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TableofContents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
theseliabilitiesforunrecognizedtaxbenefitswillbesettledbytheexpirationofthestatutesoflimitationsorthroughagreement
withthetaxauthoritiesfortaxpositionsrelatedtovaluationmattersandpositionsrelatedtoacquiredentities;suchmattersare
commontomultinationalcompanies.Theexpectedcashpaymentrelatedtothesettlementofthesecontingenciesisapproximately
$4.7million.
The Company conducts business globally and consequently files income tax returns in numerous jurisdictions including
thoselisted inthe following table. It isalsoroutinely subject toauditintheseandothercountries.TheCompanyisnolonger
subject to audit in its major jurisdictions for periods prior to fiscal 2008. The years remaining subject to audit, by major
jurisdiction,areasfollows:
Jurisdiction Fiscal Year
UnitedStates(Federalandstate) 2012-2016
Taiwan 2011-2016
HongKongandGermany 2010-2016
NetherlandsandSingapore 2008-2016
Belgium 2014-2016
UnitedKingdom 2009-2016
10. Pension and retirement plans
Pension Plan
The Company’s noncontributory defined benefit pension plan (the “Plan”) covers substantially all U.S. employees. The
Planmeetsthedefinitionofadefinedbenefitplanandasaresult,theCompanymustapplyASC715pensionaccountingtothe
Plan.ThePlanitself,however,isacashbalanceplanthatissimilarinnaturetoadefinedcontributionplaninthataparticipant’s
benefitisdefinedintermsofastatedaccountbalance.AcashbalanceplanprovidestheCompanywiththebenefitofapplying
any earnings on the Plan’s investments beyond the fixed return provided to participants, toward the Company’s future cash
fundingobligations.EmployeesareeligibletoparticipateinthePlanfollowingthefirstyearofserviceduringwhichtheyworked
atleast1,000hours.
ThePlan provides defined benefits pursuant to acashbalancefeaturewherebyaparticipantaccumulatesabenefitbased
upon a percentage of current salary, which varies with age, and interest credits. The Company uses its fiscal year end as the
measurement date for determining pension expense and benefit obligations for each fiscal year. The disclosures below do not
includethepensionplansofcertainnon-U.S.subsidiariesandotherdefinedbenefitplans,whicharenotconsideredmaterial.
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