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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Interest and income taxes paid during the last three years were as follows:
Non-cash activity during fiscal 2009 included amounts recorded through comprehensive income and, therefore,
are not included in the consolidated statement of cash flows. Fiscal 2009 included an adjustment to increase pension
liabilities (including non-US pension liabilities) of $42,948,000 which was recorded net of related deferred tax
benefit of $16,767,000 in other comprehensive income (see Notes 4 and 10). Other non-cash activities included
assumed debt of $146,831,000 and assumed liabilities of $261,434,000 as a result of the acquisitions completed in
fiscal 2009 (see Note 2).
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).
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.
TS markets and sells mid- to high-end servers, data storage, software, and the services required to implement
these products and solutions to the value-added reseller channel. TS also focuses on the worldwide original
equipment manufacturers (“OEM”) market for computing technology, system integrators and non-PC OEMs that
require embedded systems and solutions including engineering, product prototyping, integration and other value-
added services.
69
Years Ended
June 27,
June 28,
June 30,
2009
2008
2007
(Thousands)
Interest
$
66,895
$
71,549
$
82,621
Income taxes
$
126,010
$
170,764
$
67,576
16.
Segment information