Avnet 2008 Annual Report Download - page 74

Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Other non-cash and reconciling items consist of the following:
Interest and income taxes paid during the last three years were as follows:
Non-cash activity during fiscal 2008 included amounts recorded through comprehensive income and, therefore,
are not included in the consolidated statement of cash flows. Fiscal 2008 included an adjustment to increase pension
liabilities (including non-US pension liabilities) of $27,783,000 which was recorded net of related deferred tax
benefit of $10,901,000 in other comprehensive income (see Notes 4 and 10). Other non-cash activities included
assumed debt of $46,887,000 and assumed liabilities of $140,111,000 as a result of the acquisitions completed in
fiscal 2008 (see Note 2).
Non-cash activity during fiscal 2007 resulting from the acquisition of Access (see Note 2) consisted of
$344,132,000 of assumed liabilities. Other non-cash activities included amounts recorded through comprehensive
income and, therefore, are not included in the consolidated statement of cash flows. Fiscal 2007 included an
adjustment to reduce pension liabilities (including non-
US pension liabilities) of $10,720,000 which was recorded net
of related deferred tax benefit of $4,181,000 in other comprehensive income (see Notes 4 and 10).
Non-cash activity during fiscal 2006 that was a result of the Memec acquisition (see Note 2) consisted of
$418,205,000 of common stock issued as part of the consideration, $447,499,000 of liabilities assumed and
$27,343,000 of debt assumed. Other non-cash activities included amounts recorded through comprehensive income
and, therefore, are not included in the consolidated statement of cash flows. Fiscal 2006 included a reversal of a
portion of additional minimum pension liabilities (including non-US pension liabilities) of $32,979,000 which was
recorded net of related deferred tax benefit of $13,059,000 in other comprehensive income (see Notes 4 and 10), and
the exercise of a facility lease purchase option through the assumption of debt in the amount of $3,987,000.
Electronics Marketing and Technology Solutions are the overall segments upon which management primarily
evaluates the operations of the Company and upon which management bases its operating decisions. Therefore, the
segment data that follows reflects these two segments.
EM markets and sells semiconductors and interconnect, passive and electromechanical devices. EM markets and
sells its products and services to a diverse customer base serving many end-markets including automotive,
communications, computer hardware and peripheral, industrial and manufacturing, medical equipment, military and
aerospace. EM also offers an array of value-added services that help customers evaluate, design-in and procure
electronic components throughout the lifecycle of their technology products and systems, including supply-chain
management, engineering design, inventory replenishment systems, connector and cable assembly and
semiconductor programming.
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15.
Additional cash flow information
Years Ended
June 28,
June 30,
July 1,
2008
2007
2006
(Thousands)
Provision for doubtful accounts
$
12,315
$
17,389
$
30,737
Periodic pension costs (Note 10)
11,265
12,779
12,956
Non
-
cash restructuring and other charges (Note 17)
710
1,404
15,308
Other, net
(98
)
(827
)
1,373
Total
$
24,192
$
30,745
$
60,374
Years Ended
June 28, June 30, July 1,
2008
2007
2006
(Thousands)
Interest
$
71,549
$
82,621
$
95,299
Income taxes
$
170,764
$
67,576
$
35,724
16. Segment information