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TableofContents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
AsofJuly2,2016,andJune27,2015,theCompanyhasaggregateestimatedliabilitiesof$20.2millionand$17.2million,
respectively,classifiedwithinaccruedexpensesandotherforsuchcompliance-relatedmattersthatwerereasonablyestimableas
ofsuchdates.Oftheseamounts,$8.5millionrelatestotheCompany’sestimatedliabilitytosettleacomplianceinvestigationby
CustomsandBorderProtection(“CBP”)forpotentialunpaidimportdutiesassociatedwiththeacquisitionofBellMicroproducts
Inc.Duringthefourthquarteroffiscal2016,theCompanyheldsettlementdiscussionswithCBPandsubmittedan$8.5million
offer-in-compromise(“OIC”)toCBPinordertoresolvethislong-standingcomplianceinvestigation.
During fiscal 2014, the Company received award payments of $22.1 million related to the settlement of a class action
proceedingagainstcertainmanufacturersofLCDflatpaneldisplays,whichisclassifiedwithin“gainonlegalsettlement”inthe
consolidatedstatementsofoperations.
14. Earnings per share
Years Ended
July 2, June 27, June 28,
2016 2015 2014
(Thousands, except per share data)
Numerator:
Netincome $ 506,531 $ 571,913 $ 545,604
Denominator:
Weightedaveragecommonsharesforbasicearningspershare 130,858 136,688 137,991
Neteffectofdilutivestockoptions,restrictedstockunitsandperformanceshareunits 2,315 2,103 2,128
Weightedaveragecommonsharesfordilutedearningspershare 133,173 138,791 140,119
Basicearningspershare $ 3.87 $ 4.18 $ 3.95
Dilutedearningspershare $ 3.80 $ 4.12 $ 3.89
Stockoptionsexcludedfromearningspersharecalculationduetoanti-dilutiveeffect 378 — —
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