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TableofContents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended
July 2,  June 27,  June 28,
2016 2015 2014
(Thousands)
Cashflowsfromoperatingactivities:       
Netincome $ 506,531  $ 571,913  $ 545,604
Non-cashandotherreconcilingitems:    
Depreciation 98,403  95,645  92,464
Amortization 28,076  51,674  44,724
Deferredincometaxes 122,734  18,436  (15,644)
Stock-basedcompensation 56,908  62,006  45,916
Other,net 48,333  87,649  88,687
Changesin(netofeffectsfrombusinessesacquired):    
Receivables 25,642   (204,114)  (306,873)
Inventories  (367,684) (73,226)  (226,141)
Accountspayable (114,335)  156,565   48,651
Accruedexpensesandother,net  (180,293) (182,665) (79,970)
Netcashflowsprovidedbyoperatingactivities 224,315 583,883  237,418
   
Cashflowsfromfinancingactivities:    
Issuanceofnotes,netofissuancecosts 541,500  —  —
Repaymentofnotes  (250,000) —  (300,000)
Borrowings(repayments)underaccountsreceivablesecuritization,net 80,000  35,000  255,000
Borrowings(repayments)ofbankandrevolvingdebt,net 142,840   (115,173)  38,765
Repurchasesofcommonstock(Note4) (380,943)  (159,984)  (8,616)
Dividendspaidoncommonstock (88,594)  (87,330)  (82,755)
Other,net  (11,448) (13,501) 9,109
Netcashflowsprovided(used)forfinancingactivities 33,355  (340,988) (88,497)
   
Cashflowsfrominvestingactivities:    
Purchasesofproperty,plantandequipment  (147,548) (174,374)  (123,242)
Acquisitionsofbusinesses,netofcashacquired(Note2) (19,675)  —   (116,882)
Other,net 14,710  (11,969) 2,666
Netcashflowsusedforinvestingactivities  (152,513) (186,343) (237,458)
   
Effectofcurrencyexchangeratechangesoncashandcashequivalents  (6,232) (52,970) 8,165
   
Cashandcashequivalents:    
—increase(decrease) 98,925  3,582  (80,372)
—atbeginningofperiod 932,553 928,971  1,009,343
—atendofperiod $ 1,031,478 $ 932,553 $ 928,971
Additionalcashflowinformation(Note15)
Seenotestoconsolidatedfinancialstatements.
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