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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Sep. 29, 2018	Nov. 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	0000008858
Document Type	10-Q
Document Period End Date	Sep. 29, 2018
Current Fiscal Year End Date	--06-29
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		111,226,195

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 365,852	$ 621,125
Receivables, less allowances of $49,645 and $48,959, respectively	3,682,512	3,641,139
Inventories	3,395,194	3,141,822
Prepaid and other current assets	114,432	206,513
Total current assets	7,557,990	7,610,599
Property, plant and equipment, net	525,873	522,909
Goodwill	982,306	980,872
Intangible assets, net	199,379	219,913
Other assets	188,226	262,552
Total assets	9,453,774	9,596,845
Current liabilities:
Short-term debt	10,626	165,380
Accounts payable	2,352,771	2,269,478
Accrued expenses and other	501,435	534,603
Total current liabilities	2,864,832	2,969,461
Long-term debt	1,554,722	1,489,219
Other liabilities	413,147	453,084
Total liabilities	4,832,701	4,911,764
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 113,030,625 shares and 115,825,062 shares, respectively	113,031	115,825
Additional paid-in capital	1,554,564	1,528,713
Retained earnings	3,139,272	3,235,894
Accumulated other comprehensive loss	(185,794)	(195,351)
Total shareholders' equity	4,621,073	4,685,081
Total liabilities and shareholders' equity	$ 9,453,774	$ 9,596,845

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 49,645	$ 48,959
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	113,030,625	115,825,062

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Income Statement [Abstract]
Sales	$ 5,089,879	$ 4,660,943
Type of Revenue [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,453,129	$ 4,048,388
Type of Cost, Good or Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 636,750	$ 612,555
Selling, general and administrative expenses	475,146	501,593
Restructuring, integration and other expenses	14,788	46,394
Operating income	146,816	64,568
Other income (expense), net	(1,892)	18,921
Interest and other financing expenses, net	(30,093)	(22,015)
Income from continuing operations before taxes	114,831	61,474
Income tax expense	31,302	3,292
Income from continuing operations, net of tax	83,529	58,182
Income from discontinued operations, net of tax	195	121
Net income	$ 83,724	$ 58,303
Earnings per share:
Basic earnings per share-continuing operations	$ 0.73	$ 0.48
Basic earnings per share-discontinued operations	0.00	0.00
Basic earnings per share	0.73	0.48
Diluted earnings per share-continuing operations	0.72	0.47
Diluted earnings per share-discontinued operations	0.00	0.00
Diluted earnings per share	$ 0.72	$ 0.47
Shares used to compute earnings per share:
Basic	115,260	122,685
Diluted	116,471	123,984
Cash dividends paid per common share	$ 0.20	$ 0.18

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 83,724	$ 58,303
Other comprehensive income, net of tax:
Foreign currency translation and other	8,801	88,843
Pension adjustments, net	756	939
Total comprehensive income	$ 93,281	$ 148,085

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 83,724	$ 58,303
Less: Income from discontinued operations, net of tax	195	121
Income from continuing operations	83,529	58,182
Non-cash and other reconciling items:
Depreciation	25,389	38,263
Amortization	20,810	25,506
Deferred income taxes	36,830	(23,436)
Stock-based compensation	9,044	8,609
Other, net	14,994	4,902
Changes in (net of effects from businesses acquired and divested):
Receivables	(19,292)	(32,409)
Inventories	(269,649)	(266,998)
Accounts payable	95,119	37,252
Accrued expenses and other, net	(81,753)	22,140
Net cash flows used for operating activities - continuing operations	(84,979)	(127,989)
Net cash flows used for operating activities	(84,979)	(127,989)
Cash flows from financing activities:
Borrowings (repayments) under accounts receivable securitization, net	(40,000)	28,000
Repayments under senior unsecured credit facility, net	(50,330)	(92,471)
Repayments under bank credit facilities and other debt, net	(1,217)	(24,888)
Repurchases of common stock	(149,094)	(68,113)
Dividends paid on common stock	(22,932)	(22,012)
Other, net	17,328	(579)
Net cash flows used for financing activities - continuing operations	(246,245)	(180,063)
Net cash flows used for financing activities	(246,245)	(180,063)
Cash flows from investing activities:
Purchases of property, plant and equipment	(41,007)	(26,659)
Acquisitions of businesses, net of cash acquired		(14,661)
Other, net	65	1,211
Net cash flows used for investing activities - continuing operations	(40,942)	(40,109)
Net cash flows provided by investing activities - discontinued operations	120,000	45,391
Net cash flows provided by investing activities	79,058	5,282
Effect on currency exchange rate changes on cash and cash equivalents	(3,107)	6,065
Cash and cash equivalents:
Net change in cash and cash equivalents	(255,273)	(296,705)
Cash and cash equivalents at beginning of year	621,125	836,384
Cash and cash equivalents at end of year	$ 365,852	$ 539,679

Basis of presentation and new accounting pronouncements	3 Months Ended
Basis of presentation and new accounting pronouncements	Sep. 29, 2018
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	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’ (collectively, 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 in the U.S. (“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 30, 2018. Certain reclassifications have been made in prior periods to conform to the current period presentation including reclassifications as a result of recently adopted accounting pronouncements. Recently adopted accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”, and collectively with its related subsequent amendments, “Topic 606”). Topic 606 supersedes previous revenue recognition guidance and requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for such goods or services. The Company adopted Topic 606 on July 1, 2018 using the modified retrospective transition method applied to those contracts which were not completed as of July 1, 2018. Under this transition method, the Company’s results in the consolidated statements of operations for the three months ended September 29, 2018 are presented under Topic 606, while the comparative results for the three months ended September 30, 2017 were not retrospectively adjusted, as such results were recognized in accordance with the revenue recognition policy discussed under Summary of Significant Accounting Policies in Note 1 of the Company’s Fiscal 2018 Annual Report on Form 10-K. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements as of the adoption date and as of and for the three months ended September 29, 2018. Substantially all of the Company’s sales continue to be recognized when products are shipped from the Company’s facilities or delivered to customers, depending on the respective contractual terms. For a nominal portion of the Company’s contracts where the accounting did change, the adoption of Topic 606 resulted in an increase to the opening balance of retained earnings of $2.0 million as of July 1, 2018. This impact was primarily due to the acceleration of recognition of net sales and associated gross profit related to certain uncompleted contracts for the manufacture of goods with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, from the customer for performance completed to date. For these contracts, the Company now recognizes revenue over time as control of the goods transfers through the manufacturing process, rather than when the goods are delivered, and title, risk and reward of ownership are passed to the customer, as under previous revenue recognition guidance. Refer to Note 2 herein for further discussion regarding revenue recognition and related policies. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715)- Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost ("ASU No. 2017-07"). ASU No. 2017-07 requires that the service cost component of net periodic pension costs be included in the same line item as other compensation costs arising from services rendered by employees during the period, with the other components of the net periodic pension costs reported separately from the service cost component and below operating income. The Company adopted this standard effective the first quarter of fiscal year 2019, which required changes to the classification of net periodic pension costs in the consolidated statements of operations for all periods presented. The service cost component of the net periodic pension cost is now included in “Selling, general and administrative expenses” with all other components of net periodic pension costs within “Other income (expense), net” in the consolidated statements of operations. The adoption of ASU No. 2017-07 did not have any impact on the Company’s reported amount of income from continuing operations before taxes. During the first quarter of fiscal 2019, the Company adopted ASU 2016-16 - Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This update addresses the recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset other than inventory. This update has been applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. The adoption of this update resulted in a cumulative reduction to the opening balance of retained earnings of $5.8 million and a reduction to other assets of $5.8 million. Recently issued accounting pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. ASU No. 2018-15 is effective for the Company in the first quarter of fiscal 2021, with early adoption permitted, and is to be applied either retrospectively or prospectively. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2018-15. In February 2018, the FASB issued Accounting Standards Update 2018-02, Income Statement–Reporting Comprehensive Income (Topic 220):-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows entities to reclassify accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the tax legislation enacted by the U.S. federal governments on December 22, 2017 (the “Act”). This update is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the income tax rate change resulting from the Act is recognized. The Company is currently evaluating the impact of the adoption of ASU 2018-02 on its consolidated financial statements. In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and makes certain targeted improvements to simplify the qualification and application of the hedge accounting compared to current GAAP. This update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2017-12 on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”) and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 (collectively, Topic 842). Topic 842 requires companies to generally recognize operating and financing lease liabilities on the balance sheet and corresponding right-of-use assets created by those leases with lease terms of more than 12 months. The Company intends to adopt Topic 842 when it becomes effective in the first quarter of fiscal 2020 using a modified retrospective approach. The Company is currently evaluating the impact of its pending adoption of Topic 842 on its consolidated financial statements and expects that most of its operating lease commitments related to the Company’s real estate portfolio will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption.

Revenue recognition	3 Months Ended
Revenue recognition	Sep. 29, 2018
Revenue recognition
Revenue recognition	2. Revenue recognition Prior to the adoption of Topic 606, the Company’s revenue recognition policy was in accordance with ASC Topic 605, Revenue Recognition. Effective July 1, 2018, the Company adopted Topic 606 using the modified retrospective transition method, resulting in accounting policy changes surrounding revenue recognition which replace revenue recognition policies discussed in the Summary of Significant Accounting Policies in Note 1 of the Company’s Fiscal 2018 Annual Report on Form 10-K. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements. The Company’s revenues are generated from the distribution and sale of electronic components including semiconductors, interconnect, passive and electromechanical (“IP&E”) devices and other integrated electronic components from the world’s leading electronic component manufacturers. The Company’s expertise in design, supply chain and logistics enable it to sell to customers of all sizes from startups and mid-sized businesses to enterprise-level original equipment manufacturers (“OEMs”), electronic manufacturing services (“EMS”) providers and original design manufacturers (“ODMs”). The Company sells to a variety of markets ranging from automotive to medical to defense and aerospace. The Company also sells integrated solutions including the assembly or manufacture of embedded electronic component products and systems, touch and passive displays, and standard or specialized boards. The Company’s revenue arrangements primarily consist of performance obligations related to the transfer of promised products. The Company considers customer purchase orders, which in some cases are governed by master agreements, to be the contracts with a customer. All revenue is generated from contracts with customers. Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, this generally occurs upon shipment of the products, however, this may occur at a later date depending on the agreed upon sales terms, such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed. In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations as the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process. The contract assets associated with such specialized manufacturing products are not material as these contracts represent less than 2% of the Company’s total sales. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract and recording revenue on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services, (ii) the Company has inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer and (iii) the Company has discretion in establishing the price for the specified products or services. If a transaction does not meet the Company's indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling of product as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contacts have an original duration of one year or less. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations.

Discontinued operations	3 Months Ended
Discontinued operations	Sep. 29, 2018
Discontinued Operations and Disposal Groups
Discontinued operations	3. Discontinued operations In February 2017, the Company completed the sale of its Technology Solutions business (“TS business”) to Tech Data Corporation (the “Buyer”). The TS business and the financial impacts of the divestiture are classified as discontinued operations in all periods presented. In August 2018, the Company executed a settlement agreement with the Buyer resulting in a final adjustment of $120.0 million and a final geographic allocation of the TS business sales price for tax reporting purposes. The incremental consideration received from the sale of the TS business has been classified as cash flow from discontinued operations investing activities. In connection with the sale of the TS business, the Company entered into a Transition Services Agreement (“TSA”), pursuant to which the Buyer will pay the Company to provide certain information technology, distribution, facilities, finance and human resources related services for various periods of time depending upon the services not to exceed approximately two years from the closing date. Expenses incurred by the Company to provide such services under the TSA are classified within selling, general and administrative expenses and amounts billed to the Buyer to provide such services are classified as a reduction of such expenses. In fiscal 2018, the Buyer formally terminated substantially all TSA services outside of certain minor information technology services and all remaining TSA services are expected to be terminated during the first half of fiscal 2019.

Goodwill and long-lived assets

3 Months Ended

Sep. 29, 2018

Goodwill and long-lived assets

Goodwill and long-lived assets

4. Goodwill and long-lived assets

Goodwill

The following table presents the change in goodwill by reportable segment for the three months ended September 29, 2018.


	Electronic		Premier
	Components		Farnell		Total
	(Thousands)
Carrying value at June 30, 2018 (1)	$	479,699	$	501,173	$	980,872
Additions from acquisitions		—		—		—
Foreign currency translation		704		730		1,434
Carrying value at September 29, 2018 (1)	$	480,403	$	501,903	$	982,306

⁽¹⁾ Includes accumulated impairment of $1,045,110 from fiscal 2009 and $181,440 from fiscal 2018

The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of reporting units is less than its carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in the macroeconomic or industry environments, (iii) the results of and the amount of time passed since the last goodwill impairment test and (iv) the long-term expected financial performance of its reporting units. During the first quarter of fiscal 2019, the Company concluded that an interim goodwill impairment test was not required.

Intangible Assets

The following table presents the Company’s acquired intangible assets at September 29, 2018, and June 30, 2018, respectively.


	September 29, 2018						June 30, 2018
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	300,707	$	(165,105)	$	135,602	$	300,126	$	(148,416)	$	151,710
Trade name		54,487		(18,952)		35,535		54,391		(16,711)		37,680
Technology and other		52,964		(24,722)		28,242		52,793		(22,270)		30,523
	$	408,158	$	(208,779)	$	199,379	$	407,310	$	(187,397)	$	219,913

Intangible asset amortization expense from continuing operations was $20.8 million and $25.5 million for the first quarters of fiscal 2019 and 2018, respectively. Intangible assets have a weighted average remaining useful life of approximately 3 years. The following table presents the estimated future amortization expense for the remainder of fiscal 2019 and the next five fiscal years (in thousands):


Fiscal Year
Remainder of fiscal 2019	$	62,719
2020		81,311
2021		39,148
2022		12,358
2023		3,606
2024		237
Total	$	199,379

Debt

3 Months Ended

Sep. 29, 2018

Debt

Debt

5. Debt

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


	September 29, 2018		June 30, 2018		September 29, 2018		June 30, 2018
	Interest Rate				Carrying Balance
Bank credit facilities and other	3.11	%	2.91	%	$	10,626	$	60,380
Accounts receivable securitization program	—		2.63	%		—		105,000
Short-term debt					$	10,626	$	165,380

Bank credit facilities and other consists primarily 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.

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


	September 29, 2018		June 30, 2018		September 29, 2018		June 30, 2018
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	2.99	%	—		$	65,000	$	—
Public notes due:
June 2020	5.88	%	5.88	%		300,000		300,000
December 2021	3.75	%	3.75	%		300,000		300,000
December 2022	4.88	%	4.88	%		350,000		350,000
April 2026	4.63	%	4.63	%		550,000		550,000
Other long-term debt	1.01	%	1.26	%		293		383
Long-term debt before discount and debt issuance costs						1,565,293		1,500,383
Discount and debt issuance costs – unamortized						(10,571)		(11,164)
Long-term debt					$	1,554,722	$	1,489,219

In August 2018, the Company amended and extended its accounts receivable securitization program (the “Securitization Program”) in the United States 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 trade accounts receivable, to provide security or collateral for borrowings up to a maximum of $500 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable, into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $767.7 million and $790.5 million at September 29, 2018, and June 30, 2018, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. The Securitization Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of September 29, 2018, and June 30, 2018. The Securitization Program expires in August 2020 and as a result the Company has classified outstanding balances as long-term debt as of September 29, 2018. Interest on borrowings is calculated using a one-month LIBOR rate plus a spread of 0.75%. The facility fee on the unused balance of the facility is up to 0.35%.

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 $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies, which expires in June 2023. Subject to certain conditions, the Credit Facility may be increased up to $1.50 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 September 29, 2018, and June 30, 2018. As of September 29, 2018, and June 30, 2018, there were $3.0 million and $2.0 million, respectively, in letters of credit issued under the Credit Facility.

As of September 29, 2018, the carrying value and fair value of the Company’s total debt was $1.57 billion and $1.59 billion, respectively. At June 30, 2018, the carrying value and fair value of the Company’s total debt was $1.65 billion and $1.67 billion, respectively. Fair value for the public notes was estimated based upon quoted market prices and for other forms of debt fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities.

Derivative financial instruments

3 Months Ended

Sep. 29, 2018

Derivative financial instruments

Derivative financial instruments

6. 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 (e.g., 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 60 days (“economic hedges”), but no longer than one year. The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “other income (expense), net.” 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 “Prepaid and other current assets” or “Accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of September 29, 2018, and June 30, 2018. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’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 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.

The Company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s foreign operations transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Canadian Dollar, Japanese Yen, Chinese Yuan, Taiwan Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other European and Asia/Pacific foreign currencies.

The fair values of derivative financial instruments in the Company’s consolidated balance sheets are as follows:


	September 29,		June 30,
	2018		2018
	(Thousands)
Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in:
Other current assets	$	6,069	$	2,259
Accrued expenses		7,119		7,083

The amounts recorded to other income (expense), net, related to derivative financial instruments for economic hedges are as follows:


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Net derivative financial instrument gain	$	2,792	$	1,859

Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations and as the underlying assets or liabilities being economically hedged.

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Sep. 29, 2018
Commitments and contingencies
Commitments and contingencies	7. 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 is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export and environmental matters. 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 early 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 its results of operations in any one reporting period. As of September 29, 2018 and June 30, 2018, the Company had aggregate estimated liabilities of $14.7 million and $14.2 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Income taxes	3 Months Ended
Income taxes	Sep. 29, 2018
Income taxes
Income taxes	8. Income taxes The Company’s effective tax rate on its income before income taxes from continuing operations was 27.3% in the first quarter of fiscal 2019 as compared with 5.4% in the first quarter of fiscal 2018. During the first quarter of fiscal 2019, the Company’s effective tax rate was unfavorably impacted primarily by (i) an adjustment to the provisional estimate for the one-time mandatory deemed repatriation tax liability recorded under the requirements of the Act and (ii) increases in unrecognized tax benefits, partially offset by (iii) an adjustment to the provisional deferred tax impacts of the Act and (iv) the mix of income in lower tax jurisdictions. During the first quarter of fiscal 2018, the Company’s effective tax rate was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions and (ii) the release of unrecognized tax benefit reserves primarily due to the negotiation of a favorable outcome in a foreign jurisdiction. In fiscal 2018, the Company recorded a provisional amount for the one-time mandatory deemed repatriation tax liability (the “transition tax”) of $230.0 million. The Company increased this provisional estimate by $16.7 million during the first quarter of fiscal 2019, as a result of additional analysis performed on foreign based-earnings and profits and further refinement of the state tax impacts of the Act. The Company will finalize the transition tax during the second quarter of fiscal 2019, which corresponds to the end of the measurement period allowed for under Staff Accounting Bulletin 118 (“SAB 118”) primarily as a result of further substantiation of foreign-based earnings and profits and foreign tax credits and for evaluation related to the utilization of those foreign tax credits. Additionally, provisional estimates of the transition tax may change due to new guidance from federal and state regulators, interpretation of the law, and refinement of the Company’s estimates from ongoing analysis of tax positions. Any final changes in the provisional amount will be reflected in income tax expense in the second quarter of fiscal 2019, and may be material. In fiscal year 2018, the Company recorded a provisional expense to account for the deferred tax impacts of the Act, which was reduced by $8.4 million in the first quarter of fiscal 2019 as a result of the Company making certain elections related to the fiscal year 2018 federal net operating loss. The estimates related to deferred taxes are provisional and may change as the Company continues to analyze the impacts of the Act, including state income tax conformity considerations. The Company continues to evaluate the impact of the Act including the Company’s historical assertion related to ASC 740 Income Taxes unremitted earnings. The Company has not changed its historical assertion as of September 29, 2018 that its ASC 740 unremitted earnings are permanently reinvested. The Company believes any unrecorded liabilities related to this assertion are not material.

Pension and retirement plan

3 Months Ended

Sep. 29, 2018

Pension and retirement plan

Pension and retirement plans

9. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all U.S. employees and an acquired closed noncontributory defined benefit pension plan covering certain current or former Premier Farnell U.S. employees (the “Plans”). Components of net periodic pension cost for the Plans were as follows, which reflect the adoption of ASU 2017-07 as discussed further in Note 1:


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Service cost	$	3,734	$	3,868
Total net periodic pension cost within selling, general and administrative expenses		3,734		3,868

Interest cost		6,614		5,783
Expected return on plan assets		(13,301)		(13,757)
Amortization of prior service credits		(393)		(393)
Recognized net actuarial loss		2,535		3,746
Total net periodic pension benefit within other income (expense), net		(4,545)		(4,621)

Net periodic pension benefit	$	(811)	$	(753)

In connection with the adoption of ASU No. 2017-07, the Company now classifies service cost as a component of selling, general and administrative expenses and other components of net periodic pension costs within other income (expense), net. The Company contributed $8.0 million to the Plans during the first quarter of fiscal 2019 and expects to make an additional contribution to the Plans of $8.0 million in the remainder of fiscal 2019.

Amounts reclassified out of accumulated other comprehensive income, net of tax, to other income (expense), net during the first quarters of fiscal 2019 and fiscal 2018 were not material and substantially all related to net periodic pension costs including recognition of actuarial losses and amortization of prior service credits.

In connection with the sale of the TS business, a significant number of former employees became terminated vested employees under the Plan. During fiscal 2018, the aggregate amount of former employee withdrawals from the Plan exceeded the pension accounting settlement threshold for fiscal 2018, which required a settlement expense under ASC 715 pension accounting.

Shareholders' equity	3 Months Ended
Shareholders' equity	Sep. 29, 2018
Shareholders' equity
Shareholders' equity	10. Shareholders’ equity Share repurchase program In August 2018, the Company’s Board of Directors authorized a $500 million increase in the Company’s existing share repurchase program. With this increase, the Company’s may repurchase up to $2.45 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During the three months ended September 29, 2018, the Company repurchased 3.3 million under this program for a total cost of $156.9 million. As of September 29, 2018, the Company had $615.2 million remaining under its share repurchase authorization. Common stock dividend In August 2018, the Company’s Board of Directors approved a dividend of $0.20 per common share and dividend payments of $22.9 million were made in September 2018.

Earnings per share

3 Months Ended

Sep. 29, 2018

Earnings per share

Earnings per share

11. Earnings per share


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands, except per share data)
Numerator:
Income from continuing operations	$	83,529	$	58,182
Income from discontinued operations		195		121
Net income	$	83,724	$	58,303

Denominator:
Weighted average common shares for basic earnings per share		115,260		122,685
Net effect of dilutive stock based compensation awards		1,211		1,299
Weighted average common shares for diluted earnings per share		116,471		123,984
Basic earnings per share - continuing operations	$	0.73	$	0.48
Basic earnings per share - discontinued operations		0.00		0.00
Basic earnings per share	$	0.73	$	0.48
Diluted earnings per share - continuing operations	$	0.72	$	0.47
Diluted earnings per share - discontinued operations		0.00		0.00
Diluted earnings per share	$	0.72	$	0.47
Stock options excluded from earnings per share calculation due to anti-dilutive effect		1,113		2,033

Additional cash flow information

3 Months Ended

Sep. 29, 2018

Additional cash flow information

Additional cash flow information

12. Additional cash flow information

Non-cash investing and financing activities and supplemental cash flow information were as follows:


	Three Months Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	9,690	$	23,176
Unsettled sale of marketable securities		—		4,121
Non-cash Financing Activities:
Unsettled share repurchases	$	11,228	$	3,955
Supplemental Cash Flow Information:
Interest	$	13,826	$	5,107
Income taxes		54,519		18,362

Included in cash and cash equivalents as of September 29, 2018 and June 30, 2018 was $5.4 million and $6.1 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

3 Months Ended

Sep. 29, 2018

Segment information

Segment information

13. Segment information

Electronic Components (“EC”) and Premier Farnell (“PF”) are the Company’s reportable segments (“operating groups”). EC markets and sells semiconductors and interconnect, passive and electromechanical devices and integrated components to a diverse customer base serving many end-markets. PF distributes electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Sales:
Electronic Components	$	4,710,825	$	4,307,251
Premier Farnell		379,054		353,692
		5,089,879		4,660,943
Operating income:
Electronic Components	$	161,913	$	139,601
Premier Farnell		40,793		32,632
		202,706		172,233
Corporate (1)		(20,175)		(35,686)
Restructuring, integration and other expenses		(14,788)		(46,394)
Amortization of acquired intangible assets and other		(20,927)		(25,585)
Operating income	$	146,816	$	64,568

Sales, by geographic area:
Americas (2)	$	1,271,793	$	1,185,485
EMEA (3)		1,714,917		1,692,985
Asia/Pacific (4)		2,103,169		1,782,473
Sales	$	5,089,879	$	4,660,943

(1)Corporate is not a reportable segment and represents certain centrally incurred overhead expenses and assets that are not included in the EC and PF measures of profitability or assets. Corporate amounts represent a reconciling item between segment measures of profitability or assets and total Avnet amounts reported in the consolidated financial statements.

(2)Includes sales from the United States of $1.18 billion and $1.10 billion for the first quarters ended September 29, 2018 and September 30, 2017, respectively.

(3)Includes sales from Germany and Belgium of $685.7 million and $280.1 million, respectively, for the first quarter ended September 29, 2018. Includes sales from Germany and Belgium of $681.0 million and $262.5 million, respectively, for the first quarter ended September 30, 2017.

(4)Includes sales from China (including Hong Kong), Taiwan and Singapore of $693.1 million, $888.7 million and $280.4 million, respectively, for the first quarter ended September 29, 2018. Includes sales from China (including Hong Kong), Taiwan and Singapore of $655.4 million, $657.5 million and $228.9 million, respectively, for the first quarter ended September 30, 2017.


	September 29,		June 30,
	2018		2018
	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas (1)	$	272,398	$	276,156
EMEA (2)		212,486		204,797
Asia/Pacific		40,989		41,956
Property, plant, and equipment, net	$	525,873	$	522,909

(1)Includes property, plant and equipment, net, of $267.5 million and $271.4 million as of September 29, 2018, and June 30, 2018, respectively, in the United States.

(2)Includes property, plant and equipment, net, of $99.4 million, $50.8 million and $52.7 million in Germany, UK and Belgium, respectively, as of September 29, 2018; and $99.4 million, $52.5 million and $43.4 million in Germany, UK and Belgium, respectively, as of June 30, 2018.

Restructuring expenses

3 Months Ended

Sep. 29, 2018

Restructuring expenses

Restructuring expenses

14. Restructuring expenses

Fiscal 2019

During fiscal 2019, the Company executed certain restructuring actions in order to improve operating efficiencies and further integrate the acquisition of PF. Restructuring expenses are included as a component of restructuring, integration and other expenses in the Consolidated Statements of Operations. The activity related to the restructuring liabilities established during fiscal 2019 is presented in the following table:


			Facility
			and Contract
	Severance		Exit Costs		Total
	(Thousands)
Fiscal 2019 restructuring expenses	$	7,183	$	350	$	7,533
Cash payments		(1,983)		(47)		(2,030)
Other, principally foreign currency translation		—		—		—
Balance at September 29, 2018	$	5,200	$	303	$	5,503

Severance expense recorded in the first quarter of fiscal 2019 related to the reduction, or planned reduction, of approximately 50 employees, primarily in executive management, operations, warehouse, sales and business support functions. Facility and contract exit costs primarily consist of liabilities for remaining lease obligations for exited facilities and for contractual termination costs. Of the $7.5 million in restructuring expenses recorded during the first quarter of fiscal 2019, $7.3 million related to EC and $0.2 million related to PF. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2019.

Fiscal 2018 and prior

During fiscal 2018 and prior, 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 quarter of fiscal 2019 related to the remaining restructuring liabilities from continuing operations established during fiscal 2018 and prior:


			Facility
			and Contract		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Balance at June 30, 2018	$	25,918	$	2,890	$	416	$	29,224
Cash payments		(17,936)		(623)		—		(18,559)
Changes in estimates, net		(235)						(235)
Non-cash amounts		—		—		(416)		(416)
Other, principally foreign currency translation		(245)		(27)		—		(272)
Balance at September 29, 2018	$	7,502	$	2,240	$	—	$	9,742

The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2019.

Basis of presentation and new accounting pronouncements (Policies)	3 Months Ended
	Sep. 29, 2018
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’ (collectively, 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 in the U.S. (“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 30, 2018. Certain reclassifications have been made in prior periods to conform to the current period presentation including reclassifications as a result of recently adopted accounting pronouncements.
New accounting pronouncements	Recently adopted accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”, and collectively with its related subsequent amendments, “Topic 606”). Topic 606 supersedes previous revenue recognition guidance and requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for such goods or services. The Company adopted Topic 606 on July 1, 2018 using the modified retrospective transition method applied to those contracts which were not completed as of July 1, 2018. Under this transition method, the Company’s results in the consolidated statements of operations for the three months ended September 29, 2018 are presented under Topic 606, while the comparative results for the three months ended September 30, 2017 were not retrospectively adjusted, as such results were recognized in accordance with the revenue recognition policy discussed under Summary of Significant Accounting Policies in Note 1 of the Company’s Fiscal 2018 Annual Report on Form 10-K. The adoption of Topic 606 did not have a material impact on the Company’s consolidated financial statements as of the adoption date and as of and for the three months ended September 29, 2018. Substantially all of the Company’s sales continue to be recognized when products are shipped from the Company’s facilities or delivered to customers, depending on the respective contractual terms. For a nominal portion of the Company’s contracts where the accounting did change, the adoption of Topic 606 resulted in an increase to the opening balance of retained earnings of $2.0 million as of July 1, 2018. This impact was primarily due to the acceleration of recognition of net sales and associated gross profit related to certain uncompleted contracts for the manufacture of goods with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, from the customer for performance completed to date. For these contracts, the Company now recognizes revenue over time as control of the goods transfers through the manufacturing process, rather than when the goods are delivered, and title, risk and reward of ownership are passed to the customer, as under previous revenue recognition guidance. Refer to Note 2 herein for further discussion regarding revenue recognition and related policies. In March 2017, the FASB issued Accounting Standards Update No. 2017-07, Compensation - Retirement Benefits (Topic 715)- Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost ("ASU No. 2017-07"). ASU No. 2017-07 requires that the service cost component of net periodic pension costs be included in the same line item as other compensation costs arising from services rendered by employees during the period, with the other components of the net periodic pension costs reported separately from the service cost component and below operating income. The Company adopted this standard effective the first quarter of fiscal year 2019, which required changes to the classification of net periodic pension costs in the consolidated statements of operations for all periods presented. The service cost component of the net periodic pension cost is now included in “Selling, general and administrative expenses” with all other components of net periodic pension costs within “Other income (expense), net” in the consolidated statements of operations. The adoption of ASU No. 2017-07 did not have any impact on the Company’s reported amount of income from continuing operations before taxes. During the first quarter of fiscal 2019, the Company adopted ASU 2016-16 - Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This update addresses the recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset other than inventory. This update has been applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. The adoption of this update resulted in a cumulative reduction to the opening balance of retained earnings of $5.8 million and a reduction to other assets of $5.8 million. Recently issued accounting pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU No. 2018-15"). ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop internal-use software. ASU No. 2018-15 is effective for the Company in the first quarter of fiscal 2021, with early adoption permitted, and is to be applied either retrospectively or prospectively. The Company is currently evaluating the potential effects of adopting the provisions of ASU No. 2018-15. In February 2018, the FASB issued Accounting Standards Update 2018-02, Income Statement–Reporting Comprehensive Income (Topic 220):-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows entities to reclassify accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the tax legislation enacted by the U.S. federal governments on December 22, 2017 (the “Act”). This update is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the income tax rate change resulting from the Act is recognized. The Company is currently evaluating the impact of the adoption of ASU 2018-02 on its consolidated financial statements. In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and makes certain targeted improvements to simplify the qualification and application of the hedge accounting compared to current GAAP. This update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2017-12 on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”) and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 (collectively, Topic 842). Topic 842 requires companies to generally recognize operating and financing lease liabilities on the balance sheet and corresponding right-of-use assets created by those leases with lease terms of more than 12 months. The Company intends to adopt Topic 842 when it becomes effective in the first quarter of fiscal 2020 using a modified retrospective approach. The Company is currently evaluating the impact of its pending adoption of Topic 842 on its consolidated financial statements and expects that most of its operating lease commitments related to the Company’s real estate portfolio will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will materially increase total assets and total liabilities relative to such amounts prior to adoption.

Goodwill and long-lived assets (Tables)

3 Months Ended

Sep. 29, 2018

Goodwill and long-lived assets

Change in goodwill balances by reportable segment


	Electronic		Premier
	Components		Farnell		Total
	(Thousands)
Carrying value at June 30, 2018 (1)	$	479,699	$	501,173	$	980,872
Additions from acquisitions		—		—		—
Foreign currency translation		704		730		1,434
Carrying value at September 29, 2018 (1)	$	480,403	$	501,903	$	982,306

⁽¹⁾ Includes accumulated impairment of $1,045,110 from fiscal 2009 and $181,440 from fiscal 2018

Company's identifiable acquired intangible assets


	September 29, 2018						June 30, 2018
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	300,707	$	(165,105)	$	135,602	$	300,126	$	(148,416)	$	151,710
Trade name		54,487		(18,952)		35,535		54,391		(16,711)		37,680
Technology and other		52,964		(24,722)		28,242		52,793		(22,270)		30,523
	$	408,158	$	(208,779)	$	199,379	$	407,310	$	(187,397)	$	219,913

Estimated future amortization expense

The following table presents the estimated future amortization expense for the remainder of fiscal 2019 and the next five fiscal years (in thousands):


Fiscal Year
Remainder of fiscal 2019	$	62,719
2020		81,311
2021		39,148
2022		12,358
2023		3,606
2024		237
Total	$	199,379

Debt (Tables)

3 Months Ended

Sep. 29, 2018

Debt

Short-term debt

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


	September 29, 2018		June 30, 2018		September 29, 2018		June 30, 2018
	Interest Rate				Carrying Balance
Bank credit facilities and other	3.11	%	2.91	%	$	10,626	$	60,380
Accounts receivable securitization program	—		2.63	%		—		105,000
Short-term debt					$	10,626	$	165,380

Long-term debt

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


	September 29, 2018		June 30, 2018		September 29, 2018		June 30, 2018
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	2.99	%	—		$	65,000	$	—
Public notes due:
June 2020	5.88	%	5.88	%		300,000		300,000
December 2021	3.75	%	3.75	%		300,000		300,000
December 2022	4.88	%	4.88	%		350,000		350,000
April 2026	4.63	%	4.63	%		550,000		550,000
Other long-term debt	1.01	%	1.26	%		293		383
Long-term debt before discount and debt issuance costs						1,565,293		1,500,383
Discount and debt issuance costs – unamortized						(10,571)		(11,164)
Long-term debt					$	1,554,722	$	1,489,219

- 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

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative financial instruments (Tables)

3 Months Ended

Sep. 29, 2018

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	September 29,		June 30,
	2018		2018
	(Thousands)
Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in:
Other current assets	$	6,069	$	2,259
Accrued expenses		7,119		7,083

Schedule of gain (loss) on derivatives


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Net derivative financial instrument gain	$	2,792	$	1,859

Pension and retirement plans (Tables)

3 Months Ended

Sep. 29, 2018

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

Components of net periodic pension costs


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Service cost	$	3,734	$	3,868
Total net periodic pension cost within selling, general and administrative expenses		3,734		3,868

Interest cost		6,614		5,783
Expected return on plan assets		(13,301)		(13,757)
Amortization of prior service credits		(393)		(393)
Recognized net actuarial loss		2,535		3,746
Total net periodic pension benefit within other income (expense), net		(4,545)		(4,621)

Net periodic pension benefit	$	(811)	$	(753)

Earnings per share (Tables)

3 Months Ended

Sep. 29, 2018

Earnings per share

Basic and diluted earnings per share calculation


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands, except per share data)
Numerator:
Income from continuing operations	$	83,529	$	58,182
Income from discontinued operations		195		121
Net income	$	83,724	$	58,303

Denominator:
Weighted average common shares for basic earnings per share		115,260		122,685
Net effect of dilutive stock based compensation awards		1,211		1,299
Weighted average common shares for diluted earnings per share		116,471		123,984
Basic earnings per share - continuing operations	$	0.73	$	0.48
Basic earnings per share - discontinued operations		0.00		0.00
Basic earnings per share	$	0.73	$	0.48
Diluted earnings per share - continuing operations	$	0.72	$	0.47
Diluted earnings per share - discontinued operations		0.00		0.00
Diluted earnings per share	$	0.72	$	0.47
Stock options excluded from earnings per share calculation due to anti-dilutive effect		1,113		2,033

Additional cash flow information (Tables)

3 Months Ended

Sep. 29, 2018

Additional cash flow information

Interest and income taxes paid


	Three Months Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	9,690	$	23,176
Unsettled sale of marketable securities		—		4,121
Non-cash Financing Activities:
Unsettled share repurchases	$	11,228	$	3,955
Supplemental Cash Flow Information:
Interest	$	13,826	$	5,107
Income taxes		54,519		18,362

Segment information (Tables)

3 Months Ended

Sep. 29, 2018

Segment information

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


	First Quarters Ended
	September 29,		September 30,
	2018		2017
	(Thousands)
Sales:
Electronic Components	$	4,710,825	$	4,307,251
Premier Farnell		379,054		353,692
		5,089,879		4,660,943
Operating income:
Electronic Components	$	161,913	$	139,601
Premier Farnell		40,793		32,632
		202,706		172,233
Corporate (1)		(20,175)		(35,686)
Restructuring, integration and other expenses		(14,788)		(46,394)
Amortization of acquired intangible assets and other		(20,927)		(25,585)
Operating income	$	146,816	$	64,568

Sales, by geographic area:
Americas (2)	$	1,271,793	$	1,185,485
EMEA (3)		1,714,917		1,692,985
Asia/Pacific (4)		2,103,169		1,782,473
Sales	$	5,089,879	$	4,660,943

(2)Includes sales from the United States of $1.18 billion and $1.10 billion for the first quarters ended September 29, 2018 and September 30, 2017, respectively.

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


	September 29,		June 30,
	2018		2018
	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas (1)	$	272,398	$	276,156
EMEA (2)		212,486		204,797
Asia/Pacific		40,989		41,956
Property, plant, and equipment, net	$	525,873	$	522,909

(1)Includes property, plant and equipment, net, of $267.5 million and $271.4 million as of September 29, 2018, and June 30, 2018, respectively, in the United States.

Restructuring expenses (Tables)

3 Months Ended

Sep. 29, 2018

Fiscal Year 2019 Restructuring Liabilities Member

Restructuring Cost and Reserve [Line Items]


			Facility
			and Contract
	Severance		Exit Costs		Total
	(Thousands)
Fiscal 2019 restructuring expenses	$	7,183	$	350	$	7,533
Cash payments		(1,983)		(47)		(2,030)
Other, principally foreign currency translation		—		—		—
Balance at September 29, 2018	$	5,200	$	303	$	5,503

Fiscal Year 2018 And Prior Restructuring Liabilities Member

Restructuring Cost and Reserve [Line Items]


			Facility
			and Contract		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Balance at June 30, 2018	$	25,918	$	2,890	$	416	$	29,224
Cash payments		(17,936)		(623)		—		(18,559)
Changes in estimates, net		(235)						(235)
Non-cash amounts		—		—		(416)		(416)
Other, principally foreign currency translation		(245)		(27)		—		(272)
Balance at September 29, 2018	$	7,502	$	2,240	$	—	$	9,742

Basis of presentation and new accounting pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Jun. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	$ 3,139,272	$ 3,235,894
Other assets	188,226	$ 262,552
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect on retained earnings	2,000
ASU 2016-16
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	(5,800)
Other assets	$ (5,800)

Revenue recognition (Details)	3 Months Ended
Revenue recognition (Details)	Sep. 29, 2018
Revenue recognition
Maximum percentage of sales recognized over time	2.00%
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true
Maximum payment terms	1 year

Discontinued Operations (Details) - USD ($) $ in Millions	1 Months Ended
Discontinued Operations (Details) - USD ($) $ in Millions	Feb. 25, 2017	Sep. 29, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Final closing adjustment		$ 120.0
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business sale length of contract for certain services	2 years

Goodwill and long-lived assets (Details) - USD ($)	3 Months Ended
Goodwill and long-lived assets (Details) - USD ($)	Sep. 29, 2018	Jun. 30, 2018	Jul. 04, 2009
Carrying amount of goodwill, by reportable segment
Carrying value	$ 980,872,000
Foreign currency translation	1,434,000
Carrying value	982,306,000
Accumulated Impairment		$ 181,440	$ 1,045,110
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	479,699,000
Foreign currency translation	704,000
Carrying value	480,403,000
Premier Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	501,173,000
Foreign currency translation	730,000
Carrying value	$ 501,903,000

Goodwill and long-lived assets Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 408,158	$ 407,310
Accumulated Amortization	(208,779)	(187,397)
Net Book Value	199,379	219,913
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	300,707	300,126
Accumulated Amortization	(165,105)	(148,416)
Net Book Value	135,602	151,710
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	54,487	54,391
Accumulated Amortization	(18,952)	(16,711)
Net Book Value	35,535	37,680
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	52,964	52,793
Accumulated Amortization	(24,722)	(22,270)
Net Book Value	$ 28,242	$ 30,523

Goodwill and long-lived assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Goodwill and long-lived assets
Weighted average life of intangible assets	3 years
Intangible asset amortization expense	$ 20,810	$ 25,506

Goodwill and long-lived assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Fiscal Year:
Remainder of fiscal 2019	$ 62,719
2020	81,311
2021	39,148
2022	12,358
2023	3,606
2024	237
Net Book Value	$ 199,379	$ 219,913

Debt - short-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Components of short-term debt
Debt, Current, Total	$ 10,626	$ 165,380
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	3.11%	2.91%
Bank credit facilities and other	$ 10,626	$ 60,380
Accounts receivable securitization program
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate		2.63%
Short-term debt		$ 105,000

Debt - long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,565,293	$ 1,500,383
Discount and debt issuance costs - unamortized	(10,571)	(11,164)
Long-term debt	$ 1,554,722	$ 1,489,219
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	2.99%
Long-term debt before discount and debt issuance costs	$ 65,000
Notes due \| Notes Due June 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.88%	5.88%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%	3.75%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due December 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%	4.88%
Long-term debt before discount and debt issuance costs	$ 350,000	$ 350,000
Notes due \| Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%	4.63%
Long-term debt before discount and debt issuance costs	$ 550,000	$ 550,000
Notes due \| Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.01%	1.26%
Long-term debt before discount and debt issuance costs	$ 293	$ 383

Debt (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Millions	Sep. 29, 2018	Jun. 30, 2018
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 1,570.0	$ 1,650.0
Total fair value	1,590.0	1,670.0
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,250.0
Term	5 years
Line of credit facility contingent increase to maximum borrowing capacity	$ 1,500.0
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	500.0
Accounts Receivable from Securitization	$ 767.7	790.5
Revolving credit facilities \| Accounts receivable securitization program \| Base Rate Or Commercial Paper
Debt Instrument [Line Items]
Spread over base rate	0.75%
Line of Credit Facility, Commitment Fee Percentage	0.35%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 200.0
Letters of credit outstanding, amount	3.0	$ 2.0
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300.0

Derivative financial instruments Textuals (Details) - USD ($)	3 Months Ended
	Sep. 29, 2018	Jun. 30, 2018
Derivative fair value
Derivative assets fair value	$ 6,069,000	$ 2,259,000
Derivative liabilities fair value	$ 7,119,000	$ 7,083,000
Minimum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Derivative financial instruments
Net derivative financial instrument gain	$ 2,792	$ 1,859

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	Sep. 29, 2018	Jun. 30, 2018
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14.7	$ 14.2

Income taxes (Tax Cuts and Jobs Act of 2017) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Jun. 30, 2018
Income taxes
Transition tax			$ 230.0
Transition tax increase to provisional estimate	$ 16.7
Deferred taxes change in tax rate adjustment	$ 8.4
Effective tax rate	27.30%	5.40%

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Components of net periodic pension costs
Service cost	$ 3,734	$ 3,868
Interest cost	6,614	5,783
Expected return on plan assets	(13,301)	(13,757)
Amortization of prior service credits	(393)	(393)
Recognized net actuarial loss	2,535	3,746
Net periodic pension benefit	(811)	(753)
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension benefit	3,734	3,868
Other Income (Expense), net
Components of net periodic pension costs
Net periodic pension benefit	(4,545)	$ (4,621)
Plan
Components of net periodic pension costs
Contributions	8,000
Estimated future employer pension plan contributions	$ 8,000

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Sep. 29, 2018	Sep. 29, 2018	Sep. 30, 2017	Aug. 29, 2018
Shareholders' equity
Increase in authorized repurchase amount				$ 500,000
Authorized repurchase of common stock under Share Repurchase Program	$ 2,450,000	$ 2,450,000
Shares repurchased during period (in shares)		3.3
Cost of repurchase		$ 156,900
Remaining authorized repurchase amount	$ 615,200	$ 615,200
Cash dividends paid per common share	$ 0.20	$ 0.20	$ 0.18
Dividends paid on common stock		$ 22,932	$ 22,012

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Numerator:
Income from continuing operations	$ 83,529	$ 58,182
Income from discontinued operations	195	121
Net income	$ 83,724	$ 58,303
Denominator:
Weighted average common shares for basic earnings per share	115,260	122,685
Net effect of dilutive stock based compensation awards	1,211	1,299
Weighted average common shares for diluted earnings per share	116,471	123,984
Basic earnings per share-continuing operations	$ 0.73	$ 0.48
Basic earnings per share-discontinued operations	0.00	0.00
Basic earnings per share	0.73	0.48
Diluted earnings per share-continuing operations	0.72	0.47
Diluted earnings per share-discontinued operations	0.00	0.00
Diluted earnings per share	$ 0.72	$ 0.47
Stock Options
Denominator:
antidilutive Securities	1,113	2,033

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017	Jun. 30, 2018
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 9,690	$ 23,176
Unsettled sale of marketable securities		4,121
Unsettled repurchases of common stock	11,228	3,955
Interest	13,826	5,107
Income taxes	54,519	$ 18,362
Cash equivalents	$ 5,400		$ 6,100

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Sep. 30, 2017
Sales, by segment
Sales	$ 5,089,879	$ 4,660,943
Operating income (expense):
Restructuring, integration and other expenses	(14,788)	(46,394)
Amortization of acquired intangible assets and other	(20,927)	(25,585)
Operating income	146,816	64,568
Segment
Operating income (expense):
Operating income	202,706	172,233
Electronic Components
Operating income (expense):
Operating income	161,913	139,601
Electronic Components \| Segment
Sales, by segment
Sales	4,710,825	4,307,251
Premier Farnell
Operating income (expense):
Operating income	40,793	32,632
Premier Farnell \| Segment
Sales, by segment
Sales	379,054	353,692
Business Support \| Corporate
Operating income (expense):
Corporate	$ (20,175)	$ (35,686)

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2018	Sep. 30, 2017
Sales, by geographic area:
Sales	$ 5,089,879	$ 4,660,943
Americas
Sales, by geographic area:
Sales	1,271,793	1,185,485
United States
Sales, by geographic area:
Sales	1,180,000	1,100,000
EMEA
Sales, by geographic area:
Sales	1,714,917	1,692,985
Germany
Sales, by geographic area:
Sales	685,700	681,000
Belgium
Sales, by geographic area:
Sales	280,100	262,500
Asia Pacific
Sales, by geographic area:
Sales	2,103,169	1,782,473
Taiwan
Sales, by geographic area:
Sales	888,700	657,500
China (including Hong Kong)
Sales, by geographic area:
Sales	693,100	655,400
SINGAPORE
Sales, by geographic area:
Sales	$ 280,400	$ 228,900

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Sep. 29, 2018	Jun. 30, 2018
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 525,873	$ 522,909
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	272,398	276,156
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	267,500	271,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	212,486	204,797
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	99,400	99,400
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	50,800	52,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	52,700	43,400
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 40,989	$ 41,956

Restructuring expenses (Details) $ in Thousands	3 Months Ended
Restructuring expenses (Details) $ in Thousands	Sep. 29, 2018 USD ($)
Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	$ 7,533
Cash payments	(2,030)
Ending Balance	5,503
Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	29,224
Cash payments	(18,559)
Changes in estimates, net	(235)
Non-cash amounts	(416)
Other, principally foreign currency translation	(272)
Ending Balance	9,742
Employee Severance \| Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	7,183
Cash payments	(1,983)
Ending Balance	5,200
Employee Severance \| Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	25,918
Cash payments	(17,936)
Changes in estimates, net	(235)
Other, principally foreign currency translation	(245)
Ending Balance	7,502
Facility Closing \| Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	350
Cash payments	(47)
Ending Balance	303
Facility Closing \| Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	2,890
Cash payments	(623)
Other, principally foreign currency translation	(27)
Ending Balance	2,240
Asset Impairments \| Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	416
Non-cash amounts	$ (416)

Restructuring expenses (Textuals) (Details) $ in Thousands	3 Months Ended
Restructuring expenses (Textuals) (Details) $ in Thousands	Sep. 29, 2018 USD ($) employee	Jun. 30, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	50
Fiscal Year 2019 Restructuring Liabilities Member
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 7,533
Restructuring Reserve	5,503
Fiscal Year 2019 Restructuring Liabilities Member \| Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	7,300
Fiscal Year 2019 Restructuring Liabilities Member \| Premier Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	200
Fiscal Year 2018 And Prior Restructuring Liabilities Member
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,742	$ 29,224