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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Intangible asset amortization expense was $44.7 million , $32.3 million and $27.8 million for fiscal 2014 , 2013 and 2012
respectively. The
following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands):
7. External financing
Short-term debt consists of the following:
Bank credit facilities consist of various committed and uncommitted lines of credit and other forms of bank debt 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 3.2% and 4.3% at the end of fiscal 2014 and 2013
, respectively. The interest rate on the accounts receivable securitization program
was 0.6% at the end of fiscal 2014 and 2013.
Long-term debt consists of the following:
At the end of fiscal 2014, the Company had a five-year $1.00 billion
senior unsecured revolving credit facility (the "2012 Credit Facility")
with a syndicate of banks, which expires in November 2016
. Under the 2012 Credit Facility, the Company may select from various interest rate
options, currencies and maturities. The 2012 Credit Facility contains certain covenants, all of which the Company was in compliance with as of
June 28, 2014 . At June 28, 2014 , there were letters of credit aggregating to $2.0 million
outstanding which represents a utilization of the 2012
Credit Facility capacity but are not recorded in the consolidated balance sheet as the letters of credit are not debt. At June 29, 2013
, there were
letters of credit aggregating $2.3 million outstanding.
56
Fiscal Year
Amortization Expense
2015
$
41,458
2016
35,512
2017
33,478
2018
24,900
2019
20,756
Thereafter
28,204
Total
$
184,308
June 28, 2014
June 29, 2013
(Thousands)
Bank credit facilities and other
$
250,088
$
178,240
Accounts receivable securitization program (Note 3)
615,000
360,000
Current portion of long-term debt
—
299,950
Short-term debt
$
865,088
$
838,190
June 28, 2014
June 29, 2013
(Thousands)
2012 Credit Facility
$
12,000
$
6,700
6.000% Notes due September 1, 2015
250,000
250,000
6.625% Notes due September 15, 2016
300,000
300,000
5.875% Notes due June 15, 2020
300,000
300,000
4.875% Notes due December 1, 2022
350,000
350,000
Other long-term debt
3,867
2,879
Subtotal
1,215,867
1,209,579
Unamortized discount on notes
(2,053
)
(2,586
)
Long-term debt
$
1,213,814
$
1,206,993