Table of Contents AVNET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS  $_{ }$ Additional cash flow information (Note 16) See notes to consolidated financial statements. 46 Years Ended June 29, June 30, July 1, 2019 2018 2017 (Thousands) Cash flows from operating activities: Net income (loss) $ 176,337 $ (156,424)  $ 525,278 Less: Income (loss) from discontinued operations, net of tax (3,774) (13,535) 261,927 Income (loss) from continuing operations, net of tax 180,111 (142,889)  263,351 Non-cash and other reconciling items: Depreciation 97,160 143,397 101,407 Amortization 83,682 91,475 53,953 Deferred income taxes 33,801 (87,141) (17,705) Stock-based compensation 30,098 23,990 47,686 Goodwill impairment expense 137,396 181,440  — Asset impairment expense 54,687 5,538 3,824 Other, net (21,265) 43,845 25,280 Changes in (net of effects from businesses acquired and divested): Receivables 464,981 (296,175) (371,820) Inventories 81,929 (308,663)  84,408 Accounts payable (377,855) 409,608 163,604 Accrued expenses and other, net (173,671)  189,060 (132,941) Net cash flows provided by operating activities - continuing operations 591,054 253,485 221,047 Net cash flows used for operating activities - discontinued operations (56,284)   — (589,738) Net cash flows provided (used) by operating activities 534,770 253,485 (368,691) Cash flows from financing activities: Issuance of notes, net of issuance costs  —  — 296,374 Repayment of notes (530,800) Borrowings (repayments) under accounts receivable securitization, net 122,300 (37,000)  (588,000) Borrowings (repayments) under senior unsecured credit facility, net (61,738) 8,850 (50,029) Borrowings (repayments) under bank credit facilities and other debt, net 505 (97,954)  27,877 Borrowings of term loans  —  — 530,756 Repayments of term loans (511,358) Repurchases of common stock (568,712) (323,516) (275,884) Dividends paid on common stock (87,158)  (88,255)  (88,657) Other, net 12,127 (4,018) (1,870) Net cash flows used for financing activities - continuing operations (582,676)   (541,893)   (1,191,591) Net cash flows provided by financing activities - discontinued operations  —  — 3,447 Net cash flows used for financing activities (582,676)  (541,893)  (1,188,144) Cash flows from investing activities: Purchases of property, plant and equipment (122,690) (155,873) (120,397) Acquisitions of businesses, net of cash acquired (56,417)  (15,254)  (802,744) Other, net 30,422 6,653 18,656 Net cash flows used for investing activities - continuing operations (148,685)   (164,474)  (904,485) Net cash flows provided by investing activities - discontinued operations 123,473 236,205 2,242,959 Net cash flows (used) provided by investing activities (25,212)  71,731 1,338,474 Effect of currency exchange rate changes on cash and cash equivalents (1,902)  1,418 23,267 Cash and cash equivalents: — decrease (75,020) (215,259) (195,094) — at beginning of period 621,125 836,384 1,031,478 — at end of period $ 546,105 $ 621,125 $ 836,384