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Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The fiscal 2014 activity related to the remaining restructuring liabilities established during fiscal 2013 is presented in the following table:
Of the $120.0 million in restructuring expenses recorded during fiscal 2013, $68.9 million related to EM, $48.0 million
related to TS and
$3.1 million related to corporate business support functions. As of June 28, 2014
, management expects the majority of the remaining severance,
facility exit and other liabilities to be utilized by the end of fiscal 2015 .
Integration costs incurred related primarily to the integration of acquired businesses and incremental costs incurred as part of the
consolidation and closure of certain office and warehouse facilities.
Other costs incurred during fiscal 2013 related primarily to professional fees for advisory services and legal and accounting due diligence
procedures and other legal costs associated with acquisitions. Included in other costs is a benefit of $11.2 million
related to a change in estimate
for a contingent consideration liability for which payment was no longer expected.
Fiscal 2012
During fiscal 2012, the Company incurred expenses to reduce costs, including costs related to the acquisition and integration activities
associated with acquired businesses as follows:
Of the $50.3 million in restructuring expenses recorded during fiscal 2012, $27.5 million related to EM and $22.8 million related to TS.
Integration costs incurred related primarily to the integration of acquired businesses and incremental costs incurred as part of the
consolidation and closure of certain office and warehouse facilities.
Other costs incurred during fiscal 2012 related primarily to professional fees for advisory and broker services, legal and accounting due
diligence, and other legal costs associated with acquisitions. Other costs also included $6.7 million
for legal claims associated with acquired and
divested businesses.
73
Severance
Facility
Exit Costs and
Asset
Impairments
Other
Total
(Thousands)
Balance at June 29, 2013
$
25,254
$
16,211
$
370
$
41,835
Cash payments
(20,137
)
(7,672
)
(326
)
(28,135
)
Changes in estimates, net
(2,283
)
(1,601
)
963
(2,921
)
Non-cash amounts —
928
(485
)
443
Other, principally foreign currency translation
166
408
89
663
Balance at June 28, 2014
$
3,000
$
8,274
$
611
$
11,885
Year Ended
June 30, 2012
(Thousands)
Restructuring expenses
$
50,253
Integration costs
9,392
Other costs including acquisition costs
17,226
Changes in estimates for prior year restructuring liabilities
(3,286
)
Restructuring, integration and other expenses before tax
$
73,585
Restructuring, integration and other expenses after tax
$
52,963
Restructuring, integration and other expenses per share on a diluted basis
$
0.35