Avnet (AVT) 10-Q 30 Jan 25 2025 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Dec. 28, 2024	Jan. 24, 2025
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 28, 2024
Document Transition Report	false
Securities Act File Number	1-4224
Entity Registrant Name	AVNET, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,504,562
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--06-28
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2024	Jun. 29, 2024
Current assets:
Cash and cash equivalents	$ 172,136	$ 310,941
Receivables	4,421,428	4,391,187
Inventories	5,252,466	5,468,730
Prepaid and other current assets	226,326	199,694
Total current assets	10,072,356	10,370,552
Property, plant and equipment, net	564,348	568,169
Goodwill	773,656	780,984
Operating lease assets	202,617	208,971
Other assets	329,954	280,471
Total assets	11,942,931	12,209,147
Current liabilities:
Short-term debt	2,604	492,711
Accounts payable	3,626,333	3,345,510
Accrued expenses and other	523,628	573,055
Operating Lease, Liability, Current	53,495	53,993
Total current liabilities	4,206,060	4,465,269
Long-term debt	2,567,379	2,406,629
Operating Lease, Liability, Noncurrent	165,813	173,886
Other liabilities	159,776	237,859
Total liabilities	7,099,028	7,283,643
Commitments and contingencies (Note 6)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 86,326,061 shares and 89,045,996 shares, respectively	86,326	89,046
Additional paid-in capital	1,746,774	1,721,369
Retained earnings	3,541,790	3,601,812
Accumulated other comprehensive loss	(530,987)	(486,723)
Total shareholders' equity	4,843,903	4,925,504
Total liabilities and shareholders' equity	$ 11,942,931	$ 12,209,147

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 28, 2024	Jun. 29, 2024
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	86,326,061	89,045,996

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Income Statement [Abstract]
Sales	$ 5,663,384	$ 6,204,914	$ 11,267,536	$ 12,540,562
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 5,067,332	$ 5,498,730	$ 10,064,118	$ 11,086,273
Cost, Product and Service [Extensible Enumeration]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 596,052	$ 706,184	$ 1,203,418	$ 1,454,289
Selling, general and administrative expenses	436,931	464,692	875,722	951,977
Restructuring, integration and other expenses	3,794	5,235	30,145	12,286
Operating income	155,327	236,257	297,551	490,026
Other expense, net	(2,645)	(8,397)	(5,687)	(2,437)
Interest and other financing expenses, net	(62,399)	(74,302)	(126,843)	(145,098)
Gain on legal settlements and other				86,499
Income before taxes	90,283	153,558	165,021	428,990
Income tax expense	3,030	35,627	18,812	101,791
Net income	$ 87,253	$ 117,931	$ 146,209	$ 327,199
Earnings per share:
Basic	$ 1	$ 1.31	$ 1.67	$ 3.6
Diluted	$ 0.99	$ 1.28	$ 1.65	$ 3.54
Shares used to compute earnings per share:
Basic	86,846	90,253	87,469	90,874
Diluted	88,327	91,792	88,859	92,485
Cash dividends paid per common share	$ 0.33	$ 0.31	$ 0.66	$ 0.62

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Net income	$ 87,253	$ 117,931	$ 146,209	$ 327,199
Other comprehensive (loss) income, net of tax:
Pension adjustments	670	725	1,770	2,192
Total other comprehensive (loss) income, net of tax	(211,587)	145,689	(44,264)	51,928
Total comprehensive (loss) income, net of tax	(124,334)	263,620	101,945	379,127
Foreign Exchange Forward
Other comprehensive (loss) income, net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(252,742)	169,163	(66,909)	62,127
Cross-Currency Swap
Other comprehensive (loss) income, net of tax:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ 40,485	$ (24,199)	$ 20,875	$ (12,391)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 01, 2023	$ 91,504	$ 1,691,334	$ 3,378,212	$ (409,381)	$ 4,751,669
Shares issued Beginning Balance at Jul. 01, 2023	91,504,000
Net income			209,268		209,268
Other comprehensive income (loss)				(93,761)	(93,761)
Cash dividends			(28,320)		(28,320)
Repurchase of common stock	$ (559)		(26,484)		(27,043)
Repurchase of common stock (in shares)	(559,000)
Stock-based compensation	$ 39	10,731			10,770
Stock-based compensation (in shares)	39,000
Shares issued Ending Balance at Sep. 30, 2023	90,984,000
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2023	$ 90,984	1,702,065	3,532,676	(503,142)	4,822,583
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 01, 2023	$ 91,504	1,691,334	3,378,212	(409,381)	4,751,669
Shares issued Beginning Balance at Jul. 01, 2023	91,504,000
Net income					327,199
Other comprehensive income (loss)					51,928
Shares issued Ending Balance at Dec. 30, 2023	89,760,000
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 30, 2023	$ 89,760	1,713,881	3,564,195	(357,453)	5,010,383
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2023	$ 90,984	1,702,065	3,532,676	(503,142)	4,822,583
Shares issued Beginning Balance at Sep. 30, 2023	90,984,000
Net income			117,931		117,931
Other comprehensive income (loss)				145,689	145,689
Cash dividends			(27,817)		(27,817)
Repurchase of common stock	$ (1,255)		(58,595)		(59,850)
Repurchase of common stock (in shares)	(1,255,000)
Stock-based compensation	$ 31	11,816			11,847
Stock-based compensation (in shares)	31,000
Shares issued Ending Balance at Dec. 30, 2023	89,760,000
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 30, 2023	$ 89,760	1,713,881	3,564,195	(357,453)	5,010,383
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2024	$ 89,046	1,721,369	3,601,812	(486,723)	$ 4,925,504
Shares issued Beginning Balance at Jun. 29, 2024	89,046,000				89,045,996
Net income			58,956		$ 58,956
Other comprehensive income (loss)				167,323	167,323
Cash dividends			(28,861)		(28,861)
Repurchase of common stock	$ (1,888)		(98,053)		(99,941)
Repurchase of common stock (in shares)	(1,888,000)
Stock-based compensation	$ 96	14,658			14,754
Stock-based compensation (in shares)	96,000
Shares issued Ending Balance at Sep. 28, 2024	87,254,000
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 28, 2024	$ 87,254	1,736,027	3,533,854	(319,400)	5,037,735
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 29, 2024	$ 89,046	1,721,369	3,601,812	(486,723)	$ 4,925,504
Shares issued Beginning Balance at Jun. 29, 2024	89,046,000				89,045,996
Net income					$ 146,209
Other comprehensive income (loss)					$ (44,264)
Shares issued Ending Balance at Dec. 28, 2024	86,326,000				86,326,061
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 28, 2024	$ 86,326	1,746,774	3,541,790	(530,987)	$ 4,843,903
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 28, 2024	$ 87,254	1,736,027	3,533,854	(319,400)	5,037,735
Shares issued Beginning Balance at Sep. 28, 2024	87,254,000
Net income			87,253		87,253
Other comprehensive income (loss)				(211,587)	(211,587)
Cash dividends			(28,559)		(28,559)
Repurchase of common stock	$ (947)		(50,758)		$ (51,705)
Repurchase of common stock (in shares)	(947,000)				(900,000)
Stock-based compensation	$ 19	10,747			$ 10,766
Stock-based compensation (in shares)	19,000
Shares issued Ending Balance at Dec. 28, 2024	86,326,000				86,326,061
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 28, 2024	$ 86,326	$ 1,746,774	$ 3,541,790	$ (530,987)	$ 4,843,903

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Cash flows from operating activities:
Net income	$ 146,209	$ 327,199
Non-cash and other reconciling items:
Depreciation, Depletion and Amortization, Nonproduction	36,912	42,727
Amortization of Operating Lease Assets	27,345	26,205
Deferred income taxes	(40,713)	12,599
Stock-based compensation	20,986	19,951
Other, net	20,958	27,181
Changes in (net of effects from businesses acquired and divested):
Receivables	(59,604)	287,320
Inventories	162,328	(610,008)
Accounts payable	312,861	(78,082)
Accrued expenses and other, net	(183,130)	(138,667)
Net cash flows provided by (used for) operating activities	444,152	(83,575)
Cash flows from financing activities:
Borrowings under accounts receivable securitization, net	84,900	58,600
(Repayments) borrowings under senior unsecured credit facility, net	(321,769)	272,747
(Repayments) borrowings under bank credit facilities and other debt, net	(70,793)	30,752
Repurchases of common stock	(152,199)	(86,027)
Dividends paid on common stock	(57,420)	(56,138)
Other, net	4,534	2,665
Net cash flows (used for) provided by financing activities	(512,747)	222,599
Cash flows from investing activities:
Purchases of property, plant and equipment	(61,135)	(158,088)
Other, net	347	373
Net cash flows used for investing activities	(60,788)	(157,715)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(9,422)	3,311
Cash and cash equivalents:
decrease	(138,805)	(15,380)
Cash and cash equivalents at beginning of year	310,941	288,230
Cash and cash equivalents at end of year	$ 172,136	$ 272,850

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	6 Months Ended
	Dec. 28, 2024
Basis of presentation and new accounting pronouncements
Basis of presentation and new accounting pronouncements	1. Basis of presentation and new accounting pronouncements In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income, and cash flows. All such adjustments are of a normal recurring nature. Certain reclassifications have been made to fiscal 2024 balances to correspond to the fiscal 2025 consolidated financial statement presentation. ​ Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024. Recently issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Working capital

Working capital	6 Months Ended
	Dec. 28, 2024
Working capital
Working capital	2. Working capital Receivables The Company’s receivables and allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ ​ 2024 ​ 2024 ​ ​ (Thousands) Receivables ​ $ 4,531,785 ​ $ 4,499,691 Allowance for Credit Losses ​ $ (110,357) ​ $ (108,504) ​ The Company had the following activity in the allowance for credit losses during the first six months of fiscal 2025 and fiscal 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ December 30, ​ ​ 2024 ​ 2023 ​ ​ (Thousands) Balance at beginning of the period ​ $ 108,504 ​ $ 112,843 Credit Loss Provisions ​ ​ 5,717 ​ ​ 6,564 Credit Loss Recoveries ​ ​ 3 ​ ​ (940) Receivables Write Offs ​ ​ (2,371) ​ ​ (3,885) Foreign Currency Effect and Other ​ ​ (1,496) ​ ​ 1,225 Balance at end of the period ​ $ 110,357 ​ $ 115,807 ​ ​ Inventories The Company’s inventories are primarily comprised of electronic components purchased from the Company’s suppliers, which are available for sale to customers in the normal course of the Company’s electronic component distribution business. ​ Classified within inventories are electronic components held for supply chain service engagements (components) where the Company is acting as an agent on behalf of a customer or in some cases the component supplier. Given that these supply chain services involve purchasing, warehousing and providing logistics services for components as part of the services, the Company classifies the underlying components within inventories on the consolidated balance sheets. Components held for supply chain services where the Company is acting as an agent represented approximately 7% of inventories as of December 28, 2024, and June 29, 2024.

Goodwill

Goodwill	6 Months Ended
	Dec. 28, 2024
Goodwill
Goodwill and intangible assets	3. Goodwill The following table presents the change in goodwill by reportable segment for the first six months of fiscal 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 29, 2024 (1) ​ $ 295,957 ​ $ 485,027 ​ $ 780,984 Foreign currency translation ​ (2,686) ​ (4,642) ​ (7,328) Carrying value at December 28, 2024 (1) ​ $ 293,271 ​ $ 480,385 ​ $ 773,656 (1) Includes accumulated impairments of $1,482,677 from prior fiscal years.

Debt

Debt	6 Months Ended
	Dec. 28, 2024
Debt
Debt	4. Debt Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ December 28, ​ June 29, ​ ​ ​ 2024 2024 2024 2024 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ — ​ ​ 6.19 % ​ $ — ​ $ 415,100 ​ Other short-term debt ​ 4.74 % ​ 5.43 % ​ ​ 2,604 ​ ​ 77,611 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,604 ​ $ 492,711 ​ ​ Other short-term debt consists 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 (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ December 28, ​ June 29, ​ ​ ​ 2024 2024 2024 2024 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program (due December 2026) ​ 5.21 % ​ — ​ ​ $ 500,000 ​ $ — ​ Credit Facility (due August 2027) ​ 5.19 % ​ 5.05 % ​ ​ 406,808 ​ ​ 745,480 ​ Other long-term debt ​ 4.74 % ​ 4.74 % ​ ​ 20,834 ​ ​ 22,748 ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ March 2028 ​ 6.25 % ​ 6.25 % ​ 500,000 ​ 500,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ 5.50 % ​ ​ 300,000 ​ ​ 300,000 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 2,577,642 ​ 2,418,228 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (10,263) ​ (11,599) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,567,379 ​ $ 2,406,629 ​ ​ In December 2024, the Company amended and extended for two years its trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions, which is now due in December 2026. 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 $500 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 $865.3 million and $1.05 billion at December 28, 2024, and June 29, 2024, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. The Company has a five-year $1.50 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in December 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. As of December 28, 2024, and June 29, 2024, there were $0.9 million in letters of credit issued under the Credit Facility. 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 December 28, 2024, and June 29, 2024. In January 2025, the Company extended the Credit Facility until January 2030 and made an amendment to one of the covenants associated with the limitations on certain payments. ​ As of December 28, 2024, the carrying value and fair value of the Company’s total debt was $2.57 billion and $2.53 billion, respectively. At June 29, 2024, the carrying value and fair value of the Company’s total debt was $2.90 billion and $2.85 billion, respectively. Fair value for public notes was estimated based on 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).

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Dec. 28, 2024
Derivative financial instruments
Derivative financial instruments	5. 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 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. ​ The Company has 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 on 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, June 29, ​ ​ 2024 ​ 2024 ​ ​ (Thousands) Economic hedges ​ ​ ​ ​ ​ ​ Prepaid and other current assets ​ $ 10,067 ​ $ 12,116 Accrued expenses and other ​ $ 14,274 ​ $ 16,957 Cross-currency swap ​ ​ ​ ​ ​ ​ Other liabilities ​ ​ — ​ $ 16,241 Other assets ​ $ 4,634 ​ ​ — ​ The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ ​ December 28, December 30, December 28, December 30, ​ ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ ​ ​ (Thousands) Economic hedges Other expense, net ​ $ (11,712) ​ $ (18,631) ​ $ 12,325 ​ $ (20,733) Cross currency swap Interest and other financing expense, net ​ $ 1,298 ​ $ 1,223 ​ $ 1,999 ​ $ 2,236 ​

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Dec. 28, 2024
Commitments and contingencies
Commitments and contingencies	6. Commitments and contingencies From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations, and other legal proceedings arising in the ordinary course of conducting its business. While litigation is subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations. ​ The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. For certain of these matters, it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss, particularly regarding matters in early stages. The Company currently believes that the resolution of such matters will not have a material adverse effect on the Company’s financial position or liquidity but could possibly be material to its results of operations in any single reporting period. ​ As of December 28, 2024, and June 29, 2024, the Company had aggregate estimated liabilities of $13.7 million and $17.2 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 the first six months of fiscal 2024, the Company recorded a gain on legal settlements and other of $86.5 million in connection with the settlements of claims filed against certain manufacturers of capacitors, which was also realized in cash that same quarter. ​

Income taxes

Income taxes	6 Months Ended
	Dec. 28, 2024
Income taxes
Income taxes	7 . Income taxes The below discussion of the effective tax rate for the periods presented in the consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate. ​ The Company’s effective tax rate on its income before taxes was 3.4% in the second quarter of fiscal 2025. During the second quarter of fiscal 2025, the Company’s effective tax rate was favorably impacted primarily by increases in tax attribute carryforwards. ​ During the second quarter of fiscal 2024, the Company’s effective tax rate on its income before taxes was 23.2%. During the second quarter of fiscal 2024, the Company’s effective tax rate was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves, (ii) U.S. state taxes, partially offset by (iii) the mix of income in lower tax foreign jurisdictions. ​ For the first six months of fiscal 2025, the Company’s effective tax rate on its income before taxes was 11.4%. The effective tax rate for the first six months of fiscal 2025 was favorably impacted primarily by (i) increases in tax attribute carryforwards, partially offset by (ii) the mix of income in higher tax jurisdictions, and (iii) increases to valuation allowances. ​ During the first six months of fiscal 2024, the Company’s effective tax rate on its income before taxes was 23.7%. The effective tax rate for the first six months of fiscal 2024 was unfavorably impacted primarily by (i) increases to unrecognized tax benefit reserves, (ii) U.S. state taxes, and (iii) the mix of income in higher tax foreign jurisdictions. ​ The Pillar Two rules published by the Organization for Economic Co-operation and Development (OECD) are effective for the Company in fiscal year 2025. The Company does not expect Pillar Two taxes to have a significant impact on its income tax expense and is closely monitoring the potential impacts of further legislation, regulatory guidance, and regulations issued in the countries in which the Company does business. ​

Pension plan

Pension plan	6 Months Ended
	Dec. 28, 2024
Pension and retirement plan
Pension and retirement plans	8. Pension plan The Company has a noncontributory defined benefit pension plan that covers substantially all current and some former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ December 28, December 30, December 28, December 30, ​ ​ 2024 2023 2024 2023 ​ ​ (Thousands) Service cost within selling, general and administrative expenses ​ $ 2,870 ​ $ 2,563 ​ $ 5,740 ​ $ 5,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 6,183 ​ 6,144 ​ 12,366 ​ 12,289 Expected return on plan assets ​ (10,439) ​ (9,985) ​ (20,877) ​ (19,970) Recognized net actuarial loss and other ​ 1,287 ​ 56 ​ 2,573 ​ 113 Total net periodic pension benefit within other expense, net ​ ​ (2,969) ​ ​ (3,785) ​ ​ (5,938) ​ ​ (7,568) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension benefit ​ $ (99) ​ $ (1,222) ​ $ (198) ​ $ (2,442) ​ ​ The Company made $4.0 million of contributions during the first six months of fiscal 2025 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2025.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Dec. 28, 2024
Shareholders' equity
Shareholders' equity	9. Shareholders’ equity Share repurchase program In August 2024, the Company’s Board of Directors approved an increase in the Company’s existing share repurchase plan. With this increase, the Company is authorized to repurchase up to an aggregate of $600 million of common stock. During the second quarter of fiscal 2025, the Company repurchased 0.9 million shares for a total cost of $51.2 million, excluding excise tax. As of December 28, 2024, the Company had $515.4 million remaining under its increased share repurchase authorization. ​ Common stock dividend In November 2024, the Company’s Board of Directors approved a dividend of $0.33 per common share and dividend payments of $28.6 million were made in December 2024.

Earnings per share

Earnings per share	6 Months Ended
	Dec. 28, 2024
Earnings Per Share [Abstract]
Earnings per share	10. Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ December 28, ​ December 30, ​ December 28, ​ December 30, ​ ​ 2024 2023 2024 2023 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 87,253 ​ $ 117,931 ​ $ 146,209 ​ $ 327,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 86,846 ​ 90,253 ​ 87,469 ​ 90,874 Net effect of dilutive stock-based compensation awards ​ 1,481 ​ 1,539 ​ 1,390 ​ 1,611 Weighted average common shares for diluted earnings per share ​ 88,327 ​ 91,792 ​ 88,859 ​ 92,485 Basic earnings per share ​ $ 1.00 ​ $ 1.31 ​ $ 1.67 ​ $ 3.60 Diluted earnings per share ​ $ 0.99 ​ $ 1.28 ​ $ 1.65 ​ $ 3.54 Stock options excluded from earnings per share calculation due to an anti-dilutive effect ​ ​ — ​ ​ 122 ​ ​ — ​ ​ 122 ​ ​ ​

Additional cash flow informatio

Additional cash flow information	6 Months Ended
	Dec. 28, 2024
Additional cash flow information
Additional cash flow information	11. Additional cash flow information Non-cash investing and financing activities and supplemental cash flow information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ December 28, December 30, ​ ​ 2024 ​ 2023 ​ ​ (Thousands) Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 16,456 ​ $ 27,049 Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ Interest ​ $ 152,752 ​ $ 175,701 Income tax payments, net ​ $ 118,687 ​ $ 128,843 ​ Included in cash and cash equivalents as of December 28, 2024, and June 29, 2024, was $3.4 million and $14.1 million, respectively, of cash equivalents, which was primarily comprised of investment grade money market funds and overnight time deposits.

Segment information

Segment information	6 Months Ended
	Dec. 28, 2024
Segment information
Segment information	12. Segment information Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ December 28, ​ December 30, ​ December 28, ​ December 30, ​ ​ 2024 2023 ​ 2024 ​ 2023 ​ (Thousands) Sales ​ ​ ​ ​ Electronic Components ​ $ 5,317,815 ​ $ 5,812,118 ​ $ 10,574,874 ​ $ 11,726,523 Farnell ​ ​ 345,569 ​ ​ 392,796 ​ ​ 692,662 ​ ​ 814,039 ​ ​ ​ 5,663,384 ​ ​ 6,204,914 ​ ​ 11,267,536 ​ ​ 12,540,562 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 181,622 ​ $ 247,899 ​ $ 378,990 ​ $ 520,650 Farnell ​ ​ 3,477 ​ ​ 15,710 ​ ​ 5,336 ​ ​ 33,382 ​ ​ ​ 185,099 ​ ​ 263,609 ​ ​ 384,326 ​ ​ 554,032 Corporate expenses ​ ​ (25,612) ​ ​ (21,405) ​ ​ (55,896) ​ ​ (50,130) Restructuring, integration, and other expenses ​ (3,794) ​ (5,235) ​ (30,145) ​ ​ (12,286) Amortization of acquired intangible assets ​ ​ (366) ​ ​ (712) ​ ​ (734) ​ ​ (1,590) Operating income ​ $ 155,327 ​ $ 236,257 ​ $ 297,551 ​ $ 490,026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 1,368,798 ​ $ 1,588,508 ​ $ 2,698,682 ​ $ 3,162,029 EMEA ​ 1,582,805 ​ 2,113,550 ​ 3,250,975 ​ 4,421,601 Asia ​ 2,711,781 ​ 2,502,856 ​ 5,317,879 ​ 4,956,932 Sales ​ $ 5,663,384 ​ $ 6,204,914 ​ $ 11,267,536 ​ $ 12,540,562 ​

Restructuring expenses

Restructuring expenses	6 Months Ended
	Dec. 28, 2024
Restructuring expenses
Restructuring expenses	13. Restructuring expenses Fiscal 2025 During fiscal 2025, the Company executed certain restructuring actions to reduce future operating expenses including specific restructuring actions to reduce expenses within the Farnell operating group. The following table presents the activity during the first six months of fiscal 2025 related to the restructuring liabilities established during fiscal 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility Asset ​ ​ ​ Severance Exit Costs Impairments Total ​ ​ (Thousands) Fiscal 2025 restructuring expenses ​ $ 7,679 ​ $ 5,329 ​ $ 14,904 ​ $ 27,912 Cash payments ​ (4,309) ​ ​ (5,318) ​ ​ — ​ ​ (9,627) Non-cash amounts ​ ​ (1,463) ​ ​ (11) ​ ​ (14,904) ​ ​ (16,378) Other, principally foreign currency translation ​ ​ (52) ​ ​ — ​ ​ — ​ ​ (52) Balance at December 28, 2024 ​ $ 1,855 ​ $ — ​ $ — ​ $ 1,855 ​ Severance expense recorded in the first six months of fiscal 2025 related to the reduction, or planned reduction, of over 150 employees, primarily in operations, distribution centers, and business support functions. Of the $27.9 million in restructuring expenses recorded in the first six months of fiscal 2025, $3.4 million related to EC, and $24.5 million related to Farnell. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2025. ​ Fiscal 2024 During fiscal 2024, the Company incurred restructuring expenses primarily related to headcount reductions including from the planned closure of certain distribution centers intended to reduce future operating expenses. The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2025. The following table presents the activity during the first six months of fiscal 2025 related to the remaining restructuring liabilities established during fiscal 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ ​ (Thousands) Balance at June 29, 2024 ​ $ 23,838 Cash payments ​ (10,155) Changes in estimates, net ​ (2,459) Other, principally foreign currency translation ​ 5 Balance at December 28, 2024 ​ $ 11,229 ​

Basis of presentation and new_2

Basis of presentation and new accounting pronouncements (Policies)	6 Months Ended
	Dec. 28, 2024
Basis of presentation and new accounting pronouncements
Basis of presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all adjustments necessary to present fairly Avnet, Inc. and its consolidated subsidiaries’ (collectively, the “Company” or “Avnet”) financial position, results of operations, comprehensive income, and cash flows. All such adjustments are of a normal recurring nature. Certain reclassifications have been made to fiscal 2024 balances to correspond to the fiscal 2025 consolidated financial statement presentation. ​ Preparing financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results may differ from these estimates and assumptions. Interim results of operations do not necessarily indicate the results to be expected for the full fiscal year. The information included in this Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2024.
New accounting pronouncements	Recently issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Working capital (Tables)

Working capital (Tables)	6 Months Ended
	Dec. 28, 2024
Working capital
Schedule of receivables and allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ ​ 2024 ​ 2024 ​ ​ (Thousands) Receivables ​ $ 4,531,785 ​ $ 4,499,691 Allowance for Credit Losses ​ $ (110,357) ​ $ (108,504) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ December 30, ​ ​ 2024 ​ 2023 ​ ​ (Thousands) Balance at beginning of the period ​ $ 108,504 ​ $ 112,843 Credit Loss Provisions ​ ​ 5,717 ​ ​ 6,564 Credit Loss Recoveries ​ ​ 3 ​ ​ (940) Receivables Write Offs ​ ​ (2,371) ​ ​ (3,885) Foreign Currency Effect and Other ​ ​ (1,496) ​ ​ 1,225 Balance at end of the period ​ $ 110,357 ​ $ 115,807

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Dec. 28, 2024
Goodwill
Change in goodwill balances by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic ​ ​ ​ ​ ​ Components ​ Farnell ​ Total ​ ​ (Thousands) Carrying value at June 29, 2024 (1) ​ $ 295,957 ​ $ 485,027 ​ $ 780,984 Foreign currency translation ​ (2,686) ​ (4,642) ​ (7,328) Carrying value at December 28, 2024 (1) ​ $ 293,271 ​ $ 480,385 ​ $ 773,656 (1) Includes accumulated impairments of $1,482,677 from prior fiscal years.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 28, 2024
Debt
Short-term debt	Short-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ December 28, ​ June 29, ​ ​ ​ 2024 2024 2024 2024 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program ​ — ​ ​ 6.19 % ​ $ — ​ $ 415,100 ​ Other short-term debt ​ 4.74 % ​ 5.43 % ​ ​ 2,604 ​ ​ 77,611 ​ Short-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,604 ​ $ 492,711 ​
Long-term debt	Long-term debt consists of the following (carrying balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, ​ June 29, ​ December 28, ​ June 29, ​ ​ ​ 2024 2024 2024 2024 ​ ​ ​ Interest Rate ​ Carrying Balance Revolving credit facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable securitization program (due December 2026) ​ 5.21 % ​ — ​ ​ $ 500,000 ​ $ — ​ Credit Facility (due August 2027) ​ 5.19 % ​ 5.05 % ​ ​ 406,808 ​ ​ 745,480 ​ Other long-term debt ​ 4.74 % ​ 4.74 % ​ ​ 20,834 ​ ​ 22,748 ​ Public notes due: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 2026 ​ 4.63 % ​ 4.63 % ​ ​ 550,000 ​ ​ 550,000 ​ March 2028 ​ 6.25 % ​ 6.25 % ​ 500,000 ​ 500,000 ​ May 2031 ​ 3.00 % ​ 3.00 % ​ ​ 300,000 ​ ​ 300,000 ​ June 2032 ​ 5.50 % ​ 5.50 % ​ ​ 300,000 ​ ​ 300,000 ​ Long-term debt before discount and debt issuance costs ​ ​ ​ ​ ​ ​ ​ 2,577,642 ​ 2,418,228 ​ Discount and debt issuance costs – unamortized ​ ​ ​ ​ ​ ​ ​ (10,263) ​ (11,599) ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ $ 2,567,379 ​ $ 2,406,629 ​

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Dec. 28, 2024
Derivative financial instruments
Schedule of derivative instruments in the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 28, June 29, ​ ​ 2024 ​ 2024 ​ ​ (Thousands) Economic hedges ​ ​ ​ ​ ​ ​ Prepaid and other current assets ​ $ 10,067 ​ $ 12,116 Accrued expenses and other ​ $ 14,274 ​ $ 16,957 Cross-currency swap ​ ​ ​ ​ ​ ​ Other liabilities ​ ​ — ​ $ 16,241 Other assets ​ $ 4,634 ​ ​ —
Schedule of gain (loss) on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ ​ December 28, December 30, December 28, December 30, ​ ​ ​ 2024 ​ 2023 2024 ​ 2023 ​ ​ ​ (Thousands) Economic hedges Other expense, net ​ $ (11,712) ​ $ (18,631) ​ $ 12,325 ​ $ (20,733) Cross currency swap Interest and other financing expense, net ​ $ 1,298 ​ $ 1,223 ​ $ 1,999 ​ $ 2,236 ​

Pension plan (Tables)

Pension plan (Tables)	6 Months Ended
	Dec. 28, 2024
Pension and retirement plan
Components of net periodic pension costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ December 28, December 30, December 28, December 30, ​ ​ 2024 2023 2024 2023 ​ ​ (Thousands) Service cost within selling, general and administrative expenses ​ $ 2,870 ​ $ 2,563 ​ $ 5,740 ​ $ 5,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ 6,183 ​ 6,144 ​ 12,366 ​ 12,289 Expected return on plan assets ​ (10,439) ​ (9,985) ​ (20,877) ​ (19,970) Recognized net actuarial loss and other ​ 1,287 ​ 56 ​ 2,573 ​ 113 Total net periodic pension benefit within other expense, net ​ ​ (2,969) ​ ​ (3,785) ​ ​ (5,938) ​ ​ (7,568) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net periodic pension benefit ​ $ (99) ​ $ (1,222) ​ $ (198) ​ $ (2,442) ​

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Dec. 28, 2024
Earnings Per Share [Abstract]
Basic and diluted earnings per share calculation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ December 28, ​ December 30, ​ December 28, ​ December 30, ​ ​ 2024 2023 2024 2023 ​ ​ (Thousands, except per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 87,253 ​ $ 117,931 ​ $ 146,209 ​ $ 327,199 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares for basic earnings per share ​ 86,846 ​ 90,253 ​ 87,469 ​ 90,874 Net effect of dilutive stock-based compensation awards ​ 1,481 ​ 1,539 ​ 1,390 ​ 1,611 Weighted average common shares for diluted earnings per share ​ 88,327 ​ 91,792 ​ 88,859 ​ 92,485 Basic earnings per share ​ $ 1.00 ​ $ 1.31 ​ $ 1.67 ​ $ 3.60 Diluted earnings per share ​ $ 0.99 ​ $ 1.28 ​ $ 1.65 ​ $ 3.54 Stock options excluded from earnings per share calculation due to an anti-dilutive effect ​ ​ — ​ ​ 122 ​ ​ — ​ ​ 122

Additional cash flow informat_2

Additional cash flow information (Tables)	6 Months Ended
	Dec. 28, 2024
Additional cash flow information
Interest and income taxes paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ December 28, December 30, ​ ​ 2024 ​ 2023 ​ ​ (Thousands) Non-cash Investing Activities: ​ ​ ​ ​ ​ ​ Capital expenditures incurred but not paid ​ $ 16,456 ​ $ 27,049 Supplemental Cash Flow Information: ​ ​ ​ ​ ​ ​ Interest ​ $ 152,752 ​ $ 175,701 Income tax payments, net ​ $ 118,687 ​ $ 128,843

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Dec. 28, 2024
Segment information
Table of the reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarters Ended ​ Six Months Ended ​ ​ December 28, ​ December 30, ​ December 28, ​ December 30, ​ ​ 2024 2023 ​ 2024 ​ 2023 ​ (Thousands) Sales ​ ​ ​ ​ Electronic Components ​ $ 5,317,815 ​ $ 5,812,118 ​ $ 10,574,874 ​ $ 11,726,523 Farnell ​ ​ 345,569 ​ ​ 392,796 ​ ​ 692,662 ​ ​ 814,039 ​ ​ ​ 5,663,384 ​ ​ 6,204,914 ​ ​ 11,267,536 ​ ​ 12,540,562 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Electronic Components ​ $ 181,622 ​ $ 247,899 ​ $ 378,990 ​ $ 520,650 Farnell ​ ​ 3,477 ​ ​ 15,710 ​ ​ 5,336 ​ ​ 33,382 ​ ​ ​ 185,099 ​ ​ 263,609 ​ ​ 384,326 ​ ​ 554,032 Corporate expenses ​ ​ (25,612) ​ ​ (21,405) ​ ​ (55,896) ​ ​ (50,130) Restructuring, integration, and other expenses ​ (3,794) ​ (5,235) ​ (30,145) ​ ​ (12,286) Amortization of acquired intangible assets ​ ​ (366) ​ ​ (712) ​ ​ (734) ​ ​ (1,590) Operating income ​ $ 155,327 ​ $ 236,257 ​ $ 297,551 ​ $ 490,026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales, by geographic area: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 1,368,798 ​ $ 1,588,508 ​ $ 2,698,682 ​ $ 3,162,029 EMEA ​ 1,582,805 ​ 2,113,550 ​ 3,250,975 ​ 4,421,601 Asia ​ 2,711,781 ​ 2,502,856 ​ 5,317,879 ​ 4,956,932 Sales ​ $ 5,663,384 ​ $ 6,204,914 ​ $ 11,267,536 ​ $ 12,540,562 ​

Restructuring expenses (Tables)

Restructuring expenses (Tables)	6 Months Ended
	Dec. 28, 2024
Fiscal Year 2025 Restructuring Liabilities Member
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility Asset ​ ​ ​ Severance Exit Costs Impairments Total ​ ​ (Thousands) Fiscal 2025 restructuring expenses ​ $ 7,679 ​ $ 5,329 ​ $ 14,904 ​ $ 27,912 Cash payments ​ (4,309) ​ ​ (5,318) ​ ​ — ​ ​ (9,627) Non-cash amounts ​ ​ (1,463) ​ ​ (11) ​ ​ (14,904) ​ ​ (16,378) Other, principally foreign currency translation ​ ​ (52) ​ ​ — ​ ​ — ​ ​ (52) Balance at December 28, 2024 ​ $ 1,855 ​ $ — ​ $ — ​ $ 1,855
Fiscal Year 2024 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ ​ (Thousands) Balance at June 29, 2024 ​ $ 23,838 Cash payments ​ (10,155) Changes in estimates, net ​ (2,459) Other, principally foreign currency translation ​ 5 Balance at December 28, 2024 ​ $ 11,229 ​

Working capital - Receivables (

Working capital - Receivables (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Jun. 29, 2024	Dec. 30, 2023	Jul. 01, 2023
Working capital
Receivables	$ 4,531,785	$ 4,499,691
Allowance for Credit Losses	$ (110,357)	$ (108,504)	$ (115,807)	$ (112,843)

Working capital - Allowance for

Working capital - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 108,504	$ 112,843
Credit Loss Provisions	5,717	6,564
Credit Loss Recoveries	3	(940)
Receivables Write Offs	(2,371)	(3,885)
Foreign Currency Effect and Other	(1,496)	1,225
Receivables, Allowance for Credit Loss, Ending Balance	$ 110,357	$ 115,807

Working Capital - Inventory (De

Working Capital - Inventory (Details)	6 Months Ended	12 Months Ended
	Dec. 28, 2024	Jun. 29, 2024
Working capital
Inventory held for supply chain services	7%	7%

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 28, 2024	Jun. 29, 2024
Carrying amount of goodwill, by reportable segment
Carrying value	$ 780,984
Foreign currency translation	(7,328)
Carrying value	773,656
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	295,957
Foreign currency translation	(2,686)
Carrying value	293,271
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	485,027
Foreign currency translation	(4,642)
Carrying value	$ 480,385

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 28, 2024	Jun. 29, 2024
Components of short-term debt
Short-term debt	$ 2,604	$ 492,711
Other Short -Term Debt
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	4.74%	5.43%
Short-term debt	$ 2,604	$ 77,611
Revolving credit facilities | Accounts receivable securitization program
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate		6.19%
Short-term debt		$ 415,100

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 28, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,577,642	$ 2,418,228
Discount and debt issuance costs - unamortized	(10,263)	(11,599)
Long-term debt	$ 2,567,379	$ 2,406,629
Other long-term debt
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.74%	4.74%
Long-term debt before discount and debt issuance costs	$ 20,834	$ 22,748
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
Long-term Debt, Weighted Average Interest Rate	5.21%
Long-term debt	$ 500,000
Revolving credit facilities | Line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Long-term Debt, Weighted Average Interest Rate	5.19%	5.05%
Long-term debt before discount and debt issuance costs	$ 406,808	$ 745,480
Letter of Credit | Line of credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 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 March 2028
Debt Instrument [Line Items]
Long-term debt, stated interest rate	6.25%	6.25%
Long-term debt before discount and debt issuance costs	$ 500,000	$ 500,000
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

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 28, 2024	Jun. 29, 2024
Company's total debt
Debt, Long-Term and Short-Term, Combined Amount	$ 2,570	$ 2,900
Total fair value	2,530	2,850
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Maximum borrowing amount	500
Accounts Receivable from Securitization	865.3	1,050
Revolving credit facilities | Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500
Term	5 years
Letter of Credit | Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 200
Letters of credit outstanding, amount	0.9	$ 0.9
Notes Payable In Certain Approved Currencies | Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300

Derivative financial instrume_3

Derivative financial instruments Textuals (Details) $ in Thousands, € in Millions	6 Months Ended
	Dec. 28, 2024 USD ($)	Dec. 28, 2024 EUR (€)	Jun. 29, 2024 USD ($)
Cross-Currency Swap
Derivative notional amounts
Total notional amount	$ 500,000	€ 472.6
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 | Net Investment Hedging | Cross-Currency Swap
Derivative fair value
Derivative assets fair value	$ 4,634
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative liabilities fair value			$ 16,241
Derivative Liability, Statement of Financial Position [Extensible Enumeration]			Other Liabilities, Noncurrent
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative fair value
Derivative assets fair value	$ 10,067		$ 12,116
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	$ 14,274		$ 16,957
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	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Designated as Hedging Instrument | Net Investment Hedging | Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 1,298	$ 1,223	$ 1,999	$ 2,236
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ (11,712)	$ (18,631)	$ 12,325	$ (20,733)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 30, 2023	Dec. 28, 2024	Jun. 29, 2024
Loss Contingency, Estimate [Abstract]
Estimate of possible loss		$ 13,700	$ 17,200
Gain on legal settlements and other	$ 86,499

Income taxes (Effective Tax Rat

Income taxes (Effective Tax Rate) (Details)	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Reconciliation between federal statutory tax rate and effective tax rate
Effective Income Tax Rate	3.40%	23.20%	11.40%	23.70%

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Components of net periodic pension costs
Service cost within selling, general and administrative expenses	$ 2,870	$ 2,563	$ 5,740	$ 5,126
Interest cost	6,183	6,144	12,366	12,289
Expected return on plan assets	(10,439)	(9,985)	(20,877)	(19,970)
Recognized net actuarial loss and other	1,287	56	2,573	113
Net periodic pension benefit	(99)	(1,222)	(198)	(2,442)
Other Income, net
Components of net periodic pension costs
Net periodic pension benefit	(2,969)	$ (3,785)	(5,938)	$ (7,568)
Plan
Components of net periodic pension costs
Contributions			4,000
Estimated future employer pension plan contributions	$ 4,000		$ 4,000

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) shares in Millions, $ in Millions	3 Months Ended
	Dec. 28, 2024 USD ($) shares
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program	$ 600
Shares repurchased during period (in shares) | shares	0.9
Cost of repurchase	$ 51.2
Remaining authorized repurchase amount	$ 515.4

Shareholders' equity (Common st

Shareholders' equity (Common stock dividend textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 28, 2024	Dec. 28, 2024	Dec. 30, 2023
Dividends Payable [Line Items]
Dividends paid on common stock		$ 57,420	$ 56,138
Q2 2025 Dividend
Dividends Payable [Line Items]
Date dividend declared	2024-11	2024-11
Common stock dividend declared amount per share	$ 0.33
Dividends paid on common stock	$ 28,600
Date common stock dividend paid	2024-12	2024-12

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 28, 2024	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Numerator:
Net income	$ 87,253	$ 58,956	$ 117,931	$ 209,268	$ 146,209	$ 327,199
Denominator:
Weighted average common shares for basic earnings per share	86,846		90,253		87,469	90,874
Net effect of dilutive stock based compensation awards	1,481		1,539		1,390	1,611
Weighted average common shares for diluted earnings per share	88,327		91,792		88,859	92,485
Basic earnings per share	$ 1		$ 1.31		$ 1.67	$ 3.6
Diluted earnings per share	$ 0.99		$ 1.28		$ 1.65	$ 3.54
Stock Options
Denominator:
antidilutive Securities			122			122

Additional cash flow informat_3

Additional cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Jun. 29, 2024
Income Taxes Paid, Net [Abstract]
Capital expenditures incurred but not paid	$ 16,456	$ 27,049
Interest	152,752	175,701
Income tax payments, net	118,687	$ 128,843
Cash equivalents	$ 3,400		$ 14,100

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023	Jun. 29, 2024
Sales, by segment
Sales	$ 5,663,384	$ 6,204,914	$ 11,267,536	$ 12,540,562
Operating income (loss):
Restructuring, integration and other expenses	(3,794)	(5,235)	(30,145)	(12,286)
Amortization of acquired intangible assets	(366)	(712)	(734)	(1,590)
Operating income	155,327	236,257	297,551	490,026
Assets:
Assets	11,942,931		11,942,931		$ 12,209,147
Depreciation & amortization expense:
Depreciation and amortization expense			36,912	42,727
Segment
Operating income (loss):
Operating income	185,099	263,609	384,326	554,032
Corporate
Operating income (loss):
Corporate Overhead Expenses	25,612	21,405	55,896	50,130
Electronic Components | Segment
Sales, by segment
Sales	5,317,815	5,812,118	10,574,874	11,726,523
Operating income (loss):
Operating income	181,622	247,899	378,990	520,650
Farnell | Segment
Sales, by segment
Sales	345,569	392,796	692,662	814,039
Operating income (loss):
Operating income	$ 3,477	$ 15,710	$ 5,336	$ 33,382

Segment information (Sales, by

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Sales, by geographic area:
Sales	$ 5,663,384	$ 6,204,914	$ 11,267,536	$ 12,540,562
Americas
Sales, by geographic area:
Sales	1,368,798	1,588,508	2,698,682	3,162,029
EMEA
Sales, by geographic area:
Sales	1,582,805	2,113,550	3,250,975	4,421,601
Asia
Sales, by geographic area:
Sales	$ 2,711,781	$ 2,502,856	$ 5,317,879	$ 4,956,932

Restructuring expenses (Details

Restructuring expenses (Details) $ in Thousands	6 Months Ended
	Dec. 28, 2024 USD ($)
Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 27,912
Cash payments	(9,627)
Non-cash amounts	(16,378)
Other, principally foreign currency translation	(52)
Ending Balance	$ 1,855
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Integration And Other Charges
Severance | Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 7,679
Cash payments	(4,309)
Non-cash amounts	(1,463)
Other, principally foreign currency translation	(52)
Ending Balance	1,855
Severance | Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	23,838
Cash payments	(10,155)
Changes in estimates, net	(2,459)
Other, principally foreign currency translation	5
Ending Balance	11,229
Asset Impairments | Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	5,329
Cash payments	(5,318)
Non-cash amounts	(11)
Other Restructuring | Fiscal Year 2025 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	14,904
Non-cash amounts	$ (14,904)

Restructuring expenses (Textual

Restructuring expenses (Textuals) (Details) - Fiscal Year 2025 Restructuring Liabilities	6 Months Ended
	Dec. 28, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 27,912,000
Restructuring Reserve	1,855,000
Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	3,400,000
Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 24,500,000
Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges	150