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<SEC-DOCUMENT>0000950123-10-100777.txt : 20110120
<SEC-HEADER>0000950123-10-100777.hdr.sgml : 20110120
<ACCEPTANCE-DATETIME>20101104141423
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-100777
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVNET INC
		CENTRAL INDEX KEY:			0000008858
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				111890605
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2211 SOUTH 47TH STREET
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85034
		BUSINESS PHONE:		4806432000

	MAIL ADDRESS:	
		STREET 1:		2211 SOUTH 47TH STREET
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85034
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HEAD>
<TITLE>Correspondence</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">November&nbsp;4, 2010
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>BY FACSIMILE AND EDGAR</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;Brian Cascio<BR>
Accounting Branch Chief<BR>
United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, NE<BR>
Washington, DC 20549

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Avnet, Inc.<br>
Form&nbsp;10-K for the fiscal year ended July&nbsp;3, 2010<br>
Filed August&nbsp;13, 2010<br>
File No.&nbsp;001-04224</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Mr.&nbsp;Cascio:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Attached please find our responses to the comments, dated October&nbsp;21, 2010, of the staff of the
Securities and Exchange Commission on the above referenced filing for Avnet, Inc. As requested, we
have tried to be as detailed as necessary in each of our responses with supplemental information
provided as requested and as necessary to help explain the nature of our disclosures. For the
staff&#146;s convenience, we have included the staff&#146;s original comment with each of our responses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We acknowledge that Avnet, Inc. is responsible for the adequacy and accuracy of the disclosure in
our filings and that the staff&#146;s comments, or changes to disclosure in response to the staff&#146;s
comments, do not foreclose the Commission from taking any action with respect to the filings
reviewed by the staff. Furthermore, we acknowledge that Avnet, Inc. may not assert the staff&#146;s
comments as a defense in any proceeding initiated by the Commission or any person under the federal
securities laws of the United States.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If any of our responses require further explanation, please do not hesitate to contact me at (480)
643-7764. You may alternatively contact Heather Piraino, Director of External Reporting and
Corporate Accounting, at (480)&nbsp;643-7510, or Jun Li, Assistant General Counsel, at (480)&nbsp;643-7198.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We look forward to working with you in completion of your review of the above referenced filing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Very truly yours,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">/s/ RAYMOND SADOWSKI
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Raymond Sadowski<BR>
Senior Vice President,<BR>
Chief Financial Officer and<BR>
Principal Accounting Officer

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for the fiscal year ended July&nbsp;3, 2010</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Results of Operations &#151; Sales, page 19</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We see that you include an analysis of changes in sales by operating group and by
geographic area. However, we do not see a substantive discussion of why fluctuations in
sales occurred. Please revise future filings to include a discussion of the reasons for
increases in sales in each region or in a particular division.</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We will revise future filings to include a discussion of why fluctuations in sales
occurred. To provide some understanding of how management analyzes the business, it is
important to note that management focuses on regional performance by operating segment
rather than product sales due to the structure of the business model. In our
Electronics Marketing (&#147;EM&#148;) operating segment, the vast majority (84%) of the products
sold are semiconductor and semiconductor-related and consist of over 100,000 SKUs (part
numbers). Therefore, focusing on sales fluctuations by product is not meaningful.
Instead, the reasons for sales fluctuations are more a factor of the economic
environment and end demand trends occurring in the technology industry. In our
Technology Solutions (&#147;TS&#148;) operating segment, the number of products or groups of
products offered is much more limited than at EM, therefore, a discussion of products by
region is appropriate. As a result, in our first quarter of fiscal 2011 Form 10-Q filed
October&nbsp;29, 2010, we have included additional discussion on reasons for sales increases
by region as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>2011 </I><I>Form 10-Q</I><I> Results of Operations &#151; Sales, page 18</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">EM sales of $3.62&nbsp;billion in the first quarter of fiscal 2011 increased 48.5% over
the prior year first quarter sales of $2.44&nbsp;billion. Organic sales increased 39.8%
and increased 43.1% excluding the translation impact of foreign currency exchange
rates. All three regions contributed to the year-over-year organic sales growth with
32.9%, 49.5% and 39.4% in the Americas, EMEA and Asia, respectively, due to stronger
end demand and inventory replenishment experienced across the technology industry in
all three regions. The EMEA results were negatively impacted by the strengthening
of the US dollar against the Euro during the first quarter of fiscal 2011 as
compared with the prior year first quarter as the EMEA region sales increased 63.4%
excluding the translation impact of changes in foreign currency exchange rates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">TS sales of $2.56&nbsp;billion in the first quarter of fiscal 2011 increased 33.6% over
the prior year first quarter sales of $1.92&nbsp;billion. Organic sales increased 11.3%
and increased 13.6% excluding the translation impact of foreign currency exchange
rates. Organic sales increased 13.8% and 31.6% in the Americas and Asia regions,
respectively. The EMEA results were negatively impacted by the strengthening of the
US dollar against the Euro as organic sales increased 1.7% and increased 9.7% year
over year excluding the impact of changes in foreign currency exchange rates. All
three regions experienced stronger sales of networking, storage and microprocessors
partially offset by a decline in sales of proprietary servers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Selling, General and Administrative Expenses, page 22</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We see that you attribute the increase in SG&#038;A expense during fiscal year 2010 to
multiple items. In future filings, please quantify the impact of each item, including the
impact of cost reduction actions which offset the increases in expense.</I></DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We have addressed the staff&#146;s comments in the preparation of our first quarter of fiscal
2011 Form 10-Q filed October&nbsp;29, 2010 and quantified the impact of each item that
contributed to the increase in SG&#038;A expenses as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>2011 </I><I>Form 10-Q</I><I>, Results of Operations, Selling, General and Administrative Expenses,
Page 19</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Selling, general and administrative expenses (&#147;SG&#038;A expenses&#148;) were $500.6&nbsp;million
in the first quarter of fiscal 2011, which was an increase of $108.0&nbsp;million, or
27.5%, from the prior year first quarter. The increase in SG&#038;A expenses was
primarily a result of the additional SG&#038;A expenses of approximately $80&nbsp;million
associated with acquisitions partially offset by the translation impact of changes
in foreign currency exchange rates of approximately $15&nbsp;million and the extra week
of expenses of approximately $15&nbsp;million due to the Company&#146;s fiscal calendar as
noted above. The remaining increase in SG&#038;A expenses was primarily a result of the
incremental costs necessary to support the year-over-year double digit organic sales
growth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Liquidity and Capital Resources &#151; Cash Flows, page 29</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We see that accounts receivable increased $956&nbsp;million from June&nbsp;29, 2009 to July&nbsp;3,
2010. In future filings, please disclose the reasons for the significant increase in
accounts receivable, including any changes in credit terms offered to customers.</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In addition to the discussion on page 29 of our 2010 Form 10-K, we included the
following statement in the &#147;Liquidity and Capital Resources &#151; Liquidity&#148; section on
page 32, &#147;The Company&#146;s quick assets (consisting of cash and cash equivalents and
receivables) increased 31.0% from June&nbsp;27, 2009 to July&nbsp;3, 2010 primarily due to the
accelerated revenue growth experienced since prior fiscal year end.&#148; Although not
stated in the 2010 Form 10-K, the Company did not have any significant change in credit
terms offered to customers. As of the end of fiscal 2010, our receivable days
outstanding were over 6&nbsp;days less compared with receivable days outstanding as of the
end of fiscal 2009 and over 3&nbsp;days less compared with the end of fiscal 2008, which was
prior to the recessionary period experienced during 2009 and into 2010. We have
addressed the staff&#146;s comments in the preparation of our first quarter of fiscal 2011
Form 10-Q filed October&nbsp;29, 2010 and included the following statements:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>2011 </I><I>Form 10-Q</I><I>, Liquidity and Capital Resources, Cash Flow, Page 20</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Cash used for working capital during the first quarter of fiscal 2011 consisted of
accounts receivable growth of $110.9&nbsp;million and inventory growth of $269.8&nbsp;million,
partially offset by growth in payables of $130.7&nbsp;million. During growth periods, the
Company has been more likely to utilize operating cash flows for working capital to
support business growth. Net days outstanding, in particular, receivable days,
continue to be at or near pre-recession levels as there have not been any
significant change in terms provided to customers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>2011 </I><I>Form 10-Q</I><I>, Liquidity and Capital Resources, Liquidity, Page 23</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">The Company&#146;s quick assets (consisting of cash and cash equivalents and receivables)
increased 8.8% from July&nbsp;3, 2010 to October&nbsp;2, 2010 due primarily to the increase in
receivables resulting primarily from the receivables assumed with the acquisitions
of Bell, Tallard and Unidux, the impact of the change in foreign currency exchange
spot rates at October&nbsp;2, 2010 as compared with July&nbsp;3, 2010 (for example, the US
Dollar to Euro spot rate increased approximately 9% during that period) and the
significant increase in sequential sales. Current assets increased 18.3% due to the
increase in receivables and inventory, also a result of the recent acquisitions, the
impact of the change in foreign currency exchange spot rates and the growth in
sales.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;11. Executive Compensation, page 35</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The disclosure regarding &#147;expense recorded by Avnet for financial statement reporting
purposes&#148; on page 44 of your definitive proxy statement does not appear to comply with
Regulation&nbsp;S-K, Item&nbsp;</I><I>402(k)(2)(iii)</I><I>, as revised by Release No.&nbsp;33-9089 (Dec. 16, 2009).
Please amend your filing accordingly. Ensure that your amended disclosure includes the
information required by Instruction to Item&nbsp;</I><I>402(k)(2)(iii)</I><I> and (iv).</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">On October&nbsp;25, 2010, we had a conference call that included Kristin Lochhead and Celia
Soehner of the SEC staff. We appreciate the opportunity to discuss the above comment
whereby we explained that the disclosures were correct but that the narrative language
had an inadvertent clerical error. Based on the discussion with the SEC staff, we have
since filed a supplemental disclosure statement clarifying that the dollar amount
reflected in the disclosure table was the grant-date fair market value as opposed to the
expense recorded for financial statement purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Consolidated Financial Statements</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>We see that you acquired Bell Microproducts and Tallard subsequent to fiscal year 2010.
Please tell us how you considered the disclosure requirements of FASB ASC 805-10-50-4.</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We considered the disclosure requirements as it related to acquisitions completed after
our fiscal year end reporting date but before the financial statements were issued and
based upon revenue, the Tallard acquisition was less than 2% of Avnet&#146;s fiscal 2010
revenues whereas Bell was about 15% of Avnet&#146;s fiscal 2010 revenues. As a result, we
determined that only the Bell acquisition was material for disclosure purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Note 6. Goodwill and Intangible Assets, page 50</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>6.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>In future filings please revise to present gross goodwill and accumulated impairment
losses at the beginning and end of the period presented. Refer to FASB ASC 350-20-50-1 (a)
and (h).</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">We have addressed the staff&#146;s comments in the preparation of our first quarter of fiscal
2011 Form 10-Q and included the required disclosure.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Note 16. Segment Information, page 63</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>7.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please tell us where you have provided the disclosures about products and services as
required by FASB ASC 280-10-50-40.</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The required disclosures about products are located on page 6 of our 2010 Form 10-K. We
will revise future filings to include in our annual financial statement Segment footnote
a cross reference to the product disclosures as per Regulation&nbsp;S-K, Item 101(b) or will
include the annual disclosure in the Segment financial statement footnote.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Definitive Proxy Statement on Schedule&nbsp;14A</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>8.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Please revise future filings to include a brief description of the leadership structure
of your board, including whether the same person serves as both principal executive officer
and chairman of the board. Also tell us and revise future filings to disclose why you have
determined that your leadership structure is appropriate given your specific
characteristics or circumstances. See Regulation&nbsp;S-K, Item&nbsp;</I><I>407(h)</I><I>.</I></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The following, which is principally excerpted from our 2006 Proxy Statement, explains
the Board&#146;s view on the leadership structure with respect to the separate roles of CEO
and Chairman:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">The Board believes that it is in the best interests of the Company and its
shareholders for the Board to have the flexibility to determine the best
Director to serve as the Chairman of the Board. All of the Directors of our
Board, with one exception, are independent under the Company&#146;s Director
Independence Standards. Moreover, our Corporate Governance Guidelines,
available at <U>www.avnet.com/investors/governance</U>, also provide for
solid independent oversight of management and independent Board leadership
through a Lead Director.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">The Lead Director, who serves a one-year term, presides at all meetings of
the Board at which the Chairman is not present, including executive
sessions of the Independent Directors; sets meeting agendas for the
executive sessions of the Independent Directors; reviews the agenda,
schedule and information for Board meetings; has the authority to call
meetings of the Independent Directors; serves as the liaison between the
Board and the Chairman whenever so desired by the other independent Board
members; and performs such other duties as the Board may from time to time
delegate to assist the Board in the performance of its responsibilities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Accordingly, after careful consideration, the Board has concluded that
at the present time combining the roles of chief executive officer and
chairman in a single individual constitutes an efficient and effective
leadership model for the Company. Our Corporate Governance Guidelines
already give the Board the flexibility to decide whether it is best for the
Company at any given point in time for the roles of the chief executive
officer and chairman of the Board to be separate or combined and, if
separate, whether or not the chairman should be selected from the
Independent Directors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">In summary, the Board believes its current governance model is not only
efficient and effective but also embodies robust independent oversight
elements. The Board&#146;s governance practices have earned consistently high
marks from third-party rating organizations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 2%">In future filings, we will include a more fulsome disclosure on the Board
leadership structure.
</DIV>


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