Avnet (AVT) 10-Q 28 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jan. 02, 2016	Jan. 21, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	AVNET INC
Entity Central Index Key	8,858
Document Type	10-Q
Document Period End Date	Jan. 2, 2016
Current Fiscal Year End Date	--07-02
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		131,265,883

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Current assets:
Cash and cash equivalents	$ 916,088	$ 932,553
Receivables, less allowances of $69,247 and $80,721, respectively	5,395,005	5,054,307
Inventories	2,650,220	2,482,183
Prepaid and other current assets	181,074	173,030
Total current assets	9,142,387	8,642,073
Property, plant and equipment, net	587,216	568,779
Goodwill	1,283,408	1,278,756
Intangible assets, net	91,371	99,731
Other assets	197,970	210,614
Total assets	11,302,352	10,799,953
Current liabilities:
Short-term debt	1,136,218	331,115
Accounts payable	3,628,073	3,338,052
Accrued expenses and other	599,007	603,129
Total current liabilities	5,363,298	4,272,296
Long-term debt	1,072,188	1,646,501
Other liabilities	192,864	196,135
Total liabilities	$ 6,628,350	$ 6,114,932
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 131,327,636 and 135,496,472 shares, respectively	$ 131,328	$ 135,496
Additional paid-in capital	1,445,494	1,408,422
Retained earnings	3,643,248	3,582,599
Accumulated other comprehensive loss	(545,699)	(441,038)
Treasury stock at cost, 29,852 and 31,901 shares, respectively	(369)	(458)
Total shareholders’ equity	4,674,002	4,685,021
Total liabilities and shareholders’ equity	$ 11,302,352	$ 10,799,953

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Current assets:
Allowance for doubtful accounts receivable, current (in dollars)	$ 69,247	$ 80,721
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	131,327,636	135,496,472
Treasury Stock, shares	29,852	31,901

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Income Statement [Abstract]
Sales	$ 6,848,057	$ 7,551,880	$ 13,817,751	$ 14,391,466
Cost of sales	6,069,889	6,714,374	12,248,107	12,758,497
Gross profit	778,168	837,506	1,569,644	1,632,969
Selling, general and administrative expenses	530,831	573,962	1,089,387	1,157,908
Restructuring, integration and other expenses	21,222	13,257	47,180	31,577
Operating income	226,115	250,287	433,077	443,484
Other expense, net	(6,485)	(5,524)	(12,338)	(7,017)
Interest expense	(22,423)	(24,666)	(46,025)	(48,066)
Income before income taxes	197,207	220,097	374,714	388,401
Income tax expense	41,195	56,391	88,448	96,749
Net income	$ 156,012	$ 163,706	$ 286,266	$ 291,652
Earnings per share:
Basic	$ 1.18	$ 1.20	$ 2.15	$ 2.12
Diluted	$ 1.16	$ 1.18	$ 2.11	$ 2.08
Shares used to compute earnings per share:
Basic	131,909	136,541	132,846	137,425
Diluted	134,918	138,972	135,622	139,911
Cash dividends paid per common share	$ 0.17	$ 0.16	$ 0.34	$ 0.32

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 156,012	$ 163,706	$ 286,266	$ 291,652
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments and other	(68,637)	(158,303)	(108,885)	(364,036)
Pension adjustments, net	2,157	1,784	4,224	3,569
Total comprehensive income (loss)	$ 89,532	$ 7,187	$ 181,605	$ (68,815)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Cash flows from operating activities:
Net income	$ 286,266	$ 291,652
Non-cash and other reconciling items:
Depreciation	47,612	46,972
Amortization	14,307	21,990
Deferred income taxes	(708)	15,275
Stock-based compensation	38,424	36,130
Other, net	28,596	34,523
Changes in (net of effects from businesses acquired):
Receivables	(413,149)	(711,060)
Inventories	(197,800)	(5,957)
Accounts payable	323,447	583,337
Accrued expenses and other, net	(42,753)	(88,438)
Net cash flows provided by operating activities	84,242	224,424
Cash flows from financing activities:
Repayment of notes	(250,000)
Borrowings under accounts receivable securitization program, net	40,000	77,000
Borrowings (repayments) of bank and revolving debt, net	444,343	(37,414)
Repurchases of common stock (Note 9)	(184,704)	(109,129)
Dividends paid on common stock	(45,020)	(43,875)
Other, net	(1,080)	(5,439)
Net cash flows provided (used) for financing activities	3,539	(118,857)
Cash flows from investing activities:
Purchases of property, plant and equipment	(74,806)	(83,642)
Acquisitions of businesses, net of cash acquired (Note 2)	(19,199)
Other, net	7,736	(8,795)
Net cash flows used for investing activities	(86,269)	(92,437)
Effect of exchange rate changes on cash and cash equivalents	(17,977)	(38,770)
Cash and cash equivalents:
— (decrease)	(16,465)	(25,640)
— at beginning of period	932,553	928,971
— at end of period	$ 916,088	$ 903,331

Basis of presentation and new a

Basis of presentation and new accounting pronouncements	6 Months Ended
	Jan. 02, 2016
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.'s and its consolidated subsidiaries' (the “Company” or “Avnet”) financial position, results of operations, comprehensive income (loss) and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles ("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. Interim results of operations are not necessarily indicative of 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 27, 2015. Fiscal year The Company operates on a “52/53 week” fiscal year and fiscal 2016 contains 53 weeks compared to 52 weeks in fiscal 2015. As a result, the first six months of fiscal 2016 contained 27 weeks compared to the first six months of fiscal 2015, which contained 26 weeks. New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the requirements of ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The planned early adoption of this update at the end of fiscal 2016 is not expected to have a material impact on the Company’s financial statements. Recently adopted accounting pronouncements In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . The update requires that an acquiror recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The Company early adopted this update in the first quarter of fiscal 2016, with no impact to its consolidated financial statements. During the six months ended January 2, 2016, there have been no additional new accounting pronouncements that are expected to significantly impact the Company’s consolidated financial statements.

Acquisitions and divestitures

Acquisitions and divestitures	6 Months Ended
	Jan. 02, 2016
Acquisitions
Acquisitions and divestitures	2. Acquisitions During the second quarter of fiscal 2016, the Company acquired two businesses with aggregated annualized sales of approximately $120.0 million for an aggregate purchase price $36.6 million. The Company paid cash of $ 19.2 million , net of cash acquired, for such acquisitions in the second quarter of fiscal 2016. The Company has not disclosed the pro-forma impact of the fiscal 2016 acquisitions, as such impact was not material to the Company’s consolidated financial position or results of operations.

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Jan. 02, 2016
Goodwill and intangible assets
Goodwill and intangible assets	3. Goodwill and intangible assets Goodwill The following table presents the change in goodwill by reportable segment for the six months ended January 2, 2016. All of the accumulated impairment was recognized in fiscal 2009. Electronics Technology Marketing Solutions Total (Thousands) Gross goodwill $ $ $ Accumulated impairment Carrying value at June 27, 2015 Additions — Adjustments — — — Foreign currency translation Carrying value at January 2, 2016 $ $ $ Gross goodwill $ $ $ Accumulated impairment Carrying value at January 2, 2016 $ $ $ The goodwill additions are a result of businesses acquired in the second quarter of fiscal 2016. In accordance with ASC 350, the Company does not amortize goodwill, but instead tests goodwill for impairment at least annually in the fourth fiscal quarter. The Company determined there was no goodwill impairment at any of its reporting units as a result of the fiscal 2015 goodwill impairment testing. As a result of the fiscal 2015 goodwill impairment testing, two reporting units (TS Asia and TS EMEA) had estimated fair values that were not substantially in excess of the carrying value of such reporting units. The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit that has goodwill is less than its 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, (ii) changes in the macroeconomic or industry environments and (iii) the financial performance of its’ reporting units. During the second quarter of fiscal 2016, the Company concluded that an interim goodwill impairment test was not necessary. In assessing goodwill for impairment, the Company is required to make significant assumptions, judgments and estimates including evaluating whether facts and circumstances indicate that an interim goodwill impairment test is necessary. These assumptions, judgments and estimates may change in the future based upon market conditions or other events and could result in a goodwill impairment. The Company continues to evaluate each quarter those indicators that may require an interim goodwill impairment test. Intangible Assets The following table presents the Company’s acquired intangible assets at January 2, 2016, and June 27, 2015, respectively. These intangible assets have a weighted average remaining useful life of approximately 4 years. January 2, 2016 June 27, 2015 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ $ $ $ $ $ Trade name Other $ $ $ $ $ $ Intangible asset amortization expense was $ 7.4 million and $ 10.4 million for the second quarters of fiscal 2016 and 2015, respectively, and $ 14.3 million and $ 22.0 million for the first six months of fiscal 2016 and 2015, respectively. The following table presents the estimated future amortization expense for the remainder of fiscal 2016 , the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2016 2017 2018 2019 2020 2021 Thereafter Total $

Debt

Debt	6 Months Ended
	Jan. 02, 2016
Debt
Debt	4. Debt Short-term debt consists of the following (in thousands): January 2, 2016 June 27, 2015 January 2, 2016 June 27, 2015 Interest Rate Carrying Balance Bank credit facilities and other % % $ $ Accounts receivable securitization program % — — Notes due September 1, 2015 — % — Notes due September 15, 2016 % — — Short-term debt $ $ Bank credit facilities and other consists primarily of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company including its foreign operations. In August 2014, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of accounts receivable, to provide security or collateral for borrowings up to a maximum of $ 900.0 million. The Program does not qualify for off balance sheet accounting treatment and, as a result, any borrowings under the Program are recorded as debt in the consolidated balance sheets. Under the 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 $ 1.59 billion and $ 1.41 billion at January 2, 2016, and June 27, 2015, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of January 2, 2016, and June 27, 2015. The Program has a two -year term that expires in August 2016 and as a result is considered short-term debt as of January 2, 2016. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.38 % . The facility fee is 0.38 % . In September 2015, the Company redeemed the $250.0 million of outstanding 6.00% Notes due September 1, 2015, upon their maturity. Long-term debt consists of the following (in thousands): January 2, 2016 June 27, 2015 January 2, 2016 June 27, 2015 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program — % $ — $ Credit Facility % % Notes due: September 15, 2016 — % — June 15, 2020 % % December 1, 2022 % % Other long-term debt % % Long-term debt before discount and debt issuance costs Discount and debt issuance costs Long-term debt $ $ The Company has a five -year $ 1.25 billion senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $ 150.0 million of letters of credit, which expires in July 2019 . Subject to certain conditions, the Credit Facility may be increased up to $ 1.5 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of January 2, 2016 and June 27, 2015. As of January 2, 2016 and June 27, 2015, there were $ 4.9 million and $ 1.9 million, respectively, in letters of credit issued under the Credit Facility. As of January 2, 2016, the carrying value and fair value of the Company’s total debt was $ 2.21 billion and $ 2.26 billion, respectively. At June 27, 2015, the carrying value and fair value of the Company's total debt was $ 1.98 billion and $ 2.04 billion, respectively. Fair value was estimated primarily based upon quoted market prices.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jan. 02, 2016
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. This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts typically with maturities of less than sixty days (“economic hedges”). The Company continues to have exposure to foreign currency risks to the extent they are not hedged. The Company adjusts any economic hedges to fair value through the consolidated statements of operations primarily within “other income (expense), net.” Therefore, the changes in valuation of the underlying items being economically hedged are offset by the changes in fair value of the forward foreign exchange contracts. The fair value of forward foreign exchange contracts, which are based upon Level 2 criteria under the ASC 820 fair value hierarchy, are classified in the captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated balance sheets as of January 2, 2016, and June 27, 2015 and were not material. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. Avnet’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. The Company did not have material net gains or losses related to forward foreign exchange contracts in the second quarters and first six months of fiscal 2016 and 2015, which are recorded as a component of “other expense, net” in the consolidated statements of operations. The Company generally does not hedge its investments in its foreign operations. The Company does not enter into derivative financial instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jan. 02, 2016
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 also is currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations, including import/export, environmental, anticorruption and competition. 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 for such matters due primarily to being in the preliminary stages of the related proceedings and investigations. 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 our results of operations in any one reporting period. As of January 2, 2016, and June 27, 2015, the Company has aggregate estimated liabilities of $21.3 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. Of this amount, $10.0 million relates to a contingent liability for potential unpaid import duties associated with the acquisition of Bell Microproducts Inc. for estimated duties, interest and penalties that may be imposed from an ongoing compliance audit by Customs and Border Protection.

Income taxes

Income taxes	6 Months Ended
	Jan. 02, 2016
Income taxes
Income taxes	7. Income taxes The Company’s effective tax rate on its income before income taxes was 20.9% in the second quarter of fiscal 2016 as compared with 25.6 % in the second quarter of fiscal 2015. During the second quarter of fiscal 2016, the Company’s effective tax rate was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions, (ii) the release of valuation allowances against deferred tax assets that were determined to be realizable and (iii) the release of reserves related to audit settlements and the expiration of statutes of limitation. During the second quarter of fiscal 2015, the Company’s effective tax rate was favorably impacted by the mix of income in lower tax jurisdictions and the release of reserves related to the settlement of an audit in a foreign jurisdiction. For the first six months of fiscal 2016 and 2015, the Company’s effective tax rate was 23.6 % and 24.9 %, respectively. The effective tax rate for the first six months of fiscal 2016 was favorably impacted primarily by (i) the mix of income in lower tax jurisdictions, (ii) the release of valuation allowances against deferred tax assets that were determined to be realizable and (iii) the release of reserves related to audit settlements and the expiration of statutes of limitation. The effective tax rate for the first six months of fiscal 2015 was favorably impacted by the mix of income in lower tax jurisdictions and the release of reserves, primarily related to the formal deregistration of a foreign branch and the settlement of an audit in a foreign jurisdiction. The Company applies the guidance in ASC 740, which requires management to use its judgment for the appropriate weighting of all available evidence when assessing the need for the establishment or the release of valuation allowances. As part of this analysis, the Company examines all available evidence on a jurisdiction by jurisdiction basis and weighs the positive and negative evidence when determining the need for full or partial valuation allowances. The evidence considered for each jurisdiction includes, among other items: (i) the historic levels of income or losses over a range of time periods, which may extend beyond the most recent three fiscal years depending upon the historical volatility of income in an individual jurisdiction; (ii) expectations and risks associated with underlying estimates of future taxable income, including considering the historical trend of down-cycles in the semiconductor and related industries; (iii) jurisdictional specific limitations on the utilization of deferred tax assets including when such assets expire; and (iv) prudent and feasible tax planning strategies. The Company continues to evaluate the need for the valuation allowances against its deferred tax assets and will adjust valuation allowances as appropriate, which, if adjusted , could result in a significant decrease or increase to the effective tax rate in the period of the adjustment.

Pension and retirement plan

Pension and retirement plan	6 Months Ended
	Jan. 02, 2016
Pension and retirement plan
Pension and retirement plans	8. Pension plan The Company has a noncontributory defined benefit pension plan (the “Plan”) for which the components of net periodic pension costs during the second quarters ended January 2, 2016, and December 27, 2014 were as follows: Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands) Service cost $ $ $ $ Interest cost Expected return on plan assets Recognized net actuarial loss Amortization of prior service credits Net periodic pension cost $ $ $ $ The Company made contributions to the Plan of $20.0 million during the first six months of fiscal 2016. The Company expects to make an additional contribution to the Plan of $10.0 million in each of the remaining two quarters of fiscal 2016. The Plan meets the definition of a defined benefit plan and as a result, the Company must apply ASC 715 pension accounting to the Plan. The Plan itself, however, 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 a stated account balance. A cash balance plan provides the Company with the benefit of applying any earnings on the Plan’s investments beyond the fixed return provided to participants, toward the Company’s future cash funding obligations. Amounts reclassified out of accumulated other comprehensive (loss) income, net of tax, to operating expenses during the second quarters and first six months of fiscal 2016 and fiscal 2015 were not material and substantially all related to net periodic pension costs including recognition of actuarial losses and amortization of prior service credits.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jan. 02, 2016
Shareholders' equity
Shareholders' equity	9. Shareholders' equity Share repurchase program In August 2015, the Company’s Board of Directors amended the Company’s existing share repurchase program to authorize the repurchase of up to $ 1.25 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During the second quarter of fiscal 2016, the Company repurchased 0.9 million shares under this program at an average market price of $ 44.42 per share for a total cost of $ 39.9 million. During the first six months of fiscal 2016, the Company repurchased 4.4 million shares under this program at an average price of $ 41.83 per share for a total cost of $ 185.0 million. Since the beginning of the repurchase program through the end of the second quarter of fiscal 2016, the Company has repurchased 26.5 million shares at an aggregate cost of $ 882.6 million, and $ 367.4 million remains available for future repurchases. Common stock dividend In November 2015, the Company’s Board of Directors approved a dividend of $ 0.17 per common share and dividend payments of $ 22.4 million were made in December 2015. During the six months ended January 2, 2016, the Company has paid dividends of $ 0.34 per common share and $ 45.0 million in total.

Earnings per share

Earnings per share	6 Months Ended
	Jan. 02, 2016
Earnings per share
Earnings per share	10. Earnings per share Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands, except per share data) Numerator: Net income $ $ $ $ Denominator: Weighted average common shares for basic earnings per share Net effect of dilutive stock options, restricted stock units and performance share units Weighted average common shares for diluted earnings per share Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Stock options excluded from earnings per share calculation due to anti-dilutive effect — — — —

Additional cash flow informatio

Additional cash flow information	6 Months Ended
	Jan. 02, 2016
Additional cash flow information
Additional cash flow information	11. Additional cash flow information Interest and income taxes paid in the six months ended January 2, 2016, and December 27, 2014 were as follows: Six Months Ended January 2, December 27, 2016 2014 (Thousands) Interest $ $ Income taxes $ $ 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. Non-cash investing activities related to purchases of property, plant and equipment that have been accrued, but not paid for, were $ 12.7 million and $ 15.3 million as of January 2, 2016, and December 27, 2014, respectively. Included in cash and cash equivalents as of January 2, 2016, was $ 8.0 million of cash equivalents, which was primarily comprised of overnight time deposits whose fair value was determined using Level 1 measurements under the ASC 820 fair value hierarchy.

Segment information

Segment information	6 Months Ended
	Jan. 02, 2016
Segment information
Segment information	12. Segment information Electronics Marketing (“EM”) and Technology Solutions (“TS”) are the Company's reportable segments (“operating groups”). EM markets and sells semiconductors and interconnect, passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. TS focuses on the value-added distribution of enterprise computing servers and systems, software, storage, services and complex solutions from the world’s foremost technology manufacturers. TS also provides the latest hard disk drives, microprocessor, motherboard and DRAM module technologies to manufacturers of general-purpose computers and system builders. Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands) Sales: Electronics Marketing $ $ $ $ Technology Solutions $ $ $ $ Operating income (expense): Electronics Marketing $ $ $ $ Technology Solutions Corporate Restructuring, integration and other expenses (Note 13) Amortization of acquired intangible assets and other $ $ $ $ Sales, by geographic area: Americas (1) $ $ $ $ EMEA (2) Asia/Pacific (3) $ $ $ $ (1) Includes sales from the United States of $ 2.48 billion and $ 2.70 billion for the quarters ended January 2, 2016, and December 27, 2014, respectively. Includes sales from the United States of $ 4.99 billion and $ 5.06 billion for the first six months of fiscal 2016 and 2015, respectively. (2) Includes sales from Germany and the United Kingdom of $ 760.6 million and $ 340.5 million, respectively, for the quarter ended January 2, 2016, and $ 1.56 billion and $ 681.1 million, respectively, for the first six months of fiscal 2016. Includes sales from Germany and the United Kingdom of $ 787.8 million and $ 384.8 million, respectively, for the quarter ended December 27, 2014, and $1.53 billion and $745.2 million, respectively, for the first six months of fiscal 2015. (3) Includes sales from China (including Hong Kong) and Taiwan of $ 703.9 million and $ 864.0 million, respectively, for the quarter ended January 2, 2016, and $ 1.42 billion and $ 1.69 billion, respectively, for the first six months of fiscal 2016. Includes sales from China (including Hong Kong) and Taiwan of $ 727.1 million and $ 1.01 billion, respectively, for the quarter ended December 27, 2014, and $ 1.47 billion and $ 1.82 billion, respectively, for the first six months of fiscal 2015. January 2, June 27, 2016 2015 (Thousands) Assets: Electronics Marketing $ $ Technology Solutions Corporate $ $ Property, plant, and equipment, net, by geographic area: Americas (1) $ $ EMEA (2) Asia/Pacific $ $ (1) Includes property, plant and equipment, net, of $ 376.4 million and $ 352.2 million as of January 2, 2016, and June 27, 2015, respectively, in the United States. (2) Includes property, plant and equipment, net, of $ 72.8 million and $ 70.5 million in Germany and Belgium, respectively, as of January 2, 2016, and $ 74.2 million and $ 74.7 million in Germany and Belgium, respectively, as of June 27, 2015.

Restructuring, integration and

Restructuring, integration and other expenses	6 Months Ended
	Jan. 02, 2016
Restructuring, integration and other expenses
Restructuring, integration and other expenses	13. Restructuring, integration and other expenses Fiscal 2016 During the second quarter and first six months of fiscal 2016, the Company took certain actions in an effort to reduce future operating expenses, including the continuation of the restructuring activities started in the fourth quarter of fiscal 2015 and the first quarter of fiscal 2016. These actions include activities related to the Avnet Advantage initiative, which is focused on creating operational efficiencies. In addition, the Company incurred integration and other costs primarily associated with the integration of acquired businesses, the integration of certain global and regional businesses and the closure or divestiture of certain businesses. The following table presents the restructuring, integration and other expenses recorded during the second quarter and first six months of fiscal 2016: Quarter Ended Six Months Ended January 2, 2016 January 2, 2016 (Thousands, except per share data) Restructuring expenses $ $ Integration costs Other costs Changes in estimates for prior year restructuring liabilities Restructuring, integration and other expenses before tax $ $ Restructuring, integration and other expenses after tax $ $ Restructuring, integration and other expenses per share on a diluted basis $ $ The activity related to the restructuring liabilities established and other associated expenses incurred during fiscal 2016 is presented in the following table: Facility Asset Severance Exit Costs Impairments Other Total (Thousands) Fiscal 2016 restructuring expenses $ $ $ $ $ Cash payments — Non-cash amounts — Other, principally foreign currency translation — Balance at January 2, 2016 $ $ $ — $ $ Severance expense recorded in the first six months of fiscal 2016 related to the reduction of approximately 400 employees, primarily in operations, sales and business support functions, in connection with cost reduction actions taken in both operating groups including the impact of a voluntary retirement program in the United States. Facility exit costs primarily consist of liabilities for remaining lease obligations for exited facilities. Asset impairments relate to the impairment of property, plant and equipment as a result of the underlying restructuring actions taken in fiscal 2016. Other restructuring costs related primarily to other miscellaneous restructuring and exit costs. Of the $ 31.5 million in restructuring expenses recorded during the first six months of fiscal 2016, $ 16.3 million related to EM and $ 15.2 million related to TS. As of January 2, 2016, the Company expects the majority of the remaining severance and facility exit costs to be paid by the end of fiscal 2016. Integration costs are primarily related to the integration of acquired businesses, integration of regional and global business units and incremental costs incurred as part of the consolidation, relocation and closure of warehouse and office facilities. Integration costs include consulting costs for information technology system and business operation integration assistance, facility moving costs, legal fees, travel, meeting, marketing and communication costs that are incrementally incurred as a result of such integration activities. Also included in integration costs are incremental salary costs specific to integration, consolidation and closure activities. Other costs consists primarily of professional fees incurred for acquisitions, costs incurred for businesses divested or closed in current or prior periods, any ongoing facilities operating costs associated with the consolidation, relocation and closure of facilities once such facilities have been vacated or substantially vacated, and other miscellaneous costs that relate to restructuring, integration and other expenses. Included in other costs during the first six months of fiscal 2016 was $4.3 million of expense associated with Avnet’s estimated environmental remediation obligations related to certain legacy manufacturing operations that were divested several decades ago. The remaining integration and other costs in the first six months of fiscal 2016 were comprised of many different costs, none of which were individually material. Fiscal 2015 During fiscal 2015, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first six months of fiscal 2016 related to the remaining restructuring liabilities established during fiscal 2015: Facility Severance Exit Costs Other Total (Thousands) Balance at June 27, 2015 $ $ $ — $ Cash payments — Changes in estimates, net — Non-cash amounts — — — — Other, principally foreign currency translation — Balance at January 2, 2016 $ $ $ — $ As of January 2, 2016, the Company expects the majority of the remaining severance and facility exit cost liabilities to be paid by the end of fiscal 2016. Fiscal 2014 and prior As of June 27, 2015, there were $ 11.8 million of restructuring liabilities remaining related to restructuring actions taken in fiscal years 2014 and prior, the majority of which relates to facility exit costs. The remaining balance for such historical restructuring actions as of January 2, 2016, was $ 7.3 million , which is expected to be paid by the end of fiscal 2016.

Basis of presentation and new20

Basis of presentation and new accounting pronouncements (Policies)	6 Months Ended
	Jan. 02, 2016
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.'s and its consolidated subsidiaries' (the “Company” or “Avnet”) financial position, results of operations, comprehensive income (loss) and cash flows. All such adjustments are of a normal recurring nature. The preparation of financial statements in accordance with generally accepted accounting principles ("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. Interim results of operations are not necessarily indicative of 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 27, 2015.
Fiscal year	Fiscal year The Company operates on a “52/53 week” fiscal year and fiscal 2016 contains 53 weeks compared to 52 weeks in fiscal 2015. As a result, the first six months of fiscal 2016 contained 27 weeks compared to the first six months of fiscal 2015, which contained 26 weeks.
New accounting pronouncements	New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), to supersede nearly all existing revenue recognition guidance under GAAP. The core principles of ASU 2014-09 are to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Application of the requirements of ASU 2014-09 may require more judgment and estimates within the revenue recognition process compared to existing GAAP. In July 2015, the FASB approved a one-year delay in the effective date of ASU 2014-09, which makes the effective date for the Company the first quarter of fiscal 2019. The Company may adopt the requirements of ASU 2014-09 using either of two acceptable adoption methods: (i) retrospective adoption to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) adoption with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined within ASU 2014-09. The Company is currently evaluating the impact of the future adoption of ASU 2014-09 on its consolidated financial statements, including the method of adoption to be used. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The planned early adoption of this update at the end of fiscal 2016 is not expected to have a material impact on the Company’s financial statements. Recently adopted accounting pronouncements In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . The update requires that an acquiror recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed at the acquisition date. The Company early adopted this update in the first quarter of fiscal 2016, with no impact to its consolidated financial statements. During the six months ended January 2, 2016, there have been no additional new accounting pronouncements that are expected to significantly impact the Company’s consolidated financial statements.

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Jan. 02, 2016
Goodwill and intangible assets
Change in goodwill balances by reportable segment	Electronics Technology Marketing Solutions Total (Thousands) Gross goodwill $ $ $ Accumulated impairment Carrying value at June 27, 2015 Additions — Adjustments — — — Foreign currency translation Carrying value at January 2, 2016 $ $ $ Gross goodwill $ $ $ Accumulated impairment Carrying value at January 2, 2016 $ $ $
Company's identifiable acquired intangible assets	January 2, 2016 June 27, 2015 Acquired Accumulated Net Book Acquired Accumulated Net Book Amount Amortization Value Amount Amortization Value (Thousands) Customer related $ $ $ $ $ $ Trade name Other $ $ $ $ $ $
Estimated future amortization expense	The following table presents the estimated future amortization expense for the remainder of fiscal 2016 , the next five fiscal years and thereafter (in thousands): Fiscal Year Remainder of fiscal 2016 2017 2018 2019 2020 2021 Thereafter Total $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 02, 2016
Debt
Short-term debt	Short-term debt consists of the following (in thousands): January 2, 2016 June 27, 2015 January 2, 2016 June 27, 2015 Interest Rate Carrying Balance Bank credit facilities and other % % $ $ Accounts receivable securitization program % — — Notes due September 1, 2015 — % — Notes due September 15, 2016 % — — Short-term debt $ $
Long-term debt	Long-term debt consists of the following (in thousands): January 2, 2016 June 27, 2015 January 2, 2016 June 27, 2015 Interest Rate Carrying Balance Revolving credit facilities: Accounts receivable securitization program — % $ — $ Credit Facility % % Notes due: September 15, 2016 — % — June 15, 2020 % % December 1, 2022 % % Other long-term debt % % Long-term debt before discount and debt issuance costs Discount and debt issuance costs Long-term debt $ $

Pension and retirement plans (T

Pension and retirement plans (Tables)	6 Months Ended
	Jan. 02, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components of net periodic pension costs	Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands) Service cost $ $ $ $ Interest cost Expected return on plan assets Recognized net actuarial loss Amortization of prior service credits Net periodic pension cost $ $ $ $

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jan. 02, 2016
Earnings per share
Basic and diluted earnings per share calculation	Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands, except per share data) Numerator: Net income $ $ $ $ Denominator: Weighted average common shares for basic earnings per share Net effect of dilutive stock options, restricted stock units and performance share units Weighted average common shares for diluted earnings per share Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Stock options excluded from earnings per share calculation due to anti-dilutive effect — — — —

Additional cash flow informat25

Additional cash flow information (Tables)	6 Months Ended
	Jan. 02, 2016
Additional cash flow information
Interest and income taxes paid	Six Months Ended January 2, December 27, 2016 2014 (Thousands) Interest $ $ Income taxes $ $

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jan. 02, 2016
Segment information
Table of the Company's segments and the related financial information for each	Second Quarters Ended Six Months Ended January 2, December 27, January 2, December 27, 2016 2014 2016 2014 (Thousands) Sales: Electronics Marketing $ $ $ $ Technology Solutions $ $ $ $ Operating income (expense): Electronics Marketing $ $ $ $ Technology Solutions Corporate Restructuring, integration and other expenses (Note 13) Amortization of acquired intangible assets and other $ $ $ $ Sales, by geographic area: Americas (1) $ $ $ $ EMEA (2) Asia/Pacific (3) $ $ $ $ (1) Includes sales from the United States of $ 2.48 billion and $ 2.70 billion for the quarters ended January 2, 2016, and December 27, 2014, respectively. Includes sales from the United States of $ 4.99 billion and $ 5.06 billion for the first six months of fiscal 2016 and 2015, respectively. (2) Includes sales from Germany and the United Kingdom of $ 760.6 million and $ 340.5 million, respectively, for the quarter ended January 2, 2016, and $ 1.56 billion and $ 681.1 million, respectively, for the first six months of fiscal 2016. Includes sales from Germany and the United Kingdom of $ 787.8 million and $ 384.8 million, respectively, for the quarter ended December 27, 2014, and $1.53 billion and $745.2 million, respectively, for the first six months of fiscal 2015. (3) Includes sales from China (including Hong Kong) and Taiwan of $ 703.9 million and $ 864.0 million, respectively, for the quarter ended January 2, 2016, and $ 1.42 billion and $ 1.69 billion, respectively, for the first six months of fiscal 2016. Includes sales from China (including Hong Kong) and Taiwan of $ 727.1 million and $ 1.01 billion, respectively, for the quarter ended December 27, 2014, and $ 1.47 billion and $ 1.82 billion, respectively, for the first six months of fiscal 2015.
Table of Assets by reportable segment and long-lived assets by geographic area	January 2, June 27, 2016 2015 (Thousands) Assets: Electronics Marketing $ $ Technology Solutions Corporate $ $ Property, plant, and equipment, net, by geographic area: Americas (1) $ $ EMEA (2) Asia/Pacific $ $ (1) Includes property, plant and equipment, net, of $ 376.4 million and $ 352.2 million as of January 2, 2016, and June 27, 2015, respectively, in the United States. (2) Includes property, plant and equipment, net, of $ 72.8 million and $ 70.5 million in Germany and Belgium, respectively, as of January 2, 2016, and $ 74.2 million and $ 74.7 million in Germany and Belgium, respectively, as of June 27, 2015.

Restructuring, integration an27

Restructuring, integration and other expenses (Tables)	6 Months Ended
	Jan. 02, 2016
Restructuring Cost and Reserve [Line Items]
Table presenting the restructuring, integration and other expenses incurred	Quarter Ended Six Months Ended January 2, 2016 January 2, 2016 (Thousands, except per share data) Restructuring expenses $ $ Integration costs Other costs Changes in estimates for prior year restructuring liabilities Restructuring, integration and other expenses before tax $ $ Restructuring, integration and other expenses after tax $ $ Restructuring, integration and other expenses per share on a diluted basis $ $
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	Facility Asset Severance Exit Costs Impairments Other Total (Thousands) Fiscal 2016 restructuring expenses $ $ $ $ $ Cash payments — Non-cash amounts — Other, principally foreign currency translation — Balance at January 2, 2016 $ $ $ — $ $
Fiscal Year 2015 restructuring liabilites
Restructuring Cost and Reserve [Line Items]
Activity related to the restructuring reserves	Facility Severance Exit Costs Other Total (Thousands) Balance at June 27, 2015 $ $ $ — $ Cash payments — Changes in estimates, net — Non-cash amounts — — — — Other, principally foreign currency translation — Balance at January 2, 2016 $ $ $ — $

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 02, 2016USD ($)item	Jan. 02, 2016USD ($)
Acquisitions
Number of businesses acquired | item	2
Business acquisition, aggregate annualized revenue of acquired businesses	$ 120,000
Acquisitions of operations and investments, net of cash acquired		$ 19,199
Contingent consideration
Total consideration	$ 36,600

Goodwill and intangible asset29

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2016	Jun. 27, 2015
Carrying amount of goodwill, by reportable segment
Carrying value	$ 1,278,756
Additions	24,976
Foreign currency translation	(20,324)
Carrying value	1,283,408
Gross Goodwill	2,663,142	$ 2,658,490
Accumulated Impairment	(1,379,734)	(1,379,734)
Electronics Marketing
Carrying amount of goodwill, by reportable segment
Carrying value	639,106
Foreign currency translation	(11,778)
Carrying value	627,328
Gross Goodwill	1,672,438	1,684,216
Accumulated Impairment	(1,045,110)	(1,045,110)
Technology Solutions
Carrying amount of goodwill, by reportable segment
Carrying value	639,650
Additions	24,976
Foreign currency translation	(8,546)
Carrying value	656,080
Gross Goodwill	990,704	974,274
Accumulated Impairment	$ (334,624)	$ (334,624)

Goodwill and intangible asset30

Goodwill and intangible assets Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	$ 291,363	$ 295,470
Accumulated Amortization	(199,992)	(195,739)
Net Book Value	91,371	99,731
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	274,444	276,921
Accumulated Amortization	(194,248)	(190,593)
Net Book Value	80,196	86,328
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	4,807	6,240
Accumulated Amortization	(2,482)	(3,792)
Net Book Value	2,325	2,448
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Acquired Amount	12,112	12,309
Accumulated Amortization	(3,262)	(1,354)
Net Book Value	$ 8,850	$ 10,955

Goodwill and intangible asset31

Goodwill and intangible assets (Estimated Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Fiscal Year:
Remainder of fiscal 2016	$ 14,213
2,017	24,815
2,018	16,494
2,019	13,028
2,020	11,278
2,021	7,008
Thereafter	4,535
Net Book Value	$ 91,371	$ 99,731

Goodwill and intangible asset32

Goodwill and intangible assets Textuals (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Goodwill and intangible assets
Weighted average life of intangible assets			4 years
Intangible asset amortization expense	$ 7,400	$ 10,400	$ 14,307	$ 21,990

Debt - short-term debt (Details

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Components of short-term debt
Debt, Current, Total	$ 1,136,218	$ 331,115
Bank credit facilities and other
Components of short-term debt
Short-term Debt, Weighted Average Interest Rate	4.75%	5.54%
Short-term borrowings	$ 146,218	$ 81,115
Accounts receivable securitization program
Components of short-term debt
Current portion of long-term debt, stated interest rate	0.78%
Current portion of long-term debt	$ 690,000
Notes Due September 1, 2015
Components of short-term debt
Current portion of long-term debt, stated interest rate		6.00%
Short-term borrowings		$ 250,000
Notes Due September 15, 2016
Components of short-term debt
Current portion of long-term debt, stated interest rate	6.63%
Current portion of long-term debt	$ 300,000

Debt - long-term debt (Details)

Debt - long-term debt (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jun. 27, 2015
Debt Instrument [Line Items]
Subtotal	$ 1,076,945	$ 1,651,828
Discount and debt issuance costs	(4,757)	(5,327)
Long-term debt	$ 1,072,188	$ 1,646,501
Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term debt, stated interest rate	0.78%
Notes Due September 1, 2015
Debt Instrument [Line Items]
Long-term debt, stated interest rate		6.00%
Revolving credit facilities
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	1.47%	1.45%
Subtotal	$ 426,212	$ 50,000
Revolving credit facilities | Accounts receivable securitization program
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate		0.59%
Subtotal		$ 650,000
Notes due | Notes due September 15, 2016
Debt Instrument [Line Items]
Long-term debt, stated interest rate		6.63%
Subtotal		$ 300,000
Notes due | Notes due June 15, 2020
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.88%	5.88%
Subtotal	$ 300,000	$ 300,000
Notes due | 4.875% Notes due December 1, 2022
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.88%	4.88%
Subtotal	$ 350,000	$ 350,000
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	2.99%	2.06%
Subtotal	$ 733	$ 1,828

Debt (Textuals) (Details)

Debt (Textuals) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2016	Jun. 27, 2015
Debt Instrument [Line Items]
Repayments of Unsecured Debt	$ 250,000
Company's total debt
Total carrying value	2,210,000	$ 1,980,000
Total fair value	2,260,000	2,040,000
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,250,000
Term	5 years
Line of credit facility contingent increase to maximum borrowing capacity	$ 1,500,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	150,000
Letters of credit outstanding, amount	4,900	1,900
Accounts receivable securitization program | Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	900,000
Receivables Owned by Special Purpose Entity	$ 1,590,000	$ 1,410,000
Term	2 years
Program facility fee	0.38%
Accounts receivable securitization program | Base Rate or Commercial Paper [Member] | Revolving credit facilities
Debt Instrument [Line Items]
Spread over base rate	0.38%

Derivative financial instrume36

Derivative financial instruments Textuals (Details)	6 Months Ended
	Jan. 02, 2016
Maximum | Foreign Exchange Contracts
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than 60 days)	60 days

Commitments and contingencies (

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	Jan. 02, 2016	Jun. 27, 2015
Loss Contingency, Estimate [Abstract]
Potential exposure, maximum	$ 21.3	$ 17.2
Bell
Loss Contingency, Estimate [Abstract]
Contingent liability recognized	$ 10

Income taxes textuals (Details)

Income taxes textuals (Details)	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Income taxes
Effective tax rate	20.90%	25.60%	23.60%	24.90%

Pension and retirement plans (P

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Components of net periodic pension costs
Service cost	$ 9,935	$ 9,873	$ 20,421	$ 19,746
Interest cost	5,328	4,449	10,656	8,898
Expected return on plan assets	(10,071)	(9,055)	(20,142)	(18,110)
Recognized net actuarial loss	3,183	3,251	6,366	6,502
Amortization of prior service credit	(393)	(393)	(786)	(786)
Net periodic pension cost	$ 7,982	$ 8,125	$ 16,515	$ 16,250

Pension and retirement plan (Te

Pension and retirement plan (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 02, 2016	Jan. 02, 2016
Pension and retirement plan
Defined benefit plans, estimated future employer contributions each remaining quarter of current fiscal year	$ 10
Current year-to-date contributions		$ 20

Shareholders' equity (Share rep

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Shareholders' equity
Authorized repurchase of common stock under Share Repurchase Program	$ 1,250,000		$ 1,250,000
Shares repurchased during period (in shares)	0.9		4.4
Average market price per shares repurchased during period (in dollars per share)	$ 44.42		$ 41.83
Cost of repurchase	$ 39,900		$ 185,000
Aggregate number of shares repurchased since inception (in shares)	26.5		26.5
Aggregate cost of shares repurchased since inception	$ 882,600		$ 882,600
Remaining authorized repurchase amount	$ 367,400		$ 367,400
Cash dividends paid per common share	$ 0.17	$ 0.16	$ 0.34	$ 0.32
Dividends paid on common stock	$ 22,400		$ 45,020	$ 43,875

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Numerator:
Net income	$ 156,012	$ 163,706	$ 286,266	$ 291,652
Denominator:
Weighted average common shares for basic earnings per share	131,909	136,541	132,846	137,425
Net effect of dilutive stock option, restricted stock and performance share awards	3,009	2,431	2,776	2,486
Weighted average common shares for diluted earnings per share	134,918	138,972	135,622	139,911
Basic earnings per share	$ 1.18	$ 1.20	$ 2.15	$ 2.12
Diluted earnings per share	$ 1.16	$ 1.18	$ 2.11	$ 2.08

Additional cash flow informat43

Additional cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014
Interest and income taxes paid
Interest paid	$ 52,724	$ 50,355
Income taxes paid	48,942	86,486
Purchase of property, plant and equipment accrued but not paid	12,700	$ 15,300
Level 1
Interest and income taxes paid
Cash equivalents	$ 8,000

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014	Jun. 27, 2015
Sales, by segment
Sales	$ 6,848,057	$ 7,551,880	$ 13,817,751	$ 14,391,466
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	255,258	274,596	495,669	498,321
Restructuring, integration and other expenses (Note 13)	(21,222)	(13,257)	(47,180)	(31,577)
Amortization of acquired intangible assets and other	(7,921)	(11,052)	(15,412)	(23,260)
Operating income	226,115	250,287	433,077	443,484
Assets:
Assets	11,302,352		11,302,352		$ 10,799,953
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	587,216		587,216		568,779
Americas
Sales, by segment
Sales	2,750,560	3,051,888	5,524,503	5,699,010
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	385,816		385,816		358,063
United States
Sales, by segment
Sales	2,480,000	2,700,000	4,990,000	5,060,000
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	376,400		376,400		352,200
EMEA
Sales, by segment
Sales	1,935,449	2,062,052	3,950,668	4,037,431
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	174,030		174,030		182,311
Germany
Sales, by segment
Sales	760,600	787,800	1,560,000	1,530,000
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	72,800		72,800		74,200
United Kingdom
Sales, by segment
Sales	340,500	384,800	681,100	745,200
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	70,500		70,500		74,700
Asia Pacific
Sales, by segment
Sales	2,162,048	2,437,940	4,342,580	4,655,025
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	27,370		27,370		28,405
China (including Hong Kong)
Sales, by segment
Sales	703,900	727,100	1,420,000	1,470,000
Taiwan
Sales, by segment
Sales	864,000	1,010,000	1,690,000	1,820,000
Corporate
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	(35,826)	(34,435)	(82,984)	(75,813)
Assets:
Assets	660,635		660,635		693,286
Electronics Marketing
Sales, by segment
Sales	4,114,614	4,435,190	8,586,016	8,809,285
Electronics Marketing | Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	173,984	191,449	387,015	394,160
Assets:
Assets	6,403,582		6,403,582		6,497,714
Technology Solutions
Sales, by segment
Sales	2,733,443	3,116,690	5,231,735	5,582,181
Technology Solutions | Segment
Operating income (expense):
Operating income (expense) before restructuring charges, integration, amortization of acquired intangible assets, and other	117,100	$ 117,582	191,638	$ 179,974
Assets:
Assets	$ 4,238,135		$ 4,238,135		$ 3,608,953

Restructuring, integration an45

Restructuring, integration and other expenses (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 02, 2016	Dec. 27, 2014	Jan. 02, 2016	Dec. 27, 2014
Charges related to the acquisition and integration activities [Abstract]
Restructuring, integration and other expenses before tax	$ 21,222	$ 13,257	$ 47,180	$ 31,577
Fiscal 2016 [Member]
Charges related to the acquisition and integration activities [Abstract]
Restructuring expenses	16,950		31,476
Integration costs	2,982		4,493
Other costs	954		12,135
Changes in estimates for prior restructuring liabilities	336		(924)
Restructuring, integration and other expenses before tax	21,222		47,180
Restructuring, integration and other expenses after tax	$ 14,100		$ 30,426
Restructuring, integration and other expenses per share on a diluted basis (in dollars per share)	$ 0.10		$ 0.22

Restructuring, integration an46

Restructuring, integration and other expenses (Details) $ in Thousands	6 Months Ended
	Jan. 02, 2016USD ($)
Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 31,476
Cash payments	(7,758)
Non-cash amounts	(716)
Other, principally foreign currency translation	519
Ending Balance	23,521
Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	14,466
Cash payments	(6,088)
Changes in estimates, net	1,543
Other, principally foreign currency translation	2,645
Ending Balance	9,480
Fiscal Year 2014 And Prior Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	11,800
Ending Balance	7,300
Employee Severance | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	25,684
Cash payments	(6,134)
Other, principally foreign currency translation	509
Ending Balance	20,059
Employee Severance | Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	11,256
Cash payments	(5,345)
Changes in estimates, net	1,515
Other, principally foreign currency translation	2,727
Ending Balance	7,123
Facility Closing | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	4,163
Cash payments	(1,381)
Non-cash amounts	479
Other, principally foreign currency translation	(2)
Ending Balance	3,259
Facility Closing | Fiscal Year 2015 restructuring liabilites
Activity related to the restructuring reserves
Beginning Balance	3,210
Cash payments	(743)
Changes in estimates, net	28
Other, principally foreign currency translation	(82)
Ending Balance	2,357
Asset Impairments | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	806
Non-cash amounts	(806)
Other Restructuring | Fiscal Year 2016 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	823
Cash payments	(243)
Non-cash amounts	(389)
Other, principally foreign currency translation	12
Ending Balance	$ 203

Restructuring, integration an47

Restructuring, integration and other expenses (Textuals) (Details) $ in Thousands	6 Months Ended
	Jan. 02, 2016USD ($)employee	Jun. 27, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Environmental remediation expense	$ 4,300
Fiscal Year 2016 Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	31,476
Restructuring Reserve	23,521
Fiscal Year 2016 Restructuring Liabilities | EM
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	16,300
Fiscal Year 2016 Restructuring Liabilities | TS
Restructuring Cost and Reserve [Line Items]
Fiscal 2016 restructuring expenses	$ 15,200
Fiscal Year 2016 Restructuring Liabilities | Minimum
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges | employee	400
Fiscal Year 2015 restructuring liabilites
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 9,480	$ 14,466
Fiscal Year 2014 And Prior Restructuring Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 7,300	$ 11,800