Avnet (AVT) 10-Q 29 Oct 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Oct. 02, 2021	Oct. 21, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 2, 2021
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	AVNET, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,222,109
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-02
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021
Current assets:
Cash and cash equivalents	$ 299,101	$ 199,691
Receivables	3,720,296	3,576,130
Inventories	3,283,825	3,236,837
Prepaid and other current assets	161,845	150,763
Total current assets	7,465,067	7,163,421
Property, plant and equipment, net	351,873	368,452
Goodwill	823,953	838,105
Intangible assets, net	23,074	28,539
Operating lease assets	257,614	265,988
Other assets	289,728	260,917
Total assets	9,211,309	8,925,422
Current liabilities:
Short-term debt		23,078
Accounts payable	2,467,743	2,401,357
Accrued expenses and other	588,340	572,457
Short-term operating lease liabilities	57,256	58,346
Total current liabilities	3,113,339	3,055,238
Long-term debt	1,389,689	1,191,329
Long-term operating lease liabilities	230,350	239,838
Other liabilities	332,332	354,833
Total liabilities	5,065,710	4,841,238
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 99,336,434 shares and 99,601,393 shares, respectively	99,336	99,601
Additional paid-in capital	1,631,667	1,622,160
Retained earnings	2,593,367	2,516,170
Accumulated other comprehensive loss	(178,771)	(153,747)
Total shareholders' equity	4,145,599	4,084,184
Total liabilities and shareholders' equity	$ 9,211,309	$ 8,925,422

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 02, 2021	Jul. 03, 2021
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	99,336,434	99,601,393

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Income Statement [Abstract]
Sales	$ 5,584,695	$ 4,723,059
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 4,925,002	$ 4,206,979
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 659,693	$ 516,080
Selling, general and administrative expenses	486,178	471,158
Restructuring, integration and other expenses	5,272	26,420
Operating income	168,243	18,502
Other expense, net	(409)	(19,498)
Interest and other financing expenses, net	(22,844)	(22,301)
Income (loss) before taxes	144,990	(23,297)
Income tax expense (benefit)	33,672	(4,408)
Net income (loss)	$ 111,318	$ (18,889)
Earnings (loss) per share:
Basic	$ 1.12	$ (0.19)
Diluted	$ 1.10	$ (0.19)
Shares used to compute earnings per share:
Basic	99,647	98,897
Diluted	101,116	98,897
Cash dividends paid per common share	$ 0.24	$ 0.21

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 111,318	$ (18,889)
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other	(29,036)	90,373
Pension adjustments, net	4,012	9,623
Total comprehensive income	$ 86,294	$ 81,107

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. 27, 2020	$ 98,793	$ 1,594,140		$ 2,421,845	$ (388,380)		$ 3,726,398
Shares issued Beginning Balance at Jun. 27, 2020	98,793,000
Net income (loss)				(18,889)			(18,889)
Translation adjustments and other					90,373		90,373
Pension liability adjustment, net					9,623		9,623
Cash dividends				(20,756)			(20,756)
Stock-based compensation	$ 51	5,191					5,242
Stock-based compensation (in shares)	51,000
Shares issued Ending Balance at Oct. 03, 2020	98,844,000
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 03, 2020	$ 98,844	1,599,331	$ (14,480)	2,367,720	(288,384)	$ (14,480)	3,777,511
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 03, 2021	$ 99,601	1,622,160		2,516,170	(153,747)		$ 4,084,184
Shares issued Beginning Balance at Jul. 03, 2021	99,601,000						99,601,393
Net income (loss)				111,318			$ 111,318
Translation adjustments and other					(29,036)		(29,036)
Pension liability adjustment, net					4,012		4,012
Cash dividends				(23,893)			(23,893)
Repurchases of common stock	$ (275)			(10,228)			(10,503)
Repurchase of common stock (in shares)	(275,000)
Stock-based compensation	$ 10	9,507					$ 9,517
Stock-based compensation (in shares)	10,000
Shares issued Ending Balance at Oct. 02, 2021	99,336,000						99,336,434
Stockholders' Equity Attributable to Parent, Ending Balance at Oct. 02, 2021	$ 99,336	$ 1,631,667		$ 2,593,367	$ (178,771)		$ 4,145,599

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Cash flows from operating activities:
Net income (loss)	$ 111,318	$ (18,889)
Non-cash and other reconciling items:
Depreciation	21,833	21,845
Amortization	5,210	20,117
Amortization of Operating Lease Assets	13,751	14,079
Deferred income taxes	(3,259)	6,614
Stock-based compensation	9,178	4,961
Impairments		15,166
Other, net	2,603	10,898
Changes in (net of effects from businesses acquired and divested):
Receivables	(169,992)	(7,116)
Inventories	(73,971)	(136,426)
Accounts payable	85,217	228,740
Accrued expenses and other, net	(32,856)	(37,545)
Net cash flows (used) provided by operating activities	(30,968)	122,444
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net	59,300	166,900
Borrowings (repayments) under senior unsecured credit facility, net	118,716	(234,190)
Borrowings (repayments) under bank credit facilities and other debt, net	(734)	(545)
Repurchases of common stock	(9,566)
Dividends paid on common stock	(23,893)	(20,756)
Other, net	(1,337)	281
Net cash flows provided (used) by financing activities	142,486	(88,310)
Cash flows from investing activities:
Purchases of property, plant and equipment	(12,025)	(19,998)
Acquisitions of assets and businesses		(18,700)
Other, net	318	753
Net cash flows used for investing activities	(11,707)	(37,945)
Effect on currency exchange rate changes on cash and cash equivalents	(401)	9,829
Cash and cash equivalents:
Increase	99,410	6,018
Cash and cash equivalents at beginning of year	199,691	477,038
Cash and cash equivalents at end of year	$ 299,101	$ 483,056

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	3 Months Ended
	Oct. 02, 2021
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	1. Basis of presentation and new accounting pronouncements ​ In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. ​ Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021. ​ Fiscal year ​ The Company operates on a “52/53 week” fiscal year, and fiscal 2022 contains 52 weeks compared to fiscal 2021, which contained 53 weeks. As a result, the first quarter of fiscal 2022, contained 13 weeks compared to the first quarter of fiscal 2021, which contained 14 weeks. ​ Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of ASU No. 2019-12 beginning the first quarter of fiscal 2022 did not have a material impact on the Company’s Consolidated Financial Statements. ​ Recently issued accounting pronouncements ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope ​

Receivables

Receivables	3 Months Ended
	Oct. 02, 2021
Receivables
Receivables	2. Receivables ​ The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ ​ 2021 ​ 2021 ​ ​ (Thousands) Receivables ​ $ 3,808,214 ​ $ 3,664,290 Allowance for Credit Losses ​ ​ (87,918) ​ ​ (88,160) ​ The Company had the following activity in the allowance for credit losses during the first quarters of fiscal 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ October 3, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Balance at beginning of the period ​ $ 88,160 ​ $ 65,018 Effect of adopting credit loss accounting standard ​ ​ — ​ ​ 17,205 Credit Loss Provisions ​ ​ 4,174 ​ ​ 1,786 Credit Loss Recoveries ​ ​ (276) ​ ​ (126) Receivables Write offs ​ ​ (3,193) ​ ​ (4,023) Foreign Currency Effect and Other ​ ​ (947) ​ ​ 1,667 Balance at end of the period ​ $ 87,918 ​ $ 81,527 ​

Goodwill and intangible assets

Goodwill and intangible assets	3 Months Ended
	Oct. 02, 2021
Goodwill and intangible assets
Goodwill and intangible assets	3. Goodwill and intangible assets ​ Goodwill ​ The following table presents the change in goodwill by reportable segment for the three months ended October 2, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at July 3, 2021 (1) ​ $ 310,582 ​ $ 527,523 ​ $ 838,105 Foreign currency translation ​ (3,489) ​ (10,663) ​ (14,152) Carrying value at October 2, 2021 (1) ​ $ 307,093 ​ $ 516,860 ​ $ 823,953 (1) Includes accumulated impairments of $1,482,677 from prior fiscal years. ​ ​ Intangible Assets ​ The following table presents the Company’s acquired intangible assets at October 2, 2021 and July 3, 2021, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, 2021 ​ July 3, 2021 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 318,429 ​ $ (307,121) ​ $ 11,308 ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ Trade name ​ 56,024 ​ (46,340) ​ 9,684 ​ 57,184 ​ (45,019) ​ 12,165 ​ Technology and other ​ 56,697 ​ (54,615) ​ 2,082 ​ 57,809 ​ (53,459) ​ 4,350 ​ ​ ​ $ 431,150 ​ $ (408,076) ​ $ 23,074 ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​ (1) ​ Intangible asset amortization expense was $5.2 million and $20.1 million for the first quarters of fiscal 2022 and 2021, respectively. ​ The following table presents the estimated future amortization expense for the remainder of fiscal 2022 and the next five fiscal years (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ Remainder of fiscal 2022 ​ $ 10,037 2023 ​ ​ 6,534 2024 ​ 3,191 2025 ​ 1,472 2026 ​ 1,472 2027 ​ 368 Total ​ $ 23,074 ​

Debt

Debt	3 Months Ended
	Oct. 02, 2021
Debt
Debt	4. Debt ​ Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ October 2, ​ July 3, ​ ​ ​ 2021 2021 2021 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ — ​ ​ 1.24 % ​ $ — ​ $ 23,078 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 23,078 ​ ​ Bank credit facilities and other consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company, including its foreign operations. ​ Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ October 2, ​ July 3, ​ ​ ​ 2021 2021 2021 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ 0.83 % ​ — ​ ​ $ 82,200 ​ $ — ​ Credit Facility (due June 2023) ​ 1.18 % ​ — ​ ​ ​ 115,891 ​ ​ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2022 ​ 4.88 % ​ 4.88 % ​ 350,000 ​ 350,000 ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ Other long-term debt ​ 1.40 % ​ 1.22 % ​ 792 ​ 1,185 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,398,883 ​ 1,201,185 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (9,194) ​ (9,856) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,389,689 ​ $ 1,191,329 ​ ​ In August 2021, the Company amended and extended for two years 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 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 $772.1 million and $717.4 million at October 2, 2021, and July 3, 2021, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. Interest on borrowings is calculated using a one-month LIBOR rate plus a spread of 0.75%. The facility fee on the unused balance of the facility is up to 0.35%. ​ The Company has a five-year $1.25 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in June 2023. It consists of revolving credit facilities and the issuance of up to $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies, which expires in June 2023. Subject to certain conditions, the Credit Facility may be increased up to $1.50 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies, and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments, and capital expenditures. The Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of October 2, 2021, and July 3, 2021. ​ As of October 2, 2021, and July 3, 2021, there were $1.2 million and $1.3 million, respectively, in letters of credit issued under the Credit Facility. ​ As of October 2, 2021, the carrying value and fair value of the Company’s total debt was $1.39 billion and $1.47 billion, respectively. 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. Fair value for the public notes was estimated based upon quoted market prices and, for other forms of debt, fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities.

Leases

Leases	3 Months Ended
	Oct. 02, 2021
Leases [Abstract]
Leases	5. Leases ​ Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space, and integration facilities with a lease term of up to 17 years. The Company’s equipment leases are primarily for automobiles and equipment and are not material to the consolidated financial statements. ​ The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Operating lease cost ​ $ 17,847 ​ $ 18,402 Variable lease cost ​ ​ 6,118 ​ ​ 6,288 Total lease cost ​ $ 23,965 ​ $ 24,690 ​ Future minimum operating lease payments as of October 2, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2022 ​ $ 50,480 ​ 2023 ​ 58,378 ​ 2024 ​ 41,960 ​ 2025 ​ 33,060 ​ 2026 ​ 28,426 ​ Thereafter ​ 133,533 ​ Total future operating lease payments ​ ​ 345,837 ​ Total imputed interest on operating lease liabilities ​ ​ (58,231) ​ Total operating lease liabilities ​ $ 287,606 ​ ​ Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 9.0 ​ ​ 9.3 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 % ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 14,826 ​ $ 14,710 Operating lease assets obtained from new operating lease liabilities ​ ​ 7,578 ​ ​ 21,718 ​

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Oct. 02, 2021
Derivative financial instruments
Derivative financial instruments	​ 6. Derivative financial instruments ​ Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, 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. ​ The Company generally does not hedge its investments in its foreign operations. The Company does not enter derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. ​ The Company’s foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s foreign operations transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asian foreign currencies. ​ The fair values of forward foreign currency exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, July 3, ​ ​ 2021 ​ 2021 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 6,835 ​ $ 15,722 ​ Accrued expenses and other ​ ​ 13,557 ​ ​ 23,994 ​ ​ The amounts recorded to other income expense, net, related to derivative financial instruments for economic hedges are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ ​ October 2, October 3, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Net derivative financial instrument loss ​ $ (8,771) ​ $ (7,816) ​ ​ Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Oct. 02, 2021
Commitments and contingencies
Commitments and contingencies	7. Commitments and contingencies ​ From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations. ​ The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. 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 to matters in early stages. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity, but could possibly be material to its results of operations in any single reporting period. ​ As of October 2, 2021, and July 3, 2021, the Company had aggregate estimated liabilities of $14.7 million classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates. ​ During the first quarter of fiscal 2021, the Company recorded a gain on legal settlement of $8.2 million, which is classified as a component of Restructuring, integration and other expenses.

Income taxes

Income taxes	3 Months Ended
	Oct. 02, 2021
Income taxes
Income taxes	8 . Income taxes ​ The Company’s effective tax rate on its income before taxes was 23.2% in the first quarter of fiscal 2022. During the first quarter of fiscal 2022, the Company’s effective tax rate was unfavorably impacted primarily by increases to valuation allowances. ​ During the first quarter of fiscal 2021, the Company’s effective tax rate on its loss before taxes was a benefit of 18.9%. During the first quarter of fiscal 2021, the Company’s effective tax rate was unfavorably impacted primarily by increases to valuation allowances, partially offset by (i) the release of unrecognized tax benefit reserves and (ii) the mix of income in lower tax jurisdictions. ​

Pension and retirement plan

Pension and retirement plan	3 Months Ended
	Oct. 02, 2021
Pension and retirement plan
Pension and retirement plans	9. Pension plan ​ The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, October 3, ​ ​ 2021 2020 ​ ​ (Thousands) Service cost ​ $ 3,752 ​ $ 3,938 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,752 ​ ​ 3,938 ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,947 ​ 3,976 Expected return on plan assets ​ (12,284) ​ (12,420) Amortization of prior service cost ​ 1 ​ 75 Recognized net actuarial loss ​ 4,086 ​ 5,151 Total net periodic pension benefit within other expense, net ​ ​ (4,250) ​ ​ (3,218) ​ ​ ​ ​ ​ ​ ​ Net periodic pension (benefit) cost ​ $ (498) ​ $ 720 ​ ​ The Company made $8.0 million of contributions during the first quarter of fiscal 2022 and expects to make additional contributions to the Plan of up to $8.0 million in the remainder of fiscal 2022.

Shareholders' equity

Shareholders' equity	3 Months Ended
	Oct. 02, 2021
Shareholders' equity
Shareholders' equity	10. Shareholders’ equity ​ Share repurchase program ​ In August 2019, the Company’s Board of Directors amended the Company’s existing share repurchase program, increasing the cumulative total of authorized share repurchases to $2.95 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, expected liquidity, expected compliance with financial debt convents, corporate and regulatory requirements, and prevailing market conditions. During the first quarter ended October 2, 2021, the Company repurchased 0.3 million shares under this program for a total cost of $10.5 million. As of October 2, 2021, the Company had $458.5 million remaining under its share repurchase authorization. ​ Common stock dividend ​ In August 2021, the Company’s Board of Directors approved a dividend of $0.24 per common share and dividend payments of $23.9 million were made in September 2021.

Earnings per share

Earnings per share	3 Months Ended
	Oct. 02, 2021
Earnings per share
Earnings per share	11. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, ​ October 3, ​ ​ 2021 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ Net income (loss) ​ $ 111,318 ​ $ (18,889) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,647 ​ 98,897 Net effect of dilutive stock-based compensation awards ​ 1,469 ​ — Weighted average common shares for diluted earnings per share ​ 101,116 ​ 98,897 Basic earnings (loss) per share ​ $ 1.12 ​ $ (0.19) Diluted earnings (loss) per share ​ $ 1.10 ​ $ (0.19) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 897 ​ ​ 875 ​ ​ ​ ​ For the first quarter of fiscal 2021, the diluted net loss per share is the same as basic net loss per share as the effect of all potential common shares would be anti-dilutive.

Additional cash flow informatio

Additional cash flow information	3 Months Ended
	Oct. 02, 2021
Additional cash flow information
Additional cash flow information	12. Additional cash flow information ​ Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, October 3, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 4,508 ​ $ 3,173 Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ 937 ​ ​ — Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ Interest ​ $ 11,636 ​ $ 12,538 Income tax net payments ​ ​ 27,977 ​ ​ 19,258 ​ Included in cash and cash equivalents as of October 2, 2021, and July 3, 2021, was $3.4 million and $3.8 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

Segment information	3 Months Ended
	Oct. 02, 2021
Segment information
Segment information	13. Segment information ​ Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”). EC markets and sells semiconductors and interconnect, passive and electromechanical devices and integrated components to a diverse customer base serving many end-markets. Farnell distributes electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 ​ (Thousands) Sales: ​ ​ Electronic Components ​ $ 5,129,497 ​ $ 4,382,148 Farnell ​ ​ 455,198 ​ ​ 340,911 ​ ​ ​ 5,584,695 ​ ​ 4,723,059 Operating income: ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 162,462 ​ $ 84,440 Farnell ​ ​ 49,593 ​ ​ 11,959 ​ ​ ​ 212,055 ​ ​ 96,399 Corporate ​ ​ (33,301) ​ ​ (31,302) Restructuring, integration and other expenses ​ (5,272) ​ (26,420) Amortization of acquired intangible assets and other ​ ​ (5,239) ​ ​ (20,175) Operating income ​ $ 168,243 ​ $ 18,502 ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,258,811 ​ $ 1,205,695 EMEA (2) ​ 1,747,579 ​ 1,480,674 Asia/Pacific (3) ​ 2,578,305 ​ 2,036,690 Sales ​ $ 5,584,695 ​ $ 4,723,059 ​ (1) Includes sales from the United States of $1.16 billion and $1.13 billion for the first quarters ended October 2, 2021, and October 3, 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $697.1 million and $307.6 million, respectively, for the first quarter ended October 2, 2021. Includes sales from Germany and Belgium of $574.8 million and $294.4 million, respectively, for the first quarter ended October 3, 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $826.8 million, $1.20 billion and $264.0 million, respectively, for the first quarter ended October 2, 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $631.8 million, $916.3 million and $272.0 million, respectively, for the first quarter ended October 3, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ ​ 2021 ​ 2021 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 138,380 ​ $ 146,042 ​ EMEA (2) ​ 178,887 ​ 185,753 ​ Asia/Pacific ​ 34,606 ​ 36,657 ​ Property, plant, and equipment, net ​ $ 351,873 ​ $ 368,452 ​ ​ (1) Includes property, plant and equipment, net, of $135.0 million and $142.7 million as of October 2, 2021, and July 3, 2021, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $74.1 million, $81.0 million and $19.9 million in Germany, the United Kingdom and Belgium, respectively, as of October 2, 2021; and $77.9 million, $83.5 million and $20.9 million in Germany, the United Kingdom and Belgium, respectively, as of July 3, 2021.

Restructuring expenses

Restructuring expenses	3 Months Ended
	Oct. 02, 2021
Restructuring expenses
Restructuring expenses	14. Restructuring expenses ​ Fiscal 2021 and prior ​ During fiscal 2021 and prior, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first quarter of fiscal 2022 related to the remaining restructuring liabilities established during fiscal 2021 and prior: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ and Contract ​ ​ ​ Severance Exit Costs Total ​ ​ (Thousands) Balance at July 3, 2021 ​ $ 35,099 ​ $ 4,863 ​ $ 39,962 Cash payments ​ (11,892) ​ ​ (1,319) ​ ​ (13,211) Changes in estimates, net ​ ​ (330) ​ ​ — ​ ​ (330) Other, principally foreign currency translation ​ (359) ​ ​ (41) ​ ​ (400) Balance at October 2, 2021 ​ $ 22,518 ​ $ 3,503 ​ $ 26,021 ​ The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2022.

Basis of presentation and new_2

Basis of presentation and new accounting pronouncements (Policies)	3 Months Ended
	Oct. 02, 2021
Basis of presentation and new accounting pronouncements
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income and cash flows. All such adjustments are of a normal recurring nature. ​ Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 3, 2021.
Fiscal year	Fiscal year ​ The Company operates on a “52/53 week” fiscal year, and fiscal 2022 contains 52 weeks compared to fiscal 2021, which contained 53 weeks. As a result, the first quarter of fiscal 2022, contained 13 weeks compared to the first quarter of fiscal 2021, which contained 14 weeks.
New accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company’s adoption of ASU No. 2019-12 beginning the first quarter of fiscal 2022 did not have a material impact on the Company’s Consolidated Financial Statements. ​ Recently issued accounting pronouncements ​ In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Scope

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Oct. 02, 2021
Receivables
Schedule of receivables and allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ ​ 2021 ​ 2021 ​ ​ (Thousands) Receivables ​ $ 3,808,214 ​ $ 3,664,290 Allowance for Credit Losses ​ ​ (87,918) ​ ​ (88,160) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ October 3, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Balance at beginning of the period ​ $ 88,160 ​ $ 65,018 Effect of adopting credit loss accounting standard ​ ​ — ​ ​ 17,205 Credit Loss Provisions ​ ​ 4,174 ​ ​ 1,786 Credit Loss Recoveries ​ ​ (276) ​ ​ (126) Receivables Write offs ​ ​ (3,193) ​ ​ (4,023) Foreign Currency Effect and Other ​ ​ (947) ​ ​ 1,667 Balance at end of the period ​ $ 87,918 ​ $ 81,527

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	3 Months Ended
	Oct. 02, 2021
Goodwill and intangible assets
Change in goodwill balances by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at July 3, 2021 (1) ​ $ 310,582 ​ $ 527,523 ​ $ 838,105 Foreign currency translation ​ (3,489) ​ (10,663) ​ (14,152) Carrying value at October 2, 2021 (1) ​ $ 307,093 ​ $ 516,860 ​ $ 823,953 (1) Includes accumulated impairments of $1,482,677 from prior fiscal years.
Company's identifiable acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, 2021 ​ July 3, 2021 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 318,429 ​ $ (307,121) ​ $ 11,308 ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ Trade name ​ 56,024 ​ (46,340) ​ 9,684 ​ 57,184 ​ (45,019) ​ 12,165 ​ Technology and other ​ 56,697 ​ (54,615) ​ 2,082 ​ 57,809 ​ (53,459) ​ 4,350 ​ ​ ​ $ 431,150 ​ $ (408,076) ​ $ 23,074 ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​ (1)
Estimated future amortization expense	​ The following table presents the estimated future amortization expense for the remainder of fiscal 2022 and the next five fiscal years (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ Remainder of fiscal 2022 ​ $ 10,037 2023 ​ ​ 6,534 2024 ​ 3,191 2025 ​ 1,472 2026 ​ 1,472 2027 ​ 368 Total ​ $ 23,074

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 02, 2021
Debt
Short-term debt	Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ October 2, ​ July 3, ​ ​ ​ 2021 2021 2021 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Bank credit facilities and other ​ — ​ ​ 1.24 % ​ $ — ​ $ 23,078 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 23,078 ​
Long-term debt	Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ October 2, ​ July 3, ​ ​ ​ 2021 2021 2021 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ 0.83 % ​ — ​ ​ $ 82,200 ​ $ — ​ Credit Facility (due June 2023) ​ 1.18 % ​ — ​ ​ ​ 115,891 ​ ​ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2022 ​ 4.88 % ​ 4.88 % ​ 350,000 ​ 350,000 ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ Other long-term debt ​ 1.40 % ​ 1.22 % ​ 792 ​ 1,185 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,398,883 ​ 1,201,185 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (9,194) ​ (9,856) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,389,689 ​ $ 1,191,329 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Oct. 02, 2021
Leases [Abstract]
Schedule of lease cost	The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Operating lease cost ​ $ 17,847 ​ $ 18,402 Variable lease cost ​ ​ 6,118 ​ ​ 6,288 Total lease cost ​ $ 23,965 ​ $ 24,690
Schedule of future minimum operating lease payments	Future minimum operating lease payments as of October 2, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ Remainder of fiscal 2022 ​ $ 50,480 ​ 2023 ​ 58,378 ​ 2024 ​ 41,960 ​ 2025 ​ 33,060 ​ 2026 ​ 28,426 ​ Thereafter ​ 133,533 ​ Total future operating lease payments ​ ​ 345,837 ​ Total imputed interest on operating lease liabilities ​ ​ (58,231) ​ Total operating lease liabilities ​ $ 287,606 ​
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 9.0 ​ ​ 9.3 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 %
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 14,826 ​ $ 14,710 Operating lease assets obtained from new operating lease liabilities ​ ​ 7,578 ​ ​ 21,718

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended
	Oct. 02, 2021
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, July 3, ​ ​ 2021 ​ 2021 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 6,835 ​ $ 15,722 ​ Accrued expenses and other ​ ​ 13,557 ​ ​ 23,994 ​
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ ​ October 2, October 3, ​ ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Net derivative financial instrument loss ​ $ (8,771) ​ $ (7,816) ​

Pension and retirement plans (T

Pension and retirement plans (Tables)	3 Months Ended
	Oct. 02, 2021
Pension and retirement plan
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, October 3, ​ ​ 2021 2020 ​ ​ (Thousands) Service cost ​ $ 3,752 ​ $ 3,938 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 3,752 ​ ​ 3,938 ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 3,947 ​ 3,976 Expected return on plan assets ​ (12,284) ​ (12,420) Amortization of prior service cost ​ 1 ​ 75 Recognized net actuarial loss ​ 4,086 ​ 5,151 Total net periodic pension benefit within other expense, net ​ ​ (4,250) ​ ​ (3,218) ​ ​ ​ ​ ​ ​ ​ Net periodic pension (benefit) cost ​ $ (498) ​ $ 720 ​

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Oct. 02, 2021
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, ​ October 3, ​ ​ 2021 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ Net income (loss) ​ $ 111,318 ​ $ (18,889) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 99,647 ​ 98,897 Net effect of dilutive stock-based compensation awards ​ 1,469 ​ — Weighted average common shares for diluted earnings per share ​ 101,116 ​ 98,897 Basic earnings (loss) per share ​ $ 1.12 ​ $ (0.19) Diluted earnings (loss) per share ​ $ 1.10 ​ $ (0.19) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 897 ​ ​ 875

Additional cash flow informat_2

Additional cash flow information (Tables)	3 Months Ended
	Oct. 02, 2021
Additional cash flow information
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ October 2, October 3, ​ ​ 2021 ​ 2020 ​ ​ (Thousands) Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 4,508 ​ $ 3,173 Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ 937 ​ ​ — Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ Interest ​ $ 11,636 ​ $ 12,538 Income tax net payments ​ ​ 27,977 ​ ​ 19,258

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Oct. 02, 2021
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarters Ended ​ ​ October 2, ​ October 3, ​ ​ 2021 2020 ​ (Thousands) Sales: ​ ​ Electronic Components ​ $ 5,129,497 ​ $ 4,382,148 Farnell ​ ​ 455,198 ​ ​ 340,911 ​ ​ ​ 5,584,695 ​ ​ 4,723,059 Operating income: ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 162,462 ​ $ 84,440 Farnell ​ ​ 49,593 ​ ​ 11,959 ​ ​ ​ 212,055 ​ ​ 96,399 Corporate ​ ​ (33,301) ​ ​ (31,302) Restructuring, integration and other expenses ​ (5,272) ​ (26,420) Amortization of acquired intangible assets and other ​ ​ (5,239) ​ ​ (20,175) Operating income ​ $ 168,243 ​ $ 18,502 ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 1,258,811 ​ $ 1,205,695 EMEA (2) ​ 1,747,579 ​ 1,480,674 Asia/Pacific (3) ​ 2,578,305 ​ 2,036,690 Sales ​ $ 5,584,695 ​ $ 4,723,059 ​ (1) Includes sales from the United States of $1.16 billion and $1.13 billion for the first quarters ended October 2, 2021, and October 3, 2020, respectively. ​ (2) Includes sales from Germany and Belgium of $697.1 million and $307.6 million, respectively, for the first quarter ended October 2, 2021. Includes sales from Germany and Belgium of $574.8 million and $294.4 million, respectively, for the first quarter ended October 3, 2020. ​ (3) Includes sales from China (including Hong Kong), Taiwan and Singapore of $826.8 million, $1.20 billion and $264.0 million, respectively, for the first quarter ended October 2, 2021. Includes sales from China (including Hong Kong), Taiwan and Singapore of $631.8 million, $916.3 million and $272.0 million, respectively, for the first quarter ended October 3, 2020.
Table of Assets by reportable segment and long-lived assets by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ July 3, ​ ​ 2021 ​ 2021 ​ (Thousands) ​ Property, plant, and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 138,380 ​ $ 146,042 ​ EMEA (2) ​ 178,887 ​ 185,753 ​ Asia/Pacific ​ 34,606 ​ 36,657 ​ Property, plant, and equipment, net ​ $ 351,873 ​ $ 368,452 ​ ​ (1) Includes property, plant and equipment, net, of $135.0 million and $142.7 million as of October 2, 2021, and July 3, 2021, respectively, in the United States. ​ (2) Includes property, plant and equipment, net, of $74.1 million, $81.0 million and $19.9 million in Germany, the United Kingdom and Belgium, respectively, as of October 2, 2021; and $77.9 million, $83.5 million and $20.9 million in Germany, the United Kingdom and Belgium, respectively, as of July 3, 2021.

Restructuring expenses (Tables)

Restructuring expenses (Tables)	3 Months Ended
	Oct. 02, 2021
Fiscal Year 2021 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 July 3, 2021 ​ $ 35,099 ​ $ 4,863 ​ $ 39,962 Cash payments ​ (11,892) ​ ​ (1,319) ​ ​ (13,211) Changes in estimates, net ​ ​ (330) ​ ​ — ​ ​ (330) Other, principally foreign currency translation ​ (359) ​ ​ (41) ​ ​ (400) Balance at October 2, 2021 ​ $ 22,518 ​ $ 3,503 ​ $ 26,021

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021	Oct. 03, 2020	Jun. 27, 2020
Receivables
Receivables	$ 3,808,214	$ 3,664,290
Allowance for Credit Losses	$ (87,918)	$ (88,160)	$ (81,527)	$ (65,018)

Receivables - Allowance for Cre

Receivables - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 88,160	$ 65,018
Credit Loss Provisions	4,174	1,786
Credit Loss Recoveries	(276)	(126)
Receivables Write offs	(3,193)	(4,023)
Foreign Currency Effect and Other	(947)	1,667
Receivables, Allowance for Credit Loss, Ending Balance	$ 87,918	81,527
ASU 2016-13 | Cumulative Effect, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance		$ 17,205

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Jul. 03, 2021
Carrying amount of goodwill, by reportable segment
Carrying value	$ 838,105
Foreign currency translation	(14,152)
Carrying value	823,953
Accumulated Impairment	1,482,677	$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	310,582
Foreign currency translation	(3,489)
Carrying value	307,093
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	527,523
Foreign currency translation	(10,663)
Carrying value	$ 516,860

Goodwill and intangible asset_3

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2020	Oct. 02, 2021	Jul. 03, 2021
Finite-Lived Intangible Assets [Line Items]
Acquired amount		$ 431,150	$ 439,409
Accumulated Amortization		(408,076)	(410,870)
Net Book Value		23,074	28,539
Intangible asset impairment	$ 17,473
Customer related
Finite-Lived Intangible Assets [Line Items]
Acquired amount		318,429	324,416
Accumulated Amortization		(307,121)	(312,392)
Net Book Value		11,308	12,024
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired amount		56,024	57,184
Accumulated Amortization		(46,340)	(45,019)
Net Book Value		9,684	12,165
Technology and other
Finite-Lived Intangible Assets [Line Items]
Acquired amount		56,697	57,809
Accumulated Amortization		(54,615)	(53,459)
Net Book Value		$ 2,082	$ 4,350

Goodwill and intangible asset_4

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Goodwill and intangible assets
Intangible asset amortization expense	$ 5,210	$ 20,117

Goodwill and intangible asset_5

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021
Fiscal Year:
Remainder of fiscal 2022	$ 10,037
2023	6,534
2024	3,191
2025	1,472
2026	1,472
2027	368
Net Book Value	$ 23,074	$ 28,539

Debt - short-term debt (Details

Debt - short-term debt (Details) $ in Thousands	12 Months Ended
	Jul. 03, 2021USD ($)
Components of short-term debt
Short-term debt	$ 23,078
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	1.24%
Short-term debt	$ 23,078

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 02, 2021	Jul. 03, 2021
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,398,883	$ 1,201,185
Discount and debt issuance costs - unamortized	(9,194)	(9,856)
Long-term debt	$ 1,389,689	$ 1,191,329
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	0.83%
Long-term debt before discount and debt issuance costs	$ 82,200
Revolving credit facilities | Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.18%
Long-term debt before discount and debt issuance costs	$ 115,891
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%	3.00%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due | Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.40%	1.22%
Long-term debt before discount and debt issuance costs	$ 792	$ 1,185

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 28, 2021	Oct. 02, 2021	Jul. 03, 2021
Company's total debt
Debt, Long-term and Short-term, Combined Amount		$ 1,390	$ 1,210
Total fair value		1,470	1,300
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount		450
Term	2 years
Accounts Receivable from Securitization		$ 772.1	717.4
Line of Credit Facility, Commitment Fee Percentage		0.35%
Revolving credit facilities | Accounts receivable securitization program | one-month LIBOR
Debt Instrument [Line Items]
Spread over base rate		0.75%
Revolving credit facilities | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 1,250
Term		5 years
Line of credit facility contingent increase to maximum borrowing capacity		$ 1,500
Letter of Credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		200
Letters of credit outstanding, amount		1.2	$ 1.3
Notes Payable In Certain Approved Currencies | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing amount		$ 300
Notes due | Notes Due May 2031
Debt Instrument [Line Items]
stated interest rate		3.00%	3.00%
Notes due | Notes Due April 2026
Debt Instrument [Line Items]
stated interest rate		4.63%	4.63%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	17 years
Lease Cost
Operating lease cost	$ 17,847	$ 18,402
Variable lease cost	6,118	6,288
Total lease cost	$ 23,965	$ 24,690

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Oct. 02, 2021USD ($)
Leases [Abstract]
Remainder of fiscal 2022	$ 50,480
2023	58,378
2024	41,960
2025	33,060
2026	28,426
Thereafter	133,533
Total future operating lease payments	345,837
Total imputed interest on operating lease liabilities	(58,231)
Total operating lease liabilities	$ 287,606

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Leases [Abstract]
Operating lease weighted-average remaining lease term	9 years	9 years 3 months 18 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 14,826	$ 14,710
Operating lease assets obtained from new operating lease liabilities	$ 7,578	$ 21,718

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Jul. 03, 2021
Derivative fair value
Derivative assets fair value	$ 6,835	$ 15,722
Derivative liabilities fair value	$ 13,557	$ 23,994
Minimum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year

Derivative financial instrume_4

Derivative financial instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Derivative financial instruments
Net derivative financial instrument loss	$ (8,771)	$ (7,816)

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 03, 2020	Oct. 02, 2021	Jul. 03, 2021
Loss Contingency, Estimate [Abstract]
Estimate of possible loss		$ 14.7	$ 14.7
Gain on legal settlement	$ 8.2

Income taxes (Details)

Income taxes (Details)	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Income taxes
Effective tax rate	23.20%	(18.90%)

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Components of net periodic pension costs
Service cost	$ 3,752	$ 3,938
Interest cost	3,947	3,976
Expected return on plan assets	(12,284)	(12,420)
Amortization of prior service cost	1	75
Recognized net actuarial loss	4,086	5,151
Net periodic pension (benefit) cost	(498)	720
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension (benefit) cost	3,752	3,938
Other Income, net
Components of net periodic pension costs
Net periodic pension (benefit) cost	(4,250)	$ (3,218)
Plan
Components of net periodic pension costs
Contributions	8,000
Estimated future employer pension plan contributions	$ 8,000

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 24, 2021	Oct. 02, 2021	Oct. 03, 2020
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program		$ 2,950,000
Shares repurchased during period (in shares)		0.3
Cost of repurchase		$ 10,500
Remaining authorized repurchase amount		$ 458,500
Cash dividends paid per common share	$ 0.24	$ 0.24	$ 0.21
Dividends paid on common stock		$ 23,893	$ 20,756

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Numerator:
Net income (loss)	$ 111,318	$ (18,889)
Denominator:
Weighted average common shares for basic earnings per share	99,647	98,897
Net effect of dilutive stock based compensation awards	1,469
Weighted average common shares for diluted earnings per share	101,116	98,897
Basic earnings (loss) per share	$ 1.12	$ (0.19)
Diluted earnings (loss) per share	$ 1.10	$ (0.19)
Stock Options
Denominator:
antidilutive Securities	897	875

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020	Jul. 03, 2021
Interest and income taxes paid
Capital expenditures incurred but not paid	$ 4,508	$ 3,173
Unsettled share repurchases	937
Interest	11,636	12,538
Income tax net payments	27,977	$ 19,258
Cash equivalents	$ 3,400		$ 3,800

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Sales, by segment
Sales	$ 5,584,695	$ 4,723,059
Operating income (loss):
Restructuring, integration and other expenses	(5,272)	(26,420)
Amortization of acquired intangible assets and other	(5,239)	(20,175)
Operating income	168,243	18,502
Segment
Operating income (loss):
Operating income	212,055	96,399
Corporate
Operating income (loss):
Corporate	(33,301)	(31,302)
Electronic Components | Segment
Sales, by segment
Sales	5,129,497	4,382,148
Operating income (loss):
Operating income	162,462	84,440
Farnell | Segment
Sales, by segment
Sales	455,198	340,911
Operating income (loss):
Operating income	$ 49,593	$ 11,959

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Oct. 03, 2020
Sales, by geographic area:
Sales	$ 5,584,695	$ 4,723,059
Americas
Sales, by geographic area:
Sales	1,258,811	1,205,695
United States
Sales, by geographic area:
Sales	1,160,000	1,130,000
EMEA
Sales, by geographic area:
Sales	1,747,579	1,480,674
Germany
Sales, by geographic area:
Sales	697,100	574,800
Belgium
Sales, by geographic area:
Sales	307,600	294,400
Asia Pacific
Sales, by geographic area:
Sales	2,578,305	2,036,690
Taiwan
Sales, by geographic area:
Sales	1,200,000	916,300
China (including Hong Kong)
Sales, by geographic area:
Sales	826,800	631,800
SINGAPORE
Sales, by geographic area:
Sales	$ 264,000	$ 272,000

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 351,873	$ 368,452
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	138,380	146,042
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	135,000	142,700
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	178,887	185,753
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	74,100	77,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	81,000	83,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	19,900	20,900
Asia Pacific
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 34,606	$ 36,657

Restructuring expenses (Details

Restructuring expenses (Details) - Fiscal Year 2021 And Prior Restructuring Liabilities $ in Thousands	3 Months Ended
	Oct. 02, 2021USD ($)
Activity related to the restructuring reserves
Beginning Balance	$ 39,962
Cash payments	(13,211)
Changes in estimates, net	(330)
Other, principally foreign currency translation	(400)
Ending Balance	26,021
Severance
Activity related to the restructuring reserves
Beginning Balance	35,099
Cash payments	(11,892)
Changes in estimates, net	(330)
Other, principally foreign currency translation	(359)
Ending Balance	22,518
Facility and Contract Exit Costs
Activity related to the restructuring reserves
Beginning Balance	4,863
Cash payments	(1,319)
Changes in estimates, net	0
Other, principally foreign currency translation	(41)
Ending Balance	$ 3,503

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Jul. 03, 2021
Fiscal Year 2021 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 26,021	$ 39,962