0000008858-25-000028 | 10-K | XBRL Viewer

Earnings per share

12 Months Ended

Jun. 28, 2025

14. Earnings per share


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands, except per share data)
Numerator:
Net income	$	240,217	$	498,699	$	770,828

Denominator:
Weighted average common shares for basic earnings per share		86,266		90,567		92,043
Net effect of dilutive stock-based compensation awards		1,147		1,270		1,325
Weighted average common shares for diluted earnings per share		87,413		91,837		93,368
Basic earnings per share	$	2.78	$	5.51	$	8.37
Diluted earnings per share	$	2.75	$	5.43	$	8.26
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		79		140

Leases K

12 Months Ended

Jun. 28, 2025

Leases [Abstract]

Leases

11. Leases

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


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023
Operating lease cost	$	64,349	$	63,514	$	67,478
Variable lease cost		33,036		29,560		21,422
Total lease cost	$	97,385	$	93,074	$	88,900

Future minimum operating lease payments as of June 28, 2025, are as follows (in thousands):


Fiscal Year
2026	$	60,682
2027		41,206
2028		29,736
2029		21,986
2030		14,800
Thereafter		212,104
Total future operating lease payments		380,514
Total imputed interest on operating lease liabilities		(164,818)
Total operating lease liabilities	$	215,696

Other information pertaining to operating leases consists of the following:


		Years Ended
		June 28,			June 29,			July 1,
		2025			2024			2023
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		14.0			7.5			8.2
Weighted-average discount rate		4.1	%		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	58,474		$	57,572		$	58,111
Operating lease assets obtained from new operating lease liabilities	$	92,647		$	47,668		$	48,038

Property plant and equipment, net K

12 Months Ended

Jun. 28, 2025

Property plant and equipment, net

Property, plant and equipment, net

5. Property, plant and equipment, net

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


	June 28, 2025		June 29, 2024

	(Thousands)
Buildings	$	258,653	$	137,460
Machinery, fixtures and equipment		305,864		275,171
Information technology hardware and software		893,572		903,812
Leasehold improvements		151,745		138,757
Depreciable property, plant and equipment, gross		1,609,834		1,455,200
Accumulated depreciation		(1,191,652)		(1,144,018)
Depreciable property, plant and equipment, net		418,182		311,182
Land		31,898		29,365
Construction in progress		217,167		227,622
Property, plant and equipment, net	$	667,247	$	568,169

Depreciation expense related to property, plant, and equipment, was $70.2 million, $83.6 million and $82.6 million in fiscal 2025, 2024, and 2023, respectively. Interest expense capitalized during fiscal 2025, 2024, and 2023 was not material.

Summary of significant accounting policies (Details)K - USD ($) $ in Millions	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Property, Plant and Equipment [Line Items]
Fair value assets transfers into and out of level 3, net	$ 0.0	$ 0.0	$ 0.0
Equity method investment	$ 23.5
Minimum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	10 years
Lease term	13 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1	$ 3.5	$ 14.1
Building
Property, Plant and Equipment [Line Items]
Useful life	30 years
Machinery Fixtures And Equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Machinery Fixtures And Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Information Technology Hardware and Software
Property, Plant and Equipment [Line Items]
Useful life	10 years
Information Technology Hardware and Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years

Working Capital - Inventory (Details)	12 Months Ended
Working Capital - Inventory (Details)	Jun. 28, 2025	Jun. 29, 2024
Working capital
Inventory held for supply chain services	6.00%	7.00%

Segment information (Details)K - USD ($) $ in Thousands	12 Months Ended
Segment information (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Sales, by segment
Sales	$ 22,200,754	$ 23,757,129	$ 26,536,881
Gross profit, by segment [Abstract]
Gross Profit	2,384,956	2,766,442	3,182,143
Operating income (loss):
Selling, general and administrative expense	1,762,386	1,869,525	1,967,305
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	741,000	1,012,400	1,345,100
Restructuring, integration and other expenses	(108,316)	(52,550)	(28,038)
Amortization of acquired intangible assets	(1,500)	(3,100)	(6,100)
Operating income	514,254	844,367	1,186,800
Assets:
Assets	12,118,553	12,209,147	12,477,200
Capital expenditures:
Purchases of property, plant and equipment	147,500	226,500	194,700
Depreciation & amortization expense:
Depreciation and amortization expense	71,616	86,708	88,613
Corporate
Operating income (loss):
Corporate Overhead Expenses	(116,900)	(112,300)	(124,200)
Assets:
Assets	391,200	338,400	442,800
Capital expenditures:
Purchases of property, plant and equipment	35,500	100	100
Depreciation & amortization expense:
Depreciation and amortization expense	100	100	200
Electronic Components \| Segment
Sales, by segment
Sales	20,755,000	22,160,000	24,802,600
Gross profit, by segment [Abstract]
Gross Profit	2,008,300	2,312,400	2,612,400
Operating income (loss):
Selling, general and administrative expense	1,300,100	1,364,900	1,432,800
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	708,200	947,500	1,179,600
Assets:
Assets	9,984,900	10,162,800	10,375,400
Capital expenditures:
Purchases of property, plant and equipment	90,600	176,500	153,400
Depreciation & amortization expense:
Depreciation and amortization expense	51,700	60,600	63,600
Electronic Components \| Semiconductors \| Segment
Sales, by segment
Sales	17,000,000
Electronic Components \| Interconnect, passive & electromechanical (IP&E) \| Segment
Sales, by segment
Sales	3,300,000
Electronic Components \| Computer Products \| Segment
Sales, by segment
Sales	371,800
Electronic Components \| Other \| Segment
Sales, by segment
Sales	85,600
Farnell \| Segment
Sales, by segment
Sales	1,445,800	1,597,100	1,734,300
Gross profit, by segment [Abstract]
Gross Profit	376,700	454,000	569,800
Operating income (loss):
Selling, general and administrative expense	343,800	389,200	404,300
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	32,800	64,800	165,500
Assets:
Assets	1,742,400	1,707,900	1,659,000
Capital expenditures:
Purchases of property, plant and equipment	21,400	49,900	41,200
Depreciation & amortization expense:
Depreciation and amortization expense	19,800	$ 26,000	$ 24,800
Farnell \| Semiconductors \| Segment
Sales, by segment
Sales	206,900
Farnell \| Interconnect, passive & electromechanical (IP&E) \| Segment
Sales, by segment
Sales	680,300
Farnell \| Computer Products \| Segment
Sales, by segment
Sales	157,000
Farnell \| Other \| Segment
Sales, by segment
Sales	$ 401,600

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 28, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Shareholders' equity (Share repurchase program textuals) (Details)QK shares in Millions, $ in Millions	12 Months Ended
	Jun. 28, 2025 USD ($) shares
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program	$ 600.0
Shares repurchased during period (in shares) \| shares	5.9
Cost of repurchase	$ 301.4
Remaining authorized repurchase amount	$ 364.1

Leases (Other Lease Information) (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Operating lease weighted-average remaining lease term	14 years	7 years 6 months	8 years 2 months 12 days
Operating lease weighted-average discount rate	4.10%	3.80%	3.80%
Cash paid for operating lease liabilities	$ 58,474	$ 57,572	$ 58,111
Operating lease assets obtained from new operating lease liabilities	$ 92,647	$ 47,668	$ 48,038

Property plant and equipment, net (Tables)K

12 Months Ended

Jun. 28, 2025

Property plant and equipment, net

Summary of Property, plant and equipment


	June 28, 2025		June 29, 2024

	(Thousands)
Buildings	$	258,653	$	137,460
Machinery, fixtures and equipment		305,864		275,171
Information technology hardware and software		893,572		903,812
Leasehold improvements		151,745		138,757
Depreciable property, plant and equipment, gross		1,609,834		1,455,200
Accumulated depreciation		(1,191,652)		(1,144,018)
Depreciable property, plant and equipment, net		418,182		311,182
Land		31,898		29,365
Construction in progress		217,167		227,622
Property, plant and equipment, net	$	667,247	$	568,169

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Net income	$ 240,217	$ 498,699	$ 770,828
Denominator:
Weighted average common shares for basic earnings per share	86,266	90,567	92,043
Net effect of dilutive stock based compensation awards	1,147	1,270	1,325
Weighted average common shares for diluted earnings per share	87,413	91,837	93,368
Basic earnings per share	$ 2.78	$ 5.51	$ 8.37
Diluted earnings per share	$ 2.75	$ 5.43	$ 8.26
Employee Stock Option
Denominator:
antidilutive Securities		79	140

Restructuring expenses (Tables)

12 Months Ended

Jun. 28, 2025

Fiscal Year 2025 Restructuring Liabilities Member

Restructuring Cost and Reserve [Line Items]


			Facility		Asset
	Severance		Exit Costs		Impairments		Other		Total

	(Thousands)
Fiscal 2025 restructuring expenses	$	32,167	$	5,582	$	14,904	$	3,453	$	56,106
Cash payments		(11,515)		(5,318)		—		(409)		(17,242)
Non-cash amounts		(1,463)		(11)		(14,904)		(3,044)		(19,422)
Other, principally foreign currency translation		(4)		—		—		—		(4)
Balance at June 28, 2025	$	19,185	$	253	$	—	$	—	$	19,438

Fiscal Year 2024 Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]



	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(15,737)
Changes in estimates, net		(6,044)
Other, principally foreign currency translation		117
Balance at June 28, 2025	$	2,174

- 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

Leases (Details)K - USD ($) $ in Thousands	12 Months Ended
Leases (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Lease Cost
Operating lease cost	$ 64,349	$ 63,514	$ 67,478
Variable lease cost	33,036	29,560	21,422
Total lease cost	$ 97,385	$ 93,074	$ 88,900
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	13 years

Shareholders' equity (Common stock dividend textuals) (Details)QK - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Shareholders' equity
Dividends paid on common stock	$ 113,310	$ 111,963	$ 106,325

Restructuring expenses (Textuals) (Details) $ in Thousands	12 Months Ended
Restructuring expenses (Textuals) (Details) $ in Thousands	Jun. 28, 2025 USD ($) employee
Fiscal Year 2025 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 56,106
Restructuring Reserve	19,438
Fiscal Year 2025 Restructuring Liabilities \| Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	26,800
Fiscal Year 2025 Restructuring Liabilities \| Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	29,100
Fiscal Year 2025 Restructuring Liabilities \| Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 200
Fiscal Year 2024 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	400

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings per share (Tables)

12 Months Ended

Jun. 28, 2025

Earnings Per Share [Abstract]

Basic and diluted earnings per share calculation


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands, except per share data)
Numerator:
Net income	$	240,217	$	498,699	$	770,828

Denominator:
Weighted average common shares for basic earnings per share		86,266		90,567		92,043
Net effect of dilutive stock-based compensation awards		1,147		1,270		1,325
Weighted average common shares for diluted earnings per share		87,413		91,837		93,368
Basic earnings per share	$	2.78	$	5.51	$	8.37
Diluted earnings per share	$	2.75	$	5.43	$	8.26
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		79		140

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 4,071	$ 4,536	$ 1,635
Not Designated as Hedging Instrument \| Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ 15,543	$ (31,666)	$ 40,454
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Sales, by geographic area:
Sales	$ 22,200,754	$ 23,757,129	$ 26,536,881
Americas
Sales, by geographic area:
Sales	5,300,000	5,919,200	6,807,700
United States
Sales, by geographic area:
Sales	5,016,400	5,525,900	6,345,200
EMEA
Sales, by geographic area:
Sales	6,409,600	8,395,000	9,229,400
Germany
Sales, by geographic area:
Sales	2,242,200	3,240,300	3,892,200
Belgium
Sales, by geographic area:
Sales	1,233,800	1,422,600	1,549,600
Asia
Sales, by geographic area:
Sales	10,491,200	9,442,900	10,499,800
Taiwan
Sales, by geographic area:
Sales	4,676,100	4,032,400	4,233,300
China (including Hong Kong)
Sales, by geographic area:
Sales	3,520,500	3,206,700	3,395,800
SINGAPORE
Sales, by geographic area:
Sales	1,360,000	1,298,400	1,497,000
Other
Sales, by geographic area:
Sales	4,151,800	5,030,800	5,623,800
Total foreign
Sales, by geographic area:
Sales	$ 17,184,400	$ 18,231,200	$ 20,191,700

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Components of short-term debt
Short-term debt	$ 87,284	$ 492,711
Accounts receivable securitization program
Components of short-term debt
Accounts receivable securitization program	$ 500,000
stated interest rate	5.18%	6.19%
Short-term debt		$ 415,100
Other Short -Term Debt
Components of short-term debt
stated interest rate	5.17%	5.43%
Short-term debt	$ 87,284	$ 77,611

Pension and retirement plans (Plan Asset Allocations) (Details)K	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	8.00%	7.50%	7.00%
Return seeking investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		64.00%	69.00%
Target allocation percentage of investments return seeking investments		65.00%
Fixed Income:
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		32.00%	29.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		4.00%	2.00%

Valuation And Qualifying Accounts K

12 Months Ended

Jun. 28, 2025

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

SCHEDULE II

AVNET, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

Years Ended June 28, 2025, June 29, 2024, and July 1, 2023


	Balance at		Charged to			Charged to						Balance at
	Beginning of		Expense			Other						End of
Account Description	Period		(Income)			Accounts			Deductions			Period

	(Thousands)
Fiscal 2025
Allowance for credit losses	$	108,504	$	3,503		$	—		$	(3,812)	(a)	$	108,195
Valuation allowance on tax loss carry-forwards		216,179		22,238	(b)		15,201	(c)		—			253,618
Fiscal 2024
Allowance for credit losses		112,843		12,570			—			(16,909)	(a)		108,504
Valuation allowance on tax loss carry-forwards		207,744		10,462	(d)		(2,027)	(c)		—			216,179
Fiscal 2023
Allowance for credit losses		113,902		16,798			—			(17,857)	(a)		112,843
Valuation allowance on tax loss carry-forwards		207,889		4,530	(b)		(4,675)	(c)		—			207,744

(a)	Primarily represents uncollectible receivables written off and the impact of changes in foreign currency rates during the fiscal year.

(b)	Primarily represents impact of true ups related to prior years.

(c)	Primarily related to impact of foreign currency exchange on valuation allowances.

(d)	Primarily represents impact of current year activities.

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Carrying amount of goodwill, by reportable segment
Carrying value	$ 780,984
Foreign currency translation	56,047
Carrying value	837,031
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	295,957
Foreign currency translation	13,781
Carrying value	309,738
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	485,027
Foreign currency translation	42,266
Carrying value	$ 527,293

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
-Paragraph 24
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: 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 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Commitments and contingencies

12 Months Ended

Jun. 28, 2025

Commitments and contingencies

Commitments and contingencies

13. 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 June 28, 2025, and June 29, 2024, the Company had aggregate undiscounted estimated liabilities of $9.6 million and $17.2 million, respectively, classified within accrued expenses and other for other compliance-related matters that were reasonably estimable as of such dates.

Contingent Liability for Mexico Consumption Tax Audit

The Company’s facilities in Mexico operate under the Mexican Maquiladora (IMMEX) program. This program provides for reduced tariffs and eased import regulations. In September 2023, the Mexican customs and tax authority (Servicio de Administracion Tributaria (SAT)) opened an audit related to the Company’s participation in the IMMEX program for the period January 11, 2019, to January 11, 2020. The SAT initially asserted that the Company’s subsidiary, Avnet de Mexico S.A. de C.V., has underpaid value-added taxes (VAT) and is also liable for inflationary and interest adjustments, fines, and penalties. The Company disputes the SAT’s assertion and is working to resolve the issue through various administrative, legal, and diplomatic channels. The SAT has not issued a final assessment. The Company is not able to predict the outcome of this matter with certainty, including the timing of any resolution and the amount of any assessment. However, based on information available as of the balance sheet date, it is probable that Avnet de Mexico will ultimately incur an assessment. Consequently, the Company recorded a net loss contingency of $43.4 million within “restructuring, integration and other expenses” in the Company’s consolidated statement of operations for fiscal year 2025. That amount is the Company’s best estimate of the losses from this matter and is subject to change based on the results of the SAT audit, the Company’s ability to recover VAT, and any administrative processes or legal appeals.

Gain on Legal Settlements and Other

During fiscal 2024, the Company recorded gains on legal settlements and other of $86.5 million in connection with the settlements of claims filed against certain manufacturers of capacitors. The Company received $90.7 million in cash, of which $86.5 million related to the gain recognized in fiscal 2024. Gains from legal settlements were classified as operating cash flows in the Company’s Consolidated Statements of Cash Flows.

Summary of significant accounting policies (Policies)K	12 Months Ended
Summary of significant accounting policies (Policies)K	Jun. 28, 2025
Summary of significant accounting policies
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated.
Reclassifications	Reclassifications — Certain prior period amounts have been reclassified or combined to conform to the current period presentation.
Fiscal year	Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2025, 2024 and 2023 contain 52 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year.
Management estimates	Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.
Cash and cash equivalents	Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents.
Receivables	Receivables – Receivables, predominately comprised of customer trade accounts, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist.
Inventories	Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods, and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value.
Depreciation, amortization and useful lives	Depreciation, amortization and useful lives — The Company reports property, plant, and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant, and equipment. Software obtained for internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use. Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter). The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.
Long-lived assets impairment	Long-lived asset impairment — Long-lived assets, including property, plant, equipment, intangible assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and adjusts the carrying value and remaining useful life when appropriate.
Lessee, Leases [Policy Text Block]	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 13 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which are not material to the consolidated financial statements. The Company determines if an arrangement contains a lease at inception. Lease right-of-use assets (“Operating lease assets”) and associated liabilities (“Operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. The Company’s leases generally do not provide an implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate, which varies based on the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities.
Goodwill	Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill but instead tests goodwill for impairment at least annually in the fourth quarter. If necessary, the Company records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests if facts and circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit that has goodwill is less than its carrying value. In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference. The Company evaluates each quarter if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of, and the amount of time passed since, the last goodwill impairment test, and (iv) the long-term expected financial performance of its reporting units.
Foreign currency translation	Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at each balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the reporting period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at each balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other expense, net.”
Income taxes	Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value. The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.
Revenue recognition	Revenue recognition — Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the supplier and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process, which is typically over a few weeks. The contract assets associated with such specialized manufacturing products are not material. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has control of inventory and the related inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. The Company has contracts with certain customers where the Company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of electronic component supply chain services or to a lesser extent supplier software services. Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.
Vendor allowances and consideration	Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, sell through incentives, marketing/promotional activities, or any other programs are recorded when earned (under the terms and conditions of such supplier programs) as adjustments to product costs or selling, general and administrative expenses, depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over multiple periods.
Comprehensive income (loss)	Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation, unrealized gains and losses on derivative instruments designated and qualifying as net investment hedges, and the impact of the Company’s pension liability adjustments, net of tax.
Share-based compensation	Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period. A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized but instead accelerates the recognition of such expense.
Restructuring and exit activities	Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively.
Gain on legal settlements	Gain on legal settlements — The Company recognizes gains on legal settlements only when such gains are realized or realizable.
Concentration of credit risk	Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.
Fair value	Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data; and, Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2025, 2024, and 2023, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, and accounts payable approximate their fair values at June 28, 2025, due to the short-term nature of these assets and liabilities. At June 28, 2025, and June 29, 2024, the Company had $3.5 million and $14.1 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria.
Investment, Policy [Policy Text Block]	Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the Company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in “Other assets” in the Company’s consolidated balance sheets. Changes in fair value, including impairments for investments in ventures, if any, are recorded in “Other expense, net” in the Company’s consolidated statements of operations. As of June 28, 2025, the Company’s investment in a venture was $23.5 million.
Environmental Costs, Policy [Policy Text Block]	Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred, and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements — In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires the Company to disclose significant segment expenses, the title and position of the Company’s Chief Operating Decision Maker (CODM), and an explanation of how the Company’s reported measure of segment profit or loss is used by the CODM to assess segment performance and make resource allocation decisions. The Company adopted this guidance in the fourth quarter of fiscal 2025 on a retrospective basis. The Company’s adoption of ASU No. 2023-07 did not have a material impact on the Company's consolidated financial statements but did require additional disclosures. Refer to Note 16 “Segment information.”

Working capital - Receivables (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Working capital
Receivables	$ 4,435,645	$ 4,499,691
Allowance for Credit Losses	$ (108,195)	$ (108,504)	$ (112,843)

Pension and retirement plans (Fair Value) (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 477,558	$ 480,705	$ 504,348
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,880	8,586
Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	147,890	151,936
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74,747	95,974
High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	84,857	85,064
U.S. government agencies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	113,401	102,542
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	38,783	36,603
Level 1 \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,880	8,586
Level 1 \| Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17,880	8,586
Net Asset Value \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	459,678	472,119
Net Asset Value \| Recurring \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	147,890	151,936
Net Asset Value \| Recurring \| Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74,747	95,974
Net Asset Value \| Recurring \| High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	84,857	85,064
Net Asset Value \| Recurring \| U.S. government agencies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	113,401	102,542
Net Asset Value \| Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 38,783	$ 36,603

Valuation And Qualifying Accounts (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 108,504	$ 112,843	$ 113,902
Charged to Expense (Income)	3,503	12,570	16,798
Deductions	(3,812)	(16,909)	(17,857)
Balance at End of Period	108,195	108,504	112,843
Valuation Allowance, Operating Loss Carryforwards
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	216,179	207,744	207,889
Charged to Expense (Income)	22,238	10,462	4,530
Charged to Other Accounts	15,201	(2,027)	(4,675)
Balance at End of Period	$ 253,618	$ 216,179	$ 207,744

Pension and retirement plans (Pension Plans) (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Changes in benefit obligations:
Benefit obligations at beginning of year	$ 473,980	$ 470,843	$ 471,401
Service cost within selling, general and administrative expenses		11,480	10,252	$ 12,015
Interest cost		24,732	24,579	26,730
Actuarial loss		11,292	1,202
Benefits paid		(44,367)	(36,591)
Benefit obligations at end of year		473,980	470,843	471,401
Change in plan assets:
Fair value of plan assets at beginning of year	$ 477,558	480,705	504,348
Actual return on plan assets		33,220	4,948
Benefits paid		(44,367)	(36,591)
Contributions		8,000	8,000
Fair value of plan assets at end of year		477,558	480,705	$ 504,348
Funded status of the plan recognized as a non-current asset		3,578	9,862
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		199,856	185,284
Unamortized prior service cost		16	20
Amount recognized in accumulated other comprehensive income		199,872	185,304
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss		17,584	36,195
Amortization of net actuarial losses		(5,222)	(222)
Amortization of prior service costs		(4)	(4)
Other changes in plan assets and benefit obligations recognized in other comprehensive income		(12,358)	$ (35,969)
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		$ 11,400
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		5.50%	5.50%
Weighted average assumptions used to determine net benefit costs
Discount rate		5.50%	5.40%
Expected return on plan assets	8.00%	7.50%	7.00%
Rate of compensation increase		3.50%	3.50%
Interest crediting rate		4.30%	4.00%

Income taxes (Provision for Income Taxes) (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Current:
Federal	$ 14,165	$ 50,428	$ 64,224
State and Local	5,104	4,519	7,865
Foreign	90,637	94,663	173,450
Total current taxes	109,906	149,610	245,539
Deferred:
Federal	3,509	(16,452)	(15,422)
State and Local	2,714	86	2,606
Foreign	(105,777)	320	(20,675)
Total deferred taxes	(99,554)	(16,046)	(33,491)
Income tax expense	$ 10,352	$ 133,564	$ 212,048

Shareholders' equity

12 Months Ended

Jun. 28, 2025

Shareholders' equity

Shareholders' equity

3. Shareholders’ equity

Accumulated comprehensive loss

The following table includes the balances within “Accumulated other comprehensive loss”:


	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Accumulated translation adjustments and other	$	(131,448)	$	(382,801)	$	(328,975)
Accumulated pension liability adjustments, net of income taxes		(126,245)		(103,922)		(80,406)
Total accumulated other comprehensive loss	$	(257,693)	$	(486,723)	$	(409,381)

Substantially all amounts reclassified out of “Accumulated comprehensive loss, net of tax”, to operating expenses during fiscal 2025, 2024, and 2023 related to net periodic pension costs as discussed further in Note 10.

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 fiscal 2025, the Company repurchased 5.9 million shares under existing programs for a total cost of $301.4 million, excluding excise tax. As of June 28, 2025, the Company had $364.1 million remaining under its increased share repurchase authorization.

Common stock dividend

During fiscal 2025, the Company paid dividends of $1.32 per common share and $113.3 million in total.

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Current assets:
Cash and cash equivalents	$ 192,428	$ 310,941
Receivables	4,327,450	4,391,187
Inventories	5,235,485	5,468,730
Prepaid and other current assets	263,374	199,694
Total current assets	10,018,737	10,370,552
Property, plant and equipment, net	667,247	568,169
Goodwill	837,031	780,984
Operating lease assets	201,896	208,971
Other assets	393,642	280,471
Total assets	12,118,553	12,209,147
Current liabilities:
Short-term debt	87,284	492,711
Accounts payable	3,487,419	3,345,510
Accrued expenses and other	497,154	573,055
Operating Lease, Liability, Current	56,247	53,993
Total current liabilities	4,128,104	4,465,269
Long-term debt	2,574,729	2,406,629
Operating Lease, Liability, Noncurrent	159,449	173,886
Other liabilities	244,776	237,859
Total liabilities	7,107,058	7,283,643
Commitments and contingencies (Note 13)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 83,853,935 shares and 89,045,996 shares, respectively	83,854	89,046
Additional paid-in capital	1,755,141	1,721,369
Retained earnings	3,430,193	3,601,812
Accumulated other comprehensive loss	(257,693)	(486,723)
Total shareholders' equity	5,011,495	4,925,504
Total liabilities and shareholders' equity	$ 12,118,553	$ 12,209,147

Shareholders' equity (Tables)K

12 Months Ended

Jun. 28, 2025

Shareholders' equity

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table includes the balances within “Accumulated other comprehensive loss”:


	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Accumulated translation adjustments and other	$	(131,448)	$	(382,801)	$	(328,975)
Accumulated pension liability adjustments, net of income taxes		(126,245)		(103,922)		(80,406)
Total accumulated other comprehensive loss	$	(257,693)	$	(486,723)	$	(409,381)

Stock-based compensation K

12 Months Ended

Jun. 28, 2025

Stock-based compensation

Stock-based compensation

12. Stock-based compensation

The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2025, 2024, and 2023, the Company recorded stock-based compensation expense of $36.4 million, $33.5 million, and $38.8 million, respectively, for all forms of stock-based compensation awards.

Stock plan

At June 28, 2025, the Company had 4.7 million shares of common stock reserved for stock-based payments, which consisted of 0.8 million shares for unvested or unexercised stock options, 2.5 million shares available for stock-based awards under plans approved by shareholders, and 1.3 million shares for restricted stock units and performance share units granted but not yet vested.

Stock options

There were no stock options granted in fiscal 2025 and 2024, and the stock-based compensation expense and unamortized stock-based compensation associated with stock options were not material.

Restricted stock units

Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of June 28, 2025, 1.0 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $34.3 million, $32.6 million, and $30.5 million for fiscal years 2025, 2024, and 2023, respectively.

The following is a summary of the changes in non-vested restricted stock units during fiscal 2025:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at June 29, 2024	1,084,587	$	44.02
Granted	704,020		52.06
Vested	(700,260)		44.79
Forfeited	(44,591)		47.58
Non-vested restricted stock units at June 28, 2025	1,043,756	$	48.78

As of June 28, 2025, there was $21.4 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of restricted stock units vested during fiscal 2025, 2024, and 2023, was $31.4 million, $31.0 million, and $28.6 million, respectively.

Performance share units

The Company granted 0.2 million performance share units during fiscal 2025, 2024, and 2023. During fiscal 2025, 2024, and 2023, the stock-based compensation expense associated with the performance share units was not material.

Goodwill

12 Months Ended

Jun. 28, 2025

Goodwill

Goodwill

6. Goodwill

Goodwill

The following table presents the change in goodwill balances by reportable segment for fiscal year 2025.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at June 29, 2024 ⁽¹⁾	$	295,957	$	485,027	$	780,984
Foreign currency translation		13,781		42,266		56,047
Carrying value at June 28, 2025 ⁽¹⁾	$	309,738	$	527,293	$	837,031

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

Derivative financial instruments (Tables)

12 Months Ended

Jun. 28, 2025

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	June 28,		June 29,
	2025		2024

	(Thousands)
Economic hedges
Prepaid and other current assets	$	43,750	$	12,116
Accrued expenses and other	$	27,640	$	16,957
Cross-currency swap
Other liabilities	$	69,143	$	16,241

Schedule of gain (loss) on derivatives


			Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

			(Thousands)
Economic hedges	Other expense, net	$	15,543	$	(31,666)	$	40,454
Cross currency swap	Interest and other financing expense, net	$	4,071	$	4,536	$	1,635

Income taxes (Tables)K

12 Months Ended

Jun. 28, 2025

Income taxes

Components of income tax expense ("tax provision")


	Years Ended
	June 28, 2025		June 29, 2024		July 1, 2023

	(Thousands)
Current:
Federal	$	14,165	$	50,428	$	64,224
State and local		5,104		4,519		7,865
Foreign		90,637		94,663		173,450
Total current taxes		109,906		149,610		245,539
Deferred:
Federal		3,509		(16,452)		(15,422)
State and local		2,714		86		2,606
Foreign		(105,777)		320		(20,675)
Total deferred taxes		(99,554)		(16,046)		(33,491)
Income tax expense	$	10,352	$	133,564	$	212,048

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


	Years Ended
	June 28, 2025		June 29, 2024		July 1, 2023
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes	1.3		0.9		0.9
Tax on foreign income	(1.8)		(2.1)		0.5
Change in valuation allowances	8.1		0.8		0.5
Change in unrecognized tax benefit reserves	(4.8)		0.1		(0.5)
Tax audit settlements	3.6		0.3		0.3
Impact of tax attribute carryforwards	(26.2)		—		—
Impact on foreign currency translation loss	—		—		(1.2)
Other, net	2.9		0.1		0.1
Effective tax rate	4.1	%	21.1	%	21.6	%

Components of deferred tax assets and liabilities


	June 28,		June 29,
	2025		2024

	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	264,043	$	207,087
Depreciation and amortization		8,801		18,501
Inventories valuation		19,070		19,022
Operating lease liabilities		48,842		51,581
Receivables valuation		17,510		18,417
Interest deductions		77,004		51,388
Various accrued liabilities and other		189,583		103,346
		624,853		469,342
Less — valuation allowances		(253,618)		(216,179)
		371,235		253,163
Deferred tax liabilities:
Operating lease assets		(47,222)		(49,956)
Net deferred tax assets	$	324,013	$	203,207

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


	June 28, 2025		June 29, 2024

	(Thousands)
Balance at beginning of year	$	100,661	$	102,841
Additions for tax positions taken in prior periods		1,078		86
Reductions for tax positions taken in prior periods		(7,159)		(3,242)
Additions for tax positions taken in current period		3,974		6,814
Reductions related to settlements with taxing authorities		(7,533)		(1,862)
Reductions related to the lapse of applicable statutes of limitations		(352)		(3,427)
Adjustments related to foreign currency translation		1,909		(549)
Balance at end of year	$	92,578	$	100,661

Years remaining subject to audit, by major jurisdiction


Jurisdiction		Fiscal Year
United States (Federal and state)		2016, 2017, 2019 - 2025
Taiwan		2020 - 2025
Hong Kong		2019 - 2025
Germany		2023 - 2025
Singapore		2020 - 2025
Belgium		2022 - 2025
United Kingdom		2022 - 2025
Canada		2018 - 2025

Pension and retirement plans (Benefit Payments) (Details)K $ in Thousands	Jun. 28, 2025 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2026	$ 48,424
2027	37,071
2028	39,736
2029	40,566
2030	40,752
2031 through 2035	$ 206,028

Property plant and equipment, net (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,609,834	$ 1,455,200
Accumulated depreciation	(1,191,652)	(1,144,018)
Total Property, plant and equipment, net	667,247	568,169	$ 441,600
Depreciable property, plant and equipment, net	418,182	311,182
Land	31,898	29,365
Construction in progress	217,167	227,622
Depreciation and amortization expense	70,200	83,600	$ 82,600
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	258,653	137,460
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	305,864	275,171
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	893,572	903,812
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 151,745	$ 138,757

Working capital (Tables)

12 Months Ended

Jun. 28, 2025

Working capital

Schedule of receivables and allowance for credit losses

Receivables

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Receivables	$	4,435,645	$	4,499,691
Allowance for Credit Losses	$	(108,195)	$	(108,504)

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Balance at beginning of the period	$	108,504	$	112,843
Credit Loss Provisions		3,503		12,570
Credit Loss Recoveries		702		208
Receivables Write Offs		(10,498)		(15,852)
Foreign Currency Effect and Other		5,984		(1,265)
Balance at end of the period	$	108,195	$	108,504

Additional cash flow information

12 Months Ended

Jun. 28, 2025

Additional cash flow information

Additional cash flow information

15. Additional cash flow information

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


	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Provision for credit losses	$	3,503	$	12,570	$	16,798
Periodic pension cost (benefit) ⁽¹⁾		2,093		(663)		30,424
Other, net		20,346		3,893		4,920
Total	$	25,942	$	15,800	$	52,142

(1) Included net loss recognized due to benefit obligation settlement of $37,350 in fiscal 2023.

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


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	16,538	$	20,451	$	28,771
Non-cash Financing Activities:
Unsettled share repurchases		—	$	2,054		—
Supplemental Cash Flow Information:
Interest	$	287,592	$	351,374	$	261,586
Income tax payments, net	$	245,995	$	208,585	$	216,780

The Company includes book overdrafts as part of accounts payable on its consolidated balance sheets and reflects changes in such balances as part of cash flows from operating activities in its consolidated statements of cash flows.

Leases (Tables)K

12 Months Ended

Jun. 28, 2025

Leases [Abstract]

Schedule of lease cost

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


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023
Operating lease cost	$	64,349	$	63,514	$	67,478
Variable lease cost		33,036		29,560		21,422
Total lease cost	$	97,385	$	93,074	$	88,900

Schedule of future minimum operating lease payments


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023
Operating lease cost	$	64,349	$	63,514	$	67,478
Variable lease cost		33,036		29,560		21,422
Total lease cost	$	97,385	$	93,074	$	88,900

Schedule of other information pertaining to operating leases

Other information pertaining to operating leases consists of the following:


		Years Ended
		June 28,			June 29,			July 1,
		2025			2024			2023
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		14.0			7.5			8.2
Weighted-average discount rate		4.1	%		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	58,474		$	57,572		$	58,111
Operating lease assets obtained from new operating lease liabilities	$	92,647		$	47,668		$	48,038

Working capital

12 Months Ended

Jun. 28, 2025

Working capital

Working capital

4. Working capital

Receivables

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Receivables	$	4,435,645	$	4,499,691
Allowance for Credit Losses	$	(108,195)	$	(108,504)

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Balance at beginning of the period	$	108,504	$	112,843
Credit Loss Provisions		3,503		12,570
Credit Loss Recoveries		702		208
Receivables Write Offs		(10,498)		(15,852)
Foreign Currency Effect and Other		5,984		(1,265)
Balance at end of the period	$	108,195	$	108,504

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% and 7% of inventories as of June 28, 2025, and June 29, 2024, respectively.

Stock-based compensation (Non-Vested restricted Incentive Shares) (Details)K - Restricted incentive shares	12 Months Ended
	Jun. 28, 2025 $ / shares shares
Shares
Beginning balance \| shares	1,084,587
Granted \| shares	704,020
Vested \| shares	(700,260)
Forfeited \| shares	(44,591)
Ending balance \| shares	1,043,756
Weighted Average Grant-Date Fair Value
Beginning balance \| $ / shares	$ 44.02
Granted \| $ / shares	52.06
Vested \| $ / shares	44.79
Forfeited \| $ / shares	47.58
Ending balance \| $ / shares	$ 48.78

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Company's total debt
Debt, Long-Term and Short-Term, Combined Amount	$ 2,662,013	$ 2,900,000
Total fair value	$ 2,650,000	$ 2,850,000
Accounts receivable securitization program
Debt Instrument [Line Items]
stated interest rate	5.18%	6.19%
Term	2 years
Accounts receivable securitization program	$ 500,000
Accounts Receivable from Securitization	813,900,000	$ 1,050,000
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500,000
Term	5 years
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 200,000
Letters of credit outstanding, amount	900	$ 900
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 240,217	$ 498,699	$ 770,828
Non-cash and other reconciling items:
Depreciation, Depletion and Amortization, Nonproduction	71,616	86,708	88,613
Amortization of Operating Lease Assets	53,579	53,796	54,392
Deferred income taxes	(105,412)	(9,749)	(37,060)
Stock-based compensation	36,399	33,496	38,781
Other, net	25,942	15,800	52,142
Changes in (net of effects from businesses acquired and divested):
Receivables	183,533	316,218	(461,117)
Inventories	409,553	(51,203)	(1,173,124)
Accounts payable	101,702	4,496	(75,943)
Accrued expenses and other, net	(292,625)	(258,277)	28,785
Net cash flows provided by operating activities	724,504	689,984	(713,703)
Cash flows from financing activities:
Issuance of notes, net of discounts			498,615
Borrowings (repayments) under accounts receivable securitization, net	84,900	(140,700)	258,000
(Repayments) borrowings under senior unsecured credit facility, net	(357,299)	(43,277)	728,182
(Repayments) borrowings under bank credit facilities and other debt, net	(2,451)	27,491	(96,209)
Repurchases of common stock	(303,490)	(162,723)	(221,730)
Dividends paid on common stock	(113,310)	(111,963)	(106,325)
Other, net	(1,876)	(2,627)	(5,777)
Net cash flows used for financing activities	(693,526)	(433,799)	1,054,756
Cash flows from investing activities:
Purchases of property, plant and equipment	(147,474)	(226,478)	(194,674)
Other, net	10,347	994	(16,877)
Net cash flows used for investing activities	(137,127)	(225,484)	(211,551)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(12,364)	(7,990)	5,035
Cash and cash equivalents:
(decrease) increase	(118,513)	22,711	134,537
Cash and cash equivalents at beginning of year	310,941	288,230	153,693
Cash and cash equivalents at end of year	$ 192,428	$ 310,941	$ 288,230

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Net Income (Loss)	$ 240,217	$ 498,699	$ 770,828
Other comprehensive income (loss), net of tax:
Pension adjustments	(22,323)	(23,516)	30,230
Total other comprehensive income (loss), net of tax	229,030	(77,342)	71,867
Total comprehensive income, net of tax	469,247	421,357	842,695
Foreign Exchange Forward
Other comprehensive income (loss), net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	304,255	(60,434)	64,486
Total other comprehensive income (loss), net of tax	304,255	(60,434)	64,486
Cross-Currency Swap
Other comprehensive income (loss), net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(52,902)	6,608	(22,849)
Total other comprehensive income (loss), net of tax	$ (52,902)	$ 6,608	$ (22,849)

- 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

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

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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-Publisher FASB
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-Topic 235
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-Paragraph 1
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

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-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
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Reference 21: 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))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Section S99
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1A
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: 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/1943274/2147478524/942-220-S99-1

+ 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

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 6,392	$ 7,648	$ 8,146
Common Stock, Dividends, Per Share, Cash Paid	$ 1.32	$ 1.24	$ 1.16
Repurchase of common stock excise tax	$ 3,013	$ 1,652

Income taxes (Effective Tax Rate) (Details)K	12 Months Ended
Income taxes (Effective Tax Rate) (Details)K	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Reconciliation between federal statutory tax rate and effective tax rate
U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes	1.30%	0.90%	0.90%
Tax on foreign income	(1.80%)	(2.10%)	0.50%
Change in valuation allowances	8.10%	0.80%	0.50%
Change in unrecognized tax benefit reserves	(4.80%)	0.10%	(0.50%)
Tax audit settlements	3.60%	0.30%	0.30%
Impact of tax attribute carryforwards	(26.20%)
Impact on foreign currency translation loss			(1.20%)
Other, net	2.90%	0.10%	0.10%
Effective Income Tax Rate	4.10%	21.10%	21.60%

Stock-based compensation (Textuals) (Details)K - USD ($) $ in Millions	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 36.4	$ 33.5	$ 38.8
Common stock of shares reserved for stock option and stock incentive plans	4,700,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0	0
Shares available for grant	800,000
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	2,500,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 34.3	$ 32.6	30.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares	1,000,000
Total unrecognized compensation cost related to non vested awards	$ 21.4
Weighted average period for expected recognition of compensation cost	2 years 1 month 6 days
Fair value of shares vested	$ 31.4	$ 31.0	$ 28.6
Performance shares granted	704,020
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	1,300,000
Performance shares granted	200,000	200,000	200,000

Income taxes - Textuals (Details)K - USD ($) $ in Thousands	12 Months Ended
Income taxes - Textuals (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Income taxes
CAMT liability	$ 0
Income before income taxes, Domestic	34,000	$ 186,600	$ 250,800
Income before income taxes, Foreign	$ 216,600	$ 445,600	$ 732,100
Effective tax rate	4.10%	21.10%	21.60%
Deferred tax assets	$ 371,235	$ 253,163
Increase in valuation allowance due to current year activity in the United States	22,200
Decrease in Valuation Allowance Due To Changing Foreign Exchange Rates	15,200
Net operating loss carry forward	1,200,000
Operating loss carry forward, subject to expiration	13,600
Deferred tax assets operating loss carry forwards expiring in next three years and after	209,900
Operating loss carry forward, not subject to expiration	976,500
Unrecognized tax benefits including interest and penalties	120,500
Accrued interest expense and penalties	28,000	$ 29,600
Tax contingencies settled	$ 13,200

Derivative financial instruments Textuals (Details) € in Millions	12 Months Ended
	Jun. 28, 2025 USD ($)	Jun. 28, 2025 EUR (€)	Jun. 29, 2024 USD ($)
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 \| Cross-Currency Swap
Derivative notional amounts
Total notional amount	$ 500,000,000	€ 472.6
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative fair value
Derivative liabilities fair value	$ 69,143,000		$ 16,241,000
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	$ 43,750,000		$ 12,116,000
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	$ 27,640,000		$ 16,957,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current

Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Jun. 28, 2025	Aug. 07, 2025	Dec. 27, 2024
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 28, 2025
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,521,795,970
Entity Common Stock, Shares Outstanding		83,462,743
Auditor Name	KPMG LLP
Auditor Location	Phoenix, AZ
Auditor Firm ID	185
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--06-28
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Stock-based compensation (Tables)K

12 Months Ended

Jun. 28, 2025

Stock-based compensation

Summary of the changes in non-vested restricted incentive shares


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at June 29, 2024	1,084,587	$	44.02
Granted	704,020		52.06
Vested	(700,260)		44.79
Forfeited	(44,591)		47.58
Non-vested restricted stock units at June 28, 2025	1,043,756	$	48.78

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 28, 2025	Jun. 29, 2024
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	83,853,935	89,045,996

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,583,561	$ 2,418,228
Discount and debt issuance costs - unamortized	(8,832)	(11,599)
Long-term debt	2,574,729	$ 2,406,629
Accounts receivable securitization program
Debt Instrument [Line Items]
Accounts receivable securitization program	$ 500,000
Long-term debt, stated interest rate	5.18%	6.19%
Long-term debt before discount and debt issuance costs	$ 500,000	$ 415,100
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	4.74%	4.74%
Long-term debt before discount and debt issuance costs	$ 21,975	$ 22,748
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	5.46%	5.05%
Long-term debt before discount and debt issuance costs	$ 411,586	$ 745,480
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 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
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

Pension plan (Tables)

12 Months Ended

Jun. 28, 2025

Pension and retirement plan

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	470,843	$	471,401
Service cost		11,480		10,252
Interest cost		24,732		24,579
Actuarial loss		11,292		1,202
Benefits paid		(44,367)		(36,591)
Benefit obligations at end of year	$	473,980	$	470,843
Changes in plan assets:
Fair value of plan assets at beginning of year	$	480,705	$	504,348
Actual return on plan assets		33,220		4,948
Benefits paid		(44,367)		(36,591)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	477,558	$	480,705
Funded status of the plan recognized as a non-current asset	$	3,578	$	9,862

Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	199,856	$	185,284
Unamortized prior service cost		16		20
	$	199,872	$	185,304
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	17,584	$	36,195
Amortization of net actuarial losses		(5,222)		(222)
Amortization of prior service costs		(4)		(4)
	$	12,358	$	35,969

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


	2025		2024
Discount rate	5.5	%	5.5	%

Weighted average assumptions used to determine net benefit costs


	2025		2024
Discount rate	5.5	%	5.4	%
Expected return on plan assets	7.5	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.3	%	4.0	%

Components of net periodic pension costs


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Service cost within selling, general and administrative expenses	$	11,480	$	10,252	$	12,015

Interest cost		24,732		24,579		26,730
Expected return on plan assets		(41,721)		(39,941)		(48,860)
Recognized net actuarial loss and other		5,226		227		2,473
Net loss recognized due to benefit obligation settlement		—		—		37,350
Total net periodic pension benefit within other expense, net		(11,763)		(15,135)		17,693

Net periodic pension (benefit) cost	$	(283)	$	(4,883)	$	29,708

Benefit payments expected to be paid to Plan participants

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


2026	$	48,424
2027		37,071
2028		39,736
2029		40,566
2030		40,752
2031 through 2035		206,028

Plan's assets allocation


	2025		2024
Equity securities	64	%	69	%
Fixed income debt securities	32	%	29	%
Cash and cash equivalents	4	%	2	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 28, 2025:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	17,880	$	—	$	—	$	—	$	17,880
Return Seeking Investments:
Common stocks		—		—		—		147,890		147,890
Real estate		—		—		—		74,747		74,747
High yield credit and bonds		—		—		—		84,857		84,857
Fixed Income Investments:
U.S. government		—		—		—		113,401		113,401
Corporate		—		—		—		38,783		38,783
Total	$	17,880	$	—	$	—	$	459,678	$	477,558

Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy.

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705

Stock-based compensation (Non vested) (Details)K shares in Millions	12 Months Ended
	Jun. 28, 2025 shares
Restricted incentive shares
Shares
Ending balance	1.0

Pension plan

12 Months Ended

Jun. 28, 2025

Pension and retirement plan

Pension and retirement plans

10. Pension and retirement plans

Pension Plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. Employees (the “Plan”).

The Plan meets the definition of a defined benefit plan and, as a result, the Company applies ASC 715 pension accounting to the Plan.

The following table outlines changes in benefit obligations, plan assets, and the funded status of the Plan as of the end of fiscal 2025 and 2024:


	June 28,		June 29,
	2025		2024

	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	470,843	$	471,401
Service cost		11,480		10,252
Interest cost		24,732		24,579
Actuarial loss		11,292		1,202
Benefits paid		(44,367)		(36,591)
Benefit obligations at end of year	$	473,980	$	470,843
Changes in plan assets:
Fair value of plan assets at beginning of year	$	480,705	$	504,348
Actual return on plan assets		33,220		4,948
Benefits paid		(44,367)		(36,591)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	477,558	$	480,705
Funded status of the plan recognized as a non-current asset	$	3,578	$	9,862

Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	199,856	$	185,284
Unamortized prior service cost		16		20
	$	199,872	$	185,304
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	17,584	$	36,195
Amortization of net actuarial losses		(5,222)		(222)
Amortization of prior service costs		(4)		(4)
	$	12,358	$	35,969

Included in “Accumulated other comprehensive loss” at June 28, 2025, is $199.9 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $11.4 million is expected to be recognized as a component of net periodic pension cost during fiscal 2026.

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


	2025		2024
Discount rate	5.5	%	5.5	%

The discount rate selected by the Company for the Plan reflects the current rate at which the underlying liability could be settled at the measurement date as of June 28, 2025. The estimated discount rate in fiscal 2025 and fiscal 2024 was based on the spot yield curve approach, which applies the individual spot rates from a highly rated bond yield curve to each future year’s estimated cash flows.

The weighted-average assumptions used to determine net benefit costs are as follows:


	2025		2024
Discount rate	5.5	%	5.4	%
Expected return on plan assets	7.5	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.3	%	4.0	%

Components of net periodic pension cost for the Plan during the last three fiscal years are as follows:


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Service cost within selling, general and administrative expenses	$	11,480	$	10,252	$	12,015

Interest cost		24,732		24,579		26,730
Expected return on plan assets		(41,721)		(39,941)		(48,860)
Recognized net actuarial loss and other		5,226		227		2,473
Net loss recognized due to benefit obligation settlement		—		—		37,350
Total net periodic pension benefit within other expense, net		(11,763)		(15,135)		17,693

Net periodic pension (benefit) cost	$	(283)	$	(4,883)	$	29,708

The Company made $8.0 million of contributions in fiscal 2025 and fiscal 2024 and expects to make approximately $8.0 million of contributions in fiscal 2026.

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


2026	$	48,424
2027		37,071
2028		39,736
2029		40,566
2030		40,752
2031 through 2035		206,028

The Plan’s assets are held in trust and were invested as follows as of the measurement date at the end of fiscal 2025 and 2024:


	2025		2024
Equity securities	64	%	69	%
Fixed income debt securities	32	%	29	%
Cash and cash equivalents	4	%	2	%

The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio to earn annualized returns that exceed the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The expected return on the Plan’s assets in fiscal 2026 is currently 8.0%, which is

the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation based upon the targeted investment allocations. In making this assumption, the Company evaluated expectations regarding future rates of return for the investment portfolio, along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of return seeking and fixed income investments is typically diversified. The Plan’s assets do not include any investments in Avnet common stock. As of June 28, 2025, the Company’s target allocation for the Plan’s investment portfolio is for return seeking investments to represent approximately 65% of the investment portfolio. The majority of the remaining investment portfolio is invested in fixed income investments, which typically have lower risks, but also lower returns.

The following table sets forth the fair value of the Plan’s investments as of June 28, 2025:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	17,880	$	—	$	—	$	—	$	17,880
Return Seeking Investments:
Common stocks		—		—		—		147,890		147,890
Real estate		—		—		—		74,747		74,747
High yield credit and bonds		—		—		—		84,857		84,857
Fixed Income Investments:
U.S. government		—		—		—		113,401		113,401
Corporate		—		—		—		38,783		38,783
Total	$	17,880	$	—	$	—	$	459,678	$	477,558

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705

Each of these investments may be redeemed without restrictions in the normal course of business and there were no material unfunded commitments as of June 28, 2025.

- 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
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-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
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-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

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 28, 2025
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 17,200		$ 9,600
Gain on legal settlements and other	86,499	$ 37,037
Gain on legal settlement	86,500
Proceeds from legal settlement	90,700
Legal settlement	$ 86,500
Mexico Consumption Tax Audit
Loss Contingency, Estimate [Abstract]
Contingent liability recognized			$ 43,400

Income taxes (Deferred Assets and Liabilities) (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 264,043	$ 207,087
Depreciation and amortization	8,801	18,501
Inventories valuation	19,070	19,022
Operating lease liabilities	48,842	51,581
Receivables valuation	17,510	18,417
Deferred Tax Asset Interest Deductions	77,004	51,388
Various accrued liabilities and other	189,583	103,346
Deferred tax assets, gross	624,853	469,342
Less - valuation allowances	(253,618)	(216,179)
Deferred tax assets, net	371,235	253,163
Deferred tax liabilities:
Operating lease assets	(47,222)	(49,956)
Net deferred tax assets	$ 324,013	$ 203,207

Accrued expenses and other (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Accrued expenses and other
Accrued salaries and benefits	$ 208,723	$ 213,641
Accrued operating costs	131,951	184,007
Accrued interest and banking costs	49,324	34,811
Accrued restructuring costs	21,612	24,660
Accrued income taxes	12,409	46,143
Accrued property, plant and equipment	16,538	20,451
Accrued other	56,597	49,342
Total accrued expenses and other	$ 497,154	$ 573,055

Restructuring expenses

12 Months Ended

Jun. 28, 2025

Restructuring expenses

Restructuring expenses

17. Restructuring expenses

Fiscal 2025

During fiscal 2025, the Company incurred restructuring expenses primarily related to headcount reductions including from the planned closure of certain distribution centers intended to reduce future selling, general and administrative expenses. The following table presents the activity incurred during fiscal 2025:


			Facility		Asset
	Severance		Exit Costs		Impairments		Other		Total

	(Thousands)
Fiscal 2025 restructuring expenses	$	32,167	$	5,582	$	14,904	$	3,453	$	56,106
Cash payments		(11,515)		(5,318)		—		(409)		(17,242)
Non-cash amounts		(1,463)		(11)		(14,904)		(3,044)		(19,422)
Other, principally foreign currency translation		(4)		—		—		—		(4)
Balance at June 28, 2025	$	19,185	$	253	$	—	$	—	$	19,438

Severance expense recorded in fiscal 2025 related to the reduction, or planned reduction, of over 400 employees, primarily in operations, distribution centers, and business support functions. Of the $56.1 million in restructuring expenses recorded in fiscal 2025, $26.8 million related to EC, $29.1 million related to Farnell, and $0.2 million related to Corporate. The Company expects most of the remaining severance amounts to be paid by the end of December 2025.

Fiscal 2024

During fiscal 2024, the Company incurred restructuring expenses primarily related headcount reductions 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 2025. The following table presents the activity during fiscal 2025 related to the remaining restructuring liabilities established during fiscal 2024:



	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(15,737)
Changes in estimates, net		(6,044)
Other, principally foreign currency translation		117
Balance at June 28, 2025	$	2,174

Accrued expenses and other K

12 Months Ended

Jun. 28, 2025

Accrued expenses and other

Accrued expenses and other

8. Accrued expenses and other

Accrued expenses and other consist of the following:


	June 28, 2025		June 29, 2024

	(Thousands)
Accrued salaries and benefits	$	208,723	$	213,641
Accrued operating costs		131,951		184,007
Accrued interest and banking costs		49,324		34,811
Accrued restructuring costs		21,612		24,660
Accrued income taxes		12,409		46,143
Accrued property, plant and equipment		16,538		20,451
Accrued other		56,597		49,342
Total accrued expenses and other	$	497,154	$	573,055

Debt (Maturity Schedule) (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024
Debt
2026	$ 637,284
2027	500,000
2028	500,000
2030	411,586
Thereafter	621,975
Subtotal	2,670,845
Discount on debt issuance costs - unamortized	(8,832)
Total debt	$ 2,662,013	$ 2,900,000

Additional cash flow information (Tables)

12 Months Ended

Jun. 28, 2025

Additional cash flow information

Noncash and other reconciling items within operating activities


	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Provision for credit losses	$	3,503	$	12,570	$	16,798
Periodic pension cost (benefit) ⁽¹⁾		2,093		(663)		30,424
Other, net		20,346		3,893		4,920
Total	$	25,942	$	15,800	$	52,142

(1) Included net loss recognized due to benefit obligation settlement of $37,350 in fiscal 2023.

Interest and income taxes paid


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	16,538	$	20,451	$	28,771
Non-cash Financing Activities:
Unsettled share repurchases		—	$	2,054		—
Supplemental Cash Flow Information:
Interest	$	287,592	$	351,374	$	261,586
Income tax payments, net	$	245,995	$	208,585	$	216,780

Restructuring expenses (Details) $ in Thousands	12 Months Ended
Restructuring expenses (Details) $ in Thousands	Jun. 28, 2025 USD ($)
Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 56,106
Cash payments	(17,242)
Non-cash amounts	(19,422)
Other, principally foreign currency translation	(4)
Ending Balance	$ 19,438
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	$ 32,167
Cash payments	(11,515)
Non-cash amounts	(1,463)
Other, principally foreign currency translation	(4)
Ending Balance	19,185
Severance \| Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	23,838
Cash payments	(15,737)
Changes in estimates, net	(6,044)
Other, principally foreign currency translation	117
Ending Balance	2,174
Facility Exit Costs \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	5,582
Cash payments	(5,318)
Non-cash amounts	(11)
Ending Balance	253
Asset Impairments \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	14,904
Non-cash amounts	(14,904)
Other Restructuring \| Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	3,453
Cash payments	(409)
Non-cash amounts	$ (3,044)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 240,217	$ 498,699	$ 770,828

- Definition

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

+ References

+ Details

Income taxes (Unrecognized Tax Benefits) (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 100,661	$ 102,841
Additions for tax positions taken in prior periods	1,078	86
Reductions for tax positions taken in prior periods	(7,159)	(3,242)
Additions for tax positions taken in current period	3,974	6,814
Reductions related to settlements with taxing authorities	(7,533)	(1,862)
Reductions related to the lapse of applicable statutes of limitations	(352)	(3,427)
Adjustments related to foreign currency translation		(549)
Adjustments related to foreign currency translation	1,909
Balance at end of year	$ 92,578	$ 100,661

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income Foreign Exchange Forward	Accumulated Other Comprehensive (Loss) Income Cross-Currency Swap	Accumulated Other Comprehensive (Loss) Income	Foreign Exchange Forward	Cross-Currency Swap	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 (Loss)			770,828						770,828
Other comprehensive income (loss)				$ 64,486	$ (22,849)		$ 64,486	$ (22,849)	71,867
Pension liability adjustments, net of tax						(30,230)			(30,230)
Cash dividends			(106,325)						(106,325)
Repurchase of common stock	$ (5,085)		(207,690)						(212,775)
Repurchase of common stock (in shares)	(5,085,000)
Stock-based compensation	$ 887	34,427							35,314
Stock-based compensation (in shares)	887,000
Shares issued Ending Balance at Jul. 01, 2023	91,504,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 01, 2023	$ 91,504	1,691,334	3,378,212			(409,381)			4,751,669
Net Income (Loss)			498,699						498,699
Other comprehensive income (loss)				(60,434)	6,608		(60,434)	6,608	(77,342)
Pension liability adjustments, net of tax						23,516			23,516
Cash dividends			(111,963)						(111,963)
Repurchase of common stock	$ (3,293)		(163,136)						(166,429)
Repurchase of common stock (in shares)	(3,293,000)
Stock-based compensation	$ 835	30,035							$ 30,870
Stock-based compensation (in shares)	835,000
Shares issued Ending Balance at Jun. 29, 2024	89,046,000								89,045,996
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 29, 2024	$ 89,046	1,721,369	3,601,812			(486,723)			$ 4,925,504
Net Income (Loss)			240,217						240,217
Other comprehensive income (loss)				$ 304,255	$ (52,902)		$ 304,255	$ (52,902)	229,030
Pension liability adjustments, net of tax						22,323			22,323
Cash dividends			(113,310)						(113,310)
Repurchase of common stock	$ (5,923)		(298,526)						$ (304,449)
Repurchase of common stock (in shares)	(5,923,000)								(5,900,000)
Stock-based compensation	$ 731	33,772							$ 34,503
Stock-based compensation (in shares)	731,000
Shares issued Ending Balance at Jun. 28, 2025	83,854,000								83,853,935
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 28, 2025	$ 83,854	$ 1,755,141	$ 3,430,193			$ (257,693)			$ 5,011,495

Debt

12 Months Ended

Jun. 28, 2025

Debt

Debt

7. Debt

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


	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		6.19	%	$	—	$	415,100
Other short-term debt	5.17	%	5.43	%		87,284		77,611
Short-term debt					$	87,284	$	492,711

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):


	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2026)	5.18	%	—		$	500,000	$	—
Credit Facility (due January 2030)	5.46	%	5.05	%		411,586		745,480
Other long-term debt	4.74	%	4.74	%		21,975		22,748
Public notes due:
April 2026 ⁽¹⁾	4.63	%	4.63	%		550,000		550,000
March 2028	6.25	%	6.25	%		500,000		500,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
Long-term debt before discount and debt issuance costs						2,583,561		2,418,228
Discount and debt issuance costs – unamortized						(8,832)		(11,599)
Long-term debt					$	2,574,729	$	2,406,629

(1)	As of June 28, 2025, the Company classified its $550 million of 4.63% Notes due April 2026 as long-term debt based on its ability and intent to refinance these notes on a long-term basis.

In December 2024, the Company amended and extended for two years its trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions which is due in December 2026. 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 $500.0 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $813.9 million and $1.05 billion at June 28, 2025, and June 29, 2024, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold.

There were $500.0 million and $415.1 million borrowings outstanding under the Securitization Program as of June 28, 2025, and as of June 29, 2024, respectively.

In January 2025, the Company amended and extended its five-year $1.50 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in January 2030. 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. 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 minimum leverage ratio, which the Company was in compliance with as of June 28, 2025. At June 28, 2025, and June 29, 2024, there were $0.9 million in letters of credit issued under the Credit Facility.

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


2026	$	637,284
2027		500,000
2028		500,000
2029		—
2030		411,586
Thereafter		621,975
Subtotal		2,670,845
Discount and debt issuance costs – unamortized		(8,832)
Total debt	$	2,662,013

At June 28, 2025, the carrying value and fair value of the Company’s total debt was $2.66 billion and $2.65 billion, respectively. 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 the public notes was estimated based upon quoted market prices (Level 1) and, for other forms of debt, fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities (Level 2).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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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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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

Additional cash flow information (Details)K - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Other non-cash and reconciling items
Provision for credit losses	$ 3,503	$ 12,570	$ 16,798
Periodic pension cost (benefit)	2,093	(663)	30,424
Other, net	20,346	3,893	4,920
Total	25,942	15,800	52,142
Net loss due to benefit obligation settlement			37,350
Interest and income taxes paid
Capital expenditures incurred but not paid	16,538	20,451	28,771
Unsettled share repurchases		2,054
Interest	287,592	351,374	261,586
Income tax payments	$ 245,995	$ 208,585	$ 216,780

Segment information

12 Months Ended

Jun. 28, 2025

Segment information

Segment information

16. Segment information

Avnet has two primary operating groups — Electronic Components (“EC”) and Farnell (“Farnell”). Both operating groups have operations in each of the three major economic regions of the world: (i) the Americas, (ii) EMEA, and (iii) Asia. Each operating group has its own management team, who manage various functions within each operating group. Each operating group also has distinct financial reporting to the executive level, which informs operating decisions, strategic planning, and resource allocation for the Company as a whole.

Avnet’s EC operating group primarily supports high and medium-volume customers. It markets, sells, and distributes electronic components from many of the world’s leading electronic component manufacturers, including semiconductors, IP&E components (interconnect, passive and electromechanical components), and other integrated and embedded components. EC serves a variety of markets ranging from industrial to automotive to defense and aerospace. It offers an array of customer support options throughout the entire product lifecycle, including both turnkey and customized design, supply chain, programming, logistics, and post-sales services. Within the EC operating group for 2025, net sales of approximately $17.00 billion consist of semiconductor products, approximately $3.30 billion consist of interconnect, passive, and electromechanical components, and approximately $371.8 million consist of computers, and approximately $85.6 million consists of other products and services.

Avnet’s Farnell operating group primarily supports lower-volume customers that need electronic components quickly to develop, prototype, and test their products. It distributes a comprehensive portfolio of kits, tools, electronic components, industrial automation components, and test and measurement products to both engineers and entrepreneurs, primarily through an e-commerce channel. Farnell also distributes new product introductions for its suppliers across their various product categories. Within the Farnell operating group for 2025, net sales of approximately $206.9 million consists of semiconductor products, approximately $680.3 million consists of interconnect, passive, and electromechanical components, approximately $157.0 million consists of single-board computers, and approximately $401.6 million consists of other products and services, including test and measurement and maintenance, repair, and operations products.

The Company has identified its Chief Executive Officer (“CEO”) as the chief operating decision maker (“CODM”). The CODM evaluates the performance of both reportable segments based on operating income. Sales, net gross profit, and operating expenses are also monitored closely. This information is used to monitor operating margins, measure segment profitability, allocate resources, and make budgeting and forecasting decisions about the reportable segments. The CODM also uses these measures to monitor trends in year over year performance comparisons, sequential quarter performance comparisons, and to compare actual results to forecasts.


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Millions)
Sales:
Electronic Components	$	20,755.0	$	22,160.0	$	24,802.6
Farnell		1,445.8		1,597.1		1,734.3
	$	22,200.8	$	23,757.1	$	26,536.9
Significant Segment Expenses and Operating Income:
Electronic Components
Gross profit	$	2,008.3	$	2,312.4	$	2,612.4
Selling, general and administrative expenses		1,300.1		1,364.9		1,432.8
Electronic Components operating income	$	708.2	$	947.5	$	1,179.6

Farnell
Gross profit	$	376.7	$	454.0	$	569.8
Selling, general and administrative expenses		343.8		389.2		404.3
Premier Farnell operating income	$	32.8	$	64.8	$	165.5

Total reportable segment operating income	$	741.0	$	1,012.4	$	1,345.1

Corporate
Corporate expenses	$	(116.9)	$	(112.3)	$	(124.2)
Restructuring, integration, and other expenses		(108.3)		(52.6)		(28.0)
Amortization of acquired intangible assets and other		(1.5)		(3.1)		(6.1)
Total Avnet operating income	$	514.3	$	844.4	$	1,186.8

Assets:
Electronic Components	$	9,984.9	$	10,162.8	$	10,375.4
Farnell		1,742.4		1,707.9		1,659.0
Corporate		391.2		338.4		442.8
	$	12,118.6	$	12,209.1	$	12,477.2
Capital expenditures:
Electronic Components	$	90.6	$	176.5	$	153.4
Farnell		21.4		49.9		41.2
Corporate		35.5		0.1		0.1
	$	147.5	$	226.5	$	194.7
Depreciation & amortization expense:
Electronic Components	$	51.7	$	60.6	$	63.6
Farnell		19.8		26.0		24.8
Corporate		0.1		0.1		0.2
	$	71.6	$	86.7	$	88.6
Sales, by geographic area:
Americas	$	5,300.0	$	5,919.2	$	6,807.7
EMEA		6,409.6		8,395.0		9,229.4
Asia		10,491.2		9,442.9		10,499.8
	$	22,200.8	$	23,757.1	$	26,536.9
Property, plant and equipment, net, by geographic area:
Americas	$	154.9	$	109.7	$	105.3
EMEA		489.7		435.3		310.9
Asia		22.6		23.2		25.4
	$	667.2	$	568.2	$	441.6

Sales by country are as follows:


		Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

		(Millions)
Sales:
Taiwan	$	4,676.1	$	4,032.4	$	4,233.3
China (including Hong Kong)		3,520.5		3,206.7		3,395.8
Germany		2,242.2		3,240.3		3,892.2
Singapore		1,360.0		1,298.4		1,497.0
Belgium		1,233.8		1,422.6		1,549.6
Other		4,151.8		5,030.8		5,623.8
Total foreign	$	17,184.4	$	18,231.2	$	20,191.7
United States	$	5,016.4	$	5,525.9	$	6,345.2
Total	$	22,200.8	$	23,757.1	$	26,536.9

Property, plant and equipment, net, by country are as follows:


		Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

		(Millions)
Property, plant and equipment, net:
Germany	$	366.5	$	307.7	$	196.0
United Kingdom		104.4		105.7		92.6
Belgium		13.5		14.0		15.5
Other		35.8		33.7		35.6
Total foreign	$	520.2	$	461.1	$	339.7
United States	$	147.0	$	107.1	$	101.9
Total	$	667.2	$	568.2	$	441.6

- 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

Accrued expenses and other (Tables)K

12 Months Ended

Jun. 28, 2025

Accrued expenses and other

Schedule of accrued expenses and other


	June 28, 2025		June 29, 2024

	(Thousands)
Accrued salaries and benefits	$	208,723	$	213,641
Accrued operating costs		131,951		184,007
Accrued interest and banking costs		49,324		34,811
Accrued restructuring costs		21,612		24,660
Accrued income taxes		12,409		46,143
Accrued property, plant and equipment		16,538		20,451
Accrued other		56,597		49,342
Total accrued expenses and other	$	497,154	$	573,055

Leases (Operating Lease Commitments) (Details)K $ in Thousands	Jun. 28, 2025 USD ($)
Leases [Abstract]
2026	$ 60,682
2027	41,206
2028	29,736
2029	21,986
2030	14,800
Thereafter	212,104
Total future operating lease payments	380,514
Total imputed interest on operating lease liabilities	(164,818)
Total operating lease liabilities	$ 215,696

Summary of significant accounting policies K

12 Months Ended

Jun. 28, 2025

Summary of significant accounting policies

Summary of significant accounting policies

1. Summary of significant accounting policies

Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated.

Reclassifications — Certain prior period amounts have been reclassified or combined to conform to the current period presentation.

Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2025, 2024 and 2023 contain 52 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year.

Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.

Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents.

Receivables – Receivables, predominately comprised of customer trade accounts, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist.

Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods, and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value.

Depreciation, amortization and useful lives — The Company reports property, plant, and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant, and equipment. Software obtained for

internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use.

Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter).

The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.

Long-lived asset impairment — Long-lived assets, including property, plant, equipment, intangible assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and adjusts the carrying value and remaining useful life when appropriate.

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 13 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which are not material to the consolidated financial statements.

The Company determines if an arrangement contains a lease at inception. Lease right-of-use assets (“Operating lease assets”) and associated liabilities (“Operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options.

The Company’s leases generally do not provide an implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate, which varies based on the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities.

Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill but instead tests goodwill for impairment at least annually in the fourth quarter. If necessary, the Company records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests if facts and circumstances indicate that it is more-likely-than-not that the fair value of a reporting unit that has goodwill is less than its carrying value.

In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units.

Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference.

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

Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at each balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the reporting period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at each balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other expense, net.”

Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in

tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value.

The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.

Revenue recognition — Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the supplier and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers.

For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process, which is typically over a few weeks. The contract assets associated with such specialized manufacturing products are not material.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions.

The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has control of inventory and the related inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis.

The Company has contracts with certain customers where the Company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of electronic component supply chain services or to a lesser extent supplier software services.

Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.

Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, sell through incentives, marketing/promotional activities, or any other programs are recorded when earned (under the terms and conditions of such supplier programs) as adjustments to product costs or selling, general and administrative expenses, depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over multiple periods.

Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation, unrealized gains and losses on derivative instruments designated and qualifying as net investment hedges, and the impact of the Company’s pension liability adjustments, net of tax.

Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period. A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized but instead accelerates the recognition of such expense.

Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively.

Gain on legal settlements — The Company recognizes gains on legal settlements only when such gains are realized or realizable.

Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.

Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data; and, Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2025, 2024, and 2023, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, and accounts payable approximate their fair values at June 28, 2025, due to the short-term nature of these assets and liabilities. At June 28, 2025, and June 29, 2024, the Company had $3.5 million and $14.1 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria.

Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the Company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in “Other assets” in the Company’s consolidated balance sheets. Changes in fair value, including impairments for investments in ventures, if any, are recorded in “Other expense, net” in the Company’s consolidated statements of operations. As of June 28, 2025, the Company’s investment in a venture was $23.5 million.

Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred, and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries.

Recently adopted accounting pronouncements — In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires the Company to disclose

significant segment expenses, the title and position of the Company’s Chief Operating Decision Maker (CODM), and an explanation of how the Company’s reported measure of segment profit or loss is used by the CODM to assess segment performance and make resource allocation decisions. The Company adopted this guidance in the fourth quarter of fiscal 2025 on a retrospective basis. The Company’s adoption of ASU No. 2023-07 did not have a material impact on the Company's consolidated financial statements but did require additional disclosures. Refer to Note 16 “Segment information.”

Segment information (Tables)

12 Months Ended

Jun. 28, 2025

Segment information

Table of the reportable segments


	Years Ended
	June 28,		June 29,		July 1,
	2025		2024		2023

	(Millions)
Sales:
Electronic Components	$	20,755.0	$	22,160.0	$	24,802.6
Farnell		1,445.8		1,597.1		1,734.3
	$	22,200.8	$	23,757.1	$	26,536.9
Significant Segment Expenses and Operating Income:
Electronic Components
Gross profit	$	2,008.3	$	2,312.4	$	2,612.4
Selling, general and administrative expenses		1,300.1		1,364.9		1,432.8
Electronic Components operating income	$	708.2	$	947.5	$	1,179.6

Farnell
Gross profit	$	376.7	$	454.0	$	569.8
Selling, general and administrative expenses		343.8		389.2		404.3
Premier Farnell operating income	$	32.8	$	64.8	$	165.5

Total reportable segment operating income	$	741.0	$	1,012.4	$	1,345.1

Corporate
Corporate expenses	$	(116.9)	$	(112.3)	$	(124.2)
Restructuring, integration, and other expenses		(108.3)		(52.6)		(28.0)
Amortization of acquired intangible assets and other		(1.5)		(3.1)		(6.1)
Total Avnet operating income	$	514.3	$	844.4	$	1,186.8

Assets:
Electronic Components	$	9,984.9	$	10,162.8	$	10,375.4
Farnell		1,742.4		1,707.9		1,659.0
Corporate		391.2		338.4		442.8
	$	12,118.6	$	12,209.1	$	12,477.2
Capital expenditures:
Electronic Components	$	90.6	$	176.5	$	153.4
Farnell		21.4		49.9		41.2
Corporate		35.5		0.1		0.1
	$	147.5	$	226.5	$	194.7
Depreciation & amortization expense:
Electronic Components	$	51.7	$	60.6	$	63.6
Farnell		19.8		26.0		24.8
Corporate		0.1		0.1		0.2
	$	71.6	$	86.7	$	88.6
Sales, by geographic area:
Americas	$	5,300.0	$	5,919.2	$	6,807.7
EMEA		6,409.6		8,395.0		9,229.4
Asia		10,491.2		9,442.9		10,499.8
	$	22,200.8	$	23,757.1	$	26,536.9
Property, plant and equipment, net, by geographic area:
Americas	$	154.9	$	109.7	$	105.3
EMEA		489.7		435.3		310.9
Asia		22.6		23.2		25.4
	$	667.2	$	568.2	$	441.6

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

Sales by country are as follows:


		Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

		(Millions)
Sales:
Taiwan	$	4,676.1	$	4,032.4	$	4,233.3
China (including Hong Kong)		3,520.5		3,206.7		3,395.8
Germany		2,242.2		3,240.3		3,892.2
Singapore		1,360.0		1,298.4		1,497.0
Belgium		1,233.8		1,422.6		1,549.6
Other		4,151.8		5,030.8		5,623.8
Total foreign	$	17,184.4	$	18,231.2	$	20,191.7
United States	$	5,016.4	$	5,525.9	$	6,345.2
Total	$	22,200.8	$	23,757.1	$	26,536.9

Property, plant and equipment, net, by country are as follows:


		Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

		(Millions)
Property, plant and equipment, net:
Germany	$	366.5	$	307.7	$	196.0
United Kingdom		104.4		105.7		92.6
Belgium		13.5		14.0		15.5
Other		35.8		33.7		35.6
Total foreign	$	520.2	$	461.1	$	339.7
United States	$	147.0	$	107.1	$	101.9
Total	$	667.2	$	568.2	$	441.6

Goodwill (Tables)

12 Months Ended

Jun. 28, 2025

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		13,781		42,266		56,047
Carrying value at June 28, 2025 ⁽¹⁾	$	309,738	$	527,293	$	837,031

(1)	Includes accumulated impairment 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
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Shareholders' equity (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (131,448)	$ (382,801)	$ (328,975)
Accumulated pension liability adjustments, net of income taxes	(126,245)	(103,922)	(80,406)
Total accumulated other comprehensive loss	$ (257,693)	$ (486,723)	$ (409,381)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Derivative financial instruments

12 Months Ended

Jun. 28, 2025

Derivative financial instruments

Derivative financial instruments

2. 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 of derivative financial instruments (primarily forward foreign currency 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 currency 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:


	June 28,		June 29,
	2025		2024

	(Thousands)
Economic hedges
Prepaid and other current assets	$	43,750	$	12,116
Accrued expenses and other	$	27,640	$	16,957
Cross-currency swap
Other liabilities	$	69,143	$	16,241

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


			Years Ended
		June 28,		June 29,		July 1,
		2025		2024		2023

			(Thousands)
Economic hedges	Other expense, net	$	15,543	$	(31,666)	$	40,454
Cross currency swap	Interest and other financing expense, net	$	4,071	$	4,536	$	1,635

Debt (Tables)

12 Months Ended

Jun. 28, 2025

Debt

Short-term debt

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


	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		6.19	%	$	—	$	415,100
Other short-term debt	5.17	%	5.43	%		87,284		77,611
Short-term debt					$	87,284	$	492,711

Long-term debt

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


	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2026)	5.18	%	—		$	500,000	$	—
Credit Facility (due January 2030)	5.46	%	5.05	%		411,586		745,480
Other long-term debt	4.74	%	4.74	%		21,975		22,748
Public notes due:
April 2026 ⁽¹⁾	4.63	%	4.63	%		550,000		550,000
March 2028	6.25	%	6.25	%		500,000		500,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
Long-term debt before discount and debt issuance costs						2,583,561		2,418,228
Discount and debt issuance costs – unamortized						(8,832)		(11,599)
Long-term debt					$	2,574,729	$	2,406,629

Aggregate debt maturities

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


2026	$	637,284
2027		500,000
2028		500,000
2029		—
2030		411,586
Thereafter		621,975
Subtotal		2,670,845
Discount and debt issuance costs – unamortized		(8,832)
Total debt	$	2,662,013

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-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
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-Topic 942
-SubTopic 470
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Sales	$ 22,200,754	$ 23,757,129	$ 26,536,881
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 19,815,798	$ 20,990,687	$ 23,354,738
Cost, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 2,384,956	$ 2,766,442	$ 3,182,143
Selling, general and administrative expenses	1,762,386	1,869,525	1,967,305
Restructuring, integration and other expenses	108,316	52,550	28,038
Operating income	514,254	844,367	1,186,800
Other expense, net	(17,283)	(15,736)	9,908
Interest and other financing expenses, net	(246,402)	(282,867)	(250,869)
Gain on legal settlements and other		86,499	37,037
Income before taxes	250,569	632,263	982,876
Income tax (benefit) expense	10,352	133,564	212,048
Net income	$ 240,217	$ 498,699	$ 770,828
Earnings per share:
Basic	$ 2.78	$ 5.51	$ 8.37
Diluted	$ 2.75	$ 5.43	$ 8.26
Shares used to compute earnings per share:
Basic	86,266	90,567	92,043
Diluted	87,413	91,837	93,368
Cash dividends paid per common share	$ 1.32	$ 1.24	$ 1.16

Segment information (Property, plant and equipment, net, by geographic area) (Details)K - USD ($) $ in Thousands	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 667,247	$ 568,169	$ 441,600
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	154,900	109,700	105,300
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	147,000	107,100	101,900
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	489,700	435,300	310,900
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	366,500	307,700	196,000
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	104,400	105,700	92,600
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	13,500	14,000	15,500
Asia
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	22,600	23,200	25,400
Other
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	35,800	33,700	35,600
Total foreign
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 520,200	$ 461,100	$ 339,700

Income taxes

12 Months Ended

Jun. 28, 2025

Income taxes

Income taxes

9. Income taxes

The components of income tax expense (“tax provision”) are included in the table below.


	Years Ended
	June 28, 2025		June 29, 2024		July 1, 2023

	(Thousands)
Current:
Federal	$	14,165	$	50,428	$	64,224
State and local		5,104		4,519		7,865
Foreign		90,637		94,663		173,450
Total current taxes		109,906		149,610		245,539
Deferred:
Federal		3,509		(16,452)		(15,422)
State and local		2,714		86		2,606
Foreign		(105,777)		320		(20,675)
Total deferred taxes		(99,554)		(16,046)		(33,491)
Income tax expense	$	10,352	$	133,564	$	212,048

The tax provision is computed based upon income before income taxes from both U.S. and foreign operations. U.S. income before income taxes was $34.0 million, $186.6 million, and $250.8 million in fiscal 2025, 2024, and 2023, respectively, and foreign income before income taxes was $216.6 million, $445.6 million, and $732.1 million, in fiscal 2025, 2024, and 2023, respectively.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA"). The IRA includes various tax provisions, including a 15% corporate minimum income tax rate ("CAMT"). The CAMT is effective for tax periods beginning with fiscal 2024. The company has determined that there is no CAMT liability in fiscal 2025, but will continue to monitor.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (the “OBBB”). The bill includes extensions of current tax provisions and makes many significant tax changes. Most of the provisions enacted by the OBBB takes effect in fiscal year 2026 while a few provisions were retroactive to fiscal 2025. The company expects no material adverse impact related to the OBBB; however, the Company will continue to monitor developments and evaluate any potential future impacts.

The Organization for Economic Co-operation and Development (OECD) has enacted a new global minimum tax framework known as Pillar Two. These rules have been agreed to by most OECD members. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of Pillar Two rules. The Company was subject to Pillar Two rules starting in fiscal 2025. As of June 28, 2025, Pillar Two taxes do not have a significant impact on the Company’s income tax expense. The Company is continuing to monitor the relevant developments and evaluate the potential impacts.

The Company asserts that all its unremitted foreign earnings are permanently reinvested, and any unrecorded liabilities related to this assertion are not material.

Reconciliations of the U.S. federal statutory income tax rate to the effective income tax rates are as follows:


	Years Ended
	June 28, 2025		June 29, 2024		July 1, 2023
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes	1.3		0.9		0.9
Tax on foreign income	(1.8)		(2.1)		0.5
Change in valuation allowances	8.1		0.8		0.5
Change in unrecognized tax benefit reserves	(4.8)		0.1		(0.5)
Tax audit settlements	3.6		0.3		0.3
Impact of tax attribute carryforwards	(26.2)		—		—
Impact on foreign currency translation loss	—		—		(1.2)
Other, net	2.9		0.1		0.1
Effective tax rate	4.1	%	21.1	%	21.6	%

Tax on foreign income represents the tax rate impact of the difference between foreign rates and the U.S. federal statutory rate applied to foreign income or loss and foreign income taxed in the U.S. at rates other than its statutory rate.

Avnet’s effective tax rate on income before income taxes was 4.1% in fiscal 2025 as compared with an effective tax rate of 21.1% on fiscal 2024 income before income taxes. Included in the fiscal 2025 effective tax rate are tax benefit related to tax attribute carryforwards, tax expense related to the increase to valuation allowances against the deferred tax assets, tax audit settlements, and U.S. state taxes.

The Company applies the guidance in ASC 740 Income Taxes, which requires management to use its judgment to the appropriate weighting of all available evidence when assessing the need for the establishment or the release of valuation allowances. As part of this analysis, the Company examines all available evidence on a jurisdiction-by-jurisdiction basis and weighs the positive and negative evidence when determining the need for full or partial valuation allowances. The evidence considered for each jurisdiction includes, among other items: (i) the historic levels and types of income or losses over a range of time periods, which may extend beyond the most recent three fiscal years depending upon the historical volatility of income in an individual jurisdiction; (ii) expectations and risks associated with underlying estimates of future taxable income, including considering the historical trend of down-cycles in the Company’s served industries; (iii) jurisdictional specific limitations on the utilization of deferred tax assets, including when such assets expire; and (iv) prudent and feasible tax planning strategies.

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


	June 28,		June 29,
	2025		2024

	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	264,043	$	207,087
Depreciation and amortization		8,801		18,501
Inventories valuation		19,070		19,022
Operating lease liabilities		48,842		51,581
Receivables valuation		17,510		18,417
Interest deductions		77,004		51,388
Various accrued liabilities and other		189,583		103,346
		624,853		469,342
Less — valuation allowances		(253,618)		(216,179)
		371,235		253,163
Deferred tax liabilities:
Operating lease assets		(47,222)		(49,956)
Net deferred tax assets	$	324,013	$	203,207

The change in valuation allowances in fiscal 2025 from fiscal 2024 was related to a $22.2 million increase resulting from true ups related to prior years, and a $15.2 million increase resulting from changing foreign exchange rates.

As of June 28, 2025, the Company had net operating and capital loss carry-forwards of approximately $1.20 billion, of which $13.6 million will expire during fiscal 2026 and fiscal 2027, $209.9 million have expiration dates ranging from fiscal 2028 to fiscal 2044, and the remaining $976.5 million have no expiration date. A significant portion of these losses are not expected to be realized in the foreseeable future and have valuation allowances against them. The carrying value of the Company’s net operating and capital loss carry-forwards depends on the Company’s ability to generate sufficient future taxable income in certain tax jurisdictions.

Estimated liabilities for unrecognized tax benefits are included in “Accrued expenses and other” and “Other liabilities” on the consolidated balance sheets. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. As of June 28, 2025, unrecognized tax benefits were $120.5 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $28.0 million and $29.6 million as of the end of fiscal 2025 and 2024, respectively.

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


	June 28, 2025		June 29, 2024

	(Thousands)
Balance at beginning of year	$	100,661	$	102,841
Additions for tax positions taken in prior periods		1,078		86
Reductions for tax positions taken in prior periods		(7,159)		(3,242)
Additions for tax positions taken in current period		3,974		6,814
Reductions related to settlements with taxing authorities		(7,533)		(1,862)
Reductions related to the lapse of applicable statutes of limitations		(352)		(3,427)
Adjustments related to foreign currency translation		1,909		(549)
Balance at end of year	$	92,578	$	100,661

The evaluation of uncertain income tax positions requires management to estimate the ability of the Company to sustain its position with applicable tax authorities and estimate the final benefit to the Company. If the actual outcomes differ from the Company’s estimates, there could be an impact on income tax expense in the period in which the position is settled, the applicable statutes of limitations expire, or new information becomes available, as the impact of these events are recognized in the period in which they occur. It is difficult to estimate the period in which the amount of a tax position will change as settlement may include administrative and legal proceedings beyond the Company’s control. The effects of settling tax positions with tax authorities and statute expirations may significantly impact the estimate for unrecognized tax benefits. Within the next twelve months, the Company estimates that approximately $13.2 million of these liabilities for unrecognized tax benefits will be settled by the expiration of the statutes of limitations or through settlements with the tax authorities. The cash payment related to the settlement of these contingencies is expected to be immaterial.

The Company conducts business globally and consequently files income tax returns in numerous jurisdictions, including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal 2016. The years remaining subject to audit, by major jurisdiction, are as follows:


Jurisdiction		Fiscal Year
United States (Federal and state)		2016, 2017, 2019 - 2025
Taiwan		2020 - 2025
Hong Kong		2019 - 2025
Germany		2023 - 2025
Singapore		2020 - 2025
Belgium		2022 - 2025
United Kingdom		2022 - 2025
Canada		2018 - 2025

- 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
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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

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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Working capital - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 108,504	$ 112,843
Credit Loss Provisions	3,503	12,570
Credit Loss Recoveries	(702)	(208)
Receivables Write Offs	(10,498)	(15,852)
Foreign Currency Effect and Other	5,984	(1,265)
Receivables, Allowance for Credit Loss, Ending Balance	$ 108,195	$ 108,504

Pension and retirement plans (Periodic Pension Cost) (Details)QK - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023	Jun. 27, 2026
Components of net periodic pension costs
Service cost within selling, general and administrative expenses	$ 11,480	$ 10,252	$ 12,015
Interest cost	$ 24,732	$ 24,579	$ 26,730
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (41,721)	$ (39,941)	$ (48,860)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Recognized net actuarial loss	$ 5,226	$ 227	$ 2,473
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement			$ (37,350)
Total net periodic pension benefit within other expense, net	$ (11,763)	$ (15,135)	17,693
Net periodic pension benefit	$ (283)	$ (4,883)	$ 29,708
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Contributions	$ 8,000	$ 8,000
Forecast
Components of net periodic pension costs
Estimated future employer pension plan contributions				$ 8,000