Avnet (AVT) 10-K 13 Aug 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Jul. 03, 2021	Jul. 30, 2021	Dec. 31, 2020
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,444,758,630
Entity Common Stock, Shares Outstanding		99,503,643
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-03
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Current assets:
Cash and cash equivalents	$ 199,691	$ 477,038
Receivables	3,576,130	2,928,386
Inventories	3,236,837	2,731,988
Prepaid and other current assets	150,763	191,394
Total current assets	7,163,421	6,328,806
Property, plant and equipment, net	368,452	404,607
Goodwill	838,105	773,734
Intangible assets, net	28,539	65,437
Operating lease assets	265,988	275,917
Other assets	260,917	256,696
Total assets	8,925,422	8,105,197
Current liabilities:
Short-term debt	23,078	51
Accounts payable	2,401,357	1,754,078
Accrued expenses and other	572,457	472,924
Short-term operating lease liabilities	58,346	53,313
Total current liabilities	3,055,238	2,280,366
Long-term debt	1,191,329	1,424,791
Long-term operating lease liabilities	239,838	253,719
Other liabilities	354,833	419,923
Total liabilities	4,841,238	4,378,799
Commitments and contingencies (Note 14)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 99,601,393 shares and 98,792,542 shares, respectively	99,601	98,793
Additional paid-in capital	1,622,160	1,594,140
Retained earnings	2,516,170	2,421,845
Accumulated other comprehensive loss	(153,747)	(388,380)
Total shareholders' equity	4,084,184	3,726,398
Total liabilities and shareholders' equity	$ 8,925,422	$ 8,105,197

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 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	99,601,393	98,792,542

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Income Statement [Abstract]
Sales	$ 19,534,679	$ 17,634,333	$ 19,518,592
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 17,294,049	$ 15,570,877	$ 17,032,490
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 2,240,630	$ 2,063,456	$ 2,486,102
Selling, general and administrative expenses	1,874,831	1,842,122	1,874,651
Goodwill and long-lived asset impairment expense		144,092	137,396
Restructuring, integration and other expenses	84,391	81,870	108,144
Operating income (loss)	281,408	(4,628)	365,911
Other (expense) income, net	(19,006)	(2,215)	5,559
Interest and other financing expenses, net	(89,473)	(122,742)	(134,874)
Income (loss) before taxes	172,929	(129,585)	236,596
Income tax benefit	(20,185)	(98,504)	60,259
Net income (loss)	$ 193,114	$ (31,081)	$ 176,337
Earnings (loss) per share:
Basic	$ 1.95	$ (0.31)	$ 1.61
Diluted	$ 1.93	$ (0.31)	$ 1.59
Shares used to compute earnings per share:
Basic	99,258	100,474	109,820
Diluted	100,168	100,474	110,798
Cash dividends paid per common share	$ 0.85	$ 0.84	$ 0.80

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 193,114	$ (31,081)	$ 176,337
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	152,678	(56,682)	(63,621)
Pension adjustments, net	81,955	(27,659)	(45,067)
Total comprehensive income (loss)	$ 427,747	$ (115,422)	$ 67,649

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained EarningsCumulative Effect, Adjustment	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Adjustment	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2018	$ 115,825	$ 1,528,713		$ 3,235,894	$ (195,351)		$ 4,685,081
Shares issued Beginning Balance at Jun. 30, 2018	115,825,000
Net income (loss)				176,337			176,337
Translation adjustments and other					(63,621)		(63,621)
Pension liability adjustment, net					(45,067)		(45,067)
Cash dividends				(87,158)			(87,158)
Repurchases of common stock	$ (12,919)			(553,772)			(566,691)
Repurchase of common stock (in shares)	(12,919,000)
Stock-based compensation	$ 1,132	44,292					45,424
Stock-based compensation (in shares)	1,132,000
Shares issued Ending Balance at Jun. 29, 2019	104,038,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 29, 2019	$ 104,038	1,573,005	$ (3,832)	2,767,469	(304,039)	$ (3,832)	4,140,473
Net income (loss)				(31,081)			(31,081)
Translation adjustments and other					(56,682)		(56,682)
Pension liability adjustment, net					(27,659)		(27,659)
Cash dividends				(83,975)			(83,975)
Repurchases of common stock	$ (5,870)			(230,568)			(236,438)
Repurchase of common stock (in shares)	(5,870,000)
Stock-based compensation	$ 625	21,135					$ 21,760
Stock-based compensation (in shares)	625,000
Shares issued Ending Balance at Jun. 27, 2020	98,793,000						98,792,542
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 27, 2020	$ 98,793	1,594,140		2,421,845	(388,380)		$ 3,726,398
Net income (loss)				193,114			193,114
Translation adjustments and other					152,678		152,678
Pension liability adjustment, net					81,955		81,955
Cash dividends				(84,309)			(84,309)
Stock-based compensation	$ 808	28,020					$ 28,828
Stock-based compensation (in shares)	808,000
Shares issued Ending Balance at Jul. 03, 2021	99,601,000						99,601,393
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 03, 2021	$ 99,601	$ 1,622,160	$ (14,480)	$ 2,516,170	$ (153,747)	$ (14,480)	$ 4,084,184

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 2,483	$ 362	$ 14,988
Cash dividend paid per share	$ 0.85	$ 0.84	$ 0.80

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Cash flows from operating activities:
Net income (loss)	$ 193,114	$ (31,081)	$ 176,337
Non-cash and other reconciling items:
Depreciation	90,884	101,100	97,160
Amortization	41,033	81,139	83,682
Amortization of Operating Lease Assets	56,782	60,656
Deferred income taxes	14,650	(34,264)	33,801
Stock-based compensation	29,339	26,832	30,098
Goodwill, long-lived and other impairments	15,166	159,346	192,083
Other, net	22,512	31,343	(17,491)
Changes in (net of effects from businesses acquired and divested):
Receivables	(615,353)	221,486	464,981
Inventories	(409,075)	266,791	81,929
Accounts payable	620,973	(106,990)	(377,855)
Accrued expenses and other, net	30,924	(46,176)	(229,955)
Net cash flows provided by operating activities	90,949	730,182	534,770
Cash flows from financing activities:
Issuance of notes, net of discounts	297,660
Repayment of public notes	(305,077)	(302,038)
Borrowings (repayments) under accounts receivable securitization, net	22,900	(227,300)	122,300
Borrowings (repayments) under senior unsecured credit facility, net	(231,680)	223,058	505
Repayments under bank credit facilities and other debt, net	(2,789)	(2,123)	(61,738)
Repurchases of common stock		(237,842)	(568,712)
Dividends paid on common stock	(84,309)	(83,975)	(87,158)
Other, net	(10,718)	(14,330)	12,127
Net cash flows used for financing activities	(314,013)	(644,550)	(582,676)
Cash flows from investing activities:
Purchases of property, plant and equipment	(50,363)	(73,516)	(122,690)
Acquisitions of assets and businesses	(18,381)	(51,509)	(56,417)
Proceeds from sale of business			123,473
Other, net	7,548	(9,992)	30,422
Net cash flows used for investing activities	(61,196)	(135,017)	(25,212)
Effect on currency exchange rate changes on cash and cash equivalents	6,913	(19,682)	(1,902)
Cash and cash equivalents:
Decrease	(277,347)	(69,067)	(75,020)
Cash and cash equivalents at beginning of year	477,038	546,105	621,125
Cash and cash equivalents at end of year	$ 199,691	$ 477,038	$ 546,105

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Jul. 03, 2021
Summary of significant accounting policies
Summary of significant accounting policies	1. Summary of significant accounting policie s Basis of presentation Reclassifications Fiscal year Management estimates Cash and cash equivalents Receivables – Receivables, predominately comprised of trade accounts and notes receivable, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable- specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist. Inventories realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value. The Company does not incorporate any non-contractual protections when estimating the net realizable value of its inventories. Depreciation, amortization and useful lives Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter). The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years. Long-lived asset impairment 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 distribution center and office equipment, and are not material to the consolidated financial statements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. Lease right-of-use assets (“operating lease assets”) and associated liabilities (“operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. The Company’s leases generally do not provide a readily determinable implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate. The estimated secured borrowing rates used at the date of adoption for each lease vary in accordance with the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities. Goodwill In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference. Foreign currency translation Income taxes The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense. Revenue recognition Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process. The contract assets associated with such specialized manufacturing products are not material. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products or services. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling of product as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contracts have an original duration of one Vendor allowances and consideration Comprehensive income (loss) Stock-based compensation approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense. Restructuring and exit activities Nonretirement Postemployment Benefits Exit or Disposal Cost Obligations Exit or Disposal Cost Obligations Property, Plant and Equipment Business combinations Concentration of credit risk Fair value Fair Value Measurements million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria. See Note 3 for discussion of the fair value of the Company’s derivative financial instruments, Note 8 for discussion of the fair value of the Company’s long-term debt, and Note 11 for a discussion of the fair value of the Company’s pension plan assets. Derivative financial instruments Investments Accounts receivable securitization Recently adopted accounting pronouncements Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans 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 (collectively, Topic 326)

Acquisitions

Acquisitions	12 Months Ended
	Jul. 03, 2021
Acquisitions
Acquisitions	2. 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.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Jul. 03, 2021
Derivative financial instruments
Derivative financial instruments	3. Derivative financial instruments Many of the Company’s subsidiaries purchase and sell products in currencies, other than their functional currencies, which subjects the Company to the risks associated with fluctuations in currency exchange rates. The Company uses economic hedges to reduce this risk, utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions 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). 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 July 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 exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 15,722 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 23,994 ​ ​ 15,605 ​ ​ The amount recorded to other (expense) income, net related to derivative financial instruments for economic hedges are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (21,605) ​ $ 12,739 ​ $ 84 ​ 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. ​

Shareholders' equity

Shareholders' equity	12 Months Ended
	Jul. 03, 2021
Shareholders' equity
Shareholders' equity	4. Shareholders’ equity Accumulated comprehensive loss The following table includes the balances within accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (46,473) ​ $ (199,151) ​ $ (142,469) ​ Accumulated pension liability adjustments, net of income taxes ​ (107,274) ​ (189,229) ​ (161,570) ​ Total accumulated other comprehensive loss ​ $ (153,747) ​ $ (388,380) ​ $ (304,039) ​ ​ Substantially all amounts reclassified out of accumulated comprehensive loss, net of tax, to operating expenses during fiscal 2021, 2020, and 2019 related to net periodic pension costs as discussed further in Note 11. 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 fiscal 2021, the Company did not repurchase any Common stock dividend During fiscal 2021, the Company paid dividends of $0.85 per common share and $84.3 million in total.

Receivables

Receivables	12 Months Ended
	Jul. 03, 2021
Receivables
Receivables	5. Receivable The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,664,290 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (88,160) ​ ​ (65,018) The Company had the following activity in the allowance for credit losses during fiscal 2021: ​ ​ ​ ​ ​ ​ July 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 ​ ​ 18,429 Credit Loss Recoveries ​ ​ (2,587) Receivables Write offs ​ ​ (6,240) Foreign Currency Effect and Other ​ ​ (3,665) Balance at July 3, 2021 ​ $ 88,160 ​

Property plant and equipment, n

Property plant and equipment, net	12 Months Ended
	Jul. 03, 2021
Property plant and equipment, net
Property, plant and equipment, net	6. Property, plant and equipment, net Property, plant and equipment are recorded at cost, less accumulated depreciation, and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Buildings ​ $ 121,662 ​ $ 124,007 ​ Machinery, fixtures and equipment ​ 260,342 ​ 242,347 ​ Information technology hardware and software ​ 835,374 ​ 809,182 ​ Leasehold improvements ​ 123,808 ​ 117,036 ​ Depreciable property, plant and equipment, gross ​ 1,341,186 ​ 1,292,572 ​ Accumulated depreciation ​ (999,885) ​ (938,002) ​ Depreciable property, plant and equipment, net ​ 341,301 ​ 354,570 ​ Land ​ 22,778 ​ 23,618 ​ Construction in progress ​ 4,373 ​ 26,419 ​ Property, plant and equipment, net ​ $ 368,452 ​ $ 404,607 ​ ​ Depreciation expense, including accelerated depreciation related to property, plant, and equipment, was $90.9 million, $101.1 million and $97.2 million in fiscal 2021, 2020, and 2019, respectively. Interest expense capitalized during fiscal 2021, 2020, and 2019 was not material.

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Jul. 03, 2021
Goodwill and intangible assets
Goodwill and intangible assets	7. Goodwill, intangible assets, and impairments The following table presents the change in goodwill balances by reportable segment for fiscal year 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 27, 2020 (1) ​ $ 297,836 ​ $ 475,898 ​ $ 773,734 Foreign currency translation ​ 12,746 ​ 51,625 ​ 64,371 Carrying value at July 3, 2021 (1) ​ $ 310,582 ​ $ 527,523 ​ $ 838,105 (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. The following table presents the Company’s acquired identifiable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 57,184 ​ (45,019) ​ 12,165 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 57,809 ​ (53,459) ​ 4,350 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​ $ 406,276 ​ $ (340,839) ​ $ 65,437 ​ (1) Acquired amount reduced by impairment of $ 17,473 from fiscal 2020. Intangible asset amortization expense was $41.0 million, $81.1 million, and $83.7 million for fiscal 2021, 2020, and 2019, respectively. Intangible assets have a weighted average remaining useful life of less than 3 years as of July 3, 2021. The following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands): ​ ​ ​ ​ Fiscal Year ​ 2022 ​ ​ 15,417 2023 ​ 6,611 2024 ​ 3,199 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 28,539 ​ In fiscal 2021, the Company recorded $15.2 million of equity investment impairment expense classified within other (expense) income, net in the consolidated statements of operations.

Debt

Debt	12 Months Ended
	Jul. 03, 2021
Debt
Debt	8. Debt Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Accounts receivable securitization program and other ​ 1.24 % ​ 5.69 % ​ $ 23,078 ​ $ 51 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 23,078 ​ $ 51 ​ ​ Bank credit facilities and other consist of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions, which are utilized primarily to support the Company’s working capital requirements, 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. The Securitization Program allows the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings up to a maximum of $450.0 million. The Securitization Program does not qualify for off-balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $717.4 million and $703.8 million at July 3, 2021, and June 27, 2020, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. There was $22.9 million and no borrowings outstanding under the Securitization Program as of July 3, 2021, and as of June 27, 2020, respectively. 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%. In July 2021, the Company extended the maturity of the Securitization Program from July 30, 2021 to August 31, 2021. During the fourth quarter of fiscal 2021, the Company redeemed the $300.0 million of outstanding 3.75% Notes due in December 2021 at a make-whole redemption price of $305.0 million and the Company issued $300.0 million of 3.00% Notes due in May 2031. Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 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 ​ May 2031 ​ 3.00 % ​ — ​ ​ ​ 300,000 ​ ​ ​ ​ Other long-term debt ​ 1.22 % ​ 1.19 % ​ 1,185 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,201,185 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (9,856) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,191,329 ​ $ 1,424,791 ​ ​ The Company has a five-year $1.25 billion Credit Facility with a syndicate of banks, which expires in June 2023. It consists of revolving credit facilities and up to $200.0 million in letters of credit and up to $300.0 million of loans in certain approved currencies. 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 requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of July 3, 2021. At July 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. Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 $ 23,078 ​ 2023 ​ 350,409 ​ 2024 ​ 377 ​ 2025 ​ 183 ​ 2026 ​ 550,216 ​ Thereafter ​ 300,000 ​ Subtotal ​ 1,224,263 ​ Discount and debt issuance costs – unamortized ​ (9,856) ​ Total debt ​ $ 1,214,407 ​ ​ At July 3, 2021, the carrying value and fair value of the Company’s total debt was $1.21 billion and $1.30 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.

Accrued expenses and other

Accrued expenses and other	12 Months Ended
	Jul. 03, 2021
Accrued expenses and other
Accrued expenses and other	9. Accrued expenses and other Accrued expenses and other consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 253,586 ​ $ 200,987 ​ Accrued operating costs ​ 179,213 ​ 121,701 ​ Accrued interest and banking costs ​ 32,985 ​ 24,068 ​ Accrued restructuring costs ​ 39,962 ​ 16,942 ​ Accrued income taxes ​ — ​ 34,588 ​ Accrued property, plant and equipment ​ ​ 7,131 ​ ​ 9,009 ​ Accrued other ​ 59,580 ​ 65,629 ​ Total accrued expenses and other ​ $ 572,457 ​ $ 472,924 ​ ​

Income taxes

Income taxes	12 Months Ended
	Jul. 03, 2021
Income taxes
Income taxes	10. Income taxes The components of income tax (benefit) expense (“tax provision”) are included in the table below. The tax provision for deferred income taxes results from temporary differences arising primarily from net operating losses, inventories valuation, receivables valuation, suspended interest deductions, certain accrued amounts, and depreciation and amortization, net of any changes to valuation allowances. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, 2021 June 27, 2020 June 29, 2019 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (62,445) ​ $ (127,250) ​ $ (20,250) ​ State and local ​ (4,723) ​ 17,990 ​ 8,248 ​ Foreign ​ 21,530 ​ 22,816 ​ 79,004 ​ Total current taxes ​ (45,638) ​ (86,444) ​ 67,002 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 21,590 ​ 14,845 ​ 17,725 ​ State and local ​ 259 ​ 4,450 ​ 580 ​ Foreign ​ 3,604 ​ (31,355) ​ (25,048) ​ Total deferred taxes ​ 25,453 ​ (12,060) ​ (6,743) ​ Income tax (benefit) expense ​ $ (20,185) ​ $ (98,504) ​ $ 60,259 ​ ​ The tax provision is computed based upon income (loss) before income taxes from both U.S. and foreign operations. U.S. income (loss) before income taxes was $(89.4) million, $(254.8) million and, $54.9 million, in fiscal 2021, 2020, and 2019, respectively, and foreign income before income taxes was $262.3 million, $125.2 million, and $181.7 million in fiscal 2021, 2020, and 2019, respectively. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an approximately $2 trillion emergency economic stimulus package in response to the COVID-19 pandemic, which among other things contains numerous income tax provisions. The CARES Act allows net operating losses incurred in fiscal years 2019, 2020, and 2021 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company expects to utilize this carryback provision, which is generating a tax benefit in fiscal 2021. An income tax refund receivable of $241.3 million, associated with the fiscal 2021 and fiscal 2020 income tax benefit, is classified within Receivables on the consolidated balance sheets. The Company asserts that all of its unremitted foreign earnings are permanently reinvested and any unrecorded liabilities related to this assertion are not material. Reconciliations of the federal statutory tax rate to the effective tax rates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, 2021 June 27, 2020 June 29, 2019 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit (2.2) ​ 4.6 ​ 0.3 ​ Tax on foreign income, net of valuation allowances (10.7) ​ 5.0 ​ (0.5) ​ Establishment/release of valuation allowances, net of U.S. tax expense 2.1 ​ (28.5) ​ (3.3) ​ Change in unrecognized tax benefit reserves 14.3 ​ 20.1 ​ 18.3 ​ Tax audit settlements 0.4 ​ (5.6) ​ 1.0 ​ Impact of the Tax Cuts and Jobs Act (the Act) - transition tax ​ — ​ — ​ 7.3 ​ Impact of the Act - deferred tax effects ​ — ​ — ​ (5.8) ​ Impact of the CARES Act ​ (8.4) ​ 10.2 ​ — ​ Impairment of investments, including goodwill ​ (22.4) ​ 56.5 ​ (8.2) ​ Other, net (5.8) ​ (7.3) ​ (4.6) ​ Effective tax rate (11.7) % 76.0 % 25.5 % ​ Tax rates on foreign income represents the impact of the difference between foreign rates and the U.S. federal statutory rate applied to foreign income or loss, foreign income taxed in the U.S. at rates other than its statutory rate, and the impact of valuation allowances previously established against the Company’s otherwise realizable foreign deferred tax assets, which are primarily net operating loss carry-forwards. Avnet’s effective tax rate on income before income taxes was 11.7% of benefit in fiscal 2021 as compared with an effective tax rate of 76.0% of benefit on fiscal 2020 loss before income taxes. Included in the fiscal 2021 effective tax rate is a tax benefit arising from the reduction in fair value of certain businesses, resulting in losses that can be carried back under U.S. tax law, partially offset by the net increase to unrecognized tax benefit reserves. The Company applies the guidance in ASC 740 Income Taxes The significant components of deferred tax assets and liabilities, included in “other assets” on the consolidated balance sheets, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 282,882 ​ $ 237,200 ​ Depreciation and amortization ​ ​ 17,333 ​ ​ 16,585 ​ Inventories valuation ​ ​ 25,336 ​ ​ 35,509 ​ Operating lease liabilities ​ 69,759 ​ 67,814 ​ Receivables valuation ​ ​ 13,757 ​ ​ 11,868 ​ Various accrued liabilities and other ​ 62,082 ​ 102,298 ​ ​ ​ 471,149 ​ 471,274 ​ Less — valuation allowances ​ (293,569) ​ (283,721) ​ ​ ​ 177,580 ​ 187,553 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (68,135) ​ (66,316) ​ Net deferred tax assets ​ $ 109,445 ​ $ 121,237 ​ ​ The increase in valuation allowances in fiscal 2021 from fiscal 2020 was primarily related to the $25.2 million increase resulting from a tax rate change in the United Kingdom, a $10.0 million increase resulting from changing foreign exchange rates, partially offset by a $27.6 million decrease relating to the current year activity in the United States. As of July 3, 2021, the Company had net operating and capital loss carry-forwards of approximately $1.45 billion, of which $35.2 million will expire during fiscal 2022 and fiscal 2023, substantially all of which have full valuation allowances, $301.9 million have expiration dates ranging from fiscal 2024 to fiscal 2040, and the remaining $1.12 billion have no expiration date. A significant portion of these losses are not expected to be realized in the foreseeable future and have valuation allowances against them. The carrying value of the Company’s net operating and capital loss carry-forwards depends on the Company’s ability to generate sufficient future taxable income in certain tax jurisdictions. In addition, the Company considers historic levels and types of income or losses, expectations and risk associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies in assessing the need for valuation allowances as discussed further above. Estimated liabilities for unrecognized tax benefits are included in “Accrued expenses and other” and “Other liabilities” on the consolidated balance sheets. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. As of July 3, 2021, unrecognized tax benefits were $145.1 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $26.4 million and $20.2 million, net of applicable state tax benefits, as of the end of fiscal 2021 and 2020, respectively. Reconciliations of the beginning and ending liability balances for unrecognized tax benefits, excluding interest and penalties, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Balance at beginning of year ​ $ 96,292 ​ $ 123,765 ​ Additions for tax positions taken in prior periods ​ 36,452 ​ 10,456 ​ Reductions for tax positions taken in prior periods ​ (4,880) ​ (33,880) ​ Reductions related to tax rate change ​ ​ (200) ​ ​ — ​ Additions for tax positions taken in current period ​ 4,030 ​ 23,611 ​ Reductions related to settlements with taxing authorities ​ (711) ​ (5,480) ​ Reductions related to the lapse of applicable statutes of limitations ​ (15,713) ​ (21,339) ​ Adjustments related to foreign currency translation ​ 3,390 ​ (841) ​ Balance at end of year ​ $ 118,660 ​ $ 96,292 ​ ​ The evaluation of uncertain income tax positions requires management to estimate the ability of the Company to sustain its position with applicable tax authorities and estimate the final benefit to the Company. If the actual outcomes differ from the Company’s estimates, there could be an impact on the consolidated financial statements in the period in which the position is settled, the applicable statutes of limitations expire, or new information becomes available, as the impact of these events are recognized in the period in which they occur. It is difficult to estimate the period in which the amount of a tax position will change as settlement may include administrative and legal proceedings beyond the Company’s control. The effects of settling tax positions with tax authorities and statute expirations may significantly impact the estimate for unrecognized tax benefits. Within the next twelve months, the Company estimates that approximately $11.3 million of these liabilities for unrecognized tax benefits will be settled by the expiration of the statutes of limitations or through agreement with the tax authorities for tax positions related to valuation matters and positions related to acquired entities. The expected cash payment related to the settlement of these contingencies is approximately $2.4 million. The Company conducts business globally and consequently files income tax returns in numerous jurisdictions, including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal 2010. The years remaining subject to audit, by major jurisdiction, are as follows: ​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2016 - 2021 ​ Taiwan 2016 - 2021 ​ Hong Kong 2015 - 2021 ​ Germany ​ 2010 - 2021 ​ Singapore 2017 - 2021 ​ Belgium 2019 - 2021 ​ United Kingdom ​ 2019 - 2021 ​ Canada ​ 2011 - 2021 ​ ​ In connection with the sale of the TS business during fiscal 2017, several legal entities were sold to the Buyer and post-closing tax obligations are the responsibility of the Buyer. Under the terms of the sale agreement, the Company still maintains responsibility for certain pre-closing taxes including any amounts that arise from audits or other judgments received from tax authorities. The Company believes that its current estimates related to tax reserves related to the TS business are reasonable, but future changes in facts and circumstances could result in significant changes in estimates that impact tax expense in the period of change.

Pension and retirement plan

Pension and retirement plan	12 Months Ended
	Jul. 03, 2021
Pension and retirement plan
Pension and retirement plans	11. Pension and retirement plans Pension Plan The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. Employees (the “Plan”). The Plan meets the definition of a defined benefit plan and, as a result, the Company applies ASC 715 pension accounting to the Plan. The Plan is a cash balance plan that is similar in nature to a defined contribution plan in that a participant’s benefit is defined in terms of stated account balances. The Plan allows the Company to apply any earnings on the Plan’s investments, beyond the fixed return provided to participants, toward the Company’s future cash funding obligations. Employees are eligible to participate in the Plan following the first year of service during which they worked at least 1,000 hours. The Plan provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit based upon a percentage of current salary, which varies with age, and interest credits. The Company uses its fiscal year end as the measurement date for determining pension expense and benefit obligations for each fiscal year. ​ The following table outlines changes in benefit obligations, plan assets, and the funded status of the Plan as of the end of fiscal 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 790,179 ​ $ 731,695 ​ Service cost ​ 15,751 ​ 15,145 ​ Interest cost ​ 15,904 ​ 22,552 ​ Actuarial (gain) loss ​ (12,397) ​ 72,144 ​ Benefits paid ​ (46,729) ​ (51,357) ​ Benefit obligations at end of year ​ $ 762,708 ​ $ 790,179 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 707,800 ​ $ 664,063 ​ Actual return on plan assets ​ 95,208 ​ 87,094 ​ Benefits paid ​ (46,729) ​ (51,357) ​ Contributions ​ 16,000 ​ 8,000 ​ Fair value of plan assets at end of year ​ $ 772,279 ​ $ 707,800 ​ Funded status of the plan recognized as a non-current asset (non-current liability) ​ $ 9,571 ​ $ (82,379) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 177,949 ​ $ 256,477 ​ Unamortized prior service cost ​ 31 ​ 332 ​ ​ ​ $ 177,980 ​ $ 256,809 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (57,924) ​ $ 35,721 ​ Amortization of net actuarial losses ​ (20,604) ​ (14,629) ​ Amortization of prior service costs ​ (301) ​ (2,137) ​ ​ ​ $ (78,829) ​ $ 18,955 ​ ​ Included in accumulated other comprehensive loss at July 3, 2021, is an expense of $177.9 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $16.3 million is expected to be recognized as a component of net periodic pension cost during fiscal 2022. Assumptions used to calculate actuarial present values of benefit obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Discount rate ​ 2.8 % 2.7 % ​ The discount rate selected by the Company for the Plan reflects the current rate at which the underlying liability could be settled at the measurement date as of July 3, 2021. The estimated discount rate in fiscal 2021 and fiscal 2020 was based on the spot yield curve approach, which applies the individual spot rates from a highly rated bond yield curve to each future year’s estimated cash flows. The weighted-average assumptions used to determine net benefit costs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Discount rate ​ 2.4 % 3.3 % Expected return on plan assets ​ 7.4 % 7.7 % Rate of compensation increase ​ 3.5 % 3.5 % Interest crediting rate ​ 4.0 % 4.0 % ​ Components of net periodic pension cost for the Plan during the last three fiscal years are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Service cost ​ $ 15,751 ​ $ 15,145 ​ $ 14,631 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 15,751 ​ ​ 15,145 ​ ​ 14,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15,904 ​ 22,552 ​ 26,354 Expected return on plan assets ​ (49,681) ​ (50,671) ​ (53,518) Amortization of prior service cost (credits) ​ 301 ​ 2,137 ​ (1,571) Recognized net actuarial loss ​ 20,604 ​ 14,629 ​ 9,251 Total net periodic pension benefit within other (expense) income, net ​ ​ (12,872) ​ ​ (11,353) ​ ​ (19,484) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost (benefit) ​ $ 2,879 ​ $ 3,792 ​ $ (4,853) ​ The Company made $16.0 million and $8.0 million of contributions in fiscal 2021 and fiscal 2020, respectively, and expects to make approximately $16.0 million of contributions in fiscal 2022. Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands): ​ ​ ​ ​ 2022 $ 53,511 ​ 2023 42,750 ​ 2024 45,728 ​ 2025 47,737 ​ 2026 47,987 ​ 2027 through 2031 253,355 ​ ​ The Plan’s assets are held in trust and were allocated as follows as of the measurement date at the end of fiscal 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Equity securities 69 % 62 % Fixed income debt securities 29 % 36 % Cash and cash equivalents 2 % 2 % ​ The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio to earn annualized returns that exceed the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The expected return on the Plan’s assets in fiscal 2022 is currently 7.0%, which is the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation based upon the targeted investment allocations. In making this assumption, the Company evaluated expectations regarding future rates of return for the investment portfolio, along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of return seeking and fixed income investments is typically diversified. The Plan’s assets do not include any investments in Avnet common stock. As of July 3, 2021, the Company’s target allocation for the Plan’s investment portfolio is for return seeking investments to represent approximately 65% of the investment portfolio. The majority of the remaining investment portfolio is invested in fixed income investments, which typically have lower risks, but also lower returns. The following table sets forth the fair value of the Plan’s investments as of July 3, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 16,655 ​ $ — ​ $ — ​ $ — ​ $ 16,655 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 290,347 ​ 290,347 ​ Real estate ​ — ​ — ​ — ​ 124,363 ​ 124,363 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 117,722 ​ 117,722 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 186,279 ​ 186,279 ​ Corporate ​ — ​ — ​ — ​ 36,913 ​ 36,913 ​ Total ​ $ 16,655 ​ $ — ​ $ — ​ $ 755,624 ​ $ 772,279 ​ ​ Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy. The following table sets forth the fair value of the Plan’s investments as of June 27, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 13,243 ​ $ — ​ $ — ​ $ — ​ $ 13,243 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 254,917 ​ 254,917 ​ Real estate ​ — ​ — ​ — ​ 81,817 ​ 81,817 ​ High yield credit and bonds ​ ​ — ​ ​ — ​ ​ — ​ ​ 103,925 ​ ​ 103,925 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 218,573 ​ 218,573 ​ Corporate ​ ​ — ​ — ​ — ​ 35,325 ​ 35,325 ​ Total ​ $ 13,243 ​ $ — ​ $ — ​ $ 694,557 ​ $ 707,800 ​ ​ Each of these investments may be redeemed without restrictions in the normal course of business and there were no material unfunded commitments as of July 3, 2021.

Leases

Leases	12 Months Ended
	Jul. 03, 2021
Leases [Abstract]
Leases	12. Leases The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating lease cost ​ $ 74,003 ​ $ 75,748 Variable lease cost ​ ​ 21,305 ​ ​ 20,804 Total lease cost ​ $ 95,308 ​ $ 96,552 ​ Future minimum operating lease payments as of July 3, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ 2022 ​ $ 66,562 ​ 2023 ​ 57,185 ​ 2024 ​ 40,380 ​ 2025 ​ 32,788 ​ 2026 ​ 28,328 ​ Thereafter ​ 134,526 ​ Total future operating lease payments ​ ​ 359,769 ​ Total imputed interest on operating lease liabilities ​ ​ (61,585) ​ Total operating lease liabilities ​ $ 298,184 ​ ​ Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 9.1 ​ ​ 9.9 ​ Weighted-average discount rate ​ 3.8 % ​ 3.9 % ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 59,587 ​ $ 60,957 Operating lease assets obtained from new operating lease liabilities ​ ​ 41,010 ​ ​ 51,747 ​

Stock-based compensation

Stock-based compensation	12 Months Ended
	Jul. 03, 2021
Stock-based compensation
Stock-based compensation	13. Stock-based compensation The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2021, 2020, and 2019, the Company recorded stock-based compensation expense of $29.3 million, $26.8 million, and $30.1 million, respectively, for all forms of stock-based compensation awards. Stock plan At July 3, 2021, the Company had 6.7 million shares of common stock reserved for stock-based payments, which consisted of 1.1 million shares for unvested or unexercised stock options, 4.1 million shares available for stock-based awards under plans approved by shareholders, and 1.5 million shares for restricted stock units and performance share units granted but not yet vested. Stock options Service based stock option grants have a contractual life of ten years, vest in 25% increments on each anniversary of the grant date, commencing with the first anniversary, and require an exercise price of 100% of the fair market value of common stock at the date of grant. Stock-based compensation expense associated with all stock options during fiscal 2021, 2020, and 2019, was $0.4 million, $2.9 million and $2.2 million, respectively. The fair value of stock options is estimated as of the date of grant using the Black-Scholes model based on the assumptions in the following table. The assumption for the expected term is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on U.S. Treasury rates as of the date of grant, with maturity dates approximately equal to the expected term at the grant date. The historical volatility of Avnet’s common stock is used as the basis for the volatility assumption. The Company estimates dividend yield based upon expectations of future dividends compared to the market value of the Company’s stock as of the grant date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 Expected term (years) 6.0 ​ 6.0 ​ 6.0 ​ Risk-free interest rate 0.5 % 1.6 % 2.8 % Weighted average volatility 31.5 % 23.7 % 23.1 % Dividend yield 2.8 % 2.3 % 1.8 % ​ The following is a summary of the changes in outstanding options for fiscal 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted Average ​ ​ ​ ​ Average ​ Remaining ​ ​ Shares ​ Exercise Price ​ Contractual Life Outstanding at June 27, 2020 1,537,669 ​ $ 40.94 75 Months ​ Granted 407,448 ​ 29.63 113 Months ​ Exercised (145,668) ​ 33.73 23 Months ​ Forfeited or expired (674,018) ​ 42.00 80 Months ​ Outstanding at July 3, 2021 1,125,431 ​ $ 37.15 78 Months ​ Exercisable at July 3, 2021 476,322 ​ $ 41.14 47 Months ​ ​ The weighted-average grant-date fair values of stock options granted during fiscal 2021, 2020, and 2019, were $6.37, $7.41, and $10.74, respectively. At July 3, 2021, the aggregate intrinsic value of all outstanding stock option awards was $4.8 million and all exercisable stock option awards was $0.5 million. The following is a summary of the changes in non-vested stock options for the fiscal year 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ Shares ​ Fair Value Non-vested stock options at June 27, 2020 781,099 ​ $ 8.73 ​ Granted 407,448 ​ 6.37 ​ Vested (168,660) ​ 8.91 ​ Forfeited (370,778) ​ 8.80 ​ Non-vested stock options at July 3, 2021 649,109 ​ $ 7.17 ​ ​ As of July 3, 2021, there was $1.6 million of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.7 years. The total fair value of stock options vested, as of the vesting dates, during fiscal 2021, 2020, and 2019, were $4.8 million, $7.9 million, and $5.7 million, respectively. Cash received from stock option exercises during fiscal 2021, 2020, and 2019 totaled $4.9 million, $0.9 million, and $20.2 million, respectively. The impact of these cash receipts is included in “Other, net” within financing activities in the accompanying consolidated statements of cash flows. Restricted stock units Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of July 3, 2021, 1.3 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $27.5 million, $26.1 million, and $23.7 million for fiscal years 2021, 2020, and 2019, respectively. The following is a summary of the changes in non-vested restricted stock units during fiscal 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at June 27, 2020 1,015,822 ​ $ 40.06 ​ Granted 1,268,292 ​ 28.93 ​ Vested (733,745) ​ 35.20 ​ Forfeited (212,334) ​ ​ 36.10 ​ Non-vested restricted stock units at July 3, 2021 1,338,035 ​ $ 32.80 ​ ​ As of July 3, 2021, there was $ 21.4 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of restricted stock units vested during fiscal 2021, 2020, and 2019, was $25.8 million, $24.8 million, and $25.7 million, respectively. Performance share units Certain eligible employees, including Avnet’s executive officers, may receive a portion of their long-term stock-based compensation through the performance share program, which allows for the vesting of shares based upon achievement of certain performance-based criteria (“Performance Share Program”). The Performance Share Program provides for the vesting to each grantee of a number of shares of Avnet’s common stock at the end of a three-year performance period, based on the Company achieving certain performance goals that the Compensation Committee of the Board of Directors establishes for each three-year performance period. The performance goals are a combination of measures, including cumulative earnings per share and total shareholder return. During fiscal 2021, the Company granted no performance share units, because the performance goals for future grants are being reviewed. During each of fiscal 2020 and 2019, the Company granted 0.2 million performance share units. The actual amount of performance share units vested at the end of each three-year period is measured by the level of achievement of performance goals, and can range from 0% to 200% of the award grant. During fiscal 2021, 2020, and 2019, the Company recognized stock-based compensation expense associated with the Performance Share Program of ($0.2) million, $(3.8) million, and $2.8 million, respectively. The expense recognized in fiscal 2021 was related to prior fiscal years’ grants.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Jul. 03, 2021
Commitments and contingencies
Commitments and contingencies	14. Commitments and contingencies From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations, and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations. The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. For certain of these matters, it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss, particularly regarding matters in early stages. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity, but could possibly be material to its results of operations in any single reporting period. A s of July 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. ​

Earnings per share

Earnings per share	12 Months Ended
	Jul. 03, 2021
Earnings per share
Earnings per share	15. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 193,114 ​ $ (31,081) ​ $ 176,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,258 ​ 100,474 ​ 109,820 Net effect of dilutive stock-based compensation awards ​ 910 ​ — ​ 978 Weighted average common shares for diluted earnings per share ​ 100,168 ​ 100,474 ​ 110,798 Basic earnings (loss) per share ​ $ 1.95 ​ $ (0.31) ​ $ 1.61 Diluted earnings (loss) per share ​ $ 1.93 ​ $ (0.31) ​ $ 1.59 Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 700 ​ ​ 1,431 ​ ​ 410 ​ For the fiscal years ended June 27, 2020, the diluted net loss per share is the same as the 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	12 Months Ended
	Jul. 03, 2021
Additional cash flow information
Additional cash flow information	16. Additional cash flow information The “Other, net” component of non-cash and other reconciling items within operating activities in the consolidated statements of cash flows consisted of the following during the last three fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Provision for credit losses ​ $ 15,842 ​ $ 12,111 ​ $ 10,360 ​ Periodic pension cost (benefit) ​ 5,392 ​ 4,246 ​ (4,256) ​ Other, net ​ 1,278 ​ 14,986 ​ (23,595) ​ Total ​ $ 22,512 ​ $ 31,343 ​ $ (17,491) ​ ​ Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 7,131 ​ $ 9,009 ​ $ 12,957 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ — ​ $ — ​ $ 1,404 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 98,509 ​ $ 137,995 ​ $ 144,822 ​ Income tax net payments ​ ​ 83,387 ​ ​ 25,116 ​ ​ 172,834 ​ ​ The Company includes book overdrafts as part of accounts payable on its consolidated balance sheets and reflects changes in such balances as part of cash flows from operating activities in its consolidated statements of cash flows.

Segment information

Segment information	12 Months Ended
	Jul. 03, 2021
Segment information
Segment information	17. Segment information Electronic Components (“EC”) and 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 including e-commerce and marketing resources. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 18,030.5 ​ $ 16,340.1 ​ $ 18,060.3 ​ Farnell ​ ​ 1,504.2 ​ ​ 1,294.2 ​ ​ 1,458.3 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 454.8 ​ $ 349.1 ​ $ 614.9 ​ Farnell ​ 86.9 ​ 75.5 ​ 159.3 ​ ​ ​ 541.7 ​ 424.6 ​ 774.2 ​ Corporate ​ (134.7) ​ (121.6) ​ (78.5) ​ Restructuring, integration and other expenses ​ (84.4) ​ (81.9) ​ (108.1) ​ Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ (144.1) ​ ​ (137.4) ​ Amortization of acquired intangible assets and other ​ (41.2) ​ (81.6) ​ (84.3) ​ ​ ​ $ 281.4 ​ $ (4.6) ​ $ 365.9 ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 6,950.0 ​ $ 6,096.7 ​ $ 6,795.0 ​ Farnell ​ 1,468.3 ​ 1,472.1 ​ 1,580.3 ​ Corporate ​ 507.1 ​ ​ 536.4 ​ ​ 189.3 ​ ​ ​ $ 8,925.4 ​ $ 8,105.2 ​ $ 8,564.6 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 21.8 ​ $ 46.3 ​ $ 80.1 ​ Farnell ​ 26.1 ​ 19.6 ​ 34.0 ​ Corporate ​ 2.5 ​ 7.6 ​ 8.6 ​ ​ ​ $ 50.4 ​ $ 73.5 ​ $ 122.7 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 73.4 ​ $ 88.4 ​ $ 86.6 ​ Farnell ​ 53.9 ​ 88.5 ​ 88.5 ​ Corporate ​ 4.6 ​ 5.3 ​ 5.7 ​ ​ ​ $ 131.9 ​ $ 182.2 ​ $ 180.8 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 4,662.5 ​ $ 4,755.3 ​ $ 5,135.8 ​ EMEA (2) ​ 6,149.9 ​ 5,753.4 ​ 6,762.9 ​ Asia/Pacific (3) ​ 8,722.3 ​ 7,125.6 ​ 7,619.9 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 146.0 ​ $ 183.9 ​ $ 213.8 ​ EMEA (5) ​ 185.8 ​ 183.4 ​ 200.4 ​ Asia/Pacific ​ 36.7 ​ 37.3 ​ 38.0 ​ ​ ​ $ 368.5 ​ $ 404.6 ​ $ 452.2 ​ (1) Includes sales in the United States of $4.35 billion, $ 4.46 billion, and $4.80 billion for fiscal 2021, 2020 and 2019, respectively. (2) Includes sales in Germany and Belgium of $2.42 billion and $1.12 billion, respectively, for fiscal 2021. Includes sales in Germany and Belgium of $2.20 billion and $1.09 billion, respectively, for fiscal 2020. Includes sales in Germany and Belgium of $2.66 billion and $1.16 billion, respectively, for fiscal 2019. (3) Includes sales of $3.93 billion, $2.79 billion, and $1.04 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2021. Includes sales of $3.07 billion, $2.33 billion, and $955.4 million in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2020. Includes sales of $3.20 billion, $2.52 billion, and $1.02 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2019. (4) Includes property, plant and equipment, net, of $142.7 million, $179.4 million, and $209.9 million in the United States for fiscal 2021, 2020, and 2019, respectively. (5) Includes property, plant and equipment, net, of $77.9 million, $83.5 million, and $20.9 million in Germany, the UK, and Belgium, respectively, for fiscal 2021. Fiscal 2020 includes property, plant and equipment, net, of $84.9 million, $72.7 million, and $22.4 million in Germany, the UK, and Belgium, respectively. Fiscal 2019 includes property, plant and equipment, net, of $95.2 million, $70.5 million, and $25.2 million in Germany, the UK, and Belgium, respectively. Listed in the table below are the Company’s major product categories and the related sales for each of the past three fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Millions) Semiconductors ​ $ 14,722.8 ​ $ 13,440.3 ​ $ 14,973.3 ​ Interconnect, passive & electromechanical (IP&E) ​ 3,649.0 ​ 3,146.0 ​ 3,516.0 ​ Computers ​ ​ 640.6 ​ ​ 572.0 ​ ​ 533.1 ​ Other ​ 522.3 ​ 476.0 ​ 496.2 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​ ​

Restructuring expenses

Restructuring expenses	12 Months Ended
	Jul. 03, 2021
Restructuring expenses
Restructuring expenses	18. 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 ​ $ 54,581 ​ $ 4,856 ​ $ 59,437 Cash payments ​ (24,171) ​ ​ (1,851) ​ ​ (26,022) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 426 ​ ​ 4 ​ ​ 430 Balance at July 3, 2021 ​ $ 30,836 ​ $ 2,953 ​ $ 33,789 ​ Severance expense recorded in fiscal 2021 related to the reduction, or planned reduction, of over 600 employees, primarily in executive management, operations, information technology, warehouse, and business support functions. Of the $59.4 million in restructuring expenses recorded during fiscal 2021, $39.0 million related to EC, $9.1 million related to Farnell, and $11.3 million related to Corporate. The Company expects most of the remaining amounts to be paid by the end of fiscal 2022. 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 fiscal 2021 related to the 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 ​ (6,711) ​ ​ (1,467) ​ ​ (8,178) Changes in estimates, net ​ ​ (3,231) ​ ​ (207) ​ ​ (3,438) Other, principally foreign currency translation ​ 631 ​ ​ 216 ​ ​ 847 Balance at July 3, 2021 ​ $ 4,263 ​ $ 1,910 ​ $ 6,173 ​ The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2022.

Valuation And Qualifying Accoun

Valuation And Qualifying Accounts	12 Months Ended
	Jul. 03, 2021
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	SCHEDULE II AVNET, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Years Ended July 3, 2021, June 27, 2020, and June 29, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ Charged to ​ ​ ​ ​ Balance at ​ ​ Beginning of ​ Expense ​ Other ​ ​ ​ ​ End of Account Description ​ Period ​ (Income) ​ Accounts ​ Deductions ​ Period ​ ​ (Thousands) Fiscal 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 65,018 (a) $ 15,842 ​ $ 17,205 (b) $ (9,905) (c) $ 88,160 ​ Valuation allowance on tax loss carry-forwards ​ 283,721 ​ 21,357 (d) (11,509) (e) — ​ 293,569 ​ Fiscal 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 53,499 ​ $ 12,111 ​ ​ — ​ ​ (6,592) (c) ​ 59,018 ​ Valuation allowance on tax loss carry-forwards ​ 231,463 ​ 50,018 (f) 2,240 (e) — ​ 283,721 ​ Fiscal 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 48,959 ​ $ 10,360 ​ ​ — ​ (5,820) (c) 53,499 ​ Valuation allowance on tax loss carry-forwards ​ 239,483 ​ (5,274) (g) (2,746) (h) — ​ 231,463 ​ (a) Beginning balance includes $59,018 of allowance for credit losses associated with trade accounts receivable and $6,000 of allowance for credit losses associated with notes receivable prior to the adoption of a new accounting standard discussed further in (b) below. (b) See Note 1, “Summary of significant accounting policies, Recently adopted accounting pronouncements” of the Notes to Consolidated Financial Statements of this Form 10-K regarding the adoption of ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ”. The Company adopted the new standard on June 28, 2020, with a cumulative effect adjustment to the opening balance of retained earnings as of the beginning of fiscal 2021. (c) Primarily represents uncollectible receivables written off and the impact of changes in foreign currency rates during the fiscal year. (d) Primarily represents impact of current year activities. (e) Primarily related to impact of pension-related other comprehensive income and foreign currency exchange on valuation allowances. (f) Primarily represents establishment of valuation allowance and impact of current year activities. (g) Primarily represents a reduction due to the release of a valuation allowance. (h) Primarily related to impact of prior year activities and foreign currency exchange on valuation allowances previously established in various foreign jurisdictions.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Jul. 03, 2021
Summary of significant accounting policies
Basis of presentation	Basis of presentation
Reclassifications	Reclassifications
Fiscal year	Fiscal year
Management estimates	Management estimates
Cash and cash equivalents	Cash and cash equivalents
Receivables	Receivables – Receivables, predominately comprised of trade accounts and notes receivable, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable- specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist.
Inventories	Inventories realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value. The Company does not incorporate any non-contractual protections when estimating the net realizable value of its inventories.
Depreciation, amortization and useful lives	Depreciation, amortization and useful lives Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter). The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.
Long-lived assets impairment	Long-lived asset impairment
Leases	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 distribution center and office equipment, and are not material to the consolidated financial statements. The Company determines if an arrangement contains a lease at inception based on whether it conveys the right to control the use of an identified asset in exchange for consideration. Lease right-of-use assets (“operating lease assets”) and associated liabilities (“operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. The Company’s leases generally do not provide a readily determinable implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate. The estimated secured borrowing rates used at the date of adoption for each lease vary in accordance with the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities.
Goodwill	Goodwill In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference.
Foreign currency translation	Foreign currency translation
Income taxes	Income taxes The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.
Revenue recognition	Revenue recognition Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the manufacturer and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process. The contract assets associated with such specialized manufacturing products are not material. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products or services. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. Sales and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company has elected to treat shipping and handling of product as a fulfillment activity. The practical expedient not to disclose information about remaining performance obligations has also been elected as these contracts have an original duration of one
Vendor allowances and consideration	Vendor allowances and consideration
Comprehensive income (loss)	Comprehensive income (loss)
Share-based compensation	Stock-based compensation approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense.
Restructuring and exit activities	Restructuring and exit activities Nonretirement Postemployment Benefits Exit or Disposal Cost Obligations Exit or Disposal Cost Obligations Property, Plant and Equipment
Business Combinations	Business combinations
Concentration of credit risk	Concentration of credit risk
Fair value	Fair value Fair Value Measurements million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria. See Note 3 for discussion of the fair value of the Company’s derivative financial instruments, Note 8 for discussion of the fair value of the Company’s long-term debt, and Note 11 for a discussion of the fair value of the Company’s pension plan assets.
Derivative financial instruments	Derivative financial instruments
Investments	Investments
Accounts receivable securitization	Accounts receivable securitization
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans 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 (collectively, Topic 326)

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Jul. 03, 2021
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 15,722 ​ $ 18,989 ​ Accrued expenses and other ​ ​ 23,994 ​ ​ 15,605 ​
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Thousands) Net derivative financial instrument (loss) gain ​ $ (21,605) ​ $ 12,739 ​ $ 84

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Jul. 03, 2021
Shareholders' equity
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table includes the balances within accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (46,473) ​ $ (199,151) ​ $ (142,469) ​ Accumulated pension liability adjustments, net of income taxes ​ (107,274) ​ (189,229) ​ (161,570) ​ Total accumulated other comprehensive loss ​ $ (153,747) ​ $ (388,380) ​ $ (304,039) ​

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Jul. 03, 2021
Receivables
Schedule of receivables and allowance for credit losses	The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Receivables ​ $ 3,664,290 ​ $ 2,993,404 Allowance for Credit Losses ​ ​ (88,160) ​ ​ (65,018) The Company had the following activity in the allowance for credit losses during fiscal 2021: ​ ​ ​ ​ ​ ​ July 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 ​ ​ 18,429 Credit Loss Recoveries ​ ​ (2,587) Receivables Write offs ​ ​ (6,240) Foreign Currency Effect and Other ​ ​ (3,665) Balance at July 3, 2021 ​ $ 88,160

Property plant and equipment,_2

Property plant and equipment, net (Tables)	12 Months Ended
	Jul. 03, 2021
Property plant and equipment, net
Summary of Property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Buildings ​ $ 121,662 ​ $ 124,007 ​ Machinery, fixtures and equipment ​ 260,342 ​ 242,347 ​ Information technology hardware and software ​ 835,374 ​ 809,182 ​ Leasehold improvements ​ 123,808 ​ 117,036 ​ Depreciable property, plant and equipment, gross ​ 1,341,186 ​ 1,292,572 ​ Accumulated depreciation ​ (999,885) ​ (938,002) ​ Depreciable property, plant and equipment, net ​ 341,301 ​ 354,570 ​ Land ​ 22,778 ​ 23,618 ​ Construction in progress ​ 4,373 ​ 26,419 ​ Property, plant and equipment, net ​ $ 368,452 ​ $ 404,607 ​

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Jul. 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 ​ 12,746 ​ 51,625 ​ 64,371 Carrying value at July 3, 2021 (1) ​ $ 310,582 ​ $ 527,523 ​ $ 838,105 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 ​ June 27, 2020 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ $ 300,937 ​ $ (266,759) ​ $ 34,178 ​ Trade name ​ 57,184 ​ (45,019) ​ 12,165 ​ 51,698 ​ (32,493) ​ 19,205 ​ Technology and other ​ 57,809 ​ (53,459) ​ 4,350 ​ 53,641 ​ (41,587) ​ 12,054 ​ ​ ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​ $ 406,276 ​ $ (340,839) ​ $ 65,437 ​
Estimated future amortization expense	The following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands): ​ ​ ​ ​ Fiscal Year ​ 2022 ​ ​ 15,417 2023 ​ 6,611 2024 ​ 3,199 2025 ​ 1,472 2026 ​ 1,472 Thereafter ​ 368 Total ​ $ 28,539

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jul. 03, 2021
Debt
Short-term debt	Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 3, ​ June 27, ​ ​ ​ 2021 2020 2021 2020 ​ ​ ​ Interest Rate ​ Carrying Balance Accounts receivable securitization program and other ​ 1.24 % ​ 5.69 % ​ $ 23,078 ​ $ 51 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 23,078 ​ $ 51 ​
Long-term debt	Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, ​ June 27, ​ July 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 ​ May 2031 ​ 3.00 % ​ — ​ ​ ​ 300,000 ​ ​ ​ ​ Other long-term debt ​ 1.22 % ​ 1.19 % ​ 1,185 ​ 1,491 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,201,185 ​ 1,431,491 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (9,856) ​ (6,700) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,191,329 ​ $ 1,424,791 ​
Aggregate debt maturities	Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2022 $ 23,078 ​ 2023 ​ 350,409 ​ 2024 ​ 377 ​ 2025 ​ 183 ​ 2026 ​ 550,216 ​ Thereafter ​ 300,000 ​ Subtotal ​ 1,224,263 ​ Discount and debt issuance costs – unamortized ​ (9,856) ​ Total debt ​ $ 1,214,407 ​

Accrued expenses and other (Tab

Accrued expenses and other (Tables)	12 Months Ended
	Jul. 03, 2021
Accrued expenses and other
Schedule of accrued expenses and other	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 253,586 ​ $ 200,987 ​ Accrued operating costs ​ 179,213 ​ 121,701 ​ Accrued interest and banking costs ​ 32,985 ​ 24,068 ​ Accrued restructuring costs ​ 39,962 ​ 16,942 ​ Accrued income taxes ​ — ​ 34,588 ​ Accrued property, plant and equipment ​ ​ 7,131 ​ ​ 9,009 ​ Accrued other ​ 59,580 ​ 65,629 ​ Total accrued expenses and other ​ $ 572,457 ​ $ 472,924 ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Jul. 03, 2021
Income taxes
Components of income tax expense ("tax provision")	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, 2021 June 27, 2020 June 29, 2019 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (62,445) ​ $ (127,250) ​ $ (20,250) ​ State and local ​ (4,723) ​ 17,990 ​ 8,248 ​ Foreign ​ 21,530 ​ 22,816 ​ 79,004 ​ Total current taxes ​ (45,638) ​ (86,444) ​ 67,002 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 21,590 ​ 14,845 ​ 17,725 ​ State and local ​ 259 ​ 4,450 ​ 580 ​ Foreign ​ 3,604 ​ (31,355) ​ (25,048) ​ Total deferred taxes ​ 25,453 ​ (12,060) ​ (6,743) ​ Income tax (benefit) expense ​ $ (20,185) ​ $ (98,504) ​ $ 60,259 ​
Reconciliations of the federal statutory tax rate to the effective tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, 2021 June 27, 2020 June 29, 2019 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit (2.2) ​ 4.6 ​ 0.3 ​ Tax on foreign income, net of valuation allowances (10.7) ​ 5.0 ​ (0.5) ​ Establishment/release of valuation allowances, net of U.S. tax expense 2.1 ​ (28.5) ​ (3.3) ​ Change in unrecognized tax benefit reserves 14.3 ​ 20.1 ​ 18.3 ​ Tax audit settlements 0.4 ​ (5.6) ​ 1.0 ​ Impact of the Tax Cuts and Jobs Act (the Act) - transition tax ​ — ​ — ​ 7.3 ​ Impact of the Act - deferred tax effects ​ — ​ — ​ (5.8) ​ Impact of the CARES Act ​ (8.4) ​ 10.2 ​ — ​ Impairment of investments, including goodwill ​ (22.4) ​ 56.5 ​ (8.2) ​ Other, net (5.8) ​ (7.3) ​ (4.6) ​ Effective tax rate (11.7) % 76.0 % 25.5 %
Components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 282,882 ​ $ 237,200 ​ Depreciation and amortization ​ ​ 17,333 ​ ​ 16,585 ​ Inventories valuation ​ ​ 25,336 ​ ​ 35,509 ​ Operating lease liabilities ​ 69,759 ​ 67,814 ​ Receivables valuation ​ ​ 13,757 ​ ​ 11,868 ​ Various accrued liabilities and other ​ 62,082 ​ 102,298 ​ ​ ​ 471,149 ​ 471,274 ​ Less — valuation allowances ​ (293,569) ​ (283,721) ​ ​ ​ 177,580 ​ 187,553 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (68,135) ​ (66,316) ​ Net deferred tax assets ​ $ 109,445 ​ $ 121,237 ​
Reconciliation of the beginning and ending liability balances for unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, 2021 June 27, 2020 ​ ​ (Thousands) Balance at beginning of year ​ $ 96,292 ​ $ 123,765 ​ Additions for tax positions taken in prior periods ​ 36,452 ​ 10,456 ​ Reductions for tax positions taken in prior periods ​ (4,880) ​ (33,880) ​ Reductions related to tax rate change ​ ​ (200) ​ ​ — ​ Additions for tax positions taken in current period ​ 4,030 ​ 23,611 ​ Reductions related to settlements with taxing authorities ​ (711) ​ (5,480) ​ Reductions related to the lapse of applicable statutes of limitations ​ (15,713) ​ (21,339) ​ Adjustments related to foreign currency translation ​ 3,390 ​ (841) ​ Balance at end of year ​ $ 118,660 ​ $ 96,292 ​
Years remaining subject to audit, by major jurisdiction	​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2016 - 2021 ​ Taiwan 2016 - 2021 ​ Hong Kong 2015 - 2021 ​ Germany ​ 2010 - 2021 ​ Singapore 2017 - 2021 ​ Belgium 2019 - 2021 ​ United Kingdom ​ 2019 - 2021 ​ Canada ​ 2011 - 2021 ​

Pension and retirement plans (T

Pension and retirement plans (Tables)	12 Months Ended
	Jul. 03, 2021
Pension and retirement plan
Table outlining changes in benefit obligations, plan assets and the funded status of the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, ​ ​ 2021 ​ 2020 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 790,179 ​ $ 731,695 ​ Service cost ​ 15,751 ​ 15,145 ​ Interest cost ​ 15,904 ​ 22,552 ​ Actuarial (gain) loss ​ (12,397) ​ 72,144 ​ Benefits paid ​ (46,729) ​ (51,357) ​ Benefit obligations at end of year ​ $ 762,708 ​ $ 790,179 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 707,800 ​ $ 664,063 ​ Actual return on plan assets ​ 95,208 ​ 87,094 ​ Benefits paid ​ (46,729) ​ (51,357) ​ Contributions ​ 16,000 ​ 8,000 ​ Fair value of plan assets at end of year ​ $ 772,279 ​ $ 707,800 ​ Funded status of the plan recognized as a non-current asset (non-current liability) ​ $ 9,571 ​ $ (82,379) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 177,949 ​ $ 256,477 ​ Unamortized prior service cost ​ 31 ​ 332 ​ ​ ​ $ 177,980 ​ $ 256,809 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (57,924) ​ $ 35,721 ​ Amortization of net actuarial losses ​ (20,604) ​ (14,629) ​ Amortization of prior service costs ​ (301) ​ (2,137) ​ ​ ​ $ (78,829) ​ $ 18,955 ​
Weighted average assumptions used to calculate actuarial present values of benefit obligations	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Discount rate ​ 2.8 % 2.7 %
Weighted average assumptions used to determine net benefit costs	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Discount rate ​ 2.4 % 3.3 % Expected return on plan assets ​ 7.4 % 7.7 % Rate of compensation increase ​ 3.5 % 3.5 % Interest crediting rate ​ 4.0 % 4.0 %
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Service cost ​ $ 15,751 ​ $ 15,145 ​ $ 14,631 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 15,751 ​ ​ 15,145 ​ ​ 14,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15,904 ​ 22,552 ​ 26,354 Expected return on plan assets ​ (49,681) ​ (50,671) ​ (53,518) Amortization of prior service cost (credits) ​ 301 ​ 2,137 ​ (1,571) Recognized net actuarial loss ​ 20,604 ​ 14,629 ​ 9,251 Total net periodic pension benefit within other (expense) income, net ​ ​ (12,872) ​ ​ (11,353) ​ ​ (19,484) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost (benefit) ​ $ 2,879 ​ $ 3,792 ​ $ (4,853) ​
Benefit payments expected to be paid to Plan participants	Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands): ​ ​ ​ ​ 2022 $ 53,511 ​ 2023 42,750 ​ 2024 45,728 ​ 2025 47,737 ​ 2026 47,987 ​ 2027 through 2031 253,355 ​
Plan's assets allocation	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Equity securities 69 % 62 % Fixed income debt securities 29 % 36 % Cash and cash equivalents 2 % 2 %
Fair value of Plan investments	The following table sets forth the fair value of the Plan’s investments as of July 3, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 16,655 ​ $ — ​ $ — ​ $ — ​ $ 16,655 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 290,347 ​ 290,347 ​ Real estate ​ — ​ — ​ — ​ 124,363 ​ 124,363 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 117,722 ​ 117,722 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 186,279 ​ 186,279 ​ Corporate ​ — ​ — ​ — ​ 36,913 ​ 36,913 ​ Total ​ $ 16,655 ​ $ — ​ $ — ​ $ 755,624 ​ $ 772,279 ​ ​ Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy. The following table sets forth the fair value of the Plan’s investments as of June 27, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 13,243 ​ $ — ​ $ — ​ $ — ​ $ 13,243 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 254,917 ​ 254,917 ​ Real estate ​ — ​ — ​ — ​ 81,817 ​ 81,817 ​ High yield credit and bonds ​ ​ — ​ ​ — ​ ​ — ​ ​ 103,925 ​ ​ 103,925 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 218,573 ​ 218,573 ​ Corporate ​ ​ — ​ — ​ — ​ 35,325 ​ 35,325 ​ Total ​ $ 13,243 ​ $ — ​ $ — ​ $ 694,557 ​ $ 707,800 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jul. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating lease cost ​ $ 74,003 ​ $ 75,748 Variable lease cost ​ ​ 21,305 ​ ​ 20,804 Total lease cost ​ $ 95,308 ​ $ 96,552
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating lease cost ​ $ 74,003 ​ $ 75,748 Variable lease cost ​ ​ 21,305 ​ ​ 20,804 Total lease cost ​ $ 95,308 ​ $ 96,552
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 9.1 ​ ​ 9.9 ​ Weighted-average discount rate ​ 3.8 % ​ 3.9 %
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, ​ June 27, ​ ​ 2021 2020 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 9.1 ​ ​ 9.9 ​ Weighted-average discount rate ​ 3.8 % ​ 3.9 %

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Jul. 03, 2021
Stock-based compensation
Summary of the assumptions used to estimate the fair value of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 Expected term (years) 6.0 ​ 6.0 ​ 6.0 ​ Risk-free interest rate 0.5 % 1.6 % 2.8 % Weighted average volatility 31.5 % 23.7 % 23.1 % Dividend yield 2.8 % 2.3 % 1.8 %
Summary of the changes in outstanding options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted Average ​ ​ ​ ​ Average ​ Remaining ​ ​ Shares ​ Exercise Price ​ Contractual Life Outstanding at June 27, 2020 1,537,669 ​ $ 40.94 75 Months ​ Granted 407,448 ​ 29.63 113 Months ​ Exercised (145,668) ​ 33.73 23 Months ​ Forfeited or expired (674,018) ​ 42.00 80 Months ​ Outstanding at July 3, 2021 1,125,431 ​ $ 37.15 78 Months ​ Exercisable at July 3, 2021 476,322 ​ $ 41.14 47 Months ​
Summary of the changes in non-vested stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ Shares ​ Fair Value Non-vested stock options at June 27, 2020 781,099 ​ $ 8.73 ​ Granted 407,448 ​ 6.37 ​ Vested (168,660) ​ 8.91 ​ Forfeited (370,778) ​ 8.80 ​ Non-vested stock options at July 3, 2021 649,109 ​ $ 7.17 ​
Summary of the changes in non-vested restricted incentive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at June 27, 2020 1,015,822 ​ $ 40.06 ​ Granted 1,268,292 ​ 28.93 ​ Vested (733,745) ​ 35.20 ​ Forfeited (212,334) ​ ​ 36.10 ​ Non-vested restricted stock units at July 3, 2021 1,338,035 ​ $ 32.80 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Jul. 03, 2021
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 193,114 ​ $ (31,081) ​ $ 176,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,258 ​ 100,474 ​ 109,820 Net effect of dilutive stock-based compensation awards ​ 910 ​ — ​ 978 Weighted average common shares for diluted earnings per share ​ 100,168 ​ 100,474 ​ 110,798 Basic earnings (loss) per share ​ $ 1.95 ​ $ (0.31) ​ $ 1.61 Diluted earnings (loss) per share ​ $ 1.93 ​ $ (0.31) ​ $ 1.59 Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 700 ​ ​ 1,431 ​ ​ 410

Additional cash flow informat_2

Additional cash flow information (Tables)	12 Months Ended
	Jul. 03, 2021
Additional cash flow information
Noncash and other reconciling items within operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Thousands) Provision for credit losses ​ $ 15,842 ​ $ 12,111 ​ $ 10,360 ​ Periodic pension cost (benefit) ​ 5,392 ​ 4,246 ​ (4,256) ​ Other, net ​ 1,278 ​ 14,986 ​ (23,595) ​ Total ​ $ 22,512 ​ $ 31,343 ​ $ (17,491) ​
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 3, June 27, June 29, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 7,131 ​ $ 9,009 ​ $ 12,957 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ — ​ $ — ​ $ 1,404 ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 98,509 ​ $ 137,995 ​ $ 144,822 ​ Income tax net payments ​ ​ 83,387 ​ ​ 25,116 ​ ​ 172,834 ​ ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Jul. 03, 2021
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 18,030.5 ​ $ 16,340.1 ​ $ 18,060.3 ​ Farnell ​ ​ 1,504.2 ​ ​ 1,294.2 ​ ​ 1,458.3 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 454.8 ​ $ 349.1 ​ $ 614.9 ​ Farnell ​ 86.9 ​ 75.5 ​ 159.3 ​ ​ ​ 541.7 ​ 424.6 ​ 774.2 ​ Corporate ​ (134.7) ​ (121.6) ​ (78.5) ​ Restructuring, integration and other expenses ​ (84.4) ​ (81.9) ​ (108.1) ​ Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ (144.1) ​ ​ (137.4) ​ Amortization of acquired intangible assets and other ​ (41.2) ​ (81.6) ​ (84.3) ​ ​ ​ $ 281.4 ​ $ (4.6) ​ $ 365.9 ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 6,950.0 ​ $ 6,096.7 ​ $ 6,795.0 ​ Farnell ​ 1,468.3 ​ 1,472.1 ​ 1,580.3 ​ Corporate ​ 507.1 ​ ​ 536.4 ​ ​ 189.3 ​ ​ ​ $ 8,925.4 ​ $ 8,105.2 ​ $ 8,564.6 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 21.8 ​ $ 46.3 ​ $ 80.1 ​ Farnell ​ 26.1 ​ 19.6 ​ 34.0 ​ Corporate ​ 2.5 ​ 7.6 ​ 8.6 ​ ​ ​ $ 50.4 ​ $ 73.5 ​ $ 122.7 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 73.4 ​ $ 88.4 ​ $ 86.6 ​ Farnell ​ 53.9 ​ 88.5 ​ 88.5 ​ Corporate ​ 4.6 ​ 5.3 ​ 5.7 ​ ​ ​ $ 131.9 ​ $ 182.2 ​ $ 180.8 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 4,662.5 ​ $ 4,755.3 ​ $ 5,135.8 ​ EMEA (2) ​ 6,149.9 ​ 5,753.4 ​ 6,762.9 ​ Asia/Pacific (3) ​ 8,722.3 ​ 7,125.6 ​ 7,619.9 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 146.0 ​ $ 183.9 ​ $ 213.8 ​ EMEA (5) ​ 185.8 ​ 183.4 ​ 200.4 ​ Asia/Pacific ​ 36.7 ​ 37.3 ​ 38.0 ​ ​ ​ $ 368.5 ​ $ 404.6 ​ $ 452.2 ​ (1) Includes sales in the United States of $4.35 billion, $ 4.46 billion, and $4.80 billion for fiscal 2021, 2020 and 2019, respectively. (2) Includes sales in Germany and Belgium of $2.42 billion and $1.12 billion, respectively, for fiscal 2021. Includes sales in Germany and Belgium of $2.20 billion and $1.09 billion, respectively, for fiscal 2020. Includes sales in Germany and Belgium of $2.66 billion and $1.16 billion, respectively, for fiscal 2019. (3) Includes sales of $3.93 billion, $2.79 billion, and $1.04 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2021. Includes sales of $3.07 billion, $2.33 billion, and $955.4 million in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2020. Includes sales of $3.20 billion, $2.52 billion, and $1.02 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2019. (4) Includes property, plant and equipment, net, of $142.7 million, $179.4 million, and $209.9 million in the United States for fiscal 2021, 2020, and 2019, respectively. (5) Includes property, plant and equipment, net, of $77.9 million, $83.5 million, and $20.9 million in Germany, the UK, and Belgium, respectively, for fiscal 2021. Fiscal 2020 includes property, plant and equipment, net, of $84.9 million, $72.7 million, and $22.4 million in Germany, the UK, and Belgium, respectively. Fiscal 2019 includes property, plant and equipment, net, of $95.2 million, $70.5 million, and $25.2 million in Germany, the UK, and Belgium, respectively.
Table of the Company's major product categories and the related sales for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 3, June 27, June 29, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ (Millions) Semiconductors ​ $ 14,722.8 ​ $ 13,440.3 ​ $ 14,973.3 ​ Interconnect, passive & electromechanical (IP&E) ​ 3,649.0 ​ 3,146.0 ​ 3,516.0 ​ Computers ​ ​ 640.6 ​ ​ 572.0 ​ ​ 533.1 ​ Other ​ 522.3 ​ 476.0 ​ 496.2 ​ ​ ​ $ 19,534.7 ​ $ 17,634.3 ​ $ 19,518.6 ​

Restructuring expenses (Tables)

Restructuring expenses (Tables)	12 Months Ended
	Jul. 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 ​ $ 54,581 ​ $ 4,856 ​ $ 59,437 Cash payments ​ (24,171) ​ ​ (1,851) ​ ​ (26,022) Non-cash amounts ​ — ​ ​ (56) ​ ​ (56) Other, principally foreign currency translation ​ 426 ​ ​ 4 ​ ​ 430 Balance at July 3, 2021 ​ $ 30,836 ​ $ 2,953 ​ $ 33,789
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 ​ (6,711) ​ ​ (1,467) ​ ​ (8,178) Changes in estimates, net ​ ​ (3,231) ​ ​ (207) ​ ​ (3,438) Other, principally foreign currency translation ​ 631 ​ ​ 216 ​ ​ 847 Balance at July 3, 2021 ​ $ 4,263 ​ $ 1,910 ​ $ 6,173

Summary of significant accoun_3

Summary of significant accounting policies - Receivables (Details) - ASU 2019-04 - Cumulative Effect, Adjustment $ in Millions	Jun. 28, 2020USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 17.2
Allowance for credit losses net of tax	14.5
Allowance for credit losses tax	$ 2.7

Summary of significant accoun_4

Summary of significant accounting policies (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 29, 2018	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Property, Plant and Equipment [Line Items]
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true
Maximum payment terms		1 year
Fair value assets transfers into and out of level 3, net		$ 0	$ 0	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life		5 years
Maximum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life		10 years
Lease term		17 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1		$ 3,800,000	$ 20,900,000
Building
Property, Plant and Equipment [Line Items]
Useful life		30 years
Machinery Fixtures And Equipment
Property, Plant and Equipment [Line Items]
Useful life		10 years
Machinery Fixtures And Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life		2 years
Information Technology Hardware and Software
Property, Plant and Equipment [Line Items]
Useful life		10 years
Information Technology Hardware and Software | Minimum
Property, Plant and Equipment [Line Items]
Useful life		2 years

Basis of presentation and new a

Basis of presentation and new accounting pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Jul. 03, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 65,018	$ 88,160
ASU 2016-13 | Cumulative Effect, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	17,200	$ 17,205
Allowance for credit losses net of tax	14,500
Allowance for credit losses tax	$ 2,700

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) - USD ($)	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Minimum
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
Not Designated as Hedging Instrument | Foreign Exchange Forward | Prepaid and other current assets
Derivative fair value
Derivative assets fair value	$ 15,722,000	$ 18,989,000
Not Designated as Hedging Instrument | Foreign Exchange Forward | Accrued expenses and other
Derivative fair value
Derivative liabilities fair value	$ 23,994,000	$ 15,605,000

Derivative financial instrume_4

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Derivative financial instruments
Net derivative financial instrument (loss) gain	$ (21,605)	$ 12,739	$ 84

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (46,473)	$ (199,151)	$ (142,469)
Accumulated pension liability adjustments, net of income taxes	(107,274)	(189,229)	(161,570)
Total accumulated other comprehensive loss	$ (153,747)	$ (388,380)	$ (304,039)

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019	Aug. 29, 2019
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program				$ 2,950,000
Shares repurchased during period (in shares)	0
Remaining authorized repurchase amount	$ 469,000
Cash dividends paid per common share	$ 0.85	$ 0.84	$ 0.80
Dividends paid on common stock	$ 84,309	$ 83,975	$ 87,158

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Receivables
Receivables	$ 3,664,290	$ 2,993,404
Allowance for Credit Losses	$ (88,160)	$ (65,018)

Receivables - Allowance for Cre

Receivables - Allowance for Credit Losses (Details) $ in Thousands	12 Months Ended
	Jul. 03, 2021USD ($)
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 65,018
Credit Loss Provisions	18,429
Credit Loss Recoveries	(2,587)
Receivables Write offs	(6,240)
Foreign Currency Effect and Other	(3,665)
Receivables, Allowance for Credit Loss, Ending Balance	88,160
ASU 2016-13 | Cumulative Effect, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	17,200
Receivables, Allowance for Credit Loss, Ending Balance	$ 17,205

Property plant and equipment,_3

Property plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,341,186	$ 1,292,572
Accumulated depreciation	(999,885)	(938,002)
Total Property, plant and equipment, net	368,452	404,607	$ 452,200
Depreciable property, plant and equipment, net	341,301	354,570
Land	22,778	23,618
Construction in progress	4,373	26,419
Depreciation and amortization expense	90,884	101,100	$ 97,160
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	121,662	124,007
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	260,342	242,347
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	835,374	809,182
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 123,808	$ 117,036

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 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	64,371
Carrying value	838,105
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	12,746
Carrying value	310,582
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	475,898
Foreign currency translation	51,625
Carrying value	$ 527,523

Goodwill and intangible asset_3

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Jul. 03, 2021
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 406,276	$ 439,409
Accumulated Amortization	(340,839)	(410,870)
Net Book Value	65,437	28,539
Intangible asset impairment	17,473
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount	300,937	324,416
Accumulated Amortization	(266,759)	(312,392)
Net Book Value	34,178	12,024
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount	51,698	57,184
Accumulated Amortization	(32,493)	(45,019)
Net Book Value	19,205	12,165
Other
Finite-Lived Intangible Assets [Line Items]
Acquired amount	53,641	57,809
Accumulated Amortization	(41,587)	(53,459)
Net Book Value	$ 12,054	$ 4,350

Goodwill and intangible asset_4

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Goodwill and intangible assets
Intangible asset amortization expense	$ 41,033	$ 81,139	$ 83,682
Investment impairment	$ 15,200

Goodwill and intangible asset_5

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Fiscal Year:
2022	$ 15,417
2023	6,611
2024	3,199
2025	1,472
2026	1,472
Thereafter	368
Net Book Value	$ 28,539	$ 65,437

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Components of short-term debt
Short-term debt	$ 23,078	$ 51
Accounts receivable securitization program
Components of short-term debt
stated interest rate	1.24%	5.69%
Short-term debt	$ 23,078	$ 51
Notes Due December 2021
Components of short-term debt
stated interest rate	3.75%
Debt instrument face amount	$ 300,000
Debt redeemed	$ 305,000

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,201,185	$ 1,431,491
Discount and debt issuance costs - unamortized	(9,856)	(6,700)
Long-term debt	$ 1,191,329	$ 1,424,791
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate	1.24%	5.69%
Notes Due December 2021
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.75%
Notes Due May 2031
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.00%
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.22%	1.19%
Long-term debt before discount and debt issuance costs	$ 1,185	$ 1,491
Revolving credit facilities
Debt Instrument [Line Items]
Long-term Debt, Weighted Average 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 | Notes Due May 2031
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.00%
Long-term debt before discount and debt issuance costs	$ 300,000

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 1,214,407	$ 1,420,000
Total fair value	1,300,000	$ 1,520,000
Notes Due December 2021
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000
stated interest rate	3.75%
Notes Due May 2031
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000
stated interest rate	3.00%
Accounts receivable securitization program
Debt Instrument [Line Items]
stated interest rate	1.24%	5.69%
Term	1 year
Accounts Receivable Securitization Program Maximum Borrowing Amount	$ 450,000
Accounts Receivable from Securitization	717,400	$ 703,800
Accounts receivable securitization program, borrowings outstanding	$ 22,900	0
Line of Credit Facility, Commitment Fee Percentage	0.40%
Accounts receivable securitization program | one-month LIBOR
Debt Instrument [Line Items]
Spread over base rate	1.05%
Revolving credit facilities
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
Debt Instrument [Line Items]
Maximum borrowing amount	200,000
Letters of credit outstanding, amount	1,300	$ 1,600
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000
Notes due | Notes Due December 2021
Debt Instrument [Line Items]
stated interest rate		3.75%
Notes due | Notes Due May 2031
Debt Instrument [Line Items]
stated interest rate	3.00%
Notes due | Notes Due April 2026
Debt Instrument [Line Items]
stated interest rate	4.63%	4.63%

Debt (Maturity Schedule) (Detai

Debt (Maturity Schedule) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Debt
2022	$ 23,078
2023	350,409
2024	377
2025	183
2026	550,216
Thereafter	300,000
Subtotal	1,224,263
Discount on debt issuance costs - unamortized	(9,856)
Total debt	$ 1,214,407	$ 1,420,000

Accrued expenses and other (Det

Accrued expenses and other (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Accrued expenses and other
Accrued salaries and benefits	$ 253,586	$ 200,987
Accrued operating costs	179,213	121,701
Accrued interest and banking costs	32,985	24,068
Accrued restructuring costs	39,962	16,942
Accrued income taxes		34,588
Accrued property, plant and equipment	7,131	9,009
Accrued other	59,580	65,629
Total accrued expenses and other	$ 572,457	$ 472,924

Income taxes (Provision for Inc

Income taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Current:
Federal	$ (62,445)	$ (127,250)	$ (20,250)
State and Local	(4,723)	17,990	8,248
Foreign	21,530	22,816	79,004
Total current taxes	(45,638)	(86,444)	67,002
Deferred:
Federal	21,590	14,845	17,725
State and Local	259	4,450	580
Foreign	3,604	(31,355)	(25,048)
Total deferred taxes	25,453	(12,060)	(6,743)
Income tax (benefit) expense	$ (20,185)	$ (98,504)	$ 60,259

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Income taxes
U.S. federal statutory rate	21.00%	21.00%	21.00%
Effective tax rate	(11.70%)	76.00%	25.50%
Income tax receivable CARES Act	$ 241.3

Income taxes (Effective Tax Rat

Income taxes (Effective Tax Rate) (Details)	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Reconciliation between federal statutory tax rate and effective tax rate
U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	(2.20%)	4.60%	0.30%
Tax on foreign income, net of valuation allowances	(10.70%)	5.00%	(0.50%)
Establishment/release of valuation allowance, net of U.S. tax expense	2.10%	(28.50%)	(3.30%)
Change in unrecognized tax benefit reserves	14.30%	20.10%	18.30%
Tax audit settlements	0.40%	(5.60%)	1.00%
Impact of the Tax Cuts and Jobs Act (the Act) - transition tax			0.073
Impact of the Act - deferred tax effects			(5.80%)
Impact of the CARES Act	(8.40%)	10.20%
Impairment of investments, including goodwill	(22.40%)	56.50%	(8.20%)
Other, net	(5.80%)	(7.30%)	(4.60%)
Effective Income Tax Rate	(11.70%)	76.00%	25.50%

Income taxes (Deferred Assets a

Income taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 282,882	$ 237,200
Depreciation and amortization	17,333	16,585
Inventories valuation	25,336	35,509
Operating lease liabilities	69,759	67,814
Receivables valuation	13,757	11,868
Various accrued liabilities and other	62,082	102,298
Deferred tax assets, gross	471,149	471,274
Less - valuation allowance	(293,569)	(283,721)
Deferred tax assets, net	177,580	187,553
Deferred tax liabilities:
Operating lease assets	(68,135)	(66,316)
Net deferred tax assets	$ 109,445	$ 121,237

Income taxes (Unrecognized Tax

Income taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 96,292	$ 123,765
Additions for tax positions taken in prior periods	36,452	10,456
Reductions for tax positions taken in prior periods	(4,880)	(33,880)
Reductions related to tax rate change	(200)
Additions for tax positions taken in current period	4,030	23,611
Reductions related to settlements with taxing authorities	(711)	(5,480)
Reductions related to the lapse of applicable statutes of limitations	(15,713)	(21,339)
Adjustments related to foreign currency translation		(841)
Adjustments related to foreign currency translation	3,390
Balance at end of year	$ 118,660	$ 96,292

Income taxes - Textuals (Detail

Income taxes - Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Income taxes
Loss before income taxes, Domestic	$ (89,400)	$ (254,800)	$ 54,900
Income before income taxes, Foreign	$ 262,300	$ 125,200	$ 181,700
Effective tax rate	(11.70%)	76.00%	25.50%
Deferred tax assets	$ 177,580	$ 187,553
Increase in valuation allowance due to tax rate change in the United Kingdom	25,200
Increase in valuation allowance due to changing foreign exchange rates	10,000
Decrease in valuation allowance due to current year activity in the United States	27,600
Net operating loss carry forward	1,450,000
Operating loss carry forward, subject to expiration	35,200
Deferred tax assets operating loss carry forwards expiring in next three years and after	301,900
Operating loss carry forward, not subject to expiration	1,120,000
Unrecognized tax benefits including interest and penalties	145,100
Accrued interest expense and penalties	26,400	$ 20,200
Tax contingencies settled	11,300
Expected cash payment for settlement	$ 2,400

Pension and retirement plans (P

Pension and retirement plans (Pension Plans) (Details) $ in Thousands	Jul. 04, 2021USD ($)	Jul. 03, 2021USD ($)item	Jun. 27, 2020USD ($)	Jun. 29, 2019USD ($)
Changes in benefit obligations:
The minimum hours that must be worked in a year, in order that the employee becomes eligible to join the pension plan in the following year. | item		1,000
Benefit obligations at beginning of year	$ 762,708	$ 790,179	$ 731,695
Service cost		15,751	15,145	$ 14,631
Interest cost		15,904	22,552	26,354
Actuarial (gain) loss		(12,397)	72,144
Benefits paid		(46,729)	(51,357)
Benefit obligations at end of year		762,708	790,179	731,695
Change in plan assets:
Fair value of plan assets at beginning of year	$ 772,279	707,800	664,063
Actual return on plan assets		95,208	87,094
Benefits paid		(46,729)	(51,357)
Contributions		16,000	8,000
Fair value of plan assets at end of year		772,279	707,800	$ 664,063
Funded status of the plan recognized as a non-current asset (non-current liability)		9,571	(82,379)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		177,949	256,477
Unamortized prior service cost		31	332
Amount recognized in accumulated other comprehensive income		177,980	256,809
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss		(57,924)	35,721
Amortization of net actuarial losses		(20,604)	(14,629)
Amortization of prior service costs		(301)	(2,137)
Other changes in plan assets and benefit obligations recognized in other comprehensive income		(78,829)	$ 18,955
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		$ 16,300
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		2.80%	2.70%
Weighted average assumptions used to determine net benefit costs
Discount rate		2.40%	3.30%
Expected return on plan assets	7.00%	7.40%	7.70%
Rate of compensation increase		3.50%	3.50%
Interest crediting rate		4.00%	4.00%

Pension and retirement plans _2

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019	Jul. 02, 2022
Components of net periodic pension costs
Service cost	$ 15,751	$ 15,145	$ 14,631
Interest cost	15,904	22,552	26,354
Expected return on plan assets	(49,681)	(50,671)	(53,518)
Amortization of prior service cost (credits)	301	2,137	(1,571)
Recognized net actuarial loss	20,604	14,629	9,251
Net periodic pension cost	2,879	3,792	(4,853)
Contributions	16,000	8,000
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension cost	15,751	15,145	14,631
Other Income, net
Components of net periodic pension costs
Net periodic pension cost	$ (12,872)	$ (11,353)	$ (19,484)
Forecast
Components of net periodic pension costs
Estimated future employer pension plan contributions				$ 16,000

Pension and retirement plans (B

Pension and retirement plans (Benefit Payments) (Details) $ in Thousands	Jul. 03, 2021USD ($)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2022	$ 53,511
2023	42,750
2024	45,728
2025	47,737
2026	47,987
2027 through 2031	$ 253,355

Pension and retirement plans _3

Pension and retirement plans (Plan Asset Allocations) (Details)	Jul. 04, 2021	Jul. 03, 2021	Jun. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7.00%	7.40%	7.70%
Return seeking investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		69.00%	62.00%
Target allocation percentage of investments return seeking investments		65.00%
Fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		29.00%	36.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		2.00%	2.00%

Pension and retirement plans (F

Pension and retirement plans (Fair Value) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 772,279	$ 707,800	$ 664,063
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	16,655	13,243
Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	290,347	254,917
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	124,363	81,817
High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	117,722	103,925
U.S. government
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	186,279	218,573
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,913	35,325
Level 1 | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	16,655	13,243
Level 1 | Recurring | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	16,655	13,243
Net Asset Value | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	755,624	694,557
Net Asset Value | Recurring | Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	290,347	254,917
Net Asset Value | Recurring | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	124,363	81,817
Net Asset Value | Recurring | High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	117,722	103,925
Net Asset Value | Recurring | U.S. government
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	186,279	218,573
Net Asset Value | Recurring | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 36,913	$ 35,325

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Lease Cost
Operating lease cost	$ 74,003	$ 75,748
Variable lease cost	21,305	20,804
Total lease cost	$ 95,308	$ 96,552

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Jul. 03, 2021USD ($)
Leases [Abstract]
2022	$ 66,562
2023	57,185
2024	40,380
2025	32,788
2026	28,328
Thereafter	134,526
Total future operating lease payments	359,769
Total imputed interest on operating lease liabilities	(61,585)
Total operating lease liabilities	$ 298,184

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Leases [Abstract]
Operating lease weighted-average remaining lease term	9 years 1 month 6 days	9 years 10 months 24 days
Operating lease weighted-average discount rate	3.80%	3.90%
Cash paid for operating lease liabilities	$ 59,587	$ 60,957
Operating lease assets obtained from new operating lease liabilities	$ 41,010	$ 51,747

Stock-based compensation (Fair

Stock-based compensation (Fair Value Assumptions) (Details)	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Volatility assumption on the basis of Avnet's Stock
Expected term (years)	6 years	6 years	6 years
Risk-free interest rate	0.50%	1.60%	2.80%
Weighted average volatility	31.50%	23.70%	23.10%
Dividend yield	2.80%	2.30%	1.80%

Stock-based compensation (Optio

Stock-based compensation (Options Outstanding) (Details) - $ / shares	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Shares
Beginning balance	1,537,669
Granted	407,448
Exercised	(145,668)
Forfeited or expired	(674,018)
Ending balance	1,125,431	1,537,669
Exercisable at June 27, 2020	476,322
Weighted Average Exercise Price
Beginning balance	$ 40.94
Granted	29.63
Exercised	33.73
Forfeited or expired	42
Ending balance	37.15	$ 40.94
Exercisable at June 27, 2020	$ 41.14
Weighted Average Remaining Contractual Life
Granted	113 months
Exercised	23 months
Forfeited or expired	80 months
outstanding Balance	78 months	75 months
Exercisable	47 months

Stock-based compensation (Non v

Stock-based compensation (Non vested) (Details) - $ / shares	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Shares
Beginning balance	781,099
Granted	407,448
Vested	(168,660)
Forfeited	(370,778)
Ending balance	649,109	781,099
Weighted Average Grant-Date Fair Value
Beginning balance	$ 8.73
Granted	6.37	$ 7.41	$ 10.74
Vested	8.91
Forfeited	8.80
Ending balance	$ 7.17	$ 8.73
Restricted incentive shares
Shares
Ending balance	1,300,000

Stock-based compensation (Non-V

Stock-based compensation (Non-Vested restricted Incentive Shares) (Details) - Restricted incentive shares	12 Months Ended
	Jul. 03, 2021$ / sharesshares
Shares
Beginning balance | shares	1,015,822
Granted | shares	1,268,292
Vested | shares	(733,745)
Forfeited | shares	(212,334)
Ending balance | shares	1,338,035
Weighted Average Grant-Date Fair Value
Beginning balance | $ / shares	$ 40.06
Granted | $ / shares	28.93
Vested | $ / shares	35.20
Forfeited | $ / shares	36.10
Ending balance | $ / shares	$ 32.80

Stock-based compensation (Textu

Stock-based compensation (Textuals) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 29.3	$ 26.8	$ 30.1
Common stock of shares reserved for stock option and stock incentive plans	6,700,000
Stock options granted but not yet vested and vested but not yet exercised	1,125,431	1,537,669
Contractual life of stock option grants	10 years
Percentage vesting increment on each anniversary of the grant date	25.00%
Exercise price as a percentage of share fair market value at date of grant	100.00%
Granted	$ 6.37	$ 7.41	$ 10.74
Total fair value of shares vested	$ 4.8	$ 7.9	$ 5.7
Cash received from exercise of stock options	$ 4.9	0.9	20.2
Performance shares vesting range, minimum	0.00%
Performance shares vesting range, maximum	200.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.4	2.9	2.2
Shares available for grant	1,100,000
Intrinsic values of share options outstanding	$ 4.8
Intrinsic values of share options exercisable	0.5
Total unrecognized compensation cost related to non vested awards	$ 1.6
Weighted average period for expected recognition of compensation cost	2 years 8 months 12 days
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	4,100,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 27.5	26.1	23.7
Total unrecognized compensation cost related to non vested awards	$ 21.4
Weighted average period for expected recognition of compensation cost	2 years 1 month 6 days
Fair value of shares vested	$ 25.8	24.8	25.7
Performance shares granted	1,268,292
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ (0.2)	$ (3.8)	$ 2.8
Shares available for grant	1,500,000
Vesting period	3 years
Performance shares granted	0	200,000	200,000

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	Jul. 03, 2021	Jun. 27, 2020
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14.7	$ 18.8

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Numerator:
Net income (loss)	$ 193,114	$ (31,081)	$ 176,337
Denominator:
Weighted average common shares for basic earnings per share	99,258	100,474	109,820
Net effect of dilutive stock based compensation awards	910		978
Weighted average common shares for diluted earnings per share	100,168	100,474	110,798
Basic earnings (loss) per share	$ 1.95	$ (0.31)	$ 1.61
Diluted earnings (loss) per share	$ 1.93	$ (0.31)	$ 1.59
Stock Options
Denominator:
antidilutive Securities	700	1,431	410

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Other non-cash and reconciling items
Provision for credit losses	$ 15,842	$ 12,111	$ 10,360
Periodic pension cost (benefit)	5,392	4,246	(4,256)
Other, net	1,278	14,986	(23,595)
Total	22,512	31,343	(17,491)
Interest and income taxes paid
Capital expenditures incurred but not paid	7,131	9,009	12,957
Unsettled share repurchases			1,404
Interest	98,509	137,995	144,822
Income tax net payments	$ 83,387	$ 25,116	$ 172,834

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Sales, by segment
Sales	$ 19,534,679	$ 17,634,333	$ 19,518,592
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	541,700	424,600	774,200
Restructuring, integration and other expenses	(84,391)	(81,870)	(108,144)
Goodwill and long-lived asset impairment expense		144,092	137,396
Amortization of acquired intangible assets and other	(41,200)	(81,600)	(84,300)
Operating income	281,408	(4,628)	365,911
Assets:
Assets	8,925,422	8,105,197	8,564,600
Capital expenditures:
Purchases of property, plant and equipment	50,363	73,516	122,690
Depreciation & amortization expense:
Depreciation and amortization expense	131,900	182,200	180,800
Corporate
Operating income (loss):
Corporate Overhead Expenses	(134,700)	(121,600)	(78,500)
Assets:
Assets	507,100	536,400	189,300
Capital expenditures:
Purchases of property, plant and equipment	2,500	7,600	8,600
Depreciation & amortization expense:
Depreciation and amortization expense	4,600	5,300	5,700
Electronic Components
Sales, by segment
Sales	18,030,500	16,340,100	18,060,300
Capital expenditures:
Purchases of property, plant and equipment	21,800	46,300	80,100
Depreciation & amortization expense:
Depreciation and amortization expense	73,400	88,400	86,600
Electronic Components | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	454,800	349,100	614,900
Assets:
Assets	6,950,000	6,096,700	6,795,000
Farnell
Sales, by segment
Sales	1,504,200	1,294,200	1,458,300
Capital expenditures:
Purchases of property, plant and equipment	26,100	19,600	34,000
Depreciation & amortization expense:
Depreciation and amortization expense	53,900	88,500	88,500
Farnell | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	86,900	75,500	159,300
Assets:
Assets	$ 1,468,300	$ 1,472,100	$ 1,580,300

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Sales, by geographic area:
Sales	$ 19,534,679	$ 17,634,333	$ 19,518,592
Americas
Sales, by geographic area:
Sales	4,662,500	4,755,300	5,135,800
United States
Sales, by geographic area:
Sales	4,350,000	4,460,000	4,800,000
EMEA
Sales, by geographic area:
Sales	6,149,900	5,753,400	6,762,900
Germany
Sales, by geographic area:
Sales	2,420,000	2,200,000	2,660,000
Belgium
Sales, by geographic area:
Sales	1,120,000	1,090,000	1,160,000
Asia Pacific
Sales, by geographic area:
Sales	8,722,300	7,125,600	7,619,900
Taiwan
Sales, by geographic area:
Sales	3,930,000	3,070,000	3,200,000
China (including Hong Kong)
Sales, by geographic area:
Sales	2,790,000	2,330,000	2,520,000
SINGAPORE
Sales, by geographic area:
Sales	$ 1,040,000	$ 955,400	$ 1,020,000

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 368,452	$ 404,607	$ 452,200
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	146,000	183,900	213,800
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	142,700	179,400	209,900
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	185,800	183,400	200,400
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	77,900	84,900	95,200
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	83,500	72,700	70,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	20,900	22,400	25,200
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 36,700	$ 37,300	$ 38,000

Segment information (Sales) (De

Segment information (Sales) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Sales by major product categories
Sales	$ 19,534,679	$ 17,634,333	$ 19,518,592
Semiconductors
Sales by major product categories
Sales	14,722,800	13,440,300	14,973,300
Interconnect, passive & electromechanical (IP&E)
Sales by major product categories
Sales	3,649,000	3,146,000	3,516,000
Computers
Sales by major product categories
Sales	640,600	572,000	533,100
Other
Sales by major product categories
Sales	$ 522,300	$ 476,000	$ 496,200

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	12 Months Ended
	Jul. 03, 2021USD ($)
Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 59,437
Cash payments	(26,022)
Non-cash amounts	(56)
Other, principally foreign currency translation	430
Ending Balance	33,789
Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	16,942
Cash payments	(8,178)
Changes in estimates, net	(3,438)
Other, principally foreign currency translation	847
Ending Balance	6,173
Severance | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	54,581
Cash payments	(24,171)
Other, principally foreign currency translation	426
Ending Balance	30,836
Severance | Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	13,574
Cash payments	(6,711)
Changes in estimates, net	(3,231)
Other, principally foreign currency translation	631
Ending Balance	4,263
Facility and Contract Exit Costs | Fiscal Year 2021 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	4,856
Cash payments	(1,851)
Non-cash amounts	(56)
Other, principally foreign currency translation	4
Ending Balance	2,953
Facility and Contract Exit Costs | Fiscal Year 2020 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	3,368
Cash payments	(1,467)
Changes in estimates, net	(207)
Other, principally foreign currency translation	216
Ending Balance	$ 1,910

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) $ in Thousands	12 Months Ended
	Jul. 03, 2021USD ($)employee	Jun. 27, 2020USD ($)
Fiscal Year 2021 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	600
Restructuring expenses	$ 59,437
Restructuring Reserve	33,789
Fiscal Year 2021 Restructuring Liabilities | Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	39,000
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	11,300
Fiscal Year 2020 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 6,173	$ 16,942

Valuation And Qualifying Acco_2

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 29, 2019
Allowance for Credit Losses
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 59,018	$ 53,499	$ 48,959
Charged to Expense (Income)	15,842	12,111	10,360
Charged to Other Accounts	17,205
Deductions	(9,905)	(6,592)	(5,820)
Balance at End of Period	88,160	59,018	53,499
Allowance for Credit Losses | Cumulative Effect, Adjusted Balance | ASU 2019-04
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	65,018
Balance at End of Period		65,018
Allowance for credit losses associated with trade accounts receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	59,018
Balance at End of Period		59,018
Allowance for credit losses associated with notes receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	6,000
Balance at End of Period		6,000
Valuation allowance on tax loss carry-forwards
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	283,721	231,463	239,483
Charged to Expense (Income)	21,357	50,018	(5,274)
Charged to Other Accounts	(11,509)	2,240	(2,746)
Balance at End of Period	$ 293,569	$ 283,721	$ 231,463