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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 $750.0 million
of common stock in the open market or through privately negotiated transactions. The timing and actual number of
shares repurchased will depend on a variety of factors such as price, corporate and regulatory requirements, and prevailing market conditions.
During fiscal 2014 , the Company repurchased 0.2 million shares under this program at an average market price of $41.46
per share for a total
cost of $8.6 million . Repurchased shares were retired. Since the beginning of the repurchase program through the end of fiscal 2014
, the
Company has repurchased 18.1 million shares at an aggregate cost of $534.1 million , and $215.9 million
remains available for future
repurchases under the share repurchase program.
Common stock dividend
In May 2014, the Company's Board of Directors approved a dividend of $0.15
per common share to the shareholders of record on June 3,
2014. Dividend payments of $20.7 million were made in June 2014.
During fiscal 2014, the Company has paid dividends of $0.60 per common share and $82.8 million in total.
5. Property, plant and equipment, net
Property, plant and equipment are recorded at cost and consist of the following:
Depreciation expense related to property, plant and equipment was $92.5 million , $88.3 million and $73.6 million in fiscal 2014 ,
2013
and 2012 , respectively.
54
June 28, 2014
June 29, 2013
(Thousands)
Buildings
$
132,291
$
141,886
Machinery, fixtures and equipment
266,416
213,317
Information technology hardware and software
699,466
628,026
Leasehold improvements
118,907
102,301
Depreciable property, plant and equipment, gross
1,217,080
1,085,530
Accumulated depreciation
(783,485
)
(691,980
)
Depreciable property, plant and equipment, net
433,595
393,550
Land
31,730
24,834
Construction in progress
69,674
74,222
Property, plant and equipment, net
$
534,999
$
492,606