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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jul. 03, 2010	Jul. 31, 2010	Jan. 02, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	0000008858
Document Type	10-K
Document Period End Date	Jul. 03, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--07-03
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,563,171,898
Entity Common Stock, Shares Outstanding		151,847,470

Consolidated Balance Sheets - USD ($)
$ in Thousands

12 Months Ended

Jul. 03, 2010

Jun. 27, 2009

Current assets:

Cash and cash equivalents

$ 1,092,102

$ 943,921

Receivables, less allowances of $81,197 and $85,477, respectively (Note 3)

3,574,541

2,618,697

Inventories

1,812,766

1,411,755

Prepaid and other current assets

150,759

169,879

Total current assets

6,630,168

5,144,252

Property, plant and equipment, net (Note 5)

302,583

305,682

Goodwill (Notes 2 and 6)

566,309

550,118

Other assets

283,322

273,464

Total assets

7,782,382

6,273,516

Current liabilities:

Borrowings due within one year (Note 7)

36,549

23,294

Accounts payable

2,862,290

1,957,993

Accrued expenses and other (Note 8)

540,776

474,573

Total current liabilities

3,439,615

2,455,860

Long-term debt (Note 7)

1,243,681

946,573

Other long-term liabilities (Notes 9 and 10)

89,969

110,226

Total liabilities

$ 4,773,265

$ 3,512,659

Commitments and contingencies (Notes 11 and 13)

Shareholders' equity (Notes 4, 12 and 14):

Common stock $1.00 par; authorized 300,000,000 shares; issued 151,874,000 shares and 151,099,000 shares, respectively

$ 151,874

$ 151,099

Additional paid-in capital

1,206,132

1,178,524

^[1]

Retained earnings

1,624,441

1,214,071

^[1]

Accumulated other comprehensive income (Note 4)

27,362

218,094

Treasury stock at cost, 37,769 shares and 32,306 shares, respectively

(692)

(931)

Total shareholders' equity

3,009,117

2,760,857

Total liabilities and shareholders' equity

$ 7,782,382

$ 6,273,516

[1]	As adjusted for the retrospective application of an accounting standard. See Note 1 to the consolidated financial statements.

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Jul. 03, 2010

Jun. 27, 2009

Jun. 28, 2008

Consolidated Statements of Operations

Sales

$ 19,160,172

$ 16,229,896

$ 17,952,707

Cost of sales

16,879,955

14,206,903

15,638,991

Gross profit

2,280,217

2,022,993

2,313,716

Selling, general and administrative expenses

1,619,198

1,531,522

1,564,003

Impairment charges (Note 6)

1,411,127

Restructuring, integration and other charges (Note 17)

25,419

99,342

38,942

Operating income (loss)

635,600

(1,018,998)

710,771

Other income (expense), net

2,480

(11,622)

20,954

Interest expense

(61,748)

(78,666)

(88,224)

Gain on sale of assets (Note 2)

8,751

14,318

49,903

Income (loss) before income taxes

585,083

(1,094,968)

693,404

Income tax provision (Note 9)

174,713

34,744

203,826

Net income (loss)

$ 410,370

$ (1,129,712)

$ 489,578

Net earnings (loss) per share (Note 14):

Basic

$ 2.71

$ (7.49)

^[1]

$ 3.26

^[1]

Diluted

$ 2.68

$ (7.49)

^[1]

$ 3.21

^[1]

Shares used to compute earnings (loss) per share (Note 14):

Basic

151,629

150,898

150,250

Diluted

153,093

150,898

152,420

[1]	As adjusted for the retrospective application of an accounting standard. See Note 1 to the consolidated financial statements.

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2010	Jun. 27, 2009	Jun. 28, 2008
Statement [Line Items]
Balance (As Adjusted See Note 1)	$ 2,760,857	$ 4,141,941	$ 3,417,398
Net income (loss)	410,370	(1,129,712)	489,578
Translation adjustments (Note 4)	(159,517)	(237,903)	222,551
Pension liability adjustment, net of tax of $19,287, $16,767 and $10,901 for 2010, 2009 and 2008 respectively (Notes 4, 10 and 15)	(31,215)	(26,181)	(16,882)
Comprehensive income (loss) (Note 4)	219,638	(1,393,796)	695,247
Stock option and incentive programs, including related tax benefits of $2,100, $653 and $3,840 for 2010, 2009 and 2008 respectively	28,622	12,712	29,296
Ending Balance, Value	3,009,117	2,760,857	4,141,941
Common Stock
Statement [Line Items]
Balance (As Adjusted See Note 1)	151,099	150,417	149,826
Stock option and incentive programs, including related tax benefits of $2,100, $653 and $3,840 for 2010, 2009 and 2008 respectively	775	682	591
Ending Balance, Value	151,874	151,099	150,417
Additional Paid-In Capital
Statement [Line Items]
Balance (As Adjusted See Note 1)	1,178,524	1,166,042	1,137,400
Stock option and incentive programs, including related tax benefits of $2,100, $653 and $3,840 for 2010, 2009 and 2008 respectively	27,608	12,482	28,642
Ending Balance, Value	1,206,132	1,178,524	1,166,042
Retained Earnings
Statement [Line Items]
Balance (As Adjusted See Note 1)	1,214,071	2,343,783	1,854,205
Net income (loss)	410,370	(1,129,712)	489,578
Ending Balance, Value	1,624,441	1,214,071	2,343,783
Accumulated Other Comprehensive Income
Statement [Line Items]
Balance (As Adjusted See Note 1)	218,094	482,178	276,509
Translation adjustments (Note 4)	(159,517)	(237,903)	222,551
Pension liability adjustment, net of tax of $19,287, $16,767 and $10,901 for 2010, 2009 and 2008 respectively (Notes 4, 10 and 15)	(31,215)	(26,181)	(16,882)
Ending Balance, Value	27,362	218,094	482,178
Treasury Stock
Statement [Line Items]
Balance (As Adjusted See Note 1)	(931)	(479)	(542)
Stock option and incentive programs, including related tax benefits of $2,100, $653 and $3,840 for 2010, 2009 and 2008 respectively	239	(452)	63
Ending Balance, Value	$ (692)	$ (931)	$ (479)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2010	Jun. 27, 2009	Jun. 28, 2008
Cash flows from operating activities:
Net income (loss)	$ 410,370	$ (1,129,712)	$ 489,578
Non-cash and other reconciling items:
Depreciation and amortization	60,643	65,781	58,845
Deferred income taxes (Note 9)	46,424	(92,787)	101,100
Stock-based compensation (Note 12)	28,363	18,269	25,389
Impairment charges (Note 6)		1,411,127
Gain on sale of assets, net (Note 2)	(8,751)	(14,318)	(49,903)
Other, net (Note 15)	15,385	38,414	24,192
Changes in (net of effects from businesses acquired):
Receivables	(1,070,302)	709,908	46,100
Inventories	(459,917)	483,453	36,453
Accounts payable	963,332	(375,509)	(123,348)
Accrued expenses and other, net	(15,962)	3,409	(154,789)
Net cash flows (used for) provided by operating activities	(30,415)	1,118,035	453,617
Cash flows from financing activities:
Issuance of notes in public offerings, net of issuance costs (Note 7)	296,469
Repayment of notes (Note 7)		(300,000)
Repayment of bank debt, net (Note 7)	(1,732)	(90,444)	(22,428)
Repayment of other debt, net (Note 7)	(2,803)	(16,361)	(19,500)
Other, net (Note 12)	4,838	1,564	8,881
Net cash flows provided by (used for) financing activities	296,772	(405,241)	(33,047)
Cash flows from investing activities:
Purchases of property, plant and equipment	(66,888)	(110,219)	(89,657)
Cash proceeds from sales of property, plant and equipment	12,015	13,157	12,061
Acquisitions of operations and investments, net of cash acquired (Note 2)	(69,333)	(314,941)	(369,385)
Cash proceeds from divestiture activities (Note 2)	11,785	14,318	68,601
Net cash flows used for investing activities	(112,421)	(397,685)	(378,380)
Effect of exchange rate changes on cash and cash equivalents	(5,755)	(11,637)	40,909
Cash and cash equivalents:
- increase	148,181	303,472	83,099
- at beginning of year	943,921	640,449	557,350
- at end of year	$ 1,092,102	$ 943,921	$ 640,449

Summary of significant accounting policies

12 Months Ended

Jul. 03, 2010

Summary of significant accounting policies [Abstract]

Summary of significant accounting policies

1. Summary of significant accounting policies

Principles of consolidation — The accompanying consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries. All intercompany accounts and transactions have been eliminated.

Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Inventories — Inventories, comprised principally of finished goods, are stated at cost (first-in, first-out) or market, whichever is lower.

Investments — Investments in joint ventures and entities in which the Company has an ownership interest greater than 50% and exercises control over the venture are consolidated in the accompanying consolidated financial statements. Non-controlling interests in the years presented are not material and, as a result, are included in the caption “accrued expenses and other” in the accompanying consolidated balance sheets. Investments in joint ventures and entities in which the Company exercises significant influence but not control are accounted for using the equity method. The Company invests from time to time in ventures in which the Company’s ownership interest is less than 20% and over which the Company does not exercise significant influence. Such investments are accounted for under the cost method. The fair values for investments not traded on a quoted exchange are estimated based upon the historical performance of the ventures, the ventures’ forecasted financial performance and management’s evaluation of the ventures’ viability and business models. To the extent the book value of an investment exceeds its assessed fair value, the Company will record an appropriate impairment charge. Thus, the carrying value of the Company’s investments approximates fair value.

Depreciation and amortization — Depreciation and amortization is generally provided for by the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation and amortization are typically as follows: buildings — 30 years; machinery, fixtures and equipment — 2-10 years; and leasehold improvements — over the applicable remaining lease term or useful life if shorter.

Long-lived assets — Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset’s net book value exceeds its estimated fair value. The Company continually evaluates the carrying value and the remaining economic useful life of all long-lived assets and will adjust the carrying value and the related depreciation and amortization period if and when appropriate.

Goodwill — Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Annual tests for goodwill impairment are performed by applying a fair-value based test to Avnet’s six reporting units, defined as each of the three regional businesses, which are the Americas, EMEA (Europe, Middle East and Africa), and Asia, within each of the Company’s operating groups. The Company conducts its periodic test for goodwill impairment annually, on the first day of the fiscal fourth quarter. A two-step process is used to evaluate goodwill for impairment. The first step is to determine if there is an indication of impairment by comparing the estimated fair value of each reporting unit to its carrying value including existing goodwill. Goodwill is considered impaired if the carrying value of a reporting unit exceeds the estimated fair value. The second step, which is performed only if there is an indication of impairment, determines the amount of the impairment by comparing the implied fair value of the reporting unit’s goodwill with its carrying value. To estimate fair value of each reporting unit, the Company uses a combination of present value and market valuation techniques. The estimated fair values could change in the future due to changes in market and business conditions that could affect the assumptions and estimates used in these valuation techniques.

Foreign currency translation — The assets and liabilities of foreign operations are translated into US dollars at the exchange rates in effect at the balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income. Results of operations are translated using the average exchange rates prevailing throughout the period. Transactions denominated in currencies other than the functional currency of the Avnet business unit that is party to the transaction (primarily trade receivables and payables) are translated at exchange rates in effect at the balance sheet date or upon settlement of the transaction. Gains and losses from such translation are recorded in the consolidated statements of operations as a component of “other income (expense), net.” In fiscal 2010, 2009 and 2008, gains or losses on foreign currency translation were not material.

Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Based upon historical and projected levels of taxable income and analysis of other key factors, the Company records a valuation allowance against its deferred tax assets, as deemed necessary, to state such assets at their estimated net realizable value. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in earnings in the period in which the new rate is enacted.

The Company establishes reserves for potentially unfavorable outcomes of positions taken on certain tax matters. These reserves are based on management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. There may be differences between the anticipated and actual outcomes of these matters that may result in reversals of reserves or additional tax liabilities in excess of the reserved amounts. To the extent such adjustments are warranted, the Company’s effective tax rate may potentially fluctuate as a result.

No provision for US income taxes has been made for approximately $1.7 billion of cumulative unremitted earnings of foreign subsidiaries at July 3, 2010 because those earnings are expected to be permanently reinvested outside the US. A hypothetical calculation of the deferred tax liability, assuming those earnings were remitted, is not practicable.

Self-insurance — The Company is primarily self-insured for workers’ compensation, medical, and general, product and automobile liability costs; however, the Company also has a stop-loss insurance policy in place to limit the Company’s exposure to individual and aggregate claims made. Liabilities for these programs are estimated based upon outstanding claims and claims estimated to have been incurred but not yet reported based upon historical loss experience. These estimates are subject to variability due to changes in trends of losses for outstanding claims and incurred but not recorded claims, including external factors such as future inflation rates, benefit level changes and claim settlement patterns.

Revenue recognition —Revenue from product sales is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectibility is reasonably assured. Generally, these criteria are met upon shipment to customers. Most of the Company’s product sales come from product Avnet purchases from a supplier and holds in inventory. A portion of the Company’s sales are shipments of product directly from its suppliers to its customers. In such circumstances, Avnet negotiates the price with the customer, pays the supplier directly for the product shipped and bears credit risk of collecting payment from its customers. Furthermore, in such drop-shipment arrangements, Avnet bears responsibility for accepting returns of product from the customer even if Avnet, in turn, has a right to return the product to the original supplier if the product is defective. Under these terms, the Company serves as the principal with the customer and, therefore, recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product has shipped.

In addition, the Company has more limited contractual relationships with certain of its customers and suppliers whereby Avnet assumes an agency relationship in the transaction. In such arrangements, the Company recognizes the fee associated with serving as an agent in sales with no associated cost of sales.

Revenues from maintenance contracts are recognized ratably over the life of the contracts, generally ranging from one to three years.

Revenues are recorded net of discounts, rebates and estimated returns. Provisions are made for discounts and rebates, which are primarily volume-based, and are based on historical trends and anticipated customer buying patterns. Provisions for returns are estimated based on historical sales returns, credit memo analysis and other known factors.

Comprehensive income (loss)— Comprehensive income (loss) represents net income (loss) for the year adjusted for changes in shareholders’ equity from non-shareholder sources. Accumulated comprehensive income items typically include currency translation and the impact of the Company’s pension liability adjustment, net of tax (see Note 4).

Stock-based compensation —The Company measures share-based payments, including grants of employee stock options, at fair value and recognizes the associated expense in the consolidated statement of operations over the service period (see Note 12).

Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and trade accounts receivable. The Company invests its excess cash primarily in overnight Eurodollar time deposits and institutional money market funds with quality financial institutions. The Company sells electronic components and computer products primarily to original equipment and contract manufacturers, including the military and military contractors, throughout the world. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses, but has not experienced any material losses related to individual customers or groups of customers in any particular industry or geographic area.

Fair value of financial instruments — The Company measures financial assets and liabilities at fair value based upon exit price, representing the amount that would be received on the sale of an asset or paid to transfer a liability, in an orderly transaction between market participants. Accounting standards require inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data and Level 3 are unobservable inputs that are not corroborated by market data. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, receivables and accounts payable approximate their fair values at July 3, 2010 due to the short-term nature of these instruments. At July 3, 2010 and June 27, 2009, the Company had $643,281,000 and $463,403,000, respectively, of cash equivalents which were recorded based upon level 1 criteria. See Note 7 for further discussion of the fair value of the Company’s fixed rate long-term debt instruments and see Investments in this Note 1 for further discussion of the fair value of the Company’s investments in unconsolidated entities.

Derivative financial instruments — Many of the Company’s subsidiaries, on occasion, purchase and sell products in currencies other than their functional currencies. This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (offsetting receivables and payables) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts with maturities of less than sixty days. The Company continues to have exposure to foreign currency risks to the extent they are not hedged. The Company adjusts all foreign denominated balances and any outstanding foreign exchange contracts to fair market value through the consolidated statements of operations. Therefore, the market risk related to the foreign exchange contracts is offset by the changes in valuation of the underlying items being hedged. The asset or liability representing the fair value of foreign exchange contracts, based upon level 2 criteria under the fair value measurements standards, is classified in the captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets and were not material. In addition, the Company did not have material gains or losses related to the forward contracts which are recorded in “other income (expense), net” in the accompanying consolidated statements of operations.

The Company has, from time to time, entered into hedge transactions that convert certain fixed rate debt to variable rate debt. To the extent the Company enters into such hedge transactions, those fair value hedges and the hedged debt are adjusted to current market values through interest expense.

The Company generally does not hedge its investment in its foreign operations. The Company does not enter into derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties.

Accounts receivable securitization — The Company has an accounts receivable securitization program whereby the Company may sell receivables in securitization transactions and retain a subordinated interest and servicing rights to those receivables. The securitization program is accounted for as an on-balance sheet financing through the securitization of accounts receivable (see Note 3).

Subsequent events — The Company evaluates events and transactions for subsequent events that occur after its fiscal year end, or after quarter end for interim periods, through the date the consolidated financial statements are issued. The Company made its subsequent events evaluation through the date these consolidated financial statements were issued and considered the effect of such events in the preparation of these consolidated financial statements.

Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2010 contained 53 weeks while fiscal 2009 and 2008 contained 52 weeks. Unless otherwise noted, all references to “fiscal 2010” or any other “year” shall mean the Company’s fiscal year.

Management estimates — The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Adoption of accounting standard — The Financial Accounting Standards Board issued authoritative guidance which requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion to separately account for the debt and equity (conversion option) components of the instrument. The standard requires the convertible debt to be recognized at the present value of its cash flows discounted using the non-convertible debt borrowing rate at the date of issuance. The resulting debt discount from this present value calculation is to be recognized as the value of the equity component and recorded to “additional paid in capital.” The discounted convertible debt is then required to be accreted up to its face value and recorded as non-cash interest expense over the expected life of the convertible debt. In addition, deferred financing costs associated with the convertible debt are required to be allocated between the debt and equity components based upon relative values. During the first quarter of fiscal 2010, the Company adopted this standard, however, there was no impact to the fiscal 2010 consolidated financial statements because the Company’s $300.0 million 2% Convertible Senior Debentures (the “Debentures”), to which this standard applies, were extinguished in March 2009. Due to the required retrospective application of this standard to prior periods, the Company adjusted the prior period comparative consolidated financial statements, which are summarized in the following tables.

As a result of the adoption of this accounting standard, the Company recognized the cumulative effect of the change on certain components of equity as of the beginning of the earliest fiscal year presented in the consolidated statements of shareholders’ equity as presented in the following table:


	June 30, 2007
	As Reported		Adjustments			As Adjusted
	(Thousands)
Additional paid in capital ⁽¹⁾	$	1,094,210	$	43,190		$	1,137,400
Retained earnings ⁽²⁾	$	1,880,642	$	(26,437	)	$	1,854,205


⁽¹⁾		Adjustment represents the value of the equity component of the Debentures, net of deferred taxes.

⁽²⁾		Adjustment represents the accretion of the debt discount, net of tax, over the expected life of the Debentures, which was five years from the date of issuance, or March 2009, because this was the earliest date the Debenture holders had a right to exercise their put option.


	Fiscal Year Ended
	June 27,			June 28,			June 30,
Adjustments—increase (decrease)	2009			2008			2007
	(Thousands, except per share data)
Selling, general and adminstrative expenses ⁽³⁾	$	(291	)	$	(388	)	$	(388	)
Interest expense ⁽⁴⁾		12,185			15,939			14,777
Income tax provision		(4,644	)		(6,048	)		(5,696	)
Net income		(7,250	)		(9,503	)		(8,693	)
Basic EPS	$	(0.05	)	$	(0.06	)	$	(0.05	)
Diluted EPS	$	(0.05	)	$	(0.06	)	$	(0.06	)


⁽³⁾		Adjustment represents a reduction to deferred financing cost amortization expense as a result of allocating a portion of such costs to the equity component of the Debentures.

⁽⁴⁾		Adjustment represents incremental non-cash interest expense as a result of accreting the Debenture debt discount.

Recent accounting pronouncements — In June 2009, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which establishes the FASB Accounting Standards Codification^TM (“ASC”) as the single source of authoritative US GAAP, organized by topic, and creates a new referencing system to identify authoritative guidance such that references to SFAS, EITF, etc. will no longer be valid. The Codification does not create any new GAAP standards. In addition, the Securities and Exchange Commission (“SEC”) rules and releases will remain as sources of authoritative US GAAP for SEC registrants. The standard was effective for the Company’s first quarter of fiscal 2010 and did not have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued authoritative guidance which changes the analysis required to determine controlling interest in variable interest entities and requires additional disclosures regarding a company’s involvement with such entities. The standard, which is effective beginning the Company’s fiscal year 2011, is not expected to have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued authoritative guidance which eliminates the concept of qualifying special purpose entities, limits the number of financial assets and liabilities that qualify for derecognition, and requires additional disclosures. The standard, which is effective beginning the Company’s fiscal year 2011, is not expected to have a material impact on the Company’s consolidated financial statements.

In April 2009, the FASB issued authoritative guidance which requires disclosure about fair value of financial instruments in interim financial statements in order to provide more timely information about the effects of current market conditions on financial instruments. The standard, which was effective beginning the Company’s first quarter of fiscal 2010, did not have a material impact on the Company’s consolidated financial statements.

In December 2007, the FASB issued authoritative guidance which establishes the requirements for how an acquirer recognizes and measures the identifiable assets acquired, the liabilities assumed, any non-controlling interest in the acquiree and the goodwill acquired. The standard requires acquisition costs be expensed instead of capitalized as was required under prior purchase accounting standards and also establishes disclosure requirements for business combinations. The standard, which was effective beginning in the Company’s first quarter of fiscal 2010, did not have a material impact on the Company’s consolidated statement of operations based upon the Company’s level of acquisition activity during fiscal 2010. However, based upon the acquisitions completed in July 2010, Bell Microproducts Inc. in particular (see Note 2), the Company expects to recognize transaction costs in its consolidated statement of operations in fiscal 2011 which would have been capitalized under the prior accounting rules and also expects to recognize restructuring costs in its consolidated statement of operations in fiscal 2011 that would have been recorded to goodwill under prior accounting rules.

In December 2007, the FASB issued authoritative guidance which changes the accounting and reporting for minority interests, which are now termed “non-controlling interests.” The standard requires non-controlling interests to be presented as a separate component of equity and requires the amount of net income attributable to the parent and to the non-controlling interest to be separately identified on the consolidated statement of operations. The standard, which was effective for the Company’s first quarter of fiscal 2010, did not have a material impact on the Company’s consolidated financial statements as the Company does not currently have any material non-controlling interests.

In February 2008, the FASB issued authoritative guidance which delayed the effective date of the fair value measurement guidance for all non-financial assets and non-financial liabilities, except for items that are recognized or disclosed as fair value in the financial statements on a recurring basis (at least annually). The standard, which was effective for the Company’s first quarter of fiscal 2010, did not have a material impact on the Company’s consolidated financial statements.

Acquisitions and divestitures

12 Months Ended

Jul. 03, 2010

Acquisitions and divestitures [Abstract]

Acquisitions and divestitures

2. Acquisitions and divestitures

Acquisitions

During fiscal 2010, 2009 and 2008, the Company has acquired sixteen businesses which are presented in the following table.


		Approximate
		Annualized		Acquisition
Acquired Business	Group & Region	Revenues (1)		Date
		*(in millions)*
Fiscal 2010
Servodata HP Division	TS EMEA	$	20		04/08/10
PT Datamation Purwana Utama / PT Mitra Bisinfo Utama	TS Asia/Pac		90		04/05/10
Sunshine Joint Stock Company	TS Asia/Pac		30		11/30/09
Vanda Group	TS Asia/Pac		30		10/06/09
Fiscal 2009
Abacus Group plc	EM EMEA	$	400		01/20/09
Nippon Denso Industry Co., Ltd.	EM Asia/Pac		140		12/29/08
Ontrack Solutions Pvt. Ltd.	TS Asia/Pac		13		07/31/08
Horizon Technology Group plc	TS EMEA		400		06/30/08
Source Electronics Corporation	EM Americas		82		06/30/08
Fiscal 2008
Azzurri Technology	EM EMEA	$	100		03/31/08
YEL Electronics Hong Kong Ltd.	EM Asia/Pac		200		12/31/07
Division of Acal plc Ltd.	TS EMEA		200		12/17/07
ChannelWorx	TS Asia/Pac		30		10/31/07
Betronik GmbH	EM EMEA		40		10/31/07
Division of Magirus Group	TS EMEA		500		10/06/07
Flint Distribution Ltd.	EM EMEA		40		07/05/07


⁽¹⁾		Represents the approximate annual revenue from the acquired businesses’ most recent fiscal year end prior to acquisition by Avnet and based upon average foreign currency exchange rates for those periods.

On July 6, 2010, subsequent to fiscal year 2010, the Company completed its previously announced acquisition of Bell Microproducts Inc. (“Bell”), a value-added distributor of storage and computing technology providing integration and support services to OEMs, VARs, system builders and end users in the US, Canada, EMEA and Latin America. Bell operated both a distribution and single tier reseller business and generated sales of approximately $3.0 billion in calendar 2009, of which 42%, 41% and 17% was generated in North America, EMEA and Latin America, respectively. The consideration for the transaction consisted of $7.00 in cash per share of Bell common stock which represented an equity value of approximately $252 million, including the accelerated vesting of, and cash payment for, Bell equity awards of approximately $25 million (which will be expensed in the first quarter of fiscal 2011) and the assumption of approximately $323 million in net debt, thereby resulting in an aggregate transaction value of approximately $575 million. The transaction is expected to be immediately accretive to earnings excluding integration and transaction costs. The Company is integrating Bell into both the EM and TS operating groups and expects cost saving synergies upon completion of the integration activities, which are anticipated to be completed by the end of fiscal 2011.

Since the initial announcement in March 2010 of the definitive agreement to acquire Bell, several putative class actions were filed by alleged Bell shareholders in various state courts in California. All class action matters have since been settled for a nominal amount.

Divestitures

During fiscal 2010, the Company recognized a gain on the sale of assets as a result of certain earn-out provisions associated with the prior sale of the Company’s equity investment in Calence LLC. The gain on sale of assets was $8,751,000 pre-tax, $5,370,000 after tax and $0.03 per share on a diluted basis. In addition, the Company sold a cost method investment and received proceeds of approximately $3,034,000 in the second quarter of fiscal 2010.

During fiscal 2009, the Company recognized a gain on the sale of assets amounting to $14,318,000 pre-tax, $8,727,000 after tax and $0.06 per share as a result of certain earn-out provisions associated with the prior sale of the Company’s equity investment in Calence LLC.

During fiscal 2008, the Company recognized a gain on sale of assets of $49,903,000 pre-tax, $32,244,000 after tax and $0.21 per share on a diluted basis. The Company sold its equity investment in Calence LLC and received proceeds of approximately $65,601,000 which resulted in a gain on sale of assets of $42,426,000 pre-tax, $25,924,000 after tax and $0.17 per share on a diluted basis. The Company recorded a gain on sale of assets of $3,000,000 pre-tax, $1,843,000 after tax and $0.01 per share on a diluted basis in connection with the receipt of the last installment of contingent purchase price proceeds related to the fiscal 2006 sale of a TS business in the Americas. The Company also sold a building in the EMEA region and recognized a gain of $4,477,000 pre- and after tax and $0.03 per share on a diluted basis. Due to local tax allowances, the building sale was not taxable.

Goodwill and intangible assets

12 Months Ended

Jul. 03, 2010

Goodwill and intangible assets [Abstract]

Goodwill and intangible assets

6. Goodwill and intangible assets

The following table presents the carrying amount of goodwill, by reportable segment, for the periods presented:


	Electronics			Technology
	Marketing			Solutions			Total
Carrying value at June 27, 2009	$	240,388		$	309,730		$	550,118
Additions		11,318			14,090			25,408
Adjustments		(584	)		—			(584	)
Foreign currency translation		(8,496	)		(137	)		(8,633	)

Carrying value at July 3, 2010	$	242,626		$	323,683		$	566,309

Goodwill additions in EM, as presented in the preceding table, related to purchase accounting entries during the purchase price allocation period for acquisitions that closed prior to fiscal 2010. Goodwill additions in TS related to acquisitions that closed during fiscal 2010.

The Company performs its annual goodwill impairment test on the first day of its fiscal fourth quarter. In addition, if and when events or circumstances change that would more likely than not reduce the fair value of any of its reporting units below its carrying value, an interim test would be performed. Based upon the Company’s annual impairment tests performed for fiscal 2010 and 2008, there was no impairment of goodwill in the respective fiscal years. During fiscal 2009, the Company recognized goodwill and intangible asset impairment charges of $1,411,127,000 pre-tax, $1,376,983,000 after tax and $9.13 per share resulting from an interim impairment test performed at the end of the second quarter and from the annual impairment test performed during the fourth quarter of fiscal 2009. The non-cash charge had no impact on the Company’s compliance with debt covenants, its cash flows or available liquidity, but did have a material impact on its consolidated financial statements.

Fiscal 2009 impairment charges

In the second quarter of fiscal 2009, due to the steady decline in the Company’s market capitalization primarily related to the global economic downturn, the Company determined an interim impairment test was necessary. Based upon the test results, it was determined that the fair values of four of the Company’s six reporting units were below their carrying values as of the end of the second quarter of fiscal 2009. Accordingly, the Company recognized a non-cash goodwill impairment charge of $1,317,452,000 pre-tax, $1,283,308,000 after-tax and $8.51 per share in its second quarter of fiscal 2009 results.

A two step process is used to test for goodwill impairment. The first step is to determine if there is an indication of impairment by comparing the estimated fair value of each reporting unit to its carrying value including existing goodwill. Goodwill is considered impaired if the carrying value of a reporting unit exceeds the estimated fair value. Upon an indication of impairment, a second step is performed to determine the amount of the impairment by determining the implied fair value of all of the reporting unit’s assets and liabilities, including identifiable intangible assets, and comparing the implied fair value of goodwill with its carrying value. The determination of fair value in both step one and step two utilized level 3 criteria under fair value measurement standards.

To estimate the fair value of its reporting units for step one, the Company utilized a combination of income and market approaches. The income approach, specifically a discounted cash flow methodology, included assumptions for, among others, forecasted revenues, gross profit margins, operating profit margins, working capital cash flow, perpetual growth rates and long term discount rates, all of which require significant judgments by management. These assumptions took into account the current recessionary environment and its impact on the Company’s business. In addition, the Company utilized a discount rate appropriate to compensate for the additional risk in the equity markets regarding the Company’s future cash flows in order to arrive at a control premium considered supportable based upon historical comparable transactions.

The results of step one indicated that the goodwill related to the EM Asia, TS EMEA and TS Asia reporting units was fully impaired. Therefore, the Company only performed step two of the impairment analysis for its EM Americas reporting unit. Step two of the impairment test required the Company to fair value all of the reporting unit’s assets and liabilities, including identifiable intangible assets, and compare the implied fair value of goodwill to its carrying value. The results of step two indicated that the goodwill in the EM Americas reporting unit was also fully impaired.

During the fourth quarter of fiscal 2009, the Company performed its annual goodwill impairment test which indicated that three of its six reporting units, including EM Asia and TS EMEA, continued to have fair values below their carrying values. As a result, the Company was required to recognize the impairment of additional goodwill which arose subsequent to the second quarter of fiscal 2009 in the EM Asia and TS EMEA reporting units. Of the non-cash goodwill impairment charges of $62,282,000 pre- and after tax and $0.41 per share recognized in the fourth quarter, $41,433,000 related to the recently acquired business in Japan, which was assigned to the EM Asia reporting unit. Accounting standards require goodwill from an acquisition to be assigned to a reporting unit and also requires goodwill to be tested on a reporting unit level, not by individual acquisition. As noted above, the annual impairment analysis indicated that the fair value of the EM Asia reporting unit continued to be below its carrying value. As a result, the goodwill from the acquisition was required to be impaired. The remaining $20,849,000 of the impairment charges related to additional goodwill in the TS EMEA reporting unit primarily as a result of final acquisition adjustments during the purchase price allocation period related to an acquisition for which the goodwill had been fully impaired in the second quarter of fiscal 2009.

Intangible assets

As of July 3, 2010, “Other assets” included customer relationship intangible assets with a carrying value of $48,508,000; consisting of $81,045,000 in original cost value and $32,537,000 of accumulated amortization and foreign currency translation. These assets are being amortized over a weighted average life of nine years. Intangible asset amortization expense was $8,629,000, $12,272,000 and $6,767,000 in fiscal 2010, 2009 and 2008, respectively. Amortization expense for the next five years is expected to be approximately $9,000,000 each year, based upon current foreign currency exchange rates.

During fiscal 2009, the Company evaluated the recoverability of its long-lived assets at each of the reporting units where goodwill was deemed to be impaired. Based upon this evaluation, which utilized level 3 criteria under fair value measurement standards, the Company determined that certain of its amortizable intangible assets were impaired. As a result, the Company recognized a non-cash intangible asset impairment charge of $31,393,000 pre- and after tax and $0.21 per share during the second quarter of fiscal 2009. In conjunction with the annual goodwill impairment test, the Company again evaluated the recoverability of its long-lived assets during the fourth quarter of fiscal 2009 and determined that no impairment had occurred.

Income taxes

12 Months Ended

Jul. 03, 2010

Income taxes [Abstract]

Income taxes

9. Income taxes

The components of the provision for income taxes are indicated in the table below. The tax provision for deferred income taxes results from temporary differences arising principally from inventory valuation, accounts receivable valuation, net operating losses, certain accruals and depreciation, net of any changes to the valuation allowance.


	Years Ended
	July 3,		June 27,			June 28,
	2010		2009			2008
	(Thousands)
Current:
Federal	$	61,892	$	69,835		$	53,350
State and local		9,789		7,689			30,361
Foreign		56,608		50,007			19,015

Total current taxes		128,289		127,531			102,726

Deferred:
Federal		24,251		(55,743	)		49,621
State and local		1,290		(5,250	)		(10,628	)
Foreign		20,883		(31,794	)		62,107

Total deferred taxes		46,424		(92,787	)		101,100

Provision for income taxes	$	174,713	$	34,744		$	203,826

The provision for income taxes noted above is computed based upon the split of income (loss) before income taxes from US and foreign operations. US income (loss) before income taxes was $241,029,000, ($733,915,000) and $337,303,000 and foreign income (loss) before income taxes was $344,054,000, ($361,053,000) and $356,101,000 in fiscal 2010, 2009 and 2008, respectively.

A reconciliation between the federal statutory tax rate and the effective tax rate is as follows:


	Years Ended
	July 3,			June 27,			June 28,
	2010			2009			2008
Federal statutory rate		35.0	%		(35.0	)%		35.0	%
State and local income taxes, net of federal benefit		1.2			0.3			2.2
Foreign tax rates, including impact of valuation allowances		(6.6	)		(2.0	)		(5.4	)
Change in contingency reserves		2.6			1.1			2.1
Tax audit settlements		(1.6	)		(2.9	)		(5.7	)
Impairment charges		—			41.9			—
Other, net		(0.7	)		(0.2	)		1.2

Effective tax rate		29.9	%		3.2	%		29.4	%

Foreign tax rates generally consist of the impact of the difference between foreign and federal statutory rates applied to foreign income (losses) and also include the impact of valuation allowances against the Company’s otherwise realizable foreign loss carry-forwards.

Avnet’s effective tax rate on income before income taxes was 29.9% in fiscal 2010 as compared with an effective tax rate of 3.2% in fiscal 2009. The fiscal 2009 effective tax rate impacted by non-deductible impairment charges and a change to estimates for existing tax positions, net of favorable tax audit settlements of $21,672,000, or $0.14 per share. Excluding the impact of these items, the effective tax rate for fiscal 2009 would have been 28.6%.

The significant components of deferred tax assets and liabilities, included primarily in “other assets” on the consolidated balance sheets, are as follows:


	July 3,			June 27,
	2010			2009
	(Thousands)
Deferred tax assets:
Inventory valuation	$	8,276		$	6,002
Accounts receivable valuation		24,264			20,747
Federal, state and foreign tax loss carry-forwards		361,988			396,933
Various accrued liabilities and other		101,254			83,259

		495,782			506,941

Less — valuation allowance		(331,423	)		(315,020	)

		164,359			191,921

Deferred tax liabilities:
Depreciation and amortization of property, plant and equipment		(23,177	)		(24,447	)

Net deferred tax assets	$	141,182		$	167,474

As of July 3, 2010, the Company had foreign net operating loss carry-forwards of approximately $1,197,057,000, approximately $156,443,000 of which have expiration dates ranging from fiscal 2011 to 2025 and the remaining $1,040,614,000 of which have no expiration date. Of the $156,443,000 of foreign net operating loss carry-forwards, $24,461,000 will expire during fiscal 2011 and 2012, substantially all of which have full valuation allowances. The carrying value of the Company’s net operating loss carry-forwards is dependent upon the Company’s ability to generate sufficient future taxable income in certain tax jurisdictions. In addition, the Company considers historic levels of income, expectations and risk associated with estimates of future taxable income and on-going prudent and feasible tax planning strategies in assessing a tax valuation allowance.

Accruals for income tax contingencies (or accruals for unrecognized tax benefits) are included in “accrued expenses and other” and “other long term liabilities” on the consolidated balance sheet. These contingency reserves relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. The change to contingency reserves during fiscal 2010 is primarily due to the recognition of uncertainties in current year tax positions, a change to estimates for existing tax positions and favorable audit settlements. As of July 3, 2010, unrecognized tax benefits were $132,828,000, of which approximately $88,811,000, if recognized, would favorably impact the effective tax rate and the remaining balance would be substantially offset by valuation allowances. As of June 27, 2009, unrecognized tax benefits were $135,891,000, of which approximately $87,468,000, if recognized, would favorably impact the effective tax rate, and the remaining balance would be substantially offset by valuation allowances. In accordance with the Company’s accounting policy, accrued interest and penalties, if any, related to unrecognized tax benefits are recorded as a component of income tax expense. The accrual for unrecognized tax benefits included accrued interest expense and penalties of $18,308,000 and $12,476,000, net of applicable state tax benefit, as of the end of fiscal 2010 and fiscal 2009, respectively.

A reconciliation of the beginning and ending accrual balance for unrecognized tax benefits is as follows:


	Fiscal 2010			Fiscal 2009
Balance at beginning of year	$	135,891		$	124,765
Additions for tax positions taken in prior periods, including interest		32,723			30,930
Reductions for tax positions taken in prior periods, including interest		(33,168	)		(45,876	)
Additions for tax positions taken in current period		4,970			42,400
Reductions relating to settlements with taxing authorities		(96	)		(10,574	)
Reductions related to the lapse of statute of limitations		(2,006	)		(2,876	)
Reductions related to foreign currency translation		(5,486	)		(2,878	)

Balance at end of year	$	132,828		$	135,891

The evaluation of income tax positions requires management to estimate the ability of the Company to sustain its position and estimate the final benefit to the Company. To the extent that these estimates do not reflect the actual outcome there could be an impact on the consolidated financial statements in the period in which the position is settled, the statute of limitations expire or new information becomes available as the impact of these events are recognized in the period in which they occur. It is difficult to estimate the period in which the amount of a tax position will change as settlement may include administrative and legal proceedings whose timing the Company cannot control. The effects of settling tax positions with tax authorities and statute expirations may significantly impact the accrual for income tax contingencies. Within the next twelve months, management estimates that approximately $10,110,000 of tax contingencies will be settled primarily through agreement with the tax authorities for tax positions related to valuation matters; such matters are common to multinational companies. The expected cash payment related to the settlement of these contingencies is not significant.

The Company conducts business globally and consequently files income tax returns in numerous jurisdictions including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal year 1999. The open years, by major jurisdiction, are as follows:


Jurisdiction	Fiscal Year
United States (federal and state)		2004 - 2010
Germany		2006 - 2010
United Kingdom		2007 - 2010
Netherlands		2003 - 2010
Belgium		1999 - 2010
Singapore		2004 - 2010
Taiwan		2005 - 2010
Hong Kong		2004 - 2010

Pension and retirement plans

12 Months Ended

Jul. 03, 2010

Pension and retirement plans [Abstract]

Pension and retirement plans

10. Pension and retirement plans

Pension Plan

The Company’s noncontributory defined benefit pension plan (the “Plan”) covers substantially all domestic employees. Employees are eligible to participate in the Plan following the first year of service during which they worked at least 1,000 hours. The Plan provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit based upon a percentage of current salary, which varies with age, and interest credits. The Company uses June 30 as the measurement date for determining pension expense and benefit obligations for each fiscal year. Not included in the tabulations and discussions that follow are pension plans of certain non-US subsidiaries, which are not material.

The following tables outline changes in benefit obligations, plan assets and the funded status of the Plan as of the end of fiscal 2010 and 2009:


	July 3,			June 27,
	2010			2009
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	263,324		$	279,141
Service cost		—			16,205
Interest cost		15,748			18,175
Plan amendments		34,000			(55,190	)
Actuarial loss (gain)		19,591			24,506
Benefits paid		(55,725	)		(19,513	)

Benefit obligations at end of year	$	276,938		$	263,324


Change in plan assets:
Fair value of plan assets at beginning of year	$	258,931		$	252,547
Actual return on plan assets		34,008			(49,402	)
Benefits paid		(55,725	)		(19,513	)
Contributions		41,750			75,299

Fair value of plan assets at end of year	$	278,964		$	258,931


Funded status of the plan recognized as a non-current asset (liability)	$	2,026		$	(4,393	)


Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial loss	$	191,180		$	181,147
Unamortized prior service credit		(16,306	)		(55,190	)

	$	174,874		$	125,957


Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	15,720		$	100,446
Prior service cost (credit)		34,000			(55,190	)
Amortization of net actuarial loss		(5,687	)		(2,325	)
Amortization of prior service credit		4,884			—

	$	48,917		$	42,931

The Plan was amended effective July 1, 2010 to resume future accruals for compensation paid by the Company on or after July 1, 2010. The pension accrual formula was similar in structure to the formula that was frozen as of July 1, 2009. The Plan changes effected by this amendment were as follows:

	•		an age-related contribution crediting schedule ranging from 4% to 16% of pension-eligible compensation

	•		interest credits on post-July 1, 2010 pension accruals of 4% per year

	•		inclusion of overtime pay in pension-eligible compensation

	•		increase of the cap on pension-eligible compensation from $100,000 to the statutory limit

	•		change in the actuarial factor basis used to convert account balances to annuity payment forms.

In October 2009, the Company agreed to settle a pension litigation matter, which was approved by the court in April 2010. As a result, the Plan was amended to increase benefits to certain former employees. This amendment, effective May 21, 2010, increased the benefit obligation by $34,000,000 and results in a prior service cost base which will be amortized over 11 years. To fund this additional liability, the Company made a voluntary contribution of $34,000,000 in June 2010. The impacts of the amendment described above are reflected in the preceding table as of July 3, 2010.

Included in “accumulated other comprehensive income” at July 3, 2010 is a pre-tax charge of $191,180,000 of net actuarial losses which have not yet been recognized in net periodic pension cost, of which $9,283,000 is expected to be recognized as a component of net periodic benefit cost during fiscal 2011. Also included is a pre-tax credit of $16,306,000 of prior service credit which has not yet been recognized in net periodic pension costs, of which $1,875,000 is expected to be recognized as a component of net periodic benefit costs during fiscal 2011.

Weighted average assumptions used to calculate actuarial present values of benefit obligations are as follows:


	2010			2009
Discount rate		5.25	%		6.25	%

Weighted average assumptions used to determine net benefit costs are as follows:


	2010			2009
Discount rate		6.25	%		6.75	%
Expected return on plan assets		9.00	%		9.00	%

The Company bases its discount rate on a hypothetical portfolio of bonds rated Aa by Moody’s Investor Services or AA by Standard & Poors. The bonds selected for this determination are based upon the estimated amount and timing of services of the pension plan.

Components of net periodic pension costs during the last three fiscal years are as follows:


	Years Ended
	July 3,			June 27,			June 28,
	2010			2009			2008
	(Thousands)
Service cost	$	—		$	16,205		$	14,737
Interest cost		15,748			18,175			16,769
Expected return on plan assets		(30,137	)		(26,539	)		(23,337	)
Recognized net actuarial loss		5,687			2,325			3,096
Amortization of prior service credit		(4,884	)		—			—

Net periodic pension cost	$	(13,586	)	$	10,166		$	11,265

The Company made contributions of $41,750,000 in fiscal 2010 and $75,299,000, including a voluntary contribution of $53,000,000, in fiscal 2009.

Benefit payments are expected to be paid to participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):


2011	$	17,263
2012		17,497
2013		19,788
2014		20,091
2015		19,353
2015 through 2020		106,050

The Plan’s assets are held in trust and were allocated as follows as of the June 30 measurement date for fiscal 2010 and 2009:


	2010			2009
Equity securities		74	%		77	%
Debt securities		25			23
Cash and receivables		1			—

The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio in order to earn annualized returns that meet the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The target rate of return on Plan assets is currently 9%, which represents the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation. This assumption has been determined by combining expectations regarding future rates of return for the investment portfolio along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of equity securities is typically diversified to obtain a blend of domestic and international investments covering multiple industries. The Plan assets do not include any material investments in Avnet common stock. The Plan’s investments in debt 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% of the portfolio with a policy for minimum investment in equity securities of 60% of the portfolio and a maximum of 92%. The majority of the remaining portfolio of investments is to be invested in fixed income securities.

As of June 30, 2010, the market value of plan assets by investment category was: US Equity ($161.9 million); US Bonds ($70.4 million); International Equity ($43.9 million) and cash and receivables ($2.8 million). Asset values are Level 1 for all asset categories as the fair values are based upon quoted market prices for identical assets. The pension assets were highly diversified to reduce the potential risk of significant concentrations of credit risk.

Stock-based compensation plans

12 Months Ended

Jul. 03, 2010

Stock-based compensation plans [Abstract]

Stock-based compensation plans

12. Stock-based compensation plans

The Company measures all share-based payments, including grants of employee stock options, at fair value and recognizes related expense in the consolidated statement of operations over the service period (generally the vesting period). During fiscal 2010, 2009 and 2008, the Company expensed $28,363,000, $18,269,000 and $25,389,000, respectively, for all stock-based compensation awards.

Stock plan

The Company has one stock compensation plan, the 2006 Stock Compensation Plan (“2006 Plan”) which was approved by the shareholders in fiscal 2007. The 2006 Plan has a termination date of November 8, 2016 and 1,234,954 shares were available for grant at July 3, 2010. At July 3, 2010, the Company had 6,774,177 shares of common stock reserved for stock option and stock incentive programs.

Stock options

Option grants under the 2006 Plan have a contractual life of ten years, vest 25% on each anniversary of the grant date, commencing with the first anniversary, and provide for a minimum exercise price of 100% of fair market value at the date of grant. Compensation expense associated with stock options during fiscal 2010, 2009 and 2008 were $3,558,000, $4,245,000 and $6,155,000, respectively.

The fair value of options granted is estimated on the date of grant using the Black-Scholes model based on the assumptions in the following table. The assumption for the expected term is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the US Treasury rates at the date of grant with maturity dates approximately equal to the expected term at the grant date. The historical volatility of Avnet’s stock is used as the basis for the volatility assumption.


	Years Ended
	July 3,			June 27,			June 28,
	2010			2009			2008
Expected term (years)		6.0			5.75			6.0
Risk-free interest rate		3.0	%		3.4	%		4.6	%
Weighted average volatility		34.3	%		30.7	%		35.9	%
Dividend yield		—			—			—

The following is a summary of the changes in outstanding options for fiscal 2010:


						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contractual
	Shares			Price		Life
Outstanding at June 27, 2009		3,881,806		$	21.06	56 Months
Granted		395,684		$	24.75	109 Months
Exercised		(623,864	)	$	22.10	20 Months
Forfeited or expired		(123,508	)	$	27.53	47 Months

Outstanding at July 3, 2010		3,530,118		$	21.06	56 Months

Exercisable at July 3, 2010		2,648,562		$	19.20	42 Months

The weighted-average grant-date fair values of stock options granted during fiscal 2010, 2009, and 2008 were $9.58, $10.21, and $14.90, respectively. There were no intrinsic values of share options outstanding or exercisable at July 3, 2010. The total intrinsic values of share options exercised during fiscal 2009 and 2008 were $3,000 and $109,000, respectively.

The following is a summary of the changes in non-vested stock options for the fiscal year ended July 3, 2010:


				Weighted
				Average
				Grant-Date
	Shares			Fair Value
Non-vested stock options at June 27, 2009		821,668		$	11.14
Granted		395,684		$	9.58
Vested		(298,583	)	$	11.03
Forfeited		(37,213	)	$	12.89

Non-vested stock options at July 3, 2010		881,556		$	10.40

As of July 3, 2010, there was $9,170,000 of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 3.3 years. The total fair values of shares vested during fiscal 2010, 2009 and 2008 were $3,293,000, $5,555,000 and $4,969,000, respectively.

Cash received from option exercises during fiscal 2010, 2009 and 2008 totaled $4,134,000, $563,000 and $5,111,000, respectively. The impact of these cash receipts is included in “Other, net” in financing activities in the accompanying consolidated statements of cash flows.

Incentive shares

Delivery of incentive shares, and the associated compensation expense, is spread equally over a five-year period and is subject to the employee’s continued employment by the Company. As of July 3, 2010, 1,258,054 shares previously awarded have not yet been delivered. Compensation expense associated with this program was $14,614,000, $14,883,000 and $12,074,000 for fiscal years 2010, 2009 and 2008, respectively.

The following is a summary of the changes in non-vested incentive shares for the fiscal year ended July 3, 2010:


				Weighted
				Average
				Grant-Date
	Shares			Fair Value
Non-vested incentive shares at June 27, 2009		1,139,243		$	27.22
Granted		738,605		$	24.82
Vested		(560,859	)	$	25.50
Forfeited		(58,935	)	$	27.49

Non-vested incentive shares at July 3, 2010		1,258,054		$	26.57

As of July 3, 2010, there was $31,086,000 of total unrecognized compensation cost related to non-vested incentive shares, which is expected to be recognized over a weighted-average period of 2.6 years. The total fair values of shares vested during fiscal 2010, 2009 and 2008 were $14,301,000, $12,588,000 and $9,097,000, respectively.

Performance shares

Eligible employees, including Avnet’s executive officers, may receive a portion of their long-term equity-based incentive compensation through the performance share program, which allows for the award of shares of stock against performance-based criteria (“Performance Share Program”). The Performance Share Program provides for the issuance to each grantee of a number of shares of Avnet’s common stock at the end of a three-year period based upon the Company’s achievement of performance goals established by the Compensation Committee of the Board of Directors for each three-year period. For the Performance Share Programs granted in fiscal 2008 and 2009, the performance goals were initially based upon a three-year cumulative increase in the Company’s absolute economic profit, as defined, over the prior three-year period and the increase in the Company’s economic profit relative to the increase in the economic profit of a peer group of companies. During fiscal 2010, these performance goals were modified to eliminate the absolute economic profit goal; in addition, the fiscal 2009 and 2008 programs were modified to limit the percentage of performance stock units vesting to a maximum of 100%.

For the Performance Share Program granted in fiscal 2010, the performance goals are based upon a three-year cumulative increase in the Company’s economic profit relative to the increase in the economic profit of a peer group of companies.

During fiscal 2010, 2009 and 2008, the Company granted 242,390, 246,650 and 170,630 performance shares, respectively, to be awarded to participants in the Performance Share Program, of which 29,655 cumulatively have been forfeited. For the Performance Share Program granted in fiscal 2010, the actual amount of performance shares issued at the end of the three year period is determined based upon the level of achievement of the defined performance goals and can range from 0% to 200% of the initial award. As previously mentioned, the Performance Share Programs granted in fiscal 2008 and 2009 were limited to 100% of the initial award. The Company anticipates issuing 156,265 shares in the first quarter of fiscal 2011 based upon the goals achieved at the end of the fiscal 2008 Performance Share Program three-year period which ended July 3, 2010. During fiscal 2010 and 2008, the Company recognized compensation expense associated with the Performance Share Programs of $9,171,000 and $6,380,000, respectively. During fiscal 2009, the Company recorded a credit of $1,819,000 in selling, general and administrative expenses associated with the Performance Share Programs based upon actual performance under the 2007 plan and based upon the probability assessment of the remaining plans.

Outside director stock bonus plan

Non-employee directors are awarded shares equal to a fixed dollar amount of Avnet common stock upon their re-election each year, as part of their director compensation package. Directors may elect to receive this compensation in the form of common stock under the Outside Director Stock Bonus Plan or they may elect to defer their compensation to be paid in common stock at a later date. During fiscal 2010, 2009 and 2008, compensation cost associated with the outside director stock bonus plan was $1,020,000, $960,000 and $780,000, respectively.

Employee stock purchase plan

The Company has an Employee Stock Purchase Plan (“ESPP”) under the terms of which eligible employees of the Company are offered options to purchase shares of Avnet common stock at a price equal to 95% of the fair market value on the last day of each monthly offering period. Based on the terms of the ESPP, Avnet is not required to record expense in the consolidated statements of operations related to the ESPP.

The Company has a policy of repurchasing shares on the open market to satisfy shares purchased under the ESPP, and expects future repurchases during fiscal 2011 to be similar to the number of shares repurchased during fiscal 2010, based on current estimates of participation in the program. During fiscal 2010, 2009 and 2008, there were 67,168, 100,206 and 70,553 shares, respectively, of common stock issued under the ESPP program.

Segment information

12 Months Ended

Jul. 03, 2010

Segment information [Abstract]

Segment information

16. Segment information

Electronics Marketing and Technology Solutions are the overall segments upon which management primarily evaluates the operations of the Company and upon which management bases its operating decisions. Therefore, the segment data that follows reflects these two segments.

EM markets and sells semiconductors and interconnect, passive and electromechanical devices and embedded products. EM markets and sells its products and services to a diverse customer base serving many end-markets including automotive, communications, computer hardware and peripheral, industrial and manufacturing, medical equipment, military and aerospace. EM also offers an array of value-added services that help customers evaluate, design-in and procure electronic components throughout the lifecycle of their technology products and systems, including supply-chain management, engineering design, inventory replenishment systems, connector and cable assembly and semiconductor programming.

TS markets and sells mid- to high-end servers, data storage, software, and the services required to implement these products and solutions to the value-added reseller channel. TS also focuses on the worldwide original equipment manufacturers (“OEM”) market for computing technology, system integrators and non-PC OEMs that require embedded systems and solutions including engineering, product prototyping, integration and other value-added services.


	Years Ended
	July 3,			June 27,			June 28,
	2010			2009			2008
	(Millions)
Sales:
Electronics Marketing	$	10,966.8		$	9,192.8		$	10,326.8
Technology Solutions		8,193.4			7,037.1			7,625.9

	$	19,160.2		$	16,229.9		$	17,952.7

Operating income (loss):
Electronics Marketing	$	491.6		$	354.5		$	564.4
Technology Solutions		251.7			201.4			261.0
Corporate		(82.3	)		(64.5	)		(75.7	)

		661.0			491.4			749.7
Impairment charges (Note 6)		—			(1,411.1	)		—
Restructuring, integration and other charges (Note 17)		(25.4	)		(99.3	)		(38.9	)

	$	635.6		$	(1,019.0	)	$	710.8

Assets:
Electronics Marketing	$	4,441.8		$	3,783.4		$	5,140.5
Technology Solutions		2,553.8			2,036.8			2,785.1
Corporate		786.7			453.3			274.5

	$	7,782.3		$	6,273.5		$	8,200.1


Capital expenditures:
Electronics Marketing	$	30.1		$	61.1		$	46.4
Technology Solutions		17.2			38.5			28.2
Corporate		19.6			10.6			15.1

	$	66.9		$	110.2		$	89.7

Depreciation & amortization expense:
Electronics Marketing	$	24.6		$	26.8		$	24.1
Technology Solutions		15.7			18.3			13.0
Corporate		20.3			20.7			21.7

	$	60.6		$	65.8		$	58.8

Sales, by geographic area, are as follows:
Americas(1)	$	8,367.3		$	7,572.2		$	8,578.5
EMEA(2)		5,948.3			5,268.4			5,958.8
Asia/Pacific(3)		4,844.6			3,389.3			3,415.4

	$	19,160.2		$	16,229.9		$	17,952.7


	Years Ended
	July 3,		June 27,		June 28,
	2010		2009		2008
	(Millions)
Property, plant and equipment, net, by geographic area:
Americas(4)	$	182.2	$	183.9	$	148.9
EMEA(5)		98.5		101.3		64.9
Asia/Pacific		21.9		20.5		13.4

	$	302.6	$	305.7	$	227.2


(1)		Includes sales in the United States of $7.6 billion, $6.8 billion and $7.8 billion for fiscal year 2010, 2009 and 2008, respectively.

(2)		Includes sales in Germany and the United Kingdom of $2.1 billion and $1.1 billion, respectively, for fiscal 2010. Includes sales in Germany of $1.8 billion and $2.2 billion for fiscal 2009 and 2008, respectively. Sales in the United Kingdom in fiscal year 2009 were $1.0 billion, while fiscal 2008 sales were not a significant component of consolidated sales.

(3)		Includes sales of $1.3 billion, $2.0 billion and $1.0 billion in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2010. Includes sales of $966.9 million, $1.3 billion and $752.9 million in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2009. Includes sales of $991.9 million, $1.3 billion and $761.5 million in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2008.

(4)		Includes property, plant and equipment, net, of $178.2 million, $179.6 million and $145.4 million in the United States for fiscal 2010, 2009 and 2008, respectively.

(5)		Includes property, plant and equipment, net, of $48.0 million, $20.4 million and $13.4 million in Germany, Belgium and the United Kingdom, respectively, for fiscal 2010. Fiscal 2009 and 2008 includes property, plant and equipment, net, of $41.4 million and $31.8 million, respectively, in Germany, $24.2 million and $16.8 million, respectively, in Belgium. Property, plant and equipment, net, in the United Kingdom for fiscal 2009 was $26.8 million and was not a significant component of consolidated property, plant and equipment, net in fiscal 2008.

The Company manages its business based upon the operating results of its two operating groups before impairment charges (see Note 6) and restructuring, integration and other charges (see Note 17). In fiscal 2010, 2009 and 2008, presented above, approximate unallocated pre-tax impairment charges and restructuring, integration and other items related to EM and TS, respectively, were $14,701,000 and $10,579,000 in fiscal 2010, $1,116,335,000 and $389,561,000 in fiscal 2009, and $12,183,000 and $17,787,000 in fiscal 2008, respectively. The remaining restructuring, integration and other items in each year relate to corporate activities.

Restructuring, integration and other charges

12 Months Ended

Jul. 03, 2010

Restructuring, integration and other charges [Abstract]

Restructuring, integration and other charges

17. Restructuring, integration and other charges

Fiscal 2010

During fiscal 2010, the Company recognized restructuring, integration and other charges of $25,419,000 pre-tax, $18,789,000 after tax and $0.12 per share on a diluted basis related to remaining cost reduction actions announced in fiscal 2009 which were taken in response to market conditions as well as integration costs associated with acquired businesses in addition to a value-added tax exposure and acquisition-related costs partially offset by a credit related to prior restructuring reserves.


	Year Ended
	July 3, 2010
	(Thousands)
Restructuring charges	$	15,991
Integration costs		2,931
Value-added tax exposure		6,477
Other		3,261
Reversal of excess restructuring reserves recorded in prior periods		(3,241	)

Total restructuring, integration and other charges	$	25,419

The activity related to the restructuring charges incurred during fiscal 2010 is presented in the following table:


	Severance			Facility
	Reserves			Exit Costs			Other			Total
	(Thousands)
Fiscal 2010 pre-tax charges	$	9,683		$	3,711		$	2,597		$	15,991
Amounts utilized		(8,439	)		(2,287	)		(294	)		(11,020	)
Adjustments		(555	)		—			(284	)		(839	)
Other, principally foreign currency translation		(150	)		(19	)		(183	)		(352	)

Balance at July 3, 2010	$	539		$	1,405		$	1,836		$	3,780

Of the $15,991,000 of restructuring charges incurred during fiscal 2010, $11,159,000 and $4,102,000 related to EM and TS, respectively, with the remaining attributable to corporate. Severance charges recorded in fiscal 2010 were related to personnel reductions of over 150 employees in administrative, finance and sales functions in connection with the cost reduction actions in all three regions. Facility exit costs consisted of lease liabilities and fixed asset write-downs associated with seven vacated facilities in the Americas, one in EMEA and four in the Asia/Pac region. Other charges consisted primarily of contractual obligations with no on-going benefit to the Company. Cash payments of $9,863,000 are reflected in the amounts utilized during fiscal 2010 and the remaining amounts utilized were related to non-cash asset write downs. As of July 3, 2010, management expects the majority of the remaining severance reserves to be utilized by the end of fiscal 2011, the remaining facility exit cost reserves to be utilized by the end of fiscal 2013 and the reserves related to other contractual obligations to be utilized by the end of fiscal 2012.

During fiscal 2010, the Company incurred integration costs for professional fees, facility moving costs and travel, meeting, marketing and communication costs that were incrementally incurred as a result of the integration efforts of previously acquired businesses.

Also during fiscal 2010, the Company recognized a charge for a value-added tax exposure in Europe related to an audit of prior years and other charges related primarily to acquisition-related costs which would have been capitalized in under prior accounting rules. In addition, the Company recognized a credit to reverse restructuring reserves which were determined to be no longer necessary.

Fiscal 2009

In response to the decline in sales and gross profit margin due to weaker market conditions, the Company initiated significant cost reduction actions during fiscal 2009 in order to realign its expense structure with market conditions. As a result, the Company incurred restructuring, integration and other charges totaling $99,342,000 pre-tax, $65,310,000 after tax and $0.43 per share during fiscal 2009 related to the cost reductions as well as integration costs associated with recently acquired businesses. The Company also recorded a reversal of $2,514,000 for severance, lease and other reserves that were deemed excessive and credited to restructuring, integration and other charges. Integration costs of $11,160,000 included professional fees, facility moving costs, travel, meeting, marketing and communication costs that were incrementally incurred as a result of the acquisition integration efforts. Other items recorded to restructuring, integration and other charges included a net credit of $1,201,000 related to acquisition adjustments for which the purchase allocation period had closed, a loss of $3,091,000 resulting from a decline in the market value of certain small investments that the Company liquidated, and $3,830,000 of incremental intangible asset amortization. The costs incurred during fiscal 2009 are presented in the following table.


	Year Ended
	June 27, 2009
	(Thousands)
Restructuring charges	$	84,976
Integration costs		11,160
Reversal of excess prior year restructuring reserves		(2,514	)
Prior year acquisition adjustments		(1,201	)
Loss on investment		3,091
Incremental amortization		3,830

Total restructuring, integration and other charges	$	99,342

The following table presents the activity during fiscal 2010 related to reserves established as part of this restructuring plan:


	Severance			Facility
	Reserves			Exit Costs			Other			Total
	(Thousands)
Balance at June 27, 2009	$	19,471		$	26,678		$	2,458		$	48,607
Amounts utilized		(13,537	)		(7,557	)		(217	)		(21,311	)
Adjustments		(3,990	)		(1,708	)		(301	)		(5,999	)
Other, principally foreign currency translation		(24	)		(277	)		(306	)		(607	)

Balance at July 3, 2010	$	1,920		$	17,136		$	1,634		$	20,690

Of the $84,976,000 of restructuring charges incurred during fiscal 2009, $55,318,000 and $29,179,000 related to EM and TS, respectively, with the remaining attributable to corporate. Severance charges related to personnel reductions of approximately 1,900 employees in administrative, finance and sales functions in connection with the cost reduction actions in all three regions of both operating groups with employee reductions of approximately 1,400 in EM, 400 in TS and the remaining from centralized support functions. Exit costs for vacated facilities related to 29 facilities in the Americas, 13 in EMEA and three in Asia/Pac. Other charges included fixed asset write-downs and contractual obligations with no on-going benefit to the Company. The amounts utilized during the fiscal year represents cash payments. As of July 3, 2010, management expects the majority of the remaining severance reserves to be utilized by the end of fiscal 2011, the remaining facility exit cost reserves to be utilized by the end of fiscal 2015 and other contractual obligations to be utilized by the end of fiscal 2011.

Fiscal 2008

During fiscal 2008, the Company incurred restructuring, integration and other charges totaling $38,942,000 pre-tax, $31,469,000 after tax and $0.21 per share on a diluted basis related to cost reductions required to improve the performance at certain business units and integration costs associated with recently acquired businesses. In addition, the Company recorded reversals of excess reserves related to prior year restructuring activity and recorded charges for an indemnification payment related to a prior year acquisition and costs associated with the reassessment of existing environmental matters. A summary of these charges is presented in the following table:


	Year Ended
	June 28, 2008
	(Thousands)
Restructuring charges	$	23,286
Integration costs		7,388
Reversal of excess prior year restructuring reserves		(704	)

Sub-total		29,970
Indemnification payment		6,005
Environmental costs		2,967

Total restructuring, integration and other charges	$	38,942

The restructuring charges related primarily to severance and facility exit costs. The integration costs recorded during fiscal 2008 included professional fees, facility moving costs, travel, meeting, marketing and communication costs that were incrementally incurred as a result of the integration efforts of the recently acquired businesses (see Note 2). The total of the restructuring charges and integration costs, net of reversals, amounted to $29,970,000 pre-tax, $21,938,000 after tax and $0.15 per share on a diluted basis. In addition, the Company recorded $6,005,000 pre-tax, $7,718,000 after tax and $0.05 per share on a diluted basis related to the settlement of an indemnification of a former executive of an acquired company, which was not tax deductible. Finally, the Company recorded additional environmental costs associated with the reassessment of existing environmental matters which amounted to $2,967,000 pre-tax, $1,813,000 after tax and $0.01 per share on a diluted basis.

Severance charges related to personnel reductions of over 350 employees in administrative, finance and sales functions in connection with the cost reductions implemented during the second half of the fiscal year. Personnel reductions consisted of 100 employees in all three regions of EM and over 250 in the Americas and EMEA regions of TS. The facility exit charges related to five office facilities where facilities have been vacated, which included two facilities in the EM EMEA region, two in the TS EMEA region and one in the TS Asia region. These facility exit charges consisted of reserves for remaining lease liabilities and the write-down of leasehold improvements and other fixed assets. Other charges incurred included contractual obligations with no on-going benefit to the Company.

The following table presents the activity during fiscal 2010 related to reserves established as part of this restructuring plan:


	Severance			Facility
	Reserves			Exit Costs			Other			Total
				(Thousands)
Balance at June 27, 2009	$	1,395		$	1,468		$	114		$	2,977
Amounts utilized		(698	)		(478	)		(97	)		(1,273	)
Adjustments		(139	)		—			(22	)		(161	)
Other, principally foreign currency translation		(45	)		(57	)		5			(97	)

Balance at July 3, 2010	$	513		$	933		$	—		$	1,446

The amounts utilized during the fiscal year represent cash payments. As of July 3, 2010, management expects the majority of the remaining severance reserves to be utilized in fiscal 2011 and the remaining facility exit cost reserves to be utilized by the end of fiscal 2015.

Fiscal 2007 and prior restructuring reserves

In fiscal 2007 and prior, the Company incurred restructuring charges under four separate restructuring plans. The table below presents the activity during fiscal 2010 related to reserves established as part of these restructuring plans:


Restructuring charges	Total
	(Thousands)
Balance at June 27, 2009	$	1,807
Amounts utilized		(1,512	)
Adjustments		(48	)
Other, principally foreign currency translation		4

Balance at July 3, 2010	$	251

The amounts utilized during fiscal 2010 represent cash payments. As of July 3, 2010, the remaining reserves related to severance and other contractual obligations which are expected to be utilized by the end of fiscal 2011 and facility exit costs which are expected to be utilized by the end of fiscal 2013.

Summary of quarterly results (unaudited):

12 Months Ended

Jul. 03, 2010

Summary of quarterly results (unaudited): [Abstract]

Summary of quarterly results (unaudited):

18. Summary of quarterly results (unaudited):


	First		Second			Third		Fourth
	Quarter		Quarter			Quarter		Quarter			Year(a)
	(Millions, except per share amounts)
2010(b)
Sales	$	4,355.0	$	4,834.5		$	4,756.8	$	5,213.8		$	19,160.2
Gross profit		499.7		551.9			582.8		645.8			2,280.2
Net income		50.9		103.9			114.5		141.1			410.4
Diluted earnings per share		0.33		0.68			0.75		0.92			2.68
2009(c)
Sales	$	4,494.5	$	4,269.2		$	3,700.8	$	3,765.4		$	16,229.9
Gross profit		584.2		533.5			462.5		442.8			2,023.0
Net income (loss) (d)		90.3		(1,205.0	)		15.8		(30.9	)		(1,129.7	)
Diluted earnings (loss) per share (d)		0.59		(7.99	)		0.10		(0.20	)		(7.49	)


(a)		Quarters may not add to the year due to rounding.

(b)		First quarter of fiscal 2010 results were impacted by restructuring, integration and other charges which totaled $18.1 million pre-tax, $13.2 million after tax and $0.09 per share on a diluted basis. Restructuring charges consisted of severance costs, facility exit costs, and fixed asset write-downs related to previously announced cost reduction actions. The Company recognized a reversal of excess prior year restructuring reserves and also recognized integration costs associated with acquired businesses and other charges. In addition, the Company recognized a net increase in taxes of $3.1 million and $0.02 per share on a diluted basis related an adjustment for a prior year tax return and additional tax reserves, net of a benefit from a favorable income tax audit settlement. Second quarter results were impacted by a gain on the sale of assets of $5.5 million pre-tax, $3.4 million after tax and $0.02 per share on a diluted basis as a result of certain earn-out provisions associated with the earlier sale of the Company’s equity investment in Calence LLC. Third quarter of fiscal 2010 results were impacted by restructuring, integration and other charges of $7.3 million pre-tax, $5.6 million after tax and $0.04 per share on a diluted basis which included (i) $6.5 million pre-tax for a value-added tax exposure in Europe related to an audit of prior years, (ii) $2.1 million pre-tax related to acquisition-related costs, and (iii) a credit of $1.3 million pre-tax related to reversals of restructuring reserves no longer deemed necessary. In addition, third quarter results were impacted by a gain on the sale of assets of $3.2 million pre-tax, $1.9 million after tax and $0.01 per share on a diluted basis as a result of a final earn-out payment associated with the earlier sale of the Company’s equity investment in Calence LLC and were impacted by a net tax benefit of $2.3 million and $0.02 per share on a diluted basis related to adjustments for a prior year tax return and a benefit from a favorable income tax audit settlement partially offset by additional tax reserves for existing tax positions.


(c)		Fiscal 2009 results were adjusted for the retrospective application of an accounting standard (see Note 1). First quarter results were impacted by restructuring integration and other charges which totaled $10.0 million pre-tax, $8.9 million after tax and $0.06 per share on a diluted basis and consisted of restructuring, integration charges of $5.1 million, incremental amortization expense of $3.8 million and other charges of $1.1 million. Items impacting second quarter fiscal 2009 results included goodwill and intangible asset impairment charges of $1.35 billion pre-tax, $1.31 billion after tax and $8.72 per share, restructuring and integration charges of $11.1 million pre-tax, $8.0 million after tax and $0.05 per share, and other charges of $2.0 million pre- and after tax and $0.01 per share. The Company also recognized a net tax benefit of $27.3 million, or $0.18 per share on a diluted basis. Items impacting third quarter included restructuring and integration charges of $30.7 million pre-tax, $20.8 million after tax and $0.14 per share on a diluted basis, and acquisition adjustments outside of the allocation period of $2.0 million pre-tax, $1.5 million after tax and $0.01 per share on a diluted basis. The Company also recognized additional tax reserves of $4.5 million and $0.03 per share on a diluted basis for contingencies related to a prior acquisition partially offset by a tax benefit for interest on a tax settlement. Items impacting the fourth quarter fiscal 2009 totaled $105.8 million pre-tax, $78.9 million after tax and $0.52 per share and consisted of goodwill impairment charges of $62.3 million, restructuring and integration charges of $46.7 million pre-tax, income of $3.2 million pre-tax related to acquisition adjustments recognized after the end of the allocation period and a gain of $14.3 million pre-tax associated with the prior sale of its equity investment in Calence LLC.

^(d)		As adjusted for the retrospective application of an accounting standard. See Note 1 to the consolidated financial statements.

Accounts receivable securitization	12 Months Ended
Accounts receivable securitization	Jul. 03, 2010
Accounts receivable securitization [Abstract]
Accounts receivable securitization	3. Accounts receivable securitization The Company has an accounts receivable securitization program (the “Program”) with a group of financial institutions that allows the Company to sell, on a revolving basis, an undivided interest of up to $450,000,000 in eligible US receivables while retaining a subordinated interest in a portion of the receivables. The eligible receivables are sold through a wholly-owned bankruptcy-remote special purpose entity that is consolidated for financial reporting purposes. Financing under the Program does not qualify as off-balance sheet financing, as a result, the receivables and related debt obligation remain on the Company’s consolidated balance sheet as amounts are drawn on the Program. The Program has a one year term that expires at the end of August 2010 which is expected to be renewed for another year on comparable terms. There were no amounts outstanding under the Program as of July 3, 2010 or June 27, 2009. Expenses associated with the Program, which were not material in the past three fiscal years, consisted of program, facility and professional fees recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Jul. 03, 2010
Commitments and contingencies [Abstract]
Commitments and contingencies	13. Commitments and contingencies From time to time, the Company may become a party to, or otherwise involved in other pending and threatened litigation, tax, environmental and other matters arising in the ordinary course of conducting its business. Management does not anticipate that any contingent matters will have a material adverse effect on the Company’s financial condition, liquidity or results of operations.

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 03, 2010	Jun. 27, 2009
Current assets:
Allowances for receivable	$ 81,197,000	$ 85,477,000
Shareholders' equity (Notes 4, 12 and 14):
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	151,874,000	151,099,000
Treasury stock, shares	37,769	32,306