Avnet 2013 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2013 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 161

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161

Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
______________________
Additional cash flow information (Note 15)
See notes to consolidated financial statements.
42
Years Ended
June 29, 2013
June 30, 2012
July 2, 2011
(Thousands)
Cash flows from operating activities:
Net income
$
450,073
$
567,019
$
669,069
Non-cash and other reconciling items:
Depreciation and amortization
120,676
101,336
81,389
Deferred income taxes (Note 9)
(10,019
)
11,782
15,966
Stock-based compensation (Note 12)
43,677
35,737
28,931
Gain on bargain purchase and other (Note 2)
(31,011
)
(2,918
)
(22,715
)
Other, net (Note 15)
75,327
66,263
56,846
Changes in (net of effects from businesses acquired):
Receivables
(94,203
)
72,267
(421,457
)
Inventories
225,667
133,178
(321,939
)
Accounts payable
(78,834
)
(319,094
)
165,185
Accrued expenses and other, net
(5,156
)
(136,852
)
26,804
Net cash flows provided by operating activities
696,197
528,718
278,079
Cash flows from financing activities:
(Repayments of) borrowings under accounts receivable securitization
program, net (Note 3)
(310,000
)
510,000
160,000
Issuance of notes in a public offering, net of issuance costs (Note 7)
349,258
—
—
Repayment of notes (Note 7)
—
—
(
109,600
)
(Repayments of) proceeds from bank debt, net (Note 7)
(179,861
)
86,823
1,644
(Repayments of) proceeds from other debt, net (Note 7)
(1,080
)
(1,007
)
7,238
Repurchases of common stock (Note 4)
(207,192
)
(318,333
)
—
Other, net (Note 12)
4,792
5,590
3,930
Net cash flows (used for) provided by financing activities
(344,083
)
283,073
63,212
Cash flows from investing activities:
Purchases of property, plant and equipment
(97,379
)
(128,652
)
(148,707
)
Cash proceeds from sales of property, plant and equipment
3,018
1,046
10,621
Acquisitions of operations and investments, net of cash acquired (Note 2)
(262,306
)
(313,218
)
(690,997
)
Cash proceeds from divestiture activities (Note 2)
3,613
—
19,108
Net cash flows used for investing activities
(353,054
)
(440,824
)
(809,975
)
Effect of exchange rate changes on cash and cash equivalents
3,419
(39,437
)
51,916
Cash and cash equivalents:
— increase (decrease)
2,479
331,530
(416,768
)
— at beginning of year
1,006,864
675,334
1,092,102
— at end of year
$
1,009,343
$
1,006,864
$
675,334