Avnet (AVT) 10-Q 30 Jan 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Dec. 31, 2016	Jan. 19, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	8,858
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Current Fiscal Year End Date	--07-01
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		128,894,613

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Current assets:
Cash and cash equivalents	$ 1,270,142	$ 1,031,478
Receivables, less allowances of $34,010 and $27,448, respectively	2,996,110	2,769,906
Inventories	2,697,796	2,559,921
Prepaid and other current assets	59,564	81,197
Assets held for sale (Note 3)	4,053,487	2,561,471
Total current assets	11,077,099	9,003,973
Property, plant and equipment, net	565,108	453,209
Goodwill	1,098,471	621,852
Intangible assets, net	296,058	22,571
Other assets	219,259	239,133
Non-current assets held for sale (Note 3)		899,067
Total assets	13,255,995	11,239,805
Current liabilities:
Short-term debt	246,729	1,152,599
Accounts payable	1,774,021	1,590,777
Accrued expenses and other	456,397	394,888
Liabilities held for sale (Note 3)	2,332,646	1,804,229
Total current liabilities	4,809,793	4,942,493
Long-term debt	3,382,431	1,339,204
Other liabilities	351,909	223,053
Non-current liabilities held for sale (Note 3)		43,769
Total liabilities	8,544,133	6,548,519
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 127,978,771 shares and 127,377,466 shares, respectively	127,979	127,377
Additional paid-in capital	1,491,125	1,452,678
Retained earnings	3,760,906	3,632,271
Accumulated other comprehensive loss	(667,975)	(520,775)
Treasury stock at cost, 24,592 shares and 27,314 shares, respectively	(173)	(265)
Total shareholders' equity	4,711,862	4,691,286
Total liabilities and shareholders' equity	$ 13,255,995	$ 11,239,805

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 34,010	$ 27,448
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	127,978,771	127,377,466
Treasury Stock, shares	24,592	27,314

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Income Statement [Abstract]
Sales	$ 4,273,559	$ 4,161,082	$ 8,391,663	$ 8,689,667
Cost of sales	3,687,374	3,656,024	7,282,823	7,628,440
Gross profit	586,185	505,058	1,108,840	1,061,227
Selling, general and administrative expenses	431,555	354,858	795,227	731,918
Restructuring, integration and other expenses	30,400	14,083	59,869	26,601
Operating income	124,230	136,117	253,744	302,708
Other expense, net	(36,514)	(2,052)	(50,248)	(1,169)
Interest expense	(26,748)	(20,965)	(53,984)	(42,997)
Income from continuing operations before income taxes	60,968	113,100	149,512	258,542
Income tax expense	28,503	10,959	49,359	47,477
Income from continuing operations	32,465	102,141	100,153	211,065
Income from discontinued operations, after tax	70,753	53,871	71,908	75,201
Net income	$ 103,218	$ 156,012	$ 172,061	$ 286,266
Earnings per share:
Basic earnings per share-continuing operations	$ 0.25	$ 0.77	$ 0.78	$ 1.59
Basic earnings per share-discontinued operations	0.55	0.41	0.56	0.56
Basic earnings per share	0.80	1.18	1.34	2.15
Diluted earnings per share-continuing operations	0.25	0.76	0.77	1.56
Diluted earnings per share-discontinued operations	0.54	0.40	0.55	0.55
Diluted earnings per share	$ 0.79	$ 1.16	$ 1.32	$ 2.11
Shares used to compute earnings per share:
Basic	127,901	131,909	127,716	132,846
Diluted	130,347	134,918	130,055	135,622
Cash dividends paid per common share	$ 0.17	$ 0.17	$ 0.34	$ 0.34

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 103,218	$ 156,012	$ 172,061	$ 286,266
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments and other	(182,663)	(68,637)	(151,002)	(108,885)
Pension adjustments, net	3,183	2,157	3,802	4,224
Total comprehensive (loss) income	$ (76,262)	$ 89,532	$ 24,861	$ 181,605

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
Cash flows from operating activities:
Net income	$ 172,061	$ 286,266
Income from discontinued operations, after tax	71,908	75,201
Income from continuing operations	100,153	211,065
Non-cash and other reconciling items:
Depreciation	45,616	33,991
Amortization	11,759	4,034
Deferred income taxes	9,312	(708)
Stock-based compensation	32,525	38,424
Other, net	13,069	18,240
Changes in (net of effects from businesses acquired):
Receivables	(127,153)	261,855
Inventories	139,672	(189,595)
Accounts payable	133,698	(240,474)
Accrued expenses and other, net	(55,437)	(66,251)
Net cash flows provided by operating activities - continuing operations	303,214	70,581
Net cash flows (used) provided by operating activities - discontinued operations	(63,124)	13,661
Net cash flows provided by operating activities	240,090	84,242
Cash flows from financing activities:
Issuance of notes, net of issuance costs	296,374
Borrowings (repayment) of notes	(378,559)	(250,000)
Repayments under accounts receivable securitization, net	(264,963)	39,972
Borrowings of bank and revolving debt, net	752,196	417,982
Borrowings under term loans	530,756
Repurchases of common stock (Note 10)		(184,704)
Dividends paid on common stock	(43,426)	(45,020)
Other, net	13,825	(1,080)
Net cash flows provided (used) for financing activities - continuing operations	906,203	(22,850)
Net cash flows provided (used) for financing activities - discontinued operations	(16,505)	26,389
Net cash flows provided by financing activities	889,698	3,539
Cash flows from investing activities:
Purchases of property, plant and equipment	(70,424)	(74,392)
Acquisitions of businesses, net of cash acquired (Note 2)	(798,366)
Other, net	7,766	9,111
Net cash flows used for investing activities - continuing operations	(861,024)	(65,281)
Net cash flows used for investing activities - discontinued operations	(3,093)	(20,988)
Net cash flows used for investing activities	(864,117)	(86,269)
Effect of currency exchange rate changes on cash and cash equivalents	(27,007)	(17,977)
Cash and cash equivalents:
Net change in cash and cash equivalents	238,664	(16,465)
Cash and cash equivalents at beginning of period	1,031,478	932,553
Cash and cash equivalents at end of period	$ 1,270,142	$ 916,088

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	6 Months Ended
	Dec. 31, 2016
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	1. Basis of presentation and new In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc.’s and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income (loss) and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2016. Certain reclassifications have been made in prior periods and the fiscal year to date current periods to conform to the current period presentation. Discontinued Operations The results of operations for Avnet’s Technology Solutions (“TS”) business, including all businesses subject to the pending TS sale, have been classified as discontinued operations for all periods presented in the consolidated statements of operations and the consolidated statements of cash flows. The assets and liabilities of TS are classified as held for sale in the consolidated balance sheets. See Note 3 for additional information. Fiscal year The Company operates on a “52/53 week” fiscal year and fiscal 2017 contains 52 weeks compared to 53 weeks in fiscal 2016. As a result, the first six months of fiscal 2017 contained 26 weeks compared to the first six months of fiscal 2016, which contained 27 weeks. New accounting pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The update amends accounting guidance for intra-entity transfer of assets other than inventory to require the recognition of income tax consequences when the transfer occurs. The update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. A modified retrospective approach should be applied. The Company is currently evaluating the impact of the adoption of ASU 2016-16 on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The update provides guidance for eight specific cash flow classification issues with respect to how certain cash receipts and cash payments are presented and classified within the statement of cash flows in an effort to reduce existing diversity in practice. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. ASU 2016-15 should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impacts of the adoption of ASU 2016-15 on its consolidated statements of cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The update requires a lessee to recognize assets and liabilities on the consolidated balance sheets for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The update will be effective for the Company in the first quarter of fiscal 2020, using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), as amended, to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the guidance in ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2016
Acquisitions
Acquisitions	2. Acquisitions Premier Farnell On October 17, 2016, the Company completed its acquisition of Premier Farnell Plc (“PF”), a global distributor of electronic components and related products delivering engineering solutions to the electronic system design community utilizing multi-channel sales and marketing resources. Management believes that the combined business of the Electronics Marketing (“EM”) operating group and PF will create a unique electronic components distribution value proposition, which will expand Avnet’s digital footprint worldwide and allow the Company to reach engineers and makers earlier in the design cycle. The cash consideration paid for the acquisition was $839.7 million, which consisted of £1.85 per share of PF common stock. Additionally, Avnet assumed $229.2 million of debt at carrying value. The Company is integrating PF and the goodwill acquired into its EM operating group. In connection with the acquisition of PF, the Company incurred certain acquisition related costs during the first six months of fiscal 2017, including approximately $19.0 million of acquisition related professional fees and closing costs included within restructuring, integration and other expenses, and approximately $43.0 million of expenses within other expenses, net for acquisition financing related fees including foreign currency economic hedging costs and bridge financing commitment fees. PF contributed approximately $9.0 million of income from continuing operations in the second quarter of fiscal 2017 since the date of acquisition. Preliminary allocation of purchase price The Company has not yet completed its evaluation and determination of certain assets and liabilities acquired, primarily (i) the final valuation of amortizable intangible assets acquired, (ii) the final assessment and valuation of certain assets acquired and liabilities assumed, including working capital, accrued liabilities, other asset and liabilities and property, plant and equipment, and (iii) the final assessment and valuation of certain income tax accounts. The Company expects these final valuations and assessments will be completed by the end of fiscal 2017, which may result in adjustments to the preliminary values included in the following table: Preliminary Acquisition Method Values (Thousands) Cash $ Trade and other receivables, net Inventories Property, plant and equipment Intangible assets Total identifiable assets acquired $ Accounts payable, accrued liabilities and other current liabilities $ Short-term debt Other long-term liabilities Total identifiable liabilities acquired $ Net identifiable assets acquired Goodwill Net assets acquired $ Trade receivables of $160.4 million were recorded at preliminary estimated fair value amounts; however, preliminary adjustments to acquired amounts were not significant as book value approximated fair value due to the short term nature of trade receivables. Approximately $10.0 million of goodwill associated with the PF acquisition is expected to be deductible for tax purposes. Pro forma and historical results Unaudited pro forma information is presented as if the acquisition of PF occurred at the beginning of fiscal 2016. The pro forma information presented below does not purport to present what actual results would have been had the acquisition in fact occurred at the beginning of fiscal 2016, nor does the information project results for any future period. Second Quarter Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands, except per share data) Pro forma sales $ $ $ $ Pro forma income from continuing operations Pro forma results from continuing operations above exclude any benefits that may result from the acquisition due to synergies derived from sales opportunities, the elimination of any duplicative costs and from lower interest costs. Pro forma results exclude restructuring and acquisition/divestiture related expenses incurred by PF in their historical results of operations and include amortization expense associated with identifiable intangible assets related to the Company’s acquisition of PF. Pro forma results also exclude interest expense and other expenses, net related to acquisition/divestiture costs as well as any discrete income tax related expenses. PF generated sales of $269.0 million in the second quarter of fiscal 2017 since the date of acquisition. During November 2016, the Company acquired Hackster, Inc. (“Hackster”), a start-up online community of engineers, makers and hobbyists. The purchase price of Hackster was not material to the Company’s consolidated financial statements.

Discontinued operations

Discontinued operations	6 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups
Discontinued operations	3. Discontinued operations In September 2016, the Company entered into a definitive agreement to sell its TS business to Tech Data Corporation (the “Buyer”), for approximately $2.60 billion in a combination of $2.40 billion in cash and 2.8 million shares of the Buyer. The ultimate selling price and related sale proceeds will be adjusted for changes in certain net assets provided to the Buyer as of the closing date, as compared to certain net assets expected in the definitive agreement. As a result of such agreement, the assets and liabilities of the Company’s TS and associated businesses being sold to the Buyer (the “TS business”) were classified as held for sale. The TS business has been classified as a discontinued operation for all periods presented as the sale of the TS business represents a strategic shift to Avnet. As of December 31, 2016, the TS business continues to be a reportable segment, as discussed further in Note 13. Upon completion of the sale of TS, which is expected to occur by the end of fiscal 2017, the Company expects to record a gain on sale as the selling price is in excess of the carrying value. After completion of the sale of TS, the Company will provide certain customary transition services to the Buyer for a period of time, and the payments received for such transition services will be reflected as a reduction to the expenses incurred by the Company to provide such transition services. Summarized assets and liabilities of the TS business, classified as held for sale as of December 31, 2016, and July 2, 2016, are as follows: December 31, July 2, 2016 2016 (Thousands) Receivables, less allowances of $35,649 and $39,356, respectively $ $ Inventories Prepaid and other current assets Total current assets Property, plant and equipment, net Goodwill Intangible assets, net Other assets Total assets $ $ Accounts payable $ $ Accrued expenses and other Total current liabilities Other Long-term liabilities Total liabilities $ $ Summarized results of the TS business discontinued operations for the second quarters and six months ended December 31, 2016, and January 2, 2016 are as follows: Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) (Thousands) Sales $ $ $ $ Cost of sales Gross profit Selling, general and administrative expenses Restructuring, integration and other expenses Operating income Interest and expense, net Income from discontinued operations before income taxes Income tax expense Income from discontinued operations, net of taxes $ $ $ $ Sales in the second quarter and six months of fiscal 2016 included the impact of an extra week of sales as discussed further in Note 1. Included within selling, general and administrative expenses of discontinued operations was $14.1 million and $12.3 million of corporate expenses specific to or benefiting the TS business for the second quarters ending December 31, 2016, and January 2, 2016, respectively, and $26.6 million and $27.4 million for the first six months ending December 31, 2016, and January 2, 2016, respectively. Corporate costs related to general overhead were not allocated to the TS business. Subsequent to the first quarter of fiscal 2017, depreciation and amortization of the TS business long-lived assets has ceased due to the TS business being classified as held for sale. Upon completion of the sale, a portion of the proceeds will be used to pay taxes related to the gain on sale.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Dec. 31, 2016
Goodwill and intangible assets
Goodwill and intangible assets	4. Goodwill and intangible assets Goodwill The following table presents the change in goodwill from continuing operations since the end of fiscal 2016. All of the accumulated impairment was recognized in fiscal 2009. Electronics Marketing (Thousands) Gross goodwill $ Accumulated impairment Carrying value at July 2, 2016 Acquisitions Adjustments — Foreign currency translation Carrying value at December 31, 2016 $ Gross goodwill $ Accumulated impairment Carrying value at December 31, 2016 $ As discussed in Note 3, the Company classified goodwill related to the TS reporting units as held for sale as of December 31, 2016, and July 2, 2016. During the first quarter of fiscal 2017, in connection with the planned sale of the TS business, the Company evaluated goodwill related to TS for impairment and concluded that goodwill related to the TS business was recoverable as the negotiated TS selling price was in excess of its carrying value. Intangible Assets The following table presents the Company’s acquired intangible assets from continuing operations at December 31, 2016, and July 2, 2016, respectively. December 31, 2016 July 2, 2016 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ $ $ $ $ $ PF acquired intangibles (Note 2) — — — Trade name Other $ $ $ $ $ $ Intangible asset amortization expense from continuing operations was $9.8 million and $1.7 million for the second quarters of fiscal 2017 and 2016, respectively, and $11.8 million and $4.0 million for the first six months of fiscal 2017 and 2016, respectively. Intangible assets from continuing operations have a weighted average remaining useful life of approximately 7 years. The following table presents the estimated future amortization expense from continuing operations for the remainder of fiscal 2017, the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2017 2018 2019 2020 2021 Thereafter Total $

Debt

Debt	6 Months Ended
	Dec. 31, 2016
Debt
Debt	5. Debt Short-term debt from continuing operations consists of the following (in thousands): December 31, 2016 July 2, 2016 December 31, 2016 July 2, 2016 Interest Rate Carrying Balance Bank credit facilities and other % % $ $ Accounts receivable securitization program — % — Notes due September 2016 — % — Short-term debt $ $ Bank credit facilities and other consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company including its foreign operations. In connection with the PF acquisition, discussed further in Note 2, the Company assumed debt including private placement notes, which the Company planned to repay in connection with the acquisition. In December 2016 and January 2017, the Company paid $78.6 million and $152.2 million, respectively, to redeem the assumed private placement notes. The repayments were made with the proceeds from the issuance of $300 million 3.75% of Notes due December 2021 as discussed further below. Long-term debt from continuing operations consists of the following (in thousands): December 31, 2016 July 2, 2016 December 31, 2016 July 2, 2016 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program % — $ $ — Credit Facility % % Term Loan % — — Notes due: June 2020 % % December 2021 % — — December 2022 % % April 2026 % % Other long-term debt % % Long-term debt before discount and debt issuance costs Discount and debt issuance costs Long-term debt $ $ In December 2016, the Company issued $300.0 million of 3.75% Notes due December 2021 (“3.75% Notes”). The Company received proceeds of $296.4 million from the offering, net of discounts and debt issuance costs. The 3.75% Notes rank equally in right of payment with all existing and future senior unsecured debt of Avnet and interest will be payable semi-annually each year on June 1 and December 1. In August 2016, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings up to a maximum of $800.0 million. The Program does not qualify for off balance sheet accounting treatment and any borrowings under the Program are recorded as debt in the consolidated balance sheets. Under the Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.81 billion and $1.46 billion at December 31, 2016, and July 2, 2016, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of December 31, 2016, and July 2, 2016. The Program has a two-year term that expires in August 2018 and as a result is considered long-term debt as of December 31, 2016. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.40% with a facility fee of 0.40%. The Company has a five-year $1.25 billion senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $150.0 million of letters of credit, which expires in July 2019. Subject to certain conditions, the Credit Facility may be increased up to $1.5 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of December 31, 2016, and July 2, 2016. As of December 31, 2016, and July 2, 2016, there were $4.8 million and $5.6 million, respectively, in letters of credit issued under the Credit Facility. In October 2016, certain foreign subsidiaries of the Company (the “Borrowers”) borrowed €479 million under a Senior Unsecured Term Loan Credit Agreement (the “Term Loan”) entered into with a group of banks. The Term Loan has a maturity date of October 17, 2019. The proceeds from borrowings under the Term Loan were used to finance a portion of the cash consideration and any fees and expenses related to the Company’s acquisition of PF discussed further in Note 2. The Term Loan is unsecured and contains financial covenants consistent with the Credit Facility. The Company was in compliance with such financial covenants as of December 2016. As of December 31, 2016, the carrying value and fair value of the Company’s total debt was $3.63 billion and $3.66 billion, respectively. At July 2, 2016, the carrying value and fair value of the Company’s total debt was $2.49 billion and $2.59 billion, respectively. Fair value for the notes and Term Loan was estimated based upon quoted market prices and for other forms of debt fair value approximates carrying value due to the market based variable nature of the interest rates on those debt agreements.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Dec. 31, 2016
Derivative financial instruments
Derivative financial instruments	6. Derivative financial instruments Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies. This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (e.g., offsetting receivables and payables in the same foreign currency) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts typically with maturities of less than sixty days (“economic hedges”). The Company continues to have exposure to foreign currency risks to the extent they are not hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “other expense, net.” Therefore, the changes in valuation of the underlying items being economically hedged are typically offset by the changes in fair value of the forward foreign currency exchange contracts. The fair value of forward foreign exchange contracts, which are based upon Level 2 criteria under the ASC 820 fair value hierarchy, are classified in the captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of December 31, 2016, and July 2, 2016. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. The Company generally does not hedge its investments in its foreign operations. The Company does not enter into derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. The Company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s foreign operations transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Canadian Dollar, Japanese Yen, Chinese Yuan, Taiwan Dollar, Australian Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other European, Latin American and Asian foreign currencies. The fair values of derivative financial instruments from continuing operations in the Company’s consolidated balance sheets are as follows: December 31, July 2, 2016 2016 (Thousands) Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in: Other current assets $ $ Accrued expenses The amounts recorded to other expense, net from continuing operations related to derivative financial instruments for economic hedges are as follows: Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Net derivative financial instrument gain (loss) $ $ $ $ Additionally, during the first six months and second quarter of fiscal 2017, there is approximately $35.0 million and $27.0 million, respectively, of derivative financial instrument losses in other expenses, net associated with foreign currency derivative financial instruments purchased to economically hedge the British Pound purchase price of the PF acquisition as discussed in Note 2. As a result of the foreign currency economic hedging strategy in place, the Company economically protected itself from a weakening of the U.S. Dollar compared to the British Pound and the Company’s purchase price was approximately $75.0 million lower than its original bid price. The Company’s outstanding economic hedges from continuing operations had average maturities of 49 days and 53 days as of December 31, 2016, and July 2, 2016, respectively. Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are substantially offset by the gains and losses on the underlying assets or liabilities being hedged.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Dec. 31, 2016
Commitments and contingencies
Commitments and contingencies	7. Commitments and contingencies From time to time, the Company may become a party to, or be otherwise involved in various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity or results of operations. The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export and environmental matters. For certain of these matters it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss for such matters due primarily to being in the early stages of the related proceedings and investigations. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity, but could possibly be material to its results of operations in any one reporting period. During the first quarter of fiscal 2017, the Company reached a final settlement related to the compliance investigation conducted by the Customs and Border Protection for potential unpaid import duties associated with the acquisition of Bell Microproducts Inc. for $8.5 million, which was accrued for in connection with the acquisition in fiscal 2011. As of December 31, 2016, the Company had aggregate estimated liabilities of $11.7 million, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Income taxes

Income taxes	6 Months Ended
	Dec. 31, 2016
Income taxes
Income taxes	8. Income taxes The Company’s effective tax rate on its income before income taxes from continuing operations was 46.7% in the second quarter of fiscal 2017 as compared with 9.7% in the second quarter of fiscal 2016. During the second quarter of fiscal 2017, the Company’s effective tax rate was unfavorably impacted primarily by (i) net increases to valuation allowances against deferred tax assets created primarily from acquisition related expenses that were deemed unrealizable and (ii) the impact of non-deductible acquisition related expenses, partially offset by (iii) the mix of income in lower tax jurisdictions. During the second quarter of fiscal 2016, the Company’s effective tax rate was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions, (ii) the release of valuation allowances against deferred tax assets that were deemed to be realizable and (iii) the release of reserves related to audit settlements and the expiration of statutes of limitation. For the first six months of fiscal 2017 and 2016, the Company’s effective tax rate was 33.0% and 18.4%, respectively. The effective tax rate for the first six months of fiscal 2017 was unfavorably impacted primarily by (i) net increases to valuation allowances against deferred tax assets that were deemed unrealizable and (ii) the impact of non-deductible acquisition related expenses, partially offset by (iii) the mix of income in lower tax jurisdictions. The effective tax rate for the first six months of fiscal 2016 was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions, (ii) the release of valuation allowances against deferred tax assets that were deemed to be realizable and (iii) the release of reserves related to audit settlements and the expiration of statutes of limitation. The Company applies the guidance in ASC 740, which requires management to use its judgment for 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 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 semiconductor and related 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 Company continues to evaluate the need for the valuation allowances against its deferred tax assets and will adjust valuation allowances as appropriate, which, if adjusted, could result in a significant decrease or increase to the effective tax rate in the period of the adjustment.

Pension and retirement plan

Pension and retirement plan	6 Months Ended
	Dec. 31, 2016
Pension and retirement plan
Pension and retirement plans	9. Pension plan The Company has a noncontributory defined benefit pension plan (the “Plan”) for which the components of net periodic pension costs were as follows (includes amounts related to discontinued operations): Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Service cost $ $ $ $ Interest cost Expected return on plan assets Recognized net actuarial loss Amortization of prior service credits Net periodic pension cost $ $ $ $ The Company made contributions to the Plan of $20.0 million during the first six months of fiscal 2017. The Company expects to make an additional contribution to the Plan of $20.0 million over the remaining two quarters of fiscal 2017. The Plan meets the definition of a defined benefit plan and as a result, the Company must apply ASC 715 pension accounting to the Plan. The Plan itself, however, is a cash balance plan that is similar in nature to a defined contribution plan in that a participant’s benefit is defined in terms of a stated account balance. A cash balance plan provides the Company with the benefit of applying any earnings on the Plan’s investments beyond the fixed return provided to participants, toward the Company’s future cash funding obligations. Amounts reclassified out of accumulated other comprehensive income (loss), net of tax, to operating expenses during the second quarters of fiscal 2017 and fiscal 2016 were not material and substantially all related to net periodic pension costs including recognition of actuarial losses and amortization of prior service credits. In connection with the completion of the sale of the TS business discussed in Note 3, the Company expects to recognize an immaterial pension curtailment expense as a component of discontinued operations. In connection with the acquisition of PF discussed further in Note 2, the Company acquired closed defined benefit plans in both the U.S. and U.K. The pension expense recognized during the second quarter of fiscal 2017 for these frozen plans was not material.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Dec. 31, 2016
Shareholders' equity
Shareholders' equity	10. Shareholders’ equity Share repurchase program In August 2015, the Company’s Board of Directors amended the Company’s existing share repurchase program to authorize the repurchase of up to $1.25 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During the second quarter and first six months of fiscal 2017, the Company did not repurchase any shares under this program. Since the beginning of the repurchase program through the end of the second quarter of fiscal 2017, the Company has repurchased 31.4 million shares at an aggregate cost of $1.08 billion, and $174.9 million remains available for future repurchases. Common stock dividend In November 2016, the Company’s Board of Directors approved a dividend of $0.17 per common share and dividend payments of $21.8 million were made in December 2016.

Earnings per share

Earnings per share	6 Months Ended
	Dec. 31, 2016
Earnings per share
Earnings per share	11. Earnings per share Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands, except per share data) Numerator: Income - continuing operations, after tax $ $ $ $ Income - discontinued operations, after tax Net income $ $ $ $ Denominator: Weighted average common shares for basic earnings per share Net effect of dilutive stock options, restricted stock units and performance share units Weighted average common shares for diluted earnings per share Basic earnings per share - continuing operations $ $ $ $ Basic earnings per share - discontinued operations Basic earnings per share $ $ $ $ Diluted earnings per share - continuing operations $ $ $ $ Diluted earnings per share - discontinued operations Diluted earnings per share $ $ $ $ Stock options excluded from earnings per share calculation due to anti-dilutive effect — — See Note 3 for additional information on income from discontinued operations.

Additional cash flow informatio

Additional cash flow information	6 Months Ended
	Dec. 31, 2016
Additional cash flow information
Additional cash flow information	12. Additional cash flow information Interest and income taxes paid were as follows: Six Months Ended December 31, January 2, 2016 2016 (Thousands) Interest $ $ Income taxes $ $ 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. Non-cash investing activities related to purchases of property, plant and equipment that have been accrued, but not paid for, were $9.5 million and $12.7 million as of December 31, 2016, and January 2, 2016, respectively. Included in cash and cash equivalents from continuing operations as of December 31, 2016, and July 2, 2016, was $9.1 million and $8.7 million, respectively, of cash equivalents, which was primarily comprised of overnight time deposits whose fair value was determined using Level 1 measurements under the ASC 820 fair value hierarchy.

Segment information

Segment information	6 Months Ended
	Dec. 31, 2016
Segment information
Segment information	13. Segment information Electronics Marketing (“EM”) and Technology Solutions (“TS”) are the Company’s reportable segments (“operating groups”). EM markets and sells semiconductors and interconnect, passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. TS focuses on the value-added distribution of enterprise computing servers and systems, software, storage, services and complex solutions from the world’s foremost technology manufacturers and software developers. TS also provides the latest hard disk drives, microprocessor, motherboard and DRAM module technologies to manufacturers of general-purpose computers and system builders. In alignment with Avnet’s goal to build a global embedded solutions business, the Company transferred a portion of its embedded computing solutions operations to EM from TS. As a result of this change, sales, operating income and assets previously reported in the TS operating group in fiscal 2016 will be included within the EM operating group in fiscal 2017. The Company does not view the amount of sales, operating income, or assets of such transferred operations to be a material change to the composition of its operating groups for financial reporting purposes. Sales of approximately $46.5 million and $103.7 million related to such transferred operations reported in the TS operating group in the second quarter and first six months of fiscal 2016 have been reflected in the consolidated statements of operations and within EM in the tables below for comparability between fiscal years. The transfer of such operations between operating groups did not impact the determination of the Company’s operating groups or its previously reported consolidated financial results. As discussed further in Note 3, the Company entered into a definitive agreement to sell the TS operating group during the first quarter of fiscal 2017. Although the TS operating group is classified as a discontinued operation in this Quarterly Report on Form 10-Q, the Company still owns and operates the TS operating group. As a result, the Company has not changed its reportable segments or its historical measures of segment results and profitability as of December 31, 2016. In connection with the planned sale and discontinued operation classification of the TS operating group, the Company has included the estimated corporate expenses specific to or benefiting the TS operating group as a component of discontinued operations. Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Sales: Electronics Marketing (continuing operations) $ $ $ $ Technology Solutions (discontinued operations) Operating income (expense): Electronics Marketing (continuing operations) $ $ $ $ Technology Solutions (discontinued operations) Corporate - continuing operations Corporate - discontinued operations Held for sale depreciation elimination - discontinued operations — — Restructuring, integration and other expenses - continuing operations Restructuring, integration and other expenses - discontinued operations Amortization of acquired intangible assets and other - continuing operations Amortization of acquired intangible assets and other - discontinued operations — Less: TS discontinued operations Operating Income $ $ Sales, by geographic area: Americas (1) $ $ $ $ EMEA (2) Asia/Pacific (3) Less: TS discontinued operations $ $ $ $ Sales $ $ $ $ (1) Includes sales from the United States of $2.42 billion and $2.48 billion for the second quarters ended December 31, 2016, and January 2, 2016, respectively. Includes sales from the United States of $4.55 billion and $4.99 billion for the first six months of fiscal 2017 and 2016, respectively. (2) Includes sales from Germany and the United Kingdom of $845.7 million and $389.8 million, respectively, for the second quarter ended December 31, 2016, and $1.61 billion and $644.6 million, respectively, for the first six months of fiscal 2017. Includes sales from Germany and the United Kingdom of $760.6 million and $340.5 million, respectively, for the second quarter ended January 2, 2016, and $1.56 billion and $681.1 million, respectively, for the first six months of fiscal 2016. (3) Includes sales from China (including Hong Kong) and Taiwan of $638.6 million and $597.1 million, respectively, for the second quarter ended December 31, 2016, and $1.31 billion and $1.19 billion, respectively, for the first six months of fiscal 2017. Includes sales from China (including Hong Kong) and Taiwan of $703.9 million and $864.0 million, respectively, for the second quarter ended January 2, 2016, and $1.42 billion and $1.69 billion, respectively, for the first six months of fiscal 2016. December 31, July 2, 2016 2016 (Thousands) Assets: Electronics Marketing $ $ Technology Solutions Corporate Assets $ $ Property, plant, and equipment, net, by geographic area: Americas (1) $ $ EMEA (2) Asia/Pacific Less: TS discontinued operations Property, plant, and equipment, net, $ $ (1) Includes property, plant and equipment, net, of $448.1 million and $395.0 million as of December 31, 2016, and July 2, 2016, respectively, in the United States. (2) Includes property, plant and equipment, net, of $78.3 million and $63.5 million in Germany and Belgium, respectively, as of December 31, 2016, and $76.4 million and $69.8 million in Germany and Belgium, respectively, as of July 2, 2016.

Restructuring expenses

Restructuring expenses	6 Months Ended
	Dec. 31, 2016
Restructuring expenses
Restructuring expenses	14. Restructuring expenses Fiscal 2017 During fiscal 2017, the Company took certain restructuring actions in an effort to reduce future operating expenses. Restructuring expenses are included as a component of restructuring, integration and other expenses in the consolidated statements of operations. The activity related to the restructuring liabilities from continuing and discontinued operations established during fiscal 2017 is presented in the following table: Facility Severance Exit Costs Other Total (Thousands) Fiscal 2017 restructuring expenses $ $ $ $ Cash payments Non-cash amounts — — — — Other, principally foreign currency translation — Balance at December 31, 2016 $ $ $ $ Severance expense recorded in the second quarter of fiscal 2017 related to the reduction, or planned reduction, of over 200 employees, primarily in operations, sales and business support functions. Facility exit costs primarily consist of liabilities for remaining lease obligations for exited facilities. Asset impairments relate to the impairment (if any) of property, plant and equipment as a result of the underlying restructuring activities. Other restructuring costs (if any) related primarily to other miscellaneous restructuring and exit costs. Of the $21.2 million in restructuring expenses recorded during the first six months of fiscal 2017, $9.9 million related to EM, $6.1 million related to TS (discontinued operations) and $5.2 million related to corporate. The Company expects the majority of the remaining severance and facility exit costs to be paid by the end of fiscal 2017. Fiscal 2016 During fiscal 2016, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first six months of fiscal 2017 related to the remaining restructuring liabilities from continuing and discontinued operations established during fiscal 2016: Facility Severance Exit Costs Other Total (Thousands) Balance at July 2, 2016 $ $ $ $ Cash payments Changes in estimates, net Non-cash amounts — — Other, principally foreign currency translation Balance at December 31, 2016 $ $ $ $ As of December 31, 2016, the Company expects the majority of the remaining severance and facility exit cost liabilities to be paid by the end of fiscal 2017. Fiscal 2015 and prior As of July 2, 2016, there were $ 7.5 million of restructuring liabilities remaining related to restructuring actions from continuing and discontinued operations taken in fiscal years 2015 and prior, the majority of which relates to facility exit costs. The remaining balance for such historical restructuring actions as of December 31, 2016, was $5.3 million , which is expected to be paid by the end of fiscal 2017.

Basis of presentation and new21

Basis of presentation and new accounting pronouncements (Policies)	6 Months Ended
	Dec. 31, 2016
Basis of presentation and new accounting pronouncements
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc.’s and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income (loss) and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2016. Certain reclassifications have been made in prior periods and the fiscal year to date current periods to conform to the current period presentation.
Discontinued Operations	Discontinued Operations The results of operations for Avnet’s Technology Solutions (“TS”) business, including all businesses subject to the pending TS sale, have been classified as discontinued operations for all periods presented in the consolidated statements of operations and the consolidated statements of cash flows. The assets and liabilities of TS are classified as held for sale in the consolidated balance sheets. See Note 3 for additional information.
Fiscal year	Fiscal year The Company operates on a “52/53 week” fiscal year and fiscal 2017 contains 52 weeks compared to 53 weeks in fiscal 2016. As a result, the first six months of fiscal 2017 contained 26 weeks compared to the first six months of fiscal 2016, which contained 27 weeks.
New accounting pronouncements	New accounting pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The update amends accounting guidance for intra-entity transfer of assets other than inventory to require the recognition of income tax consequences when the transfer occurs. The update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. A modified retrospective approach should be applied. The Company is currently evaluating the impact of the adoption of ASU 2016-16 on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The update provides guidance for eight specific cash flow classification issues with respect to how certain cash receipts and cash payments are presented and classified within the statement of cash flows in an effort to reduce existing diversity in practice. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. ASU 2016-15 should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impacts of the adoption of ASU 2016-15 on its consolidated statements of cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The update requires a lessee to recognize assets and liabilities on the consolidated balance sheets for leases with lease terms greater than 12 months. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The update will be effective for the Company in the first quarter of fiscal 2020, using a modified retrospective approach. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), as amended, to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the guidance in ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2016
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Preliminary Acquisition Method Values (Thousands) Cash $ Trade and other receivables, net Inventories Property, plant and equipment Intangible assets Total identifiable assets acquired $ Accounts payable, accrued liabilities and other current liabilities $ Short-term debt Other long-term liabilities Total identifiable liabilities acquired $ Net identifiable assets acquired Goodwill Net assets acquired $
Schedule of pro forma and historical results	Second Quarter Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands, except per share data) Pro forma sales $ $ $ $ Pro forma income from continuing operations

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups
Schedule of assets and liabilities classified as held for sale	December 31, July 2, 2016 2016 (Thousands) Receivables, less allowances of $35,649 and $39,356, respectively $ $ Inventories Prepaid and other current assets Total current assets Property, plant and equipment, net Goodwill Intangible assets, net Other assets Total assets $ $ Accounts payable $ $ Accrued expenses and other Total current liabilities Other Long-term liabilities Total liabilities $ $
Schedule of summarized results of discontinued operations	Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) (Thousands) Sales $ $ $ $ Cost of sales Gross profit Selling, general and administrative expenses Restructuring, integration and other expenses Operating income Interest and expense, net Income from discontinued operations before income taxes Income tax expense Income from discontinued operations, net of taxes $ $ $ $

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Dec. 31, 2016
Goodwill and intangible assets
Change in goodwill balances by reportable segment	Electronics Marketing (Thousands) Gross goodwill $ Accumulated impairment Carrying value at July 2, 2016 Acquisitions Adjustments — Foreign currency translation Carrying value at December 31, 2016 $ Gross goodwill $ Accumulated impairment Carrying value at December 31, 2016 $
Company's identifiable acquired intangible assets	December 31, 2016 July 2, 2016 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ $ $ $ $ $ PF acquired intangibles (Note 2) — — — Trade name Other $ $ $ $ $ $
Estimated future amortization expense	The following table presents the estimated future amortization expense from continuing operations for the remainder of fiscal 2017, the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2017 2018 2019 2020 2021 Thereafter Total $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2016
Debt
Short-term debt	Short-term debt from continuing operations consists of the following (in thousands): December 31, 2016 July 2, 2016 December 31, 2016 July 2, 2016 Interest Rate Carrying Balance Bank credit facilities and other % % $ $ Accounts receivable securitization program — % — Notes due September 2016 — % — Short-term debt $ $
Long-term debt	Long-term debt from continuing operations consists of the following (in thousands): December 31, 2016 July 2, 2016 December 31, 2016 July 2, 2016 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program % — $ $ — Credit Facility % % Term Loan % — — Notes due: June 2020 % % December 2021 % — — December 2022 % % April 2026 % % Other long-term debt % % Long-term debt before discount and debt issuance costs Discount and debt issuance costs Long-term debt $ $

Derivative financial instrume26

Derivative financial instruments (Tables)	6 Months Ended
	Dec. 31, 2016
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	December 31, July 2, 2016 2016 (Thousands) Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in: Other current assets $ $ Accrued expenses
Schedule of gain (loss) on derivatives	Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Net derivative financial instrument gain (loss) $ $ $ $

Pension and retirement plans (T

Pension and retirement plans (Tables)	6 Months Ended
	Dec. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components of net periodic pension costs	Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Service cost $ $ $ $ Interest cost Expected return on plan assets Recognized net actuarial loss Amortization of prior service credits Net periodic pension cost $ $ $ $

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Dec. 31, 2016
Earnings per share
Basic and diluted earnings per share calculation	Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands, except per share data) Numerator: Income - continuing operations, after tax $ $ $ $ Income - discontinued operations, after tax Net income $ $ $ $ Denominator: Weighted average common shares for basic earnings per share Net effect of dilutive stock options, restricted stock units and performance share units Weighted average common shares for diluted earnings per share Basic earnings per share - continuing operations $ $ $ $ Basic earnings per share - discontinued operations Basic earnings per share $ $ $ $ Diluted earnings per share - continuing operations $ $ $ $ Diluted earnings per share - discontinued operations Diluted earnings per share $ $ $ $ Stock options excluded from earnings per share calculation due to anti-dilutive effect — —

Additional cash flow informat29

Additional cash flow information (Tables)	6 Months Ended
	Dec. 31, 2016
Additional cash flow information
Interest and income taxes paid	Six Months Ended December 31, January 2, 2016 2016 (Thousands) Interest $ $ Income taxes $ $

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Dec. 31, 2016
Segment information
Table of the Company's segments and the related financial information for each	Second Quarters Ended Six Months Ended December 31, January 2, December 31, January 2, 2016 2016 2016 2016 (Thousands) Sales: Electronics Marketing (continuing operations) $ $ $ $ Technology Solutions (discontinued operations) Operating income (expense): Electronics Marketing (continuing operations) $ $ $ $ Technology Solutions (discontinued operations) Corporate - continuing operations Corporate - discontinued operations Held for sale depreciation elimination - discontinued operations — — Restructuring, integration and other expenses - continuing operations Restructuring, integration and other expenses - discontinued operations Amortization of acquired intangible assets and other - continuing operations Amortization of acquired intangible assets and other - discontinued operations — Less: TS discontinued operations Operating Income $ $ Sales, by geographic area: Americas (1) $ $ $ $ EMEA (2) Asia/Pacific (3) Less: TS discontinued operations $ $ $ $ Sales $ $ $ $ (1) Includes sales from the United States of $2.42 billion and $2.48 billion for the second quarters ended December 31, 2016, and January 2, 2016, respectively. Includes sales from the United States of $4.55 billion and $4.99 billion for the first six months of fiscal 2017 and 2016, respectively. (2) Includes sales from Germany and the United Kingdom of $845.7 million and $389.8 million, respectively, for the second quarter ended December 31, 2016, and $1.61 billion and $644.6 million, respectively, for the first six months of fiscal 2017. Includes sales from Germany and the United Kingdom of $760.6 million and $340.5 million, respectively, for the second quarter ended January 2, 2016, and $1.56 billion and $681.1 million, respectively, for the first six months of fiscal 2016. (3) Includes sales from China (including Hong Kong) and Taiwan of $638.6 million and $597.1 million, respectively, for the second quarter ended December 31, 2016, and $1.31 billion and $1.19 billion, respectively, for the first six months of fiscal 2017. Includes sales from China (including Hong Kong) and Taiwan of $703.9 million and $864.0 million, respectively, for the second quarter ended January 2, 2016, and $1.42 billion and $1.69 billion, respectively, for the first six months of fiscal 2016.
Table of Assets by reportable segment and long-lived assets by geographic area	December 31, July 2, 2016 2016 (Thousands) Assets: Electronics Marketing $ $ Technology Solutions Corporate Assets $ $ Property, plant, and equipment, net, by geographic area: Americas (1) $ $ EMEA (2) Asia/Pacific Less: TS discontinued operations Property, plant, and equipment, net, $ $ (1) Includes property, plant and equipment, net, of $448.1 million and $395.0 million as of December 31, 2016, and July 2, 2016, respectively, in the United States. (2) Includes property, plant and equipment, net, of $78.3 million and $63.5 million in Germany and Belgium, respectively, as of December 31, 2016, and $76.4 million and $69.8 million in Germany and Belgium, respectively, as of July 2, 2016.

Restructuring expenses (Tables)

Restructuring expenses (Tables)	6 Months Ended
	Dec. 31, 2016
Fiscal Year 2017 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	Facility Severance Exit Costs Other Total (Thousands) Fiscal 2017 restructuring expenses $ $ $ $ Cash payments Non-cash amounts — — — — Other, principally foreign currency translation — Balance at December 31, 2016 $ $ $ $
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	Facility Severance Exit Costs Other Total (Thousands) Balance at July 2, 2016 $ $ $ $ Cash payments Changes in estimates, net Non-cash amounts — — Other, principally foreign currency translation Balance at December 31, 2016 $ $ $ $

Acquisitions (PF Acquisition) (

Acquisitions (PF Acquisition) (Details) $ in Thousands	Oct. 17, 2016USD ($)	Dec. 31, 2016USD ($)	Jan. 02, 2016USD ($)	Dec. 31, 2016USD ($)	Jan. 02, 2016USD ($)	Oct. 17, 2016£ / shares	Oct. 17, 2016USD ($)	Jul. 02, 2016USD ($)
Business Acquisition [Line Items]
Operating income		$ 124,230	$ 136,117	$ 253,744	$ 302,708
Assets Acquired and Liabilities Assumed
Goodwill		1,098,471		1,098,471				$ 621,852
PF
Business Acquisition [Line Items]
Business acquisition revenue		269,000
Cash consideration paid	$ 839,700
Business Acquisition, Share Price | £ / shares						£ 1.85
debt assumed							$ 229,200
Operating income		$ 9,000
Assets Acquired and Liabilities Assumed
Cash							46,354
Trade and other receivable, net							187,303
Inventories							334,682
Property, plant and equipment							95,232
Intangible assets							288,534
Total identifiable assets acquired							952,105
Accounts payable, accrued liabilities and other current liabilities							177,639
Short-term debt							242,918
Other long-term liabilities							156,950
Total identifiable liabilities assumed							(577,507)
Net identifiable assets acquired							374,598
Goodwill							466,722
Net assets acquired							841,320
Trade receivables							160,400
Goodwill acquired expected to be tax deductible							$ 10,000
PF | Restructuring Integration And Other Expenses
Business Acquisition [Line Items]
Acquisition costs				19,000
PF | Foreign Currency Economic Hedging Costs
Business Acquisition [Line Items]
Acquisition costs				$ 43,000

Acquisitions (PF Acquisition Pr

Acquisitions (PF Acquisition Pro Forma) (Details) - PF - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Pro Forma Results For Years Ended
Pro forma sales	$ 4,323,198	$ 4,484,189	$ 8,770,015	$ 9,352,305
Pro forma income from continuing operations	$ 45,652	$ 103,988	$ 133,381	$ 227,526

Discontinued Operations - Consi

Discontinued Operations - Consideration (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - TS Business shares in Millions, $ in Millions	Sep. 30, 2016USD ($)shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration in sale of business	$ 2,600
Cash consideration in sale of business	$ 2,400
Shares consideration in sale of business | shares	2.8

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 4,053,487	$ 2,561,471
Total current liabilities	2,332,646	1,804,229
Disposal Group, Held-for-sale, Not Discontinued Operations | TS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, less allowances of $35,649 and $39.356, respectively	2,832,218	2,205,213
Allowance for doubtful accounts receivable	35,649	39,356
Inventories	271,080	296,310
Prepaid and other current assets	59,401	59,948
Total current assets	3,162,699	2,561,471
Property, plant and equipment, net	152,439	159,449
Goodwill	648,157	659,368
Intangible assets, net	49,616	55,826
Other assets	40,576	24,424
Total assets	4,053,487	3,460,538
Accounts payable	2,114,323	1,643,004
Accrued expenses and other	164,796	161,225
Total current liabilities	2,279,119	1,804,229
Other long-term liabilities	53,527	43,769
Total liabilities	$ 2,332,646	$ 1,847,998

Discontinued Operations - Opera

Discontinued Operations - Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of taxes	$ 70,753	$ 53,871	$ 71,908	$ 75,201
Disposal Group, Held-for-sale, Not Discontinued Operations | TS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues discontinued operations	2,453,262	2,686,975	4,375,464	5,128,084
Cost of sales	2,199,235	2,413,865	3,928,164	4,619,667
Gross profit	254,027	273,110	447,300	508,417
Selling, general and administrative expenses	158,356	175,973	324,381	357,469
Restructuring, integration and other expenses	3,316	7,139	7,540	20,579
Operating income	92,355	89,998	115,379	130,369
Interest expense, net	(10,635)	(5,891)	(10,630)	(14,197)
Income from discontinued operations before income taxes	81,720	84,107	104,749	116,172
Income tax expense discontinued operations	10,967	30,236	32,841	40,971
Income from discontinued operations, net of taxes	70,753	53,871	71,908	75,201
Disposal Group, Held-for-sale, Not Discontinued Operations | TS Business | Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Corporate expenses	$ 14,100	$ 12,300	$ 26,600	$ 27,400

Goodwill and intangible asset37

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jul. 02, 2016
Carrying amount of goodwill, by reportable segment
Carrying value	$ 621,852
Carrying value	1,098,471
Electronics Marketing
Carrying amount of goodwill, by reportable segment
Carrying value	621,852
Acquisitions	479,499
Foreign currency translation	(2,880)
Carrying value	1,098,471
Gross Goodwill	2,143,581	$ 1,666,962
Accumulated Impairment	$ (1,045,110)	$ (1,045,110)

Goodwill and intangible asset38

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 347,817	$ 64,082
Accumulated Amortization	(51,759)	(41,511)
Net Book Value	296,058	22,571
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	50,505	47,980
Accumulated Amortization	(37,587)	(34,515)
Net Book Value	12,918	13,465
PF acquired intangibles
Finite-Lived Intangible Assets [Line Items]
Acquired amount	283,482
Accumulated Amortization	(7,755)
Net Book Value	275,727
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	2,163	3,746
Accumulated Amortization	(1,406)	(2,718)
Net Book Value	757	1,028
Other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	11,667	12,356
Accumulated Amortization	(5,011)	(4,278)
Net Book Value	$ 6,656	$ 8,078

Goodwill and intangible asset39

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Fiscal Year:
Remainder of fiscal 2017	$ 27,700
2,018	41,572
2,019	40,246
2,020	39,159
2,021	38,353
Thereafter	109,028
Net Book Value	$ 296,058	$ 22,571

Goodwill and intangible asset40

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016	Jul. 02, 2016
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	7 years
Intangible asset amortization expense	$ 9,800	$ 1,700	$ 11,759	$ 4,034
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 49,616		$ 49,616		$ 55,826

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($)	1 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Jul. 02, 2016
Components of short-term debt
Debt, Current, Total		$ 246,729,000	$ 1,152,599,000
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate		5.06%	4.62%
Short-term borrowings		$ 246,729,000	$ 122,599,000
Accounts receivable securitization program
Components of short-term debt
stated interest rate			0.93%
Current portion of long-term debt			$ 730,000,000
Notes Due September 2016
Components of short-term debt
stated interest rate			6.63%
Current portion of long-term debt			$ 300,000,000
Notes Due December 2021
Components of short-term debt
stated interest rate		3.75%
Debt instrument face amount		$ 300,000,000
PF | Private Placement Notes
Components of short-term debt
Repayment of notes	$ 152,200,000	$ 78,600,000

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 3,397,048	$ 1,351,551
Discount and debt issuance costs	(14,617)	(12,347)
Long-term debt	$ 3,382,431	$ 1,339,204
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate		0.93%
Notes Due September 2016
Debt Instrument [Line Items]
Long-term debt, stated interest rate		6.63%
Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%
Revolving credit facilities
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	2.04%	1.72%
Long-term debt before discount and debt issuance costs	$ 927,174	$ 150,000
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.22%
Long-term debt before discount and debt issuance costs	$ 465,000
Revolving credit facilities | Term Loan
Debt Instrument [Line Items]
Long-term debt, stated interest rate	1.38%
Long-term debt before discount and debt issuance costs	$ 503,715
Notes due | Notes Due June 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.88%	5.88%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due | Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%
Long-term debt before discount and debt issuance costs	$ 300,000
Notes due | Notes Due December 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%	4.88%
Long-term debt before discount and debt issuance costs	$ 350,000	$ 350,000
Notes due | Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%	4.63%
Long-term debt before discount and debt issuance costs	$ 550,000	$ 550,000
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	2.21%	1.92%
Long-term debt before discount and debt issuance costs	$ 1,159	$ 1,551

Debt (Textuals) (Details)

Debt (Textuals) (Details) £ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Dec. 31, 2016USD ($)	Oct. 31, 2016GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Jul. 02, 2016USD ($)
Debt Instrument [Line Items]
Issuance of notes, net of issuance costs				$ 296,374,000
Borrowings under term loans				530,756,000
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 3,630,000,000		$ 3,630,000,000	3,630,000,000	$ 2,490,000,000
Total fair value	3,660,000,000		3,660,000,000	3,660,000,000	2,590,000,000
Notes Due December 2021
Debt Instrument [Line Items]
Debt instrument face amount	300,000,000		$ 300,000,000	$ 300,000,000
Issuance of notes, net of issuance costs	$ 296,400,000
Long-term debt, stated interest rate	3.75%		3.75%	3.75%
Bank credit facilities and other
Debt Instrument [Line Items]
Short-term borrowings	$ 246,729,000		$ 246,729,000	$ 246,729,000	$ 122,599,000
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate					0.93%
Certain Foreign Subsidiaries | Term Loan
Debt Instrument [Line Items]
Borrowings under term loans | £		£ 479
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	1,250,000,000		$ 1,250,000,000	1,250,000,000
Term			5 years
Line of credit facility contingent increase to maximum borrowing capacity	1,500,000,000		$ 1,500,000,000	1,500,000,000
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	800,000,000		800,000,000	800,000,000
Accounts Receivable from Securitization	$ 1,810,000,000		$ 1,810,000,000	$ 1,810,000,000	$ 1,460,000,000
Term			2 years
Line of Credit Facility, Commitment Fee Percentage			0.40%
Revolving credit facilities | Accounts receivable securitization program | Base Rate or Commercial Paper
Debt Instrument [Line Items]
Spread over base rate			0.40%
Revolving credit facilities | Term Loan
Debt Instrument [Line Items]
Long-term debt, stated interest rate	1.38%		1.38%	1.38%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 150,000,000		$ 150,000,000	$ 150,000,000
Letters of credit outstanding, amount	$ 4,800,000		$ 4,800,000	$ 4,800,000	$ 5,600,000
Notes due | Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%		3.75%	3.75%
Notes due | Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%		4.63%	4.63%	4.63%

Derivative financial instrume44

Derivative financial instruments Textuals (Details) - USD ($)	3 Months Ended
	Dec. 31, 2016	Jul. 02, 2016
Derivative fair value
Derivative assets fair value	$ 2,386,000	$ 9,681,000
Derivative liabilities fair value	$ 3,409,000	$ 6,369,000
Maximum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than 60 days)	60 days

Derivative financial instrume45

Derivative financial instruments (Details) - USD ($) $ in Thousands	Oct. 17, 2016	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016	Jul. 02, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Reduction in acquisition price due to foreign currency hedge	$ 75,000
Average length of time of Foreign exchange contracts				49 days		53 days
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net		$ 771	$ (5,461)	$ (8,737)	$ (1,789)
Other expenses, net
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative financial instrument gain (loss)		$ (27,000)		$ (35,000)

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) $ in Millions	Dec. 31, 2016USD ($)
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 11.7
Bell
Loss Contingency, Estimate [Abstract]
Contingent liability recognized	$ 8.5

Income taxes textuals (Details)

Income taxes textuals (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Income taxes
Effective tax rate	46.70%	9.70%
Effective tax rate including discontinued operations			33.00%	18.40%

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Components of net periodic pension costs
Service cost	$ 10,848	$ 9,935	$ 21,696	$ 20,421
Interest cost	3,774	5,328	7,548	10,656
Expected return on plan assets	(10,588)	(10,071)	(21,176)	(20,142)
Recognized net actuarial loss	3,851	3,183	7,702	6,366
Amortization of prior service credits	(393)	(393)	(786)	(786)
Net periodic pension cost	$ 7,492	$ 7,982	$ 14,984	$ 16,515

Pension and retirement plan (Te

Pension and retirement plan (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2016
Pension and retirement plan
Defined benefit plans, estimated future employer contributions each remaining quarter of current fiscal year	$ 20
Contributions		$ 20

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Dec. 31, 2016	Nov. 26, 2016	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program	$ 1,250,000		$ 1,250,000		$ 1,250,000
Aggregate number of shares repurchased since inception (in shares)	31.4		31.4		31.4
Aggregate cost of shares repurchased since inception	$ 1,080,000		$ 1,080,000		$ 1,080,000
Remaining authorized repurchase amount	174,900		$ 174,900		$ 174,900
Cash dividends paid per common share		$ 0.17	$ 0.17	$ 0.17	$ 0.34	$ 0.34
Dividends paid on common stock	$ 21,800				$ 43,426	$ 45,020

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Numerator:
Income from continuing operations, after tax	$ 32,465	$ 102,141	$ 100,153	$ 211,065
Income from discontinued operations, after tax	70,753	53,871	71,908	75,201
Net income	$ 103,218	$ 156,012	$ 172,061	$ 286,266
Denominator:
Weighted average common shares for basic earnings per share	127,901	131,909	127,716	132,846
Net effect of dilutive stock option, restricted stock units and performance share units	2,446	3,009	2,339	2,776
Weighted average common shares for diluted earnings per share	130,347	134,918	130,055	135,622
Basic earnings per share-continuing operations	$ 0.25	$ 0.77	$ 0.78	$ 1.59
Basic earnings per share-discontinued operations	0.55	0.41	0.56	0.56
Basic earnings per share	0.80	1.18	1.34	2.15
Diluted earnings per share-continuing operations	0.25	0.76	0.77	1.56
Diluted earnings per share-discontinued operations	0.54	0.40	0.55	0.55
Diluted earnings per share	$ 0.79	$ 1.16	$ 1.32	$ 2.11
Stock options excluded from earnings per share calculation due to antidilutive effect	7		7

Additional cash flow informat52

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Jan. 02, 2016	Jul. 02, 2016
Interest and income taxes paid
Interest paid	$ 62,217		$ 52,724
Income taxes paid	60,881		48,942
Accrued property, plant and equipment not paid		$ 9,500	$ 12,700
Level 1
Interest and income taxes paid
Cash equivalents	$ 9,100	$ 9,100		$ 8,700

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Segment Reporting Information [Line Items]
Sales transferred	$ 46,500		$ 103,700
Sales, by segment
Sales	4,273,559	$ 4,161,082	8,391,663	$ 8,689,667
Operating income (expense):
Operating income (expense) before restructuring charges and intangible amortization - continuing and discontinued operations	260,130	255,258	453,232	495,669
Restructuring, integration and other expenses	30,400	14,083	59,869	26,601
Amortization of acquired intangible assets and other	(9,829)	(2,272)	(12,207)	(5,120)
Operating income	124,230	136,117	253,744	302,708
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Sales, by segment
Revenues discontinued operations	2,453,262	2,686,975	4,375,464	5,128,084
Operating income (expense):
Restructuring, integration and other expenses - discontinued operations	(3,316)	(7,139)	(7,540)	(20,579)
Amortization of acquired intangible assets and other - discontinued operations		(5,649)	(4,493)	(10,292)
Less: TS discontinued operations	(92,355)	(89,998)	(115,379)	(130,369)
China (including Hong Kong)
Sales, by segment
Sales	638,600	703,900	1,310,000	1,420,000
Taiwan
Sales, by segment
Sales	597,100	864,000	1,190,000	1,690,000
Corporate
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	(26,220)	(23,794)	(49,820)	(55,852)
Corporate | TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Operating income (expense):
Operating income (Expense) before restructuring charges, integration, amortization discontinued operations	(14,379)	(12,316)	(26,879)	(27,416)
Held for sale depreciation elimination - discontinued operations	6,819		6,819
Electronics Marketing | Segment
Sales, by segment
Sales	4,273,559	4,161,082	8,391,663	8,689,667
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	190,679	176,266	375,730	389,297
Technology Solutions | Segment | TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Sales, by segment
Revenues discontinued operations	2,453,262	2,686,975	4,375,464	5,128,084
Operating income (expense):
Operating income (Expense) before restructuring charges, integration, amortization discontinued operations	$ 103,231	$ 115,102	$ 147,382	$ 189,640

Segment information (Sales By R

Segment information (Sales By Region) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Dec. 31, 2016	Jan. 02, 2016
Sales, by segment
Sales	$ 4,273,559	$ 4,161,082	$ 8,391,663	$ 8,689,667
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Sales, by segment
Less: TS discontinued operations	(2,453,262)	(2,686,975)	(4,375,464)	(5,128,084)
Americas
Sales, by segment
Sales continuing and discontinued operations	2,675,995	2,750,560	5,025,339	5,524,503
United States
Sales, by segment
Sales continuing and discontinued operations	2,420,000	2,480,000	4,550,000	4,990,000
EMEA
Sales, by segment
Sales continuing and discontinued operations	2,134,740	1,935,449	3,980,290	3,950,668
Germany
Sales, by segment
Sales continuing and discontinued operations	845,700	760,600	1,610,000	1,560,000
United Kingdom
Sales, by segment
Sales continuing and discontinued operations	389,800	340,500	644,600	681,100
Asia Pacific
Sales, by segment
Sales continuing and discontinued operations	1,916,086	2,162,048	3,761,498	4,342,580
China (including Hong Kong)
Sales, by segment
Sales	638,600	703,900	1,310,000	1,420,000
Taiwan
Sales, by segment
Sales	$ 597,100	$ 864,000	$ 1,190,000	$ 1,690,000

Segment information (Assets) (D

Segment information (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 02, 2016
Assets:
Assets	$ 13,255,995	$ 11,239,805
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	565,108	453,209
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Property, plant and equipment, net, by geographic area
Less: TS discontinued operations	(152,439)	(159,449)
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	464,390	404,992
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	448,100	395,000
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	215,974	178,123
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	78,300	76,400
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	63,500	69,800
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment continuing and discontinued operations	37,183	29,543
Corporate
Assets:
Assets	868,098	608,768
Electronics Marketing | Segment
Assets:
Assets	8,334,410	7,170,499
Technology Solutions | Segment | TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Assets	$ 4,053,487	$ 3,460,538

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)
Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	$ 18,537
Cash payments	(7,676)
Changes in estimates, net	(1,382)
Non-cash amounts	(60)
Other, principally foreign currency translation	(328)
Ending Balance	9,091
Fiscal Year 2015 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	7,500
Ending Balance	5,300
Employee Severance | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	17,940
Cash payments	(8,557)
Other, principally foreign currency translation	(77)
Ending Balance	9,306
Employee Severance | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	14,221
Cash payments	(6,815)
Changes in estimates, net	(1,319)
Other, principally foreign currency translation	(185)
Ending Balance	5,902
Facility Closing | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	1,643
Cash payments	(332)
Other, principally foreign currency translation	(3)
Ending Balance	1,308
Facility Closing | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	4,093
Cash payments	(809)
Changes in estimates, net	(124)
Other, principally foreign currency translation	(83)
Ending Balance	3,077
Asset Impairments | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	1,567
Cash payments	(1,529)
Ending Balance	38
Other Restructuring | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	21,150
Cash payments	(10,418)
Other, principally foreign currency translation	(80)
Ending Balance	10,652
Other Restructuring | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	223
Cash payments	(52)
Changes in estimates, net	61
Non-cash amounts	(60)
Other, principally foreign currency translation	(60)
Ending Balance	$ 112

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2016USD ($)employee	Dec. 31, 2016USD ($)	Jul. 02, 2016USD ($)
Fiscal Year 2017 Restructuring Liabilities | EM
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 9,900
Fiscal Year 2017 Restructuring Liabilities | TS
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		6,100
Fiscal Year 2017 Restructuring Liabilities | Business Support
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		5,200
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,091	$ 9,091	$ 18,537
Fiscal Year 2016 Restructuring Liabilities | Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	200