Avnet (AVT) 10-K 17 Aug 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Jul. 01, 2023	Aug. 11, 2023	Dec. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	Avnet, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,746,669,975
Entity Common Stock, Shares Outstanding		91,491,188
Auditor Name	KPMG LLP
Auditor Location	Phoenix, AZ
Auditor Firm ID	185
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--07-01
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Current assets:
Cash and cash equivalents	$ 288,230	$ 153,693
Receivables	4,763,788	4,301,002
Inventories	5,465,031	4,244,148
Prepaid and other current assets	233,804	177,783
Total current assets	10,750,853	8,876,626
Property, plant and equipment, net	441,557	315,204
Goodwill	780,629	758,833
Operating lease assets	221,698	227,138
Other assets	282,422	210,731
Total assets	12,477,159	10,388,532
Current liabilities:
Short-term debt	70,636	174,422
Accounts payable	3,373,820	3,431,683
Accrued expenses and other	753,130	591,020
Short-term operating lease liabilities	51,792	54,529
Total current liabilities	4,249,378	4,251,654
Long-term debt	2,988,029	1,437,400
Long-term operating lease liabilities	190,621	199,418
Other liabilities	297,462	307,300
Total liabilities	7,725,490	6,195,772
Commitments and contingencies (Note 13)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 91,504,053 shares and 95,701,630 shares, respectively	91,504	95,702
Additional paid-in capital	1,691,334	1,656,907
Retained earnings	3,378,212	2,921,399
Accumulated other comprehensive loss	(409,381)	(481,248)
Total shareholders' equity	4,751,669	4,192,760
Total liabilities and shareholders' equity	$ 12,477,159	$ 10,388,532

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 01, 2023	Jul. 02, 2022
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	91,504,053	95,701,630

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Income Statement [Abstract]
Sales	$ 26,536,881	$ 24,310,708	$ 19,534,679
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 23,354,738	$ 21,345,317	$ 17,294,049
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 3,182,143	$ 2,965,391	$ 2,240,630
Selling, general and administrative expenses	1,967,305	1,994,847	1,874,831
Russian-Ukraine conflict related expenses		26,261
Restructuring, integration and other expenses	28,038	5,272	84,391
Operating income	1,186,800	939,011	281,408
Other income (expense), net	9,908	(5,302)	(19,006)
Interest and other financing expenses, net	(250,869)	(100,375)	(89,473)
Gain on legal settlements and other	37,037
Income before taxes	982,876	833,334	172,929
Income tax expense (benefit)	212,048	140,955	(20,185)
Net income	$ 770,828	$ 692,379	$ 193,114
Earnings per share:
Basic	$ 8.37	$ 7.02	$ 1.95
Diluted	$ 8.26	$ 6.94	$ 1.93
Shares used to compute earnings per share:
Basic	92,043	98,662	99,258
Diluted	93,368	99,819	100,168
Cash dividends paid per common share	$ 1.16	$ 1	$ 0.85

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Net Income (Loss)	$ 770,828	$ 692,379	$ 193,114
Other comprehensive income (loss), net of tax:
Pension adjustments, net	30,230	(3,362)	81,955
Total comprehensive income, net of tax	842,695	364,878	427,747
Foreign Exchange Forward
Other comprehensive income (loss), net of tax:
Foreign currency translation and other	64,486	$ (324,139)	$ 152,678
Cross-Currency Swap
Other comprehensive income (loss), net of tax:
Foreign currency translation and other	$ (22,849)

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] Foreign Exchange Forward	AOCI Attributable to Parent [Member] Cross-Currency Swap	AOCI Attributable to Parent [Member]	Foreign Exchange Forward	Cross-Currency Swap	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 27, 2020	$ 98,793	$ 1,594,140	$ 2,421,845			$ (388,380)			$ 3,726,398
Shares issued Beginning Balance at Jun. 27, 2020	98,793,000
Net Income (Loss)			193,114						193,114
Foreign currency translation and other				$ 152,678			$ 152,678
Pension liability adjustments, 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
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
Foreign currency translation and other				(324,139)			(324,139)
Pension liability adjustments, 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
Net Income (Loss)			770,828						770,828
Foreign currency translation and other				$ 64,486	$ (22,849)		$ 64,486	$ (22,849)
Pension liability adjustments, net						(30,230)			(30,230)
Cash dividends			(106,325)						(106,325)
Repurchases of common stock	$ (5,085)		(207,690)						(212,775)
Repurchase of common stock (in shares)	(5,085,000)
Stock-based compensation	$ 887	34,427							$ 35,314
Stock-based compensation (in shares)	887,000
Shares issued Ending Balance at Jul. 01, 2023	91,504,000								91,504,053
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 01, 2023	$ 91,504	$ 1,691,334	$ 3,378,212			$ (409,381)			$ 4,751,669

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 8,146	$ 582	$ 2,483
Cash dividend paid per share	$ 1.16	$ 1	$ 0.85

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Cash flows from operating activities:
Net income	$ 770,828	$ 692,379	$ 193,114
Non-cash and other reconciling items:
Depreciation	82,565	87,367	90,884
Amortization	6,048	14,959	41,033
Amortization of Operating Lease Assets	54,392	52,881	56,782
Deferred income taxes	(37,060)	(52,513)	14,650
Stock-based compensation	38,781	36,738	29,339
Impairments			15,166
Other, net	52,142	34,116	22,512
Changes in (net of effects from businesses acquired and divested):
Receivables	(461,117)	(1,132,039)	(615,353)
Inventories	(1,173,124)	(1,218,871)	(409,075)
Accounts payable	(75,943)	1,131,225	620,973
Accrued expenses and other, net	28,785	134,448	30,924
Net cash flows (used for) provided by operating activities	(713,703)	(219,310)	90,949
Cash flows from financing activities:
Issuance of notes, net of discounts	498,615	299,973	297,660
Repayment of public notes		(354,336)	(305,077)
Borrowings under accounts receivable securitization, net	258,000	274,900	22,900
Borrowings (repayments) under senior unsecured credit facility, net	728,182		(231,680)
Borrowings (repayments) under bank credit facilities and other debt, net	(96,209)	235,047	(2,789)
Repurchases of common stock	(221,730)	(184,382)
Dividends paid on common stock	(106,325)	(98,490)	(84,309)
Other, net	(5,777)	(16,653)	(10,718)
Net cash flows provided by (used for) financing activities	1,054,756	156,059	(314,013)
Cash flows from investing activities:
Purchases of property, plant and equipment	(194,674)	(48,900)	(50,363)
Acquisitions of assets and businesses			(18,381)
Proceeds from liquidation of Company Owned Life Insurance Policies		90,384
Other, net	(16,877)	9,815	7,548
Net cash flows (used for) provided by investing activities	(211,551)	51,299	(61,196)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	5,035	(34,046)	6,913
Cash and cash equivalents:
increase (decrease)	134,537	(45,998)	(277,347)
Cash and cash equivalents at beginning of year	153,693	199,691	477,038
Cash and cash equivalents at end of year	$ 288,230	$ 153,693	$ 199,691

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Jul. 01, 2023
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 – Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value. Depreciation, amortization and useful lives internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use. 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 The Company determines if an arrangement contains a lease at inception. 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 an 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, which varies based on 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 differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value. 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 Gain on legal settlements — Concentration of credit risk Fair value Fair Value Measurements Investments Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries. Recently adopted accounting pronouncements

Derivative financial instrument

Derivative financial instruments	12 Months Ended
	Jul. 01, 2023
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. This 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 Company uses economic hedges to reduce this risk utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions through the use of derivative financial instruments (primarily forward foreign exchange contracts typically with maturities of less than 60 days, but no longer than one year). The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The fair value of forward foreign exchange contracts is based upon Level 2 criteria under the ASC 820 fair value hierarchy. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. 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. During the third quarter of fiscal 2023, the Company entered into a fixed-to-fixed rate cross currency swap (the “cross-currency swap”) with a notional amount of $500.0 million, or €472.6 million, that is set to mature in March 2028. The Company designated this derivative contract as a net investment hedge of its European operations and elected the spot method for measuring hedge effectiveness. Changes in fair value of the cross-currency swap is presented in “Accumulated other comprehensive loss” in the consolidated balance sheets. Amounts related to the cross-currency swap recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in Interest and other financing expenses, net, on the consolidated statements of operations. The fair value of the cross-currency swaps is based upon Level 2 criteria under the ASC 820 fair value hierarchy. The Company uses these derivative financial instruments to manage risks associated with foreign currency exchange rates and interest rates. 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 locations and fair values of the Company’s derivative financial instruments in the Company’s consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Economic hedges ​ ​ ​ ​ ​ ​ Prepaid and other current assets ​ $ 69,104 ​ $ 24,907 Accrued expenses and other ​ ​ 68,594 ​ ​ 29,663 Cross-currency swap ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 22,849 ​ ​ — ​ The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 1, July 2, July 3, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ (Thousands) Economic hedges Other expense, net ​ $ 40,454 ​ $ (37,336) ​ $ (21,605) Cross currency swap Interest and other financing expense, net ​ ​ 1,635 ​ ​ — ​ ​ — ​

Shareholders' equity

Shareholders' equity	12 Months Ended
	Jul. 01, 2023
Shareholders' equity
Shareholders' equity	3. Shareholders’ equity Accumulated comprehensive loss The following table includes the balances within “Accumulated other comprehensive loss”: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (328,975) ​ $ (370,612) ​ $ (46,473) ​ Accumulated pension liability adjustments, net of income taxes ​ (80,406) ​ (110,636) ​ (107,274) ​ Total accumulated other comprehensive loss ​ $ (409,381) ​ $ (481,248) ​ $ (153,747) ​ ​ Substantially all amounts reclassified out of “Accumulated comprehensive loss, net of tax”, to operating expenses during fiscal 2023, 2022, and 2021 related to net periodic pension costs as discussed further in Note 10. Share repurchase program During fiscal 2023, the Company repurchased 5.1 million shares under existing programs for a total cost of $212.8 million. As of July 1, 2023, the Company had $318.5 million remaining under its new share repurchase authorization. Common stock dividend During fiscal 2023, the Company paid dividends of $1.16 per common share and $106.3 million in total.

Receivables

Receivables	12 Months Ended
	Jul. 01, 2023
Receivables
Receivables	4. Receivables The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Receivables ​ $ 4,876,631 ​ $ 4,414,904 Allowance for Credit Losses ​ ​ (112,843) ​ ​ (113,902) The Company had the following activity in the allowance for credit losses during fiscal 2023 and fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Balance at beginning of the period ​ $ 113,902 ​ $ 88,160 Credit Loss Provisions ​ ​ 16,798 ​ ​ 31,489 Russian-Ukraine conflict Credit Loss Provisions ​ ​ — ​ ​ 17,202 Credit Loss Recoveries ​ ​ (931) ​ ​ (702) Receivables Write Offs ​ ​ (18,552) ​ ​ (15,233) Foreign Currency Effect and Other ​ ​ 1,626 ​ ​ (7,014) Balance at end of the period ​ $ 112,843 ​ $ 113,902 ​ During fiscal 2022, 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 were 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. 01, 2023
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 1, 2023 July 2, 2022 ​ ​ (Thousands) Buildings ​ $ 108,236 ​ $ 114,622 ​ Machinery, fixtures and equipment ​ 259,745 ​ 249,053 ​ Information technology hardware and software ​ 884,448 ​ 842,759 ​ Leasehold improvements ​ 137,745 ​ 119,917 ​ Depreciable property, plant and equipment, gross ​ 1,390,174 ​ 1,326,351 ​ Accumulated depreciation ​ (1,109,631) ​ (1,038,335) ​ Depreciable property, plant and equipment, net ​ 280,543 ​ 288,016 ​ Land ​ 22,036 ​ 21,408 ​ Construction in progress ​ 138,978 ​ 5,780 ​ Property, plant and equipment, net ​ $ 441,557 ​ $ 315,204 ​ ​ Depreciation expense related to property, plant, and equipment, was $82.6 million, $87.4 million and $90.9 million in fiscal 2023, 2022, and 2021, respectively. Interest expense capitalized during fiscal 2023, 2022, and 2021 was not material.

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Jul. 01, 2023
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 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at July 2, 2022 (1) ​ $ 291,526 ​ $ 467,307 ​ $ 758,833 Foreign currency translation ​ 5,303 ​ 16,493 ​ 21,796 Carrying value at July 1, 2023 (1) ​ $ 296,829 ​ $ 483,800 ​ $ 780,629 (1) Includes accumulated impairment of $1,482,677 from prior fiscal years. Intangible Assets The net book value of intangible assets was $6.5 million as of July 1, 2023, which is not material to the consolidated financial statements. Intangible asset amortization expense was $6.0 million, $15.0 million, and $41.0 million for fiscal 2023, 2022, and 2021, respectively.

Debt

Debt	12 Months Ended
	Jul. 01, 2023
Debt
Debt	7. Debt Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ ​ 2023 2022 2023 2022 ​ ​ ​ Interest Rate ​ Carrying Balance Other short-term debt ​ 5.08 % ​ 2.09 % ​ $ 70,636 ​ $ 174,422 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 70,636 ​ $ 174,422 ​ ​ Other short-term debt consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the ongoing working capital requirements of the Company, including its foreign operations. Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ ​ 2023 2022 2023 2022 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program (due December 2024) ​ 5.99 % ​ 2.55 % ​ $ 555,800 ​ $ 297,800 ​ Credit Facility (due August 2027) ​ 4.85 % ​ — ​ ​ ​ 796,552 ​ ​ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ 5.50 % ​ ​ 300,000 ​ ​ 300,000 ​ March 2028 ​ 6.25 % ​ — ​ ​ 500,000 ​ — ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 3,002,352 ​ 1,447,800 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (14,323) ​ (10,400) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,988,029 ​ $ 1,437,400 ​ ​ In December 2022, the Company amended and extended 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 $650.0 million, which was amended in May 2023 to increase the borrowing capacity to $700.0 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 $1.27 billion and $1.12 billion at July 1, 2023, and July 2, 2022, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. There were $555.8 million and $297.8 million borrowings outstanding under the Securitization Program as of July 1, 2023, and as of July 2, 2022, respectively. In 2022, the Company amended and extended its five-year $1.50 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in August 2027. 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. 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 a financial covenant requiring the Company to maintain a leverage ratio not to exceed a certain threshold, which the Company was in compliance with as of July 1, 2023. At July 1, 2023, and July 2, 2022, there were $0.9 million and $1.2 million, respectively, in letters of credit issued under the Credit Facility. In March 2023, the Company issued $500.0 million in aggregate principal amount of 6.250% Notes due 2028. The related discount and issuance costs will be amortized to interest expense over the term of the notes and are not considered material to the consolidated financial statements. Interest is payable semi-annually, in arrears, in March and September, commencing September 2023. ​ Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2024 $ 70,636 ​ 2025 ​ 555,800 ​ 2026 ​ 550,000 ​ 2027 ​ — ​ 2028 ​ 1,296,552 ​ Thereafter ​ 600,000 ​ Subtotal ​ 3,072,988 ​ Discount and debt issuance costs – unamortized ​ (14,323) ​ Total debt ​ $ 3,058,665 ​ ​ At July 1, 2023, the carrying value and fair value of the Company’s total debt was $3.06 billion and $2.98 billion, respectively. 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. Fair value for the public notes was estimated based upon quoted market prices (Level 1) 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 (Level 2).

Accrued expenses and other

Accrued expenses and other	12 Months Ended
	Jul. 01, 2023
Accrued expenses and other
Accrued expenses and other	8. Accrued expenses and other Accrued expenses and other consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 July 2, 2022 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 253,790 ​ $ 242,898 ​ Accrued operating costs ​ 203,083 ​ 202,885 ​ Accrued interest and banking costs ​ 86,162 ​ 38,394 ​ Accrued restructuring costs ​ 16,011 ​ 9,185 ​ Accrued income taxes ​ 93,521 ​ 24,831 ​ Accrued property, plant and equipment ​ ​ 28,771 ​ ​ 20,275 ​ Accrued other ​ 71,792 ​ 52,552 ​ Total accrued expenses and other ​ $ 753,130 ​ $ 591,020 ​ ​

Income taxes

Income taxes	12 Months Ended
	Jul. 01, 2023
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 1, 2023 July 2, 2022 July 3, 2021 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 64,224 ​ $ 58,512 ​ $ (62,445) ​ State and local ​ 7,865 ​ 8,871 ​ (4,723) ​ Foreign ​ 173,450 ​ 126,522 ​ 21,530 ​ Total current taxes ​ 245,539 ​ 193,905 ​ (45,638) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (15,422) ​ (32,424) ​ 21,590 ​ State and local ​ 2,606 ​ (22,320) ​ 259 ​ Foreign ​ (20,675) ​ 1,794 ​ 3,604 ​ Total deferred taxes ​ (33,491) ​ (52,950) ​ 25,453 ​ Income tax expense (benefit) ​ $ 212,048 ​ $ 140,955 ​ $ (20,185) ​ ​ 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 $250.8 million, $197.1 million and, $(89.4) million, in fiscal 2023, 2022, and 2021, respectively, and foreign income before income taxes was $732.1 million, $636.3 million, and $262.3 million, in fiscal 2023, 2022, and 2021, respectively. 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 1, 2023 July 2, 2022 July 3, 2021 U.S. federal statutory rate 21.0 % ​ 21.0 % ​ 21.0 % State and local income taxes, net of federal benefit 0.9 ​ ​ 1.1 ​ ​ (2.2) ​ Tax on foreign income, net of valuation allowances 0.5 ​ ​ (1.7) ​ ​ (10.7) ​ Establishment/release of valuation allowances, net of U.S. tax expense 0.5 ​ ​ (5.8) ​ ​ 2.1 ​ Change in unrecognized tax benefit reserves (0.5) ​ ​ (0.6) ​ ​ 14.3 ​ Tax audit settlements 0.3 ​ ​ 0.2 ​ ​ 0.4 ​ Impact of surrender of Company owned life insurance policies ​ — ​ ​ 1.4 ​ ​ — ​ Impact on foreign currency translation loss ​ (1.2) ​ ​ — ​ ​ — ​ Impact of the CARES Act ​ — ​ ​ — ​ ​ (8.4) ​ Impairments of investments ​ — ​ ​ — ​ ​ (22.4) ​ Other, net 0.1 ​ ​ 1.3 ​ ​ (5.8) ​ Effective tax rate 21.6 % ​ 16.9 % ​ (11.7) % ​ 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 21.6% in fiscal 2023 as compared with an effective tax rate of 16.9% on fiscal 2022 income before income taxes. Included in the fiscal 2023 effective tax rate are U.S. state taxes, tax expense related to the increase to valuation allowances against the deferred tax assets, the impact of mix of income in higher tax jurisdictions and the tax benefit arising from a foreign currency translation loss. 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 1, July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 211,719 ​ $ 226,072 ​ Depreciation and amortization ​ ​ 15,311 ​ ​ 11,525 ​ Inventories valuation ​ ​ 11,525 ​ ​ 29,798 ​ Operating lease liabilities ​ 56,424 ​ 56,256 ​ Receivables valuation ​ ​ 13,946 ​ ​ 18,321 ​ Interest deductions ​ ​ 39,175 ​ ​ 29,358 ​ Various accrued liabilities and other ​ 101,713 ​ 47,717 ​ ​ ​ 449,813 ​ 419,047 ​ Less — valuation allowances ​ (207,744) ​ (207,889) ​ ​ ​ 242,069 ​ 211,158 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (54,799) ​ (54,632) ​ Net deferred tax assets ​ $ 187,270 ​ $ 156,526 ​ ​ The change in valuation allowances in fiscal 2023 from fiscal 2022 was related to a $4.5 million increase resulting from current year activities, and a $4.7 million decrease resulting from changing foreign exchange rates. 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. As of July 1, 2023, the Company had net operating and capital loss carry-forwards of approximately $1.09 billion, of which $6.8 million will expire during fiscal 2024 and fiscal 2025, substantially all of which have full valuation allowances, $245.7 million have expiration dates ranging from fiscal 2026 to fiscal 2042, and the remaining $839.5 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 1, 2023, unrecognized tax benefits were $130.5 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $27.7 million and $25.3 million, net of applicable state tax benefits, as of the end of fiscal 2023 and 2022, respectively. Reconciliations of the beginning and ending liability balances for unrecognized tax benefits, excluding interest and penalties, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 July 2, 2022 ​ ​ (Thousands) Balance at beginning of year ​ $ 109,285 ​ $ 118,660 ​ Additions for tax positions taken in prior periods ​ 6,086 ​ 3,569 ​ Reductions for tax positions taken in prior periods ​ (3,485) ​ (4,075) ​ Additions for tax positions taken in current period ​ 7,523 ​ 1,269 ​ Reductions related to settlements with taxing authorities ​ (2,873) ​ (1,660) ​ Reductions related to the lapse of applicable statutes of limitations ​ (14,691) ​ (3,883) ​ Adjustments related to foreign currency translation ​ 996 ​ (4,595) ​ Balance at end of year ​ $ 102,841 ​ $ 109,285 ​ ​ 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 $32.2 million of these liabilities for unrecognized tax benefits will be settled by the expiration of the statutes of limitations or through settlements with the tax authorities. The expected cash payment related to the settlement of these contingencies is approximately $1.0 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 2017. The years remaining subject to audit, by major jurisdiction, are as follows: ​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2017,2019 - 2023 ​ Taiwan 2017 - 2023 ​ Hong Kong 2017 - 2023 ​ Germany ​ 2019 - 2023 ​ Singapore 2018 - 2023 ​ Belgium 2021 - 2023 ​ United Kingdom ​ 2021 - 2023 ​ Canada ​ 2017 - 2023 ​ ​

Pension and retirement plan

Pension and retirement plan	12 Months Ended
	Jul. 01, 2023
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 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, ​ ​ 2023 ​ 2022 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 614,359 ​ $ 762,708 ​ Service cost ​ 12,015 ​ 15,007 ​ Interest cost ​ 26,730 ​ 15,787 ​ Actuarial gain ​ (43,407) ​ (138,899) ​ Benefits paid ​ (21,785) ​ (40,244) ​ Settlements paid ​ ​ (116,511) ​ ​ — ​ Benefit obligations at end of year ​ $ 471,401 ​ $ 614,359 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 638,894 ​ $ 772,279 ​ Actual return on plan assets ​ (4,250) ​ (107,141) ​ Benefits paid ​ (21,785) ​ (40,244) ​ Settlements paid ​ ​ (116,511) ​ ​ — ​ Contributions ​ 8,000 ​ 14,000 ​ Fair value of plan assets at end of year ​ $ 504,348 ​ $ 638,894 ​ Funded status of the plan recognized as a non-current asset ​ $ 32,947 ​ $ 24,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 148,867 ​ $ 178,984 ​ Unamortized prior service cost ​ 23 ​ 27 ​ ​ ​ $ 148,890 ​ $ 179,011 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial loss ​ $ 9,702 ​ $ 17,378 ​ Amortization of net actuarial losses ​ (2,469) ​ (16,343) ​ Amortization of prior service costs ​ (4) ​ (4) ​ Net loss recognized due to benefit obligation settlement ​ ​ (37,350) ​ ​ — ​ ​ ​ $ (30,121) ​ $ 1,031 ​ ​ Included in “Accumulated other comprehensive loss” at July 1, 2023, is an expense of $148.9 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $0.2 million is expected to be recognized as a component of net periodic pension cost during fiscal 2024. In June 2023, the Company settled a portion of its pension liability related to certain retirees and terminated vested employees in the Company’s U.S. pension plan through the transfer of the benefit obligation to a third-party insurance company. This transfer of the benefit obligation triggered settlement accounting which required immediate recognition of a portion of the accumulated losses associated with the transferred benefit obligations. Consequently, the Company recognized non-cash settlement expense of $37.4 million in fiscal 2023, which is included in Gain on legal settlement and other on the Company’s consolidated statement of operations. The settlement resulted in a reduction to the projected benefit obligation and a corresponding decrease to plan assets. Assumptions used to calculate actuarial present values of benefit obligations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Discount rate ​ 5.4 % ​ 4.8 % ​ 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 1, 2023. The estimated discount rate in fiscal 2023 and fiscal 2022 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Discount rate ​ 4.6 % ​ 2.5 % Expected return on plan assets ​ 7.0 % ​ 7.0 % 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 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Service cost ​ $ 12,015 ​ $ 15,007 ​ $ 15,751 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 12,015 ​ ​ 15,007 ​ ​ 15,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 26,730 ​ 15,787 ​ 15,904 Expected return on plan assets ​ (48,860) ​ (49,135) ​ (49,681) Amortization of prior service cost ​ 4 ​ 4 ​ 301 Recognized net actuarial loss ​ 2,469 ​ 16,343 ​ 20,604 Net loss recognized due to benefit obligation settlement ​ ​ 37,350 ​ ​ — ​ ​ — Total net periodic pension benefit within other income (expense), net and gain on legal settlements and other ​ ​ 17,693 ​ ​ (17,001) ​ ​ (12,872) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost (benefit) ​ $ 29,708 ​ $ (1,994) ​ $ 2,879 ​ The Company made $8.0 million and $14.0 million of contributions in fiscal 2023 and fiscal 2022, respectively, and expects to make approximately $8.0 million of contributions in fiscal 2024. 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): ​ ​ ​ ​ 2024 $ 54,860 ​ 2025 39,951 ​ 2026 40,046 ​ 2027 39,698 ​ 2028 41,729 ​ 2029 through 2033 194,798 ​ ​ The Plan’s assets are held in trust and were allocated as follows as of the measurement date at the end of fiscal 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Equity securities 67 % ​ 75 % Fixed income debt securities 30 % ​ 24 % Cash and cash equivalents 3 % ​ 1 % ​ 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 2024 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 1, 2023, 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 1, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 15,389 ​ $ — ​ $ — ​ $ — ​ $ 15,389 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 138,533 ​ 138,533 ​ Real estate ​ — ​ — ​ — ​ 108,936 ​ 108,936 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 90,767 ​ 90,767 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 118,456 ​ 118,456 ​ Corporate ​ — ​ — ​ — ​ 32,267 ​ 32,267 ​ Total ​ $ 15,389 ​ $ — ​ $ — ​ $ 488,959 ​ $ 504,348 ​ ​ 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 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 ​ ​ 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 1, 2023.

Leases

Leases	12 Months Ended
	Jul. 01, 2023
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 1, ​ July 2, ​ ​ 2023 2022 Operating lease cost ​ $ 67,478 ​ $ 68,664 Variable lease cost ​ ​ 21,422 ​ ​ 25,737 Total lease cost ​ $ 88,900 ​ $ 94,401 ​ Future minimum operating lease payments as of July 1, 2023, are as follows (in thousands): ​ ​ ​ ​ Fiscal Year ​ ​ ​ 2024 ​ $ 58,071 2025 ​ ​ 48,439 2026 ​ 37,760 2027 ​ 24,836 2028 ​ 19,600 Thereafter ​ 98,745 Total future operating lease payments ​ ​ 287,451 Total imputed interest on operating lease liabilities ​ ​ (45,038) Total operating lease liabilities ​ $ 242,413 ​ Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, ​ July 2, ​ ​ 2023 2022 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 8.2 ​ ​ 8.8 ​ 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 1, ​ July 2, ​ ​ 2023 2022 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 58,111 ​ $ 57,016 Operating lease assets obtained from new operating lease liabilities ​ ​ 48,038 ​ ​ 28,014 ​

Stock-based compensation

Stock-based compensation	12 Months Ended
	Jul. 01, 2023
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 2023, 2022, and 2021, the Company recorded stock-based compensation expense of $38.8 million, $36.7 million, and $29.3 million, respectively, for all forms of stock-based compensation awards. Stock plan At July 1, 2023, the Company had 7.1 million shares of common stock reserved for stock-based payments, which consisted of 1.2 million shares for unvested or unexercised stock options, 4.6 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 2023, 2022, and 2021, was $1.0 million, $3.6 million, and $0.4 million, respectively. There were no stock options granted in fiscal 2023 and the unamortized stock-based compensation associated with unvested options was not material as of July 1, 2023. ​ 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 1, 2023, 1.2 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $30.5 million, $29.5 million, and $27.5 million for fiscal years 2023, 2022, and 2021, respectively. The following is a summary of the changes in non-vested restricted stock units during fiscal 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at July 2, 2022 1,313,182 ​ $ 32.92 ​ Granted 802,424 ​ 41.67 ​ Vested (819,921) ​ 34.94 ​ Forfeited (81,565) ​ ​ 35.95 ​ Non-vested restricted stock units at July 1, 2023 1,214,120 ​ $ 37.14 ​ ​ As of July 1, 2023, 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 2023, 2022, and 2021, was $28.6 million, $26.6 million, and $25.8 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. Through grants of performance share units, this program provides for the vesting of underlying shares of Avnet’s common stock at the end of the third year performance period, based on the Company achieving certain performance goals that the Compensation Committee of the Board of Directors establishes for a three year period. During fiscal 2023, the Company granted 0.2 million performance share units. During fiscal 2022 and 2021, the Company granted no 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 2023, 2022, and 2021, the Company recognized stock-based compensation expense (benefit) associated with the Performance Share Program of $5.6 million, $2.0 million, and $(0.2) million, respectively.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Jul. 01, 2023
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 1, 2023, and July 2, 2022, the Company had aggregate estimated liabilities of $22.7 million and $14.7 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates. ​ Gain on Legal Settlements and Other ​ During fiscal 2023, the Company recorded a gain on legal settlements of $74.4 million in connection with the settlement of claims filed against certain manufacturers of capacitors. During fiscal 2023, the Company received $69.9 million in cash related to these settlements, which were classified as operating cash flows in the Company’s consolidated statements of cash flows. Subsequent to the end of fiscal 2023, the Company reached an additional legal settlement with a manufacturer of capacitors for approximately $85.9 million net of legal costs, which under the terms of the settlement will be realized in the first quarter of fiscal 2024. ​

Earnings per share

Earnings per share	12 Months Ended
	Jul. 01, 2023
Earnings per share
Earnings per share	14. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 770,828 ​ $ 692,379 ​ $ 193,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 92,043 ​ 98,662 ​ 99,258 Net effect of dilutive stock-based compensation awards ​ 1,325 ​ 1,157 ​ 910 Weighted average common shares for diluted earnings per share ​ 93,368 ​ 99,819 ​ 100,168 Basic earnings per share ​ $ 8.37 ​ $ 7.02 ​ $ 1.95 Diluted earnings per share ​ $ 8.26 ​ $ 6.94 ​ $ 1.93 Stock options excluded from earnings per share calculation due to an anti-dilutive effect ​ ​ 140 ​ ​ 230 ​ ​ 700 ​

Additional cash flow informatio

Additional cash flow information	12 Months Ended
	Jul. 01, 2023
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 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Provision for credit losses ​ $ 16,798 ​ $ 30,788 ​ $ 15,842 ​ Periodic pension cost (benefit) (1) ​ 30,424 ​ (3,449) ​ 5,392 ​ Other, net ​ 4,920 ​ 6,777 ​ 1,278 ​ Total ​ $ 52,142 ​ $ 34,116 ​ $ 22,512 ​ (1) Includes net loss recognized due to benefit obligation settlement of $37,350 . Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, July 2, July 3, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 28,771 ​ $ 20,275 ​ $ 7,131 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ ​ — ​ $ 8,955 ​ ​ — ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 261,586 ​ $ 112,327 ​ $ 98,509 ​ Income tax payments, net ​ ​ 216,780 ​ ​ 6,892 ​ ​ 83,387 ​ ​ 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. 01, 2023
Segment information
Segment information	16. Segment information Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 24,802.6 ​ $ 22,503.3 ​ $ 18,030.5 ​ Farnell ​ ​ 1,734.3 ​ ​ 1,807.4 ​ ​ 1,504.2 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 1,179.6 ​ $ 872.0 ​ $ 454.8 ​ Farnell ​ 165.5 ​ 242.5 ​ 86.9 ​ ​ ​ 1,345.1 ​ 1,114.5 ​ 541.7 ​ Corporate ​ (124.2) ​ (128.9) ​ (134.7) ​ Restructuring, integration and other expenses ​ (28.0) ​ (5.3) ​ (84.4) ​ Russian-Ukraine conflict related expenses ​ ​ — ​ ​ (26.3) ​ ​ — ​ Amortization of acquired intangible assets and other ​ (6.1) ​ (15.0) ​ (41.2) ​ ​ ​ $ 1,186.8 ​ $ 939.0 ​ $ 281.4 ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 10,375.4 ​ $ 8,863.4 ​ $ 6,950.0 ​ Farnell ​ 1,659.0 ​ 1,371.1 ​ 1,468.3 ​ Corporate ​ 442.8 ​ ​ 154.0 ​ ​ 507.1 ​ ​ ​ $ 12,477.2 ​ $ 10,388.5 ​ $ 8,925.4 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 153.4 ​ $ 25.7 ​ $ 21.8 ​ Farnell ​ 41.2 ​ 23.1 ​ 26.1 ​ Corporate ​ 0.1 ​ 0.1 ​ 2.5 ​ ​ ​ $ 194.7 ​ $ 48.9 ​ $ 50.4 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 63.6 ​ $ 67.7 ​ $ 73.4 ​ Farnell ​ 24.8 ​ 31.3 ​ 53.9 ​ Corporate ​ 0.2 ​ 3.3 ​ 4.6 ​ ​ ​ $ 88.6 ​ $ 102.3 ​ $ 131.9 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 6,807.7 ​ $ 5,896.0 ​ $ 4,662.5 ​ EMEA (2) ​ 9,229.4 ​ 7,838.1 ​ 6,149.9 ​ Asia (3) ​ 10,499.8 ​ 10,576.6 ​ 8,722.3 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 105.3 ​ $ 115.4 ​ $ 146.0 ​ EMEA (5) ​ 310.9 ​ 170.1 ​ 185.8 ​ Asia ​ 25.4 ​ 29.7 ​ 36.7 ​ ​ ​ $ 441.6 ​ $ 315.2 ​ $ 368.5 ​ (1) Includes sales in the United States of $6.35 billion, $ 5.48 billion, and $4.35 billion for fiscal 2023, 2022, and 2021, respectively. (2) Includes sales in Germany and Belgium of $ 3.89 billion and $1.55 billion, respectively, for fiscal 2023. 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. (3) Includes sales of $4.23 billion, $3.40 billion, and $1.50 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2023. 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. (4) Includes property, plant and equipment, net, of $101.9 million, $ 112.4 million, and $ 142.7 million in the United States for fiscal 2023, 2022, and 2021, respectively. (5) Includes property, plant and equipment, net, of $196.0 million, $ 92.6 million, and $15.5 million in Germany, the UK, and Belgium, respectively, for fiscal 2023. Fiscal 2022 includes property, plant and equipment, net, of $ 67.6 million, $79.8 million, and $ 16.7 million in Germany, the UK, and Belgium, respectively. 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. 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 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Millions) Semiconductors ​ $ 21,366.5 ​ $ 18,380.2 ​ $ 14,722.8 ​ Interconnect, passive & electromechanical (IP&E) ​ 4,150.6 ​ 4,639.1 ​ 3,649.0 ​ Computers ​ ​ 520.8 ​ ​ 663.2 ​ ​ 640.6 ​ Other ​ 499.0 ​ 628.2 ​ 522.3 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​ ​

Restructuring expenses

Restructuring expenses	12 Months Ended
	Jul. 01, 2023
Restructuring expenses
Restructuring expenses	​ 17. Restructuring expenses During fiscal 2023, the Company incurred restructuring expenses primarily related to the planned closure of a distribution center intended to reduce future operating expenses. The following table presents the activity incurred during fiscal 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility Asset ​ ​ ​ Severance Exit Costs Impairments Total ​ ​ (Thousands) Fiscal 2023 restructuring expenses ​ $ 16,060 ​ $ 504 ​ $ 791 ​ $ 17,355 Cash payments ​ (553) ​ ​ — ​ ​ — ​ ​ (553) Non-cash amounts ​ ​ — ​ ​ — ​ ​ (791) ​ ​ (791) Balance at July 1, 2023 ​ $ 15,507 ​ $ 504 ​ $ — ​ $ 16,011 ​ ​ Severance expense recorded in fiscal 2023 related primarily to the planned reduction of over 200 employees associated with the planned closure of a distribution center. Facility exit costs primarily consist of liabilities for the closure of facilities. Asset impairments relate to the impairment of property, plant and equipment as a result of the underlying restructuring actions taken in fiscal 2023. The Company expects the majority of the remaining severance and facility exit costs to be paid by the end of fiscal 2024.

Valuation And Qualifying Accoun

Valuation And Qualifying Accounts	12 Months Ended
	Jul. 01, 2023
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	SCHEDULE II AVNET, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Years Ended July 1, 2023, July 2, 2022, and July 3, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ Charged to ​ ​ ​ ​ Balance at ​ ​ Beginning of ​ Expense ​ Other ​ ​ ​ ​ End of Account Description ​ Period ​ (Income) ​ Accounts ​ Deductions ​ Period ​ ​ (Thousands) Fiscal 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 113,902 ​ $ 16,798 ​ $ — ​ $ (17,857) (a) $ 112,843 ​ Valuation allowance on tax loss carry-forwards ​ 207,889 ​ 4,530 (b) (4,675) (c) — ​ 207,744 ​ Fiscal 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 88,160 ​ ​ 47,990 (d) ​ — ​ ​ (22,248) (a) ​ 113,902 ​ Valuation allowance on tax loss carry-forwards ​ 293,569 ​ (65,208) (e) (20,472) (f) — ​ 207,889 ​ Fiscal 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ 65,018 (g) ​ 15,842 ​ ​ 17,205 (h) ​ (9,905) (a) 88,160 ​ Valuation allowance on tax loss carry-forwards ​ 283,721 ​ 21,357 (i) (11,509) (c) — ​ 293,569 ​ (a) Primarily represents uncollectible receivables written off and the impact of changes in foreign currency rates during the fiscal year. (b) Primarily represents impact of current year activities. (c) Primarily related to impact of foreign currency exchange on valuation allowances. (d) 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. (e) Primarily represents net release of valuation allowance and impact of current year activities. (f) Primarily related to impact of pension-related other comprehensive income and foreign currency exchange on valuation allowances. (g) 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 (h) below. (h) The Company adopted ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ” on June 28, 2020, with a cumulative effect adjustment to the opening balance of retained earnings as of the beginning of fiscal 2021. (i) Primarily represents impact of current year activities.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Jul. 01, 2023
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 –
Inventories	Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value.
Depreciation, amortization and useful lives	Depreciation, amortization and useful lives internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use. 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 The Company determines if an arrangement contains a lease at inception. 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 an 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, which varies based on 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 differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value. 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
Gain on legal settlements	Gain on legal settlements —
Concentration of credit risk	Concentration of credit risk
Fair value	Fair value Fair Value Measurements
Investments	Investments
Environmental Liabilities	Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
	Jul. 01, 2023
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Economic hedges ​ ​ ​ ​ ​ ​ Prepaid and other current assets ​ $ 69,104 ​ $ 24,907 Accrued expenses and other ​ ​ 68,594 ​ ​ 29,663 Cross-currency swap ​ ​ ​ ​ ​ ​ Other liabilities ​ $ 22,849 ​ ​ —
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ July 1, July 2, July 3, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ (Thousands) Economic hedges Other expense, net ​ $ 40,454 ​ $ (37,336) ​ $ (21,605) Cross currency swap Interest and other financing expense, net ​ ​ 1,635 ​ ​ — ​ ​ —

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Jul. 01, 2023
Shareholders' equity
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table includes the balances within “Accumulated other comprehensive loss”: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Accumulated translation adjustments and other ​ $ (328,975) ​ $ (370,612) ​ $ (46,473) ​ Accumulated pension liability adjustments, net of income taxes ​ (80,406) ​ (110,636) ​ (107,274) ​ Total accumulated other comprehensive loss ​ $ (409,381) ​ $ (481,248) ​ $ (153,747) ​

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Jul. 01, 2023
Receivables
Schedule of receivables and allowance for credit losses	The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Receivables ​ $ 4,876,631 ​ $ 4,414,904 Allowance for Credit Losses ​ ​ (112,843) ​ ​ (113,902) The Company had the following activity in the allowance for credit losses during fiscal 2023 and fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Balance at beginning of the period ​ $ 113,902 ​ $ 88,160 Credit Loss Provisions ​ ​ 16,798 ​ ​ 31,489 Russian-Ukraine conflict Credit Loss Provisions ​ ​ — ​ ​ 17,202 Credit Loss Recoveries ​ ​ (931) ​ ​ (702) Receivables Write Offs ​ ​ (18,552) ​ ​ (15,233) Foreign Currency Effect and Other ​ ​ 1,626 ​ ​ (7,014) Balance at end of the period ​ $ 112,843 ​ $ 113,902

Property plant and equipment,_2

Property plant and equipment, net (Tables)	12 Months Ended
	Jul. 01, 2023
Property plant and equipment, net
Summary of Property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 July 2, 2022 ​ ​ (Thousands) Buildings ​ $ 108,236 ​ $ 114,622 ​ Machinery, fixtures and equipment ​ 259,745 ​ 249,053 ​ Information technology hardware and software ​ 884,448 ​ 842,759 ​ Leasehold improvements ​ 137,745 ​ 119,917 ​ Depreciable property, plant and equipment, gross ​ 1,390,174 ​ 1,326,351 ​ Accumulated depreciation ​ (1,109,631) ​ (1,038,335) ​ Depreciable property, plant and equipment, net ​ 280,543 ​ 288,016 ​ Land ​ 22,036 ​ 21,408 ​ Construction in progress ​ 138,978 ​ 5,780 ​ Property, plant and equipment, net ​ $ 441,557 ​ $ 315,204 ​

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Jul. 01, 2023
Goodwill and intangible assets
Change in goodwill balances by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at July 2, 2022 (1) ​ $ 291,526 ​ $ 467,307 ​ $ 758,833 Foreign currency translation ​ 5,303 ​ 16,493 ​ 21,796 Carrying value at July 1, 2023 (1) ​ $ 296,829 ​ $ 483,800 ​ $ 780,629 (1) Includes accumulated impairment of $1,482,677 from prior fiscal years.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jul. 01, 2023
Debt
Short-term debt	Short-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ ​ 2023 2022 2023 2022 ​ ​ ​ Interest Rate ​ Carrying Balance Other short-term debt ​ 5.08 % ​ 2.09 % ​ $ 70,636 ​ $ 174,422 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 70,636 ​ $ 174,422 ​
Long-term debt	Long-term debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ ​ 2023 2022 2023 2022 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program (due December 2024) ​ 5.99 % ​ 2.55 % ​ $ 555,800 ​ $ 297,800 ​ Credit Facility (due August 2027) ​ 4.85 % ​ — ​ ​ ​ 796,552 ​ ​ — ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ 5.50 % ​ ​ 300,000 ​ ​ 300,000 ​ March 2028 ​ 6.25 % ​ — ​ ​ 500,000 ​ — ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 3,002,352 ​ 1,447,800 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (14,323) ​ (10,400) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,988,029 ​ $ 1,437,400 ​
Aggregate debt maturities	Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2024 $ 70,636 ​ 2025 ​ 555,800 ​ 2026 ​ 550,000 ​ 2027 ​ — ​ 2028 ​ 1,296,552 ​ Thereafter ​ 600,000 ​ Subtotal ​ 3,072,988 ​ Discount and debt issuance costs – unamortized ​ (14,323) ​ Total debt ​ $ 3,058,665 ​

Accrued expenses and other (Tab

Accrued expenses and other (Tables)	12 Months Ended
	Jul. 01, 2023
Accrued expenses and other
Schedule of accrued expenses and other	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 July 2, 2022 ​ ​ (Thousands) Accrued salaries and benefits ​ $ 253,790 ​ $ 242,898 ​ Accrued operating costs ​ 203,083 ​ 202,885 ​ Accrued interest and banking costs ​ 86,162 ​ 38,394 ​ Accrued restructuring costs ​ 16,011 ​ 9,185 ​ Accrued income taxes ​ 93,521 ​ 24,831 ​ Accrued property, plant and equipment ​ ​ 28,771 ​ ​ 20,275 ​ Accrued other ​ 71,792 ​ 52,552 ​ Total accrued expenses and other ​ $ 753,130 ​ $ 591,020 ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Jul. 01, 2023
Income taxes
Components of income tax expense ("tax provision")	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, 2023 July 2, 2022 July 3, 2021 ​ ​ (Thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 64,224 ​ $ 58,512 ​ $ (62,445) ​ State and local ​ 7,865 ​ 8,871 ​ (4,723) ​ Foreign ​ 173,450 ​ 126,522 ​ 21,530 ​ Total current taxes ​ 245,539 ​ 193,905 ​ (45,638) ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (15,422) ​ (32,424) ​ 21,590 ​ State and local ​ 2,606 ​ (22,320) ​ 259 ​ Foreign ​ (20,675) ​ 1,794 ​ 3,604 ​ Total deferred taxes ​ (33,491) ​ (52,950) ​ 25,453 ​ Income tax expense (benefit) ​ $ 212,048 ​ $ 140,955 ​ $ (20,185) ​
Reconciliations of the federal statutory tax rate to the effective tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, 2023 July 2, 2022 July 3, 2021 U.S. federal statutory rate 21.0 % ​ 21.0 % ​ 21.0 % State and local income taxes, net of federal benefit 0.9 ​ ​ 1.1 ​ ​ (2.2) ​ Tax on foreign income, net of valuation allowances 0.5 ​ ​ (1.7) ​ ​ (10.7) ​ Establishment/release of valuation allowances, net of U.S. tax expense 0.5 ​ ​ (5.8) ​ ​ 2.1 ​ Change in unrecognized tax benefit reserves (0.5) ​ ​ (0.6) ​ ​ 14.3 ​ Tax audit settlements 0.3 ​ ​ 0.2 ​ ​ 0.4 ​ Impact of surrender of Company owned life insurance policies ​ — ​ ​ 1.4 ​ ​ — ​ Impact on foreign currency translation loss ​ (1.2) ​ ​ — ​ ​ — ​ Impact of the CARES Act ​ — ​ ​ — ​ ​ (8.4) ​ Impairments of investments ​ — ​ ​ — ​ ​ (22.4) ​ Other, net 0.1 ​ ​ 1.3 ​ ​ (5.8) ​ Effective tax rate 21.6 % ​ 16.9 % ​ (11.7) %
Components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, ​ ​ 2023 ​ 2022 ​ ​ (Thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Federal, state and foreign net operating loss carry-forwards ​ $ 211,719 ​ $ 226,072 ​ Depreciation and amortization ​ ​ 15,311 ​ ​ 11,525 ​ Inventories valuation ​ ​ 11,525 ​ ​ 29,798 ​ Operating lease liabilities ​ 56,424 ​ 56,256 ​ Receivables valuation ​ ​ 13,946 ​ ​ 18,321 ​ Interest deductions ​ ​ 39,175 ​ ​ 29,358 ​ Various accrued liabilities and other ​ 101,713 ​ 47,717 ​ ​ ​ 449,813 ​ 419,047 ​ Less — valuation allowances ​ (207,744) ​ (207,889) ​ ​ ​ 242,069 ​ 211,158 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ (54,799) ​ (54,632) ​ Net deferred tax assets ​ $ 187,270 ​ $ 156,526 ​
Reconciliation of the beginning and ending liability balances for unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 July 2, 2022 ​ ​ (Thousands) Balance at beginning of year ​ $ 109,285 ​ $ 118,660 ​ Additions for tax positions taken in prior periods ​ 6,086 ​ 3,569 ​ Reductions for tax positions taken in prior periods ​ (3,485) ​ (4,075) ​ Additions for tax positions taken in current period ​ 7,523 ​ 1,269 ​ Reductions related to settlements with taxing authorities ​ (2,873) ​ (1,660) ​ Reductions related to the lapse of applicable statutes of limitations ​ (14,691) ​ (3,883) ​ Adjustments related to foreign currency translation ​ 996 ​ (4,595) ​ Balance at end of year ​ $ 102,841 ​ $ 109,285 ​
Years remaining subject to audit, by major jurisdiction	​ ​ ​ ​ ​ Jurisdiction Fiscal Year United States (Federal and state) 2017,2019 - 2023 ​ Taiwan 2017 - 2023 ​ Hong Kong 2017 - 2023 ​ Germany ​ 2019 - 2023 ​ Singapore 2018 - 2023 ​ Belgium 2021 - 2023 ​ United Kingdom ​ 2021 - 2023 ​ Canada ​ 2017 - 2023 ​

Pension and retirement plans (T

Pension and retirement plans (Tables)	12 Months Ended
	Jul. 01, 2023
Pension and retirement plan
Table outlining changes in benefit obligations, plan assets and the funded status of the Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, ​ ​ 2023 ​ 2022 ​ (Thousands) ​ Changes in benefit obligations: ​ ​ ​ ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 614,359 ​ $ 762,708 ​ Service cost ​ 12,015 ​ 15,007 ​ Interest cost ​ 26,730 ​ 15,787 ​ Actuarial gain ​ (43,407) ​ (138,899) ​ Benefits paid ​ (21,785) ​ (40,244) ​ Settlements paid ​ ​ (116,511) ​ ​ — ​ Benefit obligations at end of year ​ $ 471,401 ​ $ 614,359 ​ Changes in plan assets: ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 638,894 ​ $ 772,279 ​ Actual return on plan assets ​ (4,250) ​ (107,141) ​ Benefits paid ​ (21,785) ​ (40,244) ​ Settlements paid ​ ​ (116,511) ​ ​ — ​ Contributions ​ 8,000 ​ 14,000 ​ Fair value of plan assets at end of year ​ $ 504,348 ​ $ 638,894 ​ Funded status of the plan recognized as a non-current asset ​ $ 32,947 ​ $ 24,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial losses ​ $ 148,867 ​ $ 178,984 ​ Unamortized prior service cost ​ 23 ​ 27 ​ ​ ​ $ 148,890 ​ $ 179,011 ​ Other changes in plan assets and benefit obligations recognized in other comprehensive income: ​ ​ ​ ​ ​ ​ ​ Net actuarial loss ​ $ 9,702 ​ $ 17,378 ​ Amortization of net actuarial losses ​ (2,469) ​ (16,343) ​ Amortization of prior service costs ​ (4) ​ (4) ​ Net loss recognized due to benefit obligation settlement ​ ​ (37,350) ​ ​ — ​ ​ ​ $ (30,121) ​ $ 1,031 ​
Weighted average assumptions used to calculate actuarial present values of benefit obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Discount rate ​ 5.4 % ​ 4.8 %
Weighted average assumptions used to determine net benefit costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Discount rate ​ 4.6 % ​ 2.5 % Expected return on plan assets ​ 7.0 % ​ 7.0 % Rate of compensation increase ​ 3.5 % ​ 3.5 % Interest crediting rate ​ 4.0 % ​ 4.0 %
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Service cost ​ $ 12,015 ​ $ 15,007 ​ $ 15,751 Total net periodic pension cost within selling, general and administrative expenses ​ ​ 12,015 ​ ​ 15,007 ​ ​ 15,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 26,730 ​ 15,787 ​ 15,904 Expected return on plan assets ​ (48,860) ​ (49,135) ​ (49,681) Amortization of prior service cost ​ 4 ​ 4 ​ 301 Recognized net actuarial loss ​ 2,469 ​ 16,343 ​ 20,604 Net loss recognized due to benefit obligation settlement ​ ​ 37,350 ​ ​ — ​ ​ — Total net periodic pension benefit within other income (expense), net and gain on legal settlements and other ​ ​ 17,693 ​ ​ (17,001) ​ ​ (12,872) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension cost (benefit) ​ $ 29,708 ​ $ (1,994) ​ $ 2,879 ​
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): ​ ​ ​ ​ 2024 $ 54,860 ​ 2025 39,951 ​ 2026 40,046 ​ 2027 39,698 ​ 2028 41,729 ​ 2029 through 2033 194,798 ​
Plan's assets allocation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Equity securities 67 % ​ 75 % Fixed income debt securities 30 % ​ 24 % Cash and cash equivalents 3 % ​ 1 %
Fair value of Plan investments	The following table sets forth the fair value of the Plan’s investments as of July 1, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Net Asset Value Total ​ ​ (Thousands) Cash and cash equivalents ​ $ 15,389 ​ $ — ​ $ — ​ $ — ​ $ 15,389 ​ Return Seeking Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stocks ​ — ​ — ​ — ​ 138,533 ​ 138,533 ​ Real estate ​ — ​ — ​ — ​ 108,936 ​ 108,936 ​ High yield credit and bonds ​ ​ — ​ — ​ — ​ 90,767 ​ 90,767 ​ Fixed Income Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government ​ — ​ — ​ — ​ 118,456 ​ 118,456 ​ Corporate ​ — ​ — ​ — ​ 32,267 ​ 32,267 ​ Total ​ $ 15,389 ​ $ — ​ $ — ​ $ 488,959 ​ $ 504,348 ​ ​ 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 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 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jul. 01, 2023
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 1, ​ July 2, ​ ​ 2023 2022 Operating lease cost ​ $ 67,478 ​ $ 68,664 Variable lease cost ​ ​ 21,422 ​ ​ 25,737 Total lease cost ​ $ 88,900 ​ $ 94,401
Schedule of future minimum operating lease payments	Future minimum operating lease payments as of July 1, 2023, are as follows (in thousands): ​ ​ ​ ​ Fiscal Year ​ ​ ​ 2024 ​ $ 58,071 2025 ​ ​ 48,439 2026 ​ 37,760 2027 ​ 24,836 2028 ​ 19,600 Thereafter ​ 98,745 Total future operating lease payments ​ ​ 287,451 Total imputed interest on operating lease liabilities ​ ​ (45,038) Total operating lease liabilities ​ $ 242,413
Schedule of other information pertaining to operating leases	Other information pertaining to operating leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, ​ July 2, ​ ​ 2023 2022 Operating Lease Term and Discount Rate ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term in years ​ 8.2 ​ ​ 8.8 ​ Weighted-average discount rate ​ 3.8 % ​ 3.8 %
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, ​ July 2, ​ ​ 2023 2022 Supplemental Cash Flow Information: ​ ​ ​ ​ Cash paid for operating lease liabilities ​ $ 58,111 ​ $ 57,016 Operating lease assets obtained from new operating lease liabilities ​ ​ 48,038 ​ ​ 28,014

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Jul. 01, 2023
Stock-based compensation
Summary of the changes in non-vested restricted incentive shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ Shares Fair Value Non-vested restricted stock units at July 2, 2022 1,313,182 ​ $ 32.92 ​ Granted 802,424 ​ 41.67 ​ Vested (819,921) ​ 34.94 ​ Forfeited (81,565) ​ ​ 35.95 ​ Non-vested restricted stock units at July 1, 2023 1,214,120 ​ $ 37.14 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Jul. 01, 2023
Earnings per share
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 770,828 ​ $ 692,379 ​ $ 193,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 92,043 ​ 98,662 ​ 99,258 Net effect of dilutive stock-based compensation awards ​ 1,325 ​ 1,157 ​ 910 Weighted average common shares for diluted earnings per share ​ 93,368 ​ 99,819 ​ 100,168 Basic earnings per share ​ $ 8.37 ​ $ 7.02 ​ $ 1.95 Diluted earnings per share ​ $ 8.26 ​ $ 6.94 ​ $ 1.93 Stock options excluded from earnings per share calculation due to an anti-dilutive effect ​ ​ 140 ​ ​ 230 ​ ​ 700

Additional cash flow informat_2

Additional cash flow information (Tables)	12 Months Ended
	Jul. 01, 2023
Additional cash flow information
Noncash and other reconciling items within operating activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Thousands) Provision for credit losses ​ $ 16,798 ​ $ 30,788 ​ $ 15,842 ​ Periodic pension cost (benefit) (1) ​ 30,424 ​ (3,449) ​ 5,392 ​ Other, net ​ 4,920 ​ 6,777 ​ 1,278 ​ Total ​ $ 52,142 ​ $ 34,116 ​ $ 22,512 ​ (1) Includes net loss recognized due to benefit obligation settlement of $37,350 .
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ July 1, July 2, July 3, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ (Thousands) ​ Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 28,771 ​ $ 20,275 ​ $ 7,131 ​ Non-cash Financing Activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsettled share repurchases ​ ​ — ​ $ 8,955 ​ ​ — ​ Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 261,586 ​ $ 112,327 ​ $ 98,509 ​ Income tax payments, net ​ ​ 216,780 ​ ​ 6,892 ​ ​ 83,387 ​ ​

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Jul. 01, 2023
Segment information
Table of the Company's segments and the related financial information for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Millions) Sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 24,802.6 ​ $ 22,503.3 ​ $ 18,030.5 ​ Farnell ​ ​ 1,734.3 ​ ​ 1,807.4 ​ ​ 1,504.2 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​ Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 1,179.6 ​ $ 872.0 ​ $ 454.8 ​ Farnell ​ 165.5 ​ 242.5 ​ 86.9 ​ ​ ​ 1,345.1 ​ 1,114.5 ​ 541.7 ​ Corporate ​ (124.2) ​ (128.9) ​ (134.7) ​ Restructuring, integration and other expenses ​ (28.0) ​ (5.3) ​ (84.4) ​ Russian-Ukraine conflict related expenses ​ ​ — ​ ​ (26.3) ​ ​ — ​ Amortization of acquired intangible assets and other ​ (6.1) ​ (15.0) ​ (41.2) ​ ​ ​ $ 1,186.8 ​ $ 939.0 ​ $ 281.4 ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 10,375.4 ​ $ 8,863.4 ​ $ 6,950.0 ​ Farnell ​ 1,659.0 ​ 1,371.1 ​ 1,468.3 ​ Corporate ​ 442.8 ​ ​ 154.0 ​ ​ 507.1 ​ ​ ​ $ 12,477.2 ​ $ 10,388.5 ​ $ 8,925.4 ​ Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 153.4 ​ $ 25.7 ​ $ 21.8 ​ Farnell ​ 41.2 ​ 23.1 ​ 26.1 ​ Corporate ​ 0.1 ​ 0.1 ​ 2.5 ​ ​ ​ $ 194.7 ​ $ 48.9 ​ $ 50.4 ​ Depreciation & amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 63.6 ​ $ 67.7 ​ $ 73.4 ​ Farnell ​ 24.8 ​ 31.3 ​ 53.9 ​ Corporate ​ 0.2 ​ 3.3 ​ 4.6 ​ ​ ​ $ 88.6 ​ $ 102.3 ​ $ 131.9 ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (1) ​ $ 6,807.7 ​ $ 5,896.0 ​ $ 4,662.5 ​ EMEA (2) ​ 9,229.4 ​ 7,838.1 ​ 6,149.9 ​ Asia (3) ​ 10,499.8 ​ 10,576.6 ​ 8,722.3 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​ Property, plant and equipment, net, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas (4) ​ $ 105.3 ​ $ 115.4 ​ $ 146.0 ​ EMEA (5) ​ 310.9 ​ 170.1 ​ 185.8 ​ Asia ​ 25.4 ​ 29.7 ​ 36.7 ​ ​ ​ $ 441.6 ​ $ 315.2 ​ $ 368.5 ​ (1) Includes sales in the United States of $6.35 billion, $ 5.48 billion, and $4.35 billion for fiscal 2023, 2022, and 2021, respectively. (2) Includes sales in Germany and Belgium of $ 3.89 billion and $1.55 billion, respectively, for fiscal 2023. 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. (3) Includes sales of $4.23 billion, $3.40 billion, and $1.50 billion in Taiwan, China (including Hong Kong), and Singapore, respectively, for fiscal 2023. 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. (4) Includes property, plant and equipment, net, of $101.9 million, $ 112.4 million, and $ 142.7 million in the United States for fiscal 2023, 2022, and 2021, respectively. (5) Includes property, plant and equipment, net, of $196.0 million, $ 92.6 million, and $15.5 million in Germany, the UK, and Belgium, respectively, for fiscal 2023. Fiscal 2022 includes property, plant and equipment, net, of $ 67.6 million, $79.8 million, and $ 16.7 million in Germany, the UK, and Belgium, respectively. 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.
Table of the Company's major product categories and the related sales for each	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ July 1, July 2, July 3, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (Millions) Semiconductors ​ $ 21,366.5 ​ $ 18,380.2 ​ $ 14,722.8 ​ Interconnect, passive & electromechanical (IP&E) ​ 4,150.6 ​ 4,639.1 ​ 3,649.0 ​ Computers ​ ​ 520.8 ​ ​ 663.2 ​ ​ 640.6 ​ Other ​ 499.0 ​ 628.2 ​ 522.3 ​ ​ ​ $ 26,536.9 ​ $ 24,310.7 ​ $ 19,534.7 ​

Restructuring expenses (Tables)

Restructuring expenses (Tables)	12 Months Ended
	Jul. 01, 2023
Fiscal Year 2023 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility Asset ​ ​ ​ Severance Exit Costs Impairments Total ​ ​ (Thousands) Fiscal 2023 restructuring expenses ​ $ 16,060 ​ $ 504 ​ $ 791 ​ $ 17,355 Cash payments ​ (553) ​ ​ — ​ ​ — ​ ​ (553) Non-cash amounts ​ ​ — ​ ​ — ​ ​ (791) ​ ​ (791) Balance at July 1, 2023 ​ $ 15,507 ​ $ 504 ​ $ — ​ $ 16,011

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($)	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
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	15 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1	$ 3,700,000	$ 5,400,000
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

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) € in Millions	12 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 01, 2023 EUR (€)	Jul. 02, 2022 USD ($)
Minimum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum | Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year
Designated as Hedging Instrument | Cross-Currency Swap
Derivative notional amounts
Total notional amount	$ 500,000,000	€ 472.6
Designated as Hedging Instrument | Net Investment Hedging | Cross-Currency Swap
Derivative fair value
Derivative liabilities fair value	$ 22,849,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Not Designated as Hedging Instrument Economic Hedge | Foreign Exchange Forward
Derivative fair value
Derivative assets fair value	$ 69,104,000		$ 24,907,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities fair value	$ 68,594,000		$ 29,663,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current

Derivative financial instrume_4

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Designated as Hedging Instrument | Net Investment Hedging | Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 1,635
Not Designated as Hedging Instrument Economic Hedge | Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ 40,454	$ (37,336)	$ (21,605)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (328,975)	$ (370,612)	$ (46,473)
Accumulated pension liability adjustments, net of income taxes	(80,406)	(110,636)	(107,274)
Total accumulated other comprehensive loss	$ (409,381)	$ (481,248)	$ (153,747)

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Shareholders' equity
Shares repurchased during period (in shares)	5.1
Cost of repurchase	$ 212,800
Remaining authorized repurchase amount	$ 318,500
Cash dividend paid per share	$ 1.16	$ 1	$ 0.85
Dividends paid on common stock	$ 106,325	$ 98,490	$ 84,309

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Receivables
Receivables	$ 4,876,631	$ 4,414,904
Allowance for Credit Losses	$ (112,843)	$ (113,902)	$ (88,160)

Receivables (Details)_2

Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 113,902	$ 88,160
Credit Loss Provisions	16,798	31,489
Russian-Ukraine conflict Credit Loss Provisions		17,202
Credit Loss Recoveries	(931)	(702)
Receivables Write Offs	(18,552)	(15,233)
Foreign Currency Effect and Other	1,626	(7,014)
Receivables, Allowance for Credit Loss, Ending Balance	$ 112,843	113,902
Russian-Ukraine conflict related expenses		26,261
Product write downs and other costs associated with the Russia-Ukraine conflict		$ 9,100

Property plant and equipment,_3

Property plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,390,174	$ 1,326,351
Accumulated depreciation	(1,109,631)	(1,038,335)
Total Property, plant and equipment, net	441,557	315,204	$ 368,500
Depreciable property, plant and equipment, net	280,543	288,016
Land	22,036	21,408
Construction in progress	138,978	5,780
Depreciation and amortization expense	82,565	87,367	$ 90,884
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	108,236	114,622
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	259,745	249,053
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	884,448	842,759
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 137,745	$ 119,917

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Carrying amount of goodwill, by reportable segment
Carrying value	$ 758,833
Foreign currency translation	21,796
Carrying value	780,629
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	291,526
Foreign currency translation	5,303
Carrying value	296,829
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	467,307
Foreign currency translation	16,493
Carrying value	$ 483,800

Goodwill and intangible asset_3

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Goodwill and intangible assets
Intangible assets, net	$ 6,500
Intangible asset amortization expense	$ 6,048	$ 14,959	$ 41,033

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Components of short-term debt
Short-term debt	$ 70,636	$ 174,422
Other Short -Term Debt
Components of short-term debt
stated interest rate	5.08%	2.09%
Short-term debt	$ 70,636	$ 174,422

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 3,002,352			$ 1,447,800
Discount and debt issuance costs - unamortized	(14,323)			(10,400)
Long-term debt	2,988,029			$ 1,437,400
Accounts receivable securitization program
Debt Instrument [Line Items]
Accounts receivable securitization program (due December 2024)	$ 700,000		$ 650,000
Long-term debt, stated interest rate	5.99%			2.55%
Long-term debt before discount and debt issuance costs	$ 555,800			$ 297,800
Revolving credit facilities
Debt Instrument [Line Items]
Credit Facility (due August 2027)	1,500,000
Revolving credit facilities | Line of credit
Debt Instrument [Line Items]
Credit Facility (due August 2027)	$ 796,552
Long-term Debt, Weighted Average Interest Rate	4.85%
Letter of Credit
Debt Instrument [Line Items]
Credit Facility (due August 2027)	$ 200,000
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%			5.50%
Long-term debt before discount and debt issuance costs	$ 300,000			$ 300,000
Notes due | Notes Due March 2028
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	6.25%
Long-term debt, stated interest rate		6.25%
Long-term debt before discount and debt issuance costs	$ 500,000

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount				$ 1,200
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 3,058,665			1,610,000
Total fair value	$ 2,980,000			$ 1,550,000
Accounts receivable securitization program
Debt Instrument [Line Items]
stated interest rate	5.99%			2.55%
Accounts receivable securitization program (due December 2024)	$ 700,000		$ 650,000
Accounts Receivable from Securitization	1,270,000			$ 1,120,000
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500,000
Term	5 years
Revolving credit facilities | Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 796,552
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	200,000
Letters of credit outstanding, amount	900
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000
Notes due | Notes Due March 2028
Debt Instrument [Line Items]
Debt instrument face amount		$ 500,000
stated interest rate		6.25%

Debt (Maturity Schedule) (Detai

Debt (Maturity Schedule) (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Debt
2024	$ 70,636
2025	555,800
2026	550,000
2028	1,296,552
Thereafter	600,000
Subtotal	3,072,988
Discount on debt issuance costs - unamortized	(14,323)
Total debt	$ 3,058,665	$ 1,610,000

Accrued expenses and other (Det

Accrued expenses and other (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Accrued expenses and other
Accrued salaries and benefits	$ 253,790	$ 242,898
Accrued operating costs	203,083	202,885
Accrued interest and banking costs	86,162	38,394
Accrued restructuring costs	16,011	9,185
Accrued income taxes	93,521	24,831
Accrued property, plant and equipment	28,771	20,275
Accrued other	71,792	52,552
Total accrued expenses and other	$ 753,130	$ 591,020

Income taxes (Provision for Inc

Income taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Current:
Federal	$ 64,224	$ 58,512	$ (62,445)
State and Local	7,865	8,871	(4,723)
Foreign	173,450	126,522	21,530
Total current taxes	245,539	193,905	(45,638)
Deferred:
Federal	(15,422)	(32,424)	21,590
State and Local	2,606	(22,320)	259
Foreign	(20,675)	1,794	3,604
Total deferred taxes	(33,491)	(52,950)	25,453
Income tax (benefit) expense	$ 212,048	$ 140,955	$ (20,185)

Income taxes (Effective Tax Rat

Income taxes (Effective Tax Rate) (Details)	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
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	0.90%	1.10%	(2.20%)
Tax on foreign income, net of valuation allowances	0.50%	(1.70%)	(10.70%)
Establishment/release of valuation allowance, net of U.S. tax expense	0.50%	(5.80%)	2.10%
Change in unrecognized tax benefit reserves	(0.50%)	(0.60%)	14.30%
Tax audit settlements	0.30%	0.20%	0.40%
Impact of surrender of Company owned life insurance policies		1.40%
Impact on foreign currency translation loss	(1.20%)
Impact of the CARES Act			(8.40%)
Impairments of investments			(22.40%)
Other, net	0.10%	1.30%	(5.80%)
Effective Income Tax Rate	21.60%	16.90%	(11.70%)

Income taxes (Deferred Assets a

Income taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 211,719	$ 226,072
Depreciation and amortization	15,311	11,525
Inventories valuation	11,525	29,798
Operating lease liabilities	56,424	56,256
Receivables valuation	13,946	18,321
Deferred Tax Asset Interest Deductions	39,175	29,358
Various accrued liabilities and other	101,713	47,717
Deferred tax assets, gross	449,813	419,047
Less - valuation allowance	(207,744)	(207,889)
Deferred tax assets, net	242,069	211,158
Deferred tax liabilities:
Operating lease assets	(54,799)	(54,632)
Net deferred tax assets	$ 187,270	$ 156,526

Income taxes (Unrecognized Tax

Income taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 109,285	$ 118,660
Additions for tax positions taken in prior periods	6,086	3,569
Reductions for tax positions taken in prior periods	(3,485)	(4,075)
Additions for tax positions taken in current period	7,523	1,269
Reductions related to settlements with taxing authorities	(2,873)	(1,660)
Reductions related to the lapse of applicable statutes of limitations	(14,691)	(3,883)
Adjustments related to foreign currency translation		(4,595)
Adjustments related to foreign currency translation	996
Balance at end of year	$ 102,841	$ 109,285

Income taxes - Textuals (Detail

Income taxes - Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Income taxes
Loss before income taxes, Domestic	$ 250,800	$ 197,100	$ (89,400)
Income before income taxes, Foreign	$ 732,100	$ 636,300	$ 262,300
Effective tax rate	21.60%	16.90%	(11.70%)
Deferred tax assets	$ 242,069	$ 211,158
Increase in valuation allowance due to current year activity in the United States	4,500
Decrease in Valuation Allowance Due To Changing Foreign Exchange Rates	4,700
Income Taxes Receivable, Net Operating Loss, CARES Act	56,100
Net operating loss carry forward	1,090,000
Operating loss carry forward, subject to expiration	6,800
Deferred tax assets operating loss carry forwards expiring in next three years and after	245,700
Operating loss carry forward, not subject to expiration	839,500
Unrecognized tax benefits including interest and penalties	130,500
Accrued interest expense and penalties	27,700	$ 25,300
Tax contingencies settled	32,200
Expected cash payment for settlement	$ 1,000

Pension and retirement plans (P

Pension and retirement plans (Pension Plans) (Details) $ in Thousands	12 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($) item	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)
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	$ 471,401	$ 614,359	$ 762,708
Service cost		12,015	15,007	$ 15,751
Interest cost		26,730	15,787	15,904
Actuarial gain		(43,407)	(138,899)
Benefits paid		(21,785)	(40,244)
Settlements paid		116,511
Benefit obligations at end of year		471,401	614,359	762,708
Change in plan assets:
Fair value of plan assets at beginning of year	$ 504,348	638,894	772,279
Actual return on plan assets		(4,250)	(107,141)
Benefits paid		(21,785)	(40,244)
Settlements paid		(116,511)
Contributions		8,000	14,000
Fair value of plan assets at end of year		504,348	638,894	$ 772,279
Funded status of the plan recognized as a non-current asset		32,947	24,535
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		148,867	178,984
Unamortized prior service cost		23	27
Amount recognized in accumulated other comprehensive income		148,890	179,011
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss		9,702	17,378
Amortization of net actuarial losses		(2,469)	(16,343)
Amortization of prior service costs		(4)	(4)
Defined Benefit Plan Settlements Benefit Obligation		37,350
Other changes in plan assets and benefit obligations recognized in other comprehensive income		(30,121)	$ 1,031
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		200
Settlement expenses		$ 37,350
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		5.40%	4.80%
Weighted average assumptions used to determine net benefit costs
Discount rate		4.60%	2.50%
Expected return on plan assets	7%	7%	7%
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	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021	Jun. 29, 2024
Components of net periodic pension costs
Service cost		$ 12,015	$ 15,007	$ 15,751
Interest cost		$ 26,730	$ 15,787	$ 15,904
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets		$ (48,860)	$ (49,135)	$ (49,681)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost		$ 4	$ 4	$ 301
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Recognized net actuarial loss		$ 2,469	$ 16,343	$ 20,604
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net loss recognized due to benefit obligation settlement	$ 37,400	$ (37,350)
Net periodic pension cost (benefit)		29,708	$ (1,994)	$ 2,879
Contributions		8,000	14,000
Settlement expenses		(37,350)
Selling, General and Administrative Expenses
Components of net periodic pension costs
Net periodic pension cost (benefit)		12,015	15,007	15,751
Other Income (Expense), net
Components of net periodic pension costs
Net periodic pension cost (benefit)		$ 17,693	$ (17,001)	$ (12,872)
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. 01, 2023 USD ($)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2024	$ 54,860
2025	39,951
2026	40,046
2027	39,698
2028	41,729
2029 through 2033	$ 194,798

Pension and retirement plans _3

Pension and retirement plans (Plan Asset Allocations) (Details)	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7%	7%	7%
Return seeking investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		67%	75%
Target allocation percentage of investments return seeking investments		65%
Fixed Income:
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		30%	24%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		3%	1%

Pension and retirement plans (F

Pension and retirement plans (Fair Value) (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 504,348	$ 638,894	$ 772,279
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15,389	5,283
Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	138,533	219,407
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	108,936	149,975
High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	90,767	109,253
U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,456	122,912
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	32,267	32,064
Level 1 | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15,389	5,283
Level 1 | Recurring | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15,389	5,283
Net Asset Value | Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	488,959	633,611
Net Asset Value | Recurring | Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	138,533	219,407
Net Asset Value | Recurring | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	108,936	149,975
Net Asset Value | Recurring | High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	90,767	109,253
Net Asset Value | Recurring | U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	118,456	122,912
Net Asset Value | Recurring | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 32,267	$ 32,064

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Lease Cost
Operating lease cost	$ 67,478	$ 68,664
Variable lease cost	21,422	25,737
Total lease cost	$ 88,900	$ 94,401
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	15 years

Leases (Operating Lease Commitm

Leases (Operating Lease Commitments) (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Leases [Abstract]
2024	$ 58,071
2025	48,439
2026	37,760
2027	24,836
2028	19,600
Thereafter	98,745
Total future operating lease payments	287,451
Total imputed interest on operating lease liabilities	(45,038)
Total operating lease liabilities	$ 242,413

Leases (Other Lease Information

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Operating lease weighted-average remaining lease term	8 years 2 months 12 days	8 years 9 months 18 days
Operating lease weighted-average discount rate	3.80%	3.80%
Cash paid for operating lease liabilities	$ 58,111	$ 57,016
Operating lease assets obtained from new operating lease liabilities	$ 48,038	$ 28,014

Stock-based compensation (Non-V

Stock-based compensation (Non-Vested restricted Incentive Shares) (Details) - Restricted incentive shares	12 Months Ended
	Jul. 01, 2023 $ / shares shares
Shares
Beginning balance | shares	1,313,182
Granted | shares	802,424
Vested | shares	(819,921)
Forfeited | shares	(81,565)
Ending balance | shares	1,214,120
Weighted Average Grant-Date Fair Value
Beginning balance | $ / shares	$ 32.92
Granted | $ / shares	41.67
Vested | $ / shares	34.94
Forfeited | $ / shares	35.95
Ending balance | $ / shares	$ 37.14

Stock-based compensation (Textu

Stock-based compensation (Textuals) (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 38.8	$ 36.7	$ 29.3
Common stock of shares reserved for stock option and stock incentive plans	7,100,000
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%
Performance shares vesting range, minimum	0%
Performance shares vesting range, maximum	200%
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	3.6	0.4
Granted	0
Shares available for grant	1,200,000
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	4,600,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 30.5	29.5	27.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	1,200,000
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	$ 28.6	26.6	25.8
Performance shares granted	802,424
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.6	$ 2	$ (0.2)
Shares available for grant	1,400,000
Vesting period	3 years
Performance shares granted	200,000	0	0

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Jul. 02, 2022
Loss Contingency, Estimate [Abstract]
Estimate of possible loss		$ 22.7	$ 14.7
Gain on legal settlement		74.4
Proceeds from legal settlement		$ 69.9
Subsequent Event
Litigation Settlement [Abstract]
Legal settlement	$ 85.9

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Numerator:
Net income	$ 770,828	$ 692,379	$ 193,114
Denominator:
Weighted average common shares for basic earnings per share	92,043	98,662	99,258
Net effect of dilutive stock based compensation awards	1,325	1,157	910
Weighted average common shares for diluted earnings per share	93,368	99,819	100,168
Basic earnings per share	$ 8.37	$ 7.02	$ 1.95
Diluted earnings per share	$ 8.26	$ 6.94	$ 1.93
Employee Stock Option [Member]
Denominator:
antidilutive Securities	140	230	700

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Other non-cash and reconciling items
Provision for credit losses	$ 16,798	$ 30,788	$ 15,842
Periodic pension cost (benefit)	30,424	(3,449)	5,392
Other, net	4,920	6,777	1,278
Total	52,142	34,116	22,512
Net loss due to benefit obligation settlement	37,350
Interest and income taxes paid
Capital expenditures incurred but not paid	28,771	20,275	7,131
Unsettled share repurchases		8,955
Interest	261,586	112,327	98,509
Income tax payments, net	$ 216,780	$ 6,892	$ 83,387

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Sales, by segment
Sales	$ 26,536,881	$ 24,310,708	$ 19,534,679
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	1,345,100	1,114,500	541,700
Restructuring, integration and other expenses	(28,038)	(5,272)	(84,391)
Russian-Ukraine conflict related expenses		(26,261)
Amortization of acquired intangible assets and other	(6,100)	(15,000)	(41,200)
Operating income	1,186,800	939,011	281,408
Assets:
Assets	12,477,159	10,388,532	8,925,400
Capital expenditures:
Purchases of property, plant and equipment	194,700	48,900	50,400
Depreciation & amortization expense:
Depreciation and amortization expense	88,600	102,300	131,900
Corporate
Operating income (loss):
Corporate Overhead Expenses	(124,200)	(128,900)	(134,700)
Assets:
Assets	442,800	154,000	507,100
Capital expenditures:
Purchases of property, plant and equipment	100	100	2,500
Depreciation & amortization expense:
Depreciation and amortization expense	200	3,300	4,600
Electronic Components
Sales, by segment
Sales	24,802,600	22,503,300	18,030,500
Electronic Components | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	1,179,600	872,000	454,800
Assets:
Assets	10,375,400	8,863,400	6,950,000
Capital expenditures:
Purchases of property, plant and equipment	153,400	25,700	21,800
Depreciation & amortization expense:
Depreciation and amortization expense	63,600	67,700	73,400
Farnell
Sales, by segment
Sales	1,734,300	1,807,400	1,504,200
Farnell | Segment
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	165,500	242,500	86,900
Assets:
Assets	1,659,000	1,371,100	1,468,300
Capital expenditures:
Purchases of property, plant and equipment	41,200	23,100	26,100
Depreciation & amortization expense:
Depreciation and amortization expense	$ 24,800	$ 31,300	$ 53,900

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Sales, by geographic area:
Sales	$ 26,536,881	$ 24,310,708	$ 19,534,679
Americas
Sales, by geographic area:
Sales	6,807,700	5,896,000	4,662,500
United States
Sales, by geographic area:
Sales	6,350,000	5,480,000	4,350,000
EMEA
Sales, by geographic area:
Sales	9,229,400	7,838,100	6,149,900
Germany
Sales, by geographic area:
Sales	3,890,000	3,160,000	2,420,000
Belgium
Sales, by geographic area:
Sales	1,550,000	1,370,000	1,120,000
Asia
Sales, by geographic area:
Sales	10,499,800	10,576,600	8,722,300
Taiwan
Sales, by geographic area:
Sales	4,230,000	4,640,000	3,930,000
China (including Hong Kong)
Sales, by geographic area:
Sales	3,400,000	3,380,000	2,790,000
SINGAPORE
Sales, by geographic area:
Sales	$ 1,500,000	$ 1,320,000	$ 1,040,000

Segment information (Property,

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 441,557	$ 315,204	$ 368,500
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	105,300	115,400	146,000
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	101,900	112,400	142,700
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	310,900	170,100	185,800
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	196,000	67,600	77,900
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	92,600	79,800	83,500
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	15,500	16,700	20,900
Asia
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 25,400	$ 29,700	$ 36,700

Segment information (Sales) (De

Segment information (Sales) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Sales by major product categories
Sales	$ 26,536,881	$ 24,310,708	$ 19,534,679
Semiconductors
Sales by major product categories
Sales	21,366,500	18,380,200	14,722,800
Interconnect, passive & electromechanical (IP&E)
Sales by major product categories
Sales	4,150,600	4,639,100	3,649,000
Computer Products
Sales by major product categories
Sales	520,800	663,200	640,600
Other
Sales by major product categories
Sales	$ 499,000	$ 628,200	$ 522,300

Restructuring expenses (Details

Restructuring expenses (Details) - Fiscal Year 2023 Restructuring Liabilities $ in Thousands	12 Months Ended
	Jul. 01, 2023 USD ($)
Activity related to the restructuring reserves
Restructuring expenses	$ 17,355
Cash payments	(553)
Non-cash amounts	(791)
Ending Balance	16,011
Severance
Activity related to the restructuring reserves
Restructuring expenses	16,060
Cash payments	(553)
Ending Balance	15,507
Facility and Contract Exit Costs
Activity related to the restructuring reserves
Restructuring expenses	504
Ending Balance	504
Asset Impairments
Activity related to the restructuring reserves
Restructuring expenses	791
Non-cash amounts	$ (791)

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) - Fiscal Year 2023 Restructuring Liabilities $ in Thousands	12 Months Ended
	Jul. 01, 2023 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	200
Restructuring expenses	$ 17,355
Restructuring Reserve	$ 16,011

Valuation And Qualifying Acco_2

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
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	$ 113,902	88,160
Charged to Expense (Income)	16,798	47,990	$ 15,842
Charged to Other Accounts			17,205
Deductions	(17,857)	(22,248)	(9,905)
Balance at End of Period	112,843	113,902	88,160
Allowance for Doubtful Accounts | Cumulative Effect, Adjusted Balance | ASU 2019-04
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period			65,018
Allowance for credit losses associated with trade accounts receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period			59,018
Allowance for credit losses associated with notes receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period			6,000
Valuation Allowance, Operating Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	207,889	293,569	283,721
Charged to Expense (Income)	4,530	(65,208)	21,357
Charged to Other Accounts	(4,675)	(20,472)	(11,509)
Balance at End of Period	$ 207,744	$ 207,889	$ 293,569

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 770,828	$ 692,379	$ 193,114

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false