Avnet (AVT) 10-Q 30 Apr 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Apr. 03, 2021	Apr. 21, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 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		99,502,049
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-03
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 03, 2021	Jun. 27, 2020
Current assets:
Cash and cash equivalents	$ 322,749	$ 477,038
Receivables	3,365,677	2,928,386
Inventories	2,760,156	2,731,988
Prepaid and other current assets	156,023	191,394
Total current assets	6,604,605	6,328,806
Property, plant and equipment, net	381,083	404,607
Goodwill	838,460	773,734
Intangible assets, net	33,770	65,437
Operating lease assets	275,662	275,917
Other assets	232,335	256,696
Total assets	8,365,915	8,105,197
Current liabilities:
Short-term debt	300,043	51
Accounts payable	2,001,743	1,754,078
Accrued expenses and other	526,974	472,924
Short-term operating lease liabilities	57,182	53,313
Total current liabilities	2,885,942	2,280,366
Long-term debt	895,913	1,424,791
Long-term operating lease liabilities	250,108	253,719
Other liabilities	396,065	419,923
Total liabilities	4,428,028	4,378,799
Commitments and contingencies (Note 9)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 99,489,060 shares and 98,792,542 shares, respectively	99,489	98,793
Additional paid-in capital	1,611,114	1,594,140
Retained earnings	2,452,723	2,421,845
Accumulated other comprehensive loss	(225,439)	(388,380)
Total shareholders' equity	3,937,887	3,726,398
Total liabilities and shareholders' equity	$ 8,365,915	$ 8,105,197

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 03, 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	99,489,060	98,792,542

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Income Statement [Abstract]
Sales	$ 4,916,714	$ 4,309,818	$ 14,307,945	$ 13,474,632
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,348,364	$ 3,790,885	$ 12,712,262	$ 11,886,247
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 568,350	$ 518,933	$ 1,595,683	$ 1,588,385
Selling, general and administrative expenses	463,092	469,646	1,376,333	1,391,024
Goodwill and long-lived asset impairment expense		145,836		145,836
Restructuring, integration and other expenses	17,574	19,211	55,943	58,073
Operating income (loss)	87,684	(115,760)	163,407	(6,548)
Other income (expense), net	4,779	(12,608)	(16,052)	(9,640)
Interest and other financing expenses, net	(22,342)	(29,718)	(66,128)	(97,254)
Income (loss) before taxes	70,121	(158,086)	81,227	(113,442)
Income tax benefit	(37,363)	(29,425)	(26,532)	(30,200)
Net income (loss)	$ 107,484	$ (128,661)	$ 107,759	$ (83,242)
Earnings (loss) per share:
Basic	$ 1.08	$ (1.29)	$ 1.09	$ (0.82)
Diluted	$ 1.07	$ (1.29)	$ 1.08	$ (0.82)
Shares used to compute earnings per share:
Basic	99,542	99,479	99,125	101,013
Diluted	100,247	99,479	100,013	101,013
Cash dividends paid per common share	$ 0.21	$ 0.21	$ 0.63	$ 0.63

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 107,484	$ (128,661)	$ 107,759	$ (83,242)
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	(65,021)	(96,351)	145,352	(105,311)
Pension adjustments, net	3,983	3,167	17,589	10,148
Total comprehensive income (loss)	$ 46,446	$ (221,845)	$ 270,700	$ (178,405)

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)							(83,242)
Pension liability adjustment, net							10,148
Shares issued Ending Balance at Mar. 28, 2020	98,761,000
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 28, 2020	$ 98,761	1,587,294		2,390,425	(399,202)		3,677,278
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
Net income (loss)				(128,661)			(128,661)
Translation adjustments and other					(96,351)		(96,351)
Pension liability adjustment, net					3,167		3,167
Cash dividends				(20,810)			(20,810)
Repurchases of common stock	$ (1,104)			(35,640)			(36,744)
Repurchase of common stock (in shares)	(1,104,000)
Stock-based compensation	$ 516	(1,172)					(656)
Stock-based compensation (in shares)	516,000
Shares issued Ending Balance at Mar. 28, 2020	98,761,000
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 28, 2020	$ 98,761	1,587,294		2,390,425	(399,202)		3,677,278
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)							$ 107,759
Pension liability adjustment, net							$ 17,589
Shares issued Ending Balance at Apr. 03, 2021	99,489,000						99,489,060
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 03, 2021	$ 99,489	1,611,114		2,452,723	(225,439)		$ 3,937,887
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
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 02, 2021	$ 98,862	1,610,145		2,366,127	(164,401)		3,910,733
Net income (loss)				107,484			107,484
Translation adjustments and other					(65,021)		(65,021)
Pension liability adjustment, net					3,983		3,983
Cash dividends				(20,888)			(20,888)
Stock-based compensation	$ 627	969					$ 1,596
Stock-based compensation (in shares)	627,000
Shares issued Ending Balance at Apr. 03, 2021	99,489,000						99,489,060
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 03, 2021	$ 99,489	$ 1,611,114		$ 2,452,723	$ (225,439)		$ 3,937,887

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Cash flows from operating activities:
Net income (loss)	$ 107,759	$ (83,242)
Non-cash and other reconciling items:
Depreciation	67,462	75,535
Amortization	35,730	62,240
Amortization of Operating Lease Assets	42,054	46,560
Deferred income taxes	11,510	(42,529)
Stock-based compensation	22,293	20,757
Goodwill, long-lived and other impairments	15,166	145,836
Other, net	7,558	36,548
Changes in (net of effects from businesses acquired and divested):
Receivables	(405,700)	150,095
Inventories	63,017	227,996
Accounts payable	224,151	(112,923)
Accrued expenses and other, net	6,526	(84,263)
Net cash flows provided by operating activities	197,526	442,610
Cash flows from financing activities:
Repayments under accounts receivable securitization, net		(127,400)
Repayments under senior unsecured credit facility, net	(232,347)	(1,194)
Repayments under bank credit facilities and other debt, net	(2,192)	(1,639)
Repurchases of common stock		(235,830)
Dividends paid on common stock	(62,400)	(63,235)
Other, net	(11,455)	(15,132)
Net cash flows used for financing activities	(308,394)	(444,430)
Cash flows from investing activities:
Purchases of property, plant and equipment	(39,001)	(61,156)
Acquisitions of assets	(18,371)	(51,509)
Other, net	6,201	(12,547)
Net cash flows used for investing activities	(51,171)	(125,212)
Effect on currency exchange rate changes on cash and cash equivalents	7,750	(16,418)
Cash and cash equivalents:
Decrease	(154,289)	(143,450)
Cash and cash equivalents at beginning of year	477,038	546,105
Cash and cash equivalents at end of year	$ 322,749	$ 402,655

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	9 Months Ended
	Apr. 03, 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 nine months of fiscal 2021 ended April 3, 2021, contained 40 weeks compared to the first nine months of fiscal 2020 ended March 28, 2020, which contained 39 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 Reference Rate Reform (Topic 848): Scope ​ 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	9 Months Ended
	Apr. 03, 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 for the fiscal year ended June 27, 2020. ​ Receivables ​

Acquisitions

Acquisitions	9 Months Ended
	Apr. 03, 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	9 Months Ended
	Apr. 03, 2021
Receivables
Receivables	4. Receivables ​ The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,451,466 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (85,789) ​ ​ (65,018) ​ The Company had the following activity in the allowance for credit losses during the first nine months of fiscal 2021: ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ ​ 2021 ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 65,018 Effect of adoption of new credit loss accounting standard (Note 1) ​ ​ 17,205 Credit Loss Provisions ​ ​ 7,370 Credit Loss Recoveries ​ ​ (192) Receivables Write offs ​ ​ (5,666) Foreign Currency Effect and Other ​ ​ 2,054 Balance at April 3, 2021 ​ $ 85,789 ​

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Apr. 03, 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 nine months ended April 3, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 27, 2020 (1) ​ $ 297,836 ​ $ 475,898 ​ $ 773,734 Foreign currency translation ​ 12,142 ​ 52,584 ​ 64,726 Carrying value at April 3, 2021 (1) ​ $ 309,978 ​ $ 528,482 ​ $ 838,460 (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 third 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 April 3, 2021 and June 27, 2020, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 324,923 ​ $ (312,189) ​ $ 12,734 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 57,259 ​ (42,788) ​ 14,471 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 57,756 ​ (51,191) ​ 6,565 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 439,938 ​ $ (406,168) ​ $ 33,770 ​ $ 406,276 ​ $ (340,839) ​ $ 65,437 ​ (1) ​ Intangible asset amortization expense was $5.3 million and $21.0 million for the third quarters of fiscal 2021 and 2020, respectively, and $35.7 million and $62.2 million for the first nine months of fiscal 2021 and 2020, respectively. Intangible assets have a weighted average remaining useful life of less than 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 ​ $ 5,261 2022 ​ ​ 15,431 2023 ​ 6,610 2024 ​ 3,156 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 33,770 ​

Debt

Debt	9 Months Ended
	Apr. 03, 2021
Debt
Debt	6. Debt ​ Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ April 3, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ 0.93 % ​ 5.69 % ​ $ 43 ​ $ 51 ​ Accounts receivable securitization program ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Public notes due December 2021 ​ 3.75 % ​ — ​ ​ 300,000 ​ — ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 300,043 ​ $ 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 $683.3 million and $703.8 million at April 3, 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%. ​ During the third quarter of fiscal 2021, the Company committed to an early redemption of all $300 million of its outstanding 3.75% Public notes due December 2021. The loss on debt extinguishment, primarily related to a contractual make-whole premium, is expected to be approximately $5 million and will be classified as a component of other income (expense), net upon redemption of the notes, which is expected to occur on April 30, 2021. ​ Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ April 3, ​ 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 ​ 1.21 % ​ 1.19 % ​ 1,312 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 901,312 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (5,399) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 895,913 ​ $ 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 April 3, 2021, and June 27, 2020. ​ As of April 3, 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 April 3, 2021, the carrying value and fair value of the Company’s total debt was $1.20 billion and $1.28 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	9 Months Ended
	Apr. 03, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 ​ 2021 2020 Operating lease cost ​ $ 18,608 ​ $ 19,257 ​ $ 55,105 ​ $ 57,633 Variable lease cost ​ ​ 5,584 ​ ​ 5,496 ​ ​ 17,296 ​ ​ 15,594 Total lease cost ​ $ 24,192 ​ $ 24,753 ​ $ 72,401 ​ $ 73,227 ​ Future minimum operating lease payments as of April 3, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2021 ​ $ 18,649 ​ 2022 ​ 63,946 ​ 2023 ​ 54,508 ​ 2024 ​ 39,425 ​ 2025 ​ 32,493 ​ Thereafter ​ 162,426 ​ Total future operating lease payments ​ ​ 371,447 ​ Total imputed interest on operating lease liabilities ​ ​ (64,157) ​ Total operating lease liabilities ​ $ 307,290 ​ ​ Other information pertaining to operating leases as of April 3, 2021, consists of the following: ​ ​ ​ ​ ​ Operating Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term in years ​ 9.2 ​ Weighted-average discount rate ​ 3.8 % ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ ​ 2021 2020 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 44,219 ​ $ 46,418 Operating lease assets obtained from new operating lease liabilities ​ ​ 36,150 ​ ​ 30,750 ​

Derivative financial instrument

Derivative financial instruments	9 Months Ended
	Apr. 03, 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, but no longer than one year (“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 “Prepaid and other current assets” or “Accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of April 3, 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 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 Asian 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 14,781 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 24,196 ​ ​ 15,605 ​ ​ 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 3, March 28, April 3, March 28, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (2,574) ​ $ (3,247) ​ $ (13,201) ​ $ 7,856 ​ 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	9 Months Ended
	Apr. 03, 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. For certain of these matters, it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss, particularly with regard to matters in early stages. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity, but could possibly be material to its results of operations in any one reporting period. ​ As of April 3, 2021, and June 27, 2020, the Company had aggregate estimated liabilities of $14.7 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 nine 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	9 Months Ended
	Apr. 03, 2021
Income taxes
Income taxes	10. Income taxes ​ The Company’s effective tax rate on its income before taxes was a benefit of 53.3% in the third quarter of fiscal 2021. During the third quarter of fiscal 2021, the Company’s effective tax rate was favorably impacted primarily by (i) the tax benefit arising from the reduction in value of certain businesses for income tax purposes and (ii) decreases to valuation allowances, partially offset by (iii) increases to unrecognized tax benefit reserves. ​ During the third quarter of fiscal 2020, the Company’s effective tax rate on its loss before taxes was a benefit of 18.6%. During the third quarter of fiscal 2020, the Company’s effective tax rate was unfavorably impacted primarily by (i) the impairment of goodwill that is not deductible for tax purposes, partially offset by (ii) the release of unrecognized tax benefit reserves net of settlements. ​ For the first nine months of fiscal 2021, the Company’s effective tax rate on its income before taxes was a benefit of 32.7%. The effective tax rate for the first nine months of fiscal 2021 was favorably impacted primarily by (i) the tax benefit arising from the reduction in value of certain businesses for income tax purposes, (ii) decreases to valuation allowances, and (iii) the mix of income in lower tax jurisdictions, partially offset by (iv) increases to unrecognized tax benefit reserves. ​ During the first nine months of fiscal 2020, the Company’s effective tax rate on its loss before taxes was a benefit of 26.6%. The effective tax rate for the first nine 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) goodwill impairment expense that is not deductible for tax purposes and (iv) a valuation allowance against deferred tax assets. ​

Pension and retirement plan

Pension and retirement plan	9 Months Ended
	Apr. 03, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ April 3, March 28, April 3, March 28, ​ ​ 2021 2020 2021 2020 ​ ​ (Thousands) Service cost ​ $ 3,938 ​ $ 3,786 ​ $ 11,813 ​ $ 11,358 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,938 ​ ​ 3,786 ​ ​ 11,813 ​ ​ 11,358 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,976 ​ 5,638 ​ 11,928 ​ 16,914 Expected return on plan assets ​ (12,421) ​ (12,668) ​ (37,261) ​ (38,003) Amortization of prior service cost ​ 75 ​ 534 ​ 226 ​ 1,603 Recognized net actuarial loss ​ 5,151 ​ 3,658 ​ 15,453 ​ 10,972 Total net periodic pension benefit within other income (expense), net ​ ​ (3,219) ​ ​ (2,838) ​ ​ (9,654) ​ ​ (8,514) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ 719 ​ $ 948 ​ $ 2,159 ​ $ 2,844 ​ ​ The Company made $12.0 million of contributions during the first nine months of fiscal 2021 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2021.

Shareholders' equity

Shareholders' equity	9 Months Ended
	Apr. 03, 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 third quarter ended April 3, 2021, the Company did not repurchase any shares under this program. As of April 3, 2021, the Company had $469.0 million remaining under its share repurchase authorization. ​ Common stock dividend ​ In February 2021, the Company’s Board of Directors approved a dividend of $0.21 per common share and dividend payments of $20.9 million were made in March 2021.

Earnings per share

Earnings per share	9 Months Ended
	Apr. 03, 2021
Earnings per share
Earnings per share	13. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 2021 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 107,484 ​ $ (128,661) ​ $ 107,759 ​ $ (83,242) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,542 ​ 99,479 ​ 99,125 ​ 101,013 Net effect of dilutive stock-based compensation awards ​ 705 ​ — ​ 888 ​ — Weighted average common shares for diluted earnings per share ​ 100,247 ​ 99,479 ​ 100,013 ​ 101,013 Basic earnings (loss) per share ​ $ 1.08 ​ $ (1.29) ​ $ 1.09 ​ $ (0.82) Diluted earnings (loss) per share ​ $ 1.07 ​ $ (1.29) ​ $ 1.08 ​ $ (0.82) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 642 ​ ​ 1,431 ​ ​ 793 ​ ​ 1,018 ​ ​ ​ ​ For the three and nine months ended March 28, 2020, the diluted net loss per share is the same as basic net loss per share as the effect of all potential common shares would be anti-dilutive.

Additional cash flow informatio

Additional cash flow information	9 Months Ended
	Apr. 03, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ April 3, March 28, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 5,232 ​ $ 5,366 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 61,127 ​ $ 88,472 ​ Income tax net payments ​ ​ 56,135 ​ ​ 14,689 ​ ​ Included in cash and cash equivalents as of April 3, 2021 and June 27, 2020 was $43.2 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	9 Months Ended
	Apr. 03, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ (Thousands) Sales: ​ ​ ​ ​ Electronic Components ​ $ 4,520,608 ​ $ 3,974,669 ​ $ 13,245,143 ​ $ 12,472,484 Farnell ​ ​ 396,106 ​ ​ 335,149 ​ ​ 1,062,802 ​ ​ 1,002,148 ​ ​ ​ 4,916,714 ​ ​ 4,309,818 ​ ​ 14,307,945 ​ ​ 13,474,632 Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 118,565 ​ $ 84,841 ​ $ 306,927 ​ $ 290,271 Farnell ​ ​ 23,861 ​ ​ 23,350 ​ ​ 50,412 ​ ​ 65,109 ​ ​ ​ 142,426 ​ ​ 108,191 ​ ​ 357,339 ​ ​ 355,380 Corporate ​ ​ (31,885) ​ ​ (37,833) ​ ​ (102,114) ​ ​ (95,416) Restructuring, integration and other expenses ​ (17,574) ​ (19,211) ​ (55,943) ​ ​ (58,073) Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ (145,836) ​ ​ — ​ ​ (145,836) Amortization of acquired intangible assets and other ​ ​ (5,283) ​ ​ (21,071) ​ ​ (35,875) ​ ​ (62,603) Operating income (loss) ​ $ 87,684 ​ $ (115,760) ​ $ 163,407 ​ $ (6,548) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,160,973 ​ $ 1,203,605 ​ $ 3,468,118 ​ $ 3,605,944 EMEA (2) ​ 1,585,631 ​ 1,512,476 ​ 4,412,652 ​ 4,409,258 Asia/Pacific (3) ​ 2,170,110 ​ 1,593,737 ​ 6,427,175 ​ 5,459,430 Sales ​ $ 4,916,714 ​ $ 4,309,818 ​ $ 14,307,945 ​ $ 13,474,632 ​ (1) Includes sales from the United States of $1.08 billion and $1.11 billion for the third quarters ended April 3, 2021, and March 28, 2020, respectively. Includes sales from the United States of $3.24 billion and $3.37 billion for the first nine months of fiscal 2021 and 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $619.4 million and $276.4 million, respectively, for the third quarter ended April 3, 2021; and $1.71 billion and $825.8 million, respectively, for the first nine months of fiscal 2021. Includes sales from Germany and Belgium of $568.0 million and $278.3 million, respectively, for the third quarter ended March 28, 2020; and $1.69 billion and $837.7 million, respectively, for the first nine months of fiscal 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $717.7 million, $956.8 million and $249.5 million, respectively, for the third quarter ended April 3, 2021; and $2.02 billion, $2.95 billion and $774.1 million, respectively, for the first nine months of fiscal 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $524.1 million, $649.7 million and $239.3 million, respectively, for the third quarter ended March 28, 2020; and $1.76 billion, $2.39 billion and $722.7 million, respectively, for the first nine months of fiscal 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 155,834 ​ $ 183,892 ​ EMEA (2) ​ 187,837 ​ 183,382 ​ Asia/Pacific ​ 37,412 ​ 37,333 ​ Property, plant, and equipment, net ​ $ 381,083 ​ $ 404,607 ​ ​ (1) Includes property, plant and equipment, net, of $152.3 million and $179.4 million as of April 3, 2021, and June 27, 2020, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $80.2 million, $83.3 million and $21.3 million in Germany, the United Kingdom and Belgium, respectively, as of April 3, 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	9 Months Ended
	Apr. 03, 2021
Restructuring expenses
Restructuring expenses	16. Restructuring expenses ​ Fiscal 2021 ​ During fiscal 2021, the Company undertook restructuring actions 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 ​ $ 36,992 ​ $ 2,894 ​ $ 39,886 Cash payments ​ (21,097) ​ ​ (1,497) ​ ​ (22,594) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 570 ​ ​ 13 ​ ​ 583 Balance at April 3, 2021 ​ $ 16,465 ​ $ 1,354 ​ $ 17,819 ​ Severance expense recorded in the first nine months of fiscal 2021 related to the reduction, or planned reduction, of over 300 employees, primarily in executive management, operations, information technology, warehouse, sales and business support functions. Of the $39.9 million in restructuring expenses recorded during the first nine months of fiscal 2021, $22.5 million related to EC, $9.4 million related to Farnell and $8.0 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 nine 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 ​ (5,569) ​ ​ (1,042) ​ ​ (6,611) Changes in estimates, net ​ ​ (2,901) ​ ​ 10 ​ ​ (2,891) Other, principally foreign currency translation ​ 579 ​ ​ 216 ​ ​ 795 Balance at April 3, 2021 ​ $ 5,683 ​ $ 2,552 ​ $ 8,235 ​ 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)	9 Months Ended
	Apr. 03, 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 nine months of fiscal 2021 ended April 3, 2021, contained 40 weeks compared to the first nine months of fiscal 2020 ended March 28, 2020, which contained 39 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 Reference Rate Reform (Topic 848): Scope ​ 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)	9 Months Ended
	Apr. 03, 2021
Receivables
Schedule of receivables and allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,451,466 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (85,789) ​ ​ (65,018) ​ ​ ​ ​ ​ ​ ​ April 3, ​ ​ 2021 ​ ​ (Thousands) Balance at June 27, 2020 ​ $ 65,018 Effect of adoption of new credit loss accounting standard (Note 1) ​ ​ 17,205 Credit Loss Provisions ​ ​ 7,370 Credit Loss Recoveries ​ ​ (192) Receivables Write offs ​ ​ (5,666) Foreign Currency Effect and Other ​ ​ 2,054 Balance at April 3, 2021 ​ $ 85,789

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Apr. 03, 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 ​ 12,142 ​ 52,584 ​ 64,726 Carrying value at April 3, 2021 (1) ​ $ 309,978 ​ $ 528,482 ​ $ 838,460 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 324,923 ​ $ (312,189) ​ $ 12,734 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 57,259 ​ (42,788) ​ 14,471 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 57,756 ​ (51,191) ​ 6,565 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 439,938 ​ $ (406,168) ​ $ 33,770 ​ $ 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 ​ $ 5,261 2022 ​ ​ 15,431 2023 ​ 6,610 2024 ​ 3,156 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 33,770

Debt (Tables)

Debt (Tables)	9 Months Ended
	Apr. 03, 2021
Debt
Short-term debt	Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ April 3, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ 0.93 % ​ 5.69 % ​ $ 43 ​ $ 51 ​ Accounts receivable securitization program ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Public notes due December 2021 ​ 3.75 % ​ — ​ ​ 300,000 ​ — ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 300,043 ​ $ 51 ​
Long-term debt	Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ April 3, ​ 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 ​ 1.21 % ​ 1.19 % ​ 1,312 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 901,312 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (5,399) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 895,913 ​ $ 1,424,791 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Apr. 03, 2021
Leases [Abstract]
Schedule of lease cost	The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 ​ 2021 2020 Operating lease cost ​ $ 18,608 ​ $ 19,257 ​ $ 55,105 ​ $ 57,633 Variable lease cost ​ ​ 5,584 ​ ​ 5,496 ​ ​ 17,296 ​ ​ 15,594 Total lease cost ​ $ 24,192 ​ $ 24,753 ​ $ 72,401 ​ $ 73,227
Schedule of future minimum operating lease payments	Future minimum operating lease payments as of April 3, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2021 ​ $ 18,649 ​ 2022 ​ 63,946 ​ 2023 ​ 54,508 ​ 2024 ​ 39,425 ​ 2025 ​ 32,493 ​ Thereafter ​ 162,426 ​ Total future operating lease payments ​ ​ 371,447 ​ Total imputed interest on operating lease liabilities ​ ​ (64,157) ​ Total operating lease liabilities ​ $ 307,290 ​
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases as of April 3, 2021, consists of the following: ​ ​ ​ ​ ​ Operating Lease Term and Discount Rate ​ ​ ​ Weighted-average remaining lease term in years ​ 9.2 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ ​ 2021 2020 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 44,219 ​ $ 46,418 Operating lease assets obtained from new operating lease liabilities ​ ​ 36,150 ​ ​ 30,750

Derivative financial instrume_2

Derivative financial instruments (Tables)	9 Months Ended
	Apr. 03, 2021
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 14,781 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 24,196 ​ ​ 15,605 ​
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ ​ April 3, March 28, April 3, March 28, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (2,574) ​ $ (3,247) ​ $ (13,201) ​ $ 7,856

Pension and retirement plans (T

Pension and retirement plans (Tables)	9 Months Ended
	Apr. 03, 2021
Pension and retirement plan
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ April 3, March 28, April 3, March 28, ​ ​ 2021 2020 2021 2020 ​ ​ (Thousands) Service cost ​ $ 3,938 ​ $ 3,786 ​ $ 11,813 ​ $ 11,358 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,938 ​ ​ 3,786 ​ ​ 11,813 ​ ​ 11,358 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,976 ​ 5,638 ​ 11,928 ​ 16,914 Expected return on plan assets ​ (12,421) ​ (12,668) ​ (37,261) ​ (38,003) Amortization of prior service cost ​ 75 ​ 534 ​ 226 ​ 1,603 Recognized net actuarial loss ​ 5,151 ​ 3,658 ​ 15,453 ​ 10,972 Total net periodic pension benefit within other income (expense), net ​ ​ (3,219) ​ ​ (2,838) ​ ​ (9,654) ​ ​ (8,514) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ 719 ​ $ 948 ​ $ 2,159 ​ $ 2,844 ​

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Apr. 03, 2021
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 2021 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 107,484 ​ $ (128,661) ​ $ 107,759 ​ $ (83,242) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,542 ​ 99,479 ​ 99,125 ​ 101,013 Net effect of dilutive stock-based compensation awards ​ 705 ​ — ​ 888 ​ — Weighted average common shares for diluted earnings per share ​ 100,247 ​ 99,479 ​ 100,013 ​ 101,013 Basic earnings (loss) per share ​ $ 1.08 ​ $ (1.29) ​ $ 1.09 ​ $ (0.82) Diluted earnings (loss) per share ​ $ 1.07 ​ $ (1.29) ​ $ 1.08 ​ $ (0.82) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 642 ​ ​ 1,431 ​ ​ 793 ​ ​ 1,018

Additional cash flow informat_2

Additional cash flow information (Tables)	9 Months Ended
	Apr. 03, 2021
Additional cash flow information
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ April 3, March 28, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 5,232 ​ $ 5,366 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 61,127 ​ $ 88,472 ​ Income tax net payments ​ ​ 56,135 ​ ​ 14,689 ​

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Apr. 03, 2021
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarters Ended ​ Nine Months Ended ​ ​ April 3, ​ March 28, ​ April 3, ​ March 28, ​ ​ 2021 2020 ​ 2021 ​ 2020 ​ (Thousands) Sales: ​ ​ ​ ​ Electronic Components ​ $ 4,520,608 ​ $ 3,974,669 ​ $ 13,245,143 ​ $ 12,472,484 Farnell ​ ​ 396,106 ​ ​ 335,149 ​ ​ 1,062,802 ​ ​ 1,002,148 ​ ​ ​ 4,916,714 ​ ​ 4,309,818 ​ ​ 14,307,945 ​ ​ 13,474,632 Operating income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 118,565 ​ $ 84,841 ​ $ 306,927 ​ $ 290,271 Farnell ​ ​ 23,861 ​ ​ 23,350 ​ ​ 50,412 ​ ​ 65,109 ​ ​ ​ 142,426 ​ ​ 108,191 ​ ​ 357,339 ​ ​ 355,380 Corporate ​ ​ (31,885) ​ ​ (37,833) ​ ​ (102,114) ​ ​ (95,416) Restructuring, integration and other expenses ​ (17,574) ​ (19,211) ​ (55,943) ​ ​ (58,073) Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ (145,836) ​ ​ — ​ ​ (145,836) Amortization of acquired intangible assets and other ​ ​ (5,283) ​ ​ (21,071) ​ ​ (35,875) ​ ​ (62,603) Operating income (loss) ​ $ 87,684 ​ $ (115,760) ​ $ 163,407 ​ $ (6,548) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,160,973 ​ $ 1,203,605 ​ $ 3,468,118 ​ $ 3,605,944 EMEA (2) ​ 1,585,631 ​ 1,512,476 ​ 4,412,652 ​ 4,409,258 Asia/Pacific (3) ​ 2,170,110 ​ 1,593,737 ​ 6,427,175 ​ 5,459,430 Sales ​ $ 4,916,714 ​ $ 4,309,818 ​ $ 14,307,945 ​ $ 13,474,632 ​ (1) Includes sales from the United States of $1.08 billion and $1.11 billion for the third quarters ended April 3, 2021, and March 28, 2020, respectively. Includes sales from the United States of $3.24 billion and $3.37 billion for the first nine months of fiscal 2021 and 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $619.4 million and $276.4 million, respectively, for the third quarter ended April 3, 2021; and $1.71 billion and $825.8 million, respectively, for the first nine months of fiscal 2021. Includes sales from Germany and Belgium of $568.0 million and $278.3 million, respectively, for the third quarter ended March 28, 2020; and $1.69 billion and $837.7 million, respectively, for the first nine months of fiscal 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $717.7 million, $956.8 million and $249.5 million, respectively, for the third quarter ended April 3, 2021; and $2.02 billion, $2.95 billion and $774.1 million, respectively, for the first nine months of fiscal 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $524.1 million, $649.7 million and $239.3 million, respectively, for the third quarter ended March 28, 2020; and $1.76 billion, $2.39 billion and $722.7 million, respectively, for the first nine months of fiscal 2020.
Table of Assets by reportable segment and long-lived assets by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 155,834 ​ $ 183,892 ​ EMEA (2) ​ 187,837 ​ 183,382 ​ Asia/Pacific ​ 37,412 ​ 37,333 ​ Property, plant, and equipment, net ​ $ 381,083 ​ $ 404,607 ​ ​ (1) Includes property, plant and equipment, net, of $152.3 million and $179.4 million as of April 3, 2021, and June 27, 2020, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $80.2 million, $83.3 million and $21.3 million in Germany, the United Kingdom and Belgium, respectively, as of April 3, 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)	9 Months Ended
	Apr. 03, 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 ​ $ 36,992 ​ $ 2,894 ​ $ 39,886 Cash payments ​ (21,097) ​ ​ (1,497) ​ ​ (22,594) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 570 ​ ​ 13 ​ ​ 583 Balance at April 3, 2021 ​ $ 16,465 ​ $ 1,354 ​ $ 17,819
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 ​ (5,569) ​ ​ (1,042) ​ ​ (6,611) Changes in estimates, net ​ ​ (2,901) ​ ​ 10 ​ ​ (2,891) Other, principally foreign currency translation ​ 579 ​ ​ 216 ​ ​ 795 Balance at April 3, 2021 ​ $ 5,683 ​ $ 2,552 ​ $ 8,235

Basis of presentation and new_2

Basis of presentation and new accounting pronouncements (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Apr. 03, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 65,018	$ 85,789
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	Apr. 03, 2021	Jun. 27, 2020
Receivables
Receivables	$ 3,451,466	$ 2,993,404
Allowance for Credit Losses	$ (85,789)	$ (65,018)

Receivables - Allowance for Cre

Receivables - Allowance for Credit Losses (Details) $ in Thousands	9 Months Ended
	Apr. 03, 2021USD ($)
Receivables, Allowance for Credit Loss [Roll Forward]
Effect of adoption of new credit loss accounting standard (Note 1)	$ 65,018
Credit Loss Provisions	7,370
Credit Loss Recoveries	(192)
Receivables Write offs	(5,666)
Foreign Currency Effect and Other	2,054
Receivables, Allowance for Credit Loss, Ending Balance	85,789
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Effect of adoption of new credit loss accounting standard (Note 1)	$ 17,205

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 03, 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	64,726
Carrying value	838,460
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	12,142
Carrying value	309,978
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	475,898
Foreign currency translation	52,584
Carrying value	$ 528,482

Goodwill and intangible asset_3

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Apr. 03, 2021
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 406,276	$ 439,938
Accumulated Amortization	(340,839)	(406,168)
Net Book Value	65,437	33,770
Intangible asset impairment	17,473
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	300,937	324,923
Accumulated Amortization	(266,759)	(312,189)
Net Book Value	34,178	12,734
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	51,698	57,259
Accumulated Amortization	(32,493)	(42,788)
Net Book Value	19,205	14,471
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	53,641	57,756
Accumulated Amortization	(41,587)	(51,191)
Net Book Value	$ 12,054	$ 6,565

Goodwill and intangible asset_4

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 5,300	$ 21,000	$ 35,730	$ 62,240
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets			3 years

Goodwill and intangible asset_5

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jun. 27, 2020
Fiscal Year:
Remainder of fiscal 2021	$ 5,261
2022	15,431
2023	6,610
2024	3,156
2025	1,472
2026	1,472
Thereafter	368
Net Book Value	$ 33,770	$ 65,437

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 03, 2021	Jun. 27, 2020
Components of short-term debt
Short-term debt	$ 300,043	$ 51
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	0.93%	5.69%
Short-term debt	$ 43	$ 51
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	9 Months Ended	12 Months Ended
	Apr. 03, 2021	Jun. 27, 2020
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 901,312	$ 1,431,491
Discount and debt issuance costs - unamortized	(5,399)	(6,700)
Long-term debt	$ 895,913	$ 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	1.21%	1.19%
Long-term debt before discount and debt issuance costs	$ 1,312	$ 1,491

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Aug. 01, 2020	Apr. 03, 2021	Jun. 27, 2020
Debt Instrument [Line Items]
Short-term debt			$ 300,043	$ 51
Company's total debt
Debt, Long-term and Short-term, Combined Amount			1,200,000	1,420,000
Total fair value			$ 1,280,000	1,520,000
Notes Due December 2021
Debt Instrument [Line Items]
Spread over base rate			3.75%
Short-term debt			$ 300,000
Notes Due December 2021 | Forecast
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (5,000)
Bank credit facilities and other
Debt Instrument [Line Items]
Short-term debt			43	51
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount			450,000
Term		1 year
Accounts Receivable from Securitization			$ 683,300	703,800
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			$ 1,250,000
Term			5 years
Line of credit facility contingent increase to maximum borrowing capacity			$ 1,500,000
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			200,000
Letters of credit outstanding, amount			1,300	$ 1,600
Notes Payable In Certain Approved Currencies | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount			$ 300,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Leases [Abstract]
Lease term	17 years		17 years
Lease Cost
Operating lease cost	$ 18,608	$ 19,257	$ 55,105	$ 57,633
Variable lease cost	5,584	5,496	17,296	15,594
Total lease cost	$ 24,192	$ 24,753	$ 72,401	$ 73,227

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Apr. 03, 2021USD ($)
Leases [Abstract]
Remainder of fiscal 2021	$ 18,649
2022	63,946
2023	54,508
2024	39,425
2025	32,493
Thereafter	162,426
Total future operating lease payments	371,447
Total imputed interest on operating lease liabilities	(64,157)
Total operating lease liabilities	$ 307,290

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Leases [Abstract]
Operating lease weighted-average remaining lease term	9 years 2 months 12 days
Operating lease weighted-average discount rate	3.80%
Cash paid for operating lease liabilities	$ 44,219	$ 46,418
Operating lease assets obtained from new operating lease liabilities	$ 36,150	$ 30,750

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 03, 2021	Jun. 27, 2020
Derivative fair value
Derivative assets fair value	$ 14,781	$ 18,989
Derivative liabilities fair value	$ 24,196	$ 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		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Derivative financial instruments
Net derivative financial instrument (loss) gain	$ (2,574)	$ (3,247)	$ (13,201)	$ 7,856

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	9 Months Ended
	Apr. 03, 2021	Jun. 27, 2020
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14.7	$ 18.8
Gain on legal settlement	$ 8.2

Income taxes (Details)

Income taxes (Details)	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Income taxes
Effective tax rate	(53.30%)	(18.60%)	(32.70%)	(26.60%)

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Components of net periodic pension costs
Service cost	$ 3,938	$ 3,786	$ 11,813	$ 11,358
Interest cost	3,976	5,638	11,928	16,914
Expected return on plan assets	(12,421)	(12,668)	(37,261)	(38,003)
Amortization of prior service cost	75	534	226	1,603
Recognized net actuarial loss	5,151	3,658	15,453	10,972
Net periodic pension cost	719	948	2,159	2,844
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension cost	3,938	3,786	11,813	11,358
Other Income, net
Components of net periodic pension costs
Net periodic pension cost	(3,219)	$ (2,838)	(9,654)	$ (8,514)
Plan
Components of net periodic pension costs
Contributions			12,000
Estimated future employer pension plan contributions	$ 4,000		$ 4,000

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Feb. 18, 2021	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program			$ 2,950,000		$ 2,950,000
Remaining authorized repurchase amount			$ 469,000		$ 469,000
Cash dividends paid per common share		$ 0.21	$ 0.21	$ 0.21	$ 0.63	$ 0.63
Dividends paid on common stock	$ 20,900				$ 62,400	$ 63,235

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Apr. 03, 2021	Jan. 02, 2021	Oct. 03, 2020	Mar. 28, 2020	Dec. 28, 2019	Sep. 28, 2019	Apr. 03, 2021	Mar. 28, 2020
Numerator:
Net income (loss)	$ 107,484	$ 19,163	$ (18,889)	$ (128,661)	$ 3,668	$ 41,752	$ 107,759	$ (83,242)
Denominator:
Weighted average common shares for basic earnings per share	99,542			99,479			99,125	101,013
Net effect of dilutive stock based compensation awards	705						888
Weighted average common shares for diluted earnings per share	100,247			99,479			100,013	101,013
Basic earnings (loss) per share	$ 1.08			$ (1.29)			$ 1.09	$ (0.82)
Diluted earnings (loss) per share	$ 1.07			$ (1.29)			$ 1.08	$ (0.82)
Stock Options
Denominator:
antidilutive Securities	642			1,431			793	1,018

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jun. 27, 2020
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 5,232	$ 5,366
Interest	61,127	88,472
Income tax net payments	56,135	$ 14,689
Cash equivalents	$ 43,200		$ 20,900

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Sales, by segment
Sales	$ 4,916,714	$ 4,309,818	$ 14,307,945	$ 13,474,632
Operating income (loss):
Restructuring, integration and other expenses	(17,574)	(19,211)	(55,943)	(58,073)
Goodwill and long-lived asset impairment expense		145,836		145,836
Amortization of acquired intangible assets and other	(5,283)	(21,071)	(35,875)	(62,603)
Operating income (loss)	87,684	(115,760)	163,407	(6,548)
Segment
Operating income (loss):
Operating income (loss)	142,426	108,191	357,339	355,380
Corporate
Operating income (loss):
Corporate	(31,885)	(37,833)	(102,114)	(95,416)
Electronic Components | Segment
Sales, by segment
Sales	4,520,608	3,974,669	13,245,143	12,472,484
Operating income (loss):
Operating income (loss)	118,565	84,841	306,927	290,271
Farnell | Segment
Sales, by segment
Sales	396,106	335,149	1,062,802	1,002,148
Operating income (loss):
Operating income (loss)	$ 23,861	$ 23,350	$ 50,412	$ 65,109

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Apr. 03, 2021	Mar. 28, 2020
Sales, by geographic area:
Sales	$ 4,916,714	$ 4,309,818	$ 14,307,945	$ 13,474,632
Americas
Sales, by geographic area:
Sales	1,160,973	1,203,605	3,468,118	3,605,944
United States
Sales, by geographic area:
Sales	1,080,000	1,110,000	3,240,000	3,370,000
EMEA
Sales, by geographic area:
Sales	1,585,631	1,512,476	4,412,652	4,409,258
Germany
Sales, by geographic area:
Sales	619,400	568,000	1,710,000	1,690,000
Belgium
Sales, by geographic area:
Sales	276,400	278,300	825,800	837,700
Asia Pacific
Sales, by geographic area:
Sales	2,170,110	1,593,737	6,427,175	5,459,430
Taiwan
Sales, by geographic area:
Sales	956,800	649,700	2,950,000	2,390,000
China (including Hong Kong)
Sales, by geographic area:
Sales	717,700	524,100	2,020,000	1,760,000
SINGAPORE
Sales, by geographic area:
Sales	$ 249,500	$ 239,300	$ 774,100	$ 722,700

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jun. 27, 2020
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 381,083	$ 404,607
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	155,834	183,892
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	152,300	179,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	187,837	183,382
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	80,200	84,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	83,300	72,700
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	21,300	22,400
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 37,412	$ 37,333

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	9 Months Ended
	Apr. 03, 2021USD ($)
Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 39,886
Cash payments	(22,594)
Non-cash amounts	(56)
Other, principally foreign currency translation	583
Ending Balance	17,819
Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	16,942
Cash payments	(6,611)
Changes in estimates, net	(2,891)
Other, principally foreign currency translation	795
Ending Balance	8,235
Severance | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	36,992
Cash payments	(21,097)
Other, principally foreign currency translation	570
Ending Balance	16,465
Severance | Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	13,574
Cash payments	(5,569)
Changes in estimates, net	(2,901)
Other, principally foreign currency translation	579
Ending Balance	5,683
Facility and Contract Exit Costs | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	2,894
Cash payments	(1,497)
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	(1,042)
Changes in estimates, net	10
Other, principally foreign currency translation	216
Ending Balance	$ 2,552

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) $ in Thousands	9 Months Ended
	Apr. 03, 2021USD ($)employee	Jun. 27, 2020USD ($)
Fiscal Year 2021 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 39,886
Restructuring Reserve	17,819
Fiscal Year 2021 Restructuring Liabilities | Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	22,500
Fiscal Year 2021 Restructuring Liabilities | Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	9,400
Fiscal Year 2021 Restructuring Liabilities | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 8,000
Fiscal Year 2021 Restructuring Liabilities | Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	300
Fiscal Year 2020 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 8,235	$ 16,942