plant and equipment ................... (58,782) (51,803) (31,338)
Cash proceeds from sales of property, plant and equipment ........ 2,774 4,368 7,271
Acquisitions and investments, net (Note 2) .................... (433,231) (317,114) (3,563)
Cash proceeds from divestitures, net (Note 2) .................. 3,445 22,779 —
Net cash flows used for investing activities .............. (485,794) (341,770) (27,630)
Effect of exchange rate changes on cash and cash equivalents ....... 7,925 3,353 (10,816)
Cash and cash equivalents:
— increase (decrease) ................................... 280,637 (361,154) 325,200
— at beginning of year .................................. 276,713 637,867 312,667
— at end of year ....................................... $557,350 $ 276,713 $ 637,867
Additional cash flow information (Note 15)
See notes to consolidated financial statements
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