0000008858-24-000008 | 10-Q | XBRL Viewer

Shareholders' equity	6 Months Ended
Dec. 30, 2023
Shareholders' equity
Shareholders' equity	10. Shareholders’ equity Share repurchase program During the second quarter of fiscal 2024, the Company repurchased 1.3 million shares under existing programs for a total cost of $59.9 million. As of December 30, 2023, the Company had $232.5 million remaining under its share repurchase authorization. Common stock dividend In November 2023, the Company’s Board of Directors approved a dividend of $0.31 per common share and dividend payments of $27.8 million were made in December 2023.

Shareholders' equity

6 Months Ended

Dec. 30, 2023

10. Shareholders’ equity

Share repurchase program

During the second quarter of fiscal 2024, the Company repurchased 1.3 million shares under existing programs for a total cost of $59.9 million. As of December 30, 2023, the Company had $232.5 million remaining under its share repurchase authorization.

Common stock dividend

In November 2023, the Company’s Board of Directors approved a dividend of $0.31 per common share and dividend payments of $27.8 million were made in December 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income taxes (Details)	3 Months Ended		6 Months Ended
Income taxes (Details)	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income taxes
Effective tax rate	23.20%	19.50%	23.70%	22.00%

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease weighted-average remaining lease term	7 years 9 months 18 days	8 years 4 months 24 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 28,073	$ 28,463
Operating lease assets obtained from new operating lease liabilities	$ 30,399	$ 29,640

Restructuring expenses

6 Months Ended

Dec. 30, 2023

Restructuring expenses

Restructuring expenses

14. Restructuring expenses

During fiscal 2023, the Company incurred restructuring expenses primarily related to the planned closure of a Farnell distribution center intended to reduce future operating expenses. The following table presents the activity during the first six months of fiscal 2024 related to the restructuring liabilities established during fiscal 2024 and the remaining restructuring liabilities established during fiscal 2023:


			Facility
	Severance		Exit Costs		Total

	(Thousands)
Balance at July 1, 2023	$	15,507	$	504	$	16,011
Fiscal 2024 restructuring expenses		2,790		—		2,790
Cash payments		(1,928)		—		(1,928)
Other, principally foreign currency translation		115		2		117
Balance at December 30, 2023	$	16,484	$	506	$	16,990

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 30, 2023	Jul. 01, 2023
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	89,760,434	91,504,053

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Statement [Abstract]
Sales	$ 6,204,914	$ 6,717,521	$ 12,540,562	$ 13,467,654
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 5,498,730	$ 5,933,421	$ 11,086,273	$ 11,915,381
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 706,184	$ 784,100	$ 1,454,289	$ 1,552,273
Selling, general and administrative expenses	464,692	485,127	951,977	962,764
Restructuring, integration and other expenses	5,235		12,286
Operating income	236,257	298,973	490,026	589,509
Other (expense) income, net	(8,397)	1,476	(2,437)	1,800
Interest and other financing expenses, net	(74,302)	(59,020)	(145,098)	(104,118)
Gain on legal settlements and other		61,705	86,499	61,705
Income before taxes	153,558	303,134	428,990	548,896
Income tax expense	35,627	59,248	101,791	120,749
Net income	$ 117,931	$ 243,886	$ 327,199	$ 428,147
Earnings per share:
Basic	$ 1.31	$ 2.67	$ 3.60	$ 4.62
Diluted	$ 1.28	$ 2.63	$ 3.54	$ 4.55
Shares used to compute earnings per share:
Basic	90,253	91,192	90,874	92,621
Diluted	91,792	92,755	92,485	94,195
Cash dividends paid per common share	$ 0.31	$ 0.29	$ 0.62	$ 0.58

Commitments and contingencies

6 Months Ended

Dec. 30, 2023

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 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 30, 2023, and July 1, 2023, the Company had aggregate estimated liabilities of $22.7 million classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Gain on Legal Settlements and Other

During the first six months of fiscal 2024 and the first six months of fiscal 2023, the Company recorded a gain on legal settlements and other of $86.5 million and $61.7 million, respectively, in connection with the settlement of claims filed against certain manufacturers of capacitors.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2023	Jul. 01, 2023
Current assets:
Cash and cash equivalents	$ 272,850	$ 288,230
Receivables	4,508,742	4,763,788
Inventories	6,115,999	5,465,031
Prepaid and other current assets	241,371	233,804
Total current assets	11,138,962	10,750,853
Property, plant and equipment, net	563,758	441,557
Goodwill	787,007	780,629
Operating lease assets	227,145	221,698
Other assets	280,302	282,422
Total assets	12,997,174	12,477,159
Current liabilities:
Short-term debt	696,329	70,636
Accounts payable	3,308,060	3,373,820
Accrued expenses and other	705,745	753,130
Short-term operating lease liabilities	55,424	51,792
Total current liabilities	4,765,558	4,249,378
Long-term debt	2,753,521	2,988,029
Long-term operating lease liabilities	191,521	190,621
Other liabilities	276,191	297,462
Total liabilities	7,986,791	7,725,490
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 89,760,434 shares and 91,504,053 shares, respectively	89,760	91,504
Additional paid-in capital	1,713,881	1,691,334
Retained earnings	3,564,195	3,378,212
Accumulated other comprehensive loss	(357,453)	(409,381)
Total shareholders' equity	5,010,383	4,751,669
Total liabilities and shareholders' equity	$ 12,997,174	$ 12,477,159

Earnings per share (Tables)

6 Months Ended

Dec. 30, 2023

Earnings per share

Basic and diluted earnings per share calculation


	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands, except per share data)
Numerator:
Net income	$	117,931	$	243,886	$	327,199	$	428,147

Denominator:
Weighted average common shares for basic earnings per share		90,253		91,192		90,874		92,621
Net effect of dilutive stock-based compensation awards		1,539		1,563		1,611		1,574
Weighted average common shares for diluted earnings per share		91,792		92,755		92,485		94,195
Basic earnings per share	$	1.31	$	2.67	$	3.60	$	4.62
Diluted earnings per share	$	1.28	$	2.63	$	3.54	$	4.55
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		122		174		122		174

Basis of presentation and new accounting pronouncements

6 Months Ended

Dec. 30, 2023

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 2023 balances to correspond to the fiscal 2024 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 1, 2023.

Recently adopted 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 assist financial statement users in understanding the effect of such programs on a company’s working capital, liquidity, and cash flows. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude of such programs. The Company adopted this guidance in the first quarter of fiscal 2024, except for the amendment on roll-forward information, which is effective for the Company in fiscal 2025. The Company’s adoption of ASU No. 2022-04 did not have a material impact on the Company’s consolidated financial statements.

Recently issued accounting pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”) which improves segment disclosure requirements, primarily through increased disclosures about significant segment expenses. ASU No. 2023-07 will be effective for the Company in fiscal year 2025, and interim periods beginning in fiscal year 2026 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-07 on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures (“ASU No. 2023-09”), which updates income tax disclosures related to the effective income tax rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU No. 2023-09 also provides further disclosure comparability. ASU No. 2023-09 will be effective for the Company in fiscal year 2026 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on its consolidated financial statements.

Additional cash flow information (Tables)

6 Months Ended

Dec. 30, 2023

Additional cash flow information

Interest and income taxes paid


	Six Months Ended
	December 30,		December 31,
	2023		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	27,049	$	11,086
Supplemental Cash Flow Information:
Interest	$	175,701	$	110,167
Income tax payments, net	$	128,843	$	110,401

Segment information (Tables)

6 Months Ended

Dec. 30, 2023

Segment information

Table of the reportable segments


	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands)
Sales:
Electronic Components	$	5,812,118	$	6,309,494	$	11,726,523	$	12,633,717
Farnell		392,796		408,027		814,039		833,937
		6,204,914		6,717,521		12,540,562		13,467,654
Operating income:
Electronic Components	$	247,899	$	296,709	$	520,650	$	563,962
Farnell		15,710		36,905		33,382		88,516
		263,609		333,614		554,032		652,478
Corporate expenses		(21,405)		(33,100)		(50,130)		(58,669)
Restructuring, integration and other expenses		(5,235)		—		(12,286)		—
Amortization of acquired intangible assets		(712)		(1,541)		(1,590)		(4,300)
Operating income	$	236,257	$	298,973	$	490,026	$	589,509

Sales, by geographic area:
Americas	$	1,588,508	$	1,681,177	$	3,162,029	$	3,360,079
EMEA		2,113,550		2,255,878		4,421,601		4,385,418
Asia		2,502,856		2,780,466		4,956,932		5,722,157
Sales	$	6,204,914	$	6,717,521	$	12,540,562	$	13,467,654

Goodwill

6 Months Ended

Dec. 30, 2023

Goodwill

Goodwill and intangible assets

3. Goodwill

The following table presents the change in goodwill by reportable segment for the first six months ended December 30, 2023.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 1, 2023 ⁽¹⁾	$	296,829	$	483,800	$	780,629
Foreign currency translation		2,045		4,333		6,378
Carrying value at December 30, 2023 ⁽¹⁾	$	298,874	$	488,133	$	787,007

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

Working capital - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 112,843	$ 113,902
Credit Loss Provisions	6,564	4,803
Credit Loss Recoveries	(940)	(456)
Receivables Write Offs	(3,885)	(12,476)
Foreign Currency Effect and Other	1,225	732
Receivables, Allowance for Credit Loss, Ending Balance	$ 115,807	$ 106,505

Goodwill (Tables)

6 Months Ended

Dec. 30, 2023

Goodwill

Change in goodwill balances by reportable segment


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 1, 2023 ⁽¹⁾	$	296,829	$	483,800	$	780,629
Foreign currency translation		2,045		4,333		6,378
Carrying value at December 30, 2023 ⁽¹⁾	$	298,874	$	488,133	$	787,007

(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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Derivative financial instruments Textuals (Details) $ in Thousands, € in Millions	3 Months Ended
	Dec. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Jul. 01, 2023 EUR (€)
Cross-Currency Swap
Derivative notional amounts
Total notional amount		$ 500,000	€ 472.6
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
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative fair value
Derivative liabilities fair value	$ 35,240	22,849
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Not Designated as Hedging Instrument Economic Hedge \| Foreign Exchange Forward
Derivative fair value
Derivative assets fair value	$ 58,127	$ 69,104
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities fair value	$ 59,424	$ 68,594
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	14 years		14 years
Lease Cost
Operating lease cost	$ 14,166	$ 16,917	$ 29,705	$ 33,482
Variable lease cost	8,677	5,715	15,844	12,028
Total lease cost	$ 22,843	$ 22,632	$ 45,549	$ 45,510

Derivative financial instruments

6 Months Ended

Dec. 30, 2023

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. This 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 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 using 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 fair value of forward foreign exchange contracts is based on Level 2 criteria under the ASC 820 fair value hierarchy. 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. 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.

In fiscal 2023, the Company entered into a fixed-to-fixed rate cross currency swap (the “cross-currency swap”) with a notional amount of $500.0 million, or €472.6 million, that is set to mature in March 2028. The Company designated this derivative contract as a net investment hedge of its European operations and elected the spot method for measuring hedge effectiveness. Changes in fair value of the cross-currency swap is presented in “Accumulated other comprehensive loss” in the consolidated balance sheets. Amounts related to the cross-currency swap recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in “Interest and other financing expenses, net,” on the consolidated statements of operations. The fair value of the cross-currency swaps is based on Level 2 criteria under the ASC 820 fair value hierarchy.

The Company uses these derivative financial instruments to manage risks associated with foreign currency exchange rates and interest rates. 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 locations and fair values of the Company’s derivative financial instruments in the Company’s consolidated balance sheets are as follows:


	December 30,		July 1,
	2023		2023

	(Thousands)
Economic hedges
Prepaid and other current assets	$	58,127	$	69,104
Accrued expenses and other	$	59,424	$	68,594
Cross-currency swap
Other liabilities	$	35,240	$	22,849

The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows:


		Second Quarters Ended				Six Months Ended
		December 30,		December 31,		December 30,		December 31,
		2023		2022		2023		2022

		(Thousands)
Economic hedges	Other (expense) income, net	$	(18,631)	$	11,543	$	(20,733)	$	11,184
Cross currency swap	Interest and other financing expense, net	$	1,223		—	$	2,236		—

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 1,223
Not Designated as Hedging Instrument Economic Hedge \| Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ (18,631)	$ 11,543
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)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 30, 2023	Dec. 31, 2022
Numerator:
Net income	$ 117,931	$ 209,268	$ 243,886	$ 184,261	$ 327,199	$ 428,147
Denominator:
Weighted average common shares for basic earnings per share	90,253		91,192		90,874	92,621
Net effect of dilutive stock based compensation awards	1,539		1,563		1,611	1,574
Weighted average common shares for diluted earnings per share	91,792		92,755		92,485	94,195
Basic earnings per share	$ 1.31		$ 2.67		$ 3.60	$ 4.62
Diluted earnings per share	$ 1.28		$ 2.63		$ 3.54	$ 4.55
Stock Options
Denominator:
antidilutive Securities	122		174		122	174

Working capital

6 Months Ended

Dec. 30, 2023

Working capital

Working capital

2. Working capital

Receivables

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


	December 30,		July 1,
	2023		2023

	(Thousands)
Receivables	$	4,624,549	$	4,876,631
Allowance for Credit Losses	$	(115,807)	$	(112,843)

The Company had the following activity in the allowance for credit losses during the first six months of fiscal 2024 and fiscal 2023:


	December 30,		December 31,
	2023		2022

	(Thousands)
Balance at beginning of the period	$	112,843	$	113,902
Credit Loss Provisions		6,564		4,803
Credit Loss Recoveries		(940)		(456)
Receivables Write Offs		(3,885)		(12,476)
Foreign Currency Effect and Other		1,225		732
Balance at end of the period	$	115,807	$	106,505

Inventories

The Company’s inventories are primarily comprised of electronic components purchased from the Company’s suppliers, which are available for sale to customers in the normal course of the Company’s electronic component distribution business. Classified within inventories are electronic components held for supply chain service engagements where the Company is acting as an agent on behalf of an Original Equipment Manufacturer or in some cases the component supplier. Components held for supply chain services where the Company is acting as an agent represented approximately 10% of inventories as of December 30, 2023, and approximately 8% of inventories as of July 1, 2023.

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Components of net periodic pension costs
Service cost within selling, general and administrative expenses	$ 2,563	$ 3,004	$ 5,126	$ 6,008
Interest cost	6,144	6,683	12,289	13,365
Expected return on plan assets	(9,985)	(12,215)	(19,970)	(24,430)
Amortization of prior service cost	1	1	2	2
Recognized net actuarial loss	55	618	111	1,235
Net periodic pension cost (benefit)	(1,222)	(1,909)	(2,442)	(3,820)
Other Income, net
Components of net periodic pension costs
Net periodic pension cost (benefit)	(3,785)	$ (4,913)	(7,568)	$ (9,828)
Plan
Components of net periodic pension costs
Contributions			4,000
Estimated future employer pension plan contributions	$ 4,000		$ 4,000

Leases (Operating Lease Commitments) (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Leases [Abstract]
Remainder of fiscal 2024	$ 33,028
2025	57,085
2026	46,490
2027	28,901
2028	22,718
Thereafter	101,473
Total future operating lease payments	289,695
Total imputed interest on operating lease liabilities	(42,750)
Total operating lease liabilities	$ 246,945

Additional cash flow information

6 Months Ended

Dec. 30, 2023

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 30,		December 31,
	2023		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	27,049	$	11,086
Supplemental Cash Flow Information:
Interest	$	175,701	$	110,167
Income tax payments, net	$	128,843	$	110,401

Included in cash and cash equivalents as of December 30, 2023, and July 1, 2023, was $16.7 million and $3.7 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Earnings per share

6 Months Ended

Dec. 30, 2023

Earnings per share

Earnings per share

11. Earnings per share


	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands, except per share data)
Numerator:
Net income	$	117,931	$	243,886	$	327,199	$	428,147

Denominator:
Weighted average common shares for basic earnings per share		90,253		91,192		90,874		92,621
Net effect of dilutive stock-based compensation awards		1,539		1,563		1,611		1,574
Weighted average common shares for diluted earnings per share		91,792		92,755		92,485		94,195
Basic earnings per share	$	1.31	$	2.67	$	3.60	$	4.62
Diluted earnings per share	$	1.28	$	2.63	$	3.54	$	4.55
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		122		174		122		174

Pension and retirement plans (Tables)

6 Months Ended

Dec. 30, 2023

Pension and retirement plan

Components of net periodic pension costs


	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands)
Service cost within selling, general and administrative expenses	$	2,563	$	3,004	$	5,126	$	6,008

Interest cost		6,144		6,683		12,289		13,365
Expected return on plan assets		(9,985)		(12,215)		(19,970)		(24,430)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		55		618		111		1,235
Total net periodic pension benefit within other (expense) income, net		(3,785)		(4,913)		(7,568)		(9,828)

Net periodic pension benefit	$	(1,222)	$	(1,909)	$	(2,442)	$	(3,820)

Working capital - Receivables (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Jul. 02, 2022
Working capital
Receivables	$ 4,624,549	$ 4,876,631
Allowance for Credit Losses	$ (115,807)	$ (112,843)	$ (106,505)	$ (113,902)

Working Capital - Inventory (Details)	6 Months Ended	12 Months Ended
Working Capital - Inventory (Details)	Dec. 30, 2023	Jul. 01, 2023
Working capital
Inventory held for supply chain services	10.00%	8.00%

Debt - short-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Jul. 01, 2023
Components of short-term debt
Short-term debt	$ 696,329	$ 70,636
Other Short -Term Debt
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	5.63%	5.08%
Short-term debt	$ 81,929	$ 70,636
Revolving credit facilities \| Accounts receivable securitization program
Components of short-term debt
stated interest rate	6.20%
Short-term debt	$ 614,400

Basis of presentation and new accounting pronouncements (Policies)	6 Months Ended
	Dec. 30, 2023
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 2023 balances to correspond to the fiscal 2024 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 1, 2023.
New accounting pronouncements	Recently adopted 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 assist financial statement users in understanding the effect of such programs on a company’s working capital, liquidity, and cash flows. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude of such programs. The Company adopted this guidance in the first quarter of fiscal 2024, except for the amendment on roll-forward information, which is effective for the Company in fiscal 2025. The Company’s adoption of ASU No. 2022-04 did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”) which improves segment disclosure requirements, primarily through increased disclosures about significant segment expenses. ASU No. 2023-07 will be effective for the Company in fiscal year 2025, and interim periods beginning in fiscal year 2026 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures (“ASU No. 2023-09”), which updates income tax disclosures related to the effective income tax rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU No. 2023-09 also provides further disclosure comparability. ASU No. 2023-09 will be effective for the Company in fiscal year 2026 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on its consolidated financial statements.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Net income	$ 117,931	$ 243,886	$ 327,199	$ 428,147
Other comprehensive loss, net of tax:
Pension adjustments	725	333	2,192	10,199
Total other comprehensive income, net of tax	145,689	243,585	51,928	51,788
Total comprehensive income, net of tax	263,620	487,471	379,127	479,935
Foreign Exchange Forward
Other comprehensive loss, net of tax:
Foreign currency translation and other	169,163	$ 243,252	62,127	$ 41,589
Cross-Currency Swap
Other comprehensive loss, net of tax:
Foreign currency translation and other	$ (24,199)		$ (12,391)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Restructuring expenses (Tables)

6 Months Ended

Dec. 30, 2023

Restructuring expenses


			Facility
	Severance		Exit Costs		Total

	(Thousands)
Balance at July 1, 2023	$	15,507	$	504	$	16,011
Fiscal 2024 restructuring expenses		2,790		—		2,790
Cash payments		(1,928)		—		(1,928)
Other, principally foreign currency translation		115		2		117
Balance at December 30, 2023	$	16,484	$	506	$	16,990

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Dec. 30, 2023	Jan. 27, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2023
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		90,363,645
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--06-29
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Jul. 01, 2023
Carrying amount of goodwill, by reportable segment
Carrying value	$ 780,629
Foreign currency translation	6,378
Carrying value	787,007
Accumulated Impairment	1,482,677	$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	296,829
Foreign currency translation	2,045
Carrying value	298,874
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	483,800
Foreign currency translation	4,333
Carrying value	$ 488,133

- 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

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Sales, by geographic area:
Sales	$ 6,204,914	$ 6,717,521	$ 12,540,562	$ 13,467,654
Americas
Sales, by geographic area:
Sales	1,588,508	1,681,177	3,162,029	3,360,079
EMEA
Sales, by geographic area:
Sales	2,113,550	2,255,878	4,421,601	4,385,418
Asia
Sales, by geographic area:
Sales	$ 2,502,856	$ 2,780,466	$ 4,956,932	$ 5,722,157

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jul. 01, 2023
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 22.7		$ 22.7
Gain on legal settlement and other	$ 86.5	$ 61.7

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 327,199	$ 428,147
Non-cash and other reconciling items:
Depreciation and amortization	42,727	43,705
Amortization of Operating Lease Assets	26,205	26,414
Deferred income taxes	12,599	(15,581)
Stock-based compensation	19,951	21,338
Other, net	27,181	7,199
Changes in (net of effects from businesses acquired and divested):
Receivables	287,320	(469,650)
Inventories	(610,008)	(686,884)
Accounts payable	(78,082)	(341,210)
Accrued expenses and other, net	(138,667)	20,021
Net cash flows used for operating activities	(83,575)	(966,501)
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net	58,600	352,200
Borrowings under senior unsecured credit facility, net	272,747	1,132,245
Borrowings under bank credit facilities and other debt, net	30,752	47,712
Repurchases of common stock	(86,027)	(221,282)
Dividends paid on common stock	(56,138)	(53,304)
Other, net	2,665	(1,048)
Net cash flows provided by financing activities	222,599	1,256,523
Cash flows from investing activities:
Purchases of property, plant and equipment	(158,088)	(111,436)
Other, net	373	(16,279)
Net cash flows used for investing activities	(157,715)	(127,715)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	3,311	8,778
Cash and cash equivalents:
(decrease) increase	(15,380)	171,085
Cash and cash equivalents at beginning of year	288,230	153,693
Cash and cash equivalents at end of year	$ 272,850	$ 324,778

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 25, 2023	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Shareholders' equity
Shares repurchased during period (in shares)		1.3
Cost of repurchase		$ 59,900
Remaining authorized repurchase amount		$ 232,500		$ 232,500
Common Stock, Dividends, Per Share, Declared	$ 0.31
Cash dividend paid per share		$ 0.31	$ 0.29	$ 0.62	$ 0.58
Dividends paid on common stock		$ 27,800		$ 56,138	$ 53,304

Working capital (Tables)

6 Months Ended

Dec. 30, 2023

Working capital

Schedule of receivables and allowance for credit losses


	December 30,		July 1,
	2023		2023

	(Thousands)
Receivables	$	4,624,549	$	4,876,631
Allowance for Credit Losses	$	(115,807)	$	(112,843)


	December 30,		December 31,
	2023		2022

	(Thousands)
Balance at beginning of the period	$	112,843	$	113,902
Credit Loss Provisions		6,564		4,803
Credit Loss Recoveries		(940)		(456)
Receivables Write Offs		(3,885)		(12,476)
Foreign Currency Effect and Other		1,225		732
Balance at end of the period	$	115,807	$	106,505

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, 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
Net income			184,261		184,261
Other comprehensive income (loss)				(191,797)	(191,797)
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
Net income					428,147
Other comprehensive income (loss)					51,788
Shares issued Ending Balance at Dec. 31, 2022	90,735,000
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
Other comprehensive income (loss)				243,585	243,585
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
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 Jul. 01, 2023	$ 91,504	1,691,334	3,378,212	(409,381)	$ 4,751,669
Shares issued Beginning Balance at Jul. 01, 2023	91,504,000				91,504,053
Net income			209,268		$ 209,268
Other comprehensive income (loss)				(93,761)	(93,761)
Cash dividends			(28,320)		(28,320)
Repurchases of common stock	$ (559)		(26,484)		(27,043)
Repurchase of common stock (in shares)	(559,000)
Stock-based compensation	$ 39	10,731			10,770
Stock-based compensation (in shares)	39,000
Shares issued Ending Balance at Sep. 30, 2023	90,984,000
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2023	$ 90,984	1,702,065	3,532,676	(503,142)	4,822,583
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 01, 2023	$ 91,504	1,691,334	3,378,212	(409,381)	$ 4,751,669
Shares issued Beginning Balance at Jul. 01, 2023	91,504,000				91,504,053
Net income					$ 327,199
Other comprehensive income (loss)					$ 51,928
Shares issued Ending Balance at Dec. 30, 2023	89,760,000				89,760,434
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 30, 2023	$ 89,760	1,713,881	3,564,195	(357,453)	$ 5,010,383
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2023	$ 90,984	1,702,065	3,532,676	(503,142)	4,822,583
Shares issued Beginning Balance at Sep. 30, 2023	90,984,000
Net income			117,931		117,931
Other comprehensive income (loss)				145,689	145,689
Cash dividends			(27,817)		(27,817)
Repurchases of common stock	$ (1,255)		(58,595)		(59,850)
Repurchase of common stock (in shares)	(1,255,000)
Stock-based compensation	$ 31	11,816			$ 11,847
Stock-based compensation (in shares)	31,000
Shares issued Ending Balance at Dec. 30, 2023	89,760,000				89,760,434
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 30, 2023	$ 89,760	$ 1,713,881	$ 3,564,195	$ (357,453)	$ 5,010,383

- Definition

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

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Debt (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Millions	Dec. 30, 2023	Jul. 01, 2023
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 3,450.0	$ 3,060.0
Total fair value	3,420.0	2,980.0
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	700.0
Accounts Receivable from Securitization	1,160.0	1,270.0
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500.0
Term	5 years
Letter of Credit \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 200.0
Letters of credit outstanding, amount	0.9	$ 0.9
Notes Payable In Certain Approved Currencies \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300.0
Notes due \| Notes Due March 2028
Debt Instrument [Line Items]
stated interest rate	6.25%	6.25%

Additional cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jul. 01, 2023
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 27,049	$ 11,086
Interest	175,701	110,167
Income tax payments, net	128,843	$ 110,401
Cash equivalents	$ 16,700		$ 3,700

Pension and retirement plan

6 Months Ended

Dec. 30, 2023

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 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands)
Service cost within selling, general and administrative expenses	$	2,563	$	3,004	$	5,126	$	6,008

Interest cost		6,144		6,683		12,289		13,365
Expected return on plan assets		(9,985)		(12,215)		(19,970)		(24,430)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		55		618		111		1,235
Total net periodic pension benefit within other (expense) income, net		(3,785)		(4,913)		(7,568)		(9,828)

Net periodic pension benefit	$	(1,222)	$	(1,909)	$	(2,442)	$	(3,820)

The Company made $4.0 million of contributions during the first six months of fiscal 2024 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Sales, by segment
Sales	$ 6,204,914	$ 6,717,521	$ 12,540,562	$ 13,467,654
Operating income (loss):
Restructuring, integration and other expenses	(5,235)		(12,286)
Amortization of acquired intangible assets	(712)	(1,541)	(1,590)	(4,300)
Operating income	236,257	298,973	490,026	589,509
Segment
Operating income (loss):
Operating income	263,609	333,614	554,032	652,478
Corporate
Operating income (loss):
Corporate expenses	(21,405)	(33,100)	(50,130)	(58,669)
Electronic Components \| Segment
Sales, by segment
Sales	5,812,118	6,309,494	11,726,523	12,633,717
Operating income (loss):
Operating income	247,899	296,709	520,650	563,962
Farnell \| Segment
Sales, by segment
Sales	392,796	408,027	814,039	833,937
Operating income (loss):
Operating income	$ 15,710	$ 36,905	$ 33,382	$ 88,516

Derivative financial instruments (Tables)

6 Months Ended

Dec. 30, 2023

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	December 30,		July 1,
	2023		2023

	(Thousands)
Economic hedges
Prepaid and other current assets	$	58,127	$	69,104
Accrued expenses and other	$	59,424	$	68,594
Cross-currency swap
Other liabilities	$	35,240	$	22,849

Schedule of gain (loss) on derivatives


		Second Quarters Ended				Six Months Ended
		December 30,		December 31,		December 30,		December 31,
		2023		2022		2023		2022

		(Thousands)
Economic hedges	Other (expense) income, net	$	(18,631)	$	11,543	$	(20,733)	$	11,184
Cross currency swap	Interest and other financing expense, net	$	1,223		—	$	2,236		—

Debt - long-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Jul. 01, 2023
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,766,595
Discount and debt issuance costs - unamortized	(13,074)
Long-term debt	$ 2,753,521	$ 2,988,029
Other long-term debt
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.74%
Long-term debt before discount and debt issuance costs	$ 24,899
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Credit Facility	700,000
Long-term Debt, Weighted Average Interest Rate		5.99%
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Credit Facility	$ 1,500,000
Long-term Debt, Weighted Average Interest Rate	5.62%	4.85%
Long-term debt before discount and debt issuance costs	$ 1,091,696
Letter of Credit \| Line of credit
Debt Instrument [Line Items]
Credit Facility	$ 200,000
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
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
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
Notes due \| Notes Due March 2028
Debt Instrument [Line Items]
Long-term debt, stated interest rate	6.25%	6.25%
Long-term debt before discount and debt issuance costs	$ 500,000

Debt (Tables)

6 Months Ended

Dec. 30, 2023

Debt

Short-term debt

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


	December 30,		July 1,		December 30,		July 1,
	2023		2023		2023		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	6.20	%	—		$	614,400	$	—
Other short-term debt	5.63	%	5.08	%		81,929		70,636
Short-term debt					$	696,329	$	70,636

Long-term debt

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


	December 30,		July 1,		December 30,		July 1,
	2023		2023		2023		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		5.99	%	$	—	$	555,800
Credit Facility	5.62	%	4.85	%		1,091,696		796,552
Other long-term debt	4.74	%	—			24,899		—
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
March 2028	6.25	%	6.25	%		500,000		500,000
Long-term debt before discount and debt issuance costs						2,766,595		3,002,352
Discount and debt issuance costs – unamortized						(13,074)		(14,323)
Long-term debt					$	2,753,521	$	2,988,029

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Segment information

6 Months Ended

Dec. 30, 2023

Segment information

Segment information

13. Segment information

Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”).


	Second Quarters Ended				Six Months Ended
	December 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022

	(Thousands)
Sales:
Electronic Components	$	5,812,118	$	6,309,494	$	11,726,523	$	12,633,717
Farnell		392,796		408,027		814,039		833,937
		6,204,914		6,717,521		12,540,562		13,467,654
Operating income:
Electronic Components	$	247,899	$	296,709	$	520,650	$	563,962
Farnell		15,710		36,905		33,382		88,516
		263,609		333,614		554,032		652,478
Corporate expenses		(21,405)		(33,100)		(50,130)		(58,669)
Restructuring, integration and other expenses		(5,235)		—		(12,286)		—
Amortization of acquired intangible assets		(712)		(1,541)		(1,590)		(4,300)
Operating income	$	236,257	$	298,973	$	490,026	$	589,509

Sales, by geographic area:
Americas	$	1,588,508	$	1,681,177	$	3,162,029	$	3,360,079
EMEA		2,113,550		2,255,878		4,421,601		4,385,418
Asia		2,502,856		2,780,466		4,956,932		5,722,157
Sales	$	6,204,914	$	6,717,521	$	12,540,562	$	13,467,654

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases (Tables)

6 Months Ended

Dec. 30, 2023

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 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022
Operating lease cost	$	14,166	$	16,917	$	29,705	$	33,482
Variable lease cost		8,677		5,715		15,844		12,028
Total lease cost	$	22,843	$	22,632	$	45,549	$	45,510

Schedule of future minimum operating lease payments

Future minimum operating lease payments as of December 30, 2023, are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2024	$	33,028
2025		57,085
2026		46,490
2027		28,901
2028		22,718
Thereafter		101,473
Total future operating lease payments		289,695
Total imputed interest on operating lease liabilities		(42,750)
Total operating lease liabilities	$	246,945

Schedule of other information pertaining to operating leases

Other information pertaining to operating leases consists of the following:


		Six Months Ended
		December 30,			December 31,
		2023			2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.8			8.4
Weighted-average discount rate		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	28,073		$	28,463
Operating lease assets obtained from new operating lease liabilities	$	30,399		$	29,640

Debt

6 Months Ended

Dec. 30, 2023

Debt

Debt

4. Debt

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


	December 30,		July 1,		December 30,		July 1,
	2023		2023		2023		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	6.20	%	—		$	614,400	$	—
Other short-term debt	5.63	%	5.08	%		81,929		70,636
Short-term debt					$	696,329	$	70,636

The Company has a 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 $700 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 $1.16 billion and $1.27 billion at December 30, 2023, and July 1, 2023, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold.

Other short-term debt consists 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 30,		July 1,		December 30,		July 1,
	2023		2023		2023		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		5.99	%	$	—	$	555,800
Credit Facility	5.62	%	4.85	%		1,091,696		796,552
Other long-term debt	4.74	%	—			24,899		—
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
March 2028	6.25	%	6.25	%		500,000		500,000
Long-term debt before discount and debt issuance costs						2,766,595		3,002,352
Discount and debt issuance costs – unamortized						(13,074)		(14,323)
Long-term debt					$	2,753,521	$	2,988,029

The Company has a five-year $1.50 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 30, 2023, and July 1, 2023, there were $0.9 million in letters of credit issued under the Credit Facility. 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 30, 2023, and July 1, 2023.

As of December 30, 2023, the carrying value and fair value of the Company’s total debt was $3.45 billion and $3.42 billion, respectively. At July 1, 2023, the carrying value and fair value of the Company’s total debt was $3.06 billion and $2.98 billion, respectively. Fair value for public notes was estimated based on 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Restructuring expenses (Details) $ in Thousands	6 Months Ended
Restructuring expenses (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Activity related to the restructuring reserves
Beginning Balance	$ 16,011
Restructuring expenses	2,790
Cash payments	(1,928)
Other, principally foreign currency translation	117
Ending Balance	16,990
Severance
Activity related to the restructuring reserves
Beginning Balance	15,507
Restructuring expenses	2,790
Cash payments	(1,928)
Other, principally foreign currency translation	115
Ending Balance	16,484
Facility and Contract Exit Costs
Activity related to the restructuring reserves
Beginning Balance	504
Other, principally foreign currency translation	2
Ending Balance	$ 506

Income taxes

6 Months Ended

Dec. 30, 2023

Income taxes

Income taxes

8. Income taxes

The below discussion of the effective tax rate for the periods presented in the consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate.

The Company’s effective tax rate on its income before taxes was 23.2% in the second quarter of fiscal 2024. During the second quarter of fiscal 2024, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves, (ii) U.S. state taxes, partially offset by (iii) the mix of income in lower tax foreign jurisdictions.

During the second quarter of fiscal 2023, the Company’s effective tax rate on its income before taxes was 19.5%. 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 foreign jurisdictions.

For the first six months of fiscal 2024, the Company’s effective tax rate on its income before taxes was 23.7%. The effective tax rate for the first six months of fiscal 2024 was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves, (ii) U.S. state taxes, and (iii) the mix of income in higher tax foreign jurisdictions.

During 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 foreign jurisdictions, partially offset by (ii) decreases to unrecognized tax benefit reserves.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases

6 Months Ended

Dec. 30, 2023

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 14 years. The Company’s equipment leases are primarily for automobiles and distribution center 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 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022
Operating lease cost	$	14,166	$	16,917	$	29,705	$	33,482
Variable lease cost		8,677		5,715		15,844		12,028
Total lease cost	$	22,843	$	22,632	$	45,549	$	45,510

Future minimum operating lease payments as of December 30, 2023, are as follows (in thousands):


Fiscal Year
Remainder of fiscal 2024	$	33,028
2025		57,085
2026		46,490
2027		28,901
2028		22,718
Thereafter		101,473
Total future operating lease payments		289,695
Total imputed interest on operating lease liabilities		(42,750)
Total operating lease liabilities	$	246,945

Other information pertaining to operating leases consists of the following:


		Six Months Ended
		December 30,			December 31,
		2023			2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.8			8.4
Weighted-average discount rate		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	28,073		$	28,463
Operating lease assets obtained from new operating lease liabilities	$	30,399		$	29,640