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Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Jun. 29, 2019	Jul. 26, 2019	Dec. 28, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	0000008858
Document Type	10-K
Document Period End Date	Jun. 29, 2019
Current Fiscal Year End Date	--06-29
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3,868,372,764
Entity Common Stock, Shares Outstanding		103,619,871

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Current assets:
Cash and cash equivalents	$ 546,105	$ 621,125
Receivables, less allowances of $53,499 and $48,959, respectively	3,168,369	3,641,139
Inventories	3,008,424	3,141,822
Prepaid and other current assets	153,438	206,513
Total current assets	6,876,336	7,610,599
Property, plant and equipment, net	452,171	522,909
Goodwill	876,728	980,872
Intangible assets, net	143,520	219,913
Other assets	215,801	262,552
Total assets	8,564,556	9,596,845
Current liabilities:
Short-term debt	300,538	165,380
Accounts payable	1,864,342	2,269,478
Accrued expenses and other	413,696	534,603
Total current liabilities	2,578,576	2,969,461
Long-term debt	1,419,922	1,489,219
Other liabilities	425,585	453,084
Total liabilities	4,424,083	4,911,764
Commitments and contingencies (Note 14)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 104,037,769 shares and 115,825,062 shares, respectively	104,038	115,825
Additional paid-in capital	1,573,005	1,528,713
Retained earnings	2,767,469	3,235,894
Accumulated other comprehensive loss	(304,039)	(195,351)
Total shareholders' equity	4,140,473	4,685,081
Total liabilities and shareholders' equity	$ 8,564,556	$ 9,596,845

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 53,499	$ 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	104,037,769	115,825,062

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Income Statement [Abstract]
Sales	$ 19,518,592	$ 19,036,892	$ 17,439,963
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 17,032,490	$ 16,509,708	$ 15,070,521
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 2,486,102	$ 2,527,184	$ 2,369,442
Selling, general and administrative expenses	1,874,651	1,991,401	1,788,330
Goodwill impairment expense (Note 7)	137,396	181,440
Restructuring, integration and other expenses	108,144	145,125	137,415
Operating income	365,911	209,218	443,697
Other income (expense), net	11,231	28,606	(33,717)
Interest and other financing expenses, net	(134,874)	(92,747)	(99,576)
Income (loss) from continuing operations before taxes	242,268	145,077	310,404
Income tax expense	62,157	287,966	47,053
Income (loss) from continuing operations, net of tax	180,111	(142,889)	263,351
Income (loss) from discontinued operations, net of tax	(3,774)	(13,535)	261,927
Net income (loss)	$ 176,337	$ (156,424)	$ 525,278
Earnings (loss) per share:
Basic earnings (loss) per share-continuing operations	$ 1.64	$ (1.19)	$ 2.07
Basic earnings (loss) per share-discontinued operations	(0.03)	(0.11)	2.06
Basic earnings (loss) per share	1.61	(1.30)	4.13
Diluted earnings (loss) per share-continuing operations	1.63	(1.19)	2.05
Diluted earnings (loss) per share-discontinued operations	(0.04)	(0.11)	2.03
Diluted earnings (loss) per share	$ 1.59	$ (1.30)	$ 4.08
Shares used to compute earnings per share:
Basic	109,820	119,909	127,032
Diluted	110,798	119,909	128,651
Cash dividends paid per common share	$ 0.80	$ 0.74	$ 0.70

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 176,337	$ (156,424)	$ 525,278
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	(63,621)	7,799	94,116
Impact of TS business divestiture (Note 3)			181,465
Pension adjustments, net	(45,067)	40,716	1,328
Total comprehensive income (loss)	$ 67,649	$ (107,909)	$ 802,187

- 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 Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 02, 2016	$ 127,377	$ 1,452,413	$ 3,632,271	$ (520,775)	$ 4,691,286
Shares issued Beginning Balance at Jul. 02, 2016	127,377,000
Net income (loss)			525,278		525,278
Translation adjustments and other					94,116
Translation adjustments				275,581	275,581
Pension liability adjustment, net of tax of $14,988, $18,187 and $1,181 respectively				1,328	1,328
Cash dividends ($0.80 per share, $0.74 per share, $0.70 per share)			(88,657)		(88,657)
Repurchases of common stock	$ (6,355)		(269,529)		(275,884)
Repurchase of common stock (in shares)	(6,355,000)
Stock-based compensation	$ 2,059	51,077			53,136
Stock-based compensation (in shares)	2,059,000
Shares issued Ending Balance at Jul. 01, 2017	123,081,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 01, 2017	$ 123,081	1,503,490	3,799,363	(243,866)	5,182,068
Net income (loss)			(156,424)		(156,424)
Translation adjustments and other				7,799	7,799
Pension liability adjustment, net of tax of $14,988, $18,187 and $1,181 respectively				40,716	40,716
Cash dividends ($0.80 per share, $0.74 per share, $0.70 per share)			(88,255)		(88,255)
Repurchases of common stock	$ (8,151)		(318,790)		(326,941)
Repurchase of common stock (in shares)	(8,151,000)
Stock-based compensation	$ 895	25,223			$ 26,118
Stock-based compensation (in shares)	895,000
Shares issued Ending Balance at Jun. 30, 2018	115,825,000				115,825,062
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2018	$ 115,825	1,528,713	3,235,894	(195,351)	$ 4,685,081
Net income (loss)			176,337		176,337
Translation adjustments and other				(63,621)	(63,621)
Pension liability adjustment, net of tax of $14,988, $18,187 and $1,181 respectively				(45,067)	(45,067)
Cash dividends ($0.80 per share, $0.74 per share, $0.70 per share)			(87,158)		(87,158)
Repurchases of common stock	$ (12,919)		(553,772)		(566,691)
Repurchase of common stock (in shares)	(12,919,000)
Stock-based compensation	$ 1,132	44,292			$ 45,424
Stock-based compensation (in shares)	1,132,000
Shares issued Ending Balance at Jun. 29, 2019	104,038,000				104,037,769
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 29, 2019	$ 104,038	$ 1,573,005	2,767,469	$ (304,039)	$ 4,140,473
Effects of new accounting principle			$ (3,832)		$ (3,832)

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 14,988	$ 18,187	$ 1,181
Cash dividend paid per share	$ 0.80	$ 0.74	$ 0.70

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities:
Net income (loss)	$ 176,337	$ (156,424)	$ 525,278
Less: Income (loss) from discontinued operations, net of tax	(3,774)	(13,535)	261,927
Income (loss) from continuing operations, net of tax	180,111	(142,889)	263,351
Non-cash and other reconciling items:
Depreciation	97,160	143,397	101,407
Amortization	83,682	91,475	53,953
Deferred income taxes	33,801	(87,141)	(17,705)
Stock-based compensation	30,098	23,990	47,686
Goodwill impairment expense	137,396	181,440
Asset impairment expense	54,687	5,538	3,824
Other, net	(21,265)	43,845	25,280
Changes in (net of effects from businesses acquired and divested):
Receivables	464,981	(296,175)	(371,820)
Inventories	81,929	(308,663)	84,408
Accounts payable	(377,855)	409,608	163,604
Accrued expenses and other, net	(173,671)	189,060	(132,941)
Net cash flows provided by operating activities - continuing operations	591,054	253,485	221,047
Net cash flows used for operating activities - discontinued operations	(56,284)		(589,738)
Net cash flows provided (used) by for operating activities	534,770	253,485	(368,691)
Cash flows from financing activities:
Issuance of notes, net of issuance costs			296,374
Repayment of notes			(530,800)
Borrowings (repayments) under accounts receivable securitization, net	122,300	(37,000)	(588,000)
Borrowings (repayments) under senior unsecured credit facility, net	(61,738)	8,850	(50,029)
Borrowings (repayments) under bank credit facilities and other debt, net	505	(97,954)	27,877
Borrowings of term loans			530,756
Repayments of term loans			(511,358)
Repurchases of common stock	(568,712)	(323,516)	(275,884)
Dividends paid on common stock	(87,158)	(88,255)	(88,657)
Other, net	12,127	(4,018)	(1,870)
Net cash flows used for financing activities - continuing operations	(582,676)	(541,893)	(1,191,591)
Net cash flows provided by financing activities - discontinued operations			3,447
Net cash flows used for financing activities	(582,676)	(541,893)	(1,188,144)
Cash flows from investing activities:
Purchases of property, plant and equipment	(122,690)	(155,873)	(120,397)
Acquisitions of businesses, net of cash acquired	(56,417)	(15,254)	(802,744)
Other, net	30,422	6,653	18,656
Net cash flows used for investing activities - continuing operations	(148,685)	(164,474)	(904,485)
Net cash flows provided by investing activities - discontinued operations	123,473	236,205	2,242,959
Net cash flows (used) provided by investing activities	(25,212)	71,731	1,338,474
Effect on currency exchange rate changes on cash and cash equivalents	(1,902)	1,418	23,267
Cash and cash equivalents:
Decrease	(75,020)	(215,259)	(195,094)
Cash and cash equivalents at beginning of year	621,125	836,384	1,031,478
Cash and cash equivalents at end of year	$ 546,105	$ 621,125	$ 836,384

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Jun. 29, 2019
Summary of significant accounting policies
Summary of significant accounting policies	1. Summary of significant accounting policies Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated. Unless indicated otherwise, the information in the Notes to the consolidated financial statements relates to the Company's continuing operations and does not include the results of discontinued operations. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation including the adoption of new accounting pronouncements. Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2019, 2018 and 2017 all contain 52 weeks. Unless otherwise noted, all references to “fiscal” or any other “year” shall mean the Company’s fiscal year. Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates. Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents. Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value, whichever is lower. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, obsolescence allowances or price protections provided by the Company’s suppliers, and records a lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories estimated net realizable value. The Company does not incorporate any non-contractual protections when estimating the net realizable value of its inventories. Depreciation, amortization and useful lives — The Company reports property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value of or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant and equipment. Software obtained for internal use has generally been enterprise-level business operations, logistics and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant and equipment when an asset is both in the location and condition for its intended use. Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings — 30 years; machinery, fixtures and equipment — 2-10 years; information technology hardware and software — 2-10 years; and leasehold improvements — over the applicable lease term or economic useful life if shorter. The Company amortizes intangible assets acquired in business combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years. Long-lived assets impairment — Long-lived assets, including property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and will adjust the carrying value and remaining useful life if and when appropriate. Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill, but instead tests goodwill for impairment at least annually in the fourth quarter and, if necessary, records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit that has goodwill is less than its carrying value. In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation, and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the estimated fair value of a reporting unit is less than the carrying value assigned to that reporting unit, then a goodwill impairment loss is measured based on such difference. Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at the balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at the balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other income (expense), net.” Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to state such assets at their estimated net realizable value. The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by the relevant tax authorities. There may be differences between the estimated and actual outcomes of these matters that may result in future changes in estimates to such unrecognized tax benefits. To the extent such changes in estimates are required, the Company’s effective tax rate may potentially fluctuate as a result. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense. Self-insurance — In the U.S., the Company is primarily self-insured for medical, workers’ compensation, and general, product and automobile liability costs; however, the Company also has stop-loss insurance policies in place to limit the Company’s exposure to individual and aggregate claims made. Liabilities for these programs are estimated based upon outstanding claims and claims estimated to be incurred but not yet reported based upon historical loss experience. These estimates are subject to variability due to changes in trends of losses for outstanding claims and incurred but not reported claims, including external factors such as the number of and cost of claims, benefit level changes and claim settlement patterns. Revenue recognition — Refer to Note 2 herein for further discussion regarding revenue recognition and related accounting policies. Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, marketing/promotional activities, or any other programs are recorded when earned under the terms and conditions of such supplier programs as adjustments to product costs or selling, general and administrative expenses depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over one or more reporting periods. Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation and the impact of the Company’s pension liability adjustments, net of tax. Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period (see Note 13). A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense. Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs including operating leases and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively. Business combinations — The Company accounts for business acquisitions using the acquisition method of accounting and records any identifiable definite-lived intangible assets separate from goodwill. Intangible assets are recorded at their fair value based on estimates as of the date of acquisition. Goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual identifiable assets acquired and liabilities assumed as of the date of acquisition. Contingent consideration, which represents an obligation of the Company to transfer additional assets or equity interests to the former owner as part of the purchase price if specified future events occur or conditions are met, is accounted for at the acquisition date fair value either as a liability or as equity depending on the terms of the acquisition agreement. Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers, but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area. Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets, Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data and Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2019, 2018, and 2017, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables and accounts payable approximate their fair values at June 29, 2019 due to the short-term nature of these assets and liabilities. At June 29, 2019, and June 30, 2018, the Company had $9.4 million and $6.1 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria. See Note 4 for discussion of the fair value of the Company’s derivative financial instruments, Note 8 for discussion of the fair value of the Company’s long-term debt and Note 11 for a discussion of the fair value of the Company’s pension plan assets. Derivative financial instruments — See Note 4 for discussion of the Company’s accounting policies related to derivative financial instruments. Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in "Other assets" in the Company's consolidated balance sheets. Changes in fair value for investments in ventures, if any, are recorded in "Other income (expense), net" in the Company's consolidated statements of operations. As of June 29, 2019, the Company’s investments in ventures was not material to the consolidated balance sheets or consolidated statements of operations. Accounts receivable securitization — The Company has an accounts receivable securitization program whereby the Company sells certain receivables and retains a subordinated interest and servicing rights to those receivables. The securitization program does not qualify for off-balance sheet sales accounting and is accounted for as a secured financing as discussed further in Note 8. Recently adopted accounting pronouncements — In May 2014, 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 fiscal 2019 are presented under Topic 606, while the comparative results for the fiscal 2018 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 fiscal 2019. 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 underlying 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 recognizes revenue over time as control of the goods transfers through the manufacturing process, rather than when the goods are delivered, title has transferred, and the risks and rewards of ownership are passed to the customer, as under previous revenue recognition guidance. Refer to Note 2 herein for further discussion regarding revenue recognition under Topic 606 and related accounting 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 provides guidance on the capitalization, presentation and disclosure of net periodic pension costs related to postretirement benefit plans. The Company adopted this standard effective the first quarter of fiscal year 2019 on a full retrospective basis, which resulted in the retrospective reclassification of $21.3 million and $17.7 million, respectively, of non-service net periodic pension benefits for fiscal 2018 and 2017, respectively, from “Selling, general and administrative expenses” to “Other income (expense), net”. 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. 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 provides entities the option 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”). The update also requires certain new disclosures regardless of the election. 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 has early adopted ASU 2018-02 during the third quarter of fiscal 2019 and has elected not to reclassify any stranded tax effects from the Act to retained earnings. As a result, there was no impact to the consolidated financial statements as a result of the adoption of ASU 2018-02.

Revenue recognition	12 Months Ended
Revenue recognition	Jun. 29, 2019
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. Refer to Note 17 herein for further discussion regarding the Company’s sales by major product category. 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 where revenue would be recorded 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 contracts 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.

Acquisitions and Discontinued operations

12 Months Ended

Jun. 29, 2019

Discontinued Operations and Disposal Groups

Acquisitions and Discontinued operations

3. Acquisitions and Discontinued operations

Acquisition of Softweb Solutions

At the end of December 2018, the Company acquired Softweb Solutions (“Softweb”) a privately held software and artificial intelligence company that delivers software solutions for Internet of Things (“IoT”) applications and systems designed to increase efficiency, speed time to market, and help businesses transform. The impact of this acquisition was not material to the Company’s consolidated balance sheets or statements of operations and as a result, the Company has not disclosed the preliminary allocation of purchase price or the pro-forma impact of the acquisition.

Discontinued Operations

In February 2017, the Company completed the sale of its Technology Solutions (“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. This incremental consideration received from the sale of the TS business as well as cash settlements from the resolution of indemnification claims and other cash reimbursements have been classified as cash flow from discontinued operations investing activities. Income tax payments related to the gain on sale of the TS business have been classified as cash flow from discontinued operations operating activities.

Under the contractual terms of the sale of the TS business, the Company has indemnified the Buyer for certain liabilities including tax related matters, which may result in future indemnification expenses and indemnification payments to the Buyer depending upon the outcome of those matters subject to indemnification.

Financial results of the TS business for fiscal 2017 including the gain on sale is presented as “Income (loss) from discontinued operations, net of tax” on the Consolidated Statements of Operations and is summarized as follows:


	Year Ended
	July 1,
	2017
	(Thousands)
Sales	$	5,432,140
Cost of sales		4,883,945
Gross profit		548,195
Selling, general and administrative expenses		430,003
Restructuring, integration and other expenses		7,280
Operating income		110,912
Interest and other expense, net		(24,291)
Income from discontinued operations before income taxes		86,621
Income tax expense		47,050
Income from discontinued operations, net of taxes		39,571
Gain on sales of discontinued operations, net of tax		222,356
Net income from discontinued operations, net of taxes	$	261,927

Included within the estimated gain on sale of $222.4 million, net of tax, recorded in fiscal 2017, was $181.5 million of expense reclassified out of accumulated comprehensive income primarily related to TS business cumulative translation adjustments.

Included within selling, general and administrative expenses of discontinued operations was $34.9 million of corporate expenses specific to or benefiting the TS business for fiscal 2017.

During fiscal 2019, the Company recorded $3.8 million of losses from discontinued operations, net of tax. During fiscal 2018, the Company recorded $13.5 million of losses from discontinued operations, net of tax, of which $14.9 million related to pension settlement expenses associated with former TS employee pension withdrawals.

Derivative financial instruments

12 Months Ended

Jun. 29, 2019

Derivative financial instruments

Derivative financial instruments

4. 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 June 29, 2019, 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, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian 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:


	June 29,		June 30,
	2019		2018
	(Thousands)
Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in:
Prepaid and other current assets	$	5,511	$	2,259
Accrued expenses and other		6,154		7,083

The amount recorded to other income (expense), net related to derivative financial instruments are as follows:


		Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
		(Thousands)
Net derivative financial instrument gain (loss)	$	84	$	2,735	$	(8,624)

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 as the remeasurement of the underlying assets or liabilities being economically hedged.

Shareholders' equity

12 Months Ended

Jun. 29, 2019

Shareholders' equity

Shareholders' equity

5. Shareholders’ equity

Accumulated comprehensive (loss) income

The following table includes the balances within accumulated other comprehensive loss:


	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Accumulated translation adjustments and other	$	(142,469)	$	(78,848)	$	(86,647)
Accumulated pension liability adjustments, net of income taxes		(161,570)		(116,503)		(157,219)
Total accumulated other comprehensive loss	$	(304,039)	$	(195,351)	$	(243,866)

Amounts reclassified out of accumulated comprehensive loss, net of tax, to operating expenses and discontinued operations during fiscal 2019, 2018 and 2017 substantially all related to net periodic pension costs as discussed further in Note 11 and cumulative translation adjustment from the sale of the TS business discussed further in Note 3.

Share repurchase program

In August 2018, the Company’s Board of Directors amended the Company’s existing share repurchase program to authorize the repurchase of 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 fiscal 2019, the Company repurchased 12.9 million shares under this program at an average market price of $43.86 per share for a total cost of $566.7 million. Repurchased shares were retired. Since the beginning of the repurchase program through the end of fiscal 2019, the Company has repurchased 58.8 million shares at an aggregate cost of $2.24 billion, and $205.4 million remains available for future repurchases under the share repurchase program.

Common stock dividend

During fiscal 2019, the Company paid dividends of $0.80 per common share and $87.2 million in total.

Property plant and equipment, net

12 Months Ended

Jun. 29, 2019

Property plant and equipment, net

Property, plant and equipment, net

6. Property, plant and equipment, net

Property, plant and equipment are recorded at cost and consist of the following:


	June 29, 2019		June 30, 2018
	(Thousands)
Buildings	$	121,847	$	132,511
Machinery, fixtures and equipment		224,838		200,231
Information technology hardware and software		799,324		677,179
Leasehold improvements		107,659		106,242
Depreciable property, plant and equipment, gross		1,253,668		1,116,163
Accumulated depreciation		(886,062)		(758,041)
Depreciable property, plant and equipment, net		367,606		358,122
Land		23,874		41,984
Construction in progress		60,691		122,803
Property, plant and equipment, net	$	452,171	$	522,909

Depreciation expense including accelerated depreciation related to property, plant and equipment was $97.2 million, $143.4 million and $101.4 million in fiscal 2019, 2018 and 2017, respectively. Interest expense capitalized during fiscal 2019, 2018 and 2017 was not material.

Included as a component of restructuring, integration and other expenses was $11.3 million and $52.9 million of accelerated depreciation expense for fiscal 2019 and 2018, respectively, associated with the changes in estimates of the useful life of certain information technology hardware and software in the Americas.

Goodwill and long-lived assets

12 Months Ended

Jun. 29, 2019

Goodwill and long-lived assets

Goodwill and long-lived assets

7. Goodwill and intangible assets

The following table presents the change in goodwill balances by reportable segment for fiscal year 2019.


	Electronic
	Components (EC)		Farnell		Total
	(Thousands)
Carrying value at June 30, 2018 (1)	$	479,699	$	501,173	$	980,872
Additions from acquisitions		52,403		—		52,403
Impairment of goodwill		(137,396)		—		(137,396)
Foreign currency translation		(3,810)		(15,341)		(19,151)
Carrying value at June 29, 2019 (2)	$	390,896	$	485,832	$	876,728

⁽¹⁾ Includes accumulated impairment of $1,045.1 million from fiscal 2009 and $181.4 million from fiscal 2018

⁽²⁾

Includes accumulated impairment of $1,045.1 million from fiscal 2009, $181.4 million from fiscal 2018 and $137.4 million from fiscal 2019

During the fourth quarter of fiscal 2019, the Company performed an annual goodwill impairment test for all of its reporting units that have goodwill using a quantitative impairment test. As a result of the goodwill impairment testing, the Company recorded $137.4 million of non-cash goodwill impairment expense related to reporting units in the Americas and Asia regions of the EC reportable segment. The impairment of goodwill in such reporting units was primarily the result of lower than expected operating results in the second half of fiscal 2019 and a corresponding reduction of future expected operating results due primarily to recent industry specific and macroeconomic challenges and uncertainties.

In assessing goodwill for impairment in the fourth quarter of fiscal 2019, the Company was required to make significant judgments related to the fair value of its reporting units. The Company used a combination of an income approach, specifically a discounted cash flow methodology, and a market approach to estimate the fair value of its reporting units. The discounted cash flow methodology includes market participant assumptions for, among other factors, forecasted sales, gross profit margins, operating expenses, cash flows, perpetual growth rates and long-term discount rates, all of which required judgments and estimates by management which are inherently uncertain. The market approach methodology required significant assumptions related to comparable transactions, market multiples, capital structure and control premiums.

In fiscal 2018, the Company impaired goodwill for a reporting unit in the Americas region of the EC reportable segment and recorded $181.4 million of non-cash goodwill impairment expense.

The following table presents the Company’s acquired identifiable intangible assets:


	June 29, 2019						June 30, 2018
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	292,266	$	(208,329)	$	83,937	$	300,126	$	(148,416)	$	151,710
Trade name		52,760		(24,752)		28,008		54,391		(16,711)		37,680
Technology and other		63,753		(32,178)		31,575		52,793		(22,270)		30,523
	$	408,779	$	(265,259)	$	143,520	$	407,310	$	(187,397)	$	219,913

Intangible asset amortization expense was $83.7 million, $91.5 million and $54.0 million for fiscal 2019, 2018 and 2017, respectively. Intangible assets have a weighted average remaining useful life of approximately 2 years as of June 29, 2019.

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


Fiscal Year
2020	$	81,177
2021		40,420
2022		14,451
2023		5,966
2024		1,506
Total	$	143,520

In connection with the annual goodwill impairment testing performed in the fourth quarter of fiscal 2019 and the resultant goodwill impairment, the Company also performed impairment testing for certain long-lived assets in the Americas and Asia regions of the EC reportable segment. As a result of such long-lived asset impairment testing, the Company concluded that long-lived assets were recoverable and were not impaired as of June 29, 2019.

Debt

12 Months Ended

Jun. 29, 2019

Debt

Debt

8. Debt

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


	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
	Interest Rate				Carrying Balance
Bank credit facilities and other	1.02	%	2.91	%	$	538	$	60,380
Accounts receivable securitization program	—		2.63	%		—		105,000
Public notes due June 2020	5.88	%	—			300,000		—
Short-term debt					$	300,538	$	165,380

Bank credit facilities and other consist 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):


	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	3.15	%	—		$	227,300	$	—
Credit Facility	5.68	%	—			1,100		—
Public notes due:
June 2020	—		5.88	%		—		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	1.00	%	1.26	%		403		383
Long-term debt before discount and debt issuance costs						1,428,803		1,500,383
Discount and debt issuance costs – unamortized						(8,881)		(11,164)
Long-term debt					$	1,419,922	$	1,489,219

The Company has an 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 $500.0 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 $857.3 million and $790.5 million at June 29, 2019, 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 June 29, 2019. The Securitization Program expires in August 2020 and as a result the Company has classified outstanding balances as long-term debt as of June 29, 2019. There were $227.3 million in borrowings outstanding under the Program as of June 29, 2019, and $105.0 million as of June 30, 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 June 29, 2019. At June 29, 2019 and June 30, 2018 there were $4.0 million and $2.0 million, respectively, in letters of credit issued under the Credit Facility.

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):


2020	$	300,538
2021		228,616
2022		300,141
2023		350,046
2024		—
Thereafter		550,000
Subtotal		1,729,341
Discount and debt issuance costs – unamortized		(8,881)
Total debt	$	1,720,460

At June 29, 2019, the carrying value and fair value of the Company’s debt was $1.72 billion and $1.78 billion, respectively. At June 30, 2018, the carrying value and fair value of the Company’s 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.

Accrued expenses and other

12 Months Ended

Jun. 29, 2019

Accrued expenses and other

Accrued expenses and other

9. Accrued expenses and other

Accrued expenses and other consist of the following:


	June 29, 2019		June 30, 2018
	(Thousands)
Accrued salaries and benefits	$	198,969	$	220,245
Accrued operating costs		107,621		98,801
Accrued interest and banking costs		17,257		16,505
Accrued restructuring costs		26,918		29,225
Accrued income taxes		12,313		108,386
Accrued property, plant and equipment		12,957		23,400
Accrued other		37,661		38,041
Total accrued expenses and other	$	413,696	$	534,603

Income taxes

12 Months Ended

Jun. 29, 2019

Income taxes

Income taxes

10. Income taxes

The components of income tax expense (“tax provision”) are included in the table below. The tax provision for deferred income taxes results from temporary differences arising primarily from net operating losses, inventories valuation, receivables valuation, certain accrued amounts and depreciation and amortization, net of any changes to valuation allowances.


	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
	(Thousands)
Current:
Federal	$	(18,611)	$	255,810	$	(45,351)
State and local		8,523		(3,174)		4,209
Foreign		78,988		104,156		106,441
Total current taxes		68,900		356,792		65,299
Deferred:
Federal		17,725		(70,172)		(30,025)
State and local		580		(10,551)		(3,934)
Foreign		(25,048)		11,897		15,713
Total deferred taxes		(6,743)		(68,826)		(18,246)
Income tax expense	$	62,157	$	287,966	$	47,053

The tax provision is computed based upon income from continuing operations before income taxes from both U.S. and foreign operations. U.S. loss from continuing operations before income taxes was $68.5 million, $385.1 million and $174.3 million, in fiscal 2019, 2018 and 2017, respectively, and foreign income from continuing operations before income taxes was $310.8 million, $530.2 million and $484.7 million in fiscal 2019, 2018 and 2017, respectively.

See further discussion related to income tax expense for discontinued operations in Note 3.

On December 22, 2017 the U.S. federal government enacted tax legislation (the “Act”) which includes provisions to lower the corporate income tax rate from 35% to 21%, impose new taxes on certain foreign earnings, limit deductibility of certain U.S. costs and levy a one-time deemed repatriation tax on accumulated offshore earnings, among other provisions. The law is subject to interpretation and implementation guidance by both federal and state tax authorities, as well as amendments and technical corrections.

As a fiscal year-end taxpayer, certain provisions of the Act began to impact the Company in the second quarter of fiscal 2018, while other provisions began to impact the Company beginning in fiscal 2019. Additionally, new guidance from regulations, interpretation of the law and refinement of the Company’s estimates from ongoing analysis of tax positions may change the amounts recorded. Any changes to the amounts recorded will be reflected in income tax expense in the period they are identified, and may be material.

The Company changed its historical assertion as of June 29, 2019, so that all of its unremitted foreign earnings are no longer permanently reinvested as certain foreign earnings are expected to be repatriated in the future. The Company believes any unrecorded liabilities related to this partial change in assertion are not material, and has recorded deferred tax liabilities for those certain foreign earnings expected to be repatriated in the future.

Reconciliations of the federal statutory tax rate to the effective tax rates are as follows:


	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
U.S. federal statutory rate	21.0	%	28.0	%	35.0	%
State and local income taxes, net of federal benefit	0.3		(6.1)		(1.7)
Tax on foreign income, net of valuation allowances	(0.5)		(23.5)		(23.5)
Establishment/(release) of valuation allowances, net of U.S. tax expense	(3.2)		(0.1)		1.3
Change in unrecognized tax benefit reserves	17.9		(7.4)		3.6
Tax audit settlements	0.9		4.5		0.1
Impact of the Act - transition tax	7.1		158.5		—
Impact of the Act - deferred tax effects	(5.6)		4.2		—
Impairment of investments, including goodwill	(8.0)		35.1		—
Other, net	(4.2)		5.3		0.4
Effective tax rate - continuing operations	25.7	%	198.5	%	15.2	%

Tax rates on foreign income represents the impact of the difference between foreign rates and the U.S. federal statutory rate applied to foreign income or loss, foreign income taxed in the U.S. at rates other than its’ statutory rate, and the impact of valuation allowances established against the Company’s otherwise realizable foreign deferred tax assets, which are primarily net operating loss carry-forwards.

Avnet’s effective tax rate on income before income taxes from continuing operations was 25.7% in fiscal 2019 as compared with an effective tax rate of 198.5% in fiscal 2018. Included in the fiscal 2018 effective tax rate is a net tax benefit of $34.1 million related to the mix of income in lower tax jurisdictions. The fiscal 2019 effective tax rate is lower than the fiscal 2018 effective tax rate primarily due to the reduction in (i) the transition tax expense recorded under the requirements of the Act, and (ii) goodwill impairment.

The Company applies the guidance in ASC 740 Income Taxes, which requires management to use its judgment to 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 and types 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 Company’s served industries; (iii) jurisdictional specific limitations on the utilization of deferred tax assets including when such assets expire; and (iv) prudent and feasible tax planning strategies.

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


	June 29,		June 30,
	2019		2018
	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	241,747	$	296,282
Depreciation and amortization		1,583		—
Inventories valuation		28,441		26,125
Receivables valuation		9,138		8,332
Various accrued liabilities and other		41,268		39,419
		322,177		370,158
Less — valuation allowances		(231,463)		(239,483)
		90,714		130,675
Deferred tax liabilities:
Depreciation and amortization		—		(84,250)
Net deferred tax assets	$	90,714	$	46,425

The Company had $70.1 million of income tax related deferred charges included as a component of “other assets” in the consolidated balance sheet as of June 30, 2018, substantially all of which were reclassified to depreciation and amortization deferred tax assets in the table above, pursuant to the adoption of ASU 2016-16, as discussed in the significant accounting policies.

The change in valuation allowances in fiscal 2019 from fiscal 2018 was primarily related to the $5.3 million net release of valuation allowance as a result of changes to management’s expectation of its ability to realize certain tax assets.

As of June 29, 2019, the Company had net operating and capital loss carry-forwards of approximately $1.27 billion, of which $38.4 million will expire during fiscal 2020 and fiscal 2021, substantially all of which have full valuation allowances, $228.4 million have expiration dates ranging from fiscal 2022 to fiscal 2039, and the remaining $999.0 million have no expiration date. A significant portion of these losses are not expected to be realized in the foreseeable future and have valuation allowances against them. The carrying value of the Company’s net operating and capital loss carry-forwards is dependent upon the Company’s ability to generate sufficient future taxable income in certain foreign tax jurisdictions. In addition, the Company considers historic levels and types of income or losses, expectations and risk associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for valuation allowances as discussed further above.

Estimated liabilities for unrecognized tax benefits are included in “Accrued expenses and other” and “Other liabilities” on the consolidated balance sheets. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. As of June 29, 2019, unrecognized tax benefits were $147.2 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $23.4 million and $22.2 million, net of applicable state tax benefits, as of the end of fiscal 2019 and 2018, respectively.

Reconciliations of the beginning and ending liability balances for unrecognized tax benefits are as follows:


	June 29, 2019		June 30, 2018
	(Thousands)
Balance at beginning of year	$	84,357	$	91,451
Additions for tax positions taken in prior periods		44,429		18,085
Reductions for tax positions taken in prior periods		(5,237)		(16,774)
Reductions related to tax rate change		(254)		—
Additions for tax positions taken in current period		11,343		12,869
Reductions related to settlements with taxing authorities		(2,001)		(5,468)
Reductions related to the lapse of applicable statutes of limitations		(6,787)		(11,951)
Adjustments related to foreign currency translation		(2,085)		565
Additions from acquisitions		—		(4,420)
Balance at end of year	$	123,765	$	84,357

The evaluation of income tax positions requires management to estimate the ability of the Company to sustain its position and estimate the final benefit to the Company. To the extent that these estimates do not reflect the actual outcome there could be an impact on the consolidated financial statements in the period in which the position is settled, the applicable statutes of limitations expire or new information becomes available as the impact of these events are recognized in the period in which they occur. It is difficult to estimate the period in which the amount of a tax position will change as settlement may include administrative and legal proceedings whose timing the Company cannot control. The effects of settling tax positions with tax authorities and statute expirations may significantly impact the estimate for unrecognized tax benefits. Within the next twelve months, the Company estimates that approximately $38.1 million of these liabilities for unrecognized tax benefits will be settled by the expiration of the statutes of limitations or through agreement with the tax authorities for tax positions related to valuation matters and positions related to acquired entities. The expected cash payment related to the settlement of these contingencies is approximately $12.3 million.

The Company conducts business globally and consequently files income tax returns in numerous jurisdictions including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal 2010. The years remaining subject to audit, by major jurisdiction, are as follows:


Jurisdiction		Fiscal Year
United States (Federal and state)		2015 - 2019
Taiwan		2014 - 2019
Hong Kong		2013 - 2019
Germany		2010 - 2019
Singapore		2015 - 2019
Belgium		2016 - 2019
United Kingdom		2017 - 2019
Canada		2011 - 2019

In connection with the sale of the TS business during fiscal 2017, several legal entities were sold to the Buyer and post-closing tax obligations are the responsibility of the Buyer. Under the terms of the sale agreement, the Company still maintains responsibility for certain pre-closing taxes including any amounts that arise from audits or other judgments received from tax authorities. The Company believes that its current estimates related to tax reserves and unrecognized tax benefits related to the TS business are reasonable, but future changes in facts and circumstances could results in significant changes in estimates that impact tax expense from discontinued operations in the period of change.

Pension and retirement plan

12 Months Ended

Jun. 29, 2019

Pension and retirement plan

Pension and retirement plans

11. Pension and retirement plans

Pension Plan

The Company has a noncontributory defined benefit pension plan that covers substantially all U.S. Employees, which has been combined with an acquired closed noncontributory defined benefit pension plan covering certain current or former Farnell U.S. employees (the “Plan”).

The Company’s Plan meets the definition of a defined benefit plan and as a result, the Company applies ASC 715 pension accounting to the Plan. The Plan 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 stated account balances. The 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. Employees are eligible to participate in the Plan following the first year of service during which they worked at least 1,000 hours.

The Plan provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit based upon a percentage of current salary, which varies with age, and interest credits. The Company uses its fiscal year end as the measurement date for determining pension expense and benefit obligations for each fiscal year.

The following table outlines changes in benefit obligations, plan assets and the funded status of the Plan as of the end of fiscal 2019 and 2018:


	June 29,		June 30,
	2019		2018
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	685,160	$	772,068
Service cost		14,631		15,834
Interest cost		26,354		23,732
Actuarial loss (gain)		55,118		(35,560)
Benefits paid		(49,610)		(23,499)
Plan amendments		42		—
Settlements paid		—		(67,415)
Benefit obligations at end of year	$	731,695	$	685,160
Changes in plan assets:
Fair value of plan assets at beginning of year	$	659,038	$	699,365
Actual return on plan assets		46,635		34,587
Benefits paid		(49,610)		(23,499)
Settlements paid		—		(67,415)
Contributions		8,000		16,000
Fair value of plan assets at end of year	$	664,063	$	659,038
Funded status of the plan recognized as a non-current liability	$	(67,632)	$	(26,122)

Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	235,384	$	182,633
Unamortized prior service cost		2,470		857
	$	237,854	$	183,490
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)	$	62,002	$	(15,461)
Net prior service cost		42		—
Amortization of net actuarial losses		(9,251)		(14,404)
Amortization of prior service credits		1,571		1,573
Settlement expenses		—		(22,365)
	$	54,364	$	(50,657)

Included in accumulated other comprehensive loss at June 29, 2019 is a before tax expense of $235.4 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $14.6 million is expected to be recognized as a component of net periodic pension cost during fiscal 2020. Also included is a before tax net cost of $2.5 million of prior service costs that have not yet been recognized in net periodic pension costs, of which $2.1 million is expected to be recognized as a component of net periodic pension costs during fiscal 2020.

In connection with the sale of the TS business, a significant number of former TS business 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. As a result, the Company recognized a $22.4 million of pension settlement expenses before taxes and $14.9 million after taxes in fiscal 2018, respectively, classified within income (loss) from discontinued operations.

Assumptions used to calculate actuarial present values of benefit obligations are as follows:


	2019		2018
Discount rate	3.5	%	4.2	%

The discount rate selected by the Company for the Plan reflects the current rate at which the underlying liability could be settled at the measurement date as of June 29, 2019. The estimated discount rate in fiscal 2019 and fiscal 2018 was based on the spot yield curve approach, which applies the individual spot rates from a highly rated bond yield curve to each future year’s estimated cash flows.

Assumptions used to determine net benefit costs are as follows:


	2019		2018
Discount rate	4.1	%	3.4	%
Expected return on plan assets	8.0	%	8.0	%

Components of net periodic pension cost from continuing and discontinued operations during the last three fiscal years are as follows, which reflect the adoption of ASU 2017-07 as discussed further in Note 1:


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017 (1)
	(Thousands)
Service cost	$	14,631	$	15,834	$	29,623
Total net periodic pension cost within selling, general and administrative expenses		14,631		15,834		29,623

Interest cost		26,354		23,732		19,323
Expected return on plan assets		(53,518)		(54,686)		(49,279)
Amortization of prior service credits		(1,571)		(1,573)		(1,573)
Recognized net actuarial loss		9,251		14,404		14,440
Curtailment recognition of prior service credit		—		—		(614)
Total net periodic pension benefit within other income, net		(19,484)		(18,123)		(17,703)

Net periodic pension (benefit) cost	$	(4,853)	$	(2,289)	$	11,920

⁽¹⁾

Includes discontinued operations

The Company made $8.0 million and $16.0 million of contributions in fiscal 2019 and fiscal 2018, respectively, and expects to make approximately $16.0 million of contributions in fiscal 2020.

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


2020	$	45,965
2021		38,416
2022		43,216
2023		45,784
2024		47,488
2025 through 2029		263,663

The Plan’s assets are held in trust and were allocated as follows as of the measurement date at the end of fiscal 2019 and 2018:


	2019		2018
Equity securities	58	%	60	%
Fixed income debt securities	42	%	39	%
Cash and cash equivalents	—	%	1	%

The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio in order to earn annualized returns that meet the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The target rate of return on the Plan’s assets in fiscal 2020 is currently 7.7%, which represents the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation based upon the targeted investment allocations. This assumption has been determined by combining expectations regarding future rates of return for the investment portfolio along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of equity securities is typically diversified to obtain a blend of domestic and international investments covering multiple industries. The Plan’s assets do not include any material investments in Avnet common stock. The Plan’s investments in debt securities are also diversified across both public and private fixed income securities with varying maturities. As of June 29, 2019, the Company’s target allocation for the Plan’s investment portfolio is for equity securities, both domestic and international, to represent approximately 65% of the portfolio. The majority of the remaining portfolio of investments is to be invested in fixed income debt securities with various maturities.

The following table sets forth the fair value of the Plan’s investments as of June 29, 2019:


	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,441	$	—	$	—	$	2,441
Equities:
U.S. common stocks		—		254,139		—		254,139
International common stocks		—		131,847		—		131,847
Fixed Income:
U.S. government agencies		—		97,015		—		97,015
U.S. and international corporate bonds		—		153,891		—		153,891
Other		—		24,730		—		24,730
Total	$	2,441	$	661,622	$	—	$	664,063

The following table sets forth the fair value of the Plan’s investments as of June 30, 2018:


	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	7,291	$	—	$	—	$	7,291
Equities:
U.S. common stocks		—		262,066		—		262,066
International common stocks		—		133,564		—		133,564
Fixed Income:
U.S. government agencies		—		96,414		—		96,414
U.S. and international corporate bonds		—		133,645		—		133,645
Other		—		26,058		—		26,058
Total	$	7,291	$	651,747	$	—	$	659,038

The fair value of the Plan’s investments in equity and fixed income investments are stated at unit value, or the equivalent of net asset value, which is a practical expedient for estimating the fair values of those investments. Each of these investments may be redeemed daily without notice and there were no material unfunded commitments as of June 29, 2019.

Operating leases

12 Months Ended

Jun. 29, 2019

Operating leases

Operating leases

12. Operating leases

The Company leases many of its operating facilities and is also committed under other lease agreements substantially all for vehicles. Rent expense charged to operating expenses during the last three fiscal years is as follows:


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Rent expense under operating leases	$	75,188	$	75,006	$	71,814

The aggregate future minimum operating lease commitments, principally for office and warehouse space, in fiscal 2020 through 2024 and thereafter, are as follows (in thousands):


2020	$	68,710
2021		52,225
2022		42,069
2023		32,245
2024		23,305
Thereafter		85,196
Total	$	303,750

Stock-based compensation

12 Months Ended

Jun. 29, 2019

Stock-based compensation

Stock-based compensation

13. Stock-based compensation

The Company measures all stock-based payments at fair value and recognizes related expense within operating expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2019, 2018, and 2017, the Company recorded stock-based compensation expense of $30.1 million, $24.0 million, and $53.9 million, respectively, for all forms of stock-based compensation awards. Included in the fiscal 2017 expense was $6.2 million of stock-based compensation related to discontinued operations and the divestiture of the TS business.

Stock plan

At June 29, 2019, the Company had 8.5 million shares of common stock reserved for stock-based payments, which consisted of 2.0 million shares for unvested or unexercised stock options, 4.6 million shares available for stock-based awards under plans approved by shareholders, 1.4 million shares for restricted stock units and performance share units granted but not yet vested, and 0.5 million shares available for future purchases under the Company’s Employee Stock Purchase Plan.

Stock options

Service based stock option grants have a contractual life of ten years, vest in 25% increments on each anniversary of the grant date, commencing with the first anniversary, and require an exercise price of 100% of the fair market value of common stock at the date of grant. Stock-based compensation expense associated with all stock options during fiscal 2019, 2018 and 2017 was $2.2 million, $(0.2) million and $5.8 million, respectively.

The fair value of stock options is estimated as of the date of grant using the Black-Scholes model based on the assumptions in the following table. The assumption for the expected term is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on U.S. Treasury rates as of the date of grant with maturity dates approximately equal to the expected term at the grant date. The historical volatility of Avnet’s common stock is used as the basis for the volatility assumption. The Company estimates dividend yield based upon expectations of future dividends compared to the market value of the Company’s stock as of the grant date.


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
Expected term (years)	6.0		6.0		6.0
Risk-free interest rate	2.8	%	2.0	%	1.9	%
Weighted average volatility	23.1	%	26.3	%	27.9	%
Dividend yield	1.8	%	2.0	%	1.5	%

The following is a summary of the changes in outstanding options for fiscal 2019:


		Weighted		Weighted Average
		Average		Remaining
	Shares	Exercise Price		Contractual Life
Outstanding at June 30, 2018	2,321,787	$	40.93	79 Months
Granted	301,148		48.50	110 Months
Exercised	(559,796)		36.14	49 Months
Forfeited or expired (1)	(826,500)		46.98	91 Months
Outstanding at June 29, 2019 (1)	1,236,639	$	40.90	78 Months
Exercisable at June 29, 2019	545,166	$	37.41	60 Months

(1)

The above table excludes the Performance Based Stock Options (“PBSOs”). Since the performance metrics for the PBSOs were not achieved by the end of calendar year 2018, as stated in the PBSO Terms and Conditions, although the shares have not yet been canceled, the Company has excluded from the outstanding stock options above.

The weighted-average grant-date fair values of stock options granted during fiscal 2019, 2018 and 2017 were $10.74, $8.33 and $9.46, respectively.

At June 29, 2019, the aggregate intrinsic value of all outstanding stock option awards was $6.6 million and all exercisable stock option awards was $4.4 million.

The following is a summary of the changes in non-vested stock options for the fiscal year 2019:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested stock options at June 30, 2018	1,455,234	$	11.05
Granted	301,148		10.74
Vested	(238,409)		10.23
Forfeited (1)	(826,500)		12.05
Non-vested stock options at June 29, 2019	691,473	$	10.00

(1)

Included in forfeitures above are the PBSOs, as noted above in the changes in outstanding stock options table

As of June 29, 2019, there was $3.2 million of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.3 years. The total fair value of stock options vested, as of the vesting dates, during fiscal 2019, 2018 and 2017 were $5.7 million, $3.6 million and $3.3 million, respectively.

Cash received from stock option exercises during fiscal 2019, 2018, and 2017 totaled $20.2 million, $9.2 million, and $25.2 million, respectively. The impact of these cash receipts is included in “Other, net” within financing activities in the accompanying consolidated statements of cash flows.

Restricted stock units

Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of June 29, 2019, 0.9 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $23.7 million, $23.0 million and $42.4 million for fiscal years 2019, 2018 and 2017, respectively.

The following is a summary of the changes in non-vested restricted stock units during fiscal 2019:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at June 30, 2018	1,036,160	$	38.48
Granted	633,276		46.65
Vested	(623,680)		41.16
Forfeited	(136,579)		40.50
Non-vested restricted stock units at June 29, 2019	909,177	$	42.03

As of June 29, 2019, there was $21.9 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of restricted stock units vested during fiscal 2019, 2018 and 2017 was $25.7 million, $26.0 million and $54.6 million, respectively.

Performance share units

Certain eligible employees, including Avnet’s executive officers, may receive a portion of their long-term stock-based compensation through the performance share program, which allows for the vesting of shares based upon achievement of certain performance-based criteria (“Performance Share Program”). The Performance Share Program provides for the vesting to each grantee of a number of shares of Avnet’s common stock at the end of a three-year performance period based upon the Company’s achievement of certain performance goals established by the Compensation Committee of the Board of Directors for each Performance Share Program three-year performance period. The performance goals consist of a combination of measures including earnings per share, economic profit, return on capital employed and total shareholder return.

During each of fiscal 2019, 2018 and 2017, the Company granted 0.2 million performance share units. The actual amount of performance share units vested at the end of each three-year period is measured based upon the actual level of achievement of the defined performance goals and can range from 0% to 200% of the award grant. During fiscal 2019, 2018 and 2017, the Company recognized stock-based compensation expense associated with the Performance Share Program of $2.8 million, $0.2 million and $4.6 million, respectively.

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Jun. 29, 2019
Commitments and contingencies
Commitments and contingencies	14. 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 June 29, 2019, 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.

Earnings per share

12 Months Ended

Jun. 29, 2019

Earnings per share

Earnings per share

15. Earnings per share


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands, except per share data)
Numerator:
Income (loss) from continuing operations	$	180,111	$	(142,889)	$	263,351
Income (loss) from discontinued operations		(3,774)		(13,535)		261,927
Net income (loss)	$	176,337	$	(156,424)	$	525,278

Denominator:
Weighted average common shares for basic earnings per share		109,820		119,909		127,032
Net effect of dilutive stock based compensation awards		978		—		1,619
Weighted average common shares for diluted earnings per share		110,798		119,909		128,651
Basic earnings (loss) per share - continuing operations	$	1.64	$	(1.19)	$	2.07
Basic earnings (loss) per share - discontinued operations		(0.03)		(0.11)		2.06
Basic earnings (loss) per share	$	1.61	$	(1.30)	$	4.13
Diluted earnings (loss) per share - continuing operations	$	1.63	$	(1.19)	$	2.05
Diluted earnings (loss) per share - discontinued operations		(0.04)		(0.11)		2.03
Diluted earnings (loss) per share	$	1.59	$	(1.30)	$	4.08
Stock options excluded from earnings per share calculation due to anti-dilutive effect		410		1,495		1,038

For the fiscal year ended June 30, 2018, the diluted net loss per share is the same as the basis net loss per share as the effect of all potential common shares would be anti-dilutive.

Additional cash flow information

12 Months Ended

Jun. 29, 2019

Additional cash flow information

Additional cash flow information

16. Additional cash flow information

The “Other, net” component of non-cash and other reconciling items within operating activities in the consolidated statements of cash flows consisted of the following during the last three fiscal years:


	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Provision for doubtful accounts receivable	$	10,360	$	6,033	$	10,741
Periodic pension cost		(4,256)		26,057		10,071
Other, net		(27,369)		11,755		4,468
Total	$	(21,265)	$	43,845	$	25,280

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


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	12,957	$	23,400	$	6,490
Non-cash Financing Activities:
Unsettled share repurchases	$	1,404	$	3,425	$	—
Supplemental Cash Flow Information:
Interest	$	144,822	$	99,929	$	116,085
Income taxes - continuing and discontinued operations		172,834		113,130		404,497

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.

Segment information

12 Months Ended

Jun. 29, 2019

Segment information

Segment information

17. Segment information

Electronic Components (“EC”) and Farnell 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. Farnell distributes electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Millions)
Sales:
Electronic Components	$	18,060.3	$	17,543.6	$	16,474.1
Farnell		1,458.3		1,493.3		965.9
	$	19,518.6	$	19,036.9	$	17,440.0
Operating income:
Electronic Components	$	614.9	$	587.3	$	661.0
Farnell		159.3		151.9		99.8
		774.2		739.2		760.8
Corporate (1)		(78.5)		(111.5)		(125.2)
Restructuring, integration and other expenses		(108.1)		(145.1)		(137.4)
Goodwill impairment		(137.4)		(181.4)		—
Amortization of acquired intangible assets and other		(84.3)		(91.9)		(54.5)
	$	365.9	$	209.2	$	443.7
Assets:
Electronic Components	$	6,795.0	$	7,510.1	$	7,126.0
Farnell		1,580.3		1,598.7		1,489.6
Corporate (1)		189.3		488.0		1,084.0
	$	8,564.6	$	9,596.8	$	9,699.6
Capital expenditures:
Electronic Components	$	80.1	$	127.5	$	81.6
Farnell		34.0		19.1		15.7
Corporate (1)		8.6		9.3		23.1
	$	122.7	$	155.9	$	120.4
Depreciation & amortization expense:
Electronic Components	$	86.6	$	133.3	$	64.4
Farnell		88.5		94.5		53.7
Corporate (1)		5.7		7.1		37.3
	$	180.8	$	234.9	$	155.4
Sales, by geographic area:
Americas(2)	$	5,135.8	$	5,011.4	$	5,163.9
EMEA(3)		6,762.9		6,790.9		5,912.9
Asia/Pacific(4)		7,619.9		7,234.6		6,363.2
	$	19,518.6	$	19,036.9	$	17,440.0
Property, plant and equipment, net, by geographic area:
Americas(5)	$	213.8	$	276.2	$	296.1
EMEA(6)		200.4		204.8		186.1
Asia/Pacific		38.0		41.9		37.4
	$	452.2	$	522.9	$	519.6

(1)

Corporate is not a reportable segment and represents certain centrally incurred overhead expenses and assets that are not included in the EC and Farnell 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 in the United States of $4.80 billion, $4.64 billion and $4.80 billion for fiscal 2019, 2018 and 2017, respectively.

(3)

Includes sales in Germany and Belgium of $2.66 billion and $1.16 billion, respectively, for fiscal 2019. Includes sales in Germany and Belgium of $2.66 billion and $1.08 billion, respectively, for fiscal 2018. Includes sales in Germany and Belgium of $2.29 billion and $930.3 million, respectively, for fiscal 2017.

(4)

Includes sales of $3.20 billion, $2.52 billion and $1.02 billion in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2019. Includes sales of $2.71 billion, $2.63 billion and $949.5 million in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2018. Includes sales of $2.18 billion, $2.45 billion and $928.4 million in Taiwan, China (including Hong Kong) and Singapore, respectively, for fiscal 2017.

(5)

Includes property, plant and equipment, net, of $209.9 million, $271.4 million and $289.1 million in the United States for fiscal 2019, 2018 and 2017, respectively.

(6)

Includes property, plant and equipment, net, of $95.2 million, $70.5 million and $25.2 million in Germany, the UK and Belgium, respectively, for fiscal 2019. Fiscal 2018 includes property, plant and equipment, net, of $99.4 million, $52.5 million and $43.4 million in Germany, the UK and Belgium, respectively. Fiscal 2017 includes property, plant and equipment, net, of $85.6 million, $52.1 million in and $39.8 million in Germany, the UK and Belgium, respectively.

Listed in the table below are the Company’s major product categories and the related sales for each of the past three fiscal years:


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Millions)
Semiconductors	$	14,973.3	$	14,890.9	$	13,537.9
Interconnect, passive & electromechanical (IP&E)		3,516.0		3,227.0		2,736.1
Computers		533.1		461.9		504.2
Other		496.2		457.1		661.8
	$	19,518.6	$	19,036.9	$	17,440.0

Restructuring expenses

12 Months Ended

Jun. 29, 2019

Restructuring expenses

Restructuring expenses

18. Restructuring expenses

Fiscal 2019

During fiscal 2019, the Company undertook restructuring actions in order to improve operating efficiencies and further integrate the acquisition of Farnell. These restructuring actions included certain costs associated with the continued transformation of the Company’s information technology, distribution center footprint and business operations including the re-prioritization of its information technology initiatives and resources. 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		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Fiscal 2019 restructuring expenses	$	35,798	$	5,034	$	54,687	$	95,519
Cash payments		(17,312)		(1,601)		—		(18,913)
Non-cash amounts		—		—		(54,698)		(54,698)
Other, principally foreign currency translation		1,718		11		11		1,740
Balance at June 29, 2019	$	20,204	$	3,444	$	—	$	23,648

Severance expense recorded in fiscal 2019 related to the reduction, or planned reduction, of approximately 600 employees, primarily in executive management, operations, information technology, 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. Asset impairments represents an asset impairment expense of $54.7 million relates primarily to software assets that were impaired as a result of the restructuring of information technology operations including the re-prioritization of information technology initiatives and resources. Of the $95.5 million in restructuring expenses recorded during fiscal 2019, $92.4 million related to EC, $2.0 million related to Farnell and $1.1 million related to Corporate executive and business support functions. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2020.

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 fiscal 2019 activity related to the restructuring liabilities from continuing operations established during fiscal 2018 and prior is presented in the following table:


			Facility
			and Contract		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Balance at June 30, 2018	$	25,918	$	2,890	$	416	$	29,224
Cash payments		(21,673)		(983)		—		(22,656)
Changes in estimates, net		(2,501)		(154)		—		(2,655)
Non-cash amounts		—		218		(416)		(198)
Other, principally foreign currency translation		(411)		(34)		—		(445)
Balance at June 29, 2019	$	1,333	$	1,937	$	—	$	3,270

As of June 29, 2019, management expects the majority of the remaining severance, and facility exit liabilities related to fiscal 2018 and prior restructuring actions to be paid by the end of fiscal 2020.

Valuation And Qualifying Accounts

12 Months Ended

Jun. 29, 2019

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

SCHEDULE II

AVNET, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

Years Ended June 29, 2019, June 30, 2018, and July 1, 2017


	Balance at		Charged to			Charged to						Balance at
	Beginning of		Expense			Other						End of
Account Description	Period		(Income)			Accounts			Deductions			Period
	(Thousands)
Fiscal 2019
Allowance for doubtful accounts	$	48,959	$	10,360		$	—		$	(5,820)	(a)	$	53,499
Valuation allowance on tax loss carry-forwards		239,483		(5,274)	(b)		(2,746)	(c)		—			231,463
Fiscal 2018
Allowance for doubtful accounts		47,272		6,033			—			(4,346)	(a)		48,959
Valuation allowance on tax loss carry-forwards		241,687		(4,704)	(d)		2,500	(e)		—			239,483
Fiscal 2017
Allowance for doubtful accounts		27,448		10,741			14,361	(f)		(5,278)	(a)		47,272
Valuation allowance on tax loss carry-forwards		63,694		4,477	(g)		173,516	(h)		—			241,687

(a)

Uncollectible receivables written off.

(b)

Primarily represents a reduction due to the release of a valuation allowance.

(c)

Primarily related to impact of current year activities and foreign currency exchange on valuation allowances previously established in various foreign jurisdictions.

(d)

Primarily represents a reduction due to the release of a valuation allowance.

(e)

Primarily related to impact of prior year activities and foreign currency exchange on valuation allowances previously established in various foreign jurisdictions.

(f)

Amount relates to increases to the allowance for doubtful accounts from acquisition and divestiture activity and such amounts were not charged to other accounts.

(g)

Primarily related to an increase of $8.8 million due to the establishment of valuation allowances and a reduction of $4.0 million due to a release in valuation allowances.

(h)

Primarily related to the acquisition of Farnell and other tax attributes recorded for which the Company does not expect to realize a benefit.

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Jun. 29, 2019
Summary of significant accounting policies
Basis of presentation	Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated. Unless indicated otherwise, the information in the Notes to the consolidated financial statements relates to the Company's continuing operations and does not include the results of discontinued operations.
Reclassifications	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation including the adoption of new accounting pronouncements.
Fiscal year	Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2019, 2018 and 2017 all contain 52 weeks. Unless otherwise noted, all references to “fiscal” or any other “year” shall mean the Company’s fiscal year.
Management estimates	Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.
Cash and cash equivalents	Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents.
Inventories	Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value, whichever is lower. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, obsolescence allowances or price protections provided by the Company’s suppliers, and records a lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories estimated net realizable value. The Company does not incorporate any non-contractual protections when estimating the net realizable value of its inventories.
Depreciation, amortization and useful lives	Depreciation, amortization and useful lives — The Company reports property, plant and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value of or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant and equipment. Software obtained for internal use has generally been enterprise-level business operations, logistics and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant and equipment when an asset is both in the location and condition for its intended use. Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings — 30 years; machinery, fixtures and equipment — 2-10 years; information technology hardware and software — 2-10 years; and leasehold improvements — over the applicable lease term or economic useful life if shorter. The Company amortizes intangible assets acquired in business combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.
Long-lived assets impairment	Long-lived assets impairment — Long-lived assets, including property, plant and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and will adjust the carrying value and remaining useful life if and when appropriate.
Goodwill	Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill, but instead tests goodwill for impairment at least annually in the fourth quarter and, if necessary, records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit that has goodwill is less than its carrying value. In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation, and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the estimated fair value of a reporting unit is less than the carrying value assigned to that reporting unit, then a goodwill impairment loss is measured based on such difference.
Foreign currency translation	Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at the balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at the balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other income (expense), net.”
Income taxes	Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to state such assets at their estimated net realizable value. The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by the relevant tax authorities. There may be differences between the estimated and actual outcomes of these matters that may result in future changes in estimates to such unrecognized tax benefits. To the extent such changes in estimates are required, the Company’s effective tax rate may potentially fluctuate as a result. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.
Self-insurance	Self-insurance — In the U.S., the Company is primarily self-insured for medical, workers’ compensation, and general, product and automobile liability costs; however, the Company also has stop-loss insurance policies in place to limit the Company’s exposure to individual and aggregate claims made. Liabilities for these programs are estimated based upon outstanding claims and claims estimated to be incurred but not yet reported based upon historical loss experience. These estimates are subject to variability due to changes in trends of losses for outstanding claims and incurred but not reported claims, including external factors such as the number of and cost of claims, benefit level changes and claim settlement patterns.
Revenue recognition	Revenue recognition — Refer to Note 2 herein for further discussion regarding revenue recognition and related accounting policies.
Vendor allowances and consideration	Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, marketing/promotional activities, or any other programs are recorded when earned under the terms and conditions of such supplier programs as adjustments to product costs or selling, general and administrative expenses depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over one or more reporting periods.
Comprehensive income (loss)	Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation and the impact of the Company’s pension liability adjustments, net of tax.
Share-based compensation	Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period (see Note 13). A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense.
Restructuring and exit activities	Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs including operating leases and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively.
Business Combinations	Business combinations — The Company accounts for business acquisitions using the acquisition method of accounting and records any identifiable definite-lived intangible assets separate from goodwill. Intangible assets are recorded at their fair value based on estimates as of the date of acquisition. Goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual identifiable assets acquired and liabilities assumed as of the date of acquisition. Contingent consideration, which represents an obligation of the Company to transfer additional assets or equity interests to the former owner as part of the purchase price if specified future events occur or conditions are met, is accounted for at the acquisition date fair value either as a liability or as equity depending on the terms of the acquisition agreement.
Concentration of credit risk	Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers, but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.
Fair value	Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets, Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data and Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2019, 2018, and 2017, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables and accounts payable approximate their fair values at June 29, 2019 due to the short-term nature of these assets and liabilities. At June 29, 2019, and June 30, 2018, the Company had $9.4 million and $6.1 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria. See Note 4 for discussion of the fair value of the Company’s derivative financial instruments, Note 8 for discussion of the fair value of the Company’s long-term debt and Note 11 for a discussion of the fair value of the Company’s pension plan assets.
Derivative financial instruments	Derivative financial instruments — See Note 4 for discussion of the Company’s accounting policies related to derivative financial instruments
Investments	Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in "Other assets" in the Company's consolidated balance sheets. Changes in fair value for investments in ventures, if any, are recorded in "Other income (expense), net" in the Company's consolidated statements of operations. As of June 29, 2019, the Company’s investments in ventures was not material to the consolidated balance sheets or consolidated statements of operations.
Accounts receivable securitization	Accounts receivable securitization — The Company has an accounts receivable securitization program whereby the Company sells certain receivables and retains a subordinated interest and servicing rights to those receivables. The securitization program does not qualify for off-balance sheet sales accounting and is accounted for as a secured financing as discussed further in Note 8.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements — In May 2014, 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 fiscal 2019 are presented under Topic 606, while the comparative results for the fiscal 2018 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 fiscal 2019. 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 underlying 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 recognizes revenue over time as control of the goods transfers through the manufacturing process, rather than when the goods are delivered, title has transferred, and the risks and rewards of ownership are passed to the customer, as under previous revenue recognition guidance. Refer to Note 2 herein for further discussion regarding revenue recognition under Topic 606 and related accounting 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 provides guidance on the capitalization, presentation and disclosure of net periodic pension costs related to postretirement benefit plans. The Company adopted this standard effective the first quarter of fiscal year 2019 on a full retrospective basis, which resulted in the retrospective reclassification of $21.3 million and $17.7 million, respectively, of non-service net periodic pension benefits for fiscal 2018 and 2017, respectively, from “Selling, general and administrative expenses” to “Other income (expense), net”. 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. 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 provides entities the option 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”). The update also requires certain new disclosures regardless of the election. 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 has early adopted ASU 2018-02 during the third quarter of fiscal 2019 and has elected not to reclassify any stranded tax effects from the Act to retained earnings. As a result, there was no impact to the consolidated financial statements as a result of the adoption of ASU 2018-02.

Discontinued operations (Tables)

12 Months Ended

Jun. 29, 2019

Discontinued Operations and Disposal Groups

Schedule of summarized results of discontinued operations


	Year Ended
	July 1,
	2017
	(Thousands)
Sales	$	5,432,140
Cost of sales		4,883,945
Gross profit		548,195
Selling, general and administrative expenses		430,003
Restructuring, integration and other expenses		7,280
Operating income		110,912
Interest and other expense, net		(24,291)
Income from discontinued operations before income taxes		86,621
Income tax expense		47,050
Income from discontinued operations, net of taxes		39,571
Gain on sales of discontinued operations, net of tax		222,356
Net income from discontinued operations, net of taxes	$	261,927

Derivative financial instruments (Tables)

12 Months Ended

Jun. 29, 2019

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	June 29,		June 30,
	2019		2018
	(Thousands)
Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in:
Prepaid and other current assets	$	5,511	$	2,259
Accrued expenses and other		6,154		7,083

Schedule of gain (loss) on derivatives


		Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
		(Thousands)
Net derivative financial instrument gain (loss)	$	84	$	2,735	$	(8,624)

Shareholders' equity (Tables)

12 Months Ended

Jun. 29, 2019

Shareholders' equity

Schedule of Accumulated Other Comprehensive Income (Loss)


	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Accumulated translation adjustments and other	$	(142,469)	$	(78,848)	$	(86,647)
Accumulated pension liability adjustments, net of income taxes		(161,570)		(116,503)		(157,219)
Total accumulated other comprehensive loss	$	(304,039)	$	(195,351)	$	(243,866)

Property plant and equipment, net (Tables)

12 Months Ended

Jun. 29, 2019

Property plant and equipment, net

Summary of Property, plant and equipment


	June 29, 2019		June 30, 2018
	(Thousands)
Buildings	$	121,847	$	132,511
Machinery, fixtures and equipment		224,838		200,231
Information technology hardware and software		799,324		677,179
Leasehold improvements		107,659		106,242
Depreciable property, plant and equipment, gross		1,253,668		1,116,163
Accumulated depreciation		(886,062)		(758,041)
Depreciable property, plant and equipment, net		367,606		358,122
Land		23,874		41,984
Construction in progress		60,691		122,803
Property, plant and equipment, net	$	452,171	$	522,909

Goodwill and long-lived assets (Tables)

12 Months Ended

Jun. 29, 2019

Goodwill and long-lived assets

Change in goodwill balances by reportable segment


	Electronic
	Components (EC)		Farnell		Total
	(Thousands)
Carrying value at June 30, 2018 (1)	$	479,699	$	501,173	$	980,872
Additions from acquisitions		52,403		—		52,403
Impairment of goodwill		(137,396)		—		(137,396)
Foreign currency translation		(3,810)		(15,341)		(19,151)
Carrying value at June 29, 2019 (2)	$	390,896	$	485,832	$	876,728

⁽¹⁾ Includes accumulated impairment of $1,045.1 million from fiscal 2009 and $181.4 million from fiscal 2018

⁽²⁾

Includes accumulated impairment of $1,045.1 million from fiscal 2009, $181.4 million from fiscal 2018 and $137.4 million from fiscal 2019

Company's identifiable acquired intangible assets


	June 29, 2019						June 30, 2018
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	292,266	$	(208,329)	$	83,937	$	300,126	$	(148,416)	$	151,710
Trade name		52,760		(24,752)		28,008		54,391		(16,711)		37,680
Technology and other		63,753		(32,178)		31,575		52,793		(22,270)		30,523
	$	408,779	$	(265,259)	$	143,520	$	407,310	$	(187,397)	$	219,913

Estimated future amortization expense

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


Fiscal Year
2020	$	81,177
2021		40,420
2022		14,451
2023		5,966
2024		1,506
Total	$	143,520

Debt (Tables)

12 Months Ended

Jun. 29, 2019

Debt

Short-term debt

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


	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
	Interest Rate				Carrying Balance
Bank credit facilities and other	1.02	%	2.91	%	$	538	$	60,380
Accounts receivable securitization program	—		2.63	%		—		105,000
Public notes due June 2020	5.88	%	—			300,000		—
Short-term debt					$	300,538	$	165,380

Long-term debt

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


	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	3.15	%	—		$	227,300	$	—
Credit Facility	5.68	%	—			1,100		—
Public notes due:
June 2020	—		5.88	%		—		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	1.00	%	1.26	%		403		383
Long-term debt before discount and debt issuance costs						1,428,803		1,500,383
Discount and debt issuance costs – unamortized						(8,881)		(11,164)
Long-term debt					$	1,419,922	$	1,489,219

Aggregate debt maturities

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):


2020	$	300,538
2021		228,616
2022		300,141
2023		350,046
2024		—
Thereafter		550,000
Subtotal		1,729,341
Discount and debt issuance costs – unamortized		(8,881)
Total debt	$	1,720,460

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Accrued expenses and other (Tables)

12 Months Ended

Jun. 29, 2019

Accrued expenses and other

Schedule of accrued expenses and other


	June 29, 2019		June 30, 2018
	(Thousands)
Accrued salaries and benefits	$	198,969	$	220,245
Accrued operating costs		107,621		98,801
Accrued interest and banking costs		17,257		16,505
Accrued restructuring costs		26,918		29,225
Accrued income taxes		12,313		108,386
Accrued property, plant and equipment		12,957		23,400
Accrued other		37,661		38,041
Total accrued expenses and other	$	413,696	$	534,603

Income taxes (Tables)

12 Months Ended

Jun. 29, 2019

Income taxes

Components of income tax expense ("tax provision")


	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
	(Thousands)
Current:
Federal	$	(18,611)	$	255,810	$	(45,351)
State and local		8,523		(3,174)		4,209
Foreign		78,988		104,156		106,441
Total current taxes		68,900		356,792		65,299
Deferred:
Federal		17,725		(70,172)		(30,025)
State and local		580		(10,551)		(3,934)
Foreign		(25,048)		11,897		15,713
Total deferred taxes		(6,743)		(68,826)		(18,246)
Income tax expense	$	62,157	$	287,966	$	47,053

Reconciliations of the federal statutory tax rate to the effective tax rates


	Years Ended
	June 29, 2019		June 30, 2018		July 1, 2017
U.S. federal statutory rate	21.0	%	28.0	%	35.0	%
State and local income taxes, net of federal benefit	0.3		(6.1)		(1.7)
Tax on foreign income, net of valuation allowances	(0.5)		(23.5)		(23.5)
Establishment/(release) of valuation allowances, net of U.S. tax expense	(3.2)		(0.1)		1.3
Change in unrecognized tax benefit reserves	17.9		(7.4)		3.6
Tax audit settlements	0.9		4.5		0.1
Impact of the Act - transition tax	7.1		158.5		—
Impact of the Act - deferred tax effects	(5.6)		4.2		—
Impairment of investments, including goodwill	(8.0)		35.1		—
Other, net	(4.2)		5.3		0.4
Effective tax rate - continuing operations	25.7	%	198.5	%	15.2	%

Components of deferred tax assets and liabilities


	June 29,		June 30,
	2019		2018
	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	241,747	$	296,282
Depreciation and amortization		1,583		—
Inventories valuation		28,441		26,125
Receivables valuation		9,138		8,332
Various accrued liabilities and other		41,268		39,419
		322,177		370,158
Less — valuation allowances		(231,463)		(239,483)
		90,714		130,675
Deferred tax liabilities:
Depreciation and amortization		—		(84,250)
Net deferred tax assets	$	90,714	$	46,425

Reconciliation of the beginning and ending liability balances for unrecognized tax benefits


	June 29, 2019		June 30, 2018
	(Thousands)
Balance at beginning of year	$	84,357	$	91,451
Additions for tax positions taken in prior periods		44,429		18,085
Reductions for tax positions taken in prior periods		(5,237)		(16,774)
Reductions related to tax rate change		(254)		—
Additions for tax positions taken in current period		11,343		12,869
Reductions related to settlements with taxing authorities		(2,001)		(5,468)
Reductions related to the lapse of applicable statutes of limitations		(6,787)		(11,951)
Adjustments related to foreign currency translation		(2,085)		565
Additions from acquisitions		—		(4,420)
Balance at end of year	$	123,765	$	84,357

Years remaining subject to audit, by major jurisdiction


Jurisdiction		Fiscal Year
United States (Federal and state)		2015 - 2019
Taiwan		2014 - 2019
Hong Kong		2013 - 2019
Germany		2010 - 2019
Singapore		2015 - 2019
Belgium		2016 - 2019
United Kingdom		2017 - 2019
Canada		2011 - 2019

Pension and retirement plans (Tables)

12 Months Ended

Jun. 29, 2019

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

Table outlining changes in benefit obligations, plan assets and the funded status of the Plan


	June 29,		June 30,
	2019		2018
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	685,160	$	772,068
Service cost		14,631		15,834
Interest cost		26,354		23,732
Actuarial loss (gain)		55,118		(35,560)
Benefits paid		(49,610)		(23,499)
Plan amendments		42		—
Settlements paid		—		(67,415)
Benefit obligations at end of year	$	731,695	$	685,160
Changes in plan assets:
Fair value of plan assets at beginning of year	$	659,038	$	699,365
Actual return on plan assets		46,635		34,587
Benefits paid		(49,610)		(23,499)
Settlements paid		—		(67,415)
Contributions		8,000		16,000
Fair value of plan assets at end of year	$	664,063	$	659,038
Funded status of the plan recognized as a non-current liability	$	(67,632)	$	(26,122)

Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	235,384	$	182,633
Unamortized prior service cost		2,470		857
	$	237,854	$	183,490
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)	$	62,002	$	(15,461)
Net prior service cost		42		—
Amortization of net actuarial losses		(9,251)		(14,404)
Amortization of prior service credits		1,571		1,573
Settlement expenses		—		(22,365)
	$	54,364	$	(50,657)

Weighted average assumptions used to calculate actuarial present values of benefit obligations


	2019		2018
Discount rate	3.5	%	4.2	%

Weighted average assumptions used to determine net benefit costs


	2019		2018
Discount rate	4.1	%	3.4	%
Expected return on plan assets	8.0	%	8.0	%

Components of net periodic pension costs


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017 (1)
	(Thousands)
Service cost	$	14,631	$	15,834	$	29,623
Total net periodic pension cost within selling, general and administrative expenses		14,631		15,834		29,623

Interest cost		26,354		23,732		19,323
Expected return on plan assets		(53,518)		(54,686)		(49,279)
Amortization of prior service credits		(1,571)		(1,573)		(1,573)
Recognized net actuarial loss		9,251		14,404		14,440
Curtailment recognition of prior service credit		—		—		(614)
Total net periodic pension benefit within other income, net		(19,484)		(18,123)		(17,703)

Net periodic pension (benefit) cost	$	(4,853)	$	(2,289)	$	11,920

⁽¹⁾

Includes discontinued operations

Benefit payments expected to be paid to Plan participants

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


2020	$	45,965
2021		38,416
2022		43,216
2023		45,784
2024		47,488
2025 through 2029		263,663

Plan's assets allocation


	2019		2018
Equity securities	58	%	60	%
Fixed income debt securities	42	%	39	%
Cash and cash equivalents	—	%	1	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 29, 2019:


	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,441	$	—	$	—	$	2,441
Equities:
U.S. common stocks		—		254,139		—		254,139
International common stocks		—		131,847		—		131,847
Fixed Income:
U.S. government agencies		—		97,015		—		97,015
U.S. and international corporate bonds		—		153,891		—		153,891
Other		—		24,730		—		24,730
Total	$	2,441	$	661,622	$	—	$	664,063

The following table sets forth the fair value of the Plan’s investments as of June 30, 2018:


	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	7,291	$	—	$	—	$	7,291
Equities:
U.S. common stocks		—		262,066		—		262,066
International common stocks		—		133,564		—		133,564
Fixed Income:
U.S. government agencies		—		96,414		—		96,414
U.S. and international corporate bonds		—		133,645		—		133,645
Other		—		26,058		—		26,058
Total	$	7,291	$	651,747	$	—	$	659,038

Operating leases (Tables)

12 Months Ended

Jun. 29, 2019

Leases [Abstract]

Rent expense charged to operations


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Rent expense under operating leases	$	75,188	$	75,006	$	71,814

Minimum operating lease commitments principally for buildings

The aggregate future minimum operating lease commitments, principally for office and warehouse space, in fiscal 2020 through 2024 and thereafter, are as follows (in thousands):


2020	$	68,710
2021		52,225
2022		42,069
2023		32,245
2024		23,305
Thereafter		85,196
Total	$	303,750

Stock-based compensation (Tables)

12 Months Ended

Jun. 29, 2019

Stock-based compensation

Summary of the assumptions used to estimate the fair value of stock options


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
Expected term (years)	6.0		6.0		6.0
Risk-free interest rate	2.8	%	2.0	%	1.9	%
Weighted average volatility	23.1	%	26.3	%	27.9	%
Dividend yield	1.8	%	2.0	%	1.5	%

Summary of the changes in outstanding options


		Weighted		Weighted Average
		Average		Remaining
	Shares	Exercise Price		Contractual Life
Outstanding at June 30, 2018	2,321,787	$	40.93	79 Months
Granted	301,148		48.50	110 Months
Exercised	(559,796)		36.14	49 Months
Forfeited or expired (1)	(826,500)		46.98	91 Months
Outstanding at June 29, 2019 (1)	1,236,639	$	40.90	78 Months
Exercisable at June 29, 2019	545,166	$	37.41	60 Months

(1)

Summary of the changes in non-vested stock options


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested stock options at June 30, 2018	1,455,234	$	11.05
Granted	301,148		10.74
Vested	(238,409)		10.23
Forfeited (1)	(826,500)		12.05
Non-vested stock options at June 29, 2019	691,473	$	10.00

(1)

Included in forfeitures above are the PBSOs, as noted above in the changes in outstanding stock options table

Summary of the changes in non-vested restricted incentive shares


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at June 30, 2018	1,036,160	$	38.48
Granted	633,276		46.65
Vested	(623,680)		41.16
Forfeited	(136,579)		40.50
Non-vested restricted stock units at June 29, 2019	909,177	$	42.03

Earnings per share (Tables)

12 Months Ended

Jun. 29, 2019

Earnings per share

Basic and diluted earnings per share calculation


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands, except per share data)
Numerator:
Income (loss) from continuing operations	$	180,111	$	(142,889)	$	263,351
Income (loss) from discontinued operations		(3,774)		(13,535)		261,927
Net income (loss)	$	176,337	$	(156,424)	$	525,278

Denominator:
Weighted average common shares for basic earnings per share		109,820		119,909		127,032
Net effect of dilutive stock based compensation awards		978		—		1,619
Weighted average common shares for diluted earnings per share		110,798		119,909		128,651
Basic earnings (loss) per share - continuing operations	$	1.64	$	(1.19)	$	2.07
Basic earnings (loss) per share - discontinued operations		(0.03)		(0.11)		2.06
Basic earnings (loss) per share	$	1.61	$	(1.30)	$	4.13
Diluted earnings (loss) per share - continuing operations	$	1.63	$	(1.19)	$	2.05
Diluted earnings (loss) per share - discontinued operations		(0.04)		(0.11)		2.03
Diluted earnings (loss) per share	$	1.59	$	(1.30)	$	4.08
Stock options excluded from earnings per share calculation due to anti-dilutive effect		410		1,495		1,038

Additional cash flow information (Tables)

12 Months Ended

Jun. 29, 2019

Additional cash flow information

Noncash and other reconciling items within operating activities


	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Provision for doubtful accounts receivable	$	10,360	$	6,033	$	10,741
Periodic pension cost		(4,256)		26,057		10,071
Other, net		(27,369)		11,755		4,468
Total	$	(21,265)	$	43,845	$	25,280

Interest and income taxes paid


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	12,957	$	23,400	$	6,490
Non-cash Financing Activities:
Unsettled share repurchases	$	1,404	$	3,425	$	—
Supplemental Cash Flow Information:
Interest	$	144,822	$	99,929	$	116,085
Income taxes - continuing and discontinued operations		172,834		113,130		404,497

Segment information (Tables)

12 Months Ended

Jun. 29, 2019

Segment information

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


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Millions)
Sales:
Electronic Components	$	18,060.3	$	17,543.6	$	16,474.1
Farnell		1,458.3		1,493.3		965.9
	$	19,518.6	$	19,036.9	$	17,440.0
Operating income:
Electronic Components	$	614.9	$	587.3	$	661.0
Farnell		159.3		151.9		99.8
		774.2		739.2		760.8
Corporate (1)		(78.5)		(111.5)		(125.2)
Restructuring, integration and other expenses		(108.1)		(145.1)		(137.4)
Goodwill impairment		(137.4)		(181.4)		—
Amortization of acquired intangible assets and other		(84.3)		(91.9)		(54.5)
	$	365.9	$	209.2	$	443.7
Assets:
Electronic Components	$	6,795.0	$	7,510.1	$	7,126.0
Farnell		1,580.3		1,598.7		1,489.6
Corporate (1)		189.3		488.0		1,084.0
	$	8,564.6	$	9,596.8	$	9,699.6
Capital expenditures:
Electronic Components	$	80.1	$	127.5	$	81.6
Farnell		34.0		19.1		15.7
Corporate (1)		8.6		9.3		23.1
	$	122.7	$	155.9	$	120.4
Depreciation & amortization expense:
Electronic Components	$	86.6	$	133.3	$	64.4
Farnell		88.5		94.5		53.7
Corporate (1)		5.7		7.1		37.3
	$	180.8	$	234.9	$	155.4
Sales, by geographic area:
Americas(2)	$	5,135.8	$	5,011.4	$	5,163.9
EMEA(3)		6,762.9		6,790.9		5,912.9
Asia/Pacific(4)		7,619.9		7,234.6		6,363.2
	$	19,518.6	$	19,036.9	$	17,440.0
Property, plant and equipment, net, by geographic area:
Americas(5)	$	213.8	$	276.2	$	296.1
EMEA(6)		200.4		204.8		186.1
Asia/Pacific		38.0		41.9		37.4
	$	452.2	$	522.9	$	519.6

(1)

(2)

Includes sales in the United States of $4.80 billion, $4.64 billion and $4.80 billion for fiscal 2019, 2018 and 2017, respectively.

(3)

(4)

(5)

Includes property, plant and equipment, net, of $209.9 million, $271.4 million and $289.1 million in the United States for fiscal 2019, 2018 and 2017, respectively.

(6)

Table of the Company's major product categories and the related sales for each


	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
	(Millions)
Semiconductors	$	14,973.3	$	14,890.9	$	13,537.9
Interconnect, passive & electromechanical (IP&E)		3,516.0		3,227.0		2,736.1
Computers		533.1		461.9		504.2
Other		496.2		457.1		661.8
	$	19,518.6	$	19,036.9	$	17,440.0

Restructuring expenses (Tables)

12 Months Ended

Jun. 29, 2019

Fiscal Year 2019 Restructuring Liabilities Member

Restructuring Cost and Reserve [Line Items]


			Facility
			and Contract		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Fiscal 2019 restructuring expenses	$	35,798	$	5,034	$	54,687	$	95,519
Cash payments		(17,312)		(1,601)		—		(18,913)
Non-cash amounts		—		—		(54,698)		(54,698)
Other, principally foreign currency translation		1,718		11		11		1,740
Balance at June 29, 2019	$	20,204	$	3,444	$	—	$	23,648

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		(21,673)		(983)		—		(22,656)
Changes in estimates, net		(2,501)		(154)		—		(2,655)
Non-cash amounts		—		218		(416)		(198)
Other, principally foreign currency translation		(411)		(34)		—		(445)
Balance at June 29, 2019	$	1,333	$	1,937	$	—	$	3,270

Summary of significant accounting policies (Details) - USD ($)	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Property, Plant and Equipment [Line Items]
Fiscal year	364 days	364 days	364 days
Fair value assets transfers level 1 to level 2	$ 0	$ 0	$ 0
Fair value assets transfers level 2 to level 1	0	0	0
Fair value assets transfers into and out of level 3, net	$ 0	0	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	10 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1	$ 9,400,000	$ 6,100,000
Building
Property, Plant and Equipment [Line Items]
Useful life	30 years
Machinery Fixtures And Equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Machinery Fixtures And Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Information Technology Hardware and Software
Property, Plant and Equipment [Line Items]
Useful life	10 years
Information Technology Hardware and Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years

Summary of significant accounting policies - Recently adopted accounting pronouncements (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2018	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017	Sep. 29, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings		$ 2,767,469	$ 3,235,894
Other assets		215,801	262,552
Selling, general and administrative expenses		1,874,651	1,991,401	$ 1,788,330
Other income (expense), net		$ 11,231	28,606	(33,717)
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect on retained earnings	$ 2,000
ASU 2017-07
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, general and administrative expenses			(21,300)	(17,700)
Other income (expense), net			$ 21,300	$ 17,700
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	12 Months Ended
Revenue recognition (Details)	Sep. 29, 2018	Jun. 29, 2019
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

Acquisitions and Discontinued Operations (Details) $ in Millions	Aug. 01, 2018 USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| TS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Final closing adjustment	$ 120.0

Discontinued Operations - Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations, net of tax	$ (3,774)	$ (13,535)	$ 261,927
Impact of TS business divestiture (Note 3)			181,465
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| TS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues discontinued operations			5,432,140
Cost of sales			4,883,945
Gross profit			548,195
Selling, general and administrative expenses			430,003
Restructuring, integration and other expenses			7,280
Operating income			110,912
Interest and other expense, net			(24,291)
Income from discontinued operations before income taxes			86,621
Income tax expense			47,050
Income from discontinued operations, net of tax			39,571
Gain on sale of discontinued operations, net of tax			222,356
Net income from discontinued operations, net of tax			261,927
Pension settlement expenses		$ 14,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| TS Business \| Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Corporate expenses			$ 34,900

Derivative financial instruments Textuals (Details) - USD ($)	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Minimum
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Prepaid and other current assets
Derivative fair value
Derivative assets fair value	$ 5,511,000	$ 2,259,000
Not Designated as Hedging Instrument \| Foreign Exchange Forward \| Accrued expenses and other
Derivative fair value
Derivative liabilities fair value	$ 6,154,000	$ 7,083,000

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Derivative financial instruments
Net derivative financial instrument gain (loss)	$ 84	$ 2,735	$ (8,624)

Shareholders' equity (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (142,469)	$ (78,848)	$ (86,647)
Accumulated pension liability adjustments, net of income taxes	(161,570)	(116,503)	(157,219)
Total accumulated other comprehensive loss	$ (304,039)	$ (195,351)	$ (243,866)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017	Aug. 17, 2018
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program				$ 2,450,000
Shares repurchased during period (in shares)	12.9
Stock Repurchased And Retired During Period Price Per Share	$ 43.86
Cost of repurchase	$ 566,700
Aggregate number of shares repurchased since inception (in shares)	58.8
Aggregate cost of shares repurchased since inception	$ 2,240,000
Remaining authorized repurchase amount	$ 205,400
Cash dividends paid per common share	$ 0.80	$ 0.74	$ 0.70
Dividends paid on common stock	$ 87,158	$ 88,255	$ 88,657

Property plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,253,668	$ 1,116,163
Accumulated depreciation	(886,062)	(758,041)
Total Property, plant and equipment, net	452,171	522,909	$ 519,600
Depreciable property, plant and equipment, net	367,606	358,122
Land	23,874	41,984
Construction in progress	60,691	122,803
Depreciation and amortization expense	97,160	143,397	$ 101,407
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	121,847	132,511
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	224,838	200,231
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	799,324	677,179
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 107,659	$ 106,242

Property plant and equipment - New ERP System (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
ERP System \| Restructuring Integration And Other Expenses
Change in Accounting Estimate [Line Items]
Accelerated depreciation	$ 11.3	$ 52.9

Goodwill and long-lived assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 04, 2009
Carrying amount of goodwill, by reportable segment
Carrying value	$ 980,872
Additions from acquisitions	52,403
Impairment of goodwill	(137,396)	$ (181,440)
Foreign currency translation	(19,151)
Carrying value	876,728	980,872
Accumulated Impairment	137,400	181,400	$ 1,045,100
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	479,699
Additions from acquisitions	52,403
Impairment of goodwill	(137,396)
Foreign currency translation	(3,810)
Carrying value	390,896	479,699
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	501,173
Foreign currency translation	(15,341)
Carrying value	$ 485,832	$ 501,173

Goodwill and long-lived assets Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 408,779	$ 407,310
Accumulated Amortization	(265,259)	(187,397)
Net Book Value	143,520	219,913
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	292,266	300,126
Accumulated Amortization	(208,329)	(148,416)
Net Book Value	83,937	151,710
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	52,760	54,391
Accumulated Amortization	(24,752)	(16,711)
Net Book Value	28,008	37,680
Other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	63,753	52,793
Accumulated Amortization	(32,178)	(22,270)
Net Book Value	$ 31,575	$ 30,523

Goodwill and long-lived assets Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Goodwill and long-lived assets
Goodwill impairment expense	$ 137,396	$ 181,440
Weighted average life of intangible assets	2 years
Intangible asset amortization expense	$ 83,682	$ 91,475	$ 53,953

Goodwill and long-lived assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Fiscal Year:
2020	$ 81,177
2021	40,420
2022	14,451
2023	5,966
2024	1,506
Net Book Value	$ 143,520	$ 219,913

Debt - short-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Components of short-term debt
Debt, Current, Total	$ 300,538	$ 165,380
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	1.02%	2.91%
Bank credit facilities and other	$ 538	$ 60,380
Accounts receivable securitization program
Components of short-term debt
stated interest rate		2.63%
Bank credit facilities and other		$ 105,000
Notes Due June 2020
Components of short-term debt
stated interest rate	5.88%
Bank credit facilities and other	$ 300,000

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,428,803	$ 1,500,383
Discount and debt issuance costs - unamortized	(8,881)	(11,164)
Long-term debt	$ 1,419,922	$ 1,489,219
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate		2.63%
Notes Due June 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.88%
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.00%	1.26%
Long-term debt before discount and debt issuance costs	$ 403	$ 383
Revolving credit facilities
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	5.68%
Long-term debt before discount and debt issuance costs	$ 1,100
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	3.15%
Long-term debt before discount and debt issuance costs	$ 227,300
Notes due \| Notes Due June 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate		5.88%
Long-term debt before discount and debt issuance costs		$ 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

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Accounts Receivable from Securitization	$ 857,300	$ 790,500
Company's total debt
Debt, Long-term and Short-term, Combined Amount	1,720,460	1,650,000
Total fair value	$ 1,780,000	1,670,000
Base Rate Or Commercial Paper
Debt Instrument [Line Items]
Spread over base rate	0.75%
Accounts receivable securitization program
Debt Instrument [Line Items]
Accounts Receivable Securitization Program Maximum Borrowing Amount	$ 500,000
Accounts receivable securitization program, borrowings outstanding	$ 227,300	105,000
Line of Credit Facility, Commitment Fee Percentage	0.35%
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	200,000
Letters of credit outstanding, amount	4,000	$ 2,000
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000

Debt (Maturity Schedule) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Debt
2020	$ 300,538
2021	228,616
2022	300,141
2023	350,046
Thereafter	550,000
Subtotal	1,729,341
Discount on debt issuance costs - unamortized	(8,881)
Total debt	$ 1,720,460	$ 1,650,000

Accrued expenses and other (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Accrued expenses and other
Accrued salaries and benefits	$ 198,969	$ 220,245
Accrued operating costs	107,621	98,801
Accrued interest and banking costs	17,257	16,505
Accrued restructuring costs	26,918	29,225
Accrued income taxes	12,313	108,386
Accrued property, plant and equipment	12,957	23,400
Accrued other	37,661	38,041
Total accrued expenses and other	$ 413,696	$ 534,603

Income taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Current:
Federal	$ (18,611)	$ 255,810	$ (45,351)
State and Local	8,523	(3,174)	4,209
Foreign	78,988	104,156	106,441
Total current taxes	68,900	356,792	65,299
Deferred:
Federal	17,725	(70,172)	(30,025)
State and Local	580	(10,551)	(3,934)
Foreign	(25,048)	11,897	15,713
Total deferred taxes	(6,743)	(68,826)	(18,246)
Income tax expense	$ 62,157	$ 287,966	$ 47,053

Income taxes (Tax Cuts and Jobs Act of 2017) (Details)		12 Months Ended
Income taxes (Tax Cuts and Jobs Act of 2017) (Details)	Jan. 01, 2018	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Income taxes
U.S. federal statutory rate	21.00%	21.00%	28.00%	35.00%
Effective tax rate		25.70%	198.50%	15.20%

Income taxes (Effective Tax Rate) (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2018	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Reconciliation between federal statutory tax rate and effective tax rate
U.S. federal statutory rate	21.00%	21.00%	28.00%	35.00%
State and local income taxes, net of federal benefit		0.30%	(6.10%)	(1.70%)
Tax on foreign income, net of valuation allowances		(0.50%)	(23.50%)	(23.50%)
Establishment/(release) of valuation allowance, net of U.S. tax expense		(3.20%)	(0.10%)	1.30%
Change in unrecognized tax benefit reserves		17.90%	(7.40%)	3.60%
Tax audit settlements		0.90%	4.50%	0.10%
Impact of the Act - transition tax		0.071	1.585
Impact of the Act - deferred tax effects		(5.60%)	4.20%
Impairment of investments, including goodwill		(8.00%)	35.10%
Other, net		(4.20%)	5.30%	0.40%
Effective Income Tax Rate - continuing operations		25.70%	198.50%	15.20%
Tax benefit due to lower tax jurisdictions		$ (34.1)

Income taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 241,747	$ 296,282
Depreciation and amortization	1,583
Inventories valuation	28,441	26,125
Receivables valuation	9,138	8,332
Various accrued liabilities and other	41,268	39,419
Deferred tax assets, gross	322,177	370,158
Less - valuation allowance	(231,463)	(239,483)
Deferred tax assets, net	90,714	130,675
Deferred tax liabilities:
Depreciation and amortization		(84,250)
Net deferred tax assets	$ 90,714	$ 46,425

Income taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 84,357	$ 91,451
Additions for tax positions taken in prior periods	44,429	18,085
Reductions for tax positions taken in prior periods	(5,237)	(16,774)
Reductions related to tax rate change	(254)
Additions for tax positions taken in current period	11,343	12,869
Reductions related to settlements with taxing authorities	(2,001)	(5,468)
Reductions related to the lapse of applicable statutes of limitations	(6,787)	(11,951)
adjustments related to foreign currency translation	(2,085)
Adjustments related to foreign currency translation		565
Additions from acquisitions		(4,420)
Balance at end of year	$ 123,765	$ 84,357

Income taxes - Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Textuals (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Income Tax [Line Items]
Loss before income taxes, Domestic	$ 68,500	$ 385,100	$ 174,300
Income before income taxes, Foreign	$ 310,800	$ 530,200	$ 484,700
Effective tax rate	25.70%	198.50%	15.20%
Deferred tax assets	$ 90,714	$ 130,675
Reduction in deferred tax valuation allowance			$ 8,800
Valuation allowance impacted effective tax rate			$ 4,000
Decrease in valuation allowance due to expiring losses with a related valuation allowance	5,300
Net operating loss carry forward	1,270,000
Operating loss carry forward, subject to expiration	38,400
Deferred tax assets operating loss carry forwards expiring in next three years and after	228,400
Operating loss carry forward, not subject to expiration	999,000
Unrecognized tax benefits including interest and penalties	147,200
Accrued interest expense and penalties	23,400	22,200
Tax contingencies settled	38,100
Expected cash payment for settlement	$ 12,300
Other Noncurrent Assets.
Income Tax [Line Items]
Deferred tax assets		$ 70,100

Pension and retirement plans (Pension Plans) (Details) $ in Thousands		12 Months Ended
	Jul. 01, 2019	Jun. 29, 2019 USD ($) item	Jun. 30, 2018 USD ($)	Jul. 01, 2017 USD ($)
Changes in benefit obligations:
The minimum hours that must be worked in a year, in order that the employee becomes eligible to join the pension plan in the following year. \| item		1,000
Benefit obligations at beginning of year		$ 685,160	$ 772,068
Service cost		14,631	15,834	$ 29,623
Interest cost		26,354	23,732	19,323
Actuarial loss (gain)		55,118	(35,560)
Benefits paid		(49,610)	(23,499)
Plan Amendments		42
Settlements paid			(67,415)
Benefit obligations at end of year		731,695	685,160	772,068
Change in plan assets:
Fair value of plan assets at beginning of year		659,038	699,365
Actual return on plan assets		46,635	34,587
Benefits paid		(49,610)	(23,499)
Settlements paid			(67,415)
Contributions		8,000	16,000
Fair value of plan assets at end of year		664,063	659,038	$ 699,365
Funded status of the plan recognized as a non-current liability		(67,632)	(26,122)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		235,384	182,633
Unamortized prior service cost		2,470	857
Amount recognized in accumulated other comprehensive income		237,854	183,490
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)		62,002	(15,461)
Net Prior Service Cost		42
Amortization of net actuarial losses		(9,251)	(14,404)
Amortization of prior service credits		1,571	1,573
Settlement expenses			(22,365)
Other changes in plan assets and benefit obligations recognized in other comprehensive income		54,364	$ (50,657)
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		14,600
Unrecognized prior service credit Expected to be recognized net periodic pension cost during following year		$ 2,100
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		3.50%	4.20%
Weighted average assumptions used to determine net benefit costs
Discount rate		4.10%	3.40%
Expected return on plan assets	7.70%	8.00%	8.00%
TS Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Pension settlement expenses			$ 14,900

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017	Jun. 27, 2020
Components of net periodic pension costs
Service cost	$ 14,631	$ 15,834	$ 29,623
Interest cost	26,354	23,732	19,323
Expected return on plan assets	(53,518)	(54,686)	(49,279)
Amortization of prior service credits	(1,571)	(1,573)	(1,573)
Recognized net actuarial loss	9,251	14,404	14,440
Curtailment recognition of prior service credit			(614)
Net periodic pension (benefit) cost	(4,853)	(2,289)	11,920
Contributions	8,000	16,000
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension (benefit) cost	14,631	15,834	29,623
Other Income, net
Components of net periodic pension costs
Net periodic pension (benefit) cost	$ (19,484)	$ (18,123)	$ (17,703)
Forecast
Components of net periodic pension costs
Estimated future employer pension plan contributions				$ 16,000

Pension and retirement plans (Benefit Payments) (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2020	$ 45,965
2021	38,416
2022	43,216
2023	45,784
2024	47,488
2025 through 2029	$ 263,663

Pension and retirement plans (Plan Asset Allocations) (Details)		12 Months Ended
	Jul. 01, 2019	Jun. 29, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7.70%	8.00%	8.00%
Equity Securities.
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		58.00%	60.00%
Target allocation percentage of investments equity securities		65.00%
Fixed income debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		42.00%	39.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations			1.00%

Pension and retirement plans (Fair Value) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 664,063	$ 659,038	$ 699,365
Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	664,063	659,038
Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,441	7,291
Recurring \| U.S. common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	254,139	262,066
Recurring \| International common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	131,847	133,564
Recurring \| U.S. government agencies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	97,015	96,414
Recurring \| U.S. and international corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	153,891	133,645
Recurring \| Other Debt Obligations
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	24,730	26,058
Level 1 \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,441	7,291
Level 1 \| Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,441	7,291
Level 2 \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	661,622	651,747
Level 2 \| Recurring \| U.S. common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	254,139	262,066
Level 2 \| Recurring \| International common stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	131,847	133,564
Level 2 \| Recurring \| U.S. government agencies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	97,015	96,414
Level 2 \| Recurring \| U.S. and international corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	153,891	133,645
Level 2 \| Recurring \| Other Debt Obligations
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 24,730	$ 26,058

Operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating leases (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Operating leases
Rent expense under operating leases	$ 75,188	$ 75,006	$ 71,814

Operating leases (Operating Lease Commitments) (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Minimum operating lease commitments, principally for buildings
2020	$ 68,710
2021	52,225
2022	42,069
2023	32,245
2024	23,305
Thereafter	85,196
Total	$ 303,750

Stock-based compensation (Fair Value Assumptions) (Details)	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Volatility assumption on the basis of Avnet's Stock
Expected term (years)	6 years	6 years	6 years
Risk-free interest rate	2.80%	2.00%	1.90%
Weighted average volatility	23.10%	26.30%	27.90%
Dividend yield	1.80%	2.00%	1.50%

Stock-based compensation (Options Outstanding) (Details) - $ / shares	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Shares
Beginning balance	2,321,787
Granted	301,148
Exercised	(559,796)
Forfeited or expired	(826,500)
Ending balance	1,236,639	2,321,787
Exercisable at June 29, 2019	545,166
Weighted Average Exercise Price
Beginning balance	$ 40.93
Granted	48.50
Exercised	36.14
Forfeited or expired	46.98
Ending balance	40.90	$ 40.93
Exercisable at June 29, 2019	$ 37.41
Weighted Average Remaining Contractual Life
Granted	110 months
Exercised	49 months
Forfeited or expired	91 months
outstanding Balance	78 months	79 months
Exercisable	60 months

Stock-based compensation (Non vested) (Details) - $ / shares	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Shares
Beginning balance	1,455,234
Granted	301,148
Vested	(238,409)
Forfeited	(826,500)
Ending balance	691,473	1,455,234
Weighted Average Grant-Date Fair Value
Beginning balance	$ 11.05
Granted	10.74	$ 8.33	$ 9.46
Vested	10.23
Forfeited	12.05
Ending balance	$ 10.00	$ 11.05

Stock-based compensation (Non-Vested restricted Incentive Shares) (Details) - Restricted incentive shares	12 Months Ended
	Jun. 29, 2019 $ / shares shares
Shares
Beginning balance \| shares	1,036,160
Granted \| shares	633,276
Vested \| shares	(623,680)
Forfeited \| shares	(136,579)
Ending balance \| shares	909,177
Weighted Average Grant-Date Fair Value
Beginning balance \| $ / shares	$ 38.48
Granted \| $ / shares	46.65
Vested \| $ / shares	41.16
Forfeited \| $ / shares	40.50
Ending balance \| $ / shares	$ 42.03

Stock-based compensation (Textuals) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 30.1	$ 24.0	$ 53.9
Discontinued operations share-based compensation			$ 6.2
Common stock of shares reserved for stock option and stock incentive plans	8,500,000
Stock options granted but not yet vested and vested but not yet exercised	1,236,639	2,321,787
Employee Stock Purchase Plan, number of shares available for future award	500,000
Contractual life of stock option grants	10 years
Percentage vesting increment on each anniversary of the grant date	25.00%
Exercise price as a percentage of share fair market value at date of grant	100.00%
Granted	$ 10.74	$ 8.33	$ 9.46
Intrinsic values of share options outstanding	$ 6.6
Intrinsic values of share options exercisable	4.4
Total fair value of shares vested	5.7	$ 3.6	$ 3.3
Cash received from exercise of stock options	$ 20.2	9.2	25.2
Performance shares vesting range, minimum	0.00%
Performance shares vesting range, maximum	200.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.2	(0.2)	5.8
Shares available for grant	2,000,000
Total unrecognized compensation cost related to non vested awards	$ 3.2
Weighted average period for expected recognition of compensation cost	2 years 3 months 18 days
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	4,600,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 23.7	23.0	42.4
Total unrecognized compensation cost related to non vested awards	$ 21.9
Weighted average period for expected recognition of compensation cost	2 years 2 months 12 days
Fair value of shares vested	$ 25.7	26.0	54.6
Performance shares granted	633,276
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.8	$ 0.2	$ 4.6
Shares available for grant	1,400,000
Vesting period	3 years
Performance shares granted	200,000	200,000	200,000

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	Jun. 29, 2019	Jun. 30, 2018
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14.7	$ 14.2

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Numerator:
Income (loss) from continuing operations	$ 180,111	$ (142,889)	$ 263,351
Income (loss) from discontinued operations	(3,774)	(13,535)	261,927
Net income (loss)	$ 176,337	$ (156,424)	$ 525,278
Denominator:
Weighted average common shares for basic earnings per share	109,820	119,909	127,032
Net effect of dilutive stock based compensation awards	978		1,619
Weighted average common shares for diluted earnings per share	110,798	119,909	128,651
Basic earnings (loss) per share - continuing operations	$ 1.64	$ (1.19)	$ 2.07
Basic earnings (loss) per share-discontinued operations	(0.03)	(0.11)	2.06
Basic earnings (loss) per share	1.61	(1.30)	4.13
Diluted earnings (loss) per share - continuing operations	1.63	(1.19)	2.05
Diluted earnings (loss) per share-discontinued operations	(0.04)	(0.11)	2.03
Diluted earnings (loss) per share	$ 1.59	$ (1.30)	$ 4.08
Stock Options
Denominator:
antidilutive Securities	410	1,495	1,038

Additional cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Other non-cash and reconciling items
Provision for doubtful accounts receivable	$ 10,360	$ 6,033	$ 10,741
Periodic pension cost	(4,256)	26,057	10,071
Other, net	(27,369)	11,755	4,468
Total	(21,265)	43,845	25,280
Interest and income taxes paid
Accrued property, plant and equipment not paid	12,957	23,400	6,490
Unsettled share repurchases	1,404	3,425
Interest	144,822	99,929	116,085
Income taxes	$ 172,834	$ 113,130	$ 404,497

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Sales, by segment
Sales	$ 19,518,592	$ 19,036,892	$ 17,439,963
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	774,200	739,200	760,800
Restructuring, integration and other expenses	(108,144)	(145,125)	(137,415)
Impairment of goodwill	(137,396)	(181,440)
Amortization of acquired intangible assets and other	(84,300)	(91,900)	(54,500)
Operating income (loss)	365,911	209,218	443,697
Assets:
Assets	8,564,556	9,596,845	9,699,600
Capital expenditures:
Purchases of property, plant and equipment	122,690	155,873	120,397
Depreciation & amortization expense:
Depreciation and amortization expense	180,800	234,900	155,400
Corporate
Operating income (expense):
Corporate Overhead Expenses	(78,500)	(111,500)	(125,200)
Assets:
Assets	189,300	488,000	1,084,000
Capital expenditures:
Purchases of property, plant and equipment	8,600	9,300	23,100
Depreciation & amortization expense:
Depreciation and amortization expense	5,700	7,100	37,300
Electronic Components
Sales, by segment
Sales	18,060,300	17,543,600	16,474,100
Capital expenditures:
Purchases of property, plant and equipment	80,100	127,500	81,600
Depreciation & amortization expense:
Depreciation and amortization expense	86,600	133,300	64,400
Electronic Components \| Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	614,900	587,300	661,000
Assets:
Assets	6,795,000	7,510,100	7,126,000
Farnell
Sales, by segment
Sales	1,458,300	1,493,300	965,900
Capital expenditures:
Purchases of property, plant and equipment	34,000	19,100	15,700
Depreciation & amortization expense:
Depreciation and amortization expense	88,500	94,500	53,700
Farnell \| Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	159,300	151,900	99,800
Assets:
Assets	$ 1,580,300	$ 1,598,700	$ 1,489,600

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Sales, by geographic area:
Sales	$ 19,518,592	$ 19,036,892	$ 17,439,963
Americas
Sales, by geographic area:
Sales	5,135,800	5,011,400	5,163,900
United States
Sales, by geographic area:
Sales	4,800,000	4,640,000	4,800,000
EMEA
Sales, by geographic area:
Sales	6,762,900	6,790,900	5,912,900
Germany
Sales, by geographic area:
Sales	2,660,000	2,660,000	2,290,000
Belgium
Sales, by geographic area:
Sales	1,160,000	1,080,000	930,300
Asia Pacific
Sales, by geographic area:
Sales	7,619,900	7,234,600	6,363,200
Taiwan
Sales, by geographic area:
Sales	3,200,000	2,710,000	2,180,000
China (including Hong Kong)
Sales, by geographic area:
Sales	2,520,000	2,630,000	2,450,000
SINGAPORE
Sales, by geographic area:
Sales	$ 1,020,000	$ 949,500	$ 928,400

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 452,171	$ 522,909	$ 519,600
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	213,800	276,200	296,100
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	209,900	271,400	289,100
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	200,400	204,800	186,100
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	95,200	99,400	85,600
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	70,500	52,500	52,100
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	25,200	43,400	39,800
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 38,000	$ 41,900	$ 37,400

Segment information (Sales) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Sales by major product categories
Sales	$ 19,518,592	$ 19,036,892	$ 17,439,963
Semiconductors
Sales by major product categories
Sales	14,973,300	14,890,900	13,537,900
IP&E
Sales by major product categories
Sales	3,516,000	3,227,000	2,736,100
Computer Products
Sales by major product categories
Sales	533,100	461,900	504,200
Other
Sales by major product categories
Sales	$ 496,200	$ 457,100	$ 661,800

Restructuring expenses (Details) $ in Thousands	12 Months Ended
Restructuring expenses (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	$ 95,519
Cash payments	(18,913)
Non-cash amounts	(54,698)
Other, principally foreign currency translation	1,740
Ending Balance	23,648
Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	29,224
Cash payments	(22,656)
Changes in estimates, net	(2,655)
Non-cash amounts	(198)
Other, principally foreign currency translation	(445)
Ending Balance	3,270
Employee Severance \| Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	35,798
Cash payments	(17,312)
Other, principally foreign currency translation	1,718
Ending Balance	20,204
Employee Severance \| Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	25,918
Cash payments	(21,673)
Changes in estimates, net	(2,501)
Other, principally foreign currency translation	(411)
Ending Balance	1,333
Facility Closing \| Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	5,034
Cash payments	(1,601)
Other, principally foreign currency translation	11
Ending Balance	3,444
Facility Closing \| Fiscal Year 2018 And Prior Restructuring Liabilities Member
Activity related to the restructuring reserves
Beginning Balance	2,890
Cash payments	(983)
Changes in estimates, net	(154)
Non-cash amounts	218
Other, principally foreign currency translation	(34)
Ending Balance	1,937
Asset Impairments \| Fiscal Year 2019 Restructuring Liabilities Member
Activity related to the restructuring reserves
Restructuring expenses	54,687
Non-cash amounts	(54,698)
Other, principally foreign currency translation	11
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	12 Months Ended
Restructuring expenses (Textuals) (Details) $ in Thousands	Jun. 29, 2019 USD ($) employee	Jun. 30, 2018 USD ($)
Fiscal Year 2019 Restructuring Liabilities Member
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	600
Restructuring expenses	$ 95,519
Restructuring Reserve	23,648
Fiscal Year 2019 Restructuring Liabilities Member \| Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	92,400
Fiscal Year 2019 Restructuring Liabilities Member \| Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	2,000
Fiscal Year 2019 Restructuring Liabilities Member \| Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	1,100
Fiscal Year 2018 And Prior Restructuring Liabilities Member
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 3,270	$ 29,224

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jul. 01, 2017
Charged to expense (income), Income from reduction in valuation allowance
Reduction in deferred tax valuation allowance			$ 8,800
Valuation allowance impacted effective tax rate			4,000
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 48,959	$ 47,272	27,448
Charged to Expense (Income)	10,360	6,033	10,741
Charged to Other Accounts			14,361
Deductions	(5,820)	(4,346)	(5,278)
Balance at End of Period	53,499	48,959	47,272
Valuation Allowance, Operating Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	239,483	241,687	63,694
Charged to Expense (Income)	(5,274)	(4,704)	4,477
Charged to Other Accounts	(2,746)	2,500	173,516
Balance at End of Period	$ 231,463	$ 239,483	$ 241,687