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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Share repurchase program
In August 2012, the Company's Board of Directors amended the Company's existing share repurchase program to authorize the repurchase
of up to $750,000,000
of common stock in the open market or through privately negotiated transactions. 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. During
fiscal 2013 , the Company repurchased 6,620,000 shares under this program at an average market price of $30.15
per share for a total cost of
$199,585,000
. This amount differs from the cash used for repurchases of common stock on the consolidated statement of cash flows to the
extent repurchases at the end of the fourth quarter of fiscal 2012 were not settled until the first quarter of fiscal 2013
. Repurchased shares were
retired. Since the beginning of the repurchase program through the end of fiscal 2013 , the Company has repurchased 17,890,000
shares of stock
at an aggregate cost of $525,525,000 , and $224,475,000 remains available for future purchases 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 $88,303,000 , $70,645,000 and $57,516,000
in fiscal
2013 , 2012 and 2011 , 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 and recorded in "Gain on bargain purchase and other" in
the accompanying consolidated statements of operations (see Note 2 for other amounts included in “Gain on bargain purchase and other”).
6. Goodwill and intangible assets
The following table presents the change in the goodwill balances by reportable segment for fiscal year 2013
. All of the accumulated
impairment was recognized in fiscal 2009.
51
June 29, 2013
June 30, 2012
(Thousands)
Land
$
24,834
$
19,912
Buildings
124,186
102,395
Machinery, fixtures and equipment
933,188
865,198
Leasehold improvements
102,378
92,131
1,184,586
1,079,636
Less — accumulated depreciation and amortization
(691,980
)
(618,406
)
$
492,606
$
461,230
Electronics
Marketing
Technology
Solutions
Total
(Thousands)
Gross goodwill
$
1,590,419
$
889,936
$
2,480,355
Accumulated impairment
(1,045,110
)
(334,624
)
(1,379,734
)
Carrying value at June 30, 2012
$
545,309
$
555,312
$
1,100,621
Additions
55,486
109,627
165,113
Adjustments
7,185
(7,185
)
—
Write-down due to exit of business
(5,408
)
—
(
5,408
)
Foreign currency translation
(742
)
1,704
962
Carrying value at June 29, 2013
$
601,830
$
659,458
$
1,261,288
Gross goodwill
$
1,646,940
$
994,082
$
2,641,022
Accumulated impairment
(1,045,110
)
(334,624
)
(1,379,734
)
Carrying value at June 29, 2013
$
601,830
$
659,458
$
1,261,288