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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
See notes to consolidated financial statements
45
Years Ended
June 28,
June 30,
July 1,
2008
2007
2006
(Thousands)
Cash flows from operating activities:
Net income
$
499,081
$
393,067
$
204,547
Non
-
cash and other reconciling items:
Depreciation and amortization
59,233
53,775
66,526
Deferred income taxes (Note 9)
107,148
99,604
52,169
Stock
-
based compensation (Note 12)
25,389
24,250
18,096
(Gain) loss on sale of assets, net (Note 2 and 5)
(49,903
)
(3,000
)
2,601
Other, net (Note 15)
24,192
30,745
60,374
Changes in (net of effects from business acquisitions):
Receivables
46,100
(129,351
)
(254,691
)
Inventories
36,453
53,678
(142,563
)
Accounts payable
(123,348
)
262,192
99,670
Accrued expenses and other, net
(170,728
)
(60,321
)
(125,843
)
Net cash flows provided by (used for) operating activities
453,617
724,639
(19,114
)
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
)
(Repayment of) proceeds from bank debt, net
(22,428
)
(122,999
)
89,511
Payment of other debt, net (Note 7)
(19,500
)
(780
)
(643
)
Other, net (Note 12)
8,881
69,512
30,991
Net cash flows (used for) provided by financing activities
(33,047
)
33,867
(3,623
)
Cash flows from investing activities:
Purchases of property, plant and equipment
(89,657
)
(58,782
)
(51,803
)
Cash proceeds from sales of property, plant and equipment
12,061
2,774
4,368
Acquisitions and investments, net of cash acquired (Note 2)
(369,385
)
(433,231
)
(317,114
)
Cash proceeds from divestitures, net of cash divested (Note 2)
68,601
3,445
22,779
Net cash flows used for investing activities
(378,380
)
(485,794
)
(341,770
)
Effect of exchange rate changes on cash and cash equivalents
40,909
7,925
3,353
Cash and cash equivalents:
increase (decrease)
83,099
280,637
(361,154
)
at beginning of year
557,350
276,713
637,867
at end of year
$
640,449
$
557,350
$
276,713
Additional cash flow information (Note 15)