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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
securities are also diversified across both public and private fixed income securities. The Company’
s current target allocation for the investment
portfolio is for equity securities, both domestic and international, to represent approximately 76.0%
of the portfolio with a policy for minimum
investment in equity securities of approximately 60.0% of the portfolio and a maximum of approximately 92.0%
. The majority of the remaining
portfolio of investments is to be invested in fixed income debt securities.
The following table sets forth the fair value of the Plan's investments as of June 28, 2014 :
The following table sets forth the fair value of the Plan's investments as of June 29, 2013 :
The fair value of Plan’
s investments in equity and fixed income investments are stated at unit value, or the equivalent of net asset value,
which is a practical expedient for estimating the fair values of those investments. Each of these investments may be redeemed daily without
notice and there were no material unfunded commitments as of June 28, 2014 .
The fixed income investments provide a steady return with medium volatility and assist with capital preservation and income generation.
The equity investments have higher expected volatility and return than the fixed income investments.
11. Operating leases
The Company leases many of its operating facilities and is also committed under lease agreements for transportation and operating
equipment. Rent expense charged to operating expenses during the last three fiscal years is as follows:
The aggregate future minimum operating lease commitments, principally for buildings, in fiscal 2015 through 2019
and thereafter, are as
follows (in thousands):
63
Level 1
Level 2
Level 3
Total
(Thousands)
Cash and cash equivalents
$
3,025
$
—
$
—
$
3,025
Equities:
U.S. common stocks
—
267,741
—
267,741
International common stocks
—
71,273
—
71,273
Fixed Income:
U.S. government agencies
—
10,439
—
10,439
U.S. corporate bonds
—
97,482
—
97,482
Total
$
3,025
$
446,935
$
—
$
449,960
Level 1
Level 2
Level 3
Total
(Thousands)
Cash and cash equivalents
$
3,032
$
—
$
—
$
3,032
Equities:
U.S. common stocks
—
219,225
—
219,225
International common stocks
—
56,458
—
56,458
Fixed Income:
U.S. government agencies
—
10,004
—
10,004
U.S. corporate bonds
—
76,654
—
76,654
Total
$
3,032
$
362,341
$
—
$
365,373
Years Ended
June 28,
2014
June 29,
2013
June 30,
2012
(Thousands)
Rent expense under operating leases
$
106,620
$
94,087
$
92,624