Avnet 2012 Annual Report Download - page 52

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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
4. Shareholders' equity
Comprehensive income (loss)
The following table illustrates the accumulated balances of comprehensive income (loss) items at June 30, 2012, July 2, 2011, and July 3,
2010:
Share repurchase program
In August 2011, the Board of Directors approved the repurchase of up to an aggregate of $500 million of shares of the Company’
s
common stock through a share repurchase program. The Company plans to repurchase stock from time to time at the discretion of management,
subject to strategic considerations, market conditions and other factors. The Company may terminate or limit the stock repurchase program at
any time without prior notice. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and
regulatory requirements, and prevailing market conditions. Since inception of the program in August 2011 through the end of fiscal 2012, the
Company repurchased 11.3 million shares at average market price of $28.90 per share for total cost of $325.9 million
. This amount differs from
the cash used for repurchases of common stock on the consolidated statement of cash flows to the extent repurchases were not settled at the end
of the fiscal year. Shares repurchased were retired.
In August 2012, the Board of Director's approved adding $250 million
to the share repurchase program. With this increase, the Company
may repurchase up to a total of $750 million of the Company's common stock under the share repurchase program.
5. Property, plant and equipment, net
Property, plant and equipment are recorded at cost and consist of the following:
Depreciation and amortization expense related to property, plant and equipment was $70,645,000 , $57,516,000 and $49,692,000
in fiscal
2012 , 2011 and 2010 , respectively. In fiscal 2011, the Company recognized other charges of $1,968,000 pre-tax, $1,413,000 after tax and
$0.01
per share on a diluted basis primarily related to an impairment of buildings in EMEA (see Notes 2 for other amounts included in “
Gain on
bargain purchase and other”).
50
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands)
Accumulated translation adjustments, net
$
90,798
$
461,213
$
131,329
Accumulated pension liability adjustments, net of income taxes
(136,630
)
(84,002
)
(103,967
)
Total
$
(45,832
)
$
377,211
$
27,362
June 30, 2012
July 2, 2011
(Thousands)
Land
$
19,912
$
22,467
Buildings
102,395
112,072
Machinery, fixtures and equipment
865,198
805,093
Leasehold improvements
92,131
92,728
1,079,636
1,032,360
Less — accumulated depreciation and amortization
(618,406
)
(613,187
)
$
461,230
$
419,173