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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The goodwill additions are a result of businesses acquired during fiscal 2013
(see Note 2) and purchase accounting adjustments to prior
year acquisitions that occurred during the purchase price allocation period. The adjustment to goodwill is a result of the transfer of a business
unit from TS to EM. During fiscal 2013, the Company recorded a write-down of goodwill of $5,408,000 associated with the exit of a non-
integrated business in the EM Americas region that is included in "Restructuring, integration and other expenses" in the accompanying
consolidated statement of operations.
The Company performs its annual goodwill impairment test on the first day of its fiscal fourth quarter. In addition, if and when events or
circumstances change that would more likely than not reduce the fair value of any of its reporting units below its carrying value, an interim test
would be performed. Based upon the Company’s annual impairment tests performed for fiscal 2013 , 2012 and 2011 , there was no
impairment
of goodwill in the respective fiscal years.
The following table presents the Company’s identifiable intangible assets at June 29, 2013 and June 30, 2012
, respectively. These
balances are included in "other assets" and have a weighted average life of 8 years.
Intangible asset amortization expense was $32,343,000 , $27,717,000 and $21,240,000 for fiscal 2013 , 2012 and 2011
respectively. The
following table presents the estimated future amortization expense for the next five fiscal years (in thousands):
7. External financing
Short-term debt consists of the following:
Bank credit facilities consist of various committed and uncommitted lines of credit with financial institutions utilized primarily to support
the working capital requirements of foreign operations. The weighted average interest rate on the bank credit facilities was 4.3% and 6.1%
at the
end of fiscal 2013 and 2012 , respectively.
52
June 29, 2013 June 30, 2012
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
(Thousands)
Customer relationships
$
272,312
$
(107,636
)
$
164,676
$
248,105
$
(76,645
)
$
171,460
Customer lists
3,795
(2,310
)
1,485
3,690
(1,279
)
2,411
Trade name
3,320
(480
)
2,840
3,820
(970
)
2,850
Other
4,177
(966
)
3,211
5,052
(434
)
4,618
$
283,604
$
(111,392
)
$
172,212
$
260,667
$
(79,328
)
$
181,339
Fiscal Year
2014
$
35,564
2015
34,294
2016
28,647
2017
26,479
2018
15,278
June 29, 2013
June 30, 2012
(Thousands)
Bank credit facilities
$
177,118
$
201,390
Borrowings under the accounts receivable securitization program (see Note 3)
360,000
670,000
Current portion of long-term debt
299,950
—
Other debt due within one year
1,122
1,014
Short-term debt
$
838,190
$
872,404