Avnet 2015 Annual Report Download - page 59
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AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
4. Shareholders’ equity
Accumulatedcomprehensiveincome(loss)
Thefollowingtableincludesthebalanceswithinaccumulatedothercomprehensiveincome(loss):
July 2, June 27, June 28,
2016 2015 2014
(Thousands)
Accumulatedtranslationadjustmentsandother $ (362,228) $ (316,873) $ 244,149
Accumulatedpensionliabilityadjustments,netofincometaxes (158,547) (124,165) (104,637)
Totalaccumulatedothercomprehensiveincome(loss) $(520,775) $ (441,038) $ 139,512
Amountsreclassifiedoutofaccumulatedcomprehensiveincome(loss),netoftax,tooperatingexpensesduringfiscal2016,
2015and2014substantiallyallrelatedtonetperiodicpensioncostsasdiscussedfurtherinNote10.
Sharerepurchaseprogram
InAugust2015,theCompany’sBoardofDirectorsamendedtheCompany’sexistingsharerepurchaseprogramtoauthorize
therepurchaseofupto$1.25billionofcommonstockintheopenmarketorthroughprivatelynegotiatedtransactions.Thetiming
and actual number of shares repurchased will depend on a variety of factors such as share price, corporate and regulatory
requirements, and prevailing market conditions. During fiscal 2016, the Company repurchased 9.3 million shares under this
programatanaveragemarketpriceof$40.73pershareforatotalcostof$377.5million.Thisamountdiffersfromthecashused
forrepurchasesofcommonstockontheconsolidatedstatementofcashflowstotheextentrepurchaseswerenotsettledattheend
ofafiscalyear.Repurchasedshareswereretired.Sincethebeginningoftherepurchaseprogramthroughtheendoffiscal2016,
theCompanyhasrepurchased31.4millionsharesatanaggregatecostof$1.08billion,and$174.9millionremainsavailablefor
futurerepurchasesunderthesharerepurchaseprogram.
Commonstockdividend
Duringfiscal2016,theCompanyhaspaiddividendsof$0.68percommonshareand$88.6millionintotal.
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