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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
In July 2014, subsequent to the end of fiscal 2014, the Company terminated the 2012 Credit Facility and entered into a five-year
$1.25
billion
senior unsecured revolving credit facility (the "2014 Credit Facility") with a syndicate of banks, consisting of revolving credit facilities
and the issuance of up to $150.00 million of letters of credit. Subject to certain conditions, the 2014 Credit Facility may be increased up to
$1.50
billion
. Under the 2014 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2014 Credit
Facility contains certain covenants, which are substantially similar to those covenants contained in the 2012 Credit Facility. The 2014 Credit
Facility is scheduled to mature in July 2019.
Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):
At June 28, 2014 , the carrying value and fair value of the Company’s debt was $2.08 billion and $2.19 billion
, respectively. Fair value
was estimated primarily based upon quoted market prices for the Company's long-
term notes. At June 29, 2013, the carrying value and fair value
of the Company’s debt was $2.05 billion and $2.13 billion
, respectively. Fair value was estimated primarily based upon quoted market prices for
the Company's long-term notes.
8. Accrued expenses and other
Accrued expenses and other consist of the following:
9. Income taxes
The components of income tax expense (“tax provision”)
are indicated in the table below. The tax provision for deferred income taxes
results from temporary differences arising principally from net operating losses, inventories valuation, receivables valuation, certain accrued
amounts and depreciation and amortization, net of any changes to valuation allowances.
57
2015
$
865,088
2016
264,547
2017
301,286
2018
34
2019 —
Thereafter
650,000
Subtotal
2,080,955
Discount on notes
(2,053
)
Total debt
$
2,078,902
June 28, 2014
June 29, 2013
(Thousands)
Accrued salaries and benefits
$
339,885
$
304,606
Accrued operating costs
117,556
92,306
Accrued interest and banking costs
32,878
42,096
Accrued restructuring costs (Note 17)
40,917
46,522
Accrued income taxes
40,829
54,039
Accrued other
139,304
165,533
Total accrued expenses and other
$
711,369
$
705,102