0000008858-24-000030 | 10-K | XBRL Viewer

Pension and retirement plans (Pension Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Changes in benefit obligations:
Benefit obligations at beginning of year	$ 470,843	$ 471,401	$ 614,359
Service cost within selling, general and administrative expenses		10,252	12,015	$ 15,007
Interest cost		24,579	26,730	15,787
Actuarial loss (gain)		1,202	(43,407)
Benefits paid		(36,591)	(21,785)
Settlements paid			116,511
Benefit obligations at end of year		470,843	471,401	614,359
Change in plan assets:
Fair value of plan assets at beginning of year	$ 480,705	504,348	638,894
Actual return on plan assets		4,948	(4,250)
Benefits paid		(36,591)	(21,785)
Settlements paid			(116,511)
Contributions		8,000	8,000
Fair value of plan assets at end of year		480,705	504,348	$ 638,894
Funded status of the plan recognized as a non-current asset		9,862	32,947
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses		185,284	148,867
Unamortized prior service cost		20	23
Amount recognized in accumulated other comprehensive income		185,304	148,890
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss		36,195	9,702
Amortization of net actuarial losses		(222)	(2,469)
Amortization of prior service costs		(4)	(4)
Defined Benefit Plan Settlements Benefit Obligation			37,350
Other changes in plan assets and benefit obligations recognized in other comprehensive income		(35,969)	30,121
Unrecognized actuarial losses expected to be recognized in net periodic pension cost during following year		$ 5,100
Settlement expenses			$ 37,350
Weighted average assumptions used to calculate actuarial present values of benefit obligations
Discount rate		5.50%	5.40%
Weighted average assumptions used to determine net benefit costs
Discount rate		5.40%	4.60%
Expected return on plan assets	7.50%	7.00%	7.00%
Rate of compensation increase		3.50%	3.50%
Interest crediting rate		4.00%	4.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Shareholders' equity

12 Months Ended

Jun. 29, 2024

Shareholders' equity

Shareholders' equity

3. Shareholders’ equity

Accumulated comprehensive loss

The following table includes the balances within “Accumulated other comprehensive loss”:


	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Accumulated translation adjustments and other	$	(382,801)	$	(328,975)	$	(370,612)
Accumulated pension liability adjustments, net of income taxes		(103,922)		(80,406)		(110,636)
Total accumulated other comprehensive loss	$	(486,723)	$	(409,381)	$	(481,248)

Substantially all amounts reclassified out of “Accumulated comprehensive loss, net of tax”, to operating expenses during fiscal 2024, 2023, and 2022 related to net periodic pension costs as discussed further in Note 10.

Share repurchase program

During fiscal 2024, the Company repurchased 3.3 million shares under existing programs for a total cost of $164.8 million, excluding excise tax. As of June 29, 2024, the Company had $153.7 million remaining under its new share repurchase authorization.

Common stock dividend

During fiscal 2024, the Company paid dividends of $1.24 per common share and $112.0 million in total.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Current:
Federal	$ 50,428	$ 64,224	$ 58,512
State and Local	4,519	7,865	8,871
Foreign	94,663	173,450	126,522
Total current taxes	149,610	245,539	193,905
Deferred:
Federal	(16,452)	(15,422)	(32,424)
State and Local	86	2,606	(22,320)
Foreign	320	(20,675)	1,794
Total deferred taxes	(16,046)	(33,491)	(52,950)
Income tax expense	$ 133,564	$ 212,048	$ 140,955

Document and Entity Information Document - USD ($)	12 Months Ended
Document and Entity Information Document - USD ($)	Jun. 29, 2024	Aug. 02, 2024	Dec. 29, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	1-4224
Entity Registrant Name	Avnet, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1890605
Entity Address, Address Line One	2211 South 47th Street
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85034
City Area Code	480
Local Phone Number	643-2000
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	AVT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,483,722,802
Entity Common Stock, Shares Outstanding		88,112,466
Auditor Name	KPMG LLP
Auditor Location	Phoenix, AZ
Auditor Firm ID	185
Entity Central Index Key	0000008858
Current Fiscal Year End Date	--06-29
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Additional cash flow information (Tables)

12 Months Ended

Jun. 29, 2024

Additional cash flow information

Noncash and other reconciling items within operating activities


	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Provision for credit losses	$	12,570	$	16,798	$	30,788
Periodic pension cost (benefit) ⁽¹⁾		(663)		30,424		(3,449)
Other, net		3,893		4,920		6,777
Total	$	15,800	$	52,142	$	34,116

(1) Included net loss recognized due to benefit obligation settlement of $37,350 in fiscal 2023.

Interest and income taxes paid


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	20,451	$	28,771	$	20,275
Non-cash Financing Activities:
Unsettled share repurchases	$	2,054		—	$	8,955
Supplemental Cash Flow Information:
Interest	$	351,374	$	261,586	$	112,327
Income tax payments, net	$	208,585	$	216,780	$	6,892

Accrued expenses and other (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Accrued expenses and other
Accrued salaries and benefits	$ 213,641	$ 253,790
Accrued operating costs	184,007	203,083
Accrued interest and banking costs	34,811	86,162
Accrued restructuring costs	24,660	16,011
Accrued income taxes	46,143	93,521
Accrued property, plant and equipment	20,451	28,771
Accrued other	49,342	71,792
Total accrued expenses and other	$ 573,055	$ 753,130

Pension and retirement plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022	Jun. 28, 2025
Components of net periodic pension costs
Service cost within selling, general and administrative expenses	$ 10,252	$ 12,015	$ 15,007
Interest cost	$ 24,579	$ 26,730	$ 15,787
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (39,941)	$ (48,860)	$ (49,135)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ 4	$ 4	$ 4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Recognized net actuarial loss	$ 223	$ 2,469	$ 16,343
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net loss recognized due to benefit obligation settlement		$ (37,350)
Net periodic pension (benefit) cost	$ (4,883)	29,708	$ (1,994)
Contributions	8,000	8,000
Settlement expenses		(37,350)
Other Income, net
Components of net periodic pension costs
Net periodic pension (benefit) cost	$ (15,135)	$ 17,693	$ (17,001)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Forecast
Components of net periodic pension costs
Estimated future employer pension plan contributions				$ 8,000

Earnings per share (Tables)

12 Months Ended

Jun. 29, 2024

Earnings per share

Basic and diluted earnings per share calculation


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands, except per share data)
Numerator:
Net income	$	498,699	$	770,828	$	692,379

Denominator:
Weighted average common shares for basic earnings per share		90,567		92,043		98,662
Net effect of dilutive stock-based compensation awards		1,270		1,325		1,157
Weighted average common shares for diluted earnings per share		91,837		93,368		99,819
Basic earnings per share	$	5.51	$	8.37	$	7.02
Diluted earnings per share	$	5.43	$	8.26	$	6.94
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		79		140		230

Pension and retirement plans (Plan Asset Allocations) (Details)	12 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jul. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets	7.50%	7.00%	7.00%
Return seeking investments
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		69.00%	67.00%
Target allocation percentage of investments return seeking investments		65.00%
Fixed Income:
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		29.00%	30.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual plan asset allocations		2.00%	3.00%

Property plant and equipment, net

12 Months Ended

Jun. 29, 2024

Property plant and equipment, net

Property, plant and equipment, net

5. Property, plant and equipment, net

Property, plant and equipment are recorded at cost, less accumulated depreciation, and consist of the following:


	June 29, 2024		July 1, 2023

	(Thousands)
Buildings	$	137,460	$	108,236
Machinery, fixtures and equipment		275,171		259,745
Information technology hardware and software		903,812		884,448
Leasehold improvements		138,757		137,745
Depreciable property, plant and equipment, gross		1,455,200		1,390,174
Accumulated depreciation		(1,144,018)		(1,109,631)
Depreciable property, plant and equipment, net		311,182		280,543
Land		29,365		22,036
Construction in progress		227,622		138,978
Property, plant and equipment, net	$	568,169	$	441,557

Depreciation expense related to property, plant, and equipment, was $83.6 million, $82.6 million and $87.4 million in fiscal 2024, 2023, and 2022, respectively. Interest expense capitalized during fiscal 2024, 2023, and 2022 was not material.

Stock-based compensation (Textuals) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 33.5	$ 38.8	$ 36.7
Common stock of shares reserved for stock option and stock incentive plans	5,700,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0	0
Shares available for grant	1,000,000.0
Stock Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	3,400,000
Restricted incentive shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 32.6	$ 30.5	29.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	1,100,000
Total unrecognized compensation cost related to non vested awards	$ 21.2
Weighted average period for expected recognition of compensation cost	2 years 1 month 6 days
Fair value of shares vested	$ 31.0	$ 28.6	$ 26.6
Performance shares granted	778,508
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	1,300,000
Performance shares granted	200,000	200,000	0

Accrued expenses and other

12 Months Ended

Jun. 29, 2024

Accrued expenses and other

Accrued expenses and other

8. Accrued expenses and other

Accrued expenses and other consist of the following:


	June 29, 2024		July 1, 2023

	(Thousands)
Accrued salaries and benefits	$	213,641	$	253,790
Accrued operating costs		184,007		203,083
Accrued interest and banking costs		34,811		86,162
Accrued restructuring costs		24,660		16,011
Accrued income taxes		46,143		93,521
Accrued property, plant and equipment		20,451		28,771
Accrued other		49,342		71,792
Total accrued expenses and other	$	573,055	$	753,130

Derivative financial instruments

12 Months Ended

Jun. 29, 2024

Derivative financial instruments

Derivative financial instruments

2. Derivative financial instruments

Many of the Company’s subsidiaries purchase and sell products in currencies other than their functional currencies, which subjects the Company to the risks associated with fluctuations in currency exchange rates. This foreign currency exposure relates primarily to international transactions where the currency collected from customers can be different from the currency used to purchase from suppliers. The Company’s foreign operations transactions are denominated primarily in the following currencies: U.S. Dollar, Euro, British Pound, Japanese Yen, Chinese Yuan, Taiwan Dollar, Canadian Dollar and Mexican Peso. The Company also, to a lesser extent, has foreign operations transactions in other EMEA and Asian foreign currencies.

The Company uses economic hedges to reduce this risk utilizing natural hedging (i.e., offsetting receivables and payables in the same foreign currency) and creating offsetting positions using of derivative financial instruments (primarily forward foreign exchange contracts typically with maturities of less than 60 days, but no longer than one year). The Company continues to have exposure to foreign currency risks to the extent they are not economically hedged. The fair value of forward foreign exchange contracts is based on Level 2 criteria under the ASC 820 fair value hierarchy. The Company’s master netting and other similar arrangements with various financial institutions related to derivative financial instruments allow for the right of offset. The Company’s policy is to present derivative financial instruments with the same counterparty as either a net asset or liability when the right of offset exists. Under the Company’s economic hedging policies, gains and losses on the derivative financial instruments are classified within the same line item in the consolidated statements of operations as the remeasurement of the underlying assets or liabilities being economically hedged.

In fiscal 2023, the Company entered into a fixed-to-fixed rate cross currency swap (the “cross-currency swap”) with a notional amount of $500.0 million, or €472.6 million, that is set to mature in March 2028. The Company designated this derivative contract as a net investment hedge of its European operations and elected the spot method for measuring hedge effectiveness. Changes in fair value of the cross-currency swap is presented in “Accumulated other comprehensive loss” in the consolidated balance sheets. Amounts related to the cross-currency swap recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in “Interest and other financing expenses, net,” on the consolidated statements of operations. The fair value of the cross-currency swaps is based 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:


	June 29,		July 1,
	2024		2023

	(Thousands)
Economic hedges
Prepaid and other current assets	$	12,116	$	69,104
Accrued expenses and other	$	16,957	$	68,594
Cross-currency swap
Other liabilities	$	16,241	$	22,849

The locations of derivative financial instruments on the Company’s consolidated statements of operations are as follows:


			Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

			(Thousands)
Economic hedges	Other (expense) income, net	$	(31,666)	$	40,454	$	(37,336)
Cross currency swap	Interest and other financing expense, net	$	4,536	$	1,635		—

Additional cash flow information

12 Months Ended

Jun. 29, 2024

Additional cash flow information

Additional cash flow information

15. Additional cash flow information

The “Other, net” component of non-cash and other reconciling items within operating activities in the consolidated statements of cash flows consisted of the following during the last three fiscal years:


	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Provision for credit losses	$	12,570	$	16,798	$	30,788
Periodic pension cost (benefit) ⁽¹⁾		(663)		30,424		(3,449)
Other, net		3,893		4,920		6,777
Total	$	15,800	$	52,142	$	34,116

(1) Included net loss recognized due to benefit obligation settlement of $37,350 in fiscal 2023.

Non-cash investing and financing activities and supplemental cash flow information were as follows:


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	20,451	$	28,771	$	20,275
Non-cash Financing Activities:
Unsettled share repurchases	$	2,054		—	$	8,955
Supplemental Cash Flow Information:
Interest	$	351,374	$	261,586	$	112,327
Income tax payments, net	$	208,585	$	216,780	$	6,892

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.

Debt - short-term debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Components of short-term debt
Short-term debt	$ 492,711	$ 70,636
Accounts receivable securitization program
Components of short-term debt
Accounts receivable securitization program	$ 700,000
stated interest rate	6.19%	5.99%
Short-term debt	$ 415,100
Other Short -Term Debt
Components of short-term debt
stated interest rate	5.43%	5.08%
Short-term debt	$ 77,611	$ 70,636

Leases (Tables)

12 Months Ended

Jun. 29, 2024

Leases [Abstract]

Schedule of lease cost

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022
Operating lease cost	$	63,514	$	67,478	$	68,664
Variable lease cost		29,560		21,422		25,737
Total lease cost	$	93,074	$	88,900	$	94,401

Schedule of future minimum operating lease payments

Future minimum operating lease payments as of June 29, 2024, are as follows (in thousands):


Fiscal Year
2025	$	59,985
2026		50,264
2027		30,700
2028		23,382
2029		18,440
Thereafter		84,000
Total future operating lease payments		266,771
Total imputed interest on operating lease liabilities		(38,892)
Total operating lease liabilities	$	227,879

Schedule of other information pertaining to operating leases

Other information pertaining to operating leases consists of the following:


		Years Ended
		June 29,			July 1,			July 2,
		2024			2023			2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.5			8.2			8.8
Weighted-average discount rate		3.8	%		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	57,572		$	58,111		$	57,016
Operating lease assets obtained from new operating lease liabilities	$	47,668		$	48,038		$	28,014

Income taxes - Textuals (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Textuals (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Income taxes
CAMT liability	$ 0
Payment For Purchase Of Transferable Federal Tax Credits	36,600
Income before income taxes, Domestic	186,600	$ 250,800	$ 197,100
Income before income taxes, Foreign	$ 445,600	$ 732,100	$ 636,300
Effective tax rate	21.10%	21.60%	16.90%
Deferred tax assets	$ 253,163	$ 242,069
Increase in valuation allowance due to current year activity in the United States	10,400
Decrease in Valuation Allowance Due To Changing Foreign Exchange Rates	2,000
Net operating loss carry forward	988,400,000
Operating loss carry forward, subject to expiration	15,500
Deferred tax assets operating loss carry forwards expiring in next three years and after	211,000
Operating loss carry forward, not subject to expiration	761,900
Unrecognized tax benefits including interest and penalties	130,300
Accrued interest expense and penalties	29,600	$ 27,700
Tax contingencies settled	55,300
Expected cash payment for settlement	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Net Income (Loss)	$ 498,699	$ 770,828	$ 692,379
Other comprehensive loss, net of tax:
Pension adjustments	(23,516)	30,230	(3,362)
Total other comprehensive (loss) income, net of tax	(77,342)	71,867	(327,501)
Total comprehensive income, net of tax	421,357	842,695	364,878
Foreign Exchange Forward
Other comprehensive loss, net of tax:
Foreign currency translation and other	(60,434)	64,486	$ (324,139)
Cross-Currency Swap
Other comprehensive loss, net of tax:
Foreign currency translation and other	$ 6,608	$ (22,849)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Working capital (Tables)

12 Months Ended

Jun. 29, 2024

Working capital

Schedule of receivables and allowance for credit losses

Receivables

The Company’s receivables and allowance for credit losses were as follows:


	June 29,		July 1,
	2024		2023

	(Thousands)
Receivables	$	4,499,691	$	4,876,631
Allowance for Credit Losses	$	(108,504)	$	(112,843)

The Company had the following activity in the allowance for credit losses during fiscal 2024 and fiscal 2023:


	June 29,		July 1,
	2024		2023

	(Thousands)
Balance at beginning of the period	$	112,843	$	113,902
Credit Loss Provisions		12,570		16,798
Credit Loss Recoveries		(1,584)		(931)
Receivables Write Offs		(14,060)		(18,552)
Foreign Currency Effect and Other		(1,265)		1,626
Balance at end of the period	$	108,504	$	112,843

Stock-based compensation (Tables)

12 Months Ended

Jun. 29, 2024

Stock-based compensation

Summary of the changes in non-vested restricted incentive shares


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at July 1, 2023	1,214,120	$	37.14
Granted	778,508		47.57
Vested	(829,907)		37.41
Forfeited	(78,134)		42.76
Non-vested restricted stock units at June 29, 2024	1,084,587	$	44.02

Segment information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment information (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Sales, by segment
Sales	$ 23,757,129	$ 26,536,881	$ 24,310,708
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	1,012,400	1,345,100	1,114,500
Restructuring, integration and other expenses	(52,550)	(28,038)	(5,272)
Russian-Ukraine conflict related expenses			(26,261)
Amortization of acquired intangible assets	(3,100)	(6,100)	(15,000)
Operating income	844,367	1,186,800	939,011
Assets:
Assets	12,209,147	12,477,159	10,388,500
Capital expenditures:
Purchases of property, plant and equipment	226,500	194,700	48,900
Depreciation & amortization expense:
Depreciation and amortization expense	86,708	88,613	102,326
Corporate
Operating income (loss):
Corporate Overhead Expenses	(112,300)	(124,200)	(128,900)
Assets:
Assets	338,400	442,800	154,000
Capital expenditures:
Purchases of property, plant and equipment	100	100	100
Depreciation & amortization expense:
Depreciation and amortization expense	100	200	3,300
Electronic Components \| Segment
Sales, by segment
Sales	22,160,000	24,802,600	22,503,300
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	947,600	1,179,600	872,000
Assets:
Assets	10,162,800	10,375,400	8,863,400
Capital expenditures:
Purchases of property, plant and equipment	176,500	153,400	25,700
Depreciation & amortization expense:
Depreciation and amortization expense	60,600	63,600	67,700
Farnell \| Segment
Sales, by segment
Sales	1,597,100	1,734,300	1,807,400
Operating income (loss):
Operating income (loss) before restructuring charges, integration, amortization of acquired intangible assets, and other	64,800	165,500	242,500
Assets:
Assets	1,707,900	1,659,000	1,371,100
Capital expenditures:
Purchases of property, plant and equipment	49,900	41,200	23,100
Depreciation & amortization expense:
Depreciation and amortization expense	$ 26,000	$ 24,800	$ 31,300

Shareholders' equity (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Illustration of accumulated balances of comprehensive income
Accumulated translation adjustments and other	$ (382,801)	$ (328,975)	$ (370,612)
Accumulated pension liability adjustments, net of income taxes	(103,922)	(80,406)	(110,636)
Total accumulated other comprehensive loss	$ (486,723)	$ (409,381)	$ (481,248)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Stock-based compensation (Non-Vested restricted Incentive Shares) (Details) - Restricted incentive shares	12 Months Ended
	Jun. 29, 2024 $ / shares shares
Shares
Beginning balance \| shares	1,214,120
Granted \| shares	778,508
Vested \| shares	(829,907)
Forfeited \| shares	(78,134)
Ending balance \| shares	1,084,587
Weighted Average Grant-Date Fair Value
Beginning balance \| $ / shares	$ 37.14
Granted \| $ / shares	47.57
Vested \| $ / shares	37.41
Forfeited \| $ / shares	42.76
Ending balance \| $ / shares	$ 44.02

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net income	$ 498,699	$ 770,828	$ 692,379
Non-cash and other reconciling items:
Depreciation and amortization	86,708	88,613	102,326
Amortization of Operating Lease Assets	53,796	54,392	52,881
Deferred income taxes	(9,749)	(37,060)	(52,513)
Stock-based compensation	33,496	38,781	36,738
Other, net	15,800	52,142	34,116
Changes in (net of effects from businesses acquired and divested):
Receivables	316,218	(461,117)	(1,132,039)
Inventories	(51,203)	(1,173,124)	(1,218,871)
Accounts payable	4,496	(75,943)	1,131,225
Accrued expenses and other, net	(258,277)	28,785	134,448
Net cash flows provided by (used for) operating activities	689,984	(713,703)	(219,310)
Cash flows from financing activities:
Issuance of notes, net of discounts		498,615	299,973
Repayment of public notes			(354,336)
Borrowings (repayments) under accounts receivable securitization, net	(140,700)	258,000	274,900
Borrowings (repayments) under senior unsecured credit facility, net	(43,277)	728,182
Borrowings (repayments) under bank credit facilities and other debt, net	27,491	(96,209)	235,047
Repurchases of common stock	(162,723)	(221,730)	(184,382)
Dividends paid on common stock	(111,963)	(106,325)	(98,490)
Other, net	(2,627)	(5,777)	(16,653)
Net cash flows (used for) provided by financing activities	(433,799)	1,054,756	156,059
Cash flows from investing activities:
Purchases of property, plant and equipment	(226,478)	(194,674)	(48,900)
Proceeds from liquidation of Company Owned Life Insurance Policies			90,384
Other, net	994	(16,877)	9,815
Net cash flows (used for) provided by investing activities	(225,484)	(211,551)	51,299
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	(7,990)	5,035	(34,046)
Cash and cash equivalents:
increase (decrease)	22,711	134,537	(45,998)
Cash and cash equivalents at beginning of year	288,230	153,693	199,691
Cash and cash equivalents at end of year	$ 310,941	$ 288,230	$ 153,693

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Carrying amount of goodwill, by reportable segment
Carrying value	$ 780,629
Foreign currency translation	355
Carrying value	780,984
Accumulated Impairment		$ 1,482,677
Electronic Components
Carrying amount of goodwill, by reportable segment
Carrying value	296,829
Foreign currency translation	(872)
Carrying value	295,957
Farnell
Carrying amount of goodwill, by reportable segment
Carrying value	483,800
Foreign currency translation	1,227
Carrying value	$ 485,027

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Pension and retirement plan

12 Months Ended

Jun. 29, 2024

Pension and retirement plan

Pension and retirement plans

10. Pension and retirement plans

Pension Plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. Employees (the “Plan”).

The Plan meets the definition of a defined benefit plan and, as a result, the Company applies ASC 715 pension accounting to the Plan.

The following table outlines changes in benefit obligations, plan assets, and the funded status of the Plan as of the end of fiscal 2024 and 2023:


	June 29,		July 1,
	2024		2023

	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	471,401	$	614,359
Service cost		10,252		12,015
Interest cost		24,579		26,730
Actuarial loss (gain)		1,202		(43,407)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Benefit obligations at end of year	$	470,843	$	471,401
Changes in plan assets:
Fair value of plan assets at beginning of year	$	504,348	$	638,894
Actual return on plan assets		4,948		(4,250)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	480,705	$	504,348
Funded status of the plan recognized as a non-current asset	$	9,862	$	32,947

Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	185,284	$	148,867
Unamortized prior service cost		20		23
	$	185,304	$	148,890
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	36,195	$	9,702
Amortization of net actuarial losses		(222)		(2,469)
Amortization of prior service costs		(4)		(4)
Net loss recognized due to benefit obligation settlement		—		(37,350)
	$	35,969	$	(30,121)

Included in “Accumulated other comprehensive loss” at June 29, 2024, is $185.3 million of net actuarial losses that have not yet been recognized in net periodic pension cost, of which $5.1 million is expected to be recognized as a component of net periodic pension cost during fiscal 2025.

Assumptions used to calculate actuarial present values of benefit obligations are as follows:


	2024		2023
Discount rate	5.5	%	5.4	%

The discount rate selected by the Company for the Plan reflects the current rate at which the underlying liability could be settled at the measurement date as of June 29, 2024. The estimated discount rate in fiscal 2024 and fiscal 2023

was based on the spot yield curve approach, which applies the individual spot rates from a highly rated bond yield curve to each future year’s estimated cash flows.

The weighted-average assumptions used to determine net benefit costs are as follows:


	2024		2023
Discount rate	5.4	%	4.6	%
Expected return on plan assets	7.0	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.0	%	4.0	%

Components of net periodic pension cost for the Plan during the last three fiscal years are as follows:


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Service cost within selling, general and administrative expenses	$	10,252	$	12,015	$	15,007

Interest cost		24,579		26,730		15,787
Expected return on plan assets		(39,941)		(48,860)		(49,135)
Amortization of prior service cost		4		4		4
Recognized net actuarial loss		223		2,469		16,343
Net loss recognized due to benefit obligation settlement		—		37,350		—
Total net periodic pension (benefit) cost within other (expense) income, net		(15,135)		17,693		(17,001)

Net periodic pension (benefit) cost	$	(4,883)	$	29,708	$	(1,994)

The Company made $8.0 million of contributions in fiscal 2024 and fiscal 2023, and expects to make approximately $8.0 million of contributions in fiscal 2025.

Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):


2025	$	50,415
2026		39,238
2027		40,181
2028		42,244
2029		42,962
2030 through 2034		209,704

The Plan’s assets are held in trust and were invested as follows as of the measurement date at the end of fiscal 2024 and 2023:


	2024		2023
Equity securities	69	%	67	%
Fixed income debt securities	29	%	30	%
Cash and cash equivalents	2	%	3	%

The general investment objectives of the Plan are to maximize returns through a diversified investment portfolio to earn annualized returns that exceed the long-term cost of funding the Plan’s pension obligations while maintaining reasonable and prudent levels of risk. The expected return on the Plan’s assets in fiscal 2025 is currently 7.5%, which is the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation based upon the targeted investment allocations. In making this assumption, the Company evaluated expectations regarding future rates of return for the investment portfolio, along with the historical and expected distribution of investments by asset class and the historical rates of return for each of those asset classes. The mix of return seeking and fixed income investments is typically diversified. The Plan’s assets do not include any investments in Avnet common stock. As of June 29, 2024, the Company’s target allocation for the Plan’s investment portfolio is for return seeking investments to represent approximately 65% of the investment portfolio. The majority of the remaining investment portfolio is invested in fixed income investments, which typically have lower risks, but also lower returns.

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705

Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy.

The following table sets forth the fair value of the Plan’s investments as of July 1, 2023:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	15,389	$	—	$	—	$	—	$	15,389
Return Seeking Investments:
Common stocks		—		—		—		138,533		138,533
Real estate		—		—		—		108,936		108,936
High yield credit and bonds		—		—		—		90,767		90,767
Fixed Income Investments:
U.S. government		—		—		—		118,456		118,456
Corporate		—		—		—		32,267		32,267
Total	$	15,389	$	—	$	—	$	488,959	$	504,348

Each of these investments may be redeemed without restrictions in the normal course of business and there were no material unfunded commitments as of June 29, 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
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+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Sales	$ 23,757,129	$ 26,536,881	$ 24,310,708
Revenue, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Cost of sales	$ 20,990,687	$ 23,354,738	$ 21,345,317
Cost, Product and Service [Extensible List]	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember	us-gaap:TechnologyServiceMember
Gross profit	$ 2,766,442	$ 3,182,143	$ 2,965,391
Selling, general and administrative expenses	1,869,525	1,967,305	1,994,847
Russian-Ukraine conflict related expenses			26,261
Restructuring, integration and other expenses	52,550	28,038	5,272
Operating income	844,367	1,186,800	939,011
Other (expense) income, net	(15,736)	9,908	(5,302)
Interest and other financing expenses, net	(282,867)	(250,869)	(100,375)
Gain on legal settlements and other	86,499	37,037
Income before taxes	632,263	982,876	833,334
Income tax expense	133,564	212,048	140,955
Net income	$ 498,699	$ 770,828	$ 692,379
Earnings per share:
Basic	$ 5.51	$ 8.37	$ 7.02
Diluted	$ 5.43	$ 8.26	$ 6.94
Shares used to compute earnings per share:
Basic	90,567	92,043	98,662
Diluted	91,837	93,368	99,819
Cash dividends paid per common share	$ 1.24	$ 1.16	$ 1.00

Debt (Tables)

12 Months Ended

Jun. 29, 2024

Debt

Short-term debt

Short-term debt consists of the following (in thousands):


	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	6.19	%	—		$	415,100	$	—
Other short-term debt	5.43	%	5.08	%		77,611		70,636
Short-term debt					$	492,711	$	70,636

Long-term debt

Long-term debt consists of the following (in thousands):


	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		5.99	%	$	—	$	555,800
Credit Facility	5.05	%	4.85	%		745,480		796,552
Other long-term debt	4.74	%	—			22,748		—
Public notes due:
April 2026	4.63	%	4.63	%		550,000		550,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
March 2028	6.25	%	6.25	%		500,000		500,000
Long-term debt before discount and debt issuance costs						2,418,228		3,002,352
Discount and debt issuance costs – unamortized						(11,599)		(14,323)
Long-term debt					$	2,406,629	$	2,988,029

Aggregate debt maturities

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):


2025	$	492,711
2026		550,000
2027		—
2028		1,245,480
2029		—
Thereafter		622,748
Subtotal		2,910,939
Discount and debt issuance costs – unamortized		(11,599)
Total debt	$	2,899,340

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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+ Details

Goodwill

12 Months Ended

Jun. 29, 2024

Goodwill

Goodwill

6. Goodwill

Goodwill

The following table presents the change in goodwill balances by reportable segment for fiscal year 2024.


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 1, 2023 ⁽¹⁾	$	296,829	$	483,800	$	780,629
Foreign currency translation		(872)		1,227		355
Carrying value at June 29, 2024 ⁽¹⁾	$	295,957	$	485,027	$	780,984

(1)	Includes accumulated impairment of $1,482,677 from prior fiscal years.

Income taxes

12 Months Ended

Jun. 29, 2024

Income taxes

Income taxes

9. Income taxes

The components of income tax expense (“tax provision”) are included in the table below. The tax provision for deferred income taxes results from temporary differences arising primarily from net operating losses, inventories valuation, receivables valuation, suspended interest deductions, certain accrued amounts, and depreciation and amortization, net of any changes to valuation allowances.


	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022

	(Thousands)
Current:
Federal	$	50,428	$	64,224	$	58,512
State and local		4,519		7,865		8,871
Foreign		94,663		173,450		126,522
Total current taxes		149,610		245,539		193,905
Deferred:
Federal		(16,452)		(15,422)		(32,424)
State and local		86		2,606		(22,320)
Foreign		320		(20,675)		1,794
Total deferred taxes		(16,046)		(33,491)		(52,950)
Income tax expense	$	133,564	$	212,048	$	140,955

The tax provision is computed based upon income before income taxes from both U.S. and foreign operations. U.S. income before income taxes was $186.6 million, $250.8 million and, $197.1 million, in fiscal 2024, 2023, and 2022, respectively, and foreign income before income taxes was $445.6 million, $732.1 million, and $636.3 million, in fiscal 2024, 2023, and 2022, respectively.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA"). The IRA includes various tax provisions, including a 15% corporate minimum income tax rate ("CAMT"), expanded tax credits for clean energy incentives, and 1% excise tax on corporate stock repurchases. The CAMT is effective for tax periods beginning with fiscal 2024. The company has evaluated the applicability and determined that there is no CAMT liability in fiscal 2024. In addition, the Company purchased $36.6 million of transferable federal tax credits in fiscal 2024.

The Organization for Economic Co-operation and Development (OECD) has recently enacted a new global minimum tax framework known as Pillar Two. These rules have been agreed to by most OECD members. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of Pillar Two rules. The Company will be subject to Pillar Two rules starting in fiscal 2025. The Company does not currently expect Pillar Two taxes to have a significant impact on its income tax expense. The Company is continuing to evaluate the potential impacts of proposed and enacted legislative changes as new guidance becomes available.

The Company asserts that all of its unremitted foreign earnings are permanently reinvested, and any unrecorded liabilities related to this assertion are not material.

Reconciliations of the U.S. federal statutory income tax rate to the effective income tax rates are as follows:


	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	0.9		0.9		1.1
Tax on foreign income, net of valuation allowances	(2.1)		0.5		(1.7)
Establishment/release of valuation allowances, net of U.S. tax expense	0.8		0.5		(5.8)
Change in unrecognized tax benefit reserves	0.1		(0.5)		(0.6)
Tax audit settlements	0.3		0.3		0.2
Impact of surrender of Company owned life insurance policies	—		—		1.4
Impact on foreign currency translation loss	—		(1.2)		—
Other, net	0.1		0.1		1.3
Effective tax rate	21.1	%	21.6	%	16.9	%

Tax rates on foreign income represents the impact of the difference between foreign rates and the U.S. federal statutory rate applied to foreign income or loss, foreign income taxed in the U.S. at rates other than its statutory rate, and the impact of valuation allowances previously established against the Company’s otherwise realizable foreign deferred tax assets, which are primarily net operating loss carry-forwards.

Avnet’s effective tax rate on income before income taxes was 21.1% in fiscal 2024 as compared with an effective tax rate of 21.6% on fiscal 2023 income before income taxes. Included in the fiscal 2024 effective tax rate are U.S. state taxes, tax expense related to the increase to valuation allowances against the deferred tax assets and the impact of mix of income in lower tax jurisdictions.

The Company applies the guidance in ASC 740 Income Taxes, which requires management to use its judgment to 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 and types 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 Company’s served 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 significant components of deferred tax assets and liabilities, included in “Other assets” on the consolidated balance sheets, are as follows:


	June 29,		July 1,
	2024		2023

	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	207,087	$	211,719
Depreciation and amortization		18,501		15,311
Inventories valuation		19,022		11,525
Operating lease liabilities		51,581		56,424
Receivables valuation		18,417		13,946
Interest deductions		51,388		39,175
Various accrued liabilities and other		103,346		101,713
		469,342		449,813
Less — valuation allowances		(216,179)		(207,744)
		253,163		242,069
Deferred tax liabilities:
Operating lease assets		(49,956)		(54,799)
Net deferred tax assets	$	203,207	$	187,270

The change in valuation allowances in fiscal 2024 from fiscal 2023 was related to a $10.4 million increase resulting from current year activities, and a $2.0 million decrease resulting from changing foreign exchange rates.

As of June 29, 2024, the Company had net operating and capital loss carry-forwards of approximately $988.4 million, of which $15.5 million will expire during fiscal 2025 and fiscal 2026, $211.0 million have expiration dates ranging from fiscal 2027 to fiscal 2043, and the remaining $761.9 million have no expiration date. A significant portion of these losses are not expected to be realized in the foreseeable future and have valuation allowances against them. The carrying value of the Company’s net operating and capital loss carry-forwards depends on the Company’s ability to generate sufficient future taxable income in certain tax jurisdictions.

Estimated liabilities for unrecognized tax benefits are included in “Accrued expenses and other” and “Other liabilities” on the consolidated balance sheets. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which the Company operates. As of June 29, 2024, unrecognized tax benefits were $130.3 million. The estimated liability for unrecognized tax benefits included accrued interest expense and penalties of $29.6 million and $27.7 million, net of applicable state tax benefits, as of the end of fiscal 2024 and 2023, respectively.

Reconciliations of the beginning and ending liability balances for unrecognized tax benefits, excluding interest and penalties, are as follows:


	June 29, 2024		July 1, 2023

	(Thousands)
Balance at beginning of year	$	102,841	$	109,285
Additions for tax positions taken in prior periods		86		6,086
Reductions for tax positions taken in prior periods		(3,242)		(3,485)
Additions for tax positions taken in current period		6,814		7,523
Reductions related to settlements with taxing authorities		(1,862)		(2,873)
Reductions related to the lapse of applicable statutes of limitations		(3,427)		(14,691)
Adjustments related to foreign currency translation		(549)		996
Balance at end of year	$	100,661	$	102,841

The evaluation of uncertain income tax positions requires management to estimate the ability of the Company to sustain its position with applicable tax authorities and estimate the final benefit to the Company. If the actual outcomes differ from the Company’s estimates, there could be an impact on income tax expense in the period in which the position is settled, the applicable statutes of limitations expire, or new information becomes available, as the impact of these events are recognized in the period in which they occur. It is difficult to estimate the period in which the amount of a tax position will change as settlement may include administrative and legal proceedings beyond the Company’s control. The effects of settling tax positions with tax authorities and statute expirations may significantly impact the estimate for unrecognized tax benefits. Within the next twelve months, the Company estimates that approximately $55.3 million of these liabilities for unrecognized tax benefits will be settled by the expiration of the statutes of limitations or through settlements with the tax authorities. No cash payment related to the settlement of these contingencies is expected.

The Company conducts business globally and consequently files income tax returns in numerous jurisdictions, including those listed in the following table. It is also routinely subject to audit in these and other countries. The Company is no longer subject to audit in its major jurisdictions for periods prior to fiscal 2016. The years remaining subject to audit, by major jurisdiction, are as follows:


Jurisdiction		Fiscal Year
United States (Federal and state)		2016, 2017, 2019 - 2024
Taiwan		2019 - 2024
Hong Kong		2018 - 2024
Germany		2019 - 2024
Singapore		2019 - 2024
Belgium		2021 - 2024
United Kingdom		2021 - 2024
Canada		2017 - 2024

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivative financial instruments (Tables)

12 Months Ended

Jun. 29, 2024

Derivative financial instruments

Schedule of derivative instruments in the balance sheet


	June 29,		July 1,
	2024		2023

	(Thousands)
Economic hedges
Prepaid and other current assets	$	12,116	$	69,104
Accrued expenses and other	$	16,957	$	68,594
Cross-currency swap
Other liabilities	$	16,241	$	22,849

Schedule of gain (loss) on derivatives


			Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

			(Thousands)
Economic hedges	Other (expense) income, net	$	(31,666)	$	40,454	$	(37,336)
Cross currency swap	Interest and other financing expense, net	$	4,536	$	1,635		—

Segment information (Property, plant and equipment, net, by geographic area) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 568,169	$ 441,557	$ 315,200
Americas
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	109,700	105,300	115,400
United States
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	107,100	101,900	112,400
EMEA
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	435,300	310,900	170,100
Germany
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	307,700	196,000	67,600
United Kingdom
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	105,700	92,600	79,800
Belgium
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	14,000	15,500	16,700
Asia
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	23,200	25,400	29,700
Other
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	33,700	35,600	38,700
Total foreign
Property, plant and equipment, net, by geographic area
Property, plant and equipment, net	$ 461,100	$ 339,700	$ 202,800

Restructuring expenses

12 Months Ended

Jun. 29, 2024

Restructuring expenses

Restructuring expenses

17. Restructuring expenses

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 following table presents the activity incurred during fiscal 2024:


			Asset
	Severance		Impairments		Other		Total

	(Thousands)
Fiscal 2024 restructuring expenses	$	38,493	$	392	$	582	$	39,467
Cash payments		(14,549)		—		(582)		(15,131)
Non-cash amounts		—		(392)		—		(392)
Other, principally foreign currency translation		(106)		—		—		(106)
Balance at June 29, 2024	$	23,838	$	—	$	—	$	23,838

Severance expense recorded in fiscal 2024 related to the reduction, or planned reduction, of approximately 630 employees, primarily in operations, distribution centers, and business support functions. Of the $39.5 million in restructuring expenses recorded in fiscal 2024, $24.3 million related to EC, $9.7 million related to Farnell, and $5.5 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by the end of December 2024

Fiscal 2023

During fiscal 2023, the Company incurred restructuring expenses primarily related headcount reductions and 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 2024. The following table presents the activity during fiscal 2024 related to the remaining restructuring liabilities established during fiscal 2023:


			Facility
	Severance		Exit Costs		Total

	(Thousands)
Balance at July 1, 2023	$	15,507	$	504	$	16,011
Cash payments		(15,316)		—		(15,316)
Other, principally foreign currency translation		125		2		127
Balance at June 29, 2024	$	316	$	506	$	822

Working Capital - Inventory (Details)	12 Months Ended
Working Capital - Inventory (Details)	Jun. 29, 2024	Jul. 01, 2023
Working capital
Inventory held for supply chain services	7.00%	8.00%

Segment information (Tables)

12 Months Ended

Jun. 29, 2024

Segment information

Table of the reportable segments


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Millions)
Sales:
Electronic Components	$	22,160.0	$	24,802.6	$	22,503.3
Farnell		1,597.1		1,734.3		1,807.4
	$	23,757.1	$	26,536.9	$	24,310.7
Operating income:
Electronic Components	$	947.6	$	1,179.6	$	872.0
Farnell		64.8		165.5		242.5
		1,012.4		1,345.1		1,114.5
Corporate		(112.3)		(124.2)		(128.9)
Restructuring, integration, and other expenses		(52.6)		(28.0)		(5.3)
Russian-Ukraine conflict related expenses		—		—		(26.3)
Amortization of acquired intangible assets and other		(3.1)		(6.1)		(15.0)
	$	844.4	$	1,186.8	$	939.0
Assets:
Electronic Components	$	10,162.8	$	10,375.4	$	8,863.4
Farnell		1,707.9		1,659.0		1,371.1
Corporate		338.4		442.8		154.0
	$	12,209.1	$	12,477.2	$	10,388.5
Capital expenditures:
Electronic Components	$	176.5	$	153.4	$	25.7
Farnell		49.9		41.2		23.1
Corporate		0.1		0.1		0.1
	$	226.5	$	194.7	$	48.9
Depreciation & amortization expense:
Electronic Components	$	60.6	$	63.6	$	67.7
Farnell		26.0		24.8		31.3
Corporate		0.1		0.2		3.3
	$	86.7	$	88.6	$	102.3
Sales, by geographic area:
Americas	$	5,919.2	$	6,807.7	$	5,896.0
EMEA		8,395.0		9,229.4		7,838.1
Asia		9,442.9		10,499.8		10,576.6
	$	23,757.1	$	26,536.9	$	24,310.7
Property, plant and equipment, net, by geographic area:
Americas	$	109.7	$	105.3	$	115.4
EMEA		435.3		310.9		170.1
Asia		23.2		25.4		29.7
	$	568.2	$	441.6	$	315.2

Table of sales and asset by geographical areas

Sales by country are as follows:


		Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

		(Millions)
Sales:
Germany	$	3,240.3	$	3,892.2	$	3,158.0
Belgium		1,422.6		1,549.6		1,367.1
Taiwan		4,032.4		4,233.3		4,635.0
China (including Hong Kong)		3,206.7		3,395.8		3,375.4
Singapore		1,298.4		1,497.0		1,317.1
Other		5,030.8		5,623.8		4,981.4
Total foreign	$	18,231.2	$	20,191.7	$	18,834.0
United States	$	5,525.9	$	6,345.2	$	5,476.7
Total	$	23,757.1	$	26,536.9	$	24,310.7

Property, plant and equipment, net, by country are as follows:


		Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

		(Millions)
Property, plant and equipment, net:
Germany	$	307.7	$	196.0	$	67.6
United Kingdom		105.7		92.6		79.8
Belgium		14.0		15.5		16.7
Other		33.7		35.6		38.7
Total foreign	$	461.1	$	339.7	$	202.8
United States	$	107.1	$	101.9	$	112.4
Total	$	568.2	$	441.6	$	315.2

Income taxes (Tables)

12 Months Ended

Jun. 29, 2024

Income taxes

Components of income tax expense ("tax provision")


	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022

	(Thousands)
Current:
Federal	$	50,428	$	64,224	$	58,512
State and local		4,519		7,865		8,871
Foreign		94,663		173,450		126,522
Total current taxes		149,610		245,539		193,905
Deferred:
Federal		(16,452)		(15,422)		(32,424)
State and local		86		2,606		(22,320)
Foreign		320		(20,675)		1,794
Total deferred taxes		(16,046)		(33,491)		(52,950)
Income tax expense	$	133,564	$	212,048	$	140,955

Reconciliations of the federal statutory tax rate to the effective tax rates


	Years Ended
	June 29, 2024		July 1, 2023		July 2, 2022
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	0.9		0.9		1.1
Tax on foreign income, net of valuation allowances	(2.1)		0.5		(1.7)
Establishment/release of valuation allowances, net of U.S. tax expense	0.8		0.5		(5.8)
Change in unrecognized tax benefit reserves	0.1		(0.5)		(0.6)
Tax audit settlements	0.3		0.3		0.2
Impact of surrender of Company owned life insurance policies	—		—		1.4
Impact on foreign currency translation loss	—		(1.2)		—
Other, net	0.1		0.1		1.3
Effective tax rate	21.1	%	21.6	%	16.9	%

Components of deferred tax assets and liabilities


	June 29,		July 1,
	2024		2023

	(Thousands)
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$	207,087	$	211,719
Depreciation and amortization		18,501		15,311
Inventories valuation		19,022		11,525
Operating lease liabilities		51,581		56,424
Receivables valuation		18,417		13,946
Interest deductions		51,388		39,175
Various accrued liabilities and other		103,346		101,713
		469,342		449,813
Less — valuation allowances		(216,179)		(207,744)
		253,163		242,069
Deferred tax liabilities:
Operating lease assets		(49,956)		(54,799)
Net deferred tax assets	$	203,207	$	187,270

Reconciliation of the beginning and ending liability balances for unrecognized tax benefits


	June 29, 2024		July 1, 2023

	(Thousands)
Balance at beginning of year	$	102,841	$	109,285
Additions for tax positions taken in prior periods		86		6,086
Reductions for tax positions taken in prior periods		(3,242)		(3,485)
Additions for tax positions taken in current period		6,814		7,523
Reductions related to settlements with taxing authorities		(1,862)		(2,873)
Reductions related to the lapse of applicable statutes of limitations		(3,427)		(14,691)
Adjustments related to foreign currency translation		(549)		996
Balance at end of year	$	100,661	$	102,841

Years remaining subject to audit, by major jurisdiction


Jurisdiction		Fiscal Year
United States (Federal and state)		2016, 2017, 2019 - 2024
Taiwan		2019 - 2024
Hong Kong		2018 - 2024
Germany		2019 - 2024
Singapore		2019 - 2024
Belgium		2021 - 2024
United Kingdom		2021 - 2024
Canada		2017 - 2024

Working capital - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Receivables, Allowance for Credit Loss [Roll Forward]
Receivables, Allowance for Credit Loss, Beginning Balance	$ 112,843	$ 113,902
Credit Loss Provisions	12,570	16,798
Russian-Ukraine conflict Credit Loss Provisions		17,202
Credit Loss Recoveries	(1,584)	(931)
Receivables Write Offs	(14,060)	(18,552)
Foreign Currency Effect and Other	(1,265)	1,626
Receivables, Allowance for Credit Loss, Ending Balance	$ 108,504	$ 112,843

Valuation And Qualifying Accounts

12 Months Ended

Jun. 29, 2024

Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

SCHEDULE II

AVNET, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

Years Ended June 29, 2024, July 1, 2023, and July 2, 2022


	Balance at		Charged to			Charged to						Balance at
	Beginning of		Expense			Other						End of
Account Description	Period		(Income)			Accounts			Deductions			Period

	(Thousands)
Fiscal 2024
Allowance for credit losses	$	112,843	$	12,570		$	—		$	(16,909)	(a)	$	108,504
Valuation allowance on tax loss carry-forwards		207,744		10,462	(b)		(2,027)	(c)		—			216,179
Fiscal 2023
Allowance for credit losses		113,902		16,798			—			(17,857)	(a)		112,843
Valuation allowance on tax loss carry-forwards		207,889		4,530	(b)		(4,675)	(c)		—			207,744
Fiscal 2022
Allowance for credit losses		88,160		47,990	(d)		—			(22,248)	(a)		113,902
Valuation allowance on tax loss carry-forwards		293,569		(65,208)	(e)		(20,472)	(f)		—			207,889

(a)	Primarily represents uncollectible receivables written off and the impact of changes in foreign currency rates during the fiscal year.

(b)	Primarily represents impact of current year activities.

(c)	Primarily related to impact of foreign currency exchange on valuation allowances.

(d)	Amount includes $17,202 of credit loss provisions associated with accounts receivable from Russian customers that are no longer considered collectible.

(e)	Primarily represents net release of valuation allowance and impact of current year activities.

(f)	Primarily related to impact of pension-related other comprehensive income and foreign currency exchange on valuation allowances.

Segment information (Sales) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Segment information
Sales	$ 23,757,129	$ 26,536,881	$ 24,310,708

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Shareholders' equity (Share repurchase program textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Shareholders' equity
Shares repurchased during period (in shares)	3.3
Cost of repurchase	$ 164,800
Remaining authorized repurchase amount	$ 153,700
Cash dividend paid per share	$ 1.24	$ 1.16	$ 1.00
Dividends paid on common stock	$ 111,963	$ 106,325	$ 98,490

Segment information (Sales, by geographic area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Sales, by geographic area:
Sales	$ 23,757,129	$ 26,536,881	$ 24,310,708
Americas
Sales, by geographic area:
Sales	5,919,200	6,807,700	5,896,000
United States
Sales, by geographic area:
Sales	5,525,900	6,345,200	5,476,700
EMEA
Sales, by geographic area:
Sales	8,395,000	9,229,400	7,838,100
Germany
Sales, by geographic area:
Sales	3,240,300	3,892,200	3,158,000
Belgium
Sales, by geographic area:
Sales	1,422,600	1,549,600	1,367,100
Asia
Sales, by geographic area:
Sales	9,442,900	10,499,800	10,576,600
Taiwan
Sales, by geographic area:
Sales	4,032,400	4,233,300	4,635,000
China (including Hong Kong)
Sales, by geographic area:
Sales	3,206,700	3,395,800	3,375,400
SINGAPORE
Sales, by geographic area:
Sales	1,298,400	1,497,000	1,317,100
Other
Sales, by geographic area:
Sales	5,030,800	5,623,800	4,981,400
Total foreign
Sales, by geographic area:
Sales	$ 18,231,200	$ 20,191,700	$ 18,834,000

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Jun. 29, 2024
Summary of significant accounting policies
Basis of presentation	Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated.
Reclassifications	Reclassifications — Certain prior period amounts have been reclassified or combined to conform to the current period presentation.
Fiscal year	Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2024, 2023 and 2022 contain 52 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year.
Management estimates	Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.
Cash and cash equivalents	Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents.
Receivables	Receivables – Receivables, predominately comprised of customer trade accounts, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist.
Inventories	Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value.
Depreciation, amortization and useful lives	Depreciation, amortization and useful lives — The Company reports property, plant, and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant, and equipment. Software obtained for internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use. Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter). The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.
Long-lived assets impairment	Long-lived asset impairment — Long-lived assets, including property, plant, equipment, intangible assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and adjusts the carrying value and remaining useful life when appropriate.
Leases	Leases — Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space, and integration facilities, with a lease term of up to 14 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which are not material to the consolidated financial statements. The Company determines if an arrangement contains a lease at inception. Lease right-of-use assets (“Operating lease assets”) and associated liabilities (“Operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options. The Company’s leases generally do not provide an implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate, which varies based on the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities.
Goodwill	Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill, but instead tests goodwill for impairment at least annually in the fourth quarter. If necessary, the Company records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests 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. In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units. Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference. The Company evaluates each quarter if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of, and the amount of time passed since, the last goodwill impairment test, and (iv) the long-term expected financial performance of its reporting units.
Foreign currency translation	Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at each balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the reporting period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at each balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other expense, net.”
Income taxes	Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value. The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.
Revenue recognition	Revenue recognition — Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the supplier and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers. For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process. The contract assets associated with such specialized manufacturing products are not material. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions. The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has control of inventory and the related inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis. The Company has contracts with certain customers where the Company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of electronic component supply chain services or to a lesser extent supplier software services. Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.
Vendor allowances and consideration	Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, sell through incentives, marketing/promotional activities, or any other programs are recorded when earned (under the terms and conditions of such supplier programs) as adjustments to product costs or selling, general and administrative expenses, depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over multiple periods.
Comprehensive income (loss)	Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation, unrealized gains and losses on derivative instruments designated and qualifying as net investment hedges, and the impact of the Company’s pension liability adjustments, net of tax.
Share-based compensation	Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period. A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense.
Restructuring and exit activities	Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively.
Gain on legal settlements	Gain on legal settlements — The Company recognizes gains on legal settlements only when such gains are realized or realizable.
Concentration of credit risk	Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers, but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.
Fair value	Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data; and, Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2024, 2023, and 2022, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, and accounts payable approximate their fair values at June 29, 2024, due to the short-term nature of these assets and liabilities. At June 29, 2024, and July 1, 2023, the Company had $14.1 million and $3.7 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria.
Investments	Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the Company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in “Other assets” in the Company’s consolidated balance sheets. Changes in fair value, including impairments for investments in ventures, if any, are recorded in “Other expense, net” in the Company’s consolidated statements of operations. As of June 29, 2024, the Company’s investment in a venture was $23.5 million.
Environmental Liabilities	Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements — In September 2022, the FASB issued ASU No. 2022-04, Liabilities (subtopic 405-50): Supplier Finance Programs (“ASU No. 2022-04”) to enhance the transparency of certain supplier finance programs to assist financial statement users in understanding the effect of such programs on a company’s working capital, liquidity, and cash flows. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude of such programs. The Company adopted this guidance in the first quarter of fiscal 2024, except for the amendment on roll-forward information, which is effective for the Company in fiscal 2025. The Company’s adoption of ASU No. 2022-04 did not have a material impact on the Company’s consolidated financial statements.

Income taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Reconciliation of the beginning and ending accrual balance for unrecognized tax benefits
Balance at beginning of year	$ 102,841	$ 109,285
Additions for tax positions taken in prior periods	86	6,086
Reductions for tax positions taken in prior periods	(3,242)	(3,485)
Additions for tax positions taken in current period	6,814	7,523
Reductions related to settlements with taxing authorities	(1,862)	(2,873)
Reductions related to the lapse of applicable statutes of limitations	(3,427)	(14,691)
Adjustments related to foreign currency translation	(549)
Adjustments related to foreign currency translation		996
Balance at end of year	$ 100,661	$ 102,841

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Charged to expense (income), Income from reduction in valuation allowance
Russian-Ukraine conflict Credit Loss Provisions		$ 17,202
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 112,843	113,902	$ 88,160
Charged to Expense (Income)	12,570	16,798	47,990
Deductions	(16,909)	(17,857)	(22,248)
Balance at End of Period	108,504	112,843	113,902
Valuation Allowance, Operating Loss Carryforwards [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	207,744	207,889	293,569
Charged to Expense (Income)	10,462	4,530	(65,208)
Charged to Other Accounts	(2,027)	(4,675)	(20,472)
Balance at End of Period	$ 216,179	$ 207,744	$ 207,889

Property plant and equipment, net (Tables)

12 Months Ended

Jun. 29, 2024

Property plant and equipment, net

Summary of Property, plant and equipment


	June 29, 2024		July 1, 2023

	(Thousands)
Buildings	$	137,460	$	108,236
Machinery, fixtures and equipment		275,171		259,745
Information technology hardware and software		903,812		884,448
Leasehold improvements		138,757		137,745
Depreciable property, plant and equipment, gross		1,455,200		1,390,174
Accumulated depreciation		(1,144,018)		(1,109,631)
Depreciable property, plant and equipment, net		311,182		280,543
Land		29,365		22,036
Construction in progress		227,622		138,978
Property, plant and equipment, net	$	568,169	$	441,557

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 498,699	$ 770,828	$ 692,379

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings per share

12 Months Ended

Jun. 29, 2024

Earnings per share

Earnings per share

14. Earnings per share


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands, except per share data)
Numerator:
Net income	$	498,699	$	770,828	$	692,379

Denominator:
Weighted average common shares for basic earnings per share		90,567		92,043		98,662
Net effect of dilutive stock-based compensation awards		1,270		1,325		1,157
Weighted average common shares for diluted earnings per share		91,837		93,368		99,819
Basic earnings per share	$	5.51	$	8.37	$	7.02
Diluted earnings per share	$	5.43	$	8.26	$	6.94
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		79		140		230

Restructuring expenses (Details) $ in Thousands	12 Months Ended
Restructuring expenses (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	$ 39,467
Cash payments	(15,131)
Non-cash amounts	(392)
Other, principally foreign currency translation	(106)
Ending Balance	23,838
Severance \| Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	38,493
Cash payments	(14,549)
Other, principally foreign currency translation	(106)
Ending Balance	23,838
Severance \| Fiscal Year 2023 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	15,507
Cash payments	(15,316)
Other, principally foreign currency translation	125
Ending Balance	316
Facility Exit Costs \| Fiscal Year 2023 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	504
Other, principally foreign currency translation	2
Ending Balance	506
Asset Impairments \| Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	392
Non-cash amounts	(392)
Asset Impairments \| Fiscal Year 2023 Restructuring Liabilities
Activity related to the restructuring reserves
Beginning Balance	16,011
Cash payments	(15,316)
Other, principally foreign currency translation	127
Ending Balance	822
Other Restructuring \| Fiscal Year 2024 Restructuring Liabilities
Activity related to the restructuring reserves
Restructuring expenses	582
Cash payments	$ (582)

Restructuring expenses (Textuals) (Details) - Fiscal Year 2024 Restructuring Liabilities $ in Thousands	12 Months Ended
	Jun. 29, 2024 USD ($) employee
Restructuring Cost and Reserve [Line Items]
Number of employee reductions under Severance charges \| employee	630
Restructuring expenses	$ 39,467
Restructuring Reserve	23,838
Electronic Components
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	24,300
Farnell
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	9,700
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 5,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment information

12 Months Ended

Jun. 29, 2024

Segment information

Segment information

16. Segment information

Electronic Components (“EC”) and Farnell (“Farnell”) are the Company’s reportable segments (“operating groups”).


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Millions)
Sales:
Electronic Components	$	22,160.0	$	24,802.6	$	22,503.3
Farnell		1,597.1		1,734.3		1,807.4
	$	23,757.1	$	26,536.9	$	24,310.7
Operating income:
Electronic Components	$	947.6	$	1,179.6	$	872.0
Farnell		64.8		165.5		242.5
		1,012.4		1,345.1		1,114.5
Corporate		(112.3)		(124.2)		(128.9)
Restructuring, integration, and other expenses		(52.6)		(28.0)		(5.3)
Russian-Ukraine conflict related expenses		—		—		(26.3)
Amortization of acquired intangible assets and other		(3.1)		(6.1)		(15.0)
	$	844.4	$	1,186.8	$	939.0
Assets:
Electronic Components	$	10,162.8	$	10,375.4	$	8,863.4
Farnell		1,707.9		1,659.0		1,371.1
Corporate		338.4		442.8		154.0
	$	12,209.1	$	12,477.2	$	10,388.5
Capital expenditures:
Electronic Components	$	176.5	$	153.4	$	25.7
Farnell		49.9		41.2		23.1
Corporate		0.1		0.1		0.1
	$	226.5	$	194.7	$	48.9
Depreciation & amortization expense:
Electronic Components	$	60.6	$	63.6	$	67.7
Farnell		26.0		24.8		31.3
Corporate		0.1		0.2		3.3
	$	86.7	$	88.6	$	102.3
Sales, by geographic area:
Americas	$	5,919.2	$	6,807.7	$	5,896.0
EMEA		8,395.0		9,229.4		7,838.1
Asia		9,442.9		10,499.8		10,576.6
	$	23,757.1	$	26,536.9	$	24,310.7
Property, plant and equipment, net, by geographic area:
Americas	$	109.7	$	105.3	$	115.4
EMEA		435.3		310.9		170.1
Asia		23.2		25.4		29.7
	$	568.2	$	441.6	$	315.2

Sales by country are as follows:


		Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

		(Millions)
Sales:
Germany	$	3,240.3	$	3,892.2	$	3,158.0
Belgium		1,422.6		1,549.6		1,367.1
Taiwan		4,032.4		4,233.3		4,635.0
China (including Hong Kong)		3,206.7		3,395.8		3,375.4
Singapore		1,298.4		1,497.0		1,317.1
Other		5,030.8		5,623.8		4,981.4
Total foreign	$	18,231.2	$	20,191.7	$	18,834.0
United States	$	5,525.9	$	6,345.2	$	5,476.7
Total	$	23,757.1	$	26,536.9	$	24,310.7

Property, plant and equipment, net, by country are as follows:


		Years Ended
		June 29,		July 1,		July 2,
		2024		2023		2022

		(Millions)
Property, plant and equipment, net:
Germany	$	307.7	$	196.0	$	67.6
United Kingdom		105.7		92.6		79.8
Belgium		14.0		15.5		16.7
Other		33.7		35.6		38.7
Total foreign	$	461.1	$	339.7	$	202.8
United States	$	107.1	$	101.9	$	112.4
Total	$	568.2	$	441.6	$	315.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income Foreign Exchange Forward	Accumulated Other Comprehensive (Loss) Income Cross-Currency Swap	Accumulated Other Comprehensive (Loss) Income	Foreign Exchange Forward	Cross-Currency Swap	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jul. 03, 2021	$ 99,601	$ 1,622,160	$ 2,516,170			$ (153,747)			$ 4,084,184
Shares issued Beginning Balance at Jul. 03, 2021	99,601,000
Net Income (Loss)			692,379						692,379
Translation adjustments and other				$ (324,139)			$ (324,139)
Pension liability adjustments, net						3,362			3,362
Cash dividends			(98,490)						(98,490)
Repurchases of common stock	$ (4,676)		(188,660)						(193,336)
Repurchase of common stock (in shares)	(4,676,000)
Stock-based compensation	$ 777	34,747							35,524
Stock-based compensation (in shares)	777,000
Shares issued Ending Balance at Jul. 02, 2022	95,702,000
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 02, 2022	$ 95,702	1,656,907	2,921,399			(481,248)			4,192,760
Net Income (Loss)			770,828						770,828
Translation adjustments and other				64,486	$ (22,849)		64,486	$ (22,849)
Pension liability adjustments, net						(30,230)			(30,230)
Cash dividends			(106,325)						(106,325)
Repurchases of common stock	$ (5,085)		(207,690)						(212,775)
Repurchase of common stock (in shares)	(5,085,000)
Stock-based compensation	$ 887	34,427							$ 35,314
Stock-based compensation (in shares)	887,000
Shares issued Ending Balance at Jul. 01, 2023	91,504,000								91,504,053
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 01, 2023	$ 91,504	1,691,334	3,378,212			(409,381)			$ 4,751,669
Net Income (Loss)			498,699						498,699
Translation adjustments and other				$ (60,434)	$ 6,608		$ (60,434)	$ 6,608
Pension liability adjustments, net						23,516			23,516
Cash dividends			(111,963)						(111,963)
Repurchases of common stock	$ (3,293)		(163,136)						(166,429)
Repurchase of common stock (in shares)	(3,293,000)
Stock-based compensation	$ 835	30,035							$ 30,870
Stock-based compensation (in shares)	835,000
Shares issued Ending Balance at Jun. 29, 2024	89,046,000								89,045,996
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 29, 2024	$ 89,046	$ 1,721,369	$ 3,601,812			$ (486,723)			$ 4,925,504

Pension and retirement plans (Fair Value) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 480,705	$ 504,348	$ 638,894
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8,586	15,389
Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	151,936	138,533
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	95,974	108,936
High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	85,064	90,767
U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	102,542	118,456
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36,603	32,267
Level 1 \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8,586	15,389
Level 1 \| Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8,586	15,389
Net Asset Value \| Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	472,119	488,959
Net Asset Value \| Recurring \| Common Stocks
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	151,936	138,533
Net Asset Value \| Recurring \| Real Estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	95,974	108,936
Net Asset Value \| Recurring \| High yield credit and bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	85,064	90,767
Net Asset Value \| Recurring \| U.S. government agencies [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	102,542	118,456
Net Asset Value \| Recurring \| Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 36,603	$ 32,267

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 29, 2024	Jul. 01, 2023
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	89,045,996	91,504,053

Leases

12 Months Ended

Jun. 29, 2024

Leases [Abstract]

Leases

11. Leases

The components of lease cost related to the Company’s operating leases were as follows (in thousands):


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022
Operating lease cost	$	63,514	$	67,478	$	68,664
Variable lease cost		29,560		21,422		25,737
Total lease cost	$	93,074	$	88,900	$	94,401

Future minimum operating lease payments as of June 29, 2024, are as follows (in thousands):


Fiscal Year
2025	$	59,985
2026		50,264
2027		30,700
2028		23,382
2029		18,440
Thereafter		84,000
Total future operating lease payments		266,771
Total imputed interest on operating lease liabilities		(38,892)
Total operating lease liabilities	$	227,879

Other information pertaining to operating leases consists of the following:


		Years Ended
		June 29,			July 1,			July 2,
		2024			2023			2022
Operating Lease Term and Discount Rate
Weighted-average remaining lease term in years		7.5			8.2			8.8
Weighted-average discount rate		3.8	%		3.8	%		3.8	%

Supplemental Cash Flow Information (in thousands)
Cash paid for operating lease liabilities	$	57,572		$	58,111		$	57,016
Operating lease assets obtained from new operating lease liabilities	$	47,668		$	48,038		$	28,014

Debt

12 Months Ended

Jun. 29, 2024

Debt

Debt

7. Debt

Short-term debt consists of the following (in thousands):


	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program (due December 2024)	6.19	%	—		$	415,100	$	—
Other short-term debt	5.43	%	5.08	%		77,611		70,636
Short-term debt					$	492,711	$	70,636

The Company has a trade accounts receivable securitization program (the “Securitization Program”) in the United States with a group of financial institutions. The Securitization Program allows the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings of up to $700.0 million. The Securitization Program does not qualify for off balance sheet accounting treatment and any borrowings under the Securitization Program are recorded as debt in the consolidated balance sheets. Under the Securitization Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.05 billion and $1.27 billion at June 29, 2024, and July 1, 2023, respectively. The Securitization Program contains certain covenants relating to the quality of the receivables sold. There were $415.1 million and $555.8 million borrowings outstanding under the Securitization Program as of June 29, 2024, and as of July 1, 2023, respectively.

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 (in thousands):


	June 29,		July 1,		June 29,		July 1,
	2024		2023		2024		2023

	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		5.99	%	$	—	$	555,800
Credit Facility	5.05	%	4.85	%		745,480		796,552
Other long-term debt	4.74	%	—			22,748		—
Public notes due:
April 2026	4.63	%	4.63	%		550,000		550,000
May 2031	3.00	%	3.00	%		300,000		300,000
June 2032	5.50	%	5.50	%		300,000		300,000
March 2028	6.25	%	6.25	%		500,000		500,000
Long-term debt before discount and debt issuance costs						2,418,228		3,002,352
Discount and debt issuance costs – unamortized						(11,599)		(14,323)
Long-term debt					$	2,406,629	$	2,988,029

The Company has a five-year $1.50 billion revolving credit facility (the “Credit Facility”) with a syndicate of banks, which expires in August 2027. It consists of revolving credit facilities and the issuance of up to $200.0 million of letters of credit and up to $300.0 million of loans in certain approved currencies. Under the Credit Facility, the Company may select from various interest rate options, currencies, and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments, and capital expenditures. The Credit Facility also includes a financial covenant requiring the Company to maintain a leverage ratio not to exceed a certain threshold, which the Company was in compliance with as of June 29, 2024. At June 29, 2024, and July 1, 2023, there were $0.9 million in letters of credit issued under the Credit Facility.

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):


2025	$	492,711
2026		550,000
2027		—
2028		1,245,480
2029		—
Thereafter		622,748
Subtotal		2,910,939
Discount and debt issuance costs – unamortized		(11,599)
Total debt	$	2,899,340

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. At July 1, 2023, the carrying value and fair value of the Company’s total debt was $3.06 billion and $2.98 billion, respectively. Fair value for the public notes was estimated based upon quoted market prices (Level 1) and, for other forms of debt, fair value approximates carrying value due to the market based variable nature of the interest rates on those debt facilities (Level 2).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Current assets:
Cash and cash equivalents	$ 310,941	$ 288,230
Receivables	4,391,187	4,763,788
Inventories	5,468,730	5,465,031
Prepaid and other current assets	199,694	233,804
Total current assets	10,370,552	10,750,853
Property, plant and equipment, net	568,169	441,557
Goodwill	780,984	780,629
Operating lease assets	208,971	221,698
Other assets	280,471	282,422
Total assets	12,209,147	12,477,159
Current liabilities:
Short-term debt	492,711	70,636
Accounts payable	3,345,510	3,373,820
Accrued expenses and other	573,055	753,130
Short-term operating lease liabilities	53,993	51,792
Total current liabilities	4,465,269	4,249,378
Long-term debt	2,406,629	2,988,029
Long-term operating lease liabilities	173,886	190,621
Other liabilities	237,859	297,462
Total liabilities	7,283,643	7,725,490
Commitments and contingencies (Note 13)
Shareholders' equity:
Common stock $1.00 par; authorized 300,000,000 shares; issued 89,045,996 shares and 91,504,053 shares, respectively	89,046	91,504
Additional paid-in capital	1,721,369	1,691,334
Retained earnings	3,601,812	3,378,212
Accumulated other comprehensive loss	(486,723)	(409,381)
Total shareholders' equity	4,925,504	4,751,669
Total liabilities and shareholders' equity	$ 12,209,147	$ 12,477,159

Leases (Operating Lease Commitments) (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Leases [Abstract]
2025	$ 59,985
2026	50,264
2027	30,700
2028	23,382
2029	18,440
Thereafter	84,000
Total future operating lease payments	266,771
Total imputed interest on operating lease liabilities	(38,892)
Total operating lease liabilities	$ 227,879

Working capital - Receivables (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Working capital
Receivables	$ 4,499,691	$ 4,876,631
Allowance for Credit Losses	$ (108,504)	$ (112,843)	$ (113,902)

Debt - long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - long-term debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Debt Instrument [Line Items]
Long-term debt before discount and debt issuance costs	$ 2,418,228	$ 3,002,352
Discount and debt issuance costs - unamortized	(11,599)	(14,323)
Long-term debt	2,406,629	$ 2,988,029
Accounts receivable securitization program
Debt Instrument [Line Items]
Accounts receivable securitization program	$ 700,000
Long-term debt, stated interest rate	6.19%	5.99%
Long-term debt before discount and debt issuance costs	$ 415,100	$ 555,800
Other long-term debt
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	4.74%
Long-term debt before discount and debt issuance costs	$ 22,748
Revolving credit facilities
Debt Instrument [Line Items]
Credit Facility	1,500,000
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Credit Facility	$ 745,480	$ 796,552
Long-term Debt, Weighted Average Interest Rate	5.05%	4.85%
Letter of Credit
Debt Instrument [Line Items]
Credit Facility	$ 200,000
Notes due \| Notes Due April 2026
Debt Instrument [Line Items]
Long-term debt, stated interest rate	4.63%	4.63%
Long-term debt before discount and debt issuance costs	$ 550,000	$ 550,000
Notes due \| Notes Due May 2031
Debt Instrument [Line Items]
Long-term debt, stated interest rate	3.00%	3.00%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due June 2032
Debt Instrument [Line Items]
Long-term debt, stated interest rate	5.50%	5.50%
Long-term debt before discount and debt issuance costs	$ 300,000	$ 300,000
Notes due \| Notes Due March 2028
Debt Instrument [Line Items]
Long-term debt, stated interest rate	6.25%	6.25%
Long-term debt before discount and debt issuance costs	$ 500,000	$ 500,000

Additional cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Other non-cash and reconciling items
Provision for credit losses	$ 12,570	$ 16,798	$ 30,788
Periodic pension cost (benefit)	(663)	30,424	(3,449)
Other, net	3,893	4,920	6,777
Total	15,800	52,142	34,116
Net loss due to benefit obligation settlement		37,350
Interest and income taxes paid
Capital expenditures incurred but not paid	20,451	28,771	20,275
Unsettled share repurchases	2,054		8,955
Interest	351,374	261,586	112,327
Income tax payments, net	$ 208,585	$ 216,780	$ 6,892

Derivative financial instruments Textuals (Details) € in Millions	12 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jul. 01, 2023 EUR (€)
Minimum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	60 days
Maximum \| Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Maximum maturity of foreign exchange contracts (less than one year)	1 year
Designated as Hedging Instrument \| Cross-Currency Swap
Derivative notional amounts
Total notional amount		$ 500,000,000.0	€ 472.6
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative fair value
Derivative liabilities fair value	$ 16,241,000	22,849,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Not Designated as Hedging Instrument Economic Hedge \| Foreign Exchange Forward
Derivative fair value
Derivative assets fair value	$ 12,116,000	$ 69,104,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative liabilities fair value	$ 16,957,000	$ 68,594,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current	Accrued Liabilities, Current

Working capital

12 Months Ended

Jun. 29, 2024

Working capital

Working capital

4. Working capital

Receivables

The Company’s receivables and allowance for credit losses were as follows:


	June 29,		July 1,
	2024		2023

	(Thousands)
Receivables	$	4,499,691	$	4,876,631
Allowance for Credit Losses	$	(108,504)	$	(112,843)

The Company had the following activity in the allowance for credit losses during fiscal 2024 and fiscal 2023:


	June 29,		July 1,
	2024		2023

	(Thousands)
Balance at beginning of the period	$	112,843	$	113,902
Credit Loss Provisions		12,570		16,798
Credit Loss Recoveries		(1,584)		(931)
Receivables Write Offs		(14,060)		(18,552)
Foreign Currency Effect and Other		(1,265)		1,626
Balance at end of the period	$	108,504	$	112,843

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 an Original Equipment Manufacturer 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% and 8% of inventories as of June 29, 2024, and July 1, 2023, respectively.

Summary of significant accounting policies

12 Months Ended

Jun. 29, 2024

Summary of significant accounting policies

Summary of significant accounting policies

1. Summary of significant accounting policies

Basis of presentation — The accompanying consolidated financial statements include the accounts of Avnet, Inc. and all of its majority-owned and controlled subsidiaries (the “Company” or “Avnet”). All intercompany and intracompany accounts and transactions have been eliminated.

Reclassifications — Certain prior period amounts have been reclassified or combined to conform to the current period presentation.

Fiscal year — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2024, 2023 and 2022 contain 52 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year.

Management estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.

Cash and cash equivalents — The Company considers all highly liquid investments with an original maturity of three months or less including money market funds to be cash equivalents.

Receivables – Receivables, predominately comprised of customer trade accounts, are reported at amortized cost, net of the allowance for credit losses in the consolidated balance sheets. The allowance for credit losses is a valuation account that is deducted from the receivables’ amortized cost basis to present the net amount expected to be collected. The Company estimates the allowance for credit losses using relevant available information about expected credit losses, including information about historical credit losses, past events, current conditions, and other factors which may affect the collectability of receivables. Adjustments to historical loss information are made for differences in current receivable specific risk characteristics, such as changes in customer behavior, economic and industry changes, or other relevant factors. Expected credit losses are estimated on a pooled basis when similar risk characteristics exist.

Inventories — Inventories, comprised principally of finished goods, are stated at the lower of cost or net realizable value. Inventory cost includes the purchase price of finished goods and any freight cost incurred to receive the inventory into the Company’s distribution centers. The Company regularly reviews the cost of inventory against its estimated net realizable value, considering historical experience and any contractual rights of return, stock rotations, vendor rebates, excess, and obsolescence allowances, or price protections provided by the Company’s suppliers. It records the lower of cost or net realizable value write-down if any inventories have a cost in excess of such inventories’ estimated net realizable value.

Depreciation, amortization and useful lives — The Company reports property, plant, and equipment at cost, less accumulated depreciation. Cost includes the price paid to acquire or construct the assets, required installation costs, interest capitalized during the construction period, and any expenditure that substantially adds to the value or substantially extends the useful life of an existing asset. Additionally, the Company capitalizes qualified costs related to software obtained or developed for internal use as a component of property, plant, and equipment. Software obtained for

internal use has generally been enterprise-level business operations, logistics, and finance software that is customized to meet the Company’s specific operational requirements. The Company begins depreciation and amortization (“depreciation”) for property, plant, and equipment when an asset is both in the location and condition for its intended use.

Property, plant, and equipment is depreciated using the straight-line method over its estimated useful lives. The estimated useful lives for property, plant, and equipment are typically as follows: buildings (30 years); machinery, fixtures and equipment (2-10 years); information technology hardware and software (2-10 years); and leasehold improvements (over the applicable lease term or economic useful life, if shorter).

The Company amortizes intangible assets acquired in business combinations or asset combinations using the straight-line method over the estimated economic useful lives of the intangible assets from the date of acquisition, which is generally between 5-10 years.

Long-lived asset impairment — Long-lived assets, including property, plant, equipment, intangible assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (“asset group”). An impairment is recognized when the estimated undiscounted cash flows expected to result from the use of the asset group and its eventual disposition is less than its carrying amount. An impairment is measured as the amount by which an asset group’s carrying value exceeds its estimated fair value. The Company considers a long-lived asset to be abandoned when it has ceased use of such abandoned asset and if the Company has no intent to use or repurpose the asset in the future. The Company continually evaluates the carrying value and the remaining economic useful life of long-lived assets and adjusts the carrying value and remaining useful life when appropriate.

Leases — Substantially all the Company’s leases are classified as operating leases and are predominately related to real property for distribution centers, office space, and integration facilities, with a lease term of up to 14 years. The Company’s equipment leases are primarily for automobiles, distribution center equipment and office equipment, which are not material to the consolidated financial statements.

The Company determines if an arrangement contains a lease at inception. Lease right-of-use assets (“Operating lease assets”) and associated liabilities (“Operating lease liabilities”) are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Certain lease agreements may include one or more options to extend or terminate a lease. Lease terms are inclusive of these options if it is reasonably certain that the Company will exercise such options.

The Company’s leases generally do not provide an implicit borrowing rate, as such, the discount rate used to calculate present value is based upon an estimate of the Company’s secured borrowing rate, which varies based on the lease term and the currency of the lease payments. Lease cost is recognized on a straight-line basis over the lease term and is included as a component of “Selling, general, and administrative expenses” in the consolidated statements of operations. Lease payments are primarily fixed; however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the measurement of operating lease assets and liabilities.

Goodwill — Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair value assigned to the individual assets acquired and liabilities assumed. The Company does not amortize goodwill, but instead tests goodwill for impairment at least annually in the fourth quarter. If necessary, the Company records any impairment resulting from such goodwill impairment testing as a component of operating expenses. Impairment testing is performed at the reporting unit level, which is defined as the same, or one level below, an operating segment. The Company will perform an interim impairment test between required annual tests 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.

In performing goodwill impairment testing, the Company may first make a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value. If the qualitative assessment indicates it is more-likely-than-not that a reporting unit’s fair value is not greater than its carrying value, the Company must perform a quantitative impairment test. The Company defines the fair value of a reporting unit as the price that would be received to sell the reporting unit as a whole in an orderly transaction between market participants as of the impairment test date. To determine the fair value of a reporting unit, the Company uses the income methodology of valuation, which includes the discounted cash flow method, and the market methodology of valuation, which considers values of comparable businesses to estimate the fair value of the Company’s reporting units.

Significant management judgment is required when estimating the fair value of the Company’s reporting units from a market participant perspective (including forecasting of future operating results and the discount rates used in the discounted cash flow method of valuation) and in the selection of comparable businesses and related market multiples that are used in the market method of valuation. If the estimated fair value of a reporting unit exceeds the carrying value assigned to that reporting unit, goodwill is not impaired. If the reverse is true, then the Company measures a goodwill impairment loss based on such difference.

The Company evaluates each quarter if facts and circumstances indicate that it is more-likely-than-not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of, and the amount of time passed since, the last goodwill impairment test, and (iv) the long-term expected financial performance of its reporting units.

Foreign currency translation — The assets and liabilities of foreign operations are translated into U.S. Dollars at the exchange rates in effect at each balance sheet date, with the related translation adjustments reported as a separate component of shareholders’ equity and comprehensive income (loss). Results of operations are translated using the average exchange rates prevailing throughout the reporting period. Transactions denominated in currencies other than the functional currency of the Avnet subsidiaries that are party to the transactions are remeasured at exchange rates in effect at each balance sheet date or upon settlement of the transaction. Gains and losses from such remeasurements are recorded in the consolidated statements of operations as a component of “Other expense, net.”

Income taxes — The Company follows the asset and liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized for the estimated future tax impact of differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in

tax rates is recognized within income tax expense in the period in which the new tax rate is enacted. Based upon historical and estimated levels of future taxable income and analysis of other key factors, the Company may increase or decrease a valuation allowance against its deferred tax assets, as deemed necessary, to adjust such assets to their estimated net realizable value.

The Company establishes contingent liabilities for potentially unfavorable outcomes of positions taken on certain tax matters. These liabilities are based on management’s assessment of whether a tax benefit is more-likely-than-not to be sustained upon examination by the relevant tax authorities. Differences between the estimated and actual outcomes of these matters may result in future changes in estimates to such unrecognized tax benefits. Any such changes in estimates may impact the Company’s effective tax rate. In accordance with the Company’s accounting policies, accrued interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense.

Revenue recognition — Revenue is recognized at the point at which control of the underlying products are transferred to the customer, which includes determining whether products are distinct and separate performance obligations. For electronic component and related product sales, transfer of control to the customer generally occurs upon product shipment, but it may occur at a later date depending on the agreed upon sales terms (such as delivery at the customer's designated location, or when products that are consigned at customer locations are consumed). In limited instances, where products are not in stock and delivery times are critical, product is purchased from the supplier and drop-shipped to the customer. The Company typically takes control of the products when shipped by the supplier and then recognizes revenue when control of the product transfers to the customer. The Company does not have material product warranty obligations, because the assurance type product warranties provided by the component manufacturers are passed through to the Company’s customers.

For contracts related to the specialized manufacture of products for customers with no alternative use and for which the Company has an enforceable right to payment, including a reasonable profit margin, the Company recognizes revenue over time as control of the products transfer through the manufacturing process. The contract assets associated with such specialized manufacturing products are not material.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. The Company estimates different forms of variable consideration at the time of sale based on historical experience, current conditions, and contractual obligations. Revenue is recorded net of customer discounts and rebates. When the Company offers the right or has a history of accepting returns of product, historical experience is utilized to establish a liability for the estimate of expected returns and an asset for the right to recover the product expected to be returned. These adjustments are made in the same period as the underlying sales transactions.

The Company considers the following indicators amongst others when determining whether it is acting as a principal in the contract where revenue would be recorded on a gross basis: (i) the Company is primarily responsible for fulfilling the promise to provide the specified products or services; (ii) the Company has control of inventory and the related inventory risk before the specified products have been transferred to a customer or after transfer of control to the customer; and (iii) the Company has discretion in establishing the price for the specified products. If a transaction does not meet the Company’s indicators of being a principal in the transaction, then the Company is acting as an agent in the transaction and the associated revenues are recognized on a net basis.

The Company has contracts with certain customers where the Company's performance obligation is to arrange for the products or services to be provided by another party. In these arrangements, as the Company assumes an agency relationship in the transaction, revenue is recognized in the amount of the net fee associated with serving as an agent. These arrangements primarily relate to the sale of electronic component supply chain services or to a lesser extent supplier software services.

Sales tax and other tax amounts collected from customers for remittance to governmental authorities are excluded from revenue. The Company accounts for shipping and handling of product as a fulfillment activity. The Company does not have any payment terms that exceed one year from the point it has satisfied the related performance obligations. Tariffs are included in sales as the company has enforceable rights to additional consideration to cover the cost of tariffs. Other taxes imposed by governmental authorities on the company's revenue producing activities with customers, such as sales taxes and value added taxes, are excluded from net sales.

Vendor allowances and consideration — Consideration received from suppliers for price protection, product rebates, sell through incentives, marketing/promotional activities, or any other programs are recorded when earned (under the terms and conditions of such supplier programs) as adjustments to product costs or selling, general and administrative expenses, depending upon the nature and contractual requirements related to the consideration received. Some of these supplier programs require management to make estimates and may extend over multiple periods.

Comprehensive income (loss) — Comprehensive income (loss) represents net income for the year adjusted for certain changes in shareholders’ equity. Accumulated comprehensive income (loss) items impacting comprehensive income (loss) includes foreign currency translation, unrealized gains and losses on derivative instruments designated and qualifying as net investment hedges, and the impact of the Company’s pension liability adjustments, net of tax.

Stock-based compensation — The Company measures stock-based payments at fair value and generally recognizes the associated operating expense in the consolidated statements of operations over the requisite service period. A stock-based payment is considered vested for accounting expense attribution purposes when the employee’s retention of the award is no longer contingent on providing continued service. Accordingly, the Company recognizes all stock-based compensation expense for awards granted to retirement eligible employees over the period from the grant date to the date retirement eligibility is achieved, if less than the stated requisite service period. The expense attribution approach for retirement eligible employees does not affect the overall amount of compensation expense recognized, but instead accelerates the recognition of such expense.

Restructuring and exit activities — The determination of when the Company accrues for involuntary termination benefits under restructuring plans depends on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going benefit arrangements in accordance with Accounting Standards Codification 712 (“ASC 712”) Nonretirement Postemployment Benefits and accounts for one-time benefit arrangements in accordance with ASC 420 Exit or Disposal Cost Obligations. If applicable, the Company records such costs into operating expense over the terminated employee’s future service period beyond any minimum retention period. Other costs associated with restructuring or exit activities may include contract termination costs and impairments of long-lived assets, which are expensed in accordance with ASC 420 Exit or Disposal Cost Obligations and ASC 360 Property, Plant and Equipment, respectively.

Gain on legal settlements — The Company recognizes gains on legal settlements only when such gains are realized or realizable.

Concentration of credit risk — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers, but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.

Fair value — The Company measures financial assets and liabilities at fair value based upon an exit price, representing the amount that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants. ASC 820, Fair Value Measurements, requires inputs used in valuation techniques for measuring fair value on a recurring or non-recurring basis be assigned to a hierarchical level as follows: Level 1 are observable inputs that reflect quoted prices for identical assets or liabilities in active markets; Level 2 are observable market-based inputs or unobservable inputs that are corroborated by market data; and, Level 3 are unobservable inputs that are not corroborated by market data. During fiscal 2024, 2023, and 2022, there were no transfers of assets measured at fair value between the three levels of the fair value hierarchy. The carrying amounts of the Company’s financial instruments, including cash equivalents, receivables, and accounts payable approximate their fair values at June 29, 2024, due to the short-term nature of these assets and liabilities. At June 29, 2024, and July 1, 2023, the Company had $14.1 million and $3.7 million, respectively, of cash equivalents that were measured at fair value based upon Level 1 criteria.

Investments — Equity investments in businesses or start-up companies (“ventures”) are accounted for using the equity method if the investment provides the Company the ability to exercise significant influence, but not control, over the ventures. All other equity investments, which consist of investments for which the Company does not possess the ability to exercise significant influence over the ventures, are measured at fair value, using quoted market prices, or at cost minus impairment, if any, plus or minus changes resulting from observable price changes when fair value is not readily determinable. Investments in ventures are included in “Other assets” in the Company’s consolidated balance sheets. Changes in fair value, including impairments for investments in ventures, if any, are recorded in “Other expense, net” in the Company’s consolidated statements of operations. As of June 29, 2024, the Company’s investment in a venture was $23.5 million.

Environmental liabilities — The Company accrues for environmental liabilities when it is probable that obligations have been incurred and the associated amounts can be reasonably estimated. The Company uses a third-party specialist to assist in appropriately measuring its obligations associated with environmental liabilities. Such liabilities are adjusted as new information develops or circumstances change. The Company does not discount its environmental liabilities as the timing of the anticipated cash payments is not fixed or readily determinable. The Company’s estimate of its potential liability is independent of any potential recovery of insurance proceeds or indemnification arrangements and the Company’s environmental liabilities have not been reduced for potential insurance recoveries.

Recently adopted accounting pronouncements — In September 2022, the FASB issued ASU No. 2022-04, Liabilities (subtopic 405-50): Supplier Finance Programs (“ASU No. 2022-04”) to enhance the transparency of certain

supplier finance programs to assist financial statement users in understanding the effect of such programs on a company’s working capital, liquidity, and cash flows. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude of such programs. The Company adopted this guidance in the first quarter of fiscal 2024, except for the amendment on roll-forward information, which is effective for the Company in fiscal 2025. The Company’s adoption of ASU No. 2022-04 did not have a material impact on the Company’s consolidated financial statements.

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Numerator:
Net income	$ 498,699	$ 770,828	$ 692,379
Denominator:
Weighted average common shares for basic earnings per share	90,567	92,043	98,662
Net effect of dilutive stock based compensation awards	1,270	1,325	1,157
Weighted average common shares for diluted earnings per share	91,837	93,368	99,819
Basic earnings per share	$ 5.51	$ 8.37	$ 7.02
Diluted earnings per share	$ 5.43	$ 8.26	$ 6.94
Employee Stock Option [Member]
Denominator:
antidilutive Securities	79	140	230

Commitments and contingencies

12 Months Ended

Jun. 29, 2024

Commitments and contingencies

Commitments and contingencies

13. Commitments and contingencies

From time to time, the Company may become a party to, or be otherwise involved in, various lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of conducting its business. While litigation is

subject to inherent uncertainties, management does not anticipate that any such matters will have a material adverse effect on the Company’s financial condition, liquidity, or results of operations.

The Company is also currently subject to various pending and potential legal matters and investigations relating to compliance with governmental laws and regulations. For certain of these matters, it is not possible to determine the ultimate outcome, and the Company cannot reasonably estimate the maximum potential exposure or the range of possible loss, particularly regarding 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 June 29, 2024, and July 1, 2023, the Company had aggregate undiscounted estimated liabilities of $17.2 million and $22.7 million, respectively, classified within accrued expenses and other for such compliance-related matters that were reasonably estimable as of such dates.

Gain on Legal Settlements and Other

During the first quarter of fiscal 2024 and during fiscal 2023, the Company recorded gains on legal settlements and other of $86.5 million and $74.4 million, respectively, in connection with the settlements of claims filed against certain manufacturers of capacitors. During fiscal 2024, the Company received $90.7 million in cash, of which $86.5 million related to the gain recognized in the first quarter. During fiscal 2023, the Company received $69.9 million in cash related to fiscal 2023 settlements. Gains from legal settlements were classified as operating cash flows in the Company’s Consolidated Statements of Cash Flows.

Restructuring expenses (Tables)

12 Months Ended

Jun. 29, 2024

Fiscal Year 2024 Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]


			Asset
	Severance		Impairments		Other		Total

	(Thousands)
Fiscal 2024 restructuring expenses	$	38,493	$	392	$	582	$	39,467
Cash payments		(14,549)		—		(582)		(15,131)
Non-cash amounts		—		(392)		—		(392)
Other, principally foreign currency translation		(106)		—		—		(106)
Balance at June 29, 2024	$	23,838	$	—	$	—	$	23,838

Fiscal Year 2023 Restructuring Liabilities

Restructuring Cost and Reserve [Line Items]


			Facility
	Severance		Exit Costs		Total

	(Thousands)
Balance at July 1, 2023	$	15,507	$	504	$	16,011
Cash payments		(15,316)		—		(15,316)
Other, principally foreign currency translation		125		2		127
Balance at June 29, 2024	$	316	$	506	$	822

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Designated as Hedging Instrument \| Net Investment Hedging \| Cross-Currency Swap
Derivative [Line Items]
Interest and other financing expense, net	$ 4,536	$ 1,635
Not Designated as Hedging Instrument Economic Hedge \| Foreign Exchange Forward
Derivative [Line Items]
Net derivative financial instrument gain (loss)	$ (31,666)	$ 40,454	$ (37,336)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Leases (Other Lease Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Leases [Abstract]
Operating lease weighted-average remaining lease term	7 years 6 months	8 years 2 months 12 days	8 years 9 months 18 days
Operating lease weighted-average discount rate	3.80%	3.80%	3.80%
Cash paid for operating lease liabilities	$ 57,572	$ 58,111	$ 57,016
Operating lease assets obtained from new operating lease liabilities	$ 47,668	$ 48,038	$ 28,014

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Tax on pension liability adjustment	$ 7,648	$ (8,146)	$ 582
Cash dividend paid per share	$ 1.24	$ 1.16	$ 1.00
Repurchase of common stock excise tax	$ 1,652

Shareholders' equity (Tables)

12 Months Ended

Jun. 29, 2024

Shareholders' equity

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table includes the balances within “Accumulated other comprehensive loss”:


	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Accumulated translation adjustments and other	$	(382,801)	$	(328,975)	$	(370,612)
Accumulated pension liability adjustments, net of income taxes		(103,922)		(80,406)		(110,636)
Total accumulated other comprehensive loss	$	(486,723)	$	(409,381)	$	(481,248)

Income taxes (Effective Tax Rate) (Details)	12 Months Ended
Income taxes (Effective Tax Rate) (Details)	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Reconciliation between federal statutory tax rate and effective tax rate
U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	0.90%	0.90%	1.10%
Tax on foreign income, net of valuation allowances	(2.10%)	0.50%	(1.70%)
Establishment/release of valuation allowance, net of U.S. tax expense	0.80%	0.50%	(5.80%)
Change in unrecognized tax benefit reserves	0.10%	(0.50%)	(0.60%)
Tax audit settlements	0.30%	0.30%	0.20%
Impact of surrender of Company owned life insurance policies			1.40%
Impact on foreign currency translation loss		(1.20%)
Other, net	0.10%	0.10%	1.30%
Effective Income Tax Rate	21.10%	21.60%	16.90%

Debt (Maturity Schedule) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Debt
2025	$ 492,711
2026	550,000
2028	1,245,480
Thereafter	622,748
Subtotal	2,910,939
Discount on debt issuance costs - unamortized	(11,599)
Total debt	$ 2,899,340	$ 3,060,000

Stock-based compensation

12 Months Ended

Jun. 29, 2024

Stock-based compensation

Stock-based compensation

12. Stock-based compensation

The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2024, 2023, and 2022, the Company recorded stock-based compensation expense of $33.5 million, $38.8 million, and $36.7 million, respectively, for all forms of stock-based compensation awards.

Stock plan

At June 29, 2024, the Company had 5.7 million shares of common stock reserved for stock-based payments, which consisted of 1.0 million shares for unvested or unexercised stock options, 3.4 million shares available for stock-based awards under plans approved by shareholders, and 1.3 million shares for restricted stock units and performance share units granted but not yet vested.

Stock options

There were no stock options granted in fiscal 2024 and 2023, and the stock-based compensation expense and unamortized stock-based compensation associated with stock options were not material.

Restricted stock units

Delivery of restricted stock units, and the associated compensation expense, is recognized over the vesting period and is generally subject to the employee’s continued service to the Company, except for employees who are retirement eligible under the terms of the restricted stock units. As of June 29, 2024, 1.1 million shares previously awarded have not yet vested. Stock-based compensation expense associated with restricted stock units was $32.6 million, $30.5 million, and $29.5 million for fiscal years 2024, 2023, and 2022, respectively.

The following is a summary of the changes in non-vested restricted stock units during fiscal 2024:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at July 1, 2023	1,214,120	$	37.14
Granted	778,508		47.57
Vested	(829,907)		37.41
Forfeited	(78,134)		42.76
Non-vested restricted stock units at June 29, 2024	1,084,587	$	44.02

As of June 29, 2024, there was $21.2 million of total unrecognized compensation expense related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of restricted stock units vested during fiscal 2024, 2023, and 2022, was $31.0 million, $28.6 million, and $26.6 million, respectively.

Performance share units

During fiscal 2024 and 2023, the Company granted 0.2 million performance share units. The Company granted no performance share units during fiscal 2022. During fiscal 2024, 2023, and 2022, the stock-based compensation expense associated with the performance share units was not material.

Debt (Textuals) (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Textuals) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Company's total debt
Debt, Long-term and Short-term, Combined Amount	$ 2,899,340	$ 3,060,000
Total fair value	$ 2,850,000	$ 2,980,000
Accounts receivable securitization program
Debt Instrument [Line Items]
stated interest rate	6.19%	5.99%
Accounts receivable securitization program	$ 700,000
Accounts Receivable from Securitization	1,050,000	$ 1,270,000
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing amount	$ 1,500,000
Term	5 years
Revolving credit facilities \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing amount	$ 745,480	796,552
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing amount	200,000
Letters of credit outstanding, amount	900	$ 900
Notes Payable In Certain Approved Currencies
Debt Instrument [Line Items]
Maximum borrowing amount	$ 300,000
Notes due \| Notes Due March 2028
Debt Instrument [Line Items]
stated interest rate	6.25%	6.25%

Pension and retirement plans (Tables)

12 Months Ended

Jun. 29, 2024

Pension and retirement plan

Table outlining changes in benefit obligations, plan assets and the funded status of the Plan


	June 29,		July 1,
	2024		2023

	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	471,401	$	614,359
Service cost		10,252		12,015
Interest cost		24,579		26,730
Actuarial loss (gain)		1,202		(43,407)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Benefit obligations at end of year	$	470,843	$	471,401
Changes in plan assets:
Fair value of plan assets at beginning of year	$	504,348	$	638,894
Actual return on plan assets		4,948		(4,250)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	480,705	$	504,348
Funded status of the plan recognized as a non-current asset	$	9,862	$	32,947

Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	185,284	$	148,867
Unamortized prior service cost		20		23
	$	185,304	$	148,890
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	36,195	$	9,702
Amortization of net actuarial losses		(222)		(2,469)
Amortization of prior service costs		(4)		(4)
Net loss recognized due to benefit obligation settlement		—		(37,350)
	$	35,969	$	(30,121)

Weighted average assumptions used to calculate actuarial present values of benefit obligations


	2024		2023
Discount rate	5.5	%	5.4	%

Weighted average assumptions used to determine net benefit costs


	2024		2023
Discount rate	5.4	%	4.6	%
Expected return on plan assets	7.0	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.0	%	4.0	%

Components of net periodic pension costs


	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022

	(Thousands)
Service cost within selling, general and administrative expenses	$	10,252	$	12,015	$	15,007

Interest cost		24,579		26,730		15,787
Expected return on plan assets		(39,941)		(48,860)		(49,135)
Amortization of prior service cost		4		4		4
Recognized net actuarial loss		223		2,469		16,343
Net loss recognized due to benefit obligation settlement		—		37,350		—
Total net periodic pension (benefit) cost within other (expense) income, net		(15,135)		17,693		(17,001)

Net periodic pension (benefit) cost	$	(4,883)	$	29,708	$	(1,994)

Benefit payments expected to be paid to Plan participants

Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):


2025	$	50,415
2026		39,238
2027		40,181
2028		42,244
2029		42,962
2030 through 2034		209,704

Plan's assets allocation


	2024		2023
Equity securities	69	%	67	%
Fixed income debt securities	29	%	30	%
Cash and cash equivalents	2	%	3	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705

The following table sets forth the fair value of the Plan’s investments as of July 1, 2023:


	Level 1		Level 2		Level 3		Net Asset Value		Total

	(Thousands)
Cash and cash equivalents	$	15,389	$	—	$	—	$	—	$	15,389
Return Seeking Investments:
Common stocks		—		—		—		138,533		138,533
Real estate		—		—		—		108,936		108,936
High yield credit and bonds		—		—		—		90,767		90,767
Fixed Income Investments:
U.S. government		—		—		—		118,456		118,456
Corporate		—		—		—		32,267		32,267
Total	$	15,389	$	—	$	—	$	488,959	$	504,348

Income taxes (Deferred Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Deferred tax assets:
Federal, state and foreign net operating loss carry-forwards	$ 207,087	$ 211,719
Depreciation and amortization	18,501	15,311
Inventories valuation	19,022	11,525
Operating lease liabilities	51,581	56,424
Receivables valuation	18,417	13,946
Deferred Tax Asset Interest Deductions	51,388	39,175
Various accrued liabilities and other	103,346	101,713
Deferred tax assets, gross	469,342	449,813
Less - valuation allowance	(216,179)	(207,744)
Deferred tax assets, net	253,163	242,069
Deferred tax liabilities:
Operating lease assets	(49,956)	(54,799)
Net deferred tax assets	$ 203,207	$ 187,270

Pension and retirement plans (Benefit Payments) (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2025	$ 50,415
2026	39,238
2027	40,181
2028	42,244
2029	42,962
2030 through 2034	$ 209,704

Accrued expenses and other (Tables)

12 Months Ended

Jun. 29, 2024

Accrued expenses and other

Schedule of accrued expenses and other


	June 29, 2024		July 1, 2023

	(Thousands)
Accrued salaries and benefits	$	213,641	$	253,790
Accrued operating costs		184,007		203,083
Accrued interest and banking costs		34,811		86,162
Accrued restructuring costs		24,660		16,011
Accrued income taxes		46,143		93,521
Accrued property, plant and equipment		20,451		28,771
Accrued other		49,342		71,792
Total accrued expenses and other	$	573,055	$	753,130

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Lease Cost
Operating lease cost	$ 63,514	$ 67,478	$ 68,664
Variable lease cost	29,560	21,422	25,737
Total lease cost	$ 93,074	$ 88,900	$ 94,401
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	14 years

Commitments and contingencies (Textuals) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 29, 2024	Jul. 01, 2023
Loss Contingency, Estimate [Abstract]
Estimate of possible loss		$ 17.2	$ 22.7
Gain on legal settlement and other	$ 86.5		74.4
Proceeds from legal settlement		$ 90.7	$ 69.9

Property plant and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 1,455,200	$ 1,390,174
Accumulated depreciation	(1,144,018)	(1,109,631)
Total Property, plant and equipment, net	568,169	441,557	$ 315,200
Depreciable property, plant and equipment, net	311,182	280,543
Land	29,365	22,036
Construction in progress	227,622	138,978
Depreciation and amortization expense	83,600	82,600	$ 87,400
Building
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	137,460	108,236
Machinery Fixtures And Equipment
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	275,171	259,745
Information Technology Hardware and Software
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	903,812	884,448
Leasehold Improvements
Summary of Property, plant and equipment
Depreciable property, plant and equipment, gross	$ 138,757	$ 137,745

Goodwill (Tables)

12 Months Ended

Jun. 29, 2024

Goodwill

Change in goodwill balances by reportable segment


	Electronic
	Components		Farnell		Total

	(Thousands)
Carrying value at July 1, 2023 ⁽¹⁾	$	296,829	$	483,800	$	780,629
Foreign currency translation		(872)		1,227		355
Carrying value at June 29, 2024 ⁽¹⁾	$	295,957	$	485,027	$	780,984

(1)	Includes accumulated impairment of $1,482,677 from prior fiscal years.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of significant accounting policies (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Property, Plant and Equipment [Line Items]
Fair value assets transfers into and out of level 3, net	$ 0.0	$ 0.0	$ 0.0
Equity method investment	$ 23.5
Minimum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Intangible asset, useful life	10 years
Lease term	14 years
Level 1
Property, Plant and Equipment [Line Items]
Fair value of Cash equivalents recorded based upon level 1	$ 14.1	$ 3.7
Building
Property, Plant and Equipment [Line Items]
Useful life	30 years
Machinery Fixtures And Equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Machinery Fixtures And Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Information Technology Hardware and Software
Property, Plant and Equipment [Line Items]
Useful life	10 years
Information Technology Hardware and Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years