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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Aggregate debt maturities for fiscal 2013 through 2017 and thereafter are as follows (in thousands):
At June 30, 2012 , the carrying value and fair value of the Company’s debt was $2,144,389,000 and $2,279,681,000
, respectively. Fair
value was estimated primarily based upon quoted market prices.
8. Accrued expenses and other
Accrued expenses and other consist of the following:
______________________
9. Income taxes
The components of the provision for income taxes are indicated in the table below. The tax provision for deferred income taxes results
from temporary differences arising principally from inventory valuation, accounts receivable valuation, net operating losses, certain accruals and
depreciation, net of any changes to the valuation allowance.
53
2013
$
872,405
2014
313,175
2015
821
2016
360,408
2017
300,051
Thereafter
300,000
Subtotal
2,146,860
Discount on notes
(2,471
)
Total debt
$
2,144,389
June 30, 2012
July 2, 2011
(Thousands)
Payroll, commissions and related accruals
$
279,454
$
320,958
Income taxes (Note 9)
85,025
72,495
Other
(1)
331,004
279,563
$
695,483
$
673,016
(1) Includes restructuring reserves recorded through purchase accounting and through “restructuring, integration and other charges” (
see Note
17). Amounts presented in this caption were individually not significant.
Years Ended
June 30, 2012
July 2, 2011
July 3, 2010
(Thousands)
Current:
Federal
$
94,237
$
64,476
$
61,892
State and local
19,466
11,724
9,789
Foreign
98,278
109,731
56,608
Total current taxes
211,981
185,931
128,289
Deferred:
Federal
6,896
41,029
24,251
State and local
758
5,273
1,290
Foreign
4,128
(30,336
)
20,883
Total deferred taxes
11,782
15,966
46,424
Provision for income taxes
$
223,763
$
201,897
$
174,713