Avnet (AVT) 10-Q 29 Jan 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jan. 02, 2021	Jan. 20, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 2, 2021
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	AVNET, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,455,396
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-03
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 02, 2021	Jun. 27, 2020
Current assets:
Cash and cash equivalents	$ 376,333	$ 477,038
Receivables	3,105,317	2,928,386
Inventories	2,816,421	2,731,988
Prepaid and other current assets	156,375	191,394
Total current assets	6,454,446	6,328,806
Property, plant and equipment, net	403,270	404,607
Goodwill	834,795	773,734
Intangible assets, net	38,812	65,437
Operating lease assets	284,886	275,917
Other assets	248,104	256,696
Total assets	8,264,313	8,105,197
Current liabilities:
Short-term debt	311,800	51
Accounts payable	1,935,661	1,754,078
Accrued expenses and other	520,463	472,924
Short-term operating lease liabilities	58,400	53,313
Total current liabilities	2,826,324	2,280,366
Long-term debt	895,639	1,424,791
Long-term operating lease liabilities	259,599	253,719
Other liabilities	372,018	419,923
Total liabilities	4,353,580	4,378,799
Commitments and contingencies (Note 9)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 98,861,933 shares and 98,792,542 shares, respectively	98,862	98,793
Additional paid-in capital	1,610,145	1,594,140
Retained earnings	2,366,127	2,421,845
Accumulated other comprehensive loss	(164,401)	(388,380)
Total shareholders' equity	3,910,733	3,726,398
Total liabilities and shareholders' equity	$ 8,264,313	$ 8,105,197

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jan. 02, 2021	Jun. 27, 2020
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	98,861,933	98,792,542

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Income Statement [Abstract]
Sales	$ 4,668,172	$ 4,534,806	$ 9,391,232	$ 9,164,814
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,156,919	$ 4,009,193	$ 8,363,899	$ 8,095,362
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 511,253	$ 525,613	$ 1,027,333	$ 1,069,452
Selling, general and administrative expenses	442,084	464,873	913,241	921,377
Restructuring, integration and other expenses	11,948	14,265	38,369	38,863
Operating income	57,221	46,475	75,723	109,212
Other (expense) income, net	(1,333)	(1,963)	(20,831)	2,969
Interest and other financing expenses, net	(21,485)	(33,904)	(43,787)	(67,535)
Income before taxes	34,403	10,608	11,105	44,646
Income tax expense (benefit)	15,240	6,940	10,831	(774)
Net income	$ 19,163	$ 3,668	$ 274	$ 45,420
Earnings per share:
Basic	$ 0.19	$ 0.04	$ 0	$ 0.45
Diluted	$ 0.19	$ 0.04	$ 0	$ 0.44
Shares used to compute earnings per share:
Basic	98,937	100,431	98,917	101,781
Diluted	99,932	101,302	99,897	102,839
Cash dividends paid per common share	$ 0.21	$ 0.21	$ 0.42	$ 0.42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 19,163	$ 3,668	$ 274	$ 45,420
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	120,000	93,186	210,373	(8,960)
Pension adjustments, net	3,983	3,168	13,606	6,981
Total comprehensive income	$ 143,146	$ 100,022	$ 224,253	$ 43,441

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjustment	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2019	$ 104,038	$ 1,573,005		$ 2,767,469	$ (304,039)		$ 4,140,473
Shares issued Beginning Balance at Jun. 29, 2019	104,038,000
Net income (loss)				41,752			41,752
Translation adjustments and other					(102,146)		(102,146)
Pension liability adjustment, net					3,813		3,813
Cash dividends				(21,451)			(21,451)
Repurchases of common stock	$ (2,631)			(109,504)			(112,135)
Repurchase of common stock (in shares)	(2,631,000)
Stock-based compensation	$ 64	7,701					7,765
Stock-based compensation (in shares)	64,000
Shares issued Ending Balance at Sep. 28, 2019	101,471,000
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 28, 2019	$ 101,471	1,580,706		2,678,266	(402,372)		3,958,071
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2019	$ 104,038	1,573,005		2,767,469	(304,039)		4,140,473
Shares issued Beginning Balance at Jun. 29, 2019	104,038,000
Net income (loss)							45,420
Pension liability adjustment, net							6,981
Shares issued Ending Balance at Dec. 28, 2019	99,349,000
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 28, 2019	$ 99,349	1,588,466		2,575,536	(306,018)		3,957,333
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 28, 2019	$ 101,471	1,580,706		2,678,266	(402,372)		3,958,071
Shares issued Beginning Balance at Sep. 28, 2019	101,471,000
Net income (loss)				3,668			3,668
Translation adjustments and other					93,186		93,186
Pension liability adjustment, net					3,168		3,168
Cash dividends				(20,975)			(20,975)
Repurchases of common stock	$ (2,135)			(85,423)			(87,558)
Repurchase of common stock (in shares)	(2,135,000)
Stock-based compensation	$ 13	7,760					7,773
Stock-based compensation (in shares)	13,000
Shares issued Ending Balance at Dec. 28, 2019	99,349,000
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 28, 2019	$ 99,349	1,588,466		2,575,536	(306,018)		3,957,333
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 27, 2020	$ 98,793	1,594,140		2,421,845	(388,380)		$ 3,726,398
Shares issued Beginning Balance at Jun. 27, 2020	98,793,000						98,792,542
Net income (loss)				(18,889)			$ (18,889)
Translation adjustments and other					90,373		90,373
Pension liability adjustment, net					9,623		9,623
Cash dividends				(20,756)			(20,756)
Stock-based compensation	$ 51	5,191					5,242
Stock-based compensation (in shares)	51,000
Shares issued Ending Balance at Oct. 03, 2020	98,844,000
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 03, 2020	$ 98,844	1,599,331	$ (14,480)	2,367,720	(288,384)	$ (14,480)	3,777,511
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 27, 2020	$ 98,793	1,594,140		2,421,845	(388,380)		$ 3,726,398
Shares issued Beginning Balance at Jun. 27, 2020	98,793,000						98,792,542
Net income (loss)							$ 274
Pension liability adjustment, net							$ 13,606
Shares issued Ending Balance at Jan. 02, 2021	98,862,000						98,861,933
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 02, 2021	$ 98,862	1,610,145		2,366,127	(164,401)		$ 3,910,733
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 03, 2020	$ 98,844	1,599,331	$ (14,480)	2,367,720	(288,384)	$ (14,480)	3,777,511
Shares issued Beginning Balance at Oct. 03, 2020	98,844,000
Net income (loss)				19,163			19,163
Translation adjustments and other					120,000		120,000
Pension liability adjustment, net					3,983		3,983
Cash dividends				(20,756)			(20,756)
Stock-based compensation	$ 18	10,814					$ 10,832
Stock-based compensation (in shares)	18,000
Shares issued Ending Balance at Jan. 02, 2021	98,862,000						98,861,933
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 02, 2021	$ 98,862	$ 1,610,145		$ 2,366,127	$ (164,401)		$ 3,910,733

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Cash flows from operating activities:
Net income	$ 274	$ 45,420
Non-cash and other reconciling items:
Depreciation	44,002	49,822
Amortization	30,474	41,257
Amortization of Operating Lease Assets	28,111	31,354
Deferred income taxes	(311)	(15,518)
Stock-based compensation	15,331	14,503
Asset impairment expense	15,166
Other, net	17,004	22,157
Changes in (net of effects from businesses acquired and divested):
Receivables	(94,831)	185,598
Inventories	51,185	94,182
Accounts payable	130,768	(52,711)
Accrued expenses and other, net	(29,779)	(71,858)
Net cash flows provided by operating activities	207,394	344,206
Cash flows from financing activities:
Borrowings (repayments) under accounts receivable securitization, net	11,800	(35,400)
Repayments under senior unsecured credit facility, net	(239,430)	(1,376)
Repayments under bank credit facilities and other debt, net	(1,480)	(1,301)
Repurchases of common stock		(198,630)
Dividends paid on common stock	(41,512)	(42,426)
Other, net	(2,301)	(4,887)
Net cash flows used for financing activities	(272,923)	(284,020)
Cash flows from investing activities:
Purchases of property, plant and equipment	(30,022)	(44,252)
Acquisitions of assets	(18,371)	(51,509)
Other, net	725	(13,098)
Net cash flows used for investing activities	(47,668)	(108,859)
Effect on currency exchange rate changes on cash and cash equivalents	12,492	(8,622)
Cash and cash equivalents:
Decrease	(100,705)	(57,295)
Cash and cash equivalents at beginning of year	477,038	546,105
Cash and cash equivalents at end of year	$ 376,333	$ 488,810

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	6 Months Ended
	Jan. 02, 2021
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	1. Basis of presentation and new accounting pronouncements ​ In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. ​ The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. ​ Interim results of operations 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 June 27, 2020. ​ Certain reclassifications have been made in prior periods to conform to the current period presentation. ​ Fiscal year ​ The Company operates on a “52/53 week” fiscal year, and fiscal 2021 contains 53 weeks compared to fiscal 2020, which contained 52 weeks. As a result, the first six months of fiscal 2021 ended January 2, 2021 contained 27 weeks compared to the first six months of fiscal 2020 ended December 28, 2019, which contained 26 weeks. ​ Recently adopted accounting pronouncements ​ In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Recently issued accounting pronouncements ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) ​ In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans ​

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jan. 02, 2021
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies ​ Except for the changes below, no material changes have been made to the Company’s significant accounting policies as disclosed in Note 1, Summary of Significant Accounting Policies, in its Annual Report on Form 10-K filed on August 14, 2020 for the year ended June 27, 2020. ​ Receivables ​

Acquisitions

Acquisitions	6 Months Ended
	Jan. 02, 2021
Acquisitions
Acquisitions	3. Acquisitions ​ In the first quarter of fiscal 2021, the Company completed an asset acquisition. The impact of this asset acquisition was not material to the Company’s consolidated balance sheets or statements of operations. ​

Receivables

Receivables	6 Months Ended
	Jan. 02, 2021
Receivables
Receivables	4. Receivables ​ The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,190,767 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (85,450) ​ ​ (65,018) ​ The Company had the following activity in the allowance for credit losses during the first six months of fiscal 2021: ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ ​ 2021 ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 65,018 Effect of adoption of ASU No. 2016-12 (Note 1) ​ ​ 17,205 Credit Loss Provision ​ ​ 4,438 Credit Loss Recoveries ​ ​ (283) Write offs ​ ​ (4,621) Foreign Currency Effect and Other ​ ​ 3,693 Balance at January 2, 2021 ​ $ 85,450 ​

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Jan. 02, 2021
Goodwill and intangible assets
Goodwill and intangible assets	5. Goodwill and intangible assets ​ Goodwill ​ The following table presents the change in goodwill by reportable segment for the six months ended January 2, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 27, 2020 (1) ​ $ 297,836 ​ $ 475,898 ​ $ 773,734 Foreign currency translation ​ 14,844 ​ 46,217 ​ 61,061 Carrying value at January 2, 2021 (1) ​ $ 312,680 ​ $ 522,115 ​ $ 834,795 (1) Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019 and $118,731 from fiscal 2020. ​ The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of and the amount of time passed since the last goodwill impairment test and (iv) the long-term expected financial performance of its reporting units. During the second quarter of fiscal 2021, the Company concluded that an interim goodwill impairment test was not required. ​ Intangible Assets ​ The following table presents the Company’s acquired intangible assets at January 2, 2021 and June 27, 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 325,799 ​ $ (312,345) ​ $ 13,454 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 56,716 ​ (40,161) ​ 16,555 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 58,417 ​ (49,614) ​ 8,803 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 440,932 ​ $ (402,120) ​ $ 38,812 ​ $ 406,276 ​ $ (340,839) ​ $ 65,437 ​ (1) ​ Intangible asset amortization expense was $10.4 million and $21.3 million for the second quarters of fiscal 2021 and 2020, respectively, and $30.5 million and $41.3 million for the first six months of fiscal 2021 and 2020, respectively. Intangible assets have a weighted average remaining useful life of approximately 3 years. The following table presents the estimated future amortization expense for the remainder of fiscal 2021 and the next five fiscal years (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ Remainder of fiscal 2021 ​ $ 10,440 2022 ​ ​ 15,323 2023 ​ 6,607 2024 ​ 3,130 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 38,812 ​

Debt

Debt	6 Months Ended
	Jan. 02, 2021
Debt
Debt	6. Debt ​ Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ January 2, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ — ​ ​ 5.69 % ​ $ — ​ $ 51 ​ Accounts receivable securitization program ​ 1.20 % ​ — ​ ​ ​ 11,800 ​ ​ — ​ Public notes due December 2021 ​ 3.75 % ​ — ​ ​ 300,000 ​ — ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 311,800 ​ $ 51 ​ ​ 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 July 2020, the Company amended and extended for one year, its trade accounts receivable securitization program (the “Securitization Program”) in the United States 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 $450 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $661.2 million and $703.8 million at January 2, 2021 and June 27, 2020, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. Interest on borrowings is calculated using a one-month LIBOR rate plus a spread of 1.05%. The facility fee on the unused balance of the facility is up to 0.40%. ​ Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ January 2, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility (due June 2023) ​ — ​ ​ 1.28 % ​ $ — ​ $ 230,000 ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 1.17 % ​ 1.19 % ​ 1,522 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 901,522 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (5,883) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 895,639 ​ $ 1,424,791 ​ ​ 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 $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies, which expires in June 2023. Subject to certain conditions, the Credit Facility may be increased up to $1.50 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, which were amended during the first quarter of fiscal 2021, requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of January 2, 2021 and June 27, 2020. ​ As of January 2, 2021 and June 27, 2020, there were $1.3 million and $1.6 million, respectively, in letters of credit issued under the Credit Facility. ​ As of January 2, 2021, the carrying value and fair value of the Company’s total debt was $1.21 billion and $1.32 billion, respectively. At June 27, 2020, the carrying value and fair value of the Company’s total debt was $1.42 billion and $1.52 billion, respectively. Fair value for the public 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 facilities.

Leases

Leases	6 Months Ended
	Jan. 02, 2021
Leases [Abstract]
Leases	7. Leases ​ Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space and integration facilities with a lease term of up to 17 years. The Company’s equipment leases are primarily for automobiles and equipment, and are not material to the consolidated financial statements. ​ The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 ​ 2021 2019 Operating lease cost ​ $ 18,095 ​ $ 19,574 ​ $ 36,497 ​ $ 38,376 Variable lease cost ​ ​ 5,423 ​ ​ 4,829 ​ ​ 11,711 ​ ​ 10,097 Total lease cost ​ $ 23,518 ​ $ 24,403 ​ $ 48,208 ​ $ 48,473 ​ Future minimum operating lease payments as of January 2, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2021 ​ $ 35,838 ​ 2022 ​ 62,146 ​ 2023 ​ 52,673 ​ 2024 ​ 38,642 ​ 2025 ​ 32,572 ​ Thereafter ​ 162,937 ​ Total future operating lease payments ​ ​ 384,808 ​ Total imputed interest on operating lease liabilities ​ ​ (66,809) ​ Total operating lease liabilities ​ $ 317,999 ​ ​ Other information pertaining to operating leases as of January 2, 2021 consists of the following: ​ ​ ​ ​ ​ Operating Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term in years ​ 9.3 ​ Weighted-average discount rate ​ 3.8 % ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ ​ 2021 2019 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 29,157 ​ $ 33,044 Operating lease assets obtained from new operating lease liabilities ​ ​ 28,346 ​ ​ 18,560 ​

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jan. 02, 2021
Derivative financial instruments
Derivative financial instruments	​ 8. 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 60 days (“economic hedges”), but no longer than one year. The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “Other (expense) income, 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 “Prepaid and other current assets” or “Accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of January 2, 2021 and June 27, 2020. 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, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asia foreign currencies. ​ The fair values of forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 18,372 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 22,836 ​ ​ 15,605 ​ ​ The amounts recorded to other (expense) income, net, related to derivative financial instruments for economic hedges are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, December 28, January 2, December 28, ​ ​ 2021 ​ 2019 ​ 2021 ​ 2019 ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (2,810) ​ $ 1,602 ​ $ (10,627) ​ $ 11,103 ​ Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jan. 02, 2021
Commitments and contingencies
Commitments and contingencies	9. 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 January 2, 2021 and June 27, 2020, the Company had aggregate estimated liabilities of $17.9 million and $18.8 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates. ​ During the first six months of fiscal 2021, the Company recorded a gain on legal settlement of $8.2 million, which is classified as a component of Restructuring, integration and other expenses.

Income taxes

Income taxes	6 Months Ended
	Jan. 02, 2021
Income taxes
Income taxes	10. Income taxes ​ The Company’s effective tax rate on its income before taxes was 44.3% in the second quarter of fiscal 2021. During the second quarter of fiscal 2021, the Company’s effective tax rate was unfavorably impacted primarily by increases to valuation allowances, partially offset by the mix of income in lower tax jurisdictions. ​ During the second quarter of fiscal 2020, the Company’s effective tax rate on its income before taxes was 65.4%. During the second quarter of fiscal 2020, the Company’s effective tax rate was unfavorably impacted primarily by a valuation allowance against interest deduction deferred tax assets, partially offset by the mix of income in lower tax jurisdictions. ​ For the first six months of fiscal 2021, the Company’s effective tax rate on its income before taxes was 97.5%. The effective tax rate for the first six months of fiscal 2021 was unfavorably impacted primarily by increases to valuation allowances, partially offset by the mix of income in lower tax jurisdictions. ​ During the first six months of fiscal 2020, the Company’s effective tax rate on its income before taxes was a benefit of 1.7%. The effective tax rate for the first six months of fiscal 2020 was favorably impacted primarily by (i) the release of unrecognized tax benefit reserves net of settlements and (ii) the mix of income in lower tax jurisdictions, partially offset by (iii) a valuation allowance against interest deduction deferred tax assets. ​

Pension and retirement plan

Pension and retirement plan	6 Months Ended
	Jan. 02, 2021
Pension and retirement plan
Pension and retirement plans	11. Pension plan ​ The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ January 2, December 28, January 2, December 28, ​ ​ 2021 2019 2021 2019 ​ ​ (Thousands) Service cost ​ $ 3,937 ​ $ 3,786 ​ $ 7,875 ​ $ 7,572 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,937 ​ ​ 3,786 ​ ​ 7,875 ​ ​ 7,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,976 ​ 5,638 ​ 7,952 ​ 11,276 Expected return on plan assets ​ (12,420) ​ (12,667) ​ (24,840) ​ (25,335) Amortization of prior service cost ​ 76 ​ 535 ​ 151 ​ 1,069 Recognized net actuarial loss ​ 5,151 ​ 3,677 ​ 10,302 ​ 7,314 Total net periodic pension benefit within other (expense) income, net ​ ​ (3,217) ​ ​ (2,817) ​ ​ (6,435) ​ ​ (5,676) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ 720 ​ $ 969 ​ $ 1,440 ​ $ 1,896 ​ ​ The Company made $8.0 million of contributions during the first six months of fiscal 2021 and expects to make additional contributions to the Plan of $8.0 million in the remainder of fiscal 2021.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jan. 02, 2021
Shareholders' equity
Shareholders' equity	12. Shareholders’ equity ​ Share repurchase program ​ In August 2019, the Company’s Board of Directors amended the Company’s existing share repurchase program, increasing the cumulative total of authorized share repurchases to $2.95 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, expected liquidity, expected compliance with financial debt convents, corporate and regulatory requirements, and prevailing market conditions. During the second quarter ended January 2, 2021, the Company did not repurchase any shares under this program. As of January 2, 2021, the Company had $469.0 million remaining under its share repurchase authorization. ​ Common stock dividend ​ In November 2020, the Company’s Board of Directors approved a dividend of $0.21 per common share and dividend payments of $20.8 million were made in December 2020.

Earnings per share

Earnings per share	6 Months Ended
	Jan. 02, 2021
Earnings per share
Earnings per share	13. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 2021 2019 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 19,163 ​ $ 3,668 ​ $ 274 ​ $ 45,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 98,937 ​ 100,431 ​ 98,917 ​ 101,781 Net effect of dilutive stock based compensation awards ​ 995 ​ 871 ​ 980 ​ 1,058 Weighted average common shares for diluted earnings per share ​ 99,932 ​ 101,302 ​ 99,897 ​ 102,839 Basic earnings per share ​ $ 0.19 ​ $ 0.04 ​ $ 0.00 ​ $ 0.45 Diluted earnings per share ​ $ 0.19 ​ $ 0.04 ​ $ 0.00 ​ $ 0.44 Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 1,046 ​ ​ 581 ​ ​ 1,237 ​ ​ 500 ​ A

Additional cash flow informatio

Additional cash flow information	6 Months Ended
	Jan. 02, 2021
Additional cash flow information
Additional cash flow information	14. Additional cash flow information ​ Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ January 2, December 28, ​ ​ ​ 2021 ​ 2019 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 4,359 ​ $ 6,374 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ ​ — ​ $ 2,468 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 50,507 ​ $ 72,203 ​ Income tax net payments (refunds) ​ ​ 51,835 ​ ​ (5,810) ​ ​ Included in cash and cash equivalents as of January 2, 2021 and June 27, 2020 was $3.9 million and $20.9 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

Segment information	6 Months Ended
	Jan. 02, 2021
Segment information
Segment information	15. Segment information ​ Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”). EC markets and sells semiconductors and interconnect, passive and electromechanical devices and integrated components to a diverse customer base serving many end-markets. Farnell distributes electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 ​ 2021 ​ 2019 ​ (Thousands) Sales: ​ ​ ​ ​ Electronic Components ​ $ 4,342,386 ​ $ 4,203,629 ​ $ 8,724,535 ​ $ 8,497,815 Farnell ​ ​ 325,786 ​ ​ 331,177 ​ ​ 666,697 ​ ​ 666,999 ​ ​ ​ 4,668,172 ​ ​ 4,534,806 ​ ​ 9,391,232 ​ ​ 9,164,814 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 103,922 ​ $ 93,144 ​ $ 188,362 ​ $ 205,430 Farnell ​ ​ 14,592 ​ ​ 19,954 ​ ​ 26,551 ​ ​ 41,759 ​ ​ ​ 118,514 ​ ​ 113,098 ​ ​ 214,913 ​ ​ 247,189 Corporate ​ ​ (38,928) ​ ​ (30,904) ​ ​ (70,229) ​ ​ (57,582) Restructuring, integration and other expenses ​ (11,948) ​ (14,265) ​ (38,369) ​ ​ (38,863) Amortization of acquired intangible assets and other ​ ​ (10,417) ​ ​ (21,454) ​ ​ (30,592) ​ ​ (41,532) Operating income ​ $ 57,221 ​ $ 46,475 ​ $ 75,723 ​ $ 109,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,101,450 ​ $ 1,186,582 ​ $ 2,307,145 ​ $ 2,402,339 EMEA (2) ​ 1,346,347 ​ 1,425,859 ​ 2,827,020 ​ 2,896,782 Asia/Pacific (3) ​ 2,220,375 ​ 1,922,365 ​ 4,257,067 ​ 3,865,693 Sales ​ $ 4,668,172 ​ $ 4,534,806 ​ $ 9,391,232 ​ $ 9,164,814 ​ (1) Includes sales from the United States of $1.03 billion and $1.12 billion for the second quarters ended January 2, 2021 and December 28, 2019, respectively. Includes sales from the United States of $2.16 billion and $2.26 billion for the first six months of fiscal 2021 and 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $520.8 million and $255.0 million, respectively, for the second quarter ended January 2, 2021; and $1.10 billion and $549.4 million, respectively, for the first six months of fiscal 2021. Includes sales from Germany and Belgium of $537.6 million and $281.6 million, respectively, for the second quarter ended December 28, 2019; and $1.12 billion and $559.4 million, respectively, for the first six months of fiscal 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $666.0 million, $1.07 billion and $252.6 million, respectively, for the second quarter ended January 2, 2021; and $1.30 billion, $1.99 billion and $524.6 million, respectively, for the first six months of fiscal 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $611.8 million, $867.8 million and $243.8 million, respectively, for the second quarter ended December 28, 2019; and $1.24 billion, $1.74 billion and $483.4 million, respectively, for the first six months of fiscal 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 164,979 ​ $ 183,892 ​ EMEA (2) ​ 198,857 ​ 183,382 ​ Asia/Pacific ​ 39,434 ​ 37,333 ​ Property, plant, and equipment, net ​ $ 403,270 ​ $ 404,607 ​ ​ (1) Includes property, plant and equipment, net, of $160.9 million and $179.4 million as of January 2, 2021 and June 27, 2020, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $87.5 million, $84.8 million and $22.9 million in Germany, the United Kingdom and Belgium, respectively, as of January 2, 2021; and $84.9 million, $72.7 million and $22.4 million in Germany, the United Kingdom and Belgium, respectively, as of June 27, 2020.

Restructuring expenses

Restructuring expenses	6 Months Ended
	Jan. 02, 2021
Restructuring expenses
Restructuring expenses	16. Restructuring expenses ​ Fiscal 2021 ​ During fiscal 2021, the Company undertook restructuring actions in order to improve operating efficiencies and reduce 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 associated with restructuring activities established during fiscal 2021 is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ and Contract ​ ​ ​ Severance Exit Costs Total ​ ​ (Thousands) Fiscal 2021 restructuring expenses ​ $ 32,377 ​ $ 2,099 ​ $ 34,476 Cash payments ​ (13,645) ​ ​ (702) ​ ​ (14,347) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 778 ​ ​ 13 ​ ​ 791 Balance at January 2, 2021 ​ $ 19,510 ​ $ 1,354 ​ $ 20,864 ​ Severance expense recorded in the first six months of fiscal 2021 related to the reduction, or planned reduction, of approximately 250 employees, primarily in executive management, operations, information technology, warehouse, sales and business support functions. Of the $34.5 million in restructuring expenses recorded during the first six months of fiscal 2021, $18.0 million related to EC, $9.1 million related to Farnell and $7.4 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by the end of fiscal 2021. ​ Fiscal 2020 and prior ​ During fiscal 2020 and prior, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first six months of fiscal 2021 related to the remaining restructuring liabilities established during fiscal 2020 and prior: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ and Contract ​ ​ ​ Severance Exit Costs Total ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 13,574 ​ $ 3,368 ​ $ 16,942 Cash payments ​ (4,487) ​ ​ (727) ​ ​ (5,214) Changes in estimates, net ​ ​ (2,050) ​ ​ (61) ​ ​ (2,111) Other, principally foreign currency translation ​ 727 ​ ​ 223 ​ ​ 950 Balance at January 2, 2021 ​ $ 7,764 ​ $ 2,803 ​ $ 10,567 ​ The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2021.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jan. 02, 2021
Summary of significant accounting policies
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. ​ The preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. ​ Interim results of operations 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 June 27, 2020. ​ Certain reclassifications have been made in prior periods to conform to the current period presentation.
Fiscal year	Fiscal year ​ The Company operates on a “52/53 week” fiscal year, and fiscal 2021 contains 53 weeks compared to fiscal 2020, which contained 52 weeks. As a result, the first six months of fiscal 2021 ended January 2, 2021 contained 27 weeks compared to the first six months of fiscal 2020 ended December 28, 2019, which contained 26 weeks.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements ​ In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ​ In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​ Recently issued accounting pronouncements ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) ​ In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans
Receivables	Receivables

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jan. 02, 2021
Receivables
Schedule of receivables and allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,190,767 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (85,450) ​ ​ (65,018) ​ ​ ​ ​ ​ ​ ​ January 2, ​ ​ 2021 ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 65,018 Effect of adoption of ASU No. 2016-12 (Note 1) ​ ​ 17,205 Credit Loss Provision ​ ​ 4,438 Credit Loss Recoveries ​ ​ (283) Write offs ​ ​ (4,621) Foreign Currency Effect and Other ​ ​ 3,693 Balance at January 2, 2021 ​ $ 85,450

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Jan. 02, 2021
Goodwill and intangible assets
Change in goodwill balances by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 27, 2020 (1) ​ $ 297,836 ​ $ 475,898 ​ $ 773,734 Foreign currency translation ​ 14,844 ​ 46,217 ​ 61,061 Carrying value at January 2, 2021 (1) ​ $ 312,680 ​ $ 522,115 ​ $ 834,795 (1) Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019 and $118,731 from fiscal 2020.
Company's identifiable acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 325,799 ​ $ (312,345) ​ $ 13,454 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 56,716 ​ (40,161) ​ 16,555 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 58,417 ​ (49,614) ​ 8,803 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 440,932 ​ $ (402,120) ​ $ 38,812 ​ $ 406,276 ​ $ (340,839) ​ $ 65,437 ​ (1)
Estimated future amortization expense	The following table presents the estimated future amortization expense for the remainder of fiscal 2021 and the next five fiscal years (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ Remainder of fiscal 2021 ​ $ 10,440 2022 ​ ​ 15,323 2023 ​ 6,607 2024 ​ 3,130 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 38,812

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 02, 2021
Debt
Short-term debt	Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ January 2, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ — ​ ​ 5.69 % ​ $ — ​ $ 51 ​ Accounts receivable securitization program ​ 1.20 % ​ — ​ ​ ​ 11,800 ​ ​ — ​ Public notes due December 2021 ​ 3.75 % ​ — ​ ​ 300,000 ​ — ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 311,800 ​ $ 51 ​
Long-term debt	Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ January 2, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility (due June 2023) ​ — ​ ​ 1.28 % ​ $ — ​ $ 230,000 ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 1.17 % ​ 1.19 % ​ 1,522 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 901,522 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (5,883) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 895,639 ​ $ 1,424,791 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 02, 2021
Leases [Abstract]
Schedule of lease cost	The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 ​ 2021 2019 Operating lease cost ​ $ 18,095 ​ $ 19,574 ​ $ 36,497 ​ $ 38,376 Variable lease cost ​ ​ 5,423 ​ ​ 4,829 ​ ​ 11,711 ​ ​ 10,097 Total lease cost ​ $ 23,518 ​ $ 24,403 ​ $ 48,208 ​ $ 48,473
Schedule of future minimum operating lease payments	Future minimum operating lease payments as of January 2, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2021 ​ $ 35,838 ​ 2022 ​ 62,146 ​ 2023 ​ 52,673 ​ 2024 ​ 38,642 ​ 2025 ​ 32,572 ​ Thereafter ​ 162,937 ​ Total future operating lease payments ​ ​ 384,808 ​ Total imputed interest on operating lease liabilities ​ ​ (66,809) ​ Total operating lease liabilities ​ $ 317,999 ​
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases as of January 2, 2021 consists of the following: ​ ​ ​ ​ ​ Operating Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term in years ​ 9.3 ​ Weighted-average discount rate ​ 3.8 %
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ ​ 2021 2019 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 29,157 ​ $ 33,044 Operating lease assets obtained from new operating lease liabilities ​ ​ 28,346 ​ ​ 18,560

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Jan. 02, 2021
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 18,372 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 22,836 ​ ​ 15,605 ​
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, December 28, January 2, December 28, ​ ​ 2021 ​ 2019 ​ 2021 ​ 2019 ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (2,810) ​ $ 1,602 ​ $ (10,627) ​ $ 11,103

Pension and retirement plans (T

Pension and retirement plans (Tables)	6 Months Ended
	Jan. 02, 2021
Pension and retirement plan
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ January 2, December 28, January 2, December 28, ​ ​ 2021 2019 2021 2019 ​ ​ (Thousands) Service cost ​ $ 3,937 ​ $ 3,786 ​ $ 7,875 ​ $ 7,572 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,937 ​ ​ 3,786 ​ ​ 7,875 ​ ​ 7,572 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,976 ​ 5,638 ​ 7,952 ​ 11,276 Expected return on plan assets ​ (12,420) ​ (12,667) ​ (24,840) ​ (25,335) Amortization of prior service cost ​ 76 ​ 535 ​ 151 ​ 1,069 Recognized net actuarial loss ​ 5,151 ​ 3,677 ​ 10,302 ​ 7,314 Total net periodic pension benefit within other (expense) income, net ​ ​ (3,217) ​ ​ (2,817) ​ ​ (6,435) ​ ​ (5,676) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ 720 ​ $ 969 ​ $ 1,440 ​ $ 1,896 ​

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jan. 02, 2021
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 2021 2019 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 19,163 ​ $ 3,668 ​ $ 274 ​ $ 45,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 98,937 ​ 100,431 ​ 98,917 ​ 101,781 Net effect of dilutive stock based compensation awards ​ 995 ​ 871 ​ 980 ​ 1,058 Weighted average common shares for diluted earnings per share ​ 99,932 ​ 101,302 ​ 99,897 ​ 102,839 Basic earnings per share ​ $ 0.19 ​ $ 0.04 ​ $ 0.00 ​ $ 0.45 Diluted earnings per share ​ $ 0.19 ​ $ 0.04 ​ $ 0.00 ​ $ 0.44 Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 1,046 ​ ​ 581 ​ ​ 1,237 ​ ​ 500

Additional cash flow informat_2

Additional cash flow information (Tables)	6 Months Ended
	Jan. 02, 2021
Additional cash flow information
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ January 2, December 28, ​ ​ ​ 2021 ​ 2019 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 4,359 ​ $ 6,374 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ ​ — ​ $ 2,468 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 50,507 ​ $ 72,203 ​ Income tax net payments (refunds) ​ ​ 51,835 ​ ​ (5,810) ​

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jan. 02, 2021
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ January 2, ​ December 28, ​ January 2, ​ December 28, ​ ​ 2021 2019 ​ 2021 ​ 2019 ​ (Thousands) Sales: ​ ​ ​ ​ Electronic Components ​ $ 4,342,386 ​ $ 4,203,629 ​ $ 8,724,535 ​ $ 8,497,815 Farnell ​ ​ 325,786 ​ ​ 331,177 ​ ​ 666,697 ​ ​ 666,999 ​ ​ ​ 4,668,172 ​ ​ 4,534,806 ​ ​ 9,391,232 ​ ​ 9,164,814 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 103,922 ​ $ 93,144 ​ $ 188,362 ​ $ 205,430 Farnell ​ ​ 14,592 ​ ​ 19,954 ​ ​ 26,551 ​ ​ 41,759 ​ ​ ​ 118,514 ​ ​ 113,098 ​ ​ 214,913 ​ ​ 247,189 Corporate ​ ​ (38,928) ​ ​ (30,904) ​ ​ (70,229) ​ ​ (57,582) Restructuring, integration and other expenses ​ (11,948) ​ (14,265) ​ (38,369) ​ ​ (38,863) Amortization of acquired intangible assets and other ​ ​ (10,417) ​ ​ (21,454) ​ ​ (30,592) ​ ​ (41,532) Operating income ​ $ 57,221 ​ $ 46,475 ​ $ 75,723 ​ $ 109,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,101,450 ​ $ 1,186,582 ​ $ 2,307,145 ​ $ 2,402,339 EMEA (2) ​ 1,346,347 ​ 1,425,859 ​ 2,827,020 ​ 2,896,782 Asia/Pacific (3) ​ 2,220,375 ​ 1,922,365 ​ 4,257,067 ​ 3,865,693 Sales ​ $ 4,668,172 ​ $ 4,534,806 ​ $ 9,391,232 ​ $ 9,164,814 ​ (1) Includes sales from the United States of $1.03 billion and $1.12 billion for the second quarters ended January 2, 2021 and December 28, 2019, respectively. Includes sales from the United States of $2.16 billion and $2.26 billion for the first six months of fiscal 2021 and 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $520.8 million and $255.0 million, respectively, for the second quarter ended January 2, 2021; and $1.10 billion and $549.4 million, respectively, for the first six months of fiscal 2021. Includes sales from Germany and Belgium of $537.6 million and $281.6 million, respectively, for the second quarter ended December 28, 2019; and $1.12 billion and $559.4 million, respectively, for the first six months of fiscal 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $666.0 million, $1.07 billion and $252.6 million, respectively, for the second quarter ended January 2, 2021; and $1.30 billion, $1.99 billion and $524.6 million, respectively, for the first six months of fiscal 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $611.8 million, $867.8 million and $243.8 million, respectively, for the second quarter ended December 28, 2019; and $1.24 billion, $1.74 billion and $483.4 million, respectively, for the first six months of fiscal 2020.
Table of Assets by reportable segment and long-lived assets by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, ​ June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 164,979 ​ $ 183,892 ​ EMEA (2) ​ 198,857 ​ 183,382 ​ Asia/Pacific ​ 39,434 ​ 37,333 ​ Property, plant, and equipment, net ​ $ 403,270 ​ $ 404,607 ​ ​ (1) Includes property, plant and equipment, net, of $160.9 million and $179.4 million as of January 2, 2021 and June 27, 2020, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $87.5 million, $84.8 million and $22.9 million in Germany, the United Kingdom and Belgium, respectively, as of January 2, 2021; and $84.9 million, $72.7 million and $22.4 million in Germany, the United Kingdom and Belgium, respectively, as of June 27, 2020.

Restructuring expenses (Tables)

Restructuring expenses (Tables)	6 Months Ended
	Jan. 02, 2021
Fiscal Year 2021 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ and Contract ​ ​ ​ Severance Exit Costs Total ​ ​ (Thousands) Fiscal 2021 restructuring expenses ​ $ 32,377 ​ $ 2,099 ​ $ 34,476 Cash payments ​ (13,645) ​ ​ (702) ​ ​ (14,347) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 778 ​ ​ 13 ​ ​ 791 Balance at January 2, 2021 ​ $ 19,510 ​ $ 1,354 ​ $ 20,864
Fiscal Year 2020 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ and Contract ​ ​ ​ Severance Exit Costs Total ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 13,574 ​ $ 3,368 ​ $ 16,942 Cash payments ​ (4,487) ​ ​ (727) ​ ​ (5,214) Changes in estimates, net ​ ​ (2,050) ​ ​ (61) ​ ​ (2,111) Other, principally foreign currency translation ​ 727 ​ ​ 223 ​ ​ 950 Balance at January 2, 2021 ​ $ 7,764 ​ $ 2,803 ​ $ 10,567

Basis of presentation and new_2

Basis of presentation and new accounting pronouncements (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Jan. 02, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 65,018	$ 85,450
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	17,205
Allowance for credit losses net of tax	14,500
Allowance for credit losses tax	$ 2,700

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Jun. 27, 2020
Receivables
Receivables	$ 3,190,767	$ 2,993,404
Allowance for Credit Losses	$ (85,450)	$ (65,018)

Receivables - Allowance for Cre

Receivables - Allowance for Credit Losses (Details) $ in Thousands	6 Months Ended
	Jan. 02, 2021USD ($)
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 65,018
Credit Loss Provision	4,438
Credit Loss Recoveries	(283)
Write offs	(4,621)
Foreign Currency Effect and Other	3,693
Receivables, Allowance for Credit Loss, Ending Balance	85,450
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 17,205

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2021	Jun. 27, 2020	Jun. 29, 2019	Jun. 30, 2018	Jul. 04, 2009
Carrying amount of goodwill, by reportable segment
Carrying value	$ 773,734
Foreign currency translation	61,061
Carrying value	834,795
Accumulated Impairment		$ 118,731	$ 137,396	$ 181,440	$ 1,045,110
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	297,836
Foreign currency translation	14,844
Carrying value	312,680
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	475,898
Foreign currency translation	46,217
Carrying value	$ 522,115

Goodwill and intangible asset_3

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Jan. 02, 2021
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 406,276	$ 440,932
Accumulated Amortization	(340,839)	(402,120)
Net Book Value	65,437	38,812
Intangible asset impairment	17,473
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	300,937	325,799
Accumulated Amortization	(266,759)	(312,345)
Net Book Value	34,178	13,454
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	51,698	56,716
Accumulated Amortization	(32,493)	(40,161)
Net Book Value	19,205	16,555
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	53,641	58,417
Accumulated Amortization	(41,587)	(49,614)
Net Book Value	$ 12,054	$ 8,803

Goodwill and intangible asset_4

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Goodwill and intangible assets
Weighted average life of intangible assets			3 years
Intangible asset amortization expense	$ 10,400	$ 21,300	$ 30,474	$ 41,257

Goodwill and intangible asset_5

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Jun. 27, 2020
Fiscal Year:
Remainder of fiscal 2021	$ 10,440
2022	15,323
2023	6,607
2024	3,130
2025	1,472
2026	1,472
Thereafter	368
Net Book Value	$ 38,812	$ 65,437

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 02, 2021	Jun. 27, 2020
Components of short-term debt
Short-term debt	$ 311,800	$ 51
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate		5.69%
Short-term debt		$ 51
Accounts receivable securitization program
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	1.20%
Short-term debt	$ 11,800
Notes Due December 2021
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	3.75%
Short-term debt	$ 300,000

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 02, 2021	Jun. 27, 2020
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 901,522	$ 1,431,491
Discount and debt issuance costs - unamortized	(5,883)	(6,700)
Long-term debt	$ 895,639	$ 1,424,791
Revolving credit facilities | Credit Facility
Debt Instrument [Line Items]
Long-term debt, stated interest rate		1.28%
Long-term debt before discount and debt issuance costs		$ 230,000
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
Notes due | Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.17%	1.19%
Long-term debt before discount and debt issuance costs	$ 1,522	$ 1,491

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Aug. 01, 2020	Jan. 02, 2021	Jun. 27, 2020
Company's total debt
Debt, Long-term and Short-term, Combined Amount		$ 1,210	$ 1,420
Total fair value		1,320	1,520
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount		450
Term	1 year
Accounts Receivable from Securitization		$ 661.2	703.8
Line of Credit Facility, Commitment Fee Percentage		0.40%
Revolving credit facilities | Accounts receivable securitization program | one-month LIBOR
Debt Instrument [Line Items]
Spread over base rate		1.05%
Revolving credit facilities | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 1,250
Term		5 years
Line of credit facility contingent increase to maximum borrowing capacity		$ 1,500
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		200
Letters of credit outstanding, amount		1.3	$ 1.6
Notes Payable In Certain Approved Currencies | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 300

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Leases [Abstract]
Lease term	17 years		17 years
Lease Cost
Operating lease cost	$ 18,095	$ 19,574	$ 36,497	$ 38,376
Variable lease cost	5,423	4,829	11,711	10,097
Total lease cost	$ 23,518	$ 24,403	$ 48,208	$ 48,473

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Jan. 02, 2021USD ($)
Leases [Abstract]
Remainder of fiscal 2021	$ 35,838
2022	62,146
2023	52,673
2024	38,642
2025	32,572
Thereafter	162,937
Total future operating lease payments	384,808
Total imputed interest on operating lease liabilities	(66,809)
Total operating lease liabilities	$ 317,999

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Leases [Abstract]
Operating lease weighted-average remaining lease term	9 years 3 months 18 days
Operating lease weighted-average discount rate	3.80%
Cash paid for operating lease liabilities	$ 29,157	$ 33,044
Operating lease assets obtained from new operating lease liabilities	$ 28,346	$ 18,560

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2021	Jun. 27, 2020
Derivative fair value
Derivative assets fair value	$ 18,372	$ 18,989
Derivative liabilities fair value	$ 22,836	$ 15,605
Minimum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year

Derivative financial instrume_4

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Derivative financial instruments
Net derivative financial instrument (loss) gain	$ (2,810)	$ 1,602	$ (10,627)	$ 11,103

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 02, 2021	Jun. 27, 2020
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 17.9	$ 18.8
Gain on legal settlement	$ 8.2

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Income taxes
Effective tax rate	44.30%	65.40%	97.50%	(1.70%)

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Components of net periodic pension costs
Service cost	$ 3,937	$ 3,786	$ 7,875	$ 7,572
Interest cost	3,976	5,638	7,952	11,276
Expected return on plan assets	(12,420)	(12,667)	(24,840)	(25,335)
Amortization of prior service cost	76	535	151	1,069
Recognized net actuarial loss	5,151	3,677	10,302	7,314
Net periodic pension cost	720	969	1,440	1,896
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension cost	3,937	3,786	7,875	7,572
Other Income, net
Components of net periodic pension costs
Net periodic pension cost	(3,217)	$ (2,817)	(6,435)	$ (5,676)
Plan
Components of net periodic pension costs
Contributions			8,000
Estimated future employer pension plan contributions	$ 8,000		$ 8,000

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 17, 2020	Jan. 02, 2021	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program		$ 2,950,000	$ 2,950,000		$ 2,950,000
Remaining authorized repurchase amount		469,000	$ 469,000		$ 469,000
Cash dividends paid per common share	$ 0.21		$ 0.21	$ 0.21	$ 0.42	$ 0.42
Dividends paid on common stock		$ 20,800			$ 41,512	$ 42,426

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 02, 2021	Oct. 03, 2020	Dec. 28, 2019	Sep. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Numerator:
Net income	$ 19,163	$ (18,889)	$ 3,668	$ 41,752	$ 274	$ 45,420
Denominator:
Weighted average common shares for basic earnings per share	98,937		100,431		98,917	101,781
Net effect of dilutive stock based compensation awards	995		871		980	1,058
Weighted average common shares for diluted earnings per share	99,932		101,302		99,897	102,839
Basic earnings per share	$ 0.19		$ 0.04		$ 0	$ 0.45
Diluted earnings per share	$ 0.19		$ 0.04		$ 0	$ 0.44
Stock Options
Denominator:
antidilutive Securities	1,046		581		1,237	500

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jun. 27, 2020
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 4,359	$ 6,374
Unsettled share repurchases		2,468
Interest	50,507	72,203
Income tax net payments (refunds)	51,835	$ (5,810)
Cash equivalents	$ 3,900		$ 20,900

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Sales, by segment
Sales	$ 4,668,172	$ 4,534,806	$ 9,391,232	$ 9,164,814
Operating income:
Restructuring, integration and other expenses	(11,948)	(14,265)	(38,369)	(38,863)
Amortization of acquired intangible assets and other	(10,417)	(21,454)	(30,592)	(41,532)
Operating income	57,221	46,475	75,723	109,212
Segment
Operating income:
Operating income	118,514	113,098	214,913	247,189
Corporate
Operating income:
Corporate	(38,928)	(30,904)	(70,229)	(57,582)
Electronic Components | Segment
Sales, by segment
Sales	4,342,386	4,203,629	8,724,535	8,497,815
Operating income:
Operating income	103,922	93,144	188,362	205,430
Farnell | Segment
Sales, by segment
Sales	325,786	331,177	666,697	666,999
Operating income:
Operating income	$ 14,592	$ 19,954	$ 26,551	$ 41,759

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2021	Dec. 28, 2019	Jan. 02, 2021	Dec. 28, 2019
Sales, by geographic area:
Sales	$ 4,668,172	$ 4,534,806	$ 9,391,232	$ 9,164,814
Americas
Sales, by geographic area:
Sales	1,101,450	1,186,582	2,307,145	2,402,339
United States
Sales, by geographic area:
Sales	1,030,000	1,120,000	2,160,000	2,260,000
EMEA
Sales, by geographic area:
Sales	1,346,347	1,425,859	2,827,020	2,896,782
Germany
Sales, by geographic area:
Sales	520,800	537,600	1,100,000	1,120,000
Belgium
Sales, by geographic area:
Sales	255,000	281,600	549,400	559,400
Asia Pacific
Sales, by geographic area:
Sales	2,220,375	1,922,365	4,257,067	3,865,693
Taiwan
Sales, by geographic area:
Sales	1,070,000	867,800	1,990,000	1,740,000
China (including Hong Kong)
Sales, by geographic area:
Sales	666,000	611,800	1,300,000	1,240,000
SINGAPORE
Sales, by geographic area:
Sales	$ 252,600	$ 243,800	$ 524,600	$ 483,400

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Jun. 27, 2020
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 403,270	$ 404,607
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	164,979	183,892
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	160,900	179,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	198,857	183,382
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	87,500	84,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	84,800	72,700
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	22,900	22,400
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 39,434	$ 37,333

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	6 Months Ended
	Jan. 02, 2021USD ($)
Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 34,476
Cash payments	(14,347)
Non-cash amounts	(56)
Other, principally foreign currency translation	791
Ending Balance	20,864
Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	16,942
Cash payments	(5,214)
Changes in estimates, net	(2,111)
Other, principally foreign currency translation	950
Ending Balance	10,567
Severance | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	32,377
Cash payments	(13,645)
Other, principally foreign currency translation	778
Ending Balance	19,510
Severance | Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	13,574
Cash payments	(4,487)
Changes in estimates, net	(2,050)
Other, principally foreign currency translation	727
Ending Balance	7,764
Facility and Contract Exit Costs | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	2,099
Cash payments	(702)
Non-cash amounts	(56)
Other, principally foreign currency translation	13
Ending Balance	1,354
Facility and Contract Exit Costs | Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	3,368
Cash payments	(727)
Changes in estimates, net	(61)
Other, principally foreign currency translation	223
Ending Balance	$ 2,803

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) $ in Thousands	6 Months Ended
	Jan. 02, 2021USD ($)employee	Jun. 27, 2020USD ($)
Fiscal Year 2021 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 34,476
Restructuring Reserve	20,864
Fiscal Year 2021 Restructuring Liabilities | Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	18,000
Fiscal Year 2021 Restructuring Liabilities | Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	9,100
Fiscal Year 2021 Restructuring Liabilities | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 7,400
Fiscal Year 2021 Restructuring Liabilities | Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	250
Fiscal Year 2020 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 10,567	$ 16,942