- restructuring, integration and other expenses of $24.9 million pre-tax consisted of $8.5 million for facility exit-related costs, $7.6 million for integration-related costs, $7.3 million for severance, $3.0 million for transaction costs associated with recent acquisitions, $0.3 million for other charges, and a benefit of $1.8 million to adjust prior year restructuring reserves no longer required;
- a net gain consisting of an adjustment of $1.7 million pre-tax to increase the gain on bargain purchase recorded in the first quarter of fiscal 2013, partially offset by a loss on divestiture of $1.7 million pre-tax related to a small business in TS Asia;
- amortization expense related to acquired intangible assets of $8.0 million pre-tax and $5.6 million after tax; and
- an income tax adjustment of $17.4 million primarily related to a favorable settlement of a U.S. income tax audit for an acquired company.
Organic Sales
Organic sales is defined as reported sales adjusted for (i) the impact of acquisitions and divestitures by adjusting Avnet’s prior periods to include the sales of acquired businesses and exclude the sales of divested businesses as if the acquisitions and divestitures had occurred at the beginning of the earliest period presented and (ii) the impact of the transfer of a portion of certain operations between the EM and TS operating groups, which did not have an impact to Avnet on a consolidated basis but did impact the organic sales for the TS and EM operating groups. Sales taking into account the combination of these adjustments are referred to as “organic sales.”
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Sales
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Acquisition /
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Organic
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| (in thousands) | ||||||||||||||
| Q1 Fiscal 2014 | $ | 6,345,475 | $ | 119,950 | $ | 6,465,425 | ||||||||
| Q2 Fiscal 2014 | 7,421,854 | — | 7,421,854 | |||||||||||
| Fiscal year 2014 | $ | 13,767,329 | $ | 119,950 | $ | 13,887,279 | ||||||||
| Q1 Fiscal 2013 | $ | 5,870,057 | $ | 362,053 | $ | 6,232,110 | ||||||||
| Q2 Fiscal 2013 | 6,699,465 | 162,481 | 6,861,946 | |||||||||||
| Q3 Fiscal 2013 | 6,298,699 | 143,992 | 6,442,691 | |||||||||||
| Q4 Fiscal 2013 | 6,590,703 | 124,741 | 6,715,444 | |||||||||||
| Fiscal year 2013 | $ | 25,458,924 | $ | 793,267 | $ | 26,252,191 | ||||||||
