Avnet 2012 Annual Report Download - page 34

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Table of Contents
The Company’s quick assets (consisting of cash and cash equivalents and receivables) increased 3.2%
from July 2, 2011 to June 30, 2012
primarily due to an increase in cash and cash equivalents over the prior year, which was partially offset by a decrease in receivables due
primarily to the impact of the change in foreign currency exchange spot rates at July 2, 2011 and the year-over-
year decline in revenue. Current
assets remained flat as the increase in cash and cash equivalents were offset by a decrease in receivables and inventory, also a result of the
impact of the change in foreign currency exchange spot rates and the decline in sales. Current liabilities increased 7.2% primarily due to an
increase in short-
term borrowings, which was partially offset by a decrease in payables. As a result of the factors noted above, total working
capital decreased by 7.8% during fiscal 2012. Total debt increased by 41.4%, primarily due to the increase in short-
term borrowings, total capital
increased 8.6% and the debt to capital ratio increased to 35.4%.
Long
-Term Contractual Obligations
The Company has the following contractual obligations outstanding as of June 30, 2012 (in millions):
______________________
At June 30, 2012, the Company had a liability for income tax contingencies of $146.6 million
, which is not included in the above table.
Cash payments associated with the settlement of these liabilities that are expected to be paid within the next 12 months is $12.9 million. The
Company does not currently have any material commitments for capital expenditures.
33
Total
Due in Less
Than 1 Year
Due in
1-3 Years
Due in
4-5 Years
Due After
5 Years
Long-term debt, including amounts due
within one year (1)
$
2,146.9
$
872.4
$
314.0
$
660.5
$
300.0
Interest expense on long-term notes (2)
$
322.2
$
85.4
$
120.9
$
63.6
$
52.3
Operating leases
$
294.5
$
95.8
$
110.0
$
52.2
$
36.5
(1) Excludes discount on long-
term notes.
(2) Represents interest expense due on long-
term notes with fixed interest rates and variable debt assuming the same interest rate as at June 30,
2012.