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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
See notes to consolidated financial statements
44
Years Ended
June 27,
June 28,
June 30,
2009
2008
2007
(Thousands)
Cash flows from operating activities:
Net income (loss)
$
(1,122,462
)
$
499,081
$
393,067
Non
-
cash and other reconciling items:
Depreciation and amortization
66,072
59,233
53,775
Deferred income taxes (Note 9)
(88,143
)
107,148
99,604
Stock
based compensation (Note 12)
18,269
25,389
24,250
Impairment charges (Note 6)
1,411,127
—
—
Gain on sale of assets, net (Note 2 and 5)
(14,318
)
(49,903
)
(3,000
Other, net (Note 15)
38,414
24,192
30,745
Changes in (net of effects from business acquisitions):
Receivables
709,908
46,100
(129,351
Inventories
483,453
36,453
53,678
Accounts payable
(375,509
)
(123,348
)
262,192
Accrued expenses and other, net
(8,776
)
(170,728
)
(60,321
Net cash flows provided by operating activities
1,118,035
453,617
724,639
Cash flows from financing activities:
Issuance of notes in public offerings, net of issuance costs (Note 7)
—
—
593,169
Repayment of notes (Note 7)
(300,000
)
—
505,035
Repayment of bank debt, net (Note 7)
(90,444
)
(22,428
)
(122,999
Repayment of other debt, net (Note 7)
(16,361
)
(19,500
)
(780
Other, net (Note 12)
1,564
8,881
69,512
Net cash flows (used for) provided by financing activities
(405,241
)
(33,047
)
33,867
Cash flows from investing activities:
Purchases of property, plant and equipment
(110,219
)
(89,657
)
(58,782
Cash proceeds from sales of property, plant and equipment
13,157
12,061
2,774
Acquisitions of operations, net of cash acquired (Note 2)
(314,941
)
(369,385
)
(433,231
Cash proceeds from divestiture activities (Note 2)
14,318
68,601
3,445
Net cash flows used for investing activities
(397,685
)
(378,380
)
(485,794
Effect of exchange rate changes on cash and cash equivalents
(11,637
)
40,909
7,925
Cash and cash equivalents:
—
increase
303,472
83,099
280,637
—
at beginning of year
640,449
557,350
276,713
—
at end of year
$
943,921
$
640,449
$
557,350
Additional cash flow information (Note 15)