Avnet (AVT) 10-K 12 Aug 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Jul. 02, 2022	Jul. 29, 2022	Dec. 31, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 02, 2022
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			$ 4,024,669,419
Entity Common Stock, Shares Outstanding		94,667,636
Auditor Name	KPMG LLP
Auditor Location	Phoenix, AZ
Auditor Firm ID	185
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-02
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Current assets:
Cash and cash equivalents	$ 153,693	$ 199,691
Receivables	4,301,002	3,576,130
Inventories	4,244,148	3,236,837
Prepaid and other current assets	177,783	150,763
Total current assets	8,876,626	7,163,421
Property, plant and equipment, net	315,204	368,452
Goodwill	758,833	838,105
Intangible assets, net	12,651	28,539
Operating lease assets	227,138	265,988
Other assets	198,080	260,917
Total assets	10,388,532	8,925,422
Current liabilities:
Short-term debt	174,422	23,078
Accounts payable	3,431,683	2,401,357
Accrued expenses and other	591,020	572,457
Short-term operating lease liabilities	54,529	58,346
Total current liabilities	4,251,654	3,055,238
Long-term debt	1,437,400	1,191,329
Long-term operating lease liabilities	199,418	239,838
Other liabilities	307,300	354,833
Total liabilities	6,195,772	4,841,238
Commitments and contingencies (Note 13)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 95,701,630 shares and 99,601,393 shares, respectively	95,702	99,601
Additional paid-in capital	1,656,907	1,622,160
Retained earnings	2,921,399	2,516,170
Accumulated other comprehensive loss	(481,248)	(153,747)
Total shareholders' equity	4,192,760	4,084,184
Total liabilities and shareholders' equity	$ 10,388,532	$ 8,925,422

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 02, 2022	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	95,701,630	99,601,393

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Income Statement [Abstract]
Sales	$ 24,310,708	$ 19,534,679	$ 17,634,333
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 21,345,317	$ 17,294,049	$ 15,570,877
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 2,965,391	$ 2,240,630	$ 2,063,456
Selling, general and administrative expenses	1,994,847	1,874,831	1,842,122
Russian-Ukraine conflict related expenses	26,261
Goodwill and long-lived asset impairment expense			144,092
Restructuring, integration and other expenses	5,272	84,391	81,870
Operating income (loss)	939,011	281,408	(4,628)
Other expense, net	(5,302)	(19,006)	(2,215)
Interest and other financing expenses, net	(100,375)	(89,473)	(122,742)
Income before taxes	833,334	172,929	(129,585)
Income tax expense (benefit)	140,955	(20,185)	(98,504)
Net income (loss)	$ 692,379	$ 193,114	$ (31,081)
Earnings (loss) per share:
Basic	$ 7.02	$ 1.95	$ (0.31)
Diluted	$ 6.94	$ 1.93	$ (0.31)
Shares used to compute earnings per share:
Basic	98,662	99,258	100,474
Diluted	99,819	100,168	100,474
Cash dividends paid per common share	$ 1	$ 0.85	$ 0.84

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 692,379	$ 193,114	$ (31,081)
Other comprehensive income, net of tax:
Foreign currency translation and other	(324,139)	152,678	(56,682)
Pension adjustments, net	(3,362)	81,955	(27,659)
Total comprehensive income (loss)	$ 364,878	$ 427,747	$ (115,422)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent [Member]	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2019	$ 104,038	$ 1,573,005	$ 2,767,469	$ (304,039)	$ 4,140,473
Shares issued Beginning Balance at Jun. 29, 2019	104,038,000
Net income (loss)			(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
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)
Repurchases of common stock			(14,480)		(14,480)
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	2,516,170	(153,747)	$ 4,084,184
Net income (loss)			692,379		692,379
Translation adjustments and other				(324,139)	(324,139)
Pension liability adjustment, net				(3,362)	(3,362)
Cash dividends			(98,490)		(98,490)
Repurchases of common stock	$ (4,676)		(188,660)		(193,336)
Repurchase of common stock (in shares)	(4,676,000)
Stock-based compensation	$ 777	34,747			$ 35,524
Stock-based compensation (in shares)	777,000
Shares issued Ending Balance at Jul. 02, 2022	95,702,000				95,701,630
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 02, 2022	$ 95,702	$ 1,656,907	$ 2,921,399	$ (481,248)	$ 4,192,760

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 582	$ 2,483	$ 362
Cash dividend paid per share	$ 1	$ 0.85	$ 0.84

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Cash flows from operating activities:
Net income (loss)	$ 692,379	$ 193,114	$ (31,081)
Non-cash and other reconciling items:
Depreciation	87,367	90,884	101,100
Amortization	14,959	41,033	81,139
Amortization of Operating Lease Assets	52,881	56,782	60,656
Deferred income taxes	(52,513)	14,650	(34,264)
Stock-based compensation	36,738	29,339	26,832
Impairments		15,166	159,346
Other, net	34,116	22,512	31,343
Changes in (net of effects from businesses acquired and divested):
Receivables	(1,132,039)	(615,353)	221,486
Inventories	(1,218,871)	(409,075)	266,791
Accounts payable	1,131,225	620,973	(106,990)
Accrued expenses and other, net	134,448	30,924	(46,176)
Net cash flows (used) provided by operating activities	(219,310)	90,949	730,182
Cash flows from financing activities:
Issuance of notes, net of discounts	299,973	297,660
Repayment of public notes	(354,336)	(305,077)	(302,038)
Borrowings (repayments) under accounts receivable securitization, net	274,900	22,900	(227,300)
Borrowings (repayments) under senior unsecured credit facility, net		(231,680)	223,058
Borrowings (repayments) under bank credit facilities and other debt, net	235,047	(2,789)	(2,123)
Repurchases of common stock	(184,382)		(237,842)
Dividends paid on common stock	(98,490)	(84,309)	(83,975)
Other, net	(16,653)	(10,718)	(14,330)
Net cash flows provided (used) for financing activities	156,059	(314,013)	(644,550)
Cash flows from investing activities:
Purchases of property, plant and equipment	(48,900)	(50,363)	(73,516)
Acquisitions of assets and businesses		(18,381)	(51,509)
Proceeds from sale of business	90,384
Other, net	9,815	7,548	(9,992)
Net cash flows provided (used) for investing activities	51,299	(61,196)	(135,017)
Effect on currency exchange rate changes on cash and cash equivalents	(34,046)	6,913	(19,682)
Cash and cash equivalents:
Decrease	(45,998)	(277,347)	(69,067)
Cash and cash equivalents at beginning of year	199,691	477,038	546,105
Cash and cash equivalents at end of year	$ 153,693	$ 199,691	$ 477,038

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Jul. 02, 2022
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 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 16 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which 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. 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. 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 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. The company has contracts with certain customers where the company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of supplier software services and supply chain services for the coordination, holding and delivery of inventory for which the company does not assume the risks and rewards of ownership. Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales. Vendor allowances and consideration Comprehensive income (loss) Stock-based compensation Restructuring and exit activities Nonretirement Postemployment Benefits Exit or Disposal Cost Obligations Exit or Disposal Cost Obligations Property, Plant and Equipment Concentration of credit risk Fair value Fair Value Measurements Derivative financial instruments Investments Recently adopted accounting pronouncements Simplifying the Accounting for Income Taxes (Topic 740) Income Taxes

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Jul. 02, 2022
Derivative financial instruments
Derivative financial instruments	2. 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 exchange contracts not receiving hedge accounting treatment recorded in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, ​ ​ 2022 ​ 2021 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 24,907 ​ $ 15,722 ​ Accrued expenses and other ​ ​ 29,663 ​ ​ 23,994 ​ ​ The amount recorded to other expense, net related to derivative financial instruments for economic hedges are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ (Thousands) ​ Net derivative financial instrument (loss) gain ​ $ (37,336) ​ $ (21,605) ​ $ 12,739 ​ ​ 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. 02, 2022
Shareholders' equity
Shareholders' equity	3. Shareholders’ equity Accumulated comprehensive loss The following table includes the balances within accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (370,612) ​ $ (46,473) ​ $ (199,151) ​ Accumulated pension liability adjustments, net of income taxes ​ (110,636) ​ (107,274) ​ (189,229) ​ Total accumulated other comprehensive loss ​ $ (481,248) ​ $ (153,747) ​ $ (388,380) ​ ​ Substantially all amounts reclassified out of accumulated comprehensive loss, net of tax, to operating expenses during fiscal 2022, 2021, and 2020 related to net periodic pension costs as discussed further in Note 10. Share repurchase program In May 2022, the Company’s Board of Directors approved a new share repurchase plan with an authorization to repurchase up to an aggregate of $600 million of common stock in the open market or through privately negotiated transactions. The authorization amount includes the amount remaining under the previous share repurchase plan approved in August 2011, as last amended in August 2019. 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 2022, the Company repurchased 4.7 million shares under these programs for a total cost of $193.3 million. As of July 2, 2022, the Company had $531.3 million remaining under its new share repurchase authorization. Common stock dividend During fiscal 2022, the Company paid dividends of $1.00 per common share and $98.5 million in total.

Receivables and Russian-Ukraine

Receivables and Russian-Ukraine conflict related expenses	12 Months Ended
	Jul. 02, 2022
Receivables and Russian-Ukraine conflict related expenses
Receivables and Russian-Ukraine conflict related expenses	4. Receivables and Russian-Ukraine conflict related expenses The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Receivables ​ $ 4,414,904 ​ $ 3,664,290 Allowance for Credit Losses ​ ​ (113,902) ​ ​ (88,160) The Company had the following activity in the allowance for credit losses during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Balance at beginning of the period ​ $ 88,160 ​ $ 65,018 Effect of adopting credit loss accounting standard ​ ​ — ​ ​ 17,205 Credit Loss Provisions ​ ​ 31,489 ​ ​ 18,429 Russian-Ukraine conflict Credit Loss Provisions ​ ​ 17,202 ​ ​ — Credit Loss Recoveries ​ ​ (702) ​ ​ (2,587) Receivables Write offs ​ ​ (15,233) ​ ​ (6,240) Foreign Currency Effect and Other ​ ​ (7,014) ​ ​ (3,665) Balance at end of the period ​ $ 113,902 ​ $ 88,160 ​ During fiscal 2022, as a direct and incremental impact associated with the Russian invasion of Ukraine, the Company incurred $26.3 million of expense, primarily related to $17.2 million of credit loss provisions associated with accounts receivable from Russian customers that are no longer considered collectible. The remaining $9.1 million of expenses were related to product write downs and other costs associated with the wind-down of the Company’s business operations in Russia and Ukraine.

Property plant and equipment, n

Property plant and equipment, net	12 Months Ended
	Jul. 02, 2022
Property plant and equipment, net
Property, plant and equipment, net	5. Property, plant and equipment, net Property, plant and equipment are recorded at cost, less accumulated depreciation, and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Buildings ​ $ 114,622 ​ $ 121,662 ​ Machinery, fixtures and equipment ​ 249,053 ​ 260,342 ​ Information technology hardware and software ​ 842,759 ​ 835,374 ​ Leasehold improvements ​ 119,917 ​ 123,808 ​ Depreciable property, plant and equipment, gross ​ 1,326,351 ​ 1,341,186 ​ Accumulated depreciation ​ (1,038,335) ​ (999,885) ​ Depreciable property, plant and equipment, net ​ 288,016 ​ 341,301 ​ Land ​ 21,408 ​ 22,778 ​ Construction in progress ​ 5,780 ​ 4,373 ​ Property, plant and equipment, net ​ $ 315,204 ​ $ 368,452 ​ ​ Depreciation expense related to property, plant, and equipment, was $87.4 million, $90.9 million and $101.1 million in fiscal 2022, 2021, and 2020, respectively. Interest expense capitalized during fiscal 2022, 2021, and 2020 was not material.

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Jul. 02, 2022
Goodwill and intangible assets
Goodwill and intangible assets	6. Goodwill, intangible assets, and impairments Goodwill The following table presents the change in goodwill balances by reportable segment for fiscal year 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at July 3, 2021 (1) ​ $ 310,582 ​ $ 527,523 ​ $ 838,105 Foreign currency translation ​ (19,056) ​ (60,216) ​ (79,272) Carrying value at July 2, 2022 (1) ​ $ 291,526 ​ $ 467,307 ​ $ 758,833 (1) Includes accumulated impairment of $1,482,677 from prior fiscal years. ​ Intangible Assets The following table presents the Company’s acquired identifiable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 ​ July 3, 2021 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 292,163 ​ $ (283,006) ​ $ 9,157 ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ Trade name ​ 50,655 ​ (47,961) ​ 2,694 ​ 57,184 ​ (45,019) ​ 12,165 ​ Technology and other ​ 51,634 ​ (50,834) ​ 800 ​ 57,809 ​ (53,459) ​ 4,350 ​ ​ ​ $ 394,452 ​ $ (381,801) ​ $ 12,651 ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​ (1) Acquired amount reduced by impairment of $ 17,473 from prior fiscal years. Intangible asset amortization expense was $15.0 million, $41.0 million, and $81.1 million for fiscal 2022, 2021, and 2020, respectively. The following table presents the estimated future amortization expense for the next five fiscal years (in thousands): ​ ​ ​ ​ Fiscal Year ​ 2023 ​ ​ 6,181 2024 ​ 3,159 2025 ​ 1,472 2026 ​ 1,471 2027 ​ 368 Total ​ $ 12,651 ​ In fiscal 2021, the Company recorded $15.2 million of equity investment impairment expense classified within other expense, net in the consolidated statements of operations.

Debt

Debt	12 Months Ended
	Jul. 02, 2022
Debt
Debt	7. Debt Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 2022 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility (due June 2023) ​ — ​ ​ — ​ ​ $ — ​ $ — ​ Other short-term debt and accounts receivable securitization program ​ 2.09 % ​ 1.24 % ​ ​ 174,422 ​ ​ 23,078 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 174,422 ​ $ 23,078 ​ ​ Other short-term debt consists 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. 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 the issuance of up to $200.0 million of 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 2, 2022. At July 2, 2022, and July 3, 2021, there were $1.2 million and $1.3 million, respectively, in letters of credit issued under the Credit Facility. In August 2022, subsequent to the end of fiscal 2022, the Company amended and extended the Credit Facility to expire in August 2027. The required compliance with the minimum interest coverage ratio financial covenant was removed as part of the amendment. During the fourth quarter of fiscal 2022, the Company redeemed the $350.0 million of outstanding 4.88% Notes due in December 2022 at a make-whole redemption price of $354.3 million and the Company issued $300.0 million of 5.50% Notes due in June 2032. Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 2022 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ 2.55 % ​ — ​ ​ $ 297,800 ​ $ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2022 ​ — ​ ​ 4.88 % ​ — ​ 350,000 ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ — ​ ​ ​ 300,000 ​ ​ — ​ Other long-term debt ​ 0.00 % ​ 1.22 % ​ 148 ​ 1,185 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,447,948 ​ 1,201,185 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (10,548) ​ (9,856) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,437,400 ​ $ 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 of 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 $1.12 billion and $717.4 million at July 2, 2022, and July 3, 2021, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. There were $297.8 million and $22.9 million borrowings outstanding under the Securitization Program as of July 2, 2022, and as of July 3, 2021, respectively. Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2023 $ 174,422 ​ 2024 ​ 297,948 ​ 2025 ​ — ​ 2026 ​ 550,000 ​ 2027 ​ — ​ Thereafter ​ 600,000 ​ Subtotal ​ 1,622,370 ​ Discount and debt issuance costs – unamortized ​ (10,548) ​ Total debt ​ $ 1,611,822 ​ ​ At July 2, 2022, the carrying value and fair value of the Company’s total debt was $1.61 billion and $1.55 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.

Accrued expenses and other

Accrued expenses and other	12 Months Ended
	Jul. 02, 2022
Accrued expenses and other
Accrued expenses and other	8. Accrued expenses and other Accrued expenses and other consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 242,898 ​ $ 253,586 ​ Accrued operating costs ​ 202,885 ​ 179,213 ​ Accrued interest and banking costs ​ 38,394 ​ 32,985 ​ Accrued restructuring costs ​ 9,185 ​ 39,962 ​ Accrued income taxes ​ 24,831 ​ — ​ Accrued property, plant and equipment ​ ​ 20,275 ​ ​ 7,131 ​ Accrued other ​ 52,552 ​ 59,580 ​ Total accrued expenses and other ​ $ 591,020 ​ $ 572,457 ​ ​

Income taxes

Income taxes	12 Months Ended
	Jul. 02, 2022
Income taxes
Income taxes	9. Income taxes The components of income tax expense (benefit) (“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 2, 2022 July 3, 2021 June 27, 2020 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 58,512 ​ $ (62,445) ​ $ (127,250) ​ State and local ​ 8,871 ​ (4,723) ​ 17,990 ​ Foreign ​ 126,522 ​ 21,530 ​ 22,816 ​ Total current taxes ​ 193,905 ​ (45,638) ​ (86,444) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (32,424) ​ 21,590 ​ 14,845 ​ State and local ​ (22,320) ​ 259 ​ 4,450 ​ Foreign ​ 1,794 ​ 3,604 ​ (31,355) ​ Total deferred taxes ​ (52,950) ​ 25,453 ​ (12,060) ​ Income tax expense (benefit) ​ $ 140,955 ​ $ (20,185) ​ $ (98,504) ​ ​ 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 $197.1 million, $(89.4) million and, $(254.8) million, in fiscal 2022, 2021, and 2020, respectively, and foreign income before income taxes was $636.3 million, $262.3 million, and $125.2 million, in fiscal 2022, 2021, and 2020, 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 has utilized this carryback provision. An income tax refund receivable of $56.1 million, associated with the fiscal 2021 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 2, 2022 July 3, 2021 June 27, 2020 U.S. federal statutory rate 21.0 % ​ 21.0 % ​ 21.0 % State and local income taxes, net of federal benefit 1.1 ​ ​ (2.2) ​ ​ 4.6 ​ Tax on foreign income, net of valuation allowances (1.7) ​ ​ (10.7) ​ ​ 5.0 ​ Establishment/release of valuation allowances, net of U.S. tax expense (5.8) ​ ​ 2.1 ​ ​ (28.5) ​ Change in unrecognized tax benefit reserves (0.6) ​ ​ 14.3 ​ ​ 20.1 ​ Tax audit settlements 0.2 ​ ​ 0.4 ​ ​ (5.6) ​ Impact of surrender of Company owned life insurance policies ​ 1.4 ​ ​ — ​ ​ — ​ Impact of the CARES Act ​ — ​ ​ (8.4) ​ ​ 10.2 ​ Impairments of investments, goodwill and long-lived assets ​ — ​ ​ (22.4) ​ ​ 56.5 ​ Other, net 1.3 ​ ​ (5.8) ​ ​ (7.3) ​ Effective tax rate 16.9 % ​ (11.7) % ​ 76.0 % ​ 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 16.9% in fiscal 2022 as compared with an effective tax rate of 11.7% of benefit on fiscal 2021 income before income taxes. Included in the fiscal 2022 effective tax rate is a tax benefit arising from the decreases to valuation allowance against deferred tax assets. 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 2, July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 226,072 ​ $ 282,882 ​ Depreciation and amortization ​ ​ 11,525 ​ ​ 17,333 ​ Inventories valuation ​ ​ 29,798 ​ ​ 25,336 ​ Operating lease liabilities ​ 56,256 ​ 69,759 ​ Receivables valuation ​ ​ 18,321 ​ ​ 13,757 ​ Interest deductions ​ ​ 29,358 ​ ​ 35,516 ​ Various accrued liabilities and other ​ 47,717 ​ 26,566 ​ ​ ​ 419,047 ​ 471,149 ​ Less — valuation allowances ​ (207,889) ​ (293,569) ​ ​ ​ 211,158 ​ 177,580 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (54,632) ​ (68,135) ​ Net deferred tax assets ​ $ 156,526 ​ $ 109,445 ​ ​ The decrease in valuation allowances in fiscal 2022 from fiscal 2021 was related to a $65.2 million net release of valuation allowance primarily as a result of changes to management’s expectation of its ability to realize certain deferred tax assets, and a $20.5 million decrease resulting from changing foreign exchange rates. As of July 2, 2022, the Company had net operating and capital loss carry-forwards of approximately $1.18 billion, of which $11.0 million will expire during fiscal 2023 and fiscal 2024, substantially all of which have full valuation allowances, $281.9 million have expiration dates ranging from fiscal 2025 to fiscal 2041, and the remaining $888.6 million 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. 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 2, 2022, unrecognized tax benefits were $134.6 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $25.3 million and $26.4 million, net of applicable state tax benefits, as of the end of fiscal 2022 and 2021, respectively. Reconciliations of the beginning and ending liability balances for unrecognized tax benefits, excluding interest and penalties, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Balance at beginning of year ​ $ 118,660 ​ $ 96,292 ​ Additions for tax positions taken in prior periods ​ 3,569 ​ 36,452 ​ Reductions for tax positions taken in prior periods ​ (4,075) ​ (4,880) ​ Reductions related to tax rate change ​ ​ — ​ ​ (200) ​ Additions for tax positions taken in current period ​ 1,269 ​ 4,030 ​ Reductions related to settlements with taxing authorities ​ (1,660) ​ (711) ​ Reductions related to the lapse of applicable statutes of limitations ​ (3,883) ​ (15,713) ​ Adjustments related to foreign currency translation ​ (4,595) ​ 3,390 ​ Balance at end of year ​ $ 109,285 ​ $ 118,660 ​ ​ 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 $14.5 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 $1.1 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 2016. The years remaining subject to audit, by major jurisdiction, are as follows: ​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2016 - 2022 ​ Taiwan 2017 - 2022 ​ Hong Kong 2016 - 2022 ​ Germany ​ 2016 - 2022 ​ Singapore 2018 - 2022 ​ Belgium 2020 - 2022 ​ United Kingdom ​ 2020 - 2022 ​ Canada ​ 2016 - 2022 ​ ​

Pension and retirement plan

Pension and retirement plan	12 Months Ended
	Jul. 02, 2022
Pension and retirement plan
Pension and retirement plans	10. 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 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, ​ ​ 2022 ​ 2021 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 762,708 ​ $ 790,179 ​ Service cost ​ 15,007 ​ 15,751 ​ Interest cost ​ 15,787 ​ 15,904 ​ Actuarial gain ​ (138,899) ​ (12,397) ​ Benefits paid ​ (40,244) ​ (46,729) ​ Benefit obligations at end of year ​ $ 614,359 ​ $ 762,708 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 772,279 ​ $ 707,800 ​ Actual return on plan assets ​ (107,141) ​ 95,208 ​ Benefits paid ​ (40,244) ​ (46,729) ​ Contributions ​ 14,000 ​ 16,000 ​ Fair value of plan assets at end of year ​ $ 638,894 ​ $ 772,279 ​ Funded status of the plan recognized as a non-current asset ​ $ 24,535 ​ $ 9,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 178,984 ​ $ 177,949 ​ Unamortized prior service cost ​ 27 ​ 31 ​ ​ ​ $ 179,011 ​ $ 177,980 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial loss (gain) ​ $ 17,378 ​ $ (57,924) ​ Amortization of net actuarial losses ​ (16,343) ​ (20,604) ​ Amortization of prior service costs ​ (4) ​ (301) ​ ​ ​ $ 1,031 ​ $ (78,829) ​ ​ Included in accumulated other comprehensive loss at July 2, 2022, is an expense of $179.0 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $2.8 million is expected to be recognized as a component of net periodic pension cost during fiscal 2023. Assumptions used to calculate actuarial present values of benefit obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Discount rate ​ 4.8 % ​ 2.8 % ​ 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 2, 2022. The estimated discount rate in fiscal 2022 and fiscal 2021 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Discount rate ​ 2.5 % ​ 2.4 % Expected return on plan assets ​ 7.0 % ​ 7.4 % 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 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Service cost ​ $ 15,007 ​ $ 15,751 ​ $ 15,145 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 15,007 ​ ​ 15,751 ​ ​ 15,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15,787 ​ 15,904 ​ 22,552 Expected return on plan assets ​ (49,135) ​ (49,681) ​ (50,671) Amortization of prior service cost ​ 4 ​ 301 ​ 2,137 Recognized net actuarial loss ​ 16,343 ​ 20,604 ​ 14,629 Total net periodic pension benefit within other expense, net ​ ​ (17,001) ​ ​ (12,872) ​ ​ (11,353) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ (1,994) ​ $ 2,879 ​ $ 3,792 ​ The Company made $14.0 million and $16.0 million of contributions in fiscal 2022 and fiscal 2021, respectively, and expects to make approximately $8.0 million of contributions in fiscal 2023. 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): ​ ​ ​ ​ 2023 $ 60,539 ​ 2024 44,626 ​ 2025 47,037 ​ 2026 47,643 ​ 2027 50,275 ​ 2028 through 2032 250,819 ​ ​ The Plan’s assets are held in trust and were allocated as follows as of the measurement date at the end of fiscal 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Equity securities 75 % ​ 69 % Fixed income debt securities 24 % ​ 29 % Cash and cash equivalents 1 % ​ 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 2023 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 2, 2022, 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 2, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 5,283 ​ $ — ​ $ — ​ $ — ​ $ 5,283 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 219,407 ​ 219,407 ​ Real estate ​ — ​ — ​ — ​ 149,975 ​ 149,975 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 109,253 ​ 109,253 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 122,912 ​ 122,912 ​ Corporate ​ — ​ — ​ — ​ 32,064 ​ 32,064 ​ Total ​ $ 5,283 ​ $ — ​ $ — ​ $ 633,611 ​ $ 638,894 ​ ​ 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 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 ​ ​ 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 2, 2022.

Leases

Leases	12 Months Ended
	Jul. 02, 2022
Leases [Abstract]
Leases	11. Leases The components of lease cost related to the Company’s operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 ​ Operating lease cost ​ $ 68,664 ​ $ 74,003 ​ Variable lease cost ​ ​ 25,737 ​ ​ 21,305 ​ Total lease cost ​ $ 94,401 ​ $ 95,308 ​ ​ Future minimum operating lease payments as of July 2, 2022, are as follows (in thousands): ​ ​ ​ ​ ​ Fiscal Year ​ ​ ​ ​ 2023 ​ $ 60,986 ​ 2024 ​ 46,452 ​ 2025 ​ 35,821 ​ 2026 ​ 29,433 ​ 2027 ​ 19,445 ​ Thereafter ​ 112,046 ​ Total future operating lease payments ​ ​ 304,183 ​ Total imputed interest on operating lease liabilities ​ ​ (50,236) ​ Total operating lease liabilities ​ $ 253,947 ​ ​ Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, ​ July 3, ​ ​ 2022 2021 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 8.8 ​ ​ 9.1 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 % ​ Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, ​ July 3, ​ ​ 2022 2021 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 57,016 ​ $ 59,587 Operating lease assets obtained from new operating lease liabilities ​ ​ 28,014 ​ ​ 41,010 ​

Stock-based compensation

Stock-based compensation	12 Months Ended
	Jul. 02, 2022
Stock-based compensation
Stock-based compensation	12. 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 2022, 2021, and 2020, the Company recorded stock-based compensation expense of $36.7 million, $29.3 million, and $26.8 million, respectively, for all forms of stock-based compensation awards. Stock plan At July 2, 2022, the Company had 8.2 million shares of common stock reserved for stock-based payments, which consisted of 1.3 million shares for unvested or unexercised stock options, 5.5 million shares available for stock-based awards under plans approved by shareholders, and 1.4 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 2022, 2021, and 2020, was $3.6 million, $0.4 million, and $2.9 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 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 Expected term (years) 6.0 ​ ​ 6.0 ​ ​ 6.0 Risk-free interest rate 0.9 % ​ 0.5 % ​ 1.6 % Weighted average volatility 32.1 % ​ 31.5 % ​ 23.7 % Dividend yield 2.4 % ​ 2.8 % ​ 2.3 % ​ The following is a summary of the changes in outstanding options for fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted Average ​ ​ ​ ​ Average ​ Remaining ​ ​ Shares ​ Exercise Price ​ Contractual Life Outstanding at July 3, 2021 1,125,431 ​ $ 37.15 78 Months ​ Granted 361,308 ​ 39.62 110 Months ​ Exercised (142,498) ​ 39.78 8 Months ​ Forfeited or expired (39,105) ​ 42.81 37 Months ​ Outstanding at July 2, 2022 1,305,136 ​ $ 37.38 85 Months ​ Exercisable at July 2, 2022 516,939 ​ $ 39.28 62 Months ​ ​ The weighted-average grant-date fair values of stock options granted during fiscal 2022, 2021, and 2020, were $9.45, $6.37, and $7.41, respectively. At July 2, 2022, the aggregate intrinsic value of all outstanding stock option awards was $7.2 million and all exercisable stock option awards was $2.2 million. The following is a summary of the changes in non-vested stock options for fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ Shares ​ Fair Value Non-vested stock options at July 3, 2021 649,109 ​ $ 7.17 ​ Granted 361,308 ​ ​ 9.45 ​ Vested (215,132) ​ 7.61 ​ Forfeited (7,088) ​ 8.25 ​ Non-vested stock options at July 2, 2022 788,197 ​ $ 8.09 ​ ​ As of July 2, 2022, there was $1.4 million of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.5 years. The total fair value of stock options vested, as of the vesting dates, during fiscal 2022, 2021, and 2020, were $4.6 million, $4.8 million, and $7.9 million, respectively. Cash received from stock option exercises during fiscal 2022, 2021, and 2020 totaled $5.7 million, $4.9 million, and $0.9 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 2, 2022, 1.3 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $29.5 million, $27.5 million, and $26.1 million for fiscal years 2022, 2021, and 2020, respectively. The following is a summary of the changes in non-vested restricted stock units during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at July 3, 2021 1,338,035 ​ $ 32.80 ​ Granted 822,936 ​ 37.68 ​ Vested (761,407) ​ 34.91 ​ Forfeited (86,382) ​ ​ 32.18 ​ Non-vested restricted stock units at July 2, 2022 1,313,182 ​ $ 32.92 ​ ​ As of July 2, 2022, there was $ 20.1 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 2022, 2021, and 2020, was $26.6 million, $25.8 million, and $24.8 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. During fiscal 2022 and 2021, the Company granted no performance share units. During fiscal 2020, 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 2022, 2021, and 2020, the Company recognized stock-based compensation expense (benefit) associated with the Performance Share Program of $2.0 million, $(0.2) million, and $(3.8) million, respectively.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Jul. 02, 2022
Commitments and contingencies
Commitments and contingencies	13. 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. A s of July 2, 2022, 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. ​

Earnings per share

Earnings per share	12 Months Ended
	Jul. 02, 2022
Earnings per share
Earnings per share	14. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 692,379 ​ $ 193,114 ​ $ (31,081) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 98,662 ​ 99,258 ​ 100,474 Net effect of dilutive stock-based compensation awards ​ 1,157 ​ 910 ​ — Weighted average common shares for diluted earnings per share ​ 99,819 ​ 100,168 ​ 100,474 Basic earnings (loss) per share ​ $ 7.02 ​ $ 1.95 ​ $ (0.31) Diluted earnings (loss) per share ​ $ 6.94 ​ $ 1.93 ​ $ (0.31) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 230 ​ ​ 700 ​ ​ 1,431 ​ ​ 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. 02, 2022
Additional cash flow information
Additional cash flow information	15. 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 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Provision for credit losses ​ $ 30,788 ​ $ 15,842 ​ $ 12,111 ​ Periodic pension (benefit) cost ​ (3,449) ​ 5,392 ​ 4,246 ​ Other, net ​ 6,777 ​ 1,278 ​ 14,986 ​ Total ​ $ 34,116 ​ $ 22,512 ​ $ 31,343 ​ ​ Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, July 3, June 27, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 20,275 ​ $ 7,131 ​ $ 9,009 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ 8,955 ​ $ — ​ $ — ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 112,327 ​ $ 98,509 ​ $ 137,995 ​ Income tax net payments ​ ​ 6,892 ​ ​ 83,387 ​ ​ 25,116 ​ ​ 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. 02, 2022
Segment information
Segment information	16. 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 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 22,503.3 ​ $ 18,030.5 ​ $ 16,340.1 ​ Farnell ​ ​ 1,807.4 ​ ​ 1,504.2 ​ ​ 1,294.2 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 872.0 ​ $ 454.8 ​ $ 349.1 ​ Farnell ​ 242.5 ​ 86.9 ​ 75.5 ​ ​ ​ 1,114.5 ​ 541.7 ​ 424.6 ​ Corporate ​ (128.9) ​ (134.7) ​ (121.6) ​ Restructuring, integration and other expenses ​ (5.3) ​ (84.4) ​ (81.9) ​ Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ — ​ ​ (144.1) ​ Russian-Ukraine conflict related expenses ​ ​ (26.3) ​ ​ — ​ ​ — ​ Amortization of acquired intangible assets and other ​ (15.0) ​ (41.2) ​ (81.6) ​ ​ ​ $ 939.0 ​ $ 281.4 ​ $ (4.6) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 8,863.4 ​ $ 6,950.0 ​ $ 6,096.7 ​ Farnell ​ 1,371.1 ​ 1,468.3 ​ 1,472.1 ​ Corporate ​ 154.0 ​ ​ 507.1 ​ ​ 536.4 ​ ​ ​ $ 10,388.5 ​ $ 8,925.4 ​ $ 8,105.2 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 25.7 ​ $ 21.8 ​ $ 46.3 ​ Farnell ​ 23.1 ​ 26.1 ​ 19.6 ​ Corporate ​ 0.1 ​ 2.5 ​ 7.6 ​ ​ ​ $ 48.9 ​ $ 50.4 ​ $ 73.5 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 67.7 ​ $ 73.4 ​ $ 88.4 ​ Farnell ​ 31.3 ​ 53.9 ​ 88.5 ​ Corporate ​ 3.3 ​ 4.6 ​ 5.3 ​ ​ ​ $ 102.3 ​ $ 131.9 ​ $ 182.2 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 5,896.0 ​ $ 4,662.5 ​ $ 4,755.3 ​ EMEA (2) ​ 7,838.1 ​ 6,149.9 ​ 5,753.4 ​ Asia (3) ​ 10,576.6 ​ 8,722.3 ​ 7,125.6 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 115.4 ​ $ 146.0 ​ $ 183.9 ​ EMEA (5) ​ 170.1 ​ 185.8 ​ 183.4 ​ Asia ​ 29.7 ​ 36.7 ​ 37.3 ​ ​ ​ $ 315.2 ​ $ 368.5 ​ $ 404.6 ​ (1) Includes sales in the United States of $5.48 billion, $ 4.35 billion, and $4.46 billion for fiscal 2022, 2021, and 2020, respectively. (2) Includes sales in Germany and Belgium of $ 3.16 billion and $1.37 billion, respectively, for fiscal 2022. 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. (3) Includes sales of $4.64 billion, $3.38 billion, and $1.32 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2022. 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. (4) Includes property, plant and equipment, net, of $112.4 million, $ 142.7 million, and $ 179.4 million in the United States for fiscal 2022, 2021, and 2020, respectively. (5) Includes property, plant and equipment, net, of $67.6 million, $ 79.8 million, and $16.7 million in Germany, the UK, and Belgium, respectively, for fiscal 2022. Fiscal 2021 includes property, plant and equipment, net, of $ 77.9 million, $83.5 million, and $ 20.9 million in Germany, the UK, and Belgium, respectively. 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. 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 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Millions) Semiconductors ​ $ 18,380.2 ​ $ 14,722.8 ​ $ 13,440.3 ​ Interconnect, passive & electromechanical (IP&E) ​ 4,639.1 ​ 3,649.0 ​ 3,146.0 ​ Computers ​ ​ 663.2 ​ ​ 640.6 ​ ​ 572.0 ​ Other ​ 628.2 ​ 522.3 ​ 476.0 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​ ​

Restructuring expenses

Restructuring expenses	12 Months Ended
	Jul. 02, 2022
Restructuring expenses
Restructuring expenses	17. Restructuring expenses 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 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 ​ (23,848) ​ ​ (2,531) ​ ​ (26,379) Changes in estimates, net ​ ​ (4,142) ​ ​ 816 ​ ​ (3,326) Other, principally foreign currency translation ​ (870) ​ ​ (202) ​ ​ (1,072) Balance at July 2, 2022 ​ $ 6,239 ​ $ 2,946 ​ $ 9,185 ​ The Company expects the majority of the remaining amounts to be paid by the first half of fiscal 2023.

Valuation And Qualifying Accoun

Valuation And Qualifying Accounts	12 Months Ended
	Jul. 02, 2022
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	SCHEDULE II AVNET, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Years Ended July 2, 2022, July 3, 2021, and June 27, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ Charged to ​ ​ ​ ​ Balance at ​ ​ Beginning of ​ Expense ​ Other ​ ​ ​ ​ End of Account Description ​ Period ​ (Income) ​ Accounts ​ Deductions ​ Period ​ ​ (Thousands) Fiscal 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 88,160 ​ $ 47,990 (a) $ — ​ $ (22,248) (b) $ 113,902 ​ Valuation allowance on tax loss carry-forwards ​ 293,569 ​ (65,208) (c) (20,472) (d) — ​ 207,889 ​ Fiscal 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 65,018 (e) ​ 15,842 ​ ​ 17,205 (f) ​ (9,905) (b) ​ 88,160 ​ Valuation allowance on tax loss carry-forwards ​ 283,721 ​ 21,357 (g) (11,509) (h) — ​ 293,569 ​ Fiscal 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 53,499 ​ ​ 12,111 ​ ​ — ​ (6,592) (b) 59,018 ​ Valuation allowance on tax loss carry-forwards ​ 231,463 ​ 50,018 (i) 2,240 (h) — ​ 283,721 ​ (a) Amount includes $17,202 of credit loss provisions associated with accounts receivable from Russian customers that are no longer considered collectible. See Note 4, “Receivables and Russian-Ukraine conflict related expenses” of the Notes to Consolidated Financial Statements of this Form 10-K. (b) Primarily represents uncollectible receivables written off and the impact of changes in foreign currency rates during the fiscal year. (c) Primarily represents net release of valuation allowance and impact of current year activities. (d) Primarily related to impact of pension-related other comprehensive income and foreign currency exchange on valuation allowances. (e) 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 (f) below. (f) 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. (g) Primarily represents impact of current year activities. (h) Primarily related to impact of pension-related other comprehensive income and foreign currency exchange on valuation allowances. (i) Primarily represents establishment of valuation allowance and impact of current year activities.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Jul. 02, 2022
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 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 16 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which 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. 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.
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 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. The company has contracts with certain customers where the company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of supplier software services and supply chain services for the coordination, holding and delivery of inventory for which the company does not assume the risks and rewards of ownership. Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.
Vendor allowances and consideration	Vendor allowances and consideration
Comprehensive income (loss)	Comprehensive income (loss)
Share-based compensation	Stock-based compensation
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
Concentration of credit risk	Concentration of credit risk
Fair value	Fair value Fair Value Measurements
Derivative financial instruments	Derivative financial instruments
Investments	Investments
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements Simplifying the Accounting for Income Taxes (Topic 740) Income Taxes

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Jul. 02, 2022
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, ​ ​ 2022 ​ 2021 ​ ​ ​ (Thousands) ​ Prepaid and other current assets ​ $ 24,907 ​ $ 15,722 ​ Accrued expenses and other ​ ​ 29,663 ​ ​ 23,994 ​
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ ​ (Thousands) ​ Net derivative financial instrument (loss) gain ​ $ (37,336) ​ $ (21,605) ​ $ 12,739 ​

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Jul. 02, 2022
Shareholders' equity
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table includes the balances within accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (370,612) ​ $ (46,473) ​ $ (199,151) ​ Accumulated pension liability adjustments, net of income taxes ​ (110,636) ​ (107,274) ​ (189,229) ​ Total accumulated other comprehensive loss ​ $ (481,248) ​ $ (153,747) ​ $ (388,380) ​

Receivables and Russian-Ukrai_2

Receivables and Russian-Ukraine conflict related expenses (Tables)	12 Months Ended
	Jul. 02, 2022
Receivables and Russian-Ukraine conflict related expenses
Schedule of receivables and allowance for credit losses	The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Receivables ​ $ 4,414,904 ​ $ 3,664,290 Allowance for Credit Losses ​ ​ (113,902) ​ ​ (88,160) The Company had the following activity in the allowance for credit losses during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Balance at beginning of the period ​ $ 88,160 ​ $ 65,018 Effect of adopting credit loss accounting standard ​ ​ — ​ ​ 17,205 Credit Loss Provisions ​ ​ 31,489 ​ ​ 18,429 Russian-Ukraine conflict Credit Loss Provisions ​ ​ 17,202 ​ ​ — Credit Loss Recoveries ​ ​ (702) ​ ​ (2,587) Receivables Write offs ​ ​ (15,233) ​ ​ (6,240) Foreign Currency Effect and Other ​ ​ (7,014) ​ ​ (3,665) Balance at end of the period ​ $ 113,902 ​ $ 88,160

Property plant and equipment,_2

Property plant and equipment, net (Tables)	12 Months Ended
	Jul. 02, 2022
Property plant and equipment, net
Summary of Property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Buildings ​ $ 114,622 ​ $ 121,662 ​ Machinery, fixtures and equipment ​ 249,053 ​ 260,342 ​ Information technology hardware and software ​ 842,759 ​ 835,374 ​ Leasehold improvements ​ 119,917 ​ 123,808 ​ Depreciable property, plant and equipment, gross ​ 1,326,351 ​ 1,341,186 ​ Accumulated depreciation ​ (1,038,335) ​ (999,885) ​ Depreciable property, plant and equipment, net ​ 288,016 ​ 341,301 ​ Land ​ 21,408 ​ 22,778 ​ Construction in progress ​ 5,780 ​ 4,373 ​ Property, plant and equipment, net ​ $ 315,204 ​ $ 368,452 ​

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Jul. 02, 2022
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 ​ (19,056) ​ (60,216) ​ (79,272) Carrying value at July 2, 2022 (1) ​ $ 291,526 ​ $ 467,307 ​ $ 758,833 (1) Includes accumulated impairment of $1,482,677 from prior fiscal years.
Company's identifiable acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 ​ July 3, 2021 ​ ​ Acquired ​ Accumulated ​ Net Book ​ Acquired ​ Accumulated ​ Net Book ​ Amount Amortization Value Amount (1) Amortization Value ​ ​ (Thousands) Customer related ​ $ 292,163 ​ $ (283,006) ​ $ 9,157 ​ $ 324,416 ​ $ (312,392) ​ $ 12,024 ​ Trade name ​ 50,655 ​ (47,961) ​ 2,694 ​ 57,184 ​ (45,019) ​ 12,165 ​ Technology and other ​ 51,634 ​ (50,834) ​ 800 ​ 57,809 ​ (53,459) ​ 4,350 ​ ​ ​ $ 394,452 ​ $ (381,801) ​ $ 12,651 ​ $ 439,409 ​ $ (410,870) ​ $ 28,539 ​
Estimated future amortization expense	The following table presents the estimated future amortization expense for the next five fiscal years (in thousands): ​ ​ ​ ​ Fiscal Year ​ 2023 ​ ​ 6,181 2024 ​ 3,159 2025 ​ 1,472 2026 ​ 1,471 2027 ​ 368 Total ​ $ 12,651

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jul. 02, 2022
Debt
Short-term debt	Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 2022 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility (due June 2023) ​ — ​ ​ — ​ ​ $ — ​ $ — ​ Other short-term debt and accounts receivable securitization program ​ 2.09 % ​ 1.24 % ​ ​ 174,422 ​ ​ 23,078 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 174,422 ​ $ 23,078 ​
Long-term debt	Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, ​ July 3, ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 2022 2021 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ 2.55 % ​ — ​ ​ $ 297,800 ​ $ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2022 ​ — ​ ​ 4.88 % ​ — ​ 350,000 ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ — ​ ​ ​ 300,000 ​ ​ — ​ Other long-term debt ​ 0.00 % ​ 1.22 % ​ 148 ​ 1,185 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 1,447,948 ​ 1,201,185 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (10,548) ​ (9,856) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 1,437,400 ​ $ 1,191,329 ​
Aggregate debt maturities	Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2023 $ 174,422 ​ 2024 ​ 297,948 ​ 2025 ​ — ​ 2026 ​ 550,000 ​ 2027 ​ — ​ Thereafter ​ 600,000 ​ Subtotal ​ 1,622,370 ​ Discount and debt issuance costs – unamortized ​ (10,548) ​ Total debt ​ $ 1,611,822 ​

Accrued expenses and other (Tab

Accrued expenses and other (Tables)	12 Months Ended
	Jul. 02, 2022
Accrued expenses and other
Schedule of accrued expenses and other	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 242,898 ​ $ 253,586 ​ Accrued operating costs ​ 202,885 ​ 179,213 ​ Accrued interest and banking costs ​ 38,394 ​ 32,985 ​ Accrued restructuring costs ​ 9,185 ​ 39,962 ​ Accrued income taxes ​ 24,831 ​ — ​ Accrued property, plant and equipment ​ ​ 20,275 ​ ​ 7,131 ​ Accrued other ​ 52,552 ​ 59,580 ​ Total accrued expenses and other ​ $ 591,020 ​ $ 572,457 ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Jul. 02, 2022
Income taxes
Components of income tax expense ("tax provision")	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, 2022 July 3, 2021 June 27, 2020 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 58,512 ​ $ (62,445) ​ $ (127,250) ​ State and local ​ 8,871 ​ (4,723) ​ 17,990 ​ Foreign ​ 126,522 ​ 21,530 ​ 22,816 ​ Total current taxes ​ 193,905 ​ (45,638) ​ (86,444) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (32,424) ​ 21,590 ​ 14,845 ​ State and local ​ (22,320) ​ 259 ​ 4,450 ​ Foreign ​ 1,794 ​ 3,604 ​ (31,355) ​ Total deferred taxes ​ (52,950) ​ 25,453 ​ (12,060) ​ Income tax expense (benefit) ​ $ 140,955 ​ $ (20,185) ​ $ (98,504) ​
Reconciliations of the federal statutory tax rate to the effective tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, 2022 July 3, 2021 June 27, 2020 U.S. federal statutory rate 21.0 % ​ 21.0 % ​ 21.0 % State and local income taxes, net of federal benefit 1.1 ​ ​ (2.2) ​ ​ 4.6 ​ Tax on foreign income, net of valuation allowances (1.7) ​ ​ (10.7) ​ ​ 5.0 ​ Establishment/release of valuation allowances, net of U.S. tax expense (5.8) ​ ​ 2.1 ​ ​ (28.5) ​ Change in unrecognized tax benefit reserves (0.6) ​ ​ 14.3 ​ ​ 20.1 ​ Tax audit settlements 0.2 ​ ​ 0.4 ​ ​ (5.6) ​ Impact of surrender of Company owned life insurance policies ​ 1.4 ​ ​ — ​ ​ — ​ Impact of the CARES Act ​ — ​ ​ (8.4) ​ ​ 10.2 ​ Impairments of investments, goodwill and long-lived assets ​ — ​ ​ (22.4) ​ ​ 56.5 ​ Other, net 1.3 ​ ​ (5.8) ​ ​ (7.3) ​ Effective tax rate 16.9 % ​ (11.7) % ​ 76.0 %
Components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, ​ ​ 2022 ​ 2021 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 226,072 ​ $ 282,882 ​ Depreciation and amortization ​ ​ 11,525 ​ ​ 17,333 ​ Inventories valuation ​ ​ 29,798 ​ ​ 25,336 ​ Operating lease liabilities ​ 56,256 ​ 69,759 ​ Receivables valuation ​ ​ 18,321 ​ ​ 13,757 ​ Interest deductions ​ ​ 29,358 ​ ​ 35,516 ​ Various accrued liabilities and other ​ 47,717 ​ 26,566 ​ ​ ​ 419,047 ​ 471,149 ​ Less — valuation allowances ​ (207,889) ​ (293,569) ​ ​ ​ 211,158 ​ 177,580 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (54,632) ​ (68,135) ​ Net deferred tax assets ​ $ 156,526 ​ $ 109,445 ​
Reconciliation of the beginning and ending liability balances for unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, 2022 July 3, 2021 ​ ​ (Thousands) Balance at beginning of year ​ $ 118,660 ​ $ 96,292 ​ Additions for tax positions taken in prior periods ​ 3,569 ​ 36,452 ​ Reductions for tax positions taken in prior periods ​ (4,075) ​ (4,880) ​ Reductions related to tax rate change ​ ​ — ​ ​ (200) ​ Additions for tax positions taken in current period ​ 1,269 ​ 4,030 ​ Reductions related to settlements with taxing authorities ​ (1,660) ​ (711) ​ Reductions related to the lapse of applicable statutes of limitations ​ (3,883) ​ (15,713) ​ Adjustments related to foreign currency translation ​ (4,595) ​ 3,390 ​ Balance at end of year ​ $ 109,285 ​ $ 118,660 ​
Years remaining subject to audit, by major jurisdiction	​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2016 - 2022 ​ Taiwan 2017 - 2022 ​ Hong Kong 2016 - 2022 ​ Germany ​ 2016 - 2022 ​ Singapore 2018 - 2022 ​ Belgium 2020 - 2022 ​ United Kingdom ​ 2020 - 2022 ​ Canada ​ 2016 - 2022 ​

Pension and retirement plans (T

Pension and retirement plans (Tables)	12 Months Ended
	Jul. 02, 2022
Pension and retirement plan
Table outlining changes in benefit obligations, plan assets and the funded status of the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, ​ ​ 2022 ​ 2021 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 762,708 ​ $ 790,179 ​ Service cost ​ 15,007 ​ 15,751 ​ Interest cost ​ 15,787 ​ 15,904 ​ Actuarial gain ​ (138,899) ​ (12,397) ​ Benefits paid ​ (40,244) ​ (46,729) ​ Benefit obligations at end of year ​ $ 614,359 ​ $ 762,708 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 772,279 ​ $ 707,800 ​ Actual return on plan assets ​ (107,141) ​ 95,208 ​ Benefits paid ​ (40,244) ​ (46,729) ​ Contributions ​ 14,000 ​ 16,000 ​ Fair value of plan assets at end of year ​ $ 638,894 ​ $ 772,279 ​ Funded status of the plan recognized as a non-current asset ​ $ 24,535 ​ $ 9,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 178,984 ​ $ 177,949 ​ Unamortized prior service cost ​ 27 ​ 31 ​ ​ ​ $ 179,011 ​ $ 177,980 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial loss (gain) ​ $ 17,378 ​ $ (57,924) ​ Amortization of net actuarial losses ​ (16,343) ​ (20,604) ​ Amortization of prior service costs ​ (4) ​ (301) ​ ​ ​ $ 1,031 ​ $ (78,829) ​
Weighted average assumptions used to calculate actuarial present values of benefit obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Discount rate ​ 4.8 % ​ 2.8 %
Weighted average assumptions used to determine net benefit costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Discount rate ​ 2.5 % ​ 2.4 % Expected return on plan assets ​ 7.0 % ​ 7.4 % Rate of compensation increase ​ 3.5 % ​ 3.5 % Interest crediting rate ​ 4.0 % ​ 4.0 %
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Service cost ​ $ 15,007 ​ $ 15,751 ​ $ 15,145 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 15,007 ​ ​ 15,751 ​ ​ 15,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 15,787 ​ 15,904 ​ 22,552 Expected return on plan assets ​ (49,135) ​ (49,681) ​ (50,671) Amortization of prior service cost ​ 4 ​ 301 ​ 2,137 Recognized net actuarial loss ​ 16,343 ​ 20,604 ​ 14,629 Total net periodic pension benefit within other expense, net ​ ​ (17,001) ​ ​ (12,872) ​ ​ (11,353) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost ​ $ (1,994) ​ $ 2,879 ​ $ 3,792 ​
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): ​ ​ ​ ​ 2023 $ 60,539 ​ 2024 44,626 ​ 2025 47,037 ​ 2026 47,643 ​ 2027 50,275 ​ 2028 through 2032 250,819 ​
Plan's assets allocation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Equity securities 75 % ​ 69 % Fixed income debt securities 24 % ​ 29 % Cash and cash equivalents 1 % ​ 2 %
Fair value of Plan investments	The following table sets forth the fair value of the Plan’s investments as of July 2, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 5,283 ​ $ — ​ $ — ​ $ — ​ $ 5,283 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 219,407 ​ 219,407 ​ Real estate ​ — ​ — ​ — ​ 149,975 ​ 149,975 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 109,253 ​ 109,253 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 122,912 ​ 122,912 ​ Corporate ​ — ​ — ​ — ​ 32,064 ​ 32,064 ​ Total ​ $ 5,283 ​ $ — ​ $ — ​ $ 633,611 ​ $ 638,894 ​ ​ 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 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 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jul. 02, 2022
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 2, ​ July 3, ​ ​ ​ 2022 2021 ​ Operating lease cost ​ $ 68,664 ​ $ 74,003 ​ Variable lease cost ​ ​ 25,737 ​ ​ 21,305 ​ Total lease cost ​ $ 94,401 ​ $ 95,308 ​
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 2, ​ July 3, ​ ​ ​ 2022 2021 ​ Operating lease cost ​ $ 68,664 ​ $ 74,003 ​ Variable lease cost ​ ​ 25,737 ​ ​ 21,305 ​ Total lease cost ​ $ 94,401 ​ $ 95,308 ​
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, ​ July 3, ​ ​ 2022 2021 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 8.8 ​ ​ 9.1 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 %
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, ​ July 3, ​ ​ 2022 2021 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 8.8 ​ ​ 9.1 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 %

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Jul. 02, 2022
Stock-based compensation
Summary of the assumptions used to estimate the fair value of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 Expected term (years) 6.0 ​ ​ 6.0 ​ ​ 6.0 Risk-free interest rate 0.9 % ​ 0.5 % ​ 1.6 % Weighted average volatility 32.1 % ​ 31.5 % ​ 23.7 % Dividend yield 2.4 % ​ 2.8 % ​ 2.3 %
Summary of the changes in outstanding options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted Average ​ ​ ​ ​ Average ​ Remaining ​ ​ Shares ​ Exercise Price ​ Contractual Life Outstanding at July 3, 2021 1,125,431 ​ $ 37.15 78 Months ​ Granted 361,308 ​ 39.62 110 Months ​ Exercised (142,498) ​ 39.78 8 Months ​ Forfeited or expired (39,105) ​ 42.81 37 Months ​ Outstanding at July 2, 2022 1,305,136 ​ $ 37.38 85 Months ​ Exercisable at July 2, 2022 516,939 ​ $ 39.28 62 Months ​
Summary of the changes in non-vested stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ Shares ​ Fair Value Non-vested stock options at July 3, 2021 649,109 ​ $ 7.17 ​ Granted 361,308 ​ ​ 9.45 ​ Vested (215,132) ​ 7.61 ​ Forfeited (7,088) ​ 8.25 ​ Non-vested stock options at July 2, 2022 788,197 ​ $ 8.09 ​
Summary of the changes in non-vested restricted incentive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at July 3, 2021 1,338,035 ​ $ 32.80 ​ Granted 822,936 ​ 37.68 ​ Vested (761,407) ​ 34.91 ​ Forfeited (86,382) ​ ​ 32.18 ​ Non-vested restricted stock units at July 2, 2022 1,313,182 ​ $ 32.92 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Jul. 02, 2022
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 692,379 ​ $ 193,114 ​ $ (31,081) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 98,662 ​ 99,258 ​ 100,474 Net effect of dilutive stock-based compensation awards ​ 1,157 ​ 910 ​ — Weighted average common shares for diluted earnings per share ​ 99,819 ​ 100,168 ​ 100,474 Basic earnings (loss) per share ​ $ 7.02 ​ $ 1.95 ​ $ (0.31) Diluted earnings (loss) per share ​ $ 6.94 ​ $ 1.93 ​ $ (0.31) Stock options excluded from earnings per share calculation due to anti-dilutive effect ​ ​ 230 ​ ​ 700 ​ ​ 1,431

Additional cash flow informat_2

Additional cash flow information (Tables)	12 Months Ended
	Jul. 02, 2022
Additional cash flow information
Noncash and other reconciling items within operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Thousands) Provision for credit losses ​ $ 30,788 ​ $ 15,842 ​ $ 12,111 ​ Periodic pension (benefit) cost ​ (3,449) ​ 5,392 ​ 4,246 ​ Other, net ​ 6,777 ​ 1,278 ​ 14,986 ​ Total ​ $ 34,116 ​ $ 22,512 ​ $ 31,343 ​
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 2, July 3, June 27, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 20,275 ​ $ 7,131 ​ $ 9,009 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ $ 8,955 ​ $ — ​ $ — ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 112,327 ​ $ 98,509 ​ $ 137,995 ​ Income tax net payments ​ ​ 6,892 ​ ​ 83,387 ​ ​ 25,116 ​ ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Jul. 02, 2022
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 22,503.3 ​ $ 18,030.5 ​ $ 16,340.1 ​ Farnell ​ ​ 1,807.4 ​ ​ 1,504.2 ​ ​ 1,294.2 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 872.0 ​ $ 454.8 ​ $ 349.1 ​ Farnell ​ 242.5 ​ 86.9 ​ 75.5 ​ ​ ​ 1,114.5 ​ 541.7 ​ 424.6 ​ Corporate ​ (128.9) ​ (134.7) ​ (121.6) ​ Restructuring, integration and other expenses ​ (5.3) ​ (84.4) ​ (81.9) ​ Goodwill and long-lived asset impairment expense ​ ​ — ​ ​ — ​ ​ (144.1) ​ Russian-Ukraine conflict related expenses ​ ​ (26.3) ​ ​ — ​ ​ — ​ Amortization of acquired intangible assets and other ​ (15.0) ​ (41.2) ​ (81.6) ​ ​ ​ $ 939.0 ​ $ 281.4 ​ $ (4.6) ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 8,863.4 ​ $ 6,950.0 ​ $ 6,096.7 ​ Farnell ​ 1,371.1 ​ 1,468.3 ​ 1,472.1 ​ Corporate ​ 154.0 ​ ​ 507.1 ​ ​ 536.4 ​ ​ ​ $ 10,388.5 ​ $ 8,925.4 ​ $ 8,105.2 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 25.7 ​ $ 21.8 ​ $ 46.3 ​ Farnell ​ 23.1 ​ 26.1 ​ 19.6 ​ Corporate ​ 0.1 ​ 2.5 ​ 7.6 ​ ​ ​ $ 48.9 ​ $ 50.4 ​ $ 73.5 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 67.7 ​ $ 73.4 ​ $ 88.4 ​ Farnell ​ 31.3 ​ 53.9 ​ 88.5 ​ Corporate ​ 3.3 ​ 4.6 ​ 5.3 ​ ​ ​ $ 102.3 ​ $ 131.9 ​ $ 182.2 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 5,896.0 ​ $ 4,662.5 ​ $ 4,755.3 ​ EMEA (2) ​ 7,838.1 ​ 6,149.9 ​ 5,753.4 ​ Asia (3) ​ 10,576.6 ​ 8,722.3 ​ 7,125.6 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 115.4 ​ $ 146.0 ​ $ 183.9 ​ EMEA (5) ​ 170.1 ​ 185.8 ​ 183.4 ​ Asia ​ 29.7 ​ 36.7 ​ 37.3 ​ ​ ​ $ 315.2 ​ $ 368.5 ​ $ 404.6 ​ (1) Includes sales in the United States of $5.48 billion, $ 4.35 billion, and $4.46 billion for fiscal 2022, 2021, and 2020, respectively. (2) Includes sales in Germany and Belgium of $ 3.16 billion and $1.37 billion, respectively, for fiscal 2022. 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. (3) Includes sales of $4.64 billion, $3.38 billion, and $1.32 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2022. 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. (4) Includes property, plant and equipment, net, of $112.4 million, $ 142.7 million, and $ 179.4 million in the United States for fiscal 2022, 2021, and 2020, respectively. (5) Includes property, plant and equipment, net, of $67.6 million, $ 79.8 million, and $16.7 million in Germany, the UK, and Belgium, respectively, for fiscal 2022. Fiscal 2021 includes property, plant and equipment, net, of $ 77.9 million, $83.5 million, and $ 20.9 million in Germany, the UK, and Belgium, respectively. 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.
Table of the Company's major product categories and the related sales for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 2, July 3, June 27, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (Millions) Semiconductors ​ $ 18,380.2 ​ $ 14,722.8 ​ $ 13,440.3 ​ Interconnect, passive & electromechanical (IP&E) ​ 4,639.1 ​ 3,649.0 ​ 3,146.0 ​ Computers ​ ​ 663.2 ​ ​ 640.6 ​ ​ 572.0 ​ Other ​ 628.2 ​ 522.3 ​ 476.0 ​ ​ ​ $ 24,310.7 ​ $ 19,534.7 ​ $ 17,634.3 ​

Restructuring expenses (Tables)

Restructuring expenses (Tables)	12 Months Ended
	Jul. 02, 2022
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 ​ (23,848) ​ ​ (2,531) ​ ​ (26,379) Changes in estimates, net ​ ​ (4,142) ​ ​ 816 ​ ​ (3,326) Other, principally foreign currency translation ​ (870) ​ ​ (202) ​ ​ (1,072) Balance at July 2, 2022 ​ $ 6,239 ​ $ 2,946 ​ $ 9,185

Summary of significant accoun_3

Summary of significant accounting policies - Receivables (Details) - ASU 2019-04 - Cumulative Effect, Adjustment $ in Millions	Jun. 28, 2020 USD ($)
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 ($)	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Property, Plant and Equipment [Line Items]
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	16 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1	$ 5,400,000	$ 3,800,000
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	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses	$ 113,902	$ 88,160	$ 65,018
ASU 2016-13 | Cumulative Effect, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Allowance for credit losses		$ 17,205

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) - USD ($)	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
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 | Other Current Assets
Derivative fair value
Derivative assets fair value	$ 24,907,000	$ 15,722,000
Not Designated as Hedging Instrument | Foreign Exchange Forward | Accrued Expenses
Derivative fair value
Derivative liabilities fair value	$ 29,663,000	$ 23,994,000

Derivative financial instrume_4

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Derivative financial instruments
Net derivative financial instrument loss	$ (37,336)	$ (21,605)	$ 12,739

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (370,612)	$ (46,473)	$ (199,151)
Accumulated pension liability adjustments, net of income taxes	(110,636)	(107,274)	(189,229)
Total accumulated other comprehensive loss	$ (481,248)	$ (153,747)	$ (388,380)

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020	May 28, 2022
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program				$ 600,000
Shares repurchased during period (in shares)	4.7
Cost of repurchase	$ 193,300
Remaining authorized repurchase amount	$ 531,300
Cash dividends paid per common share	$ 1	$ 0.85	$ 0.84
Dividends paid on common stock	$ 98,490	$ 84,309	$ 83,975

Receivables and Russian-Ukrai_3

Receivables and Russian-Ukraine conflict related expenses (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Receivables and Russian-Ukraine conflict related expenses
Receivables	$ 4,414,904	$ 3,664,290
Allowance for Credit Losses	$ (113,902)	$ (88,160)	$ (65,018)

Receivables and Russian-Ukrai_4

Receivables and Russian-Ukraine conflict related expenses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 88,160	$ 65,018
Credit Loss Provisions	31,489	18,429
Russian-Ukraine conflict Credit Loss Provisions	17,202
Credit Loss Recoveries	(702)	(2,587)
Receivables Write offs	(15,233)	(6,240)
Foreign Currency Effect and Other	(7,014)	(3,665)
Receivables, Allowance for Credit Loss, Ending Balance	113,902	88,160
Russian-Ukraine conflict related expenses	26,261
Product write downs and other costs associated with the Russia-Ukraine conflict	9,100
ASU 2016-13 | Cumulative Effect, Adjustment
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 17,205
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. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,326,351	$ 1,341,186
Accumulated depreciation	(1,038,335)	(999,885)
Total Property, plant and equipment, net	315,204	368,452	$ 404,600
Depreciable property, plant and equipment, net	288,016	341,301
Land	21,408	22,778
Construction in progress	5,780	4,373
Depreciation and amortization expense	87,367	90,884	$ 101,100
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	114,622	121,662
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	249,053	260,342
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	842,759	835,374
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 119,917	$ 123,808

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Carrying amount of goodwill, by reportable segment
Carrying value	$ 838,105
Foreign currency translation	(79,272)
Carrying value	758,833
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	310,582
Foreign currency translation	(19,056)
Carrying value	291,526
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	527,523
Foreign currency translation	(60,216)
Carrying value	$ 467,307

Goodwill and intangible asset_3

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 03, 2021	Jul. 02, 2022
Finite-Lived Intangible Assets [Line Items]
Acquired amount	$ 439,409	$ 394,452
Accumulated Amortization	(410,870)	(381,801)
Net Book Value	28,539	12,651
Intangible asset impairment	17,473
Customer Related [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired amount	324,416	292,163
Accumulated Amortization	(312,392)	(283,006)
Net Book Value	12,024	9,157
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired amount	57,184	50,655
Accumulated Amortization	(45,019)	(47,961)
Net Book Value	12,165	2,694
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired amount	57,809	51,634
Accumulated Amortization	(53,459)	(50,834)
Net Book Value	$ 4,350	$ 800

Goodwill and intangible asset_4

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Goodwill and intangible assets
Intangible asset amortization expense	$ 14,959	$ 41,033	$ 81,139
Investment impairment		$ 15,200

Goodwill and intangible asset_5

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Fiscal Year:
2023	$ 6,181
2024	3,159
2025	1,472
2026	1,471
2027	368
Net Book Value	$ 12,651	$ 28,539

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Components of short-term debt
Short-term debt	$ 174,422	$ 23,078
Accounts receivable securitization program
Components of short-term debt
stated interest rate	2.55%
Other Short Term Debt And Accounts receivable securitization program
Components of short-term debt
stated interest rate	2.09%	1.24%
Short-term debt	$ 174,422	$ 23,078
4.875% Notes due December 1, 2022
Components of short-term debt
stated interest rate	4.88%
Debt instrument face amount	$ 350,000
Debt redeemed	$ 354,300

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 1,447,948	$ 1,201,185
Discount and debt issuance costs - unamortized	(10,548)	(9,856)
Long-term debt	1,437,400	1,191,329
Accounts receivable securitization program
Debt Instrument [Line Items]
Accounts Receivable Securitization Program Maximum Borrowing Amount	$ 450,000
Long-term debt, stated interest rate	2.55%
Long-term debt before discount and debt issuance costs	$ 297,800	$ 22,900
4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%
Notes Due June 2032
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.50%
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	0%	1.22%
Long-term debt before discount and debt issuance costs	$ 148	$ 1,185
Notes due | 4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate		4.88%
Long-term debt before discount and debt issuance costs		$ 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%	3%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due | Notes Due June 2032
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.50%
Long-term debt before discount and debt issuance costs	$ 300,000

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Debt Instrument [Line Items]
Debt Instrument Carrying Amount Noncurrent	$ 1,447,948	$ 1,201,185
Company's total debt
Debt, Long-term and Short-term, Combined Amount	1,611,822	1,210,000
Total fair value	1,550,000	1,300,000
4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
Debt instrument face amount	$ 350,000
stated interest rate	4.88%
Notes Due June 2032
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000
stated interest rate	5.50%
Accounts receivable securitization program
Debt Instrument [Line Items]
stated interest rate	2.55%
Term	2 years
Accounts Receivable Securitization Program Maximum Borrowing Amount	$ 450,000
Accounts Receivable from Securitization	1,120,000	717,400
Debt Instrument Carrying Amount Noncurrent	297,800	22,900
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	1,200	$ 1,300
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000
Notes due | 4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
stated interest rate		4.88%
Debt Instrument Carrying Amount Noncurrent		$ 350,000
Notes due | Notes Due June 2032
Debt Instrument [Line Items]
stated interest rate	5.50%
Debt Instrument Carrying Amount Noncurrent	$ 300,000

Debt (Maturity Schedule) (Detai

Debt (Maturity Schedule) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Debt
2023	$ 174,422
2024	297,948
2026	550,000
Thereafter	600,000
Subtotal	1,622,370
Discount on debt issuance costs - unamortized	(10,548)
Total debt	$ 1,611,822	$ 1,210,000

Accrued expenses and other (Det

Accrued expenses and other (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Accrued expenses and other
Accrued salaries and benefits	$ 242,898	$ 253,586
Accrued operating costs	202,885	179,213
Accrued interest and banking costs	38,394	32,985
Accrued restructuring costs	9,185	39,962
Accrued income taxes	24,831
Accrued property, plant and equipment	20,275	7,131
Accrued other	52,552	59,580
Total accrued expenses and other	$ 591,020	$ 572,457

Income taxes (Provision for Inc

Income taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Current:
Federal	$ 58,512	$ (62,445)	$ (127,250)
State and Local	8,871	(4,723)	17,990
Foreign	126,522	21,530	22,816
Total current taxes	193,905	(45,638)	(86,444)
Deferred:
Federal	(32,424)	21,590	14,845
State and Local	(22,320)	259	4,450
Foreign	1,794	3,604	(31,355)
Total deferred taxes	(52,950)	25,453	(12,060)
Income tax (benefit) expense	$ 140,955	$ (20,185)	$ (98,504)

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Income taxes
U.S. federal statutory rate	21%	21%	21%
Effective tax rate	16.90%	(11.70%)	76%
Income tax receivable CARES Act	$ 56.1

Income taxes (Effective Tax Rat

Income taxes (Effective Tax Rate) (Details)	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Reconciliation between federal statutory tax rate and effective tax rate
U.S. federal statutory rate	21%	21%	21%
State and local income taxes, net of federal benefit	1.10%	(2.20%)	4.60%
Tax on foreign income, net of valuation allowances	(1.70%)	(10.70%)	5%
Establishment/release of valuation allowance, net of U.S. tax expense	(5.80%)	2.10%	(28.50%)
Change in unrecognized tax benefit reserves	(0.60%)	14.30%	20.10%
Tax audit settlements	0.20%	0.40%	(5.60%)
Impact of surrender of Company owned life insurance policies	1.40%
Impact of the CARES Act		(8.40%)	10.20%
Impairment of investments, including goodwill		(22.40%)	56.50%
Other, net	1.30%	(5.80%)	(7.30%)
Effective Income Tax Rate	16.90%	(11.70%)	76%

Income taxes (Deferred Assets a

Income taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 226,072	$ 282,882
Depreciation and amortization	11,525	17,333
Inventories valuation	29,798	25,336
Operating lease liabilities	56,256	69,759
Receivables valuation	18,321	13,757
Deferred Tax Asset Interest Deductions	29,358	35,516
Various accrued liabilities and other	47,717	26,566
Deferred tax assets, gross	419,047	471,149
Less - valuation allowance	(207,889)	(293,569)
Deferred tax assets, net	211,158	177,580
Deferred tax liabilities:
Operating lease assets	(54,632)	(68,135)
Net deferred tax assets	$ 156,526	$ 109,445

Income taxes (Unrecognized Tax

Income taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 118,660	$ 96,292
Additions for tax positions taken in prior periods	3,569	36,452
Reductions for tax positions taken in prior periods	(4,075)	(4,880)
Reductions related to tax rate change		(200)
Additions for tax positions taken in current period	1,269	4,030
Reductions related to settlements with taxing authorities	(1,660)	(711)
Reductions related to the lapse of applicable statutes of limitations	(3,883)	(15,713)
Adjustments related to foreign currency translation	(4,595)
Adjustments related to foreign currency translation		3,390
Balance at end of year	$ 109,285	$ 118,660

Income taxes - Textuals (Detail

Income taxes - Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Income taxes
Loss before income taxes, Domestic	$ 197,100	$ (89,400)	$ (254,800)
Income before income taxes, Foreign	$ 636,300	$ 262,300	$ 125,200
Effective tax rate	16.90%	(11.70%)	76%
Deferred tax assets	$ 211,158	$ 177,580
Increase in valuation allowance due to changing foreign exchange rates	20,500
Decrease in valuation allowance due to current year activity in the United States	65,200
Net operating loss carry forward	1,180,000
Operating loss carry forward, subject to expiration	11,000
Deferred tax assets operating loss carry forwards expiring in next three years and after	281,900
Operating loss carry forward, not subject to expiration	888,600
Unrecognized tax benefits including interest and penalties	134,600
Accrued interest expense and penalties	25,300	$ 26,400
Tax contingencies settled	14,500
Expected cash payment for settlement	$ 1,100

Pension and retirement plans (P

Pension and retirement plans (Pension Plans) (Details) $ in Thousands		12 Months Ended
	Jul. 03, 2022 USD ($)	Jul. 02, 2022 USD ($) item	Jul. 03, 2021 USD ($)	Jun. 27, 2020 USD ($)
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	$ 614,359	$ 762,708	$ 790,179
Service cost		15,007	15,751	$ 15,145
Interest cost		15,787	15,904	22,552
Actuarial gain		(138,899)	(12,397)
Benefits paid		(40,244)	(46,729)
Benefit obligations at end of year		614,359	762,708	790,179
Change in plan assets:
Fair value of plan assets at beginning of year	$ 638,894	772,279	707,800
Actual return on plan assets		(107,141)	95,208
Benefits paid		(40,244)	(46,729)
Contributions		14,000	16,000
Fair value of plan assets at end of year		638,894	772,279	$ 707,800
Funded status of the plan recognized as a non-current asset		24,535	9,571
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		178,984	177,949
Unamortized prior service cost		27	31
Amount recognized in accumulated other comprehensive income		179,011	177,980
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss		17,378	(57,924)
Amortization of net actuarial losses		(16,343)	(20,604)
Amortization of prior service costs		(4)	(301)
Other changes in plan assets and benefit obligations recognized in other comprehensive income		1,031	$ (78,829)
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		$ 2,800
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		4.80%	2.80%
Weighted average assumptions used to determine net benefit costs
Discount rate		2.50%	2.40%
Expected return on plan assets	7%	7%	7.40%
Rate of compensation increase		3.50%	3.50%
Interest crediting rate		4%	4%

Pension and retirement plans _2

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020	Jul. 01, 2023
Components of net periodic pension costs
Service cost	$ 15,007	$ 15,751	$ 15,145
Interest cost	15,787	15,904	22,552
Expected return on plan assets	(49,135)	(49,681)	(50,671)
Amortization of prior service cost	4	301	2,137
Recognized net actuarial loss	16,343	20,604	14,629
Net periodic pension (benefit) cost	(1,994)	2,879	3,792
Contributions	14,000	16,000
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension (benefit) cost	15,007	15,751	15,145
Other Income, net
Components of net periodic pension costs
Net periodic pension (benefit) cost	$ (17,001)	$ (12,872)	$ (11,353)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Forecast
Components of net periodic pension costs
Estimated future employer pension plan contributions				$ 8,000

Pension and retirement plans (B

Pension and retirement plans (Benefit Payments) (Details) $ in Thousands	Jul. 02, 2022 USD ($)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2023	$ 60,539
2024	44,626
2025	47,037
2026	47,643
2027	50,275
2028 through 2032	$ 250,819

Pension and retirement plans _3

Pension and retirement plans (Plan Asset Allocations) (Details)		12 Months Ended
	Jul. 03, 2022	Jul. 02, 2022	Jul. 03, 2021
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7%	7%	7.40%
Return seeking investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		75%	69%
Target allocation percentage of investments return seeking investments		65%
Fixed Income:
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		24%	29%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		1%	2%

Pension and retirement plans (F

Pension and retirement plans (Fair Value) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 638,894	$ 772,279	$ 707,800
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,283	16,655
Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	219,407	290,347
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	149,975	124,363
High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	109,253	117,722
U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	122,912	186,279
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	32,064	36,913
Level 1 | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,283	16,655
Level 1 | Recurring | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,283	16,655
Net Asset Value | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	633,611	755,624
Net Asset Value | Recurring | Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	219,407	290,347
Net Asset Value | Recurring | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	149,975	124,363
Net Asset Value | Recurring | High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	109,253	117,722
Net Asset Value | Recurring | U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	122,912	186,279
Net Asset Value | Recurring | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 32,064	$ 36,913

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Lease Cost
Operating lease cost	$ 68,664	$ 74,003
Variable lease cost	25,737	21,305
Total lease cost	$ 94,401	$ 95,308
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	16 years

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Jul. 02, 2022 USD ($)
Leases [Abstract]
2023	$ 60,986
2024	46,452
2025	35,821
2026	29,433
2026	19,445
Thereafter	112,046
Total future operating lease payments	304,183
Total imputed interest on operating lease liabilities	(50,236)
Total operating lease liabilities	$ 253,947

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Leases [Abstract]
Operating lease weighted-average remaining lease term	8 years 9 months 18 days	9 years 1 month 6 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 57,016	$ 59,587
Operating lease assets obtained from new operating lease liabilities	$ 28,014	$ 41,010

Stock-based compensation (Fair

Stock-based compensation (Fair Value Assumptions) (Details)	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Volatility assumption on the basis of Avnet's Stock
Expected term (years)	6 years	6 years	6 years
Risk-free interest rate	0.90%	0.50%	1.60%
Weighted average volatility	32.10%	31.50%	23.70%
Dividend yield	2.40%	2.80%	2.30%

Stock-based compensation (Optio

Stock-based compensation (Options Outstanding) (Details) - $ / shares	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Shares
Beginning balance	1,125,431
Granted	361,308
Exercised	(142,498)
Forfeited or expired	(39,105)
Ending balance	1,305,136	1,125,431
Exercisable at June 27, 2020	516,939
Weighted Average Exercise Price
Beginning balance	$ 37.15
Granted	39.62
Exercised	39.78
Forfeited or expired	42.81
Ending balance	37.38	$ 37.15
Exercisable at June 27, 2020	$ 39.28
Weighted Average Remaining Contractual Life
Granted	110 months
Exercised	8 months
Forfeited or expired	37 months
outstanding Balance	85 months	78 months
Exercisable	62 months

Stock-based compensation (Non v

Stock-based compensation (Non vested) (Details) - $ / shares	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Shares
Beginning balance	649,109
Granted	361,308
Vested	(215,132)
Forfeited	(7,088)
Ending balance	788,197	649,109
Weighted Average Grant-Date Fair Value
Beginning balance	$ 7.17
Granted	9.45	$ 6.37	$ 7.41
Vested	7.61
Forfeited	8.25
Ending balance	$ 8.09	$ 7.17
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. 02, 2022 $ / shares shares
Shares
Beginning balance | shares	1,338,035
Granted | shares	822,936
Vested | shares	(761,407)
Forfeited | shares	(86,382)
Ending balance | shares	1,313,182
Weighted Average Grant-Date Fair Value
Beginning balance | $ / shares	$ 32.80
Granted | $ / shares	37.68
Vested | $ / shares	34.91
Forfeited | $ / shares	32.18
Ending balance | $ / shares	$ 32.92

Stock-based compensation (Textu

Stock-based compensation (Textuals) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 36.7	$ 29.3	$ 26.8
Common stock of shares reserved for stock option and stock incentive plans	8,200,000
Stock options granted but not yet vested and vested but not yet exercised	1,305,136	1,125,431
Contractual life of stock option grants	10 years
Percentage vesting increment on each anniversary of the grant date	25%
Exercise price as a percentage of share fair market value at date of grant	100%
Granted	$ 9.45	$ 6.37	$ 7.41
Total fair value of shares vested	$ 4.6	$ 4.8	$ 7.9
Cash received from exercise of stock options	$ 5.7	4.9	0.9
Performance shares vesting range, minimum	0%
Performance shares vesting range, maximum	200%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3.6	0.4	2.9
Shares available for grant	1,300,000
Intrinsic values of share options outstanding	$ 7.2
Intrinsic values of share options exercisable	2.2
Total unrecognized compensation cost related to non vested awards	$ 1.4
Weighted average period for expected recognition of compensation cost	2 years 6 months
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	5,500,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 29.5	27.5	26.1
Total unrecognized compensation cost related to non vested awards	$ 20.1
Weighted average period for expected recognition of compensation cost	2 years 1 month 6 days
Fair value of shares vested	$ 26.6	25.8	24.8
Performance shares granted	822,936
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2	$ (0.2)	$ (3.8)
Shares available for grant	1,400,000
Vesting period	3 years
Performance shares granted	0	0	200,000

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jul. 03, 2021
Loss Contingency, Estimate [Abstract]
Estimate of possible loss	$ 14.7	$ 14.7

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Numerator:
Net income	$ 692,379	$ 193,114	$ (31,081)
Denominator:
Weighted average common shares for basic earnings per share	98,662	99,258	100,474
Net effect of dilutive stock based compensation awards	1,157	910
Weighted average common shares for diluted earnings per share	99,819	100,168	100,474
Basic earnings per share	$ 7.02	$ 1.95	$ (0.31)
Diluted earnings per share	$ 6.94	$ 1.93	$ (0.31)
Stock Options
Denominator:
antidilutive Securities	230	700	1,431

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Other non-cash and reconciling items
Provision for credit losses	$ 30,788	$ 15,842	$ 12,111
Periodic pension (benefit) cost	(3,449)	5,392	4,246
Other, net	6,777	1,278	14,986
Total	34,116	22,512	31,343
Interest and income taxes paid
Capital expenditures incurred but not paid	20,275	7,131	9,009
Unsettled share repurchases	8,955
Interest	112,327	98,509	137,995
Income tax net payments	$ 6,892	$ 83,387	$ 25,116

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Sales, by segment
Sales	$ 24,310,708	$ 19,534,679	$ 17,634,333
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	1,114,500	541,700	424,600
Restructuring, integration and other expenses	(5,272)	(84,391)	(81,870)
Goodwill and long-lived asset impairment expense			144,092
Amortization of acquired intangible assets and other	(15,000)	(41,200)	(81,600)
Operating income	939,011	281,408	(4,628)
Assets:
Assets	10,388,532	8,925,422	8,105,200
Capital expenditures:
Purchases of property, plant and equipment	48,900	50,363	73,516
Depreciation & amortization expense:
Depreciation and amortization expense	102,300	131,900	182,200
Corporate
Operating income (loss):
Corporate Overhead Expenses	(128,900)	(134,700)	(121,600)
Assets:
Assets	154,000	507,100	536,400
Capital expenditures:
Purchases of property, plant and equipment	100	2,500	7,600
Depreciation & amortization expense:
Depreciation and amortization expense	3,300	4,600	5,300
Electronic Components
Sales, by segment
Sales	22,503,300	18,030,500	16,340,100
Capital expenditures:
Purchases of property, plant and equipment	25,700	21,800	46,300
Depreciation & amortization expense:
Depreciation and amortization expense	67,700	73,400	88,400
Electronic Components | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	872,000	454,800	349,100
Assets:
Assets	8,863,400	6,950,000	6,096,700
Farnell
Sales, by segment
Sales	1,807,400	1,504,200	1,294,200
Capital expenditures:
Purchases of property, plant and equipment	23,100	26,100	19,600
Depreciation & amortization expense:
Depreciation and amortization expense	31,300	53,900	88,500
Farnell | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	242,500	86,900	75,500
Assets:
Assets	$ 1,371,100	$ 1,468,300	$ 1,472,100

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Sales, by geographic area:
Sales	$ 24,310,708	$ 19,534,679	$ 17,634,333
Americas
Sales, by geographic area:
Sales	5,896,000	4,662,500	4,755,300
United States
Sales, by geographic area:
Sales	5,480,000	4,350,000	4,460,000
EMEA
Sales, by geographic area:
Sales	7,838,100	6,149,900	5,753,400
Germany
Sales, by geographic area:
Sales	3,160,000	2,420,000	2,200,000
Belgium
Sales, by geographic area:
Sales	1,370,000	1,120,000	1,090,000
Asia
Sales, by geographic area:
Sales	10,576,600	8,722,300	7,125,600
Taiwan
Sales, by geographic area:
Sales	4,640,000	3,930,000	3,070,000
China (including Hong Kong)
Sales, by geographic area:
Sales	3,380,000	2,790,000	2,330,000
SINGAPORE
Sales, by geographic area:
Sales	$ 1,320,000	$ 1,040,000	$ 955,400

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 315,204	$ 368,452	$ 404,600
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	115,400	146,000	183,900
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	112,400	142,700	179,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	170,100	185,800	183,400
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	67,600	77,900	84,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	79,800	83,500	72,700
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	16,700	20,900	22,400
Asia
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 29,700	$ 36,700	$ 37,300

Segment information (Sales) (De

Segment information (Sales) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Sales by major product categories
Sales	$ 24,310,708	$ 19,534,679	$ 17,634,333
Semiconductors
Sales by major product categories
Sales	18,380,200	14,722,800	13,440,300
Interconnect, passive & electromechanical (IP&E)
Sales by major product categories
Sales	4,639,100	3,649,000	3,146,000
Computer Products
Sales by major product categories
Sales	663,200	640,600	572,000
Other
Sales by major product categories
Sales	$ 628,200	$ 522,300	$ 476,000

Restructuring expenses (Details

Restructuring expenses (Details) - Fiscal Year 2021 And Prior Restructuring Liabilities $ in Thousands	12 Months Ended
	Jul. 02, 2022 USD ($)
Activity related to the restructuring reserves
Beginning Balance	$ 39,962
Cash payments	(26,379)
Changes in estimates, net	(3,326)
Other, principally foreign currency translation	(1,072)
Ending Balance	9,185
Severance
Activity related to the restructuring reserves
Beginning Balance	35,099
Cash payments	(23,848)
Changes in estimates, net	(4,142)
Other, principally foreign currency translation	(870)
Ending Balance	6,239
Facility and Contract Exit Costs
Activity related to the restructuring reserves
Beginning Balance	4,863
Cash payments	(2,531)
Changes in estimates, net	816
Other, principally foreign currency translation	(202)
Ending Balance	$ 2,946

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Jul. 03, 2021
Fiscal Year 2021 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,185	$ 39,962

Valuation And Qualifying Acco_2

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 27, 2020
Charged to expense (income), Income from reduction in valuation allowance
Russian-Ukraine conflict Credit Loss Provisions	$ 17,202
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	88,160	$ 65,018	$ 53,499
Charged to Expense (Income)	47,990	15,842	12,111
Charged to Other Accounts		17,205
Deductions	(22,248)	(9,905)	(6,592)
Balance at End of Period	113,902	88,160	65,018
Allowance for Doubtful Accounts | Cumulative Effect, Adjusted Balance | ASU 2019-04
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	88,160
Balance at End of Period		88,160
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, Operating Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	293,569	283,721	231,463
Charged to Expense (Income)	(65,208)	21,357	50,018
Charged to Other Accounts	(20,472)	(11,509)	2,240
Balance at End of Period	$ 207,889	$ 293,569	$ 283,721