- restructuring, integration and other charges of $20.5 million pre-tax, which included $6.7 million of other charges related to legal claims;
- a small adjustment to the gain on bargain purchase related to the business in Japan acquired in the third quarter; and
- a net tax benefit of $4.0 million, which is comprised of (i) a tax benefit of $26.3 million for the release of tax reserves against deferred tax assets that were determined to be realizable during the fourth quarter of fiscal 2012, partially offset by (ii) a tax provision of $22.3 million primarily related to the impact of withholding tax related to legal entity reorganizations and the establishment of tax reserves against deferred tax assets that were determined to be unrealizable during the fourth quarter of fiscal 2012.
Items impacting the full fiscal year 2012 consisted of the following (see the Notes to Consolidated Statements of Operations later in this release for further discussion):
- restructuring, integration and other charges of $73.6 million pre-tax, which included $6.7 million of other charges related to legal claims;
- a gain on bargain purchase and other of $2.9 million pre-tax related to the business in Japan acquired in the third quarter; and
- a net tax benefit of $8.6 million, which is comprised of (i) a tax benefit of $30.8 million for the release of tax reserves against deferred tax assets that were determined to be realizable, partially offset by (ii) a tax provision of $22.2 million related to changes to existing tax positions, withholding tax related to legal entity reorganizations and the establishment of tax reserves against certain deferred tax assets partially offset by net favorable audit settlements.
Organic Revenue
Organic revenue is defined as reported revenue adjusted for: (i) the impact of acquisitions by adjusting Avnet’s prior periods to include the sales of businesses acquired as if the acquisitions had occurred at the beginning of fiscal 2012; (ii) the impact of two small divestitures by adjusting Avnet’s prior periods to exclude the sales of the business divested as if the divestiture had occurred at the beginning of fiscal 2012; and (iii) the impact of the transfer of a business unit from TS Americas to EM Americas that was completed at the beginning of fiscal 2013. Sales, taking into account the combination of these adjustments, are referred to as “organic sales.”
| Revenue |
Acquisition /
|
Pro forma | |||||||||||
| as Reported | Revenue | Revenue | |||||||||||
| (in thousands) | |||||||||||||
| Q1 Fiscal 2013 |
|
$ | 5,870,057 | $ | 242,534 | $ | 6,112,591 | ||||||
| Q2 Fiscal 2013 |
|
6,699,465 | 42,529 | 6,741,994 | |||||||||
| Q3 Fiscal 2013 |
|
6,298,699 | 17,749 | 6,316,448 | |||||||||
| Q4 Fiscal 2013 |
|
6,590,703 | (634 | ) | 6,590,069 | ||||||||
| Fiscal year 2013 |
|
$ | 25,458,924 | $ | 302,178 | $ | 25,761,102 | ||||||
| Q1 Fiscal 2012 |
|
$ | 6,426,006 | $ | 438,155 | $ | 6,864,161 | ||||||
| Q2 Fiscal 2012 |
|
6,693,572 | 442,505 | 7,136,077 | |||||||||
| Q3 Fiscal 2012 |
|
6,280,557 | 347,236 | 6,627,793 | |||||||||
| Q4 Fiscal 2012 |
|
6,307,386 | 268,989 | 6,576,375 | |||||||||
| Fiscal year 2012 |
|
$ | 25,707,521 | $ | 1,496,885 | $ | 27,204,406 | ||||||
