0000008858-24-000041 | 10-Q | XBRL Viewer

Pension plan

3 Months Ended

Sep. 28, 2024

8. Pension plan

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


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Service cost within selling, general and administrative expenses	$	2,870	$	2,563

Interest cost		6,183		6,145
Expected return on plan assets		(10,438)		(9,985)
Amortization of prior service cost		1		1
Recognized net actuarial loss		1,285		56
Total net periodic pension benefit within other (expense) income, net		(2,969)		(3,783)

Net periodic pension benefit	$	(99)	$	(1,220)

The Company made $4.0 million of contributions during the first quarter of fiscal 2025 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Debt (Tables)

3 Months Ended

Sep. 28, 2024

Debt

Short-term debt

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


	September 28,		June 29,		September 28,		June 29,
	2024		2024		2024		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	5.70	%	6.19	%	$	443,000	$	415,100
Other short-term debt	4.62	%	5.43	%		81,055		77,611
Short-term debt					$	524,055	$	492,711

Long-term debt

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


	September 28,		June 29,		September 28,		June 29,
	2024		2024		2024		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Credit Facility (due August 2027)	5.05	%	5.05	%	$	768,612	$	745,480
Other long-term debt	4.74	%	4.74	%		23,059		22,748
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						2,441,671		2,418,228
Discount and debt issuance costs – unamortized						(10,941)		(11,599)
Long-term debt					$	2,430,730	$	2,406,629

- 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.

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+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 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
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 Jun. 29, 2024	$ 89,046	1,721,369	3,601,812	(486,723)	$ 4,925,504
Shares issued Beginning Balance at Jun. 29, 2024	89,046,000				89,045,996
Net income			58,956		$ 58,956
Other comprehensive income (loss)				167,323	167,323
Cash dividends			(28,861)		(28,861)
Repurchases of common stock	$ (1,888)		(98,053)		(99,941)
Repurchase of common stock (in shares)	(1,888,000)
Stock-based compensation	$ 96	14,658			$ 14,754
Stock-based compensation (in shares)	96,000
Shares issued Ending Balance at Sep. 28, 2024	87,254,000				87,253,739
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 28, 2024	$ 87,254	$ 1,736,027	$ 3,533,854	$ (319,400)	$ 5,037,735

- Definition

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

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- 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.

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-Section S99
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-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Basis of presentation and new accounting pronouncements (Policies)	3 Months Ended
	Sep. 28, 2024
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 2024 balances to correspond to the fiscal 2025 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 June 29, 2024.
New accounting pronouncements	Recently issued accounting pronouncements 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 disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”) requiring enhanced segment disclosures 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 disclosures.

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Carrying amount of goodwill, by reportable segment
Carrying value	$ 780,984
Foreign currency translation	37,874
Carrying value	818,858
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	295,957
Foreign currency translation	8,111
Carrying value	304,068
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	485,027
Foreign currency translation	29,763
Carrying value	$ 514,790

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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+ Details

Additional cash flow information

3 Months Ended

Sep. 28, 2024

Additional cash flow information

Additional cash flow information

11. Additional cash flow information

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


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	15,514	$	13,967
Non-cash Financing Activities:
Unsettled share repurchases	$	1,011	$	2,718
Supplemental Cash Flow Information:
Interest	$	71,856	$	81,446
Income tax payments, net	$	75,716	$	78,357

Included in cash and cash equivalents as of September 28, 2024, and June 29, 2024, was $21.3 million and $14.1 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Income taxes (Effective Tax Rate) (Details)	3 Months Ended
Income taxes (Effective Tax Rate) (Details)	Sep. 28, 2024	Sep. 30, 2023
Reconciliation between federal statutory tax rate and effective tax rate
Effective Income Tax Rate	21.10%	24.00%

Income taxes

3 Months Ended

Sep. 28, 2024

Income taxes

Income taxes

7. 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 21.1% in the first quarter of fiscal 2025. During the first quarter of fiscal 2025, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves and audit settlements, (ii) the mix of income in higher tax jurisdictions, and (iii) increases to valuation allowances, partially offset by (iv) increases in tax attribute carryforwards.

During the first quarter of fiscal 2024, the Company’s effective tax rate on its income before taxes was 24.0%. During the first quarter of fiscal 2024, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves net of settlements, (ii) U.S. state taxes, and (iii) the mix of income in higher tax jurisdictions.

The Pillar Two rules published by the Organization for Economic Co-operation and Development (OECD) are effective for the Company in fiscal year 2025. The company does not expect Pillar Two taxes to have a significant impact on its income tax expense and is closely monitoring the potential impacts of further legislation, regulatory guidance, and regulations issued in the countries in which the Company does business.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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-Paragraph 1
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Restructuring expenses (Tables)

3 Months Ended

Sep. 28, 2024

Fiscal Year 2025 Restructuring Liabilities Member

Restructuring Cost and Reserve [Line Items]


			Facility		Asset
	Severance		Exit Costs		Impairments		Total

	(Thousands)
Fiscal 2025 restructuring expenses	$	3,353	$	5,228	$	14,904	$	23,485
Cash payments		(1,684)		(5,217)		—		(6,901)
Non-cash amounts		—		(11)		(14,904)		(14,915)
Other, principally foreign currency translation		30		—		—		30
Balance at September 28, 2024	$	1,699	$	—	$	—	$	1,699

Fiscal Year 2024 Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]



	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(7,023)
Changes in estimates, net		(127)
Other, principally foreign currency translation		40
Balance at September 28, 2024	$	16,728

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per share (Tables)

3 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Basic and diluted earnings per share calculation


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands, except per share data)
Numerator:
Net income	$	58,956	$	209,268

Denominator:
Weighted average common shares for basic earnings per share		88,092		91,495
Net effect of dilutive stock-based compensation awards		1,300		1,683
Weighted average common shares for diluted earnings per share		89,392		93,178
Basic earnings per share	$	0.67	$	2.29
Diluted earnings per share	$	0.66	$	2.25
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		122

Working capital

3 Months Ended

Sep. 28, 2024

Working capital

Working capital

2. Working capital

Receivables

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


	September 28,		June 29,
	2024		2024

	(Thousands)
Receivables	$	4,688,102	$	4,499,691
Allowance for Credit Losses	$	(112,248)	$	(108,504)

The Company had the following activity in the allowance for credit losses during the first quarters of fiscal 2025 and fiscal 2024:


	September 28,		September 30,
	2024		2023

	(Thousands)
Balance at beginning of the period	$	108,504	$	112,843
Credit Loss Provisions		1,552		4,157
Credit Loss Recoveries		10		(364)
Receivables Write Offs		(1,170)		(959)
Foreign Currency Effect and Other		3,352		(2,188)
Balance at end of the period	$	112,248	$	113,489

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 (components) where the Company is acting as an agent on behalf of a customer or in some cases the component supplier. Given that these supply chain services involve purchasing, warehousing and providing logistics services for components as part of the services, the Company classifies the underlying components within inventories on the consolidated balance sheets. Components held for supply chain services where the Company is acting as an agent represented approximately 6% of inventories as of September 28, 2024, and approximately 7% of inventories as of June 29, 2024.

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Numerator:
Net income	$ 58,956	$ 209,268
Denominator:
Weighted average common shares for basic earnings per share	88,092	91,495
Net effect of dilutive stock based compensation awards	1,300	1,683
Weighted average common shares for diluted earnings per share	89,392	93,178
Basic earnings per share	$ 0.67	$ 2.29
Diluted earnings per share	$ 0.66	$ 2.25
Stock Options
Denominator:
antidilutive Securities		122

Debt - short-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - short-term debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Components of short-term debt
Short-term debt	$ 524,055	$ 492,711
Other Short -Term Debt
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	4.62%	5.43%
Short-term debt	$ 81,055	$ 77,611
Revolving credit facilities \| Accounts receivable securitization program
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate		6.19%
stated interest rate	5.70%
Short-term debt	$ 443,000	$ 415,100

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Components of net periodic pension costs
Service cost within selling, general and administrative expenses	$ 2,870	$ 2,563
Interest cost	6,183	6,145
Expected return on plan assets	(10,438)	(9,985)
Amortization of prior service cost	1	1
Recognized net actuarial loss	1,285	56
Net periodic pension benefit	(99)	(1,220)
Other Income, net
Components of net periodic pension costs
Net periodic pension benefit	(2,969)	$ (3,783)
Plan
Components of net periodic pension costs
Contributions	4,000
Estimated future employer pension plan contributions	$ 4,000

Additional cash flow information (Tables)

3 Months Ended

Sep. 28, 2024

Additional cash flow information

Interest and income taxes paid


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	15,514	$	13,967
Non-cash Financing Activities:
Unsettled share repurchases	$	1,011	$	2,718
Supplemental Cash Flow Information:
Interest	$	71,856	$	81,446
Income tax payments, net	$	75,716	$	78,357

Derivative financial instruments

3 Months Ended

Sep. 28, 2024

Derivative financial instruments

Derivative financial instruments

5. Derivative financial instruments

Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, 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 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.

The Company has 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:


	September 28,		June 29,
	2024		2024

	(Thousands)
Economic hedges
Prepaid and other current assets	$	11,990	$	12,116
Accrued expenses and other	$	17,073	$	16,957
Cross-currency swap
Other liabilities	$	35,851	$	16,241

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


		First Quarters Ended
		September 28,		September 30,
		2024		2023

		(Thousands)
Economic hedges	Other (expense) income, net	$	24,037	$	(2,103)
Cross currency swap	Interest and other financing expense, net	$	701	$	1,013

Working capital - Receivables (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Sep. 30, 2023	Jul. 01, 2023
Working capital
Receivables	$ 4,688,102	$ 4,499,691
Allowance for Credit Losses	$ (112,248)	$ (108,504)	$ (113,489)	$ (112,843)

Restructuring expenses (Details) $ in Thousands	3 Months Ended
Restructuring expenses (Details) $ in Thousands	Sep. 28, 2024 USD ($)
Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 23,485
Cash payments	(6,901)
Non-cash amounts	(14,915)
Other, principally foreign currency translation	30
Ending Balance	$ 1,699
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Integration And Other Charges
Severance \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 3,353
Cash payments	(1,684)
Other, principally foreign currency translation	30
Ending Balance	1,699
Severance \| Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	23,838
Cash payments	(7,023)
Changes in estimates, net	(127)
Other, principally foreign currency translation	40
Ending Balance	16,728
Asset Impairments \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	5,228
Cash payments	(5,217)
Non-cash amounts	(11)
Other Restructuring \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	14,904
Non-cash amounts	$ (14,904)

Working capital (Tables)

3 Months Ended

Sep. 28, 2024

Working capital

Schedule of receivables and allowance for credit losses


	September 28,		June 29,
	2024		2024

	(Thousands)
Receivables	$	4,688,102	$	4,499,691
Allowance for Credit Losses	$	(112,248)	$	(108,504)


	September 28,		September 30,
	2024		2023

	(Thousands)
Balance at beginning of the period	$	108,504	$	112,843
Credit Loss Provisions		1,552		4,157
Credit Loss Recoveries		10		(364)
Receivables Write Offs		(1,170)		(959)
Foreign Currency Effect and Other		3,352		(2,188)
Balance at end of the period	$	112,248	$	113,489

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2024	Jun. 29, 2024
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	87,253,739	89,045,996

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales	$ 5,604,152	$ 6,335,648
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,996,785	$ 5,587,542
Cost, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 607,367	$ 748,106
Selling, general and administrative expenses	438,791	487,286
Restructuring, integration and other expenses	26,351	7,051
Operating income	142,225	253,769
Other (expense) income, net	(3,043)	5,960
Interest and other financing expenses, net	(64,444)	(70,796)
Gain on legal settlements and other		86,499
Income before taxes	74,738	275,432
Income tax expense	15,782	66,164
Net income	$ 58,956	$ 209,268
Earnings per share:
Basic	$ 0.67	$ 2.29
Diluted	$ 0.66	$ 2.25
Shares used to compute earnings per share:
Basic	88,092	91,495
Diluted	89,392	93,178
Cash dividends paid per common share	$ 0.33	$ 0.31

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Sales, by geographic area:
Sales	$ 5,604,152	$ 6,335,648
Americas
Sales, by geographic area:
Sales	1,329,884	1,573,521
EMEA
Sales, by geographic area:
Sales	1,668,169	2,308,051
Asia
Sales, by geographic area:
Sales	$ 2,606,099	$ 2,454,076

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Working capital - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 108,504	$ 112,843
Credit Loss Provisions	1,552	4,157
Credit Loss Recoveries	10	(364)
Receivables Write Offs	(1,170)	(959)
Foreign Currency Effect and Other	3,352	(2,188)
Receivables, Allowance for Credit Loss, Ending Balance	$ 112,248	$ 113,489

Debt (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Company's total debt
Debt, Long-Term and Short-Term, Combined Amount	$ 2,950.0	$ 2,900.0
Total fair value	2,950.0	2,850.0
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	700.0
Accounts Receivable from Securitization	1,010.0	1,050.0
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%

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Sep. 28, 2024	Oct. 25, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Securities Act 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		86,940,948
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--06-28
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Restructuring expenses

3 Months Ended

Sep. 28, 2024

Restructuring expenses

Restructuring expenses

13. Restructuring expenses

Fiscal 2025

During fiscal 2025, the Company executed certain restructuring actions to reduce future operating expenses including specific restructuring actions to reduce expenses within the Farnell operating group. The following table presents the activity during the first quarter of fiscal 2025 related to the restructuring liabilities established during fiscal 2025:


			Facility		Asset
	Severance		Exit Costs		Impairments		Total

	(Thousands)
Fiscal 2025 restructuring expenses	$	3,353	$	5,228	$	14,904	$	23,485
Cash payments		(1,684)		(5,217)		—		(6,901)
Non-cash amounts		—		(11)		(14,904)		(14,915)
Other, principally foreign currency translation		30		—		—		30
Balance at September 28, 2024	$	1,699	$	—	$	—	$	1,699

Severance expense recorded in the first quarter of fiscal 2025 related to the reduction, or planned reduction, of approximately 40 employees, primarily in operations, distribution centers, and business support functions. Of the $23.5

million in restructuring expenses recorded in the first quarter of fiscal 2025, $2.7 million related to EC, and $20.8 million related to Farnell. The Company expects the majority of the remaining amounts to be paid by the end of 2024.

Fiscal 2024

During fiscal 2024, the Company incurred restructuring expenses primarily related to headcount reductions including from the planned closure of certain distribution centers intended to reduce future operating expenses. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2025. The following table presents the activity during the first quarter of fiscal 2025 related to the remaining restructuring liabilities established during fiscal 2024:



	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(7,023)
Changes in estimates, net		(127)
Other, principally foreign currency translation		40
Balance at September 28, 2024	$	16,728

Shareholders' equity

3 Months Ended

Sep. 28, 2024

Shareholders' equity

Shareholders' equity

9. Shareholders’ equity

Share repurchase program

In August 2024, the Company’s Board of Directors approved an increase in the Company’s existing share repurchase plan. With this increase, the Company is authorized to repurchase up to an aggregate of $600 million of common stock. During the first quarter of fiscal 2025, the Company repurchased 1.9 million shares for a total cost of $99.0 million, excluding excise tax. As of September 28, 2024, the Company had $566.6 million remaining under its increased share repurchase authorization.

Common stock dividend

In August 2024, the Company’s Board of Directors approved a dividend of $0.33 per common share and dividend payments of $28.9 million were made in September 2024.

- 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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill (Tables)

3 Months Ended

Sep. 28, 2024

Goodwill

Change in goodwill balances by reportable segment


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at June 29, 2024 ⁽¹⁾	$	295,957	$	485,027	$	780,984
Foreign currency translation		8,111		29,763		37,874
Carrying value at September 28, 2024 ⁽¹⁾	$	304,068	$	514,790	$	818,858

(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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 58,956	$ 209,268
Non-cash and other reconciling items:
Depreciation, Depletion and Amortization, Nonproduction	19,883	21,517
Amortization of Operating Lease Assets	13,926	13,271
Deferred income taxes	(17,572)	5,575
Stock-based compensation	10,987	9,355
Other, net	19,337	(20,171)
Changes in (net of effects from businesses acquired and divested):
Receivables	(94,393)	30,190
Inventories	(29,230)	(371,604)
Accounts payable	213,610	111,489
Accrued expenses and other, net	(89,179)	(50,184)
Net cash flows provided by (used for) operating activities	106,325	(41,294)
Cash flows from financing activities:
Borrowings (repayments) under accounts receivable securitization, net	27,900	(92,100)
(Repayments) borrowings under senior unsecured credit facility, net	(11,353)	243,613
Repayments under bank credit facilities and other debt, net	(824)	(133)
Repurchases of common stock	(99,995)	(24,324)
Dividends paid on common stock	(28,861)	(28,320)
Other, net	3,766	1,414
Net cash flows (used for) provided by financing activities	(109,367)	100,150
Cash flows from investing activities:
Purchases of property, plant and equipment	(31,776)	(76,089)
Other, net	330	300
Net cash flows used for investing activities	(31,446)	(75,789)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(8,932)	7,382
Cash and cash equivalents:
decrease	(43,420)	(9,551)
Cash and cash equivalents at beginning of year	310,941	288,230
Cash and cash equivalents at end of year	$ 267,521	$ 278,679

Restructuring expenses (Textuals) (Details) - Fiscal Year 2025 Restructuring Liabilities	3 Months Ended
	Sep. 28, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges	40
Restructuring expenses	$ 23,485,000
Restructuring Reserve	1,699,000
Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	2,700,000
Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 20,800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Income Taxes Paid, Net [Abstract]
Capital expenditures incurred but not paid	$ 15,514	$ 13,967
Unsettled share repurchases	1,011	2,718
Interest	71,856	81,446
Income tax payments, net	75,716	$ 78,357
Cash equivalents	$ 21,300		$ 14,100

Debt - long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,441,671	$ 2,418,228
Discount and debt issuance costs - unamortized	(10,941)	(11,599)
Long-term debt	$ 2,430,730	$ 2,406,629
Other long-term debt
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.74%	4.74%
Long-term debt before discount and debt issuance costs	$ 23,059	$ 22,748
Revolving credit facilities \| Accounts receivable securitization program
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	700,000
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Long-term Debt, Weighted Average Interest Rate	5.05%	5.05%
Long-term debt before discount and debt issuance costs	$ 768,612	$ 745,480
Letter of Credit \| Line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 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	$ 550,000
Notes due \| Notes Due May 2031
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.00%	3.00%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due June 2032
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.50%	5.50%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
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	$ 500,000

Working Capital - Inventory (Details)	3 Months Ended	12 Months Ended
Working Capital - Inventory (Details)	Sep. 28, 2024	Jun. 29, 2024
Working capital
Inventory held for supply chain services	6.00%	7.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024
Current assets:
Cash and cash equivalents	$ 267,521	$ 310,941
Receivables	4,575,854	4,391,187
Inventories	5,614,102	5,468,730
Prepaid and other current assets	221,767	199,694
Total current assets	10,679,244	10,370,552
Property, plant and equipment, net	584,119	568,169
Goodwill	818,858	780,984
Operating lease assets	211,736	208,971
Other assets	303,607	280,471
Total assets	12,597,564	12,209,147
Current liabilities:
Short-term debt	524,055	492,711
Accounts payable	3,588,033	3,345,510
Accrued expenses and other	580,257	573,055
Operating Lease, Liability, Current	55,538	53,993
Total current liabilities	4,747,883	4,465,269
Long-term debt	2,430,730	2,406,629
Operating Lease, Liability, Noncurrent	175,330	173,886
Other liabilities	205,886	237,859
Total liabilities	7,559,829	7,283,643
Commitments and contingencies (Note 6)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 87,253,739 shares and 89,045,996 shares, respectively	87,254	89,046
Additional paid-in capital	1,736,027	1,721,369
Retained earnings	3,533,854	3,601,812
Accumulated other comprehensive loss	(319,400)	(486,723)
Total shareholders' equity	5,037,735	4,925,504
Total liabilities and shareholders' equity	$ 12,597,564	$ 12,209,147

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program	$ 600,000
Shares repurchased during period (in shares)	1.9
Cost of repurchase	$ 99,000
Remaining authorized repurchase amount	$ 566,600
Common Stock, Dividends, Per Share, Declared	$ 0.33
Common Stock, Dividends, Per Share, Cash Paid	$ 0.33	$ 0.31
Dividends paid on common stock	$ 28,861	$ 28,320

Derivative financial instruments Textuals (Details) $ in Thousands, € in Millions	3 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 28, 2024 EUR (€)	Jun. 29, 2024 USD ($)
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	$ 35,851		$ 16,241
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Not Designated as Hedging Instrument \| Foreign Exchange Forward
Derivative fair value
Derivative assets fair value	$ 11,990		$ 12,116
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	$ 17,073		$ 16,957
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Sales, by segment
Sales	$ 5,604,152	$ 6,335,648
Operating income (loss):
Restructuring, integration and other expenses	(26,351)	(7,051)
Amortization of acquired intangible assets	(368)	(878)
Operating income	142,225	253,769
Assets:
Assets	12,597,564		$ 12,209,147
Depreciation & amortization expense:
Depreciation and amortization expense	19,883	21,517
Segment
Operating income (loss):
Operating income	199,228	290,422
Corporate
Operating income (loss):
Corporate Overhead Expenses	30,284	28,724
Electronic Components \| Segment
Sales, by segment
Sales	5,257,058	5,914,405
Operating income (loss):
Operating income	197,369	272,751
Farnell \| Segment
Sales, by segment
Sales	347,094	421,243
Operating income (loss):
Operating income	$ 1,859	$ 17,671

Commitments and contingencies

3 Months Ended

Sep. 28, 2024

Commitments and contingencies

Commitments and contingencies

6. Commitments and contingencies

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

The Company 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 September 28, 2024, and June 29, 2024, the Company had aggregate estimated liabilities of $13.7 million and $17.2 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Gain on Legal Settlements and Other

During the first quarter of fiscal 2024, the Company recorded a gain on legal settlements and other of $86.5 million in connection with the settlements of claims filed against certain manufacturers of capacitors, which was also realized in cash that same quarter.

Pension plan (Tables)

3 Months Ended

Sep. 28, 2024

Pension and retirement plan

Components of net periodic pension costs


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Service cost within selling, general and administrative expenses	$	2,870	$	2,563

Interest cost		6,183		6,145
Expected return on plan assets		(10,438)		(9,985)
Amortization of prior service cost		1		1
Recognized net actuarial loss		1,285		56
Total net periodic pension benefit within other (expense) income, net		(2,969)		(3,783)

Net periodic pension benefit	$	(99)	$	(1,220)

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 701	$ 1,013
Not Designated as Hedging Instrument \| Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ 24,037	$ (2,103)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 28, 2024	Jun. 29, 2024
Loss Contingency, Estimate [Abstract]
Estimate of possible loss		$ 13,700	$ 17,200
Gain on legal settlements and other	$ 86,499

Basis of presentation and new accounting pronouncements

3 Months Ended

Sep. 28, 2024

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 2024 balances to correspond to the fiscal 2025 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 June 29, 2024.

Recently issued accounting pronouncements

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 disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU No. 2023-07”) requiring enhanced segment disclosures 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 disclosures.

Derivative financial instruments (Tables)

3 Months Ended

Sep. 28, 2024

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	September 28,		June 29,
	2024		2024

	(Thousands)
Economic hedges
Prepaid and other current assets	$	11,990	$	12,116
Accrued expenses and other	$	17,073	$	16,957
Cross-currency swap
Other liabilities	$	35,851	$	16,241

Schedule of gain (loss) on derivatives


		First Quarters Ended
		September 28,		September 30,
		2024		2023

		(Thousands)
Economic hedges	Other (expense) income, net	$	24,037	$	(2,103)
Cross currency swap	Interest and other financing expense, net	$	701	$	1,013

Segment information

3 Months Ended

Sep. 28, 2024

Segment information

Segment information

12. Segment information

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


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Sales
Electronic Components	$	5,257,058	$	5,914,405
Farnell		347,094		421,243
		5,604,152		6,335,648
Operating income:
Electronic Components	$	197,369	$	272,751
Farnell		1,859		17,671
		199,228		290,422
Corporate expenses		(30,284)		(28,724)
Restructuring, integration, and other expenses		(26,351)		(7,051)
Amortization of acquired intangible assets		(368)		(878)
Operating income	$	142,225	$	253,769

Sales, by geographic area:
Americas	$	1,329,884	$	1,573,521
EMEA		1,668,169		2,308,051
Asia		2,606,099		2,454,076
Sales	$	5,604,152	$	6,335,648

- 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

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+ Details

Segment information (Tables)

3 Months Ended

Sep. 28, 2024

Segment information

Table of the reportable segments


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands)
Sales
Electronic Components	$	5,257,058	$	5,914,405
Farnell		347,094		421,243
		5,604,152		6,335,648
Operating income:
Electronic Components	$	197,369	$	272,751
Farnell		1,859		17,671
		199,228		290,422
Corporate expenses		(30,284)		(28,724)
Restructuring, integration, and other expenses		(26,351)		(7,051)
Amortization of acquired intangible assets		(368)		(878)
Operating income	$	142,225	$	253,769

Sales, by geographic area:
Americas	$	1,329,884	$	1,573,521
EMEA		1,668,169		2,308,051
Asia		2,606,099		2,454,076
Sales	$	5,604,152	$	6,335,648

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Net income	$ 58,956	$ 209,268
Other comprehensive loss, net of tax:
Pension adjustments	1,100	1,467
Total other comprehensive (loss) income, net of tax	167,323	(93,761)
Total comprehensive income, net of tax	226,279	115,507
Foreign Exchange Forward
Other comprehensive loss, net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	185,833	(107,036)
Cross-Currency Swap
Other comprehensive loss, net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ (19,610)	$ 11,808

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Goodwill

3 Months Ended

Sep. 28, 2024

Goodwill

Goodwill and intangible assets

3. Goodwill

The following table presents the change in goodwill by reportable segment for the first quarter ended September 28, 2024.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at June 29, 2024 ⁽¹⁾	$	295,957	$	485,027	$	780,984
Foreign currency translation		8,111		29,763		37,874
Carrying value at September 28, 2024 ⁽¹⁾	$	304,068	$	514,790	$	818,858

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

Earnings per share

3 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Earnings per share

10. Earnings per share


	First Quarters Ended
	September 28,		September 30,
	2024		2023

	(Thousands, except per share data)
Numerator:
Net income	$	58,956	$	209,268

Denominator:
Weighted average common shares for basic earnings per share		88,092		91,495
Net effect of dilutive stock-based compensation awards		1,300		1,683
Weighted average common shares for diluted earnings per share		89,392		93,178
Basic earnings per share	$	0.67	$	2.29
Diluted earnings per share	$	0.66	$	2.25
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		122

Debt

3 Months Ended

Sep. 28, 2024

Debt

Debt

4. Debt

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


	September 28,		June 29,		September 28,		June 29,
	2024		2024		2024		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	5.70	%	6.19	%	$	443,000	$	415,100
Other short-term debt	4.62	%	5.43	%		81,055		77,611
Short-term debt					$	524,055	$	492,711

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 $1.01 billion and $1.05 billion at September 28, 2024, and June 29, 2024, 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):


	September 28,		June 29,		September 28,		June 29,
	2024		2024		2024		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Credit Facility (due August 2027)	5.05	%	5.05	%	$	768,612	$	745,480
Other long-term debt	4.74	%	4.74	%		23,059		22,748
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						2,441,671		2,418,228
Discount and debt issuance costs – unamortized						(10,941)		(11,599)
Long-term debt					$	2,430,730	$	2,406,629

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 September 28, 2024, and June 29, 2024, 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 September 28, 2024, and June 29, 2024.

As of September 28, 2024, the carrying value and fair value of the Company’s total debt was $2.95 billion. At June 29, 2024, the carrying value and fair value of the Company’s total debt was $2.90 billion and $2.85 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details