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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Non-
cash activity during fiscal 2011 included amounts recorded through comprehensive income and, therefore, are not included in the
consolidated statement of cash flows. Fiscal 2011 included an adjustment to increase pension liabilities (including non-
U.S. pension liabilities)
of $31,987,000 which was recorded net of related deferred tax benefit of $12,022,000
in other comprehensive income (see Notes 4 and 10).
Other non-cash activities included assumed debt of $420,259,000 and assumed liabilities of $509,812,000
as a result of the acquisitions
completed in fiscal 2011 (see Note 2).
Non-
cash activity during fiscal 2010 included amounts recorded through comprehensive income and, therefore, are not included in the
consolidated statement of cash flows. Fiscal 2010 included an adjustment to increase pension liabilities (including non-
U.S. pension liabilities)
of $50,502,000 which was recorded net of related deferred tax benefit of $19,287,000
in other comprehensive income (see Notes 4 and 10).
Other non-cash activities included assumed debt of $5,858,000 and assumed liabilities of $35,913,000
as a result of the acquisitions completed in
fiscal 2010 (see Note 2).
16. Segment information
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 and embedded products. 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.
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