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AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Additional cash flow information (Note 15)
See notes to consolidated financial statements.
44
Years Ended
June 28,
2014
June 29,
2013
June 30,
2012
(Thousands)
Cash flows from operating activities:
Net income
$
545,604
$
450,073
$
567,019
Non-cash and other reconciling items:
Depreciation
92,464
88,333
73,551
Amortization
44,724
32,343
27,785
Deferred income taxes
(15,644
)
(10,019
)
11,782
Stock-based compensation
45,916
43,677
35,737
Gain on bargain purchase and other (Note 2)
—
(
31,011
)
(2,918
)
Other, net
88,687
75,327
66,263
Changes in (net of effects from businesses acquired):
Receivables
(306,873
)
(94,203
)
72,267
Inventories
(226,141
)
225,667
133,178
Accounts payable
48,651
(78,834
)
(319,094
)
Accrued expenses and other, net
(79,970
)
(5,156
)
(136,852
)
Net cash flows provided by operating activities
237,418
696,197
528,718
Cash flows from financing activities:
Issuance of notes in a public offering, net of issuance costs
—
349,258
—
Repayment of notes
(300,000
)
—
—
Borrowings (repayments) under accounts receivable securitization
program, net
255,000
(310,000
)
510,000
Borrowings (repayments) under bank facilities and other debt, net
38,765
(180,941
)
85,816
Repurchases of common stock (Note 4)
(8,616
)
(207,192
)
(318,333
)
Dividends paid on common stock
(82,755
)
—
—
Other, net
9,109
4,792
5,590
Net cash flows (used for) provided by financing activities
(88,497
)
(344,083
)
283,073
Cash flows from investing activities:
Purchases of property, plant and equipment
(123,242
)
(97,379
)
(128,652
)
Acquisitions of businesses, net of cash acquired
(116,882
)
(262,306
)
(313,218
)
Cash proceeds from divestitures, net of cash divested
—
3,613
—
Other, net
2,666
3,018
1,046
Net cash flows used for investing activities
(237,458
)
(353,054
)
(440,824
)
Effect of exchange rate changes on cash and cash equivalents
8,165
3,419
(39,437
)
Cash and cash equivalents:
— (decrease) increase
(80,372
)
2,479
331,530
— at beginning of year
1,009,343
1,006,864
675,334
— at end of year
$
928,971
$
1,009,343
$
1,006,864