0000008858-23-000012 | 10-Q | XBRL Viewer

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Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Dec. 31, 2022	Jan. 25, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	AVNET, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		91,379,483
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-01
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022
Current assets:
Cash and cash equivalents	$ 324,778	$ 153,693
Receivables	4,789,402	4,301,002
Inventories	4,972,898	4,244,148
Prepaid and other current assets	216,487	177,783
Total current assets	10,303,565	8,876,626
Property, plant and equipment, net	378,269	315,204
Goodwill	755,030	758,833
Operating lease assets	229,537	227,138
Other assets	263,473	210,731
Total assets	11,929,874	10,388,532
Current liabilities:
Short-term debt	209,401	174,422
Accounts payable	3,106,667	3,431,683
Accrued expenses and other	688,643	591,020
Short-term operating lease liabilities	52,944	54,529
Total current liabilities	4,057,655	4,251,654
Long-term debt	2,979,823	1,437,400
Long-term operating lease liabilities	198,986	199,418
Other liabilities	263,747	307,300
Total liabilities	7,500,211	6,195,772
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 90,735,161 shares and 95,701,630 shares, respectively	90,735	95,702
Additional paid-in capital	1,679,399	1,656,907
Retained earnings	3,088,989	2,921,399
Accumulated other comprehensive loss	(429,460)	(481,248)
Total shareholders' equity	4,429,663	4,192,760
Total liabilities and shareholders' equity	$ 11,929,874	$ 10,388,532

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2022	Jul. 02, 2022
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	90,735,161	95,701,630

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Income Statement [Abstract]
Sales	$ 6,717,521	$ 5,865,217	$ 13,467,654	$ 11,449,912
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 5,933,421	$ 5,152,182	$ 11,915,381	$ 10,077,185
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 784,100	$ 713,035	$ 1,552,273	$ 1,372,727
Selling, general and administrative expenses	485,127	501,363	962,764	987,540
Restructuring, integration and other expenses				5,272
Operating income	298,973	211,672	589,509	379,915
Other income, net	1,476	1,737	1,800	1,327
Interest and other financing expenses, net	(59,020)	(21,630)	(104,118)	(44,474)
Gain on legal settlement (Note 7)	61,705		61,705
Income before taxes	303,134	191,779	548,896	336,768
Income tax expense	59,248	40,958	120,749	74,629
Net income	$ 243,886	$ 150,821	$ 428,147	$ 262,139
Earnings per share:
Basic	$ 2.67	$ 1.52	$ 4.62	$ 2.64
Diluted	$ 2.63	$ 1.50	$ 4.55	$ 2.60
Shares used to compute earnings per share:
Basic	91,192	99,032	92,621	99,340
Diluted	92,755	100,286	94,195	100,701
Cash dividends paid per common share	$ 0.29	$ 0.24	$ 0.58	$ 0.48

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 243,886	$ 150,821	$ 428,147	$ 262,139
Other comprehensive income (loss), net of tax:
Foreign currency translation and other	243,252	(48,982)	41,589	(78,018)
Pension adjustments, net	333	4,010	10,199	8,022
Total comprehensive income	$ 487,471	$ 105,849	$ 479,935	$ 192,143

- Definition

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

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+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent [Member]	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 03, 2021	$ 99,601	$ 1,622,160	$ 2,516,170	$ (153,747)	$ 4,084,184
Shares issued Beginning Balance at Jul. 03, 2021	99,601,000
Net income			111,318		111,318
Translation adjustments and other				(29,036)	(29,036)
Pension liability adjustment, net				4,012	4,012
Cash dividends			(23,893)		(23,893)
Repurchases of common stock	$ (275)		(10,228)		(10,503)
Repurchase of common stock (in shares)	(275,000)
Stock-based compensation	$ 10	9,507			9,517
Stock-based compensation (in shares)	10,000
Shares issued Ending Balance at Oct. 02, 2021	99,336,000
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 02, 2021	$ 99,336	1,631,667	2,593,367	(178,771)	4,145,599
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 03, 2021	$ 99,601	1,622,160	2,516,170	(153,747)	4,084,184
Shares issued Beginning Balance at Jul. 03, 2021	99,601,000
Net income					262,139
Pension liability adjustment, net					8,022
Shares issued Ending Balance at Jan. 01, 2022	98,430,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 01, 2022	$ 98,430	1,642,521	2,686,018	(223,743)	4,203,226
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 02, 2021	$ 99,336	1,631,667	2,593,367	(178,771)	4,145,599
Shares issued Beginning Balance at Oct. 02, 2021	99,336,000
Net income			150,821		150,821
Translation adjustments and other				(48,982)	(48,982)
Pension liability adjustment, net				4,010	4,010
Cash dividends			(23,749)		(23,749)
Repurchases of common stock	$ (921)		(34,421)		(35,342)
Repurchase of common stock (in shares)	(921,000)
Stock-based compensation	$ 15	10,854			10,869
Stock-based compensation (in shares)	15,000
Shares issued Ending Balance at Jan. 01, 2022	98,430,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 01, 2022	$ 98,430	1,642,521	2,686,018	(223,743)	4,203,226
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 02, 2022	$ 95,702	1,656,907	2,921,399	(481,248)	$ 4,192,760
Shares issued Beginning Balance at Jul. 02, 2022	95,702,000				95,701,630
Net income			184,261		$ 184,261
Translation adjustments and other				(201,663)	(201,663)
Pension liability adjustment, net				9,866	9,866
Cash dividends			(26,998)		(26,998)
Repurchases of common stock	$ (3,445)		(144,457)		(147,902)
Repurchase of common stock (in shares)	(3,445,000)
Stock-based compensation	$ 72	8,939			9,011
Stock-based compensation (in shares)	72,000
Shares issued Ending Balance at Oct. 01, 2022	92,329,000
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 01, 2022	$ 92,329	1,665,846	2,934,205	(673,045)	4,019,335
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 02, 2022	$ 95,702	1,656,907	2,921,399	(481,248)	$ 4,192,760
Shares issued Beginning Balance at Jul. 02, 2022	95,702,000				95,701,630
Net income					$ 428,147
Pension liability adjustment, net					$ 10,199
Shares issued Ending Balance at Dec. 31, 2022	90,735,000				90,735,161
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2022	$ 90,735	1,679,399	3,088,989	(429,460)	$ 4,429,663
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 01, 2022	$ 92,329	1,665,846	2,934,205	(673,045)	4,019,335
Shares issued Beginning Balance at Oct. 01, 2022	92,329,000
Net income			243,886		243,886
Translation adjustments and other				243,252	243,252
Pension liability adjustment, net				333	333
Cash dividends			(26,307)		(26,307)
Repurchases of common stock	$ (1,629)		(62,795)		(64,424)
Repurchase of common stock (in shares)	(1,629,000)
Stock-based compensation	$ 35	13,553			$ 13,588
Stock-based compensation (in shares)	35,000
Shares issued Ending Balance at Dec. 31, 2022	90,735,000				90,735,161
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2022	$ 90,735	$ 1,679,399	$ 3,088,989	$ (429,460)	$ 4,429,663

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities:
Net income	$ 428,147	$ 262,139
Non-cash and other reconciling items:
Depreciation	39,411	43,876
Amortization	4,294	8,964
Amortization of Operating Lease Assets	26,414	27,426
Deferred income taxes	(15,581)	(4,451)
Stock-based compensation	21,338	19,556
Other, net	7,199	10,281
Changes in (net of effects from businesses acquired and divested):
Receivables	(469,650)	(558,702)
Inventories	(686,884)	(359,755)
Accounts payable	(341,210)	328,574
Accrued expenses and other, net	20,021	(41,117)
Net cash flows used for operating activities	(966,501)	(263,209)
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net	352,200	190,400
Borrowings under senior unsecured credit facility, net	1,132,245	109,669
Borrowings (repayments) under bank credit facilities and other debt, net	47,712	(1,550)
Repurchases of common stock	(221,282)	(45,570)
Dividends paid on common stock	(53,304)	(47,642)
Other, net	(1,048)	(6,069)
Net cash flows provided by financing activities	1,256,523	199,238
Cash flows from investing activities:
Purchases of property, plant and equipment	(111,436)	(22,116)
Other, net	(16,279)	68,270
Net cash flows (used) provided by investing activities	(127,715)	46,154
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	8,778	(14,056)
Cash and cash equivalents:
increase (decrease)	171,085	(31,873)
Cash and cash equivalents at beginning of year	153,693	199,691
Cash and cash equivalents at end of year	$ 324,778	$ 167,818

Basis of presentation and new accounting pronouncements

6 Months Ended

Dec. 31, 2022

Basis of presentation and new accounting pronouncements

Basis of presentation and new accounting pronouncements

1. Basis of presentation and new accounting pronouncements

In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. Certain reclassifications have been made to fiscal 2022 balances to correspond to the fiscal 2023 consolidated financial statement presentation.

Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions.

Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2022.

Recently adopted accounting pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606 as if it had originated the contracts. The Company’s early adoption of ASU 2021-08 at the beginning of fiscal year 2023 did not have an impact on the Company’s Consolidated Financial Statements as the Company did not have any business combinations in the first six months of fiscal 2023.

Recently issued accounting pronouncements

In September 2022, the FASB issued ASU No. 2022-04, Liabilities (subtopic 405-50): Supplier Finance Programs (“ASU No. 2022-04”) to enhance the transparency of certain supplier finance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The new pronouncement requires disclosure of key terms of the programs, including a description of the payment terms, payment timing and assets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements include the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these obligations are presented in the balance sheet and a rollforward of the obligations during the annual period. The guidance is effective for the Company in the first quarter of fiscal 2024, except for the rollforward, which is effective in fiscal 2025. Early adoption is permitted. The Company is currently evaluating any impact from adoption of this pronouncement.

Receivables

6 Months Ended

Dec. 31, 2022

Receivables

Receivables

2. Receivables

The Company’s receivables and allowance for credit losses were as follows:


	December 31,		July 2,
	2022		2022

	(Thousands)
Receivables	$	4,895,907	$	4,414,904
Allowance for Credit Losses		(106,505)		(113,902)

The Company had the following activity in the allowance for credit losses during the first six months of fiscal 2023 and fiscal 2022:


	December 31,		January 1,
	2022		2022

	(Thousands)
Balance at beginning of the period	$	113,902	$	88,160
Credit Loss Provisions		4,803		8,391
Credit Loss Recoveries		(456)		(321)
Receivables Write Offs		(12,476)		(4,930)
Foreign Currency Effect and Other		732		(1,726)
Balance at end of the period	$	106,505	$	89,574

Goodwill and intangible assets

6 Months Ended

Dec. 31, 2022

Goodwill and intangible assets

Goodwill and intangible assets

3. Goodwill and intangible assets

Goodwill

The following table presents the change in goodwill by reportable segment for the six months ended December 31, 2022.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 2, 2022 ⁽¹⁾	$	291,526	$	467,307	$	758,833
Foreign currency translation		569		(4,372)		(3,803)
Carrying value at December 31, 2022 ⁽¹⁾	$	292,095	$	462,935	$	755,030

(1)	Includes accumulated impairments of $1,482,677 from prior fiscal years.

Intangible Assets

The net book value of intangible assets were $8.2 million as of December 31, 2022, which is not material to the consolidated financial statements. Intangible asset amortization expense was $1.5 million and $3.8 million for the second quarters of fiscal 2023 and 2022, respectively, and $4.3 million and $9.0 million for the first six months of fiscal 2023 and 2022, respectively.

Debt

6 Months Ended

Dec. 31, 2022

Debt

Debt

4. Debt

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


	December 31,		July 2,		December 31,		July 2,
	2022		2022		2022		2022

	Interest Rate				Carrying Balance
Other short-term debt	4.85	%	2.09	%	$	209,401	$	174,422
Short-term debt					$	209,401	$	174,422

Other short-term debt consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the ongoing working capital requirements of the Company, including its foreign operations.

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


	December 31,		July 2,		December 31,		July 2,
	2022		2022		2022		2022

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	5.21	%	2.55	%	$	650,000	$	297,800
Credit Facility (due August 2027)	4.37	%	—			1,189,742		—
Public notes due:
April 2026	4.63	%	4.63	%		550,000		550,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
Long-term debt before discount and debt issuance costs						2,989,742		1,447,800
Discount and debt issuance costs – unamortized						(9,919)		(10,400)
Long-term debt					$	2,979,823	$	1,437,400

In December 2022, the Company amended and extended for two years its trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions. The Securitization Program allows 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 of up to a maximum of $650 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 $1.28 billion and $1.12 billion at December 31, 2022, and July 2, 2022, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold.

In August 2022, the Company amended and extended its five-year $1.25 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in August 2027. It consists 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. As of December 31, 2022, and July 2, 2022, there were $1.0 million and $1.2 million, respectively, in letters of credit issued under the Credit Facility. Subject to certain conditions, the Credit Facility may be increased up to $1.50 billion through an amendment, which the Company obtained in November 2022. 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 a financial covenant requiring the Company to maintain a leverage ratio not to exceed a certain threshold, which the Company was in compliance with as of December 31, 2022, and July 2, 2022.

As of December 31, 2022, the carrying value and fair value of the Company’s total debt was $3.19 billion and $3.08 billion, respectively. At July 2, 2022, the carrying value and fair value of the Company’s total debt was $1.61 billion and $1.55 billion, respectively. Fair value for the public notes was estimated based upon quoted market prices (Level 1) 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 (Level 2).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

5. Leases

Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space, and integration facilities with a lease term of up to 15 years. The Company’s equipment leases are primarily for automobiles and equipment and are not material to the consolidated financial statements.

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022
Operating lease cost	$	16,917	$	17,129	$	33,482	$	34,975
Variable lease cost		5,715		6,733		12,028		12,851
Total lease cost	$	22,632	$	23,862	$	45,510	$	47,826

Future minimum operating lease payments as of December 31, 2022, are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2023	$	32,757
2024		53,201
2025		42,838
2026		33,816
2027		22,376
Thereafter		114,900
Total future operating lease payments		299,888
Total imputed interest on operating lease liabilities		(47,958)
Total operating lease liabilities	$	251,930

Other information pertaining to operating leases consists of the following:


	Six Months Ended
	December 31,		January 1,
	2022		2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.4		8.9
Weighted-average discount rate	3.8	%	3.8	%

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):


	Six Months Ended
	December 31,		January 1,
	2022		2022
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	28,463	$	29,456
Operating lease assets obtained from new operating lease liabilities		29,640		13,478

Derivative financial instruments

6 Months Ended

Dec. 31, 2022

Derivative financial instruments

Derivative financial instruments

6. Derivative financial instruments

Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, which subjects the Company to the risks associated with fluctuations in currency exchange rates. The Company uses economic hedges to reduce this risk utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions through the use of derivative financial instruments (primarily forward foreign exchange contracts typically with maturities of less than 60 days, 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, 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 December 31, 2022, and July 2, 2022. 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 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 EMEA and Asian foreign currencies.

The fair values of forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows:


	December 31,		July 2,
	2022		2022

	(Thousands)
Prepaid and other current assets	$	59,693	$	24,907
Accrued expenses and other		36,536		29,663

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


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Net derivative financial instrument gain (loss)	$	11,543	$	(7,012)	$	11,184	$	(15,783)

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.

Commitments and contingencies

6 Months Ended

Dec. 31, 2022

Commitments and contingencies

Commitments and contingencies

7. Commitments and contingencies

From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations.

The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. 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, particularly regarding to matters in early stages. 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 single reporting period.

As of December 31, 2022, and July 2, 2022, the Company had aggregate estimated liabilities of $14.7 million classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Gain on Legal Settlement

During the second quarter of fiscal 2023, the Company recorded a gain on legal settlement of $61.7 million in connection with the settlement of claims filed against certain manufacturers of capacitors. As of December 31, 2022, the Company has received $51.2 million in cash related to these settlements, which were classified as operating cash flows in the Company’s Consolidated Statements of Cash Flows.

Income taxes

6 Months Ended

Dec. 31, 2022

Income taxes

Income taxes

8. Income taxes

The Company’s effective tax rate on its income before taxes was 19.5% in the second quarter of fiscal 2023. During the second quarter of fiscal 2023, the Company’s effective tax rate was favorably impacted primarily by (i) decreases to unrecognized tax benefit reserves, partially offset by (ii) the mix of income in higher tax jurisdictions.

During the second quarter of fiscal 2022, the Company’s effective tax rate on its income before taxes was 21.4%. During the second quarter of fiscal 2022, there were no individual items impacting the Company’s effective tax rate.

For the first six months of fiscal 2023, the Company’s effective tax rate on its income before taxes was 22.0%. The effective tax rate for the first six months of fiscal 2023 was unfavorably impacted primarily by (i) the mix of income in higher tax jurisdictions, partially offset by (ii) decreases to unrecognized tax benefit reserves.

During the first six months of fiscal 2022, the Company’s effective tax rate on its income before taxes was 22.2%. The effective tax rate for the first six months of fiscal 2022 was unfavorably impacted primarily by increases to valuation allowances.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Pension and retirement plan

6 Months Ended

Dec. 31, 2022

Pension and retirement plan

Pension and retirement plans

9. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows:


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Service cost	$	3,004	$	3,751	$	6,008	$	7,503
Total net periodic pension cost within selling, general and administrative expenses		3,004		3,751		6,008		7,503

Interest cost		6,683		3,947		13,365		7,894
Expected return on plan assets		(12,215)		(12,284)		(24,430)		(24,568)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		618		4,086		1,235		8,172
Total net periodic pension benefit within other income, net		(4,913)		(4,250)		(9,828)		(8,500)

Net periodic pension benefit	$	(1,909)	$	(499)	$	(3,820)	$	(997)

The Company made $4.0 million of contributions during the first six months of fiscal 2023 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Shareholders' equity

6 Months Ended

Dec. 31, 2022

Shareholders' equity

Shareholders' equity

10. Shareholders’ equity

Share repurchase program

In May 2022, the Company’s Board of Directors approved a new share repurchase plan with an authorization to repurchase up to an aggregate of $600 million 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, expected liquidity, expected compliance with financial debt convents, corporate and regulatory requirements, and prevailing market conditions. During the second quarter of fiscal 2023, the Company repurchased 1.6 million shares under this program for a total cost of $64.4 million. As of December 31, 2022, the Company had $319.0 million remaining under its share repurchase authorization.

Common stock dividend

In November 2022, the Company’s Board of Directors approved a dividend of $0.29 per common share and dividend payments of $26.3 million were made in December 2022.

- Definition

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

+ References

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+ Details

Earnings per share

6 Months Ended

Dec. 31, 2022

Earnings per share

Earnings per share

11. Earnings per share


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands, except per share data)
Numerator:
Net income	$	243,886	$	150,821	$	428,147	$	262,139

Denominator:
Weighted average common shares for basic earnings per share		91,192		99,032		92,621		99,340
Net effect of dilutive stock-based compensation awards		1,563		1,254		1,574		1,361
Weighted average common shares for diluted earnings per share		92,755		100,286		94,195		100,701
Basic earnings per share	$	2.67	$	1.52	$	4.62	$	2.64
Diluted earnings per share	$	2.63	$	1.50	$	4.55	$	2.60
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		174		927		174		880

Additional cash flow information

6 Months Ended

Dec. 31, 2022

Additional cash flow information

Additional cash flow information

12. Additional cash flow information

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


	Six Months Ended
	December 31,		January 1,
	2022		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	11,086	$	5,547
Non-cash Financing Activities:
Unsettled share repurchases		—	$	275
Supplemental Cash Flow Information:
Interest	$	110,167	$	49,192
Income tax net payments		110,401		74,889

Included in cash and cash equivalents as of December 31, 2022, and July 2, 2022, was $4.4 million and $5.4 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

6 Months Ended

Dec. 31, 2022

Segment information

Segment information

13. Segment information

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


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Sales:
Electronic Components	$	6,309,494	$	5,424,349	$	12,633,717	$	10,553,846
Farnell		408,027		440,868		833,937		896,066
		6,717,521		5,865,217		13,467,654		11,449,912
Operating income:
Electronic Components	$	296,709	$	188,904	$	563,962	$	351,366
Farnell		36,905		60,189		88,516		109,781
		333,614		249,093		652,478		461,147
Corporate		(33,100)		(33,625)		(58,669)		(66,925)
Restructuring, integration and other expenses		—		—		—		(5,272)
Amortization of acquired intangible assets and other		(1,541)		(3,796)		(4,300)		(9,035)
Operating income	$	298,973	$	211,672	$	589,509	$	379,915

Sales, by geographic area:
Americas ⁽¹⁾	$	1,681,177	$	1,391,567	$	3,360,079	$	2,650,377
EMEA ⁽²⁾		2,255,878		1,840,789		4,385,418		3,588,368
Asia ⁽³⁾		2,780,466		2,632,861		5,722,157		5,211,167
Sales	$	6,717,521	$	5,865,217	$	13,467,654	$	11,449,912

⁽¹⁾	Includes sales from the United States of $1.57 billion and $1.29 billion for the second quarters ended December 31, 2022, and January 1, 2022, respectively. Includes sales from the United States of $3.13 billion and $2.45 billion for the first six months of fiscal 2023 and 2022, respectively.

⁽²⁾

Includes sales from Germany and Belgium of $956.5 million and $392.7 million, respectively, for the second quarter ended December 31, 2022; and $1.86 billion and $745.0 million, respectively, for the first six months of fiscal 2023. Includes sales from Germany and Belgium of $740.0 million and $330.7 million, respectively, for the second quarter ended January 1, 2022; and $1.44 billion and $638.3 million, respectively, for the first six months of fiscal 2022.

⁽³⁾

Includes sales from China (including Hong Kong), Taiwan and Singapore of $891.5 million, $1.19 billion and $360.9 million, respectively, for the second quarter ended December 31, 2022; and $1.85 billion, $2.46 billion and $754.9 million, respectively, for the first six months of fiscal 2023. Includes sales from China (including Hong Kong), Taiwan and Singapore of $863.0 million, $1.13 billion and $323.5 million, respectively, for the second quarter ended January 1, 2022; and $1.69 billion, $2.33 billion and $587.5 million, respectively, for the first six months of fiscal 2022.


	December 31,		July 2,
	2022		2022

	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas ⁽¹⁾	$	105,691	$	115,422
EMEA ⁽²⁾		244,710		170,128
Asia		27,868		29,654
Property, plant, and equipment, net	$	378,269	$	315,204

⁽¹⁾	Includes property, plant and equipment, net, of $103.0 million and $112.4 million as of December 31, 2022, and July 2, 2022, respectively, in the United States.

⁽²⁾

Includes property, plant and equipment, net, of $142.6 million, $80.6 million and $16.0 million in Germany, the United Kingdom and Belgium, respectively, as of December 31, 2022; and $67.6 million, $79.8 million and $16.7 million in Germany, the United Kingdom and Belgium, respectively, as of July 2, 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Restructuring expenses

6 Months Ended

Dec. 31, 2022

Restructuring expenses

Restructuring expenses

14. Restructuring expenses

During fiscal 2022 and prior, the Company incurred restructuring expenses related to various restructuring actions. The remaining restructuring liabilities established during fiscal 2022 and prior were not material as of December 31, 2022.

Basis of presentation and new accounting pronouncements (Policies)	6 Months Ended
	Dec. 31, 2022
Basis of presentation and new accounting pronouncements
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. Certain reclassifications have been made to fiscal 2022 balances to correspond to the fiscal 2023 consolidated financial statement presentation. Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2022.
New accounting pronouncements	Recently adopted accounting pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Topic 606 as if it had originated the contracts. The Company’s early adoption of ASU 2021-08 at the beginning of fiscal year 2023 did not have an impact on the Company’s Consolidated Financial Statements as the Company did not have any business combinations in the first six months of fiscal 2023. Recently issued accounting pronouncements In September 2022, the FASB issued ASU No. 2022-04, Liabilities (subtopic 405-50): Supplier Finance Programs (“ASU No. 2022-04”) to enhance the transparency of certain supplier finance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The new pronouncement requires disclosure of key terms of the programs, including a description of the payment terms, payment timing and assets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements include the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these obligations are presented in the balance sheet and a rollforward of the obligations during the annual period. The guidance is effective for the Company in the first quarter of fiscal 2024, except for the rollforward, which is effective in fiscal 2025. Early adoption is permitted. The Company is currently evaluating any impact from adoption of this pronouncement.

Receivables (Tables)

6 Months Ended

Dec. 31, 2022

Receivables

Schedule of receivables and allowance for credit losses


	December 31,		July 2,
	2022		2022

	(Thousands)
Receivables	$	4,895,907	$	4,414,904
Allowance for Credit Losses		(106,505)		(113,902)


	December 31,		January 1,
	2022		2022

	(Thousands)
Balance at beginning of the period	$	113,902	$	88,160
Credit Loss Provisions		4,803		8,391
Credit Loss Recoveries		(456)		(321)
Receivables Write Offs		(12,476)		(4,930)
Foreign Currency Effect and Other		732		(1,726)
Balance at end of the period	$	106,505	$	89,574

Goodwill and intangible assets (Tables)

6 Months Ended

Dec. 31, 2022

Goodwill and intangible assets

Change in goodwill balances by reportable segment


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 2, 2022 ⁽¹⁾	$	291,526	$	467,307	$	758,833
Foreign currency translation		569		(4,372)		(3,803)
Carrying value at December 31, 2022 ⁽¹⁾	$	292,095	$	462,935	$	755,030

(1)	Includes accumulated impairments of $1,482,677 from prior fiscal years.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt

Short-term debt

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


	December 31,		July 2,		December 31,		July 2,
	2022		2022		2022		2022

	Interest Rate				Carrying Balance
Other short-term debt	4.85	%	2.09	%	$	209,401	$	174,422
Short-term debt					$	209,401	$	174,422

Long-term debt

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


	December 31,		July 2,		December 31,		July 2,
	2022		2022		2022		2022

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	5.21	%	2.55	%	$	650,000	$	297,800
Credit Facility (due August 2027)	4.37	%	—			1,189,742		—
Public notes due:
April 2026	4.63	%	4.63	%		550,000		550,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
Long-term debt before discount and debt issuance costs						2,989,742		1,447,800
Discount and debt issuance costs – unamortized						(9,919)		(10,400)
Long-term debt					$	2,979,823	$	1,437,400

- 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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases (Tables)

6 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of lease cost

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022
Operating lease cost	$	16,917	$	17,129	$	33,482	$	34,975
Variable lease cost		5,715		6,733		12,028		12,851
Total lease cost	$	22,632	$	23,862	$	45,510	$	47,826

Schedule of future minimum operating lease payments

Future minimum operating lease payments as of December 31, 2022, are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2023	$	32,757
2024		53,201
2025		42,838
2026		33,816
2027		22,376
Thereafter		114,900
Total future operating lease payments		299,888
Total imputed interest on operating lease liabilities		(47,958)
Total operating lease liabilities	$	251,930

Schedule of other information pertaining to operating leases

Other information pertaining to operating leases consists of the following:


	Six Months Ended
	December 31,		January 1,
	2022		2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years	8.4		8.9
Weighted-average discount rate	3.8	%	3.8	%

Schedule of supplemental cash flow information

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):


	Six Months Ended
	December 31,		January 1,
	2022		2022
Supplemental Cash Flow Information:
Cash paid for operating lease liabilities	$	28,463	$	29,456
Operating lease assets obtained from new operating lease liabilities		29,640		13,478

Derivative financial instruments (Tables)

6 Months Ended

Dec. 31, 2022

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	December 31,		July 2,
	2022		2022

	(Thousands)
Prepaid and other current assets	$	59,693	$	24,907
Accrued expenses and other		36,536		29,663

Schedule of gain (loss) on derivatives


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Net derivative financial instrument gain (loss)	$	11,543	$	(7,012)	$	11,184	$	(15,783)

Pension and retirement plans (Tables)

6 Months Ended

Dec. 31, 2022

Pension and retirement plan

Components of net periodic pension costs


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Service cost	$	3,004	$	3,751	$	6,008	$	7,503
Total net periodic pension cost within selling, general and administrative expenses		3,004		3,751		6,008		7,503

Interest cost		6,683		3,947		13,365		7,894
Expected return on plan assets		(12,215)		(12,284)		(24,430)		(24,568)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		618		4,086		1,235		8,172
Total net periodic pension benefit within other income, net		(4,913)		(4,250)		(9,828)		(8,500)

Net periodic pension benefit	$	(1,909)	$	(499)	$	(3,820)	$	(997)

Earnings per share (Tables)

6 Months Ended

Dec. 31, 2022

Earnings per share

Basic and diluted earnings per share calculation


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands, except per share data)
Numerator:
Net income	$	243,886	$	150,821	$	428,147	$	262,139

Denominator:
Weighted average common shares for basic earnings per share		91,192		99,032		92,621		99,340
Net effect of dilutive stock-based compensation awards		1,563		1,254		1,574		1,361
Weighted average common shares for diluted earnings per share		92,755		100,286		94,195		100,701
Basic earnings per share	$	2.67	$	1.52	$	4.62	$	2.64
Diluted earnings per share	$	2.63	$	1.50	$	4.55	$	2.60
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		174		927		174		880

Additional cash flow information (Tables)

6 Months Ended

Dec. 31, 2022

Additional cash flow information

Interest and income taxes paid


	Six Months Ended
	December 31,		January 1,
	2022		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	11,086	$	5,547
Non-cash Financing Activities:
Unsettled share repurchases		—	$	275
Supplemental Cash Flow Information:
Interest	$	110,167	$	49,192
Income tax net payments		110,401		74,889

Segment information (Tables)

6 Months Ended

Dec. 31, 2022

Segment information

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


	Second Quarters Ended				Six Months Ended
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022

	(Thousands)
Sales:
Electronic Components	$	6,309,494	$	5,424,349	$	12,633,717	$	10,553,846
Farnell		408,027		440,868		833,937		896,066
		6,717,521		5,865,217		13,467,654		11,449,912
Operating income:
Electronic Components	$	296,709	$	188,904	$	563,962	$	351,366
Farnell		36,905		60,189		88,516		109,781
		333,614		249,093		652,478		461,147
Corporate		(33,100)		(33,625)		(58,669)		(66,925)
Restructuring, integration and other expenses		—		—		—		(5,272)
Amortization of acquired intangible assets and other		(1,541)		(3,796)		(4,300)		(9,035)
Operating income	$	298,973	$	211,672	$	589,509	$	379,915

Sales, by geographic area:
Americas ⁽¹⁾	$	1,681,177	$	1,391,567	$	3,360,079	$	2,650,377
EMEA ⁽²⁾		2,255,878		1,840,789		4,385,418		3,588,368
Asia ⁽³⁾		2,780,466		2,632,861		5,722,157		5,211,167
Sales	$	6,717,521	$	5,865,217	$	13,467,654	$	11,449,912

⁽¹⁾	Includes sales from the United States of $1.57 billion and $1.29 billion for the second quarters ended December 31, 2022, and January 1, 2022, respectively. Includes sales from the United States of $3.13 billion and $2.45 billion for the first six months of fiscal 2023 and 2022, respectively.

⁽²⁾

⁽³⁾

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


	December 31,		July 2,
	2022		2022

	(Thousands)
Property, plant, and equipment, net, by geographic area:
Americas ⁽¹⁾	$	105,691	$	115,422
EMEA ⁽²⁾		244,710		170,128
Asia		27,868		29,654
Property, plant, and equipment, net	$	378,269	$	315,204

⁽¹⁾	Includes property, plant and equipment, net, of $103.0 million and $112.4 million as of December 31, 2022, and July 2, 2022, respectively, in the United States.

⁽²⁾

Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022	Jan. 01, 2022	Jul. 03, 2021
Receivables
Receivables	$ 4,895,907	$ 4,414,904
Allowance for Credit Losses	$ (106,505)	$ (113,902)	$ (89,574)	$ (88,160)

Receivables (Details) - USD ($) $ in Thousands	6 Months Ended
Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 113,902	$ 88,160
Credit Loss Provisions	4,803	8,391
Credit Loss Recoveries	(456)	(321)
Receivables Write Offs	(12,476)	(4,930)
Foreign Currency Effect and Other	732	(1,726)
Receivables, Allowance for Credit Loss, Ending Balance	$ 106,505	$ 89,574

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jul. 02, 2022
Carrying amount of goodwill, by reportable segment
Carrying value	$ 758,833
Foreign currency translation	(3,803)
Carrying value	755,030
Accumulated Impairment	1,482,677	$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	291,526
Foreign currency translation	569
Carrying value	292,095
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	467,307
Foreign currency translation	(4,372)
Carrying value	$ 462,935

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Goodwill and intangible assets
Intangible assets, net	$ 8,200		$ 8,200
Intangible asset amortization expense	$ 1,500	$ 3,800	$ 4,294	$ 8,964

Debt - short-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022
Components of short-term debt
Short-term debt	$ 209,401	$ 174,422
Other Short -Term Debt
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	4.85%	2.09%
Short-term debt	$ 209,401	$ 174,422

Debt - long-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,989,742	$ 1,447,800
Discount and debt issuance costs - unamortized	(9,919)	(10,400)
Long-term debt	$ 2,979,823	$ 1,437,400
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	5.21%	2.55%
Long-term debt before discount and debt issuance costs	$ 650,000	$ 297,800
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	4.37%
Long-term debt before discount and debt issuance costs	$ 1,189,742
Notes due \| Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%	4.63%
Long-term debt before discount and debt issuance costs	$ 550,000	$ 550,000
Notes due \| Notes Due May 2031
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.00%	3.00%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due June 2032
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.50%	5.50%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000

Debt (Textuals) (Details) - USD ($) $ in Thousands	6 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Noncurrent	$ 2,989,742	$ 1,447,800
Company's total debt
Debt, Long-term and Short-term, Combined Amount	3,190,000	1,610,000
Total fair value	3,080,000	1,550,000
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	$ 650,000
Term	2 years
Accounts Receivable from Securitization	$ 1,280,000	1,120,000
Debt Instrument Carrying Amount Noncurrent	650,000	297,800
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500,000	1,250,000
Term	5 years
Debt Instrument Carrying Amount Noncurrent	$ 1,189,742
Letter of Credit \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	200,000
Letters of credit outstanding, amount	1,000	$ 1,200
Notes Payable In Certain Approved Currencies \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000
Notes due \| Notes Due June 2032
Debt Instrument [Line Items]
stated interest rate	5.50%	5.50%
Debt Instrument Carrying Amount Noncurrent	$ 300,000	$ 300,000

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	15 years		15 years
Lease Cost
Operating lease cost	$ 16,917	$ 17,129	$ 33,482	$ 34,975
Variable lease cost	5,715	6,733	12,028	12,851
Total lease cost	$ 22,632	$ 23,862	$ 45,510	$ 47,826

Leases (Operating Lease Commitments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Remainder of fiscal 2023	$ 32,757
2024	53,201
2025	42,838
2026	33,816
2027	22,376
Thereafter	114,900
Total future operating lease payments	299,888
Total imputed interest on operating lease liabilities	(47,958)
Total operating lease liabilities	$ 251,930

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease weighted-average remaining lease term	8 years 4 months 24 days	8 years 10 months 24 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 28,463	$ 29,456
Operating lease assets obtained from new operating lease liabilities	$ 29,640	$ 13,478

Derivative financial instruments Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jul. 02, 2022
Derivative fair value
Derivative assets fair value	$ 59,693	$ 24,907
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities fair value	$ 36,536	$ 29,663
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Minimum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Derivative financial instruments
Net derivative financial instrument gain (loss)	$ 11,543	$ (7,012)	$ 11,184	$ (15,783)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Jul. 02, 2022
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14,700	$ 14,700	$ 14,700
Gain on legal settlement	$ 61,705	61,705
Proceeds from legal settlement		$ 51,200

Income taxes (Details)	3 Months Ended		6 Months Ended
Income taxes (Details)	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Income taxes
Effective tax rate	19.50%	21.40%	22.00%	22.20%

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Components of net periodic pension costs
Service cost	$ 3,004	$ 3,751	$ 6,008	$ 7,503
Interest cost	6,683	3,947	13,365	7,894
Expected return on plan assets	(12,215)	(12,284)	(24,430)	(24,568)
Amortization of prior service cost	1	1	2	2
Recognized net actuarial loss	618	4,086	1,235	8,172
Net periodic pension benefit	(1,909)	(499)	(3,820)	(997)
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension benefit	3,004	3,751	6,008	7,503
Other Income, net
Components of net periodic pension costs
Net periodic pension benefit	(4,913)	$ (4,250)	(9,828)	$ (8,500)
Plan
Components of net periodic pension costs
Contributions			4,000
Estimated future employer pension plan contributions	$ 4,000		$ 4,000

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended	6 Months Ended
	Nov. 23, 2022	Dec. 31, 2022	Dec. 31, 2022	Jan. 01, 2022
Shareholders' equity
Increase in authorized repurchase amount		$ 600,000	$ 600,000
Shares repurchased during period (in shares)		1.6
Cost of repurchase		$ 64,400
Remaining authorized repurchase amount		319,000	319,000
Common Stock, Dividends, Per Share, Declared	$ 0.29
Dividends paid on common stock		$ 26,300	$ 53,304	$ 47,642

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Oct. 01, 2022	Jan. 01, 2022	Oct. 02, 2021	Dec. 31, 2022	Jan. 01, 2022
Numerator:
Net income	$ 243,886	$ 184,261	$ 150,821	$ 111,318	$ 428,147	$ 262,139
Denominator:
Weighted average common shares for basic earnings per share	91,192		99,032		92,621	99,340
Net effect of dilutive stock based compensation awards	1,563		1,254		1,574	1,361
Weighted average common shares for diluted earnings per share	92,755		100,286		94,195	100,701
Basic earnings per share	$ 2.67		$ 1.52		$ 4.62	$ 2.64
Diluted earnings per share	$ 2.63		$ 1.50		$ 4.55	$ 2.60
Stock Options
Denominator:
antidilutive Securities	174		927		174	880

Additional cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jul. 02, 2022
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 11,086	$ 5,547
Unsettled share repurchases		275
Interest	110,167	49,192
Income tax net payments	110,401	$ 74,889
Cash equivalents	$ 4,400		$ 5,400

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Sales, by segment
Sales	$ 6,717,521	$ 5,865,217	$ 13,467,654	$ 11,449,912
Operating income (loss):
Restructuring, integration and other expenses				(5,272)
Amortization of acquired intangible assets and other	(1,541)	(3,796)	(4,300)	(9,035)
Operating income	298,973	211,672	589,509	379,915
Segment
Operating income (loss):
Operating income	333,614	249,093	652,478	461,147
Corporate
Operating income (loss):
Corporate	(33,100)	(33,625)	(58,669)	(66,925)
Electronic Components \| Segment
Sales, by segment
Sales	6,309,494	5,424,349	12,633,717	10,553,846
Operating income (loss):
Operating income	296,709	188,904	563,962	351,366
Farnell \| Segment
Sales, by segment
Sales	408,027	440,868	833,937	896,066
Operating income (loss):
Operating income	$ 36,905	$ 60,189	$ 88,516	$ 109,781

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2022	Jan. 01, 2022
Sales, by geographic area:
Sales	$ 6,717,521	$ 5,865,217	$ 13,467,654	$ 11,449,912
Americas
Sales, by geographic area:
Sales	1,681,177	1,391,567	3,360,079	2,650,377
United States
Sales, by geographic area:
Sales	1,570,000	1,290,000	3,130,000	2,450,000
EMEA
Sales, by geographic area:
Sales	2,255,878	1,840,789	4,385,418	3,588,368
Germany
Sales, by geographic area:
Sales	956,500	740,000	1,860,000	1,440,000
Belgium
Sales, by geographic area:
Sales	392,700	330,700	745,000	638,300
Asia
Sales, by geographic area:
Sales	2,780,466	2,632,861	5,722,157	5,211,167
Taiwan
Sales, by geographic area:
Sales	1,190,000	1,130,000	2,460,000	2,330,000
China (including Hong Kong)
Sales, by geographic area:
Sales	891,500	863,000	1,850,000	1,690,000
SINGAPORE
Sales, by geographic area:
Sales	$ 360,900	$ 323,500	$ 754,900	$ 587,500

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 02, 2022
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 378,269	$ 315,204
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	105,691	115,422
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	103,000	112,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	244,710	170,128
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	142,600	67,600
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	80,600	79,800
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	16,000	16,700
Asia
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 27,868	$ 29,654