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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company manages its business based upon the operating results of its two operating groups before restructuring, integration and other
charges (see Note 17). In fiscal 2012 , 2011 and 2010 , presented above, the unallocated pre-
tax restructuring, integration and other charges
related to EM and TS, respectively, were $27,537,000 and $22,716,000 in fiscal 2012 , $27,879,000 and $38,146,000 in fiscal 2011
and
$14,701,000 and $10,579,000 in fiscal 2010
. The remaining restructuring, integration and other charges in each year relate to corporate
activities.
Listed in the table below are the major product categories and the Company’s approximate sales of each during the past three fiscal years:
17. Restructuring, integration and other charges
Fiscal 2012
During fiscal 2012, the Company initiated actions to reduce costs in both operating groups in response to current market conditions and
incurred acquisition and integration costs associated with acquired businesses. As a result, the Company incurred restructuring, integration and
other charges as presented in the following table.
66
(3) Includes sales of $1.9 billion , $2.3 billion and $1.2 billion
in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal
2012 . Includes sales of $1.8 billion , $2.4 billion and $1.2 billion
in Taiwan, China (including Hong Kong) and Singapore, respectively,
for fiscal 2011 . Includes sales of $1.3 billion , $2.0 billion and $1.0 billion
in Taiwan, China (including Hong Kong) and Singapore,
respectively, for fiscal 2010 .
(4) Includes property, plant and equipment, net, of $266.7 million , $231.3 million and $178.2 million in the United States for fiscal 2012
,
2011 and 2010 , respectively.
(5) Includes property, plant and equipment, net, of $90.6 million , $26.4 million , and $17.3 million
in Germany, Belgium and the United
Kingdom, respectively, for fiscal 2012 . Fiscal 2011 includes property, plant and equipment, net, of $92.8 million in Germany,
$23.4
million in Belgium and $16.4 million in the United Kingdom. Fiscal 2010 includes property, plant and equipment, net, of $48.0 million
in
Germany, $20.4 million in Belgium and $13.4 million in the United Kingdom.
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Millions)
Semiconductors
$
13,461.6
$
14,149.3
$
10,098.7
Computer products
9,984.4
10,284.6
7,302.8
Connectors
667.5
1,041.4
841.4
Passives, electromechanical and other
1,594.0
1,059.1
917.3
$
25,707.5
$
26,534.4
$
19,160.2
Year Ended
June 30, 2012
(Thousands)
Restructuring charges
$
50,253
Integration costs
9,392
Acquisition costs
10,561
Reversal of excess prior year restructuring reserves
(3,286
)
Other
6,665
Pre-tax restructuring, integration and other charges
$
73,585
After tax restructuring, integration and other charges
$
52,963
Restructuring, integration and other charges per share on a diluted basis
$
0.35