View Filing Data

Print Document View Excel Document

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Oct. 03, 2015	Oct. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	0000008858
Document Type	10-Q
Document Period End Date	Oct. 03, 2015
Current Fiscal Year End Date	--07-02
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		132,007,717

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Current assets:
Cash and cash equivalents	$ 824,695	$ 932,553
Receivables, less allowances of $76,376 and $80,721, respectively	4,903,250	5,054,307
Inventories	2,805,012	2,482,183
Prepaid and other current assets	181,566	173,030
Total current assets	8,714,523	8,642,073
Property, plant and equipment, net	579,471	568,779
Goodwill	1,266,337	1,278,756
Intangible assets, net	90,906	99,731
Other assets	213,219	210,614
Total assets	10,864,456	10,799,953
Current liabilities:
Short-term debt	1,036,413	331,115
Accounts payable	3,339,844	3,338,052
Accrued expenses and other	583,998	603,129
Total current liabilities	4,960,255	4,272,296
Long-term debt	1,075,752	1,646,501
Other liabilities	197,178	196,135
Total liabilities	6,233,185	6,114,932
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 132,174,142 and 135,496,472 shares, respectively	132,174	135,496
Additional paid-in capital	1,430,044	1,408,422
Retained earnings	3,548,669	3,582,599
Accumulated other comprehensive loss	(479,219)	(441,038)
Treasury stock at cost, 30,473 and 31,901 shares, respectively	(397)	(458)
Total shareholders’ equity	4,631,271	4,685,021
Total liabilities and shareholders’ equity	$ 10,864,456	$ 10,799,953

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 76,376	$ 80,721
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	132,174,142	135,496,472
Treasury Stock, shares	30,473	31,901

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Income Statement [Abstract]
Sales	$ 6,969,694	$ 6,839,587
Cost of sales	6,178,218	6,044,124
Gross profit	791,476	795,463
Selling, general and administrative expenses	558,556	583,946
Restructuring, integration and other expenses	25,958	18,320
Operating income	206,962	193,197
Other expense, net	(5,854)	(1,493)
Interest expense	(23,602)	(23,400)
Income before income taxes	177,506	168,304
Income tax expense	47,252	40,358
Net income	$ 130,254	$ 127,946
Earnings per share:
Basic	$ 0.97	$ 0.93
Diluted	$ 0.96	$ 0.91
Shares used to compute earnings per share:
Basic	133,783	138,309
Diluted	136,326	140,850
Cash dividends paid per common share	$ 0.17	$ 0.16

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 130,254	$ 127,946
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Foreign currency translation adjustments and other	(40,248)	(205,732)
Pension adjustments, net	2,067	1,784
Total comprehensive income (loss)	$ 92,073	$ (76,002)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Cash flows from operating activities:
Net income	$ 130,254	$ 127,946
Non-cash and other reconciling items:
Depreciation	23,683	23,134
Amortization	6,929	11,557
Deferred income taxes	3,381	10,290
Stock-based compensation	24,350	21,698
Other, net	16,492	17,715
Changes in (net of effects from businesses acquired):
Receivables	105,249	41,525
Inventories	(324,513)	(165,851)
Accounts payable	18,135	(28,836)
Accrued expenses and other, net	(37,701)	(99,833)
Net cash flows used for operating activities	(33,741)	(40,655)
Cash flows from financing activities:
Repayment of notes	(250,000)
(Repayments) borrowings under accounts receivable securitization program, net	(33,000)	60,000
Borrowings (repayments) of bank and revolving debt, net	418,551	(41,955)
Repurchases of common stock (Note 9)	(143,725)	(12,264)
Dividends paid on common stock	(22,612)	(22,116)
Other, net	(2,503)	(2,053)
Net cash flows used for financing activities	(33,289)	(18,388)
Cash flows from investing activities:
Purchases of property, plant and equipment	(31,993)	(36,580)
Other, net	(39)	2,157
Net cash flows used for investing activities	(32,032)	(34,423)
Effect of exchange rate changes on cash and cash equivalents	(8,796)	(21,134)
Cash and cash equivalents:
— (decrease)	(107,858)	(114,600)
— at beginning of period	932,553	928,971
— at end of period	$ 824,695	$ 814,371

Basis of presentation and new accounting pronouncements	3 Months Ended
Basis of presentation and new accounting pronouncements	Oct. 03, 2015
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	1. Basis of presentation and new accounting pronouncements In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc.'s and its consolidated subsidiaries' (the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2015. Fiscal year The Company operates on a “52/53 week” fiscal year, and fiscal 2016 contains 53 weeks compared to fiscal 2015, which contained 52 weeks. As a result, the first quarter of fiscal 2016 ended October 3, 2015 contained 14 weeks compared to the first quarter of fiscal 2015 ended September 27, 2014, which contained 13 weeks. New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the requirements of ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used. Recently adopted accounting pronouncements In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The update requires than an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The Company early adopted this update during the three months ended October 3, 2015, with no impact to its consolidated financial statements. During the three months ended October 3, 2015, there have been no additional new accounting pronouncements that are expected to significantly impact the Company’s consolidated financial statements.

Acquisitions and divestitures	3 Months Ended
Acquisitions and divestitures	Oct. 03, 2015
Acquisitions and divestitures
Acquisitions and divestitures	2. Acquisitions and divestitures There were no acquisitions in the first quarter of fiscal 2016 or during fiscal 2015.

Goodwill and intangible assets

3 Months Ended

Oct. 03, 2015

Goodwill and intangible assets

Goodwill and intangible assets

3. Goodwill and intangible assets

Goodwill

The following table presents the change in goodwill by reportable segment for the three months ended October 3, 2015. All of the accumulated impairment was recognized in fiscal 2009.


	Electronics		Technology
	Marketing		Solutions		Total
	(Thousands)
Gross goodwill	$	1,684,216	$	974,274	$	2,658,490
Accumulated impairment		(1,045,110)		(334,624)		(1,379,734)
Carrying value at June 27, 2015		639,106		639,650		1,278,756
Adjustments		—		—		—
Foreign currency translation		(7,106)		(5,313)		(12,419)
Carrying value at October 3, 2015	$	632,000	$	634,337	$	1,266,337
Gross goodwill	$	1,677,110	$	968,961	$	2,646,071
Accumulated impairment		(1,045,110)		(334,624)		(1,379,734)
Carrying value at October 3, 2015	$	632,000	$	634,337	$	1,266,337

Intangible Assets

The following table presents the Company’s acquired intangible assets at October 3, 2015, and June 27, 2015, respectively. These intangible assets have a weighted average remaining useful life of approximately 5 years.


	October 3, 2015						June 27, 2015
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	268,390	$	(191,922)	$	76,468	$	276,921	$	(190,593)	$	86,328
Trade name		4,834		(1,336)		3,498		6,240		(3,792)		2,448
Other		12,293		(1,353)		10,940		12,309		(1,354)		10,955
	$	285,517	$	(194,611)	$	90,906	$	295,470	$	(195,739)	$	99,731

Intangible asset amortization expense was $6.9 million and $11.6 million for the first quarters of fiscal 2016 and 2015, respectively. The following table presents the estimated future amortization expense for the remainder of fiscal 2016, the next five fiscal years and thereafter (in thousands):


Fiscal Year
Remainder of fiscal 2016		20,883
2017		23,207
2018		14,949
2019		11,387
2020		9,595
2021		6,377
Thereafter		4,508
Total	$	90,906

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

3 Months Ended

Oct. 03, 2015

Debt

Debt

4. Debt

Short-term debt consists of the following (in thousands):


	October 3, 2015		June 27, 2015		October 3, 2015		June 27, 2015
	Interest Rate				Carrying Balance
Bank credit facilities and other	3.81	%	5.54	%	$	119,413	$	81,115
Accounts receivable securitization program	0.59	%	—			617,000		—
Notes due September 1, 2015	—		6.00	%		—		250,000
Notes due September 15, 2016	6.63	%	—			300,000		—
Short-term debt					$	1,036,413	$	331,115

Bank credit facilities and other consists of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company including its foreign operations.

In August 2014, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of accounts receivable, to provide security or collateral for borrowings up to a maximum of $900.0 million. The Program does not qualify for off balance sheet accounting treatment and, as a result, any borrowings under the Program are recorded as debt on the consolidated balance sheets. Under the Program, the Company legally sells and isolates certain U.S. trade receivables into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.40 billion and $1.41 billion at October 3, 2015, and June 27, 2015, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of October 3, 2015, and June 27, 2015. The Program has a two-year term that expires in August 2016 and as a result is considered short-term debt as of October 3, 2015. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.38%. The facility fee is 0.38%.

In September 2015, the Company redeemed the $250.0 million of outstanding 6.00% Notes due September 1, 2015, upon their maturity.

Long-term debt consists of the following (in thousands):


	October 3, 2015		June 27, 2015		October 3, 2015		June 27, 2015
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		0.59	%	$	—	$	650,000
Credit Facility	1.45	%	1.45	%		429,546		50,000
Notes due:
September 15, 2016	—		6.63	%		—		300,000
June 15, 2020	5.88	%	5.88	%		300,000		300,000
December 1, 2022	4.88	%	4.88	%		350,000		350,000
Other long-term debt	2.04	%	2.06	%		1,778		1,828
Long-term debt before discount						1,081,324		1,651,828
Discount and debt issuance costs						(5,572)		(5,327)
Long-term debt					$	1,075,752	$	1,646,501

The Company has a five-year $1.25 billion senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $150.0 million of letters of credit, which expires in July 2019. Subject to certain conditions, the Credit Facility may be increased up to $1.5 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of October 3, 2015 and June 27, 2015. At October 3, 2015 and June 27, 2015, there were $1.9 million and $1.9 million, respectively, in letters of credit issued under the Credit Facility.

At October 3, 2015, the carrying value and fair value of the Company’s total debt was $2.11 billion and $2.18 billion, respectively. At June 27, 2015, the carrying value and fair value of the Company's total debt was $1.98 billion and $2.04 billion, respectively. Fair value was estimated primarily based upon quoted market prices.

Derivative financial instruments	3 Months Ended
Derivative financial instruments	Oct. 03, 2015
Derivative financial instruments
Derivative financial instruments	5. Derivative financial instruments Many of the Company’s subsidiaries 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 (i.e., offsetting receivables and payables in the same foreign currency) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts typically with maturities of less than sixty days (“economic hedges”). The Company continues to have exposure to foreign currency risks to the extent they are not hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “other income (expense), net.” Therefore, the changes in valuation of the underlying items being economically hedged are offset by the changes in fair value of the forward foreign exchange contracts. The fair value of forward foreign exchange contracts, which are based upon Level 2 criteria under the ASC 820 fair value hierarchy, are classified in the captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of October 3, 2015, and June 27, 2015 and were not material. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. Avnet’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. The Company did not have material net gains or losses related to forward foreign exchange contracts in the first quarters of fiscal 2016 and 2015, which are recorded as a component of “other expense, net” in the consolidated statements of operations. The Company generally does not hedge its investments 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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Oct. 03, 2015
Commitments and contingencies
Commitments and contingencies	6. Commitments and contingencies From time to time, the Company may become a party to, or be otherwise involved in various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity or results of operations. The Company also is currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export, environmental, anticorruption and competition. For certain of these matters it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss for such matters due primarily to being in the preliminary stages of the related proceedings and investigations. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity, but could possibly be material to our results of operations in any one reporting period. As of October 3, 2015, and June 27, 2015, the Company has aggregate estimated liabilities of $21.3 million and $17.2 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates. Of this amount, $10.0 million relates to a contingent liability for potential unpaid import duties associated with the acquisition of Bell Microproducts Inc. for estimated duties, interest and penalties that may be imposed from an ongoing compliance audit by Customs and Border Protection.

Income taxes	3 Months Ended
Income taxes	Oct. 03, 2015
Income taxes
Income taxes	7. Income taxes The Company’s effective tax rate on its income before income taxes was 26.6% in the first quarter of fiscal 2016 as compared with 24.0% in the first quarter of fiscal 2015. During the first quarter of fiscal 2016, the Company's effective tax rate was favorably impacted primarily by the mix of income in lower tax rate jurisdictions. During the first quarter of fiscal 2015, the Company's effective tax rate was favorably impacted by the mix of income in lower tax jurisdictions and the release of reserves, primarily related to the formal deregistration of a foreign branch. The Company applies the guidance in ASC 740, which requires management to use its judgment for the appropriate weighting of all available evidence when assessing the need for the establishment or the release of valuation allowances. As part of this analysis, the Company examines all available evidence on a jurisdiction by jurisdiction basis and weighs the positive and negative evidence when determining the need for full or partial valuation allowances. The evidence considered for each jurisdiction includes, among other items: (i) the historic levels of income or losses over a range of time periods, which may extend beyond the most recent three fiscal years depending upon the historical volatility of income in an individual jurisdiction; (ii) expectations and risks associated with underlying estimates of future taxable income, including considering the historical trend of down-cycles in the semiconductor and related industries; and (iii) prudent and feasible tax planning strategies. The Company continues to evaluate the need for the valuation allowances previously established against its deferred tax assets and will adjust valuation allowances as appropriate, which, if reduced, could result in a significant decrease to the effective tax rate in the period of the adjustment.

Pension and retirement plan

3 Months Ended

Oct. 03, 2015

Pension and retirement plan

Pension and retirement plans

8. Pension plan

The Company has a noncontributory defined benefit pension plan (the “Plan”) for which the components of net periodic pension costs during the first quarters ended October 3, 2015, and September 27, 2014 were as follows:


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Service cost	$	10,486	$	9,873
Interest cost		5,328		4,449
Expected return on plan assets		(10,071)		(9,055)
Recognized net actuarial loss		3,183		3,251
Amortization of prior service credits		(393)		(393)
Net periodic pension cost	$	8,533	$	8,125

The Company made contributions to the Plan of $10.0 million during the first quarter of fiscal 2016. The Company expects to make an additional contribution to the Plan of $10.0 million in each of the remaining three quarters of fiscal 2016.

The Plan meets the definition of a defined benefit plan and as a result, the Company must apply ASC 715 pension accounting to the Plan. The Plan itself, however, is a cash balance plan that is similar in nature to a defined contribution plan in that a participant's benefit is defined in terms of a stated account balance. A cash balance plan provides the Company with the benefit of applying any earnings on the Plan’s investments beyond the fixed return provided to participants, toward the Company’s future cash funding obligations.

Amounts reclassified out of accumulated other comprehensive (loss) income, net of tax, to operating expenses during the first quarters of fiscal 2016 and fiscal 2015 were not material and substantially all related to net periodic pension costs including recognition of actuarial losses and amortization of prior service credits.

Shareholders' equity	3 Months Ended
Shareholders' equity	Oct. 03, 2015
Shareholders' equity
Shareholders' equity	9. Shareholders' equity Share repurchase program In August 2015, the Company’s Board of Directors authorized a $250.0 million increase in the Company’s existing share repurchase program. With this increase, the Company may repurchase up to $1.25 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During the first quarter of fiscal 2016, the Company repurchased 3.5 million shares under this program at an average market price of $41.17 per share for a total cost of $145.1 million. Since the beginning of the repurchase program through the end of the first quarter of fiscal 2016, the Company has repurchased 25.6 million shares at an aggregate cost of $842.6 million, and $407.4 million remains available for future repurchases. Common stock dividend In August 2015, the Company's Board of Directors approved a dividend of $0.17 per common share and dividend payments of $22.6 million were made in September 2015.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Earnings per share

3 Months Ended

Oct. 03, 2015

Earnings per share

Earnings per share

10. Earnings per share


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands, except per share data)
Numerator:
Net income	$	130,254	$	127,946
Denominator:
Weighted average common shares for basic earnings per share		133,783		138,309
Net effect of dilutive stock options, restricted stock units and performance share units		2,543		2,541
Weighted average common shares for diluted earnings per share		136,326		140,850
Basic earnings per share	$	0.97	$	0.93
Diluted earnings per share	$	0.96	$	0.91
Stock options excluded from earnings per share calculation due to anti-dilutive effect		422		—

Additional cash flow information

3 Months Ended

Oct. 03, 2015

Additional cash flow information

Additional cash flow information

11. Additional cash flow information

Interest and income taxes paid in the three months ended October 3, 2015, and September 27, 2014 were as follows:


	Three Months Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Interest	$	24,205	$	23,354
Income taxes	$	10,143	$	28,194

The Company includes book overdrafts as part of accounts payable on its consolidated balance sheets and reflects changes in such balances as part of cash flows from operating activities in its consolidated statements of cash flows.

Non-cash investing activities related to purchases of property, plant and equipment that have been accrued, but not paid for, were $18.7 million and $25.0 million as of October 3, 2015, and September 27, 2014, respectively.

Included in cash and cash equivalents as of October 3, 2015, was $62.1 million of cash equivalents, which was primarily comprised of overnight time deposits whose fair value was determined using Level 1 measurements under the ASC 820 fair value hierarchy.

Segment information

3 Months Ended

Oct. 03, 2015

Segment information

Segment information

12. Segment information

Electronics Marketing (“EM”) and Technology Solutions (“TS”) are the Company's reportable segments (“operating groups”). EM markets and sells semiconductors and interconnect, passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. TS focuses on the value-added distribution of enterprise computing servers and systems, software, storage, services and complex solutions from the world’s foremost technology manufacturers. TS also provides the latest hard disk drives, microprocessor, motherboard and DRAM module technologies to manufacturers of general-purpose computers and system builders.


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Sales:
Electronics Marketing	$	4,471,402	$	4,374,095
Technology Solutions		2,498,292		2,465,492
	$	6,969,694	$	6,839,587
Operating income (expense):
Electronics Marketing	$	213,031	$	202,711
Technology Solutions		74,538		62,390
Corporate		(47,158)		(41,376)
		240,411		223,725
Restructuring, integration and other expenses (Note 13)		(25,958)		(18,320)
Amortization of acquired intangible assets and other		(7,491)		(12,208)
	$	206,962	$	193,197
Sales, by geographic area:
Americas (1)	$	2,773,943	$	2,647,122
EMEA (2)		2,015,219		1,975,379
Asia/Pacific (3)		2,180,532		2,217,086
	$	6,969,694	$	6,839,587

(1)Includes sales from the United States of $2.52 billion and $2.37 billion for the quarters ended October 3, 2015, and September 27, 2014, respectively.

(2)Includes sales from Germany and the United Kingdom of $800.6 million and $340.6 million, respectively, for the quarter ended October 3, 2015. Includes sales from Germany and the United Kingdom of $744.3 million and $360.5 million, respectively, for the quarter ended September 27, 2014.

(3)Includes sales from China (including Hong Kong) and Taiwan of $714.5 million and $822.1 million, respectively, for the quarter ended October 3, 2015. Includes sales from China (including Hong Kong) and Taiwan of $738.0 million and $808.7 million, respectively, for the quarter ended September 27, 2014.


	October 3,		June 27,
	2015		2015
	(Thousands)
Assets:
Electronics Marketing	$	6,670,857	$	6,497,714
Technology Solutions		3,612,419		3,608,953
Corporate		581,180		693,286
	$	10,864,456	$	10,799,953
Property, plant, and equipment, net, by geographic area:
Americas (1)	$	369,512	$	358,063
EMEA (2)		180,905		182,311
Asia/Pacific		29,054		28,405
	$	579,471	$	568,779

(1)Includes property, plant and equipment, net, of $362.1 million and $352.2 million as of October 3, 2015, and June 27, 2015, respectively, in the United States.

(2)Includes property, plant and equipment, net, of $74.2 million and $74.0 million in Germany and Belgium, respectively, as of October 3, 2015, and $74.2 million and $74.7 million in Germany and Belgium, respectively, as of June 27, 2015.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Restructuring, integration and other expenses

3 Months Ended

Oct. 03, 2015

Restructuring, integration and other expenses

Restructuring, integration and other expenses

13. Restructuring, integration and other expenses

Fiscal 2016

During the first quarter of fiscal 2016, the Company took certain actions in an effort to reduce future operating expenses, including the continuation of the restructuring activities started in the fourth quarter of fiscal 2015. In addition, the Company incurred integration and other costs primarily associated with the integration of certain global and regional businesses and the closure or divestiture of certain businesses. The following table presents the restructuring, integration and other expenses recorded during the first quarter of fiscal 2016:


	Quarter Ended
	October 3, 2015
	(Thousands, except per share data)
Restructuring expenses	$	14,526
Integration costs		1,511
Other costs		11,181
Changes in estimates for prior year restructuring liabilities		(1,260)
Restructuring, integration and other expenses before tax	$	25,958
Restructuring, integration and other expenses after tax	$	17,125
Restructuring, integration and other expenses per share on a diluted basis	$	0.12

The activity related to the restructuring liabilities established and other associated expenses incurred during fiscal 2016 is presented in the following table:


			Facility			Asset
	Severance		Exit Costs		Impairments		Other		Total
	(Thousands)
Fiscal 2016 restructuring expenses	$	10,003	$	3,740	$	538	$	245	$	14,526
Cash payments		(5,254)		(632)		—		(68)		(5,954)
Non-cash amounts		—		479		(538)		—		(59)
Other, principally foreign currency translation		(16)		(2)		—		12		(6)
Balance at October 3, 2015	$	4,733	$	3,585	$	—	$	189	$	8,507

Severance expense recorded in the first quarter of fiscal 2016 related to the reduction of over 250 employees, primarily in operations, sales and business support functions, in connection with cost reduction actions taken in both operating groups including the initiation of a voluntary retirement program in the United States. Facility exit costs primarily consist of liabilities for remaining lease obligations for exited facilities. Asset impairments relate to the impairment of property, plant and equipment as a result of the underlying restructuring actions taken in fiscal 2016. Other restructuring costs related primarily to other miscellaneous restructuring and exit costs. Of the $14.5 million in restructuring expenses recorded during the first quarter of fiscal 2016, $4.2 million related to EM and $10.3 million related to TS. As of October 3, 2015, the Company expects the majority of the remaining severance and facility exit costs to be paid by the end of fiscal 2016.

Integration costs are primarily related to the integration of acquired businesses, integration of regional and global business units and incremental costs incurred as part of the consolidation, relocation and closure of warehouse and office facilities. Integration costs include consulting costs for information technology system and business operation integration assistance, facility moving costs, legal fees, travel, meeting, marketing and communication costs that are incrementally incurred as a result of such integration activities. Also included in integration costs are incremental salary costs specific to integration, consolidation and closure activities. Other costs consists primarily of professional fees incurred for acquisitions, additional costs incurred for businesses divested or closed in current or prior periods, any ongoing facilities operating costs associated with the consolidation, relocation and closure of facilities once such facilities have been vacated or substantially vacated, and other miscellaneous costs that relate to restructuring, integration and other expenses. Included in other costs during the first quarter of fiscal 2016 was $4.3 million of expense associated with a liability established for Avnet’s estimated environmental remediation obligations related to legacy manufacturing operations that were divested several decades ago. The remaining, integration and other costs in the first quarter of fiscal 2016 were comprised of many different costs, none of which were individually material.

Fiscal 2015

During fiscal 2015, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first three months of fiscal 2016 related to the remaining restructuring liabilities established during fiscal 2015:


			Facility
	Severance		Exit Costs		Other		Total
	(Thousands)
Balance at June 27, 2015	$	11,256	$	3,210	$	—	$	14,466
Cash payments		(3,785)		(454)		—		(4,239)
Changes in estimates, net		(1,423)		(29)		—		(1,452)
Non-cash amounts		—		—		—		—
Other, principally foreign currency translation		2,850		(22)		—		2,828
Balance at October 3, 2015	$	8,898	$	2,705	$	—	$	11,603

As of October 3, 2015, the Company expects the majority of the remaining severance and facility exit cost liabilities to be paid by the end of fiscal 2016.

Fiscal 2014 and prior

As of June 27, 2015, there were $11.8 million of restructuring liabilities remaining related to restructuring actions taken in fiscal years 2014 and prior, the majority of which relates to facility exit costs. The remaining balance for such historical restructuring actions as of October 3, 2015, was $8.3 million, which is expected to be paid by the end of fiscal 2016.

Basis of presentation and new accounting pronouncements (Policies)	3 Months Ended
	Oct. 03, 2015
Basis of presentation and new accounting pronouncements
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc.'s and its consolidated subsidiaries' (the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2015.
Fiscal year	Fiscal year The Company operates on a “52/53 week” fiscal year, and fiscal 2016 contains 53 weeks compared to fiscal 2015, which contained 52 weeks. As a result, the first quarter of fiscal 2016 ended October 3, 2015 contained 14 weeks compared to the first quarter of fiscal 2015 ended September 27, 2014, which contained 13 weeks.
New accounting pronouncements	New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the requirements of ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used. Recently adopted accounting pronouncements In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The update requires than an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The Company early adopted this update during the three months ended October 3, 2015, with no impact to its consolidated financial statements. During the three months ended October 3, 2015, there have been no additional new accounting pronouncements that are expected to significantly impact the Company’s consolidated financial statements.

Goodwill and intangible assets (Tables)

3 Months Ended

Oct. 03, 2015

Goodwill and intangible assets

Change in goodwill balances by reportable segment


	Electronics		Technology
	Marketing		Solutions		Total
	(Thousands)
Gross goodwill	$	1,684,216	$	974,274	$	2,658,490
Accumulated impairment		(1,045,110)		(334,624)		(1,379,734)
Carrying value at June 27, 2015		639,106		639,650		1,278,756
Adjustments		—		—		—
Foreign currency translation		(7,106)		(5,313)		(12,419)
Carrying value at October 3, 2015	$	632,000	$	634,337	$	1,266,337
Gross goodwill	$	1,677,110	$	968,961	$	2,646,071
Accumulated impairment		(1,045,110)		(334,624)		(1,379,734)
Carrying value at October 3, 2015	$	632,000	$	634,337	$	1,266,337

Company's identifiable acquired intangible assets


	October 3, 2015						June 27, 2015
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	268,390	$	(191,922)	$	76,468	$	276,921	$	(190,593)	$	86,328
Trade name		4,834		(1,336)		3,498		6,240		(3,792)		2,448
Other		12,293		(1,353)		10,940		12,309		(1,354)		10,955
	$	285,517	$	(194,611)	$	90,906	$	295,470	$	(195,739)	$	99,731

Estimated future amortization expense

The following table presents the estimated future amortization expense for the remainder of fiscal 2016, the next five fiscal years and thereafter (in thousands):


Fiscal Year
Remainder of fiscal 2016		20,883
2017		23,207
2018		14,949
2019		11,387
2020		9,595
2021		6,377
Thereafter		4,508
Total	$	90,906

Debt (Tables)

3 Months Ended

Oct. 03, 2015

Debt

Short-term debt

Short-term debt consists of the following (in thousands):


	October 3, 2015		June 27, 2015		October 3, 2015		June 27, 2015
	Interest Rate				Carrying Balance
Bank credit facilities and other	3.81	%	5.54	%	$	119,413	$	81,115
Accounts receivable securitization program	0.59	%	—			617,000		—
Notes due September 1, 2015	—		6.00	%		—		250,000
Notes due September 15, 2016	6.63	%	—			300,000		—
Short-term debt					$	1,036,413	$	331,115

Long-term debt

Long-term debt consists of the following (in thousands):


	October 3, 2015		June 27, 2015		October 3, 2015		June 27, 2015
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		0.59	%	$	—	$	650,000
Credit Facility	1.45	%	1.45	%		429,546		50,000
Notes due:
September 15, 2016	—		6.63	%		—		300,000
June 15, 2020	5.88	%	5.88	%		300,000		300,000
December 1, 2022	4.88	%	4.88	%		350,000		350,000
Other long-term debt	2.04	%	2.06	%		1,778		1,828
Long-term debt before discount						1,081,324		1,651,828
Discount and debt issuance costs						(5,572)		(5,327)
Long-term debt					$	1,075,752	$	1,646,501

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Pension and retirement plans (Tables)

3 Months Ended

Oct. 03, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Components of net periodic pension costs


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Service cost	$	10,486	$	9,873
Interest cost		5,328		4,449
Expected return on plan assets		(10,071)		(9,055)
Recognized net actuarial loss		3,183		3,251
Amortization of prior service credits		(393)		(393)
Net periodic pension cost	$	8,533	$	8,125

Earnings per share (Tables)

3 Months Ended

Oct. 03, 2015

Earnings per share

Basic and diluted earnings per share calculation


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands, except per share data)
Numerator:
Net income	$	130,254	$	127,946
Denominator:
Weighted average common shares for basic earnings per share		133,783		138,309
Net effect of dilutive stock options, restricted stock units and performance share units		2,543		2,541
Weighted average common shares for diluted earnings per share		136,326		140,850
Basic earnings per share	$	0.97	$	0.93
Diluted earnings per share	$	0.96	$	0.91
Stock options excluded from earnings per share calculation due to anti-dilutive effect		422		—

Additional cash flow information (Tables)

3 Months Ended

Oct. 03, 2015

Additional cash flow information

Interest and income taxes paid


	Three Months Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Interest	$	24,205	$	23,354
Income taxes	$	10,143	$	28,194

Segment information (Tables)

3 Months Ended

Oct. 03, 2015

Segment information

Table of the Company's segments and the related financial information for each


	First Quarters Ended
	October 3,		September 27,
	2015		2014
	(Thousands)
Sales:
Electronics Marketing	$	4,471,402	$	4,374,095
Technology Solutions		2,498,292		2,465,492
	$	6,969,694	$	6,839,587
Operating income (expense):
Electronics Marketing	$	213,031	$	202,711
Technology Solutions		74,538		62,390
Corporate		(47,158)		(41,376)
		240,411		223,725
Restructuring, integration and other expenses (Note 13)		(25,958)		(18,320)
Amortization of acquired intangible assets and other		(7,491)		(12,208)
	$	206,962	$	193,197
Sales, by geographic area:
Americas (1)	$	2,773,943	$	2,647,122
EMEA (2)		2,015,219		1,975,379
Asia/Pacific (3)		2,180,532		2,217,086
	$	6,969,694	$	6,839,587

(1)Includes sales from the United States of $2.52 billion and $2.37 billion for the quarters ended October 3, 2015, and September 27, 2014, respectively.

Table of Assets by reportable segment and long-lived assets by geographic area


	October 3,		June 27,
	2015		2015
	(Thousands)
Assets:
Electronics Marketing	$	6,670,857	$	6,497,714
Technology Solutions		3,612,419		3,608,953
Corporate		581,180		693,286
	$	10,864,456	$	10,799,953
Property, plant, and equipment, net, by geographic area:
Americas (1)	$	369,512	$	358,063
EMEA (2)		180,905		182,311
Asia/Pacific		29,054		28,405
	$	579,471	$	568,779

(1)Includes property, plant and equipment, net, of $362.1 million and $352.2 million as of October 3, 2015, and June 27, 2015, respectively, in the United States.

Restructuring, integration and other expenses (Tables)

3 Months Ended

Oct. 03, 2015

Restructuring, integration and other expenses

Table presenting the restructuring, integration and other expenses incurred


	Quarter Ended
	October 3, 2015
	(Thousands, except per share data)
Restructuring expenses	$	14,526
Integration costs		1,511
Other costs		11,181
Changes in estimates for prior year restructuring liabilities		(1,260)
Restructuring, integration and other expenses before tax	$	25,958
Restructuring, integration and other expenses after tax	$	17,125
Restructuring, integration and other expenses per share on a diluted basis	$	0.12

Acquisitions and divestitures (2014 Acquisitions) (Details) - item	3 Months Ended	12 Months Ended
	Oct. 03, 2015	Jun. 27, 2015
Acquisitions and divestitures
Number of businesses acquired	0	0

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Jun. 27, 2015
Carrying amount of goodwill, by reportable segment
Carrying value	$ 1,278,756
Foreign currency translation	(12,419)
Carrying value	1,266,337
Gross Goodwill	2,646,071	$ 2,658,490
Accumulated Impairment	(1,379,734)	(1,379,734)
Electronics Marketing
Carrying amount of goodwill, by reportable segment
Carrying value	639,106
Foreign currency translation	(7,106)
Carrying value	632,000
Gross Goodwill	1,677,110	1,684,216
Accumulated Impairment	(1,045,110)	(1,045,110)
Technology Solutions
Carrying amount of goodwill, by reportable segment
Carrying value	639,650
Foreign currency translation	(5,313)
Carrying value	634,337
Gross Goodwill	968,961	974,274
Accumulated Impairment	$ (334,624)	$ (334,624)

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	$ 285,517	$ 295,470
Accumulated Amortization	(194,611)	(195,739)
Net Book Value	90,906	99,731
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	268,390	276,921
Accumulated Amortization	(191,922)	(190,593)
Net Book Value	76,468	86,328
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	4,834	6,240
Accumulated Amortization	(1,336)	(3,792)
Net Book Value	3,498	2,448
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	12,293	12,309
Accumulated Amortization	(1,353)	(1,354)
Net Book Value	$ 10,940	$ 10,955

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Fiscal Year:
Remainder of fiscal 2016	$ 20,883
2017	23,207
2018	14,949
2019	11,387
2020	9,595
2021	6,377
Thereafter	4,508
Net Book Value	$ 90,906	$ 99,731

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Goodwill and intangible assets
Weighted average life of intangible assets	5 years
Intangible asset amortization expense	$ 6,929	$ 11,557

Debt - short-term debt (Details) - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Components of short-term debt
Debt, Current, Total	$ 1,036,413	$ 331,115
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	3.81%	5.54%
Short-term borrowings	$ 119,413	$ 81,115
Accounts receivable securitization program
Components of short-term debt
Current portion of long-term debt, stated interest rate	0.59%
Current portion of long-term debt	$ 617,000
Notes Due September 1, 2015
Components of short-term debt
Current portion of long-term debt, stated interest rate		6.00%
Short-term borrowings		$ 250,000
Notes Due September 15, 2016
Components of short-term debt
Current portion of long-term debt, stated interest rate	6.63%
Current portion of long-term debt	$ 300,000

Debt - long-term debt (Details) - USD ($) $ in Thousands	Oct. 03, 2015	Jun. 27, 2015
Debt Instrument [Line Items]
Long Term Debt Noncurrent Before Discount On Notes	$ 1,081,324	$ 1,651,828
Discount and debt issuance costs	(5,572)	(5,327)
Long-term debt	$ 1,075,752	$ 1,646,501
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate	0.59%
Notes Due September 1, 2015
Debt Instrument [Line Items]
Long-term debt, stated interest rate		6.00%
Revolving credit facilities
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.45%	1.45%
Long Term Debt Noncurrent Before Discount On Notes	$ 429,546	$ 50,000
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate		0.59%
Long Term Debt Noncurrent Before Discount On Notes		$ 650,000
Notes due \| Notes due September 15, 2016
Debt Instrument [Line Items]
Long-term debt, stated interest rate		6.63%
Long Term Debt Noncurrent Before Discount On Notes		$ 300,000
Notes due \| Notes due June 15, 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.88%	5.88%
Long Term Debt Noncurrent Before Discount On Notes	$ 300,000	$ 300,000
Notes due \| 4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%	4.88%
Long Term Debt Noncurrent Before Discount On Notes	$ 350,000	$ 350,000
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	2.04%	2.06%
Long Term Debt Noncurrent Before Discount On Notes	$ 1,778	$ 1,828

Debt (Textuals) (Details) - USD ($) $ in Thousands		3 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Thousands	Sep. 01, 2015	Oct. 03, 2015	Jun. 27, 2015
Debt Instrument [Line Items]
Repayments of Unsecured Debt		$ 250,000
Company's total debt
Total carrying value		2,110,000	$ 1,980,000
Total fair value		2,180,000	2,040,000
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount		$ 1,250,000
Term		5 years
Line of credit facility contingent increase to maximum borrowing capacity		$ 1,500,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount		150,000
Letters of credit outstanding, amount		1,900	1,900
Accounts receivable securitization program \| Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount		900,000
Receivables Owned by Special Purpose Entity		$ 1,400,000	$ 1,410,000
Term		2 years
Program facility fee		0.38%
Accounts receivable securitization program \| Base Rate or Commercial Paper [Member] \| Revolving credit facilities
Debt Instrument [Line Items]
Spread over base rate		0.38%
Notes Due September 1, 2015
Debt Instrument [Line Items]
Repayments of Unsecured Debt	$ 250,000

Derivative financial instruments Textuals (Details)	3 Months Ended
Derivative financial instruments Textuals (Details)	Oct. 03, 2015
Maximum \| Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than 60 days)	60 days

Commitments and contingencies (Textuals) (Details) - Bell - USD ($) $ in Millions	Oct. 03, 2015	Jun. 27, 2015
Loss Contingency, Estimate [Abstract]
Contingent liability recognized	$ 10.0
Potential exposure, maximum	$ 21.3	$ 17.2

Income taxes textuals (Details)	3 Months Ended
Income taxes textuals (Details)	Oct. 03, 2015	Sep. 27, 2014
Income taxes
Effective tax rate	26.60%	24.00%

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Components of net periodic pension costs
Service cost	$ 10,486	$ 9,873
Interest cost	5,328	4,449
Expected return on plan assets	(10,071)	(9,055)
Recognized net actuarial loss	3,183	3,251
Amortization of prior service credit	(393)	(393)
Net periodic pension cost	$ 8,533	$ 8,125

Pension and retirement plan (Textuals) (Details) $ in Millions	3 Months Ended
	Oct. 03, 2015 USD ($)
Pension and retirement plan
Defined benefit plans, estimated future employer contributions each remaining quarter of current fiscal year	$ 10.0
Current year-to-date contributions	$ 10.0

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Aug. 29, 2015	Oct. 03, 2015	Sep. 27, 2014
Shareholders' equity
Stock Repurchase Program Authorized Additional Amount	$ 250,000
Authorized repurchase of common stock under Share Repurchase Program	$ 1,250,000
Shares repurchased during period (in shares)		3.5
Average market price per shares repurchased during period (in dollars per share)		$ 41.17
Cost of repurchase		$ 145,100
Aggregate number of shares repurchased since inception (in shares)		25.6
Aggregate cost of shares repurchased since inception		$ 842,600
Remaining authorized repurchase amount		$ 407,400
Cash dividends paid per common share	$ 0.17	$ 0.17	$ 0.16
Dividends paid on common stock		$ 22,612	$ 22,116

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Numerator:
Net income	$ 130,254	$ 127,946
Denominator:
Weighted average common shares for basic earnings per share	133,783	138,309
Net effect of dilutive stock option, restricted stock and performance share awards	2,543	2,541
Weighted average common shares for diluted earnings per share	136,326	140,850
Basic earnings per share	$ 0.97	$ 0.93
Diluted earnings per share	$ 0.96	$ 0.91
Antidilutive shares	422

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Interest and income taxes paid
Interest paid	$ 24,205	$ 23,354
Income taxes paid	10,143	28,194
Purchase of property, plant and equipment accrued but not paid	18,700	$ 25,000
Level 1
Interest and income taxes paid
Cash equivalents	$ 62,100

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Oct. 03, 2015	Sep. 27, 2014	Jun. 27, 2015
Sales, by segment
Sales	$ 6,969,694	$ 6,839,587
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	240,411	223,725
Restructuring, integration and other expenses (Note 13)	(25,958)	(18,320)
Amortization of acquired intangible assets and other	(7,491)	(12,208)
Operating income	206,962	193,197
Assets:
Assets	10,864,456		$ 10,799,953
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	579,471		568,779
Americas
Sales, by segment
Sales	2,773,943	2,647,122
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	369,512		358,063
United States
Sales, by segment
Sales	2,520,000	2,370,000
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	362,100		352,200
EMEA
Sales, by segment
Sales	2,015,219	1,975,379
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	180,905		182,311
Germany
Sales, by segment
Sales	800,600	744,300
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	74,200		74,200
United Kingdom
Sales, by segment
Sales	340,600	360,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	74,000		74,700
Asia Pacific
Sales, by segment
Sales	2,180,532	2,217,086
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	29,054		28,405
China (including Hong Kong)
Sales, by segment
Sales	714,500	738,000
Taiwan
Sales, by segment
Sales	822,100	808,700
Corporate
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	(47,158)	(41,376)
Assets:
Assets	581,180		693,286
Electronics Marketing
Sales, by segment
Sales	4,471,402	4,374,095
Electronics Marketing \| Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	213,031	202,711
Assets:
Assets	6,670,857		6,497,714
Technology Solutions
Sales, by segment
Sales	2,498,292	2,465,492
Technology Solutions \| Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	74,538	$ 62,390
Assets:
Assets	$ 3,612,419		$ 3,608,953

Restructuring, integration and other expenses (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Charges related to the acquisition and integration activities [Abstract]
Restructuring, integration and other expenses before tax	$ 25,958	$ 18,320
Fiscal 2016 [Member]
Charges related to the acquisition and integration activities [Abstract]
Restructuring expenses	14,526
Integration costs	1,511
Other costs	11,181
Changes in estimates for prior restructuring liabilities	(1,260)
Restructuring, integration and other expenses before tax	25,958
Restructuring, integration and other expenses after tax	$ 17,125
Restructuring, integration and other expenses per share on a diluted basis (in dollars per share)	$ 0.12

Restructuring, integration and other expenses (Details) $ in Thousands	3 Months Ended
	Oct. 03, 2015 USD ($)
Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 14,526
Cash payments	(5,954)
Non-cash amounts	(59)
Other, principally foreign currency translation	(6)
Ending Balance	8,507
Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	14,466
Cash payments	(4,239)
Changes in estimates, net	(1,452)
Other, principally foreign currency translation	2,828
Ending Balance	11,603
Fiscal Year 2014 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	11,800
Ending Balance	8,300
Employee Severance \| Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	10,003
Cash payments	(5,254)
Other, principally foreign currency translation	(16)
Ending Balance	4,733
Employee Severance \| Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	11,256
Cash payments	(3,785)
Changes in estimates, net	(1,423)
Other, principally foreign currency translation	2,850
Ending Balance	8,898
Facility Closing \| Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	3,740
Cash payments	(632)
Non-cash amounts	479
Other, principally foreign currency translation	(2)
Ending Balance	3,585
Facility Closing \| Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	3,210
Cash payments	(454)
Changes in estimates, net	(29)
Other, principally foreign currency translation	(22)
Ending Balance	2,705
Asset Impairments \| Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	538
Non-cash amounts	(538)
Other Restructuring \| Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	245
Cash payments	(68)
Other, principally foreign currency translation	12
Ending Balance	$ 189

Restructuring, integration and other expenses (Textuals) (Details) $ in Thousands	3 Months Ended
	Oct. 03, 2015 USD ($) employee	Jun. 27, 2015 USD ($)
Restructuring Cost and Reserve [Line Items]
Environmental remediation expense	$ 4,300
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	14,526
Restructuring Reserve	8,507
Fiscal Year 2016 Restructuring Liabilities \| EM
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	4,200
Fiscal Year 2016 Restructuring Liabilities \| TS
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	$ 10,300
Fiscal Year 2016 Restructuring Liabilities \| Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	250
Fiscal Year 2015 restructuring liabilites
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 11,603	$ 14,466
Fiscal Year 2014 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 8,300	$ 11,800

Label

Element

Value

Fiscal Year2016 Restructuring Liabilities [Member]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock


			Facility			Asset
	Severance		Exit Costs		Impairments		Other		Total
	(Thousands)
Fiscal 2016 restructuring expenses	$	10,003	$	3,740	$	538	$	245	$	14,526
Cash payments		(5,254)		(632)		—		(68)		(5,954)
Non-cash amounts		—		479		(538)		—		(59)
Other, principally foreign currency translation		(16)		(2)		—		12		(6)
Balance at October 3, 2015	$	4,733	$	3,585	$	—	$	189	$	8,507

Fiscal Year2015 Restructuring Liabilites [Member]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock


			Facility
	Severance		Exit Costs		Other		Total
	(Thousands)
Balance at June 27, 2015	$	11,256	$	3,210	$	—	$	14,466
Cash payments		(3,785)		(454)		—		(4,239)
Changes in estimates, net		(1,423)		(29)		—		(1,452)
Non-cash amounts		—		—		—		—
Other, principally foreign currency translation		2,850		(22)		—		2,828
Balance at October 3, 2015	$	8,898	$	2,705	$	—	$	11,603