Avnet (AVT) 10-Q 2 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Apr. 01, 2017	Apr. 20, 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	Apr. 1, 2017
Current Fiscal Year End Date	--07-01
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		124,994,009

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Current assets:
Cash and cash equivalents	$ 1,129,233	$ 1,031,478
Marketable securities	261,549
Receivables, less allowances of $45,033 and $27,448, respectively	3,237,440	2,769,906
Inventories	2,771,236	2,559,921
Prepaid and other current assets	273,534	81,197
Current assets held for sale		2,561,471
Total current assets	7,672,992	9,003,973
Property, plant and equipment, net	526,025	453,209
Goodwill	1,140,978	621,852
Intangible assets, net	285,390	22,571
Other assets	220,393	239,133
Non-current assets held for sale		899,067
Total assets	9,845,778	11,239,805
Current liabilities:
Short-term debt	32,574	1,152,599
Accounts payable	1,731,275	1,590,777
Accrued expenses and other	880,794	394,888
Current liabilities held for sale		1,804,229
Total current liabilities	2,644,643	4,942,493
Long-term debt	1,724,234	1,339,204
Other liabilities	377,328	223,053
Non-current liabilities held for sale		43,769
Total liabilities	4,746,205	6,548,519
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 126,238,957 shares and 127,377,466 shares, respectively	126,239	127,377
Additional paid-in capital	1,492,764	1,452,678
Retained earnings	3,872,407	3,632,271
Accumulated other comprehensive loss	(391,706)	(520,775)
Treasury stock at cost, 23,683 shares and 27,314 shares, respectively	(131)	(265)
Total shareholders' equity	5,099,573	4,691,286
Total liabilities and shareholders' equity	$ 9,845,778	$ 11,239,805

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 45,033	$ 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	126,238,957	127,377,466
Treasury Stock, shares	23,683	27,314

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Income Statement [Abstract]
Sales	$ 4,441,896	$ 4,081,961	$ 12,833,559	$ 12,771,628
Cost of sales	3,811,910	3,561,019	11,094,733	11,189,459
Gross profit	629,986	520,942	1,738,826	1,582,169
Selling, general and administrative expenses	480,190	362,064	1,275,417	1,093,982
Restructuring, integration and other expenses	35,513	8,854	95,382	35,455
Operating income	114,283	150,024	368,027	452,732
Other income (expense), net	19,439	1,453	(30,809)	284
Interest expense	(27,534)	(21,388)	(81,518)	(64,385)
Income from continuing operations before income taxes	106,188	130,089	255,700	388,631
Income tax expense	16,268	22,297	65,627	69,774
Income from continuing operations, net of tax	89,920	107,792	190,073	318,857
Income (loss) from discontinued operations, net of tax	(35,237)	15,667	36,671	90,868
Gain on sale of discontinued operations, net of tax	217,088		217,088
Income from discontinued operations, net of tax	181,851	15,667	253,759	90,868
Net income	$ 271,771	$ 123,459	$ 443,832	$ 409,725
Earnings per share:
Basic earnings per share-continuing operations	$ 0.70	$ 0.83	$ 1.48	$ 2.42
Basic earnings per share-discontinued operations	1.42	0.12	1.98	0.69
Basic earnings per share	2.12	0.95	3.46	3.11
Diluted earnings per share-continuing operations	0.69	0.82	1.46	2.37
Diluted earnings per share-discontinued operations	1.41	0.12	1.95	0.68
Diluted earnings per share	$ 2.10	$ 0.94	$ 3.41	$ 3.05
Shares used to compute earnings per share:
Basic	128,487	129,811	127,973	131,834
Diluted	129,432	131,650	129,847	134,298
Cash dividends paid per common share	$ 0.18	$ 0.17	$ 0.52	$ 0.51

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 271,771	$ 123,459	$ 443,832	$ 409,725
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments and other	92,702	129,872	(58,300)	20,987
Impact of TS business divestiture (Note 3)	181,465		181,465
Pension adjustments, net	2,102	2,156	5,904	6,380
Total comprehensive (loss) income	$ 548,040	$ 255,487	$ 572,901	$ 437,092

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Cash flows from operating activities:
Net income	$ 443,832	$ 409,725
Less: Income from discontinued operations, net of tax	253,759	90,868
Income from continuing operations	190,073	318,857
Non-cash and other reconciling items:
Depreciation	63,800	50,789
Amortization	34,185	5,900
Deferred income taxes	(15,562)	3,963
Stock-based compensation	41,778	47,724
Other, net	10,563	28,687
Changes in (net of effects from businesses acquired):
Receivables	(335,617)	254,305
Inventories	86,103	(351,731)
Accounts payable	86,120	(103,236)
Accrued expenses and other, net	(20,977)	(73,147)
Net cash flows provided by operating activities - continuing operations	140,466	182,111
Net cash flows (used) provided by operating activities - discontinued operations	(325,096)	115,016
Net cash flows (used) provided by operating activities	(184,630)	297,127
Cash flows from financing activities:
Issuance of notes, net of issuance costs	296,374	542,043
Repayment of notes	(530,800)	(250,000)
Borrowings (repayments) under accounts receivable securitization, net	(492,000)	(400,012)
Borrowings (repayments) of bank and revolving debt, net	(168,386)	412,253
Borrowings of term loans	530,756
Repayments of term loans	(511,358)
Repurchases of common stock	(124,598)	(334,177)
Dividends paid on common stock	(66,477)	(66,944)
Other, net	15,838	(12,028)
Net cash flows used for financing activities - continuing operations	(1,050,651)	(108,865)
Net cash flows provided by financing activities - discontinued operations	3,447	36,227
Net cash flows used for financing activities	(1,047,204)	(72,638)
Cash flows from investing activities:
Purchases of property, plant and equipment	(107,960)	(106,776)
Acquisitions of businesses, net of cash acquired (Note 2)	(801,164)
Other, net	18,404	9,559
Net cash flows used for investing activities - continuing operations	(890,720)	(97,217)
Net cash flows provided (used) for investing activities - discontinued operations	2,235,384	(25,092)
Net cash flows provided (used) for investing activities	1,344,664	(122,309)
Effect of currency exchange rate changes on cash and cash equivalents	(15,075)	1,752
Cash and cash equivalents:
Net change in cash and cash equivalents	97,755	103,932
Cash and cash equivalents at beginning of period	1,031,478	932,553
Cash and cash equivalents at end of period	$ 1,129,233	$ 1,036,485

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	9 Months Ended
	Apr. 01, 2017
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 completed 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 prior to the completion of the sale were 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 nine months of fiscal 2017 contained 39 weeks compared to the first nine months of fiscal 2016, which contained 40 weeks. New accounting pronouncements In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). The new guidance requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period and allows only the service cost component eligible for capitalization in assets. Other components of the net periodic benefit cost are to be presented separately from the line item that includes the service cost and outside of any subtotal of operating income and the line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within that annual period, with early adoption permitted. The amendment is to be applied retrospectively. The new guidance primarily impacts the income statement presentation of net periodic benefit cost and the Company does not believe adoption of this standard will have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The amendments in ASU 2017-04 simplify the subsequent measurement of goodwill by eliminating Step Two from the goodwill impairment test. Under the new guidance, an entity performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying amount of goodwill allocated to the reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. ASU 2017-04 is effective for annual reporting periods, including interim periods within those periods, beginning after December 15, 2019, with early adoption permitted. The Company has early adopted this standard during the third quarter of fiscal 2017, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Under this ASU, when substantially all of the fair value of gross assets acquired or disposed of is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new guidance also narrows the definition of the term outputs to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. ASU 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. A prospective approach should be applied to any transactions occurring within the period of adoption. The Company does not believe that ASU 2017-01 will have a material impact on its consolidated financial statements. In October 2016, the FASB (“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 transfers 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	9 Months Ended
	Apr. 01, 2017
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 Avnet’s continuing operations 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 approximately $841 million, which consisted of £1.85 per share of PF common stock. Additionally, Avnet assumed $242.8 million of debt at fair value. The Company is integrating PF and the goodwill acquired into Avnet’s continuing operations. In connection with the acquisition of PF, the Company incurred certain acquisition related costs during the first nine 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 $45.0 million of expenses within other income (expense), net for acquisition financing related fees including foreign currency economic hedging costs and bridge financing commitment fees. PF contributed approximately $19.0 million of income from continuing operations in the first nine months 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 customer, technology and tradename related 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. During the third quarter of fiscal 2017, the Company updated its estimated acquisition method values for assets acquired and liabilities assumed, the most significant of which resulted in an increase in goodwill of $30.1 million, a decrease in property, plant and equipment of $39.0 million, a decrease in other long-term liabilities of $6.4 million, a net increase in intangible assets of $6.6 million, and an increase in accounts payable, accrued liabilities and other current liabilities of $4.3 million. The Company expects the 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 $ 46,354 Trade and other receivables, net 187,303 Inventories 334,681 Property, plant and equipment 56,265 Intangible assets 295,112 Total identifiable assets acquired $ 919,715 Accounts payable, accrued liabilities and other current liabilities $ 181,921 Short-term debt 242,814 Other long-term liabilities 150,508 Total identifiable liabilities acquired $ 575,243 Net identifiable assets acquired 344,472 Goodwill 496,848 Net assets acquired $ 841,320 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. Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands, except per share data) Pro forma sales (unaudited) $ 4,441,896 $ 4,435,214 $ 13,211,911 $ 13,787,519 Pro forma net income (unaudited) 271,771 144,216 477,060 446,943 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 income (expense), net related to acquisition/divestiture costs as well as any discrete income tax related expenses. Since the date of acquisition through the first nine months of fiscal 2017, PF generated sales of $620.2 million. 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	9 Months Ended
	Apr. 01, 2017
Discontinued Operations and Disposal Groups
Discontinued operations	3. Discontinued operations and gain on sale In February 2017, the Company completed the sale of its TS business to Tech Data Corporation (the “Buyer”), for approximately $2.86 billion in a combination of $2.61 billion in cash including estimated closing adjustments not yet realized and 2.8 million shares of the Buyer valued at $247.2 million at closing. 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. In connection with the closing of the TS sale, the Company recognized an estimated gain on sale of discontinued operations, net of tax of $217.1 million. The final gain on sale could vary materially from the Company’s best estimate as of the third quarter of fiscal 2017 as determination of the final gain amount requires agreement with the Buyer related to final net assets delivered and the geographical allocation of the sales price, which is expected to occur by the first half of fiscal 2018. Included within the gain on sale is $181.5 million of expense reclassified out of accumulated comprehensive income primarily related to TS business cumulative translation adjustments. The Buyer shares received by the Company are recorded within “Marketable securities” on the Company’s Consolidated Balance Sheets. The Company has classified these shares as trading securities in accordance with ASC 320 due to management having the intent to trade the securities. During the three and nine months ended April 1, 2017, the Company recorded $14.3 million of unrealized gains on the shares due to changes in fair value between the closing date and April 1, 2017, which are recorded in “Other income (expense), net” on the Consolidated Statements of Operations using Level 1 quoted active market prices. The definitive sales agreement includes time based contractual restrictions from the closing date related to the Company’s sale of Buyer shares including a 6-month restriction for 50 percent of the shares and a 12-month restriction for the remaining 50 percent. Subsequent to the third quarter of fiscal 2017, the Company entered into economic hedges for the shares during the contractual restriction periods through the purchase of derivative financial instruments, which economically fixes the amount that will be realized upon the sale of the shares at approximately $247 million. In connection with the sale of the TS business, the Company entered into a Transition Services Agreement (“TSA”), pursuant to which the Buyer will pay the Company to provide certain information technology, distribution, facilities, finance and human resources related services for various periods of time depending upon the services not to exceed approximately two years from the closing date. Expenses incurred by the Company to provide such services under the TSA are classified within selling, general and administrative expenses and amounts billed to the Buyer to provide such services are classified as a reduction of such expenses. Financial results of the TS business through the closing date are presented as “Income from discontinued operations, net of tax” on the Consolidated Statements of Operations. The assets and liabilities of the TS business were presented as “Current assets held for sale”, “Non-current assets held for sale”, “Current liabilities held for sale” and “Non-current liabilities held for sale” on the July 2, 2016, Consolidated Balance Sheet. Summarized results of the TS business discontinued operations for the third quarters and nine months ended April 1, 2017, and April 2, 2016, are as follows: Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Sales $ 1,056,676 $ 2,092,755 $ 5,432,140 $ 7,220,839 Cost of sales 955,781 1,876,869 4,883,945 6,496,536 Gross profit 100,895 215,886 548,195 724,303 Selling, general and administrative expenses 105,622 176,974 430,003 534,443 Restructuring, integration and other (income) expenses (260) 7,318 7,280 27,897 Operating income (4,467) 31,594 110,912 161,963 Interest and other expense, net (13,662) (1,146) (24,292) (15,343) (Loss) income from discontinued operations before income taxes (18,129) 30,448 86,620 146,620 Income tax expense 17,108 14,781 49,949 55,752 (Loss) income from discontinued operations, net of taxes (35,237) $ 15,667 36,671 90,868 Gain on sale of discontinued operations, net of tax 217,088 — 217,088 — Net income from discontinued operations, net of tax $ 181,851 $ 15,667 $ 253,759 $ 90,868 Included within selling, general and administrative expenses of discontinued operations was $8.3 million and $10.7 million of corporate expenses specific to or benefiting the TS business for the third quarters ending April 1, 2017, and April 2, 2016, respectively, and $34.9 million and $38.1 million for the nine months ending April 1, 2017, and April 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 ceased due to the TS business being classified as held for sale. Summarized assets and liabilities of the TS business, classified as held for sale as of July 2, 2016, are as follows: July 2, 2016 (Thousands) Receivables, less allowances of $39,356 $ 2,205,213 Inventories 296,310 Prepaid and other current assets 59,948 Total current assets 2,561,471 Property, plant and equipment, net 159,449 Goodwill 659,368 Intangible assets, net 55,826 Other assets 24,424 Total assets $ 3,460,538 Accounts payable $ 1,643,004 Accrued expenses and other 161,225 Total current liabilities 1,804,229 Other Long-term liabilities 43,769 Total liabilities $ 1,847,998

Goodwill and long-lived assets

Goodwill and long-lived assets	9 Months Ended
	Apr. 01, 2017
Goodwill and long-lived assets
Goodwill and long-lived assets	4. Goodwill and long-lived assets Goodwill The following table presents the change in goodwill since the end of fiscal 2016. All of the accumulated impairment was recognized in fiscal 2009. Avnet (Thousands) Gross goodwill $ 1,666,962 Accumulated impairment (1,045,110) Carrying value at July 2, 2016 621,852 Acquisitions 509,631 Adjustments — Foreign currency translation 9,495 Carrying value at April 1, 2017 $ 1,140,978 Gross goodwill $ 2,186,088 Accumulated impairment (1,045,110) Carrying value at April 1, 2017 $ 1,140,978 Intangible Assets The following table presents the Company’s acquired intangible assets at April 1, 2017, and July 2, 2016, respectively. April 1, 2017 July 2, 2016 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ 267,326 $ (61,858) $ 205,468 $ 47,980 $ (34,515) $ 13,465 Trade name 45,005 (4,516) 40,489 3,746 (2,718) 1,028 Technology and other 48,058 (8,625) 39,433 12,356 (4,278) 8,078 $ 360,389 $ (74,999) $ 285,390 $ 64,082 $ (41,511) $ 22,571 Intangible asset amortization expense from continuing operations was $22.4 million and $1.9 million for the third quarters of fiscal 2017 and 2016, respectively, and $34.2 million and $5.9 million for the first nine months of fiscal 2017 and 2016, respectively. Intangible assets have a weighted average remaining useful life of approximately 4 years. The following table presents the estimated future amortization expense for the remainder of fiscal 2017, the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2017 20,089 2018 74,215 2019 72,865 2020 71,145 2021 33,685 2022 10,197 Thereafter 3,194 Total $ 285,390 During the fourth quarter of fiscal 2017, the Company decided to implement a new global Enterprise Resource Planning (“ERP”). As a result of this decision, the estimated useful life of its ERP system in the Americas, which had a carrying value of approximately $170 million as of April 1, 2017, has been reduced to its estimated remaining useful life of 24 months.

Debt

Debt	9 Months Ended
	Apr. 01, 2017
Debt
Debt	5. Debt Short-term debt consists of the following (in thousands): April 1, 2017 July 2, 2016 April 1, 2017 July 2, 2016 Interest Rate Carrying Balance Bank credit facilities and other 1.92 % 4.62 % $ 32,574 $ 122,599 Accounts receivable securitization program — 0.93 % — 730,000 Notes due September 2016 — 6.63 % — 300,000 Short-term debt $ 32,574 $ 1,152,599 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% Notes due December 2021 discussed further below. Long-term debt consists of the following (in thousands): April 1, 2017 July 2, 2016 April 1, 2017 July 2, 2016 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program 1.28 % — $ 238,000 $ — Credit Facility — % 1.72 % — 150,000 Notes due: June 2020 5.88 % 5.88 % 300,000 300,000 December 2021 3.75 % — 300,000 — December 2022 4.88 % 4.88 % 350,000 350,000 April 2026 4.63 % 4.63 % 550,000 550,000 Other long-term debt 1.36 % 1.92 % 602 1,551 Long-term debt before discount and debt issuance costs 1,738,602 1,351,551 Discount and debt issuance costs (14,368) (12,347) Long-term debt $ 1,724,234 $ 1,339,204 In December 2016, the Company issued $300.0 million of 3.75% Notes due December 2021 (the “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 February 2017, in connection with the sale of the TS business, the Company amended and reduced the capacity of 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 $400.0 million compared to $800.0 million before the amendment. 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 $0.82 billion and $1.46 billion at April 1, 2017, 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 April 1, 2017, and July 2, 2016. The Program has a term that expires in August 2018 and as a result is considered long-term debt as of April 1, 2017. 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 April 1, 2017, and July 2, 2016. As of April 1, 2017, and July 2, 2016, there were $3.1 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 had 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. In March 2017, the Company repaid in full all outstanding amounts due under the Term Loan with a portion of the proceeds from the sale of the TS Business. As of April 1, 2017, the carrying value and fair value of the Company’s total debt was $1.76 billion and $1.81 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 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	9 Months Ended
	Apr. 01, 2017
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 economically hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “other income (expense), net.” The fair value of forward foreign exchange contracts, which are based upon Level 2 criteria under the ASC 820 fair value hierarchy, are classified in the captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of April 1, 2017, 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 and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other European and Asia/Pacific foreign currencies. The fair values of derivative financial instruments in the Company’s consolidated balance sheets are as follows: April 1, July 2, 2017 2016 (Thousands) Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in: Other current assets $ 4,222 $ 9,681 Accrued expenses 3,036 6,369 The amounts recorded to other income (expense), net related to derivative financial instruments for economic hedges are as follows: Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Net derivative financial instrument gain (loss) $ 26 $ 2,358 $ (8,711) $ 569 Additionally, during the first nine months of fiscal 2017, there is approximately $35.0 million, of derivative financial instrument losses in other income (expenses), net, that are 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. The Company’s outstanding economic hedges had average maturities of 59 days and 53 days as of April 1, 2017, and July 2, 2016, respectively.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Apr. 01, 2017
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. As of April 1, 2017, 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	9 Months Ended
	Apr. 01, 2017
Income taxes
Income taxes	8. Income taxes The Company’s effective tax rate on its income before income taxes from continuing operations was 15.3% in the third quarter of fiscal 2017 as compared with 17.1% in the third quarter of fiscal 2016. During the third quarter of fiscal 2017, the Company’s effective tax rate was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions and (ii) the release of reserves and other discrete tax benefits. During the third quarter of fiscal 2016, the Company’s effective tax rate was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions and (ii) the release of reserves related to the expiration of statutes of limitation. For the first nine months of fiscal 2017 and 2016, the Company’s effective tax rate was 25.7% and 18.0%, respectively. The effective tax rate for the first nine months of fiscal 2017 was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions, partially offset by (ii) net increases to valuation allowances against deferred tax assets that were deemed unrealizable and (iii) the impact of non-deductible acquisition related expenses. The effective tax rate for the first nine 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.

Pension and retirement plan

Pension and retirement plan	9 Months Ended
	Apr. 01, 2017
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): Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Service cost $ 7,406 $ 9,935 $ 22,217 $ 30,356 Interest cost 3,952 5,328 11,856 15,984 Expected return on plan assets (10,840) (10,071) (32,520) (30,213) Amortization of prior service credits 3,610 3,183 10,830 9,549 Recognized net actuarial loss (394) (393) (1,180) (1,179) Net periodic pension cost $ 3,734 $ 7,982 $ 11,203 $ 24,497 The Company made contributions to the Plan of $30.0 million during the first nine months of fiscal 2017. The Company expects to make an additional contribution to the Plan of $3.8 million in the fourth quarter 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 third 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 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 third quarter of fiscal 2017 for these frozen plans was not material.

Shareholders' equity

Shareholders' equity	9 Months Ended
	Apr. 01, 2017
Shareholders' equity
Shareholders' equity	10. Shareholders’ equity Share repurchase program In February 2017, the Company’s Board of Directors authorized a $500.0 million increase in the Company’s existing share repurchase program. During the third quarter and first nine months of fiscal 2017, the Company incurred commitments to repurchase 3.1 million shares under this program for a total cost of $140.1 million. Common stock dividend In February 2017, the Company’s Board of Directors approved a dividend of $0.18 per common share and dividend payments of $23.1 million were made in March 2017.

Earnings per share

Earnings per share	9 Months Ended
	Apr. 01, 2017
Earnings per share
Earnings per share	11. Earnings per share Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands, except per share data) Numerator: Income from continuing operations $ 89,920 $ 107,792 $ 190,073 $ 318,857 Income from discontinued operations 181,851 15,667 253,759 90,868 Net income $ 271,771 $ 123,459 $ 443,832 $ 409,725 Denominator: Weighted average common shares for basic earnings per share 128,487 129,811 127,973 131,834 Net effect of dilutive stock options, restricted stock units and performance share units 945 1,839 1,874 2,464 Weighted average common shares for diluted earnings per share 129,432 131,650 129,847 134,298 Basic earnings per share - continuing operations $ 0.70 $ 0.83 $ 1.48 $ 2.42 Basic earnings per share - discontinued operations 1.42 0.12 1.98 0.69 Basic earnings per share $ 2.12 $ 0.95 $ 3.46 $ 3.11 Diluted earnings per share - continuing operations $ 0.69 $ 0.82 $ 1.46 $ 2.37 Diluted earnings per share - discontinued operations 1.41 0.12 1.95 0.68 Diluted earnings per share $ 2.10 $ 0.94 $ 3.41 $ 3.05 Stock options excluded from earnings per share calculation due to anti-dilutive effect 92 422 98 378 See Note 3 for additional information on income from discontinued operations.

Additional cash flow informatio

Additional cash flow information	9 Months Ended
	Apr. 01, 2017
Additional cash flow information
Additional cash flow information	12. Additional cash flow information Interest and income taxes paid were as follows: Nine Months Ended April 1, April 2, 2017 2016 (Thousands) Interest $ 74,165 $ 80,313 Income taxes $ 106,659 $ 85,323 . Non-cash investing activities related to purchases of property, plant and equipment that have been accrued, but not paid for, were $16.8 million and $11.6 million as of April 1, 2017, and April 2, 2016, respectively. Additionally, the Company received 2.8 million shares of Buyer common stock from the sale of the TS business valued at $247.2 million at the time the sale was completed. Non-cash financing activities of $15.7 million related to share repurchases that have been accrued, but not paid for as of April 1, 2017. Included in cash and cash equivalents from continuing operations as of April 1, 2017, and July 2, 2016, was $565.2 million and $8.7 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

Segment information	9 Months Ended
	Apr. 01, 2017
Segment information
Segment information	13. Segment information Prior to the sale of the TS business, the Company’s reportable segments were the Electronics Marketing (“Avnet EM”) and Technology Solutions (“TS”) operating groups. As a result of the sale of the TS business, as of April 1, 2017, the Company has only one remaining segment, Avnet EM. Avnet EM, including the recently acquired PF, markets and sells semiconductors and interconnect, passive and electromechanical devices and integrated products to a diverse customer base serving many end-markets. During the last fiscal month of the third quarter of fiscal 2017, the Company completed the sale of the TS reportable segment. Additionally, Avnet’s continuing operations is undergoing organizational and executive leadership changes that were still ongoing at the end of the third quarter of fiscal 2017. After the Company completes its organizational and executive leadership structure, Avnet’s reportable segments from continuing operations may also change. As a result, the Company has not changed its reportable segments from continuing operations or its historical measures of segment results and profitability as of April 1, 2017 Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Sales, by geographic area: Americas (1) $ 1,328,592 $ 1,227,243 $ 3,831,706 $ 3,696,291 EMEA (2) 1,615,903 1,330,751 4,261,891 3,809,970 Asia/Pacific (3) 1,497,401 1,523,967 4,739,962 5,265,367 Sales $ 4,441,896 $ 4,081,961 $ 12,833,559 $ 12,771,628 (1) Includes sales from the United States of $1.23 billion and $1.15 billion for the third quarters ended April 1, 2017, and April 2, 2016, respectively. Includes sales from the United States of $3.56 billion and $3.46 billion for the first nine months of fiscal 2017 and 2016, respectively. (2) Includes sales from Germany and the United Kingdom of $616.3 million and $179.1 million, respectively, for the third quarter ended April 1, 2017, and $1.66 billion and $415.0 million, respectively, for the first nine months of fiscal 2017. Includes sales from Germany and the United Kingdom of $539.6 million and $90.1 million, respectively, for the third quarter ended April 2, 2016, and $1.60 billion and $285.6 million, respectively, for the first nine months of fiscal 2016. (3) Includes sales from China (including Hong Kong) and Taiwan of $562.9 million and $486.9 million, respectively, for the third quarter ended April 1, 2017, and $1.80 billion and $1.67 billion, respectively, for the first nine months of fiscal 2017. Includes sales from China (including Hong Kong) and Taiwan of $563.3 million and $586.6 million, respectively, for the third quarter ended April 2, 2016, and $1.84 billion and $2.27 billion, respectively, for the first nine months of fiscal 2016. April 1, July 2, 2017 2016 (Thousands) Property, plant, and equipment, net, by geographic area: Americas (1) $ 314,818 $ 303,252 EMEA (2) 173,823 129,612 Asia/Pacific 37,384 20,345 Property, plant, and equipment, net $ 526,025 $ 453,209 (1) Includes property, plant and equipment, net, of $336.5 million and $297.1 million as of April 1, 2017, and July 2, 2016, respectively, in the United States. (2) Includes property, plant and equipment, net, of $78.2 million and $37.6 million in Germany and Belgium, respectively, as of April 1, 2017, and $72.5 million and $40.0 million in Germany and Belgium, respectively, as of July 2, 2016.

Restructuring expenses

Restructuring expenses	9 Months Ended
	Apr. 01, 2017
Restructuring expenses
Restructuring expenses	14. Restructuring expenses Fiscal 2017 During fiscal 2017, the Company took certain restructuring actions in an effort to integrate acquisitions and 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 operations established during fiscal 2017 is presented in the following table: Facility Asset Severance Exit Costs Other Impairments Total (Thousands) Fiscal 2017 restructuring expenses $ 25,185 $ 312 $ 1,500 $ 3,478 $ 30,475 Cash payments (10,585) (124) (1,500) — (12,209) Non-cash amounts — — — (3,478) (3,478) Other, principally foreign currency translation (36) — — — (36) Balance at April 1, 2017 $ 14,564 $ 188 $ — $ — $ 14,752 Severance expense recorded in the first nine months of fiscal 2017 related to the reduction, or planned reduction, of over 150 employees, primarily in executive management, 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. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2017. Fiscal 2016 and prior 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 nine months of fiscal 2017 related to the remaining restructuring liabilities from continuing operations established during fiscal 2016: Facility Severance Exit Costs Other Total (Thousands) Balance at July 2, 2016 $ 9,854 $ 1,130 $ 3 $ 10,987 Cash payments (5,511) (276) (3) (5,790) Changes in estimates, net (1,031) (270) — (1,301) Non-cash amounts — — — — Other, principally foreign currency translation (89) (14) — (103) Balance at April 1, 2017 $ 3,223 $ 570 $ — $ 3,793 The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2017. As of July 2, 2016 and April 1, 2017, there were $ 4.5 million and $3.3 million, respectively of restructuring liabilities remaining related to restructuring actions from continuing operations taken in fiscal years 2015 and prior, the majority of which relates to facility exit costs, which are expected to be paid by the end of fiscal 2017.

Basis of presentation and new21

Basis of presentation and new accounting pronouncements (Policies)	9 Months Ended
	Apr. 01, 2017
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 completed 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 prior to the completion of the sale were 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 nine months of fiscal 2017 contained 39 weeks compared to the first nine months of fiscal 2016, which contained 40 weeks.
New accounting pronouncements	New accounting pronouncements In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). The new guidance requires the service cost component of net periodic benefit cost to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period and allows only the service cost component eligible for capitalization in assets. Other components of the net periodic benefit cost are to be presented separately from the line item that includes the service cost and outside of any subtotal of operating income and the line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within that annual period, with early adoption permitted. The amendment is to be applied retrospectively. The new guidance primarily impacts the income statement presentation of net periodic benefit cost and the Company does not believe adoption of this standard will have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The amendments in ASU 2017-04 simplify the subsequent measurement of goodwill by eliminating Step Two from the goodwill impairment test. Under the new guidance, an entity performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying amount of goodwill allocated to the reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. ASU 2017-04 is effective for annual reporting periods, including interim periods within those periods, beginning after December 15, 2019, with early adoption permitted. The Company has early adopted this standard during the third quarter of fiscal 2017, which did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Under this ASU, when substantially all of the fair value of gross assets acquired or disposed of is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new guidance also narrows the definition of the term outputs to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. ASU 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. A prospective approach should be applied to any transactions occurring within the period of adoption. The Company does not believe that ASU 2017-01 will have a material impact on its consolidated financial statements. In October 2016, the FASB (“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 transfers 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)	9 Months Ended
	Apr. 01, 2017
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Preliminary Acquisition Method Values (Thousands) Cash $ 46,354 Trade and other receivables, net 187,303 Inventories 334,681 Property, plant and equipment 56,265 Intangible assets 295,112 Total identifiable assets acquired $ 919,715 Accounts payable, accrued liabilities and other current liabilities $ 181,921 Short-term debt 242,814 Other long-term liabilities 150,508 Total identifiable liabilities acquired $ 575,243 Net identifiable assets acquired 344,472 Goodwill 496,848 Net assets acquired $ 841,320
Schedule of pro forma and historical results	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands, except per share data) Pro forma sales (unaudited) $ 4,441,896 $ 4,435,214 $ 13,211,911 $ 13,787,519 Pro forma net income (unaudited) 271,771 144,216 477,060 446,943

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Apr. 01, 2017
Discontinued Operations and Disposal Groups
Schedule of assets and liabilities classified as held for sale	July 2, 2016 (Thousands) Receivables, less allowances of $39,356 $ 2,205,213 Inventories 296,310 Prepaid and other current assets 59,948 Total current assets 2,561,471 Property, plant and equipment, net 159,449 Goodwill 659,368 Intangible assets, net 55,826 Other assets 24,424 Total assets $ 3,460,538 Accounts payable $ 1,643,004 Accrued expenses and other 161,225 Total current liabilities 1,804,229 Other Long-term liabilities 43,769 Total liabilities $ 1,847,998
Schedule of summarized results of discontinued operations	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Sales $ 1,056,676 $ 2,092,755 $ 5,432,140 $ 7,220,839 Cost of sales 955,781 1,876,869 4,883,945 6,496,536 Gross profit 100,895 215,886 548,195 724,303 Selling, general and administrative expenses 105,622 176,974 430,003 534,443 Restructuring, integration and other (income) expenses (260) 7,318 7,280 27,897 Operating income (4,467) 31,594 110,912 161,963 Interest and other expense, net (13,662) (1,146) (24,292) (15,343) (Loss) income from discontinued operations before income taxes (18,129) 30,448 86,620 146,620 Income tax expense 17,108 14,781 49,949 55,752 (Loss) income from discontinued operations, net of taxes (35,237) $ 15,667 36,671 90,868 Gain on sale of discontinued operations, net of tax 217,088 — 217,088 — Net income from discontinued operations, net of tax $ 181,851 $ 15,667 $ 253,759 $ 90,868

Goodwill and long-lived assets

Goodwill and long-lived assets (Tables)	9 Months Ended
	Apr. 01, 2017
Goodwill and long-lived assets
Change in goodwill balances by reportable segment	Avnet (Thousands) Gross goodwill $ 1,666,962 Accumulated impairment (1,045,110) Carrying value at July 2, 2016 621,852 Acquisitions 509,631 Adjustments — Foreign currency translation 9,495 Carrying value at April 1, 2017 $ 1,140,978 Gross goodwill $ 2,186,088 Accumulated impairment (1,045,110) Carrying value at April 1, 2017 $ 1,140,978
Company's identifiable acquired intangible assets	April 1, 2017 July 2, 2016 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ 267,326 $ (61,858) $ 205,468 $ 47,980 $ (34,515) $ 13,465 Trade name 45,005 (4,516) 40,489 3,746 (2,718) 1,028 Technology and other 48,058 (8,625) 39,433 12,356 (4,278) 8,078 $ 360,389 $ (74,999) $ 285,390 $ 64,082 $ (41,511) $ 22,571
Estimated future amortization expense	The following table presents the estimated future amortization expense for the remainder of fiscal 2017, the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2017 20,089 2018 74,215 2019 72,865 2020 71,145 2021 33,685 2022 10,197 Thereafter 3,194 Total $ 285,390

Debt (Tables)

Debt (Tables)	9 Months Ended
	Apr. 01, 2017
Debt
Short-term debt	Short-term debt consists of the following (in thousands): April 1, 2017 July 2, 2016 April 1, 2017 July 2, 2016 Interest Rate Carrying Balance Bank credit facilities and other 1.92 % 4.62 % $ 32,574 $ 122,599 Accounts receivable securitization program — 0.93 % — 730,000 Notes due September 2016 — 6.63 % — 300,000 Short-term debt $ 32,574 $ 1,152,599
Long-term debt	Long-term debt consists of the following (in thousands): April 1, 2017 July 2, 2016 April 1, 2017 July 2, 2016 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program 1.28 % — $ 238,000 $ — Credit Facility — % 1.72 % — 150,000 Notes due: June 2020 5.88 % 5.88 % 300,000 300,000 December 2021 3.75 % — 300,000 — December 2022 4.88 % 4.88 % 350,000 350,000 April 2026 4.63 % 4.63 % 550,000 550,000 Other long-term debt 1.36 % 1.92 % 602 1,551 Long-term debt before discount and debt issuance costs 1,738,602 1,351,551 Discount and debt issuance costs (14,368) (12,347) Long-term debt $ 1,724,234 $ 1,339,204

Derivative financial instrume26

Derivative financial instruments (Tables)	9 Months Ended
	Apr. 01, 2017
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	April 1, July 2, 2017 2016 (Thousands) Forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in: Other current assets $ 4,222 $ 9,681 Accrued expenses 3,036 6,369
Schedule of gain (loss) on derivatives	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Net derivative financial instrument gain (loss) $ 26 $ 2,358 $ (8,711) $ 569

Pension and retirement plans (T

Pension and retirement plans (Tables)	9 Months Ended
	Apr. 01, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components of net periodic pension costs	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Service cost $ 7,406 $ 9,935 $ 22,217 $ 30,356 Interest cost 3,952 5,328 11,856 15,984 Expected return on plan assets (10,840) (10,071) (32,520) (30,213) Amortization of prior service credits 3,610 3,183 10,830 9,549 Recognized net actuarial loss (394) (393) (1,180) (1,179) Net periodic pension cost $ 3,734 $ 7,982 $ 11,203 $ 24,497

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Apr. 01, 2017
Earnings per share
Basic and diluted earnings per share calculation	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands, except per share data) Numerator: Income from continuing operations $ 89,920 $ 107,792 $ 190,073 $ 318,857 Income from discontinued operations 181,851 15,667 253,759 90,868 Net income $ 271,771 $ 123,459 $ 443,832 $ 409,725 Denominator: Weighted average common shares for basic earnings per share 128,487 129,811 127,973 131,834 Net effect of dilutive stock options, restricted stock units and performance share units 945 1,839 1,874 2,464 Weighted average common shares for diluted earnings per share 129,432 131,650 129,847 134,298 Basic earnings per share - continuing operations $ 0.70 $ 0.83 $ 1.48 $ 2.42 Basic earnings per share - discontinued operations 1.42 0.12 1.98 0.69 Basic earnings per share $ 2.12 $ 0.95 $ 3.46 $ 3.11 Diluted earnings per share - continuing operations $ 0.69 $ 0.82 $ 1.46 $ 2.37 Diluted earnings per share - discontinued operations 1.41 0.12 1.95 0.68 Diluted earnings per share $ 2.10 $ 0.94 $ 3.41 $ 3.05 Stock options excluded from earnings per share calculation due to anti-dilutive effect 92 422 98 378

Additional cash flow informat29

Additional cash flow information (Tables)	9 Months Ended
	Apr. 01, 2017
Additional cash flow information
Interest and income taxes paid	Nine Months Ended April 1, April 2, 2017 2016 (Thousands) Interest $ 74,165 $ 80,313 Income taxes $ 106,659 $ 85,323

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Apr. 01, 2017
Segment information
Table of the Company's segments and the related financial information for each	Third Quarters Ended Nine Months Ended April 1, April 2, April 1, April 2, 2017 2016 2017 2016 (Thousands) Sales, by geographic area: Americas (1) $ 1,328,592 $ 1,227,243 $ 3,831,706 $ 3,696,291 EMEA (2) 1,615,903 1,330,751 4,261,891 3,809,970 Asia/Pacific (3) 1,497,401 1,523,967 4,739,962 5,265,367 Sales $ 4,441,896 $ 4,081,961 $ 12,833,559 $ 12,771,628 (1) Includes sales from the United States of $1.23 billion and $1.15 billion for the third quarters ended April 1, 2017, and April 2, 2016, respectively. Includes sales from the United States of $3.56 billion and $3.46 billion for the first nine months of fiscal 2017 and 2016, respectively. (2) Includes sales from Germany and the United Kingdom of $616.3 million and $179.1 million, respectively, for the third quarter ended April 1, 2017, and $1.66 billion and $415.0 million, respectively, for the first nine months of fiscal 2017. Includes sales from Germany and the United Kingdom of $539.6 million and $90.1 million, respectively, for the third quarter ended April 2, 2016, and $1.60 billion and $285.6 million, respectively, for the first nine months of fiscal 2016. (3) Includes sales from China (including Hong Kong) and Taiwan of $562.9 million and $486.9 million, respectively, for the third quarter ended April 1, 2017, and $1.80 billion and $1.67 billion, respectively, for the first nine months of fiscal 2017. Includes sales from China (including Hong Kong) and Taiwan of $563.3 million and $586.6 million, respectively, for the third quarter ended April 2, 2016, and $1.84 billion and $2.27 billion, respectively, for the first nine months of fiscal 2016.
Table of Assets by reportable segment and long-lived assets by geographic area	April 1, July 2, 2017 2016 (Thousands) Property, plant, and equipment, net, by geographic area: Americas (1) $ 314,818 $ 303,252 EMEA (2) 173,823 129,612 Asia/Pacific 37,384 20,345 Property, plant, and equipment, net $ 526,025 $ 453,209 (1) Includes property, plant and equipment, net, of $336.5 million and $297.1 million as of April 1, 2017, and July 2, 2016, respectively, in the United States. (2) Includes property, plant and equipment, net, of $78.2 million and $37.6 million in Germany and Belgium, respectively, as of April 1, 2017, and $72.5 million and $40.0 million in Germany and Belgium, respectively, as of July 2, 2016.

Restructuring expenses (Tables)

Restructuring expenses (Tables)	9 Months Ended
	Apr. 01, 2017
Fiscal Year 2017 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	Facility Asset Severance Exit Costs Other Impairments Total (Thousands) Fiscal 2017 restructuring expenses $ 25,185 $ 312 $ 1,500 $ 3,478 $ 30,475 Cash payments (10,585) (124) (1,500) — (12,209) Non-cash amounts — — — (3,478) (3,478) Other, principally foreign currency translation (36) — — — (36) Balance at April 1, 2017 $ 14,564 $ 188 $ — $ — $ 14,752
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 $ 9,854 $ 1,130 $ 3 $ 10,987 Cash payments (5,511) (276) (3) (5,790) Changes in estimates, net (1,031) (270) — (1,301) Non-cash amounts — — — — Other, principally foreign currency translation (89) (14) — (103) Balance at April 1, 2017 $ 3,223 $ 570 $ — $ 3,793

Acquisitions (PF Acquisition) (

Acquisitions (PF Acquisition) (Details) $ in Thousands	Oct. 17, 2016USD ($)	Apr. 01, 2017USD ($)	Apr. 02, 2016USD ($)	Apr. 01, 2017USD ($)	Apr. 02, 2016USD ($)	Oct. 17, 2016£ / shares	Oct. 17, 2016USD ($)	Jul. 02, 2016USD ($)
Business Acquisition [Line Items]
Operating income		$ 114,283	$ 150,024	$ 368,027	$ 452,732
Assets Acquired and Liabilities Assumed
Goodwill		1,140,978		1,140,978				$ 621,852
PF
Business Acquisition [Line Items]
Business acquisition revenue				620,200
Cash consideration paid	$ 841,000
Business Acquisition, Share Price | £ / shares						£ 1.85
debt assumed							$ 242,800
Operating income		19,000
Allocation of purchase price adjustment to goodwill		30,100
Allocation of pruchase price adjustment to property, plant and equipment		(39,000)
Allocation of purchase price adjustment to other long-term liabilities		(6,400)
Allocation of purchase price adjustment to intangibles		6,600
Allocation of purchase price adjustment to accounts payable, accrued liabilities and other current liabilities		$ 4,300
Assets Acquired and Liabilities Assumed
Cash							46,354
Trade and other receivable, net							187,303
Inventories							334,681
Property, plant and equipment							56,265
Intangible assets							295,112
Total identifiable assets acquired							919,715
Accounts payable, accrued liabilities and other current liabilities							181,921
Short-term debt							242,814
Other long-term liabilities							150,508
Total identifiable liabilities assumed							(575,243)
Net identifiable assets acquired							344,472
Goodwill							496,848
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				$ 45,000

Acquisitions (PF Acquisition Pr

Acquisitions (PF Acquisition Pro Forma) (Details) - PF - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Pro Forma Results For Years Ended
Pro forma sales (unaudited)	$ 4,441,896	$ 4,435,214	$ 13,211,911	$ 13,787,519
Pro forma net income (unaudited)	$ 271,771	$ 144,216	$ 477,060	$ 446,943

Discontinued Operations - Consi

Discontinued Operations - Consideration (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 25, 2017	Apr. 01, 2017	Apr. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operation		$ 217,088	$ 217,088
Gain on sale reclassified out of accumulated comprehensive income		(181,465)	(181,465)
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]
Consideration in sale of business	$ 2,860,000
Cash consideration in sale of business	$ 2,610,000
Shares consideration in sale of business	2.8
Value of shares received as consideration in sale of business	$ 247,200
Gain on sale of discontinued operation		217,088	217,088
First trading securities sales restriction (in months)	6 months
Sales restriction percentage	50.00%
Second trading securities sales restriction (in months)	12 months
Disposal Group, Held-for-sale, Not Discontinued Operations | TS Business | Other Operating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Trading Securities, Unrealized Holding Gain		$ 14,300	$ 14,300

Discontinued Operations - Econo

Discontinued Operations - Economic Hedge (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 25, 2017	Apr. 03, 2017
Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Business sale length of contract for certain services	2 years
Equity Contract | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		$ 247

Discontinued Operations - Opera

Discontinued Operations - Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations, net of tax	$ (35,237)	$ 15,667	$ 36,671	$ 90,868
Gain on sale of discontinued operations, net of tax	217,088		217,088
Net income from discontinued operations	181,851	15,667	253,759	90,868
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	1,056,676	2,092,755	5,432,140	7,220,839
Cost of sales	955,781	1,876,869	4,883,945	6,496,536
Gross profit	100,895	215,886	548,195	724,303
Selling, general and administrative expenses	105,622	176,974	430,003	534,443
Restructuring, integration and other (income) expenses	(260)	7,318	7,280	27,897
Operating income	(4,467)	31,594	110,912	161,963
Interest expense, net	(13,662)	(1,146)	(24,292)	(15,343)
(Loss) income from discontinued operations before income taxes	(18,129)	30,448	86,620	146,620
Income tax expense discontinued operations	17,108	14,781	49,949	55,752
(Loss) income from discontinued operations, net of tax	(35,237)	15,667	36,671	90,868
Gain on sale of discontinued operations, net of tax	217,088		217,088
Net income from discontinued operations	181,851	15,667	253,759	90,868
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	$ 8,300	$ 10,700	$ 34,900	$ 38,100

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities (Details) $ in Thousands	Jul. 02, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 2,561,471
Total current liabilities	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 $39,356	2,205,213
Allowance for doubtful accounts receivable	39,356
Inventories	296,310
Prepaid and other current assets	59,948
Total current assets	2,561,471
Property, plant and equipment, net	159,449
Goodwill	659,368
Intangible assets, net	55,826
Other assets	24,424
Total assets	3,460,538
Accounts payable	1,643,004
Accrued expenses and other	161,225
Total current liabilities	1,804,229
Other long-term liabilities	43,769
Total liabilities	$ 1,847,998

Goodwill and long-lived asset38

Goodwill and long-lived assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 01, 2017	Jul. 02, 2016
Carrying amount of goodwill, by reportable segment
Carrying value	$ 621,852
Carrying value	1,140,978
Avnet Electronics Marketing
Carrying amount of goodwill, by reportable segment
Carrying value	621,852
Acquisitions	509,631
Foreign currency translation	9,495
Carrying value	1,140,978
Gross Goodwill	2,186,088	$ 1,666,962
Accumulated Impairment	$ (1,045,110)	$ (1,045,110)

Goodwill and long-lived asset39

Goodwill and long-lived assets Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 360,389	$ 64,082
Accumulated Amortization	(74,999)	(41,511)
Net Book Value	285,390	22,571
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	267,326	47,980
Accumulated Amortization	(61,858)	(34,515)
Net Book Value	205,468	13,465
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	45,005	3,746
Accumulated Amortization	(4,516)	(2,718)
Net Book Value	40,489	1,028
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	48,058	12,356
Accumulated Amortization	(8,625)	(4,278)
Net Book Value	$ 39,433	$ 8,078

Goodwill and long-lived asset40

Goodwill and long-lived assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Fiscal Year:
Remainder of fiscal 2017	$ 20,089
2,018	74,215
2,019	72,865
2,020	71,145
2,021	33,685
2,022	10,197
Thereafter	3,194
Net Book Value	$ 285,390	$ 22,571

Goodwill and long-lived asset41

Goodwill and long-lived assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016	Jul. 02, 2016
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	4 years
Intangible asset amortization expense	$ 22,400	$ 1,900	$ 34,185	$ 5,900
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net					$ 55,826

Goodwill and long-lived asset42

Goodwill and long-lived assets - New ERP System (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Change in Accounting Estimate [Line Items]
Property, plant and equipment, net	$ 526,025	$ 453,209
ERP System
Change in Accounting Estimate [Line Items]
Property, plant and equipment, net	$ 170,000
Service Life | ERP System
Change in Accounting Estimate [Line Items]
Useful life	24 months

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($)	1 Months Ended		9 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Apr. 01, 2017	Apr. 02, 2016	Jul. 02, 2016
Components of short-term debt
Debt, Current, Total			$ 32,574,000		$ 1,152,599,000
Repayment of notes			$ 530,800,000	$ 250,000,000
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate			1.92%		4.62%
Short-term borrowings			$ 32,574,000		$ 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	Apr. 01, 2017	Dec. 31, 2016	Jul. 02, 2016
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,738,602		$ 1,351,551
Discount and debt issuance costs	(14,368)		(12,347)
Long-term debt	$ 1,724,234		$ 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			1.72%
Long-term debt before discount and debt issuance costs			$ 150,000
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.28%
Long-term debt before discount and debt issuance costs	$ 238,000
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	1.36%		1.92%
Long-term debt before discount and debt issuance costs	$ 602		$ 1,551

Debt (Textuals) (Details)

Debt (Textuals) (Details) £ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Dec. 31, 2016USD ($)	Oct. 31, 2016GBP (£)	Apr. 01, 2017USD ($)	Apr. 01, 2017USD ($)	Apr. 02, 2016USD ($)	Jan. 31, 2017USD ($)	Jul. 02, 2016USD ($)
Debt Instrument [Line Items]
Issuance of notes, net of issuance costs				$ 296,374,000	$ 542,043,000
Borrowings of term loans				530,756,000
Company's total debt
Debt, Long-term and Short-term, Combined Amount			$ 1,760,000,000	1,760,000,000			$ 2,490,000,000
Total fair value			1,810,000,000	1,810,000,000			2,590,000,000
Notes Due December 2021
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000,000
Issuance of notes, net of issuance costs	$ 296,400,000
Long-term debt, stated interest rate	3.75%
Bank credit facilities and other
Debt Instrument [Line Items]
Short-term borrowings			32,574,000	32,574,000			$ 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 of term loans | £		£ 479
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount			$ 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
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount			400,000,000	400,000,000		$ 800,000,000
Accounts Receivable from Securitization			$ 820,000,000	820,000,000			$ 1,460,000,000
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%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount			$ 150,000,000	150,000,000
Letters of credit outstanding, amount			$ 3,100,000	$ 3,100,000			$ 5,600,000
Notes due | Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate			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%

Derivative financial instrume46

Derivative financial instruments Textuals (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Jul. 02, 2016
Derivative fair value
Derivative assets fair value	$ 4,222,000	$ 9,681,000
Derivative liabilities fair value	$ 3,036,000	$ 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 instrume47

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016	Jul. 02, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Average length of time of Foreign exchange contracts			59 days		53 days
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 26	$ 2,358	$ (8,711)	$ 569
Other expenses, net
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative financial instrument gain (loss)			$ (35,000)

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) $ in Millions	Apr. 01, 2017USD ($)
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 11.7

Income taxes textuals (Details)

Income taxes textuals (Details)	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Income taxes
Effective tax rate	15.30%	17.10%
Effective tax rate including discontinued operations			25.70%	18.00%

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Components of net periodic pension costs
Service cost	$ 7,406	$ 9,935	$ 22,217	$ 30,356
Interest cost	3,952	5,328	11,856	15,984
Expected return on plan assets	(10,840)	(10,071)	(32,520)	(30,213)
Amortization of prior service credits	3,610	3,183	10,830	9,549
Recognized net actuarial loss	(394)	(393)	(1,180)	(1,179)
Net periodic pension cost	$ 3,734	$ 7,982	$ 11,203	$ 24,497

Pension and retirement plan (Te

Pension and retirement plan (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 01, 2017	Apr. 01, 2017
Pension and retirement plan
Defined benefit plans, estimated future employer contributions each remaining quarter of current fiscal year	$ 3.8
Contributions		$ 30

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		9 Months Ended
	Apr. 01, 2017	Feb. 25, 2017	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Shareholders' equity
Increase in authorized repurchase amount		$ 500,000
Shares repurchased during period (in shares)			3.1		3.1
Cost of repurchase			$ 140,100		$ 140,100
Cash dividends paid per common share		$ 0.18	$ 0.18	$ 0.17	$ 0.52	$ 0.51
Dividends paid on common stock	$ 23,100				$ 66,477	$ 66,944

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Numerator:
Income from continuing operations	$ 89,920	$ 107,792	$ 190,073	$ 318,857
Income from discontinued operations	181,851	15,667	253,759	90,868
Net income	$ 271,771	$ 123,459	$ 443,832	$ 409,725
Denominator:
Weighted average common shares for basic earnings per share	128,487	129,811	127,973	131,834
Net effect of dilutive stock option, restricted stock units and performance share units	945	1,839	1,874	2,464
Weighted average common shares for diluted earnings per share	129,432	131,650	129,847	134,298
Basic earnings per share-continuing operations	$ 0.70	$ 0.83	$ 1.48	$ 2.42
Basic earnings per share-discontinued operations	1.42	0.12	1.98	0.69
Basic earnings per share	2.12	0.95	3.46	3.11
Diluted earnings per share-continuing operations	0.69	0.82	1.46	2.37
Diluted earnings per share-discontinued operations	1.41	0.12	1.95	0.68
Diluted earnings per share	$ 2.10	$ 0.94	$ 3.41	$ 3.05
Stock options excluded from earnings per share calculation due to antidilutive effect	92	422	98	378

Additional cash flow informat54

Additional cash flow information (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Feb. 25, 2017	Apr. 01, 2017	Apr. 02, 2016	Jul. 02, 2016
Interest and income taxes paid
Interest paid		$ 74,165	$ 80,313
Income taxes paid		106,659	85,323
Accrued property, plant and equipment not paid		16,800	$ 11,600
Unsettled repurchases of common stock		15,700
Cash equivalents		$ 565,200		$ 8,700
Disposal Group, Held-for-sale, Not Discontinued Operations | TS Business
Interest and income taxes paid
Shares consideration in sale of business	2.8
Value of shares received as consideration in sale of business	$ 247,200

Segment information (Details)

Segment information (Details) $ in Thousands	Apr. 01, 2017segment	Apr. 01, 2017USD ($)	Apr. 02, 2016USD ($)	Apr. 01, 2017USD ($)	Apr. 02, 2016USD ($)
Segment information
Number of reportable segments | segment	1
Sales, by segment
Sales		$ 4,441,896	$ 4,081,961	$ 12,833,559	$ 12,771,628
Operating income (expense):
Restructuring, integration and other expenses		(35,513)	(8,854)	(95,382)	(35,455)
Operating income		$ 114,283	$ 150,024	$ 368,027	$ 452,732

Segment information (Sales By R

Segment information (Sales By Region) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Sales, by segment
Sales	$ 4,441,896	$ 4,081,961	$ 12,833,559	$ 12,771,628
Americas
Sales, by segment
Sales	1,328,592	1,227,243	3,831,706	3,696,291
United States
Sales, by segment
Sales	1,230,000	1,150,000	3,560,000	3,460,000
EMEA
Sales, by segment
Sales	1,615,903	1,330,751	4,261,891	3,809,970
Germany
Sales, by segment
Sales	616,300	539,600	1,660,000	1,600,000
United Kingdom
Sales, by segment
Sales	179,100	90,100	415,000	285,600
Asia Pacific
Sales, by segment
Sales	1,497,401	1,523,967	4,739,962	5,265,367
China (including Hong Kong)
Sales, by segment
Sales	562,900	563,300	1,800,000	1,840,000
Taiwan
Sales, by segment
Sales	$ 486,900	$ 586,600	$ 1,670,000	$ 2,270,000

Segment information (Assets) (D

Segment information (Assets) (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Jul. 02, 2016
Assets:
Assets	$ 9,845,778	$ 11,239,805
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	526,025	453,209
TS Business | Disposal Group, Held-for-sale, Not Discontinued Operations
Assets:
Assets held for sale		3,460,538
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	314,818	303,252
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	336,500	297,100
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	173,823	129,612
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	78,200	72,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	37,600	40,000
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 37,384	$ 20,345

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	9 Months Ended
	Apr. 01, 2017USD ($)
Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 30,475
Cash payments	(12,209)
Non-cash amounts	(3,478)
Other, principally foreign currency translation	(36)
Ending Balance	14,752
Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	10,987
Cash payments	(5,790)
Changes in estimates, net	(1,301)
Other, principally foreign currency translation	(103)
Ending Balance	3,793
Fiscal Year 2015 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	4,500
Ending Balance	3,300
Employee Severance | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	25,185
Cash payments	(10,585)
Other, principally foreign currency translation	(36)
Ending Balance	14,564
Employee Severance | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	9,854
Cash payments	(5,511)
Changes in estimates, net	(1,031)
Other, principally foreign currency translation	(89)
Ending Balance	3,223
Facility Closing | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	312
Cash payments	(124)
Ending Balance	188
Facility Closing | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	1,130
Cash payments	(276)
Changes in estimates, net	(270)
Other, principally foreign currency translation	(14)
Ending Balance	570
Asset Impairments | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	3,478
Non-cash amounts	(3,478)
Other Restructuring | Fiscal Year 2017 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	1,500
Cash payments	(1,500)
Other Restructuring | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	3
Cash payments	$ (3)

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 01, 2017USD ($)employee	Apr. 01, 2017USD ($)	Jul. 02, 2016USD ($)
Fiscal Year 2017 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses		$ 30,475
Restructuring Reserve	$ 14,752	14,752
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 3,793	$ 3,793	$ 10,987
Fiscal Year 2016 Restructuring Liabilities | Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	150