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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
______________________
Additional cash flow information (Note 15)
See notes to consolidated financial statements
43
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands)
Cash flows from operating activities:
Net income
$
567,019
$
669,069
$
410,370
Non-cash and other reconciling items:
Depreciation and amortization
101,336
81,389
60,643
Deferred income taxes (Note 9)
11,782
15,966
46,424
Stock-based compensation (Note 12)
35,737
28,931
28,363
Gain on sale of assets (Note 2) —
—
(
8,751
)
Gain on bargain purchase and other (Note 2)
(2,918
)
(22,715
)
—
Other, net (Note 15)
66,263
56,846
15,385
Changes in (net of effects from businesses acquired):
Receivables
72,267
(421,457
)
(1,070,302
)
Inventories
133,178
(321,939
)
(459,917
)
Accounts payable
(319,094
)
165,185
963,332
Accrued expenses and other, net
(136,852
)
26,804
(15,962
)
Net cash flows provided by (used for) operating activities
528,718
278,079
(30,415
)
Cash flows from financing activities:
Borrowings under accounts receivable securitization program, net (Note 3)
510,000
160,000
—
Issuance of notes in a public offering, net of issuance costs (Note 7) —
—
296,469
Repayment of notes (Note 7) —
(
109,600
)
—
Proceeds from (repayments of) bank debt, net (Note 7)
86,823
1,644
(1,732
)
Proceeds from (repayments of) other debt, net (Note 7)
(1,007
)
7,238
(2,803
)
Repurchases of common stock (Note 4)
(318,333
)
—
—
Other, net (Note 12)
5,590
3,930
4,838
Net cash flows provided by financing activities
283,073
63,212
296,772
Cash flows from investing activities:
Purchases of property, plant and equipment
(128,652
)
(148,707
)
(66,888
)
Cash proceeds from sales of property, plant and equipment
1,046
10,621
12,015
Acquisitions of operations and investments, net of cash acquired (Note 2)
(313,218
)
(690,997
)
(69,333
)
Cash proceeds from divestiture activities (Note 2) —
19,108
11,785
Net cash flows used for investing activities
(440,824
)
(809,975
)
(112,421
)
Effect of exchange rate changes on cash and cash equivalents
(39,437
)
51,916
(5,755
)
Cash and cash equivalents:
— increase (decrease)
331,530
(416,768
)
148,181
— at beginning of year
675,334
1,092,102
943,921
— at end of year
$
1,006,864
$
675,334
$
1,092,102