10-Q Filing

AVNET INC CIK: 8858 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000008858-22-000039`
Period End Date	20220930
Filing Date	20221028
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	avt-20221001x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 31 Cash Flow Statement 56 Stockholders Equity 24 Comprehensive Income 8

Balance Sheet 60 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`	$80.88M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$153.69M	USD	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$4.59B	USD	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$4.30B	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	95.70M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	92.33M	shares	Point-in-time
Inventories	`InventoryNet`	$4.65B	USD	Point-in-time
Inventories	`InventoryNet`	$4.24B	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$183.02M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$177.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.51B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.88B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$300.07M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$315.20M	USD	Point-in-time
Goodwill	`Goodwill`	$703.83M	USD	Point-in-time
Goodwill	`Goodwill`	$758.83M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$226.96M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$227.14M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$227.65M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$210.73M	USD	Point-in-time
Total assets	`Assets`	$10.39B	USD	Point-in-time
Total assets	`Assets`	$10.97B	USD	Point-in-time
Short-term debt	`DebtCurrent`	$174.42M	USD	Point-in-time
Short-term debt	`DebtCurrent`	$513.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.43B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.47B	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$591.02M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$624.96M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$54.61M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$54.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.25B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.66B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.44B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.83B	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$196.91M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$199.42M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$307.30M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$267.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.20B	USD	Point-in-time
Total liabilities	`Liabilities`	$6.95B	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 92,328,956 shares and 95,701,630 shares, respectively	`CommonStockValue`	$92.33M	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 92,328,956 shares and 95,701,630 shares, respectively	`CommonStockValue`	$95.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.66B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.67B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.93B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.92B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-673.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-481.25M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.02B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.19B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.15B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.08B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$10.39B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$10.97B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.58B	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.75B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$5.98B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$4.93B	USD	1 Quarter
Gross profit	`GrossProfit`	$768.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$659.69M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$477.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$486.18M	USD	1 Quarter
Restructuring, integration and other expenses	`RestructuringIntegrationAndOtherCharges`	$5.27M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$168.24M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$290.54M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$323.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-409.00K	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$45.10M	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$22.84M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$144.99M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$245.76M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$61.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$33.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$111.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.96	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.93	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	99.65M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	94.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	101.12M	shares	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.24	USD	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.29	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$111.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$21.83M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$19.64M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$5.21M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$2.75M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$13.14M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$13.75M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.30M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$3.26M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.18M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.92M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-2.60M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-8.22M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$169.99M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$419.85M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$73.97M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$559.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$120.94M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$85.22M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-16.84M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-32.86M	USD	1 Quarter
Net cash flows used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-645.15M	USD	1 Quarter
Net cash flows used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-30.97M	USD	1 Quarter
Borrowings under accounts receivable securitization, net	`ProceedsFromAccountsReceivableSecuritization`	$152.20M	USD	1 Quarter
Borrowings under accounts receivable securitization, net	`ProceedsFromAccountsReceivableSecuritization`	$59.30M	USD	1 Quarter
Borrowings under senior unsecured credit facility, net	`ProceedsFromNotesPayable`	$118.72M	USD	1 Quarter
Borrowings under senior unsecured credit facility, net	`ProceedsFromNotesPayable`	$701.99M	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$85.43M	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$734.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$152.41M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$9.57M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$23.89M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$27.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.34M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-964.00K	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$588.38M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$142.49M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.03M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.21M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-318.00K	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.30M	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.71M	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.91M	USD	1 Quarter
Effect on currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.86M	USD	1 Quarter
Effect on currency exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-401.00K	USD	1 Quarter
(decrease) increase	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-72.81M	USD	1 Quarter
(decrease) increase	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$99.41M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$153.69M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$199.69M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$299.10M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$153.69M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$199.69M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$299.10M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.02B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.19B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.15B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.08B	USD	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	95.70M	shares	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	92.33M	shares	Point-in-time
Net income	`NetIncomeLoss`	$111.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Translation adjustments and other	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-201.66M	USD	1 Quarter
Translation adjustments and other	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-29.04M	USD	1 Quarter
Pension liability adjustment, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.01M	USD	1 Quarter
Pension liability adjustment, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-9.87M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$23.89M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$27.00M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$10.50M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$147.90M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$9.52M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$9.01M	USD	1 Quarter
Shares issued Ending Balance	`CommonStockSharesIssued`	95.70M	shares	Point-in-time
Shares issued Ending Balance	`CommonStockSharesIssued`	92.33M	shares	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.02B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.19B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.15B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.08B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$111.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Foreign currency translation and other	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-29.04M	USD	1 Quarter
Foreign currency translation and other	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-201.66M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.01M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-9.87M	USD	1 Quarter
Total comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$86.29M	USD	1 Quarter
Total comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-7.54M	USD	1 Quarter

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