10-Q Filing

AVNET INC CIK: 8858 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000008858-20-000037`
Period End Date	20200930
Filing Date	20201030
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	avt-20201003x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 33 Cash Flow Statement 58 Stockholders Equity 23 Comprehensive Income 8

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$477.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$483.06M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$2.96B	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	98.79M	shares	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$2.93B	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	98.84M	shares	Point-in-time
Inventories	`InventoryNet`	$2.73B	USD	Point-in-time
Inventories	`InventoryNet`	$2.94B	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$209.93M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$191.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.33B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.60B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$404.61M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$404.14M	USD	Point-in-time
Goodwill	`Goodwill`	$773.73M	USD	Point-in-time
Goodwill	`Goodwill`	$798.87M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$65.44M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$47.45M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$288.67M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$275.92M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$240.09M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$256.70M	USD	Point-in-time
Total assets	`Assets`	$8.38B	USD	Point-in-time
Total assets	`Assets`	$8.11B	USD	Point-in-time
Short-term debt	`DebtCurrent`	$51.00K	USD	Point-in-time
Short-term debt	`DebtCurrent`	$166.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.75B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.01B	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$535.38M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$472.92M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$53.31M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$58.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.77B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.28B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.20B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.42B	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$253.72M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$262.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$379.43M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$419.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.38B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.60B	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 98,843,595 shares and 98,792,542 shares, respectively	`CommonStockValue`	$98.84M	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 98,843,595 shares and 98,792,542 shares, respectively	`CommonStockValue`	$98.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.59B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.60B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.42B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.37B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-388.38M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-288.38M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.78B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.96B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.73B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.14B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$8.11B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$8.38B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.72B	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$4.63B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$4.21B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$4.09B	USD	1 Quarter
Gross profit	`GrossProfit`	$516.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$543.84M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$471.16M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$456.50M	USD	1 Quarter
Restructuring, integration and other expenses	`RestructuringIntegrationAndOtherCharges`	$26.42M	USD	1 Quarter
Restructuring, integration and other expenses	`RestructuringIntegrationAndOtherCharges`	$24.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$62.74M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.50M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-19.50M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$4.93M	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$33.63M	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$22.30M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-23.30M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.04M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.41M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-7.71M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-18.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.75M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.40	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	98.90M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	103.13M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.38M	shares	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.21	USD	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.21	USD	Point-in-time
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.21	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-18.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.75M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$24.67M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$21.84M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$19.91M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$20.12M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$14.08M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$15.84M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-6.61M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$3.97M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.22M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.96M	USD	1 Quarter
Asset impairment expense	`RestructuringCostsAndAssetImpairmentCharges`	$15.17M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-10.90M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-8.03M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$7.12M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$6.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$64.19M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$136.43M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$189.75M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$228.74M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-37.55M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-36.66M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$122.44M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$195.64M	USD	1 Quarter
Borrowings under accounts receivable securitization, net	`ProceedsFromAccountsReceivableSecuritization`	$166.90M	USD	1 Quarter
Borrowings under accounts receivable securitization, net	`ProceedsFromAccountsReceivableSecuritization`	$110.80M	USD	1 Quarter
Repayments under senior unsecured credit facility, net	`RepaymentsOfNotesPayable`	$1.10M	USD	1 Quarter
Repayments under senior unsecured credit facility, net	`RepaymentsOfNotesPayable`	$234.19M	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$545.00K	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$745.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$110.81M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$21.45M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$20.80M	USD	Point-in-time
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$20.76M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$548.00K	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$281.00K	USD	1 Quarter
Net cash flows used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.75M	USD	1 Quarter
Net cash flows used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-88.31M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.86M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00M	USD	1 Quarter
Acquisitions of assets	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$18.70M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$12.52M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-753.00K	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.95M	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.38M	USD	1 Quarter
Effect on currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-12.51M	USD	1 Quarter
Effect on currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.83M	USD	1 Quarter
Increase	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$118.00M	USD	1 Quarter
Increase	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.02M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$664.11M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$483.06M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$546.11M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$477.04M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$664.11M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$483.06M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$546.11M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$477.04M	USD	Point-in-time

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$3.78B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$3.96B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$3.73B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.14B	USD	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	98.79M	shares	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	98.84M	shares	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-18.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.75M	USD	1 Quarter
Translation adjustments and other	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$90.37M	USD	1 Quarter
Translation adjustments and other	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-102.15M	USD	1 Quarter
Pension liability adjustment, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.81M	USD	1 Quarter
Pension liability adjustment, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-9.62M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$21.45M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$20.76M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$112.14M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$5.24M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$7.76M	USD	1 Quarter
Shares issued Ending Balance	`CommonStockSharesIssued`	98.79M	shares	Point-in-time
Shares issued Ending Balance	`CommonStockSharesIssued`	98.84M	shares	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$3.78B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$3.96B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$3.73B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.14B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-18.89M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$41.75M	USD	1 Quarter
Foreign currency translation and other	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-102.15M	USD	1 Quarter
Foreign currency translation and other	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$90.37M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-3.81M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-9.62M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-56.58M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$81.11M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.