Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 28, 2014 | |
Document Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 28-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'IM |
Entity Registrant Name | 'INGRAM MICRO INC |
Entity Central Index Key | '0001018003 |
Current Fiscal Year End Date | '--01-03 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 155,603,720 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $470,691 | $674,390 |
Trade accounts receivable (less allowances of $70,973 and $69,533) | 4,881,336 | 5,454,832 |
Inventory | 4,205,002 | 3,724,447 |
Other current assets | 572,905 | 521,902 |
Total current assets | 10,129,934 | 10,375,571 |
Property and equipment, net | 488,012 | 488,699 |
Goodwill | 532,037 | 527,526 |
Intangible assets, net | 354,567 | 375,423 |
Other assets | 46,157 | 23,976 |
Total assets | 11,550,707 | 11,791,195 |
Current liabilities: | ' | ' |
Accounts payable | 5,704,082 | 6,175,604 |
Accrued expenses | 530,818 | 710,040 |
Short-term debt and current maturities of long-term debt | 106,622 | 48,772 |
Total current liabilities | 6,341,522 | 6,934,416 |
Long-term debt, less current maturities | 1,053,602 | 797,454 |
Other liabilities | 106,153 | 109,700 |
Total liabilities | 7,501,277 | 7,841,570 |
Commitments and contingencies (Note 12) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred Stock, $0.01 par value, 25,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,435,919 | 1,413,949 |
Treasury stock, 37,358 and 37,521 shares in 2014 and 2013, respectively | -636,493 | -639,300 |
Retained earnings | 3,136,933 | 3,061,487 |
Accumulated other comprehensive income | 111,141 | 111,570 |
Total stockholders’ equity | 4,049,430 | 3,949,625 |
Total liabilities and stockholders’ equity | 11,550,707 | 11,791,195 |
Class A Common Stock | ' | ' |
Stockholders’ equity: | ' | ' |
Common Stock | 1,930 | 1,919 |
Class B Common Stock | ' | ' |
Stockholders’ equity: | ' | ' |
Common Stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances for trade accounts receivable | $70,973 | $69,533 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 37,358,000 | 37,521,000 |
Class A Common Stock | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, shares issued (in shares) | 192,962,000 | 191,877,000 |
Common Stock, shares outstanding (in shares) | 155,604,000 | 154,356,000 |
Class B Common Stock | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized (in shares) | 135,000,000 | 135,000,000 |
Common Stock, shares issued (in shares) | 0 | 0 |
Common Stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $10,909,379 | $10,308,015 | $21,293,368 | $20,570,459 |
Cost of sales | 10,275,634 | 9,712,261 | 20,049,043 | 19,389,400 |
Gross profit | 633,745 | 595,754 | 1,244,325 | 1,181,059 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 497,592 | 465,325 | 987,236 | 939,403 |
Amortization of intangible assets | 14,421 | 11,997 | 28,573 | 23,762 |
Reorganization costs | 23,513 | 4,636 | 61,937 | 13,302 |
Total operating expenses | 535,526 | 481,958 | 1,077,746 | 976,467 |
Income from operations | 98,219 | 113,796 | 166,579 | 204,592 |
Other expense (income): | ' | ' | ' | ' |
Interest income | -1,312 | -2,026 | -2,737 | -3,855 |
Interest expense | 18,425 | 14,303 | 37,747 | 29,941 |
Net foreign exchange loss | 582 | 3,682 | 2,170 | 1,748 |
Other | 3,561 | 4,211 | 8,544 | 7,080 |
Total other expense (income) | 21,256 | 20,170 | 45,724 | 34,914 |
Income before income taxes | 76,963 | 93,626 | 120,855 | 169,678 |
Provision for income taxes | 26,350 | 23,940 | 45,409 | 50,233 |
Net income | $50,613 | $69,686 | $75,446 | $119,445 |
Basic earnings per share (in dollars per share) | $0.33 | $0.46 | $0.49 | $0.79 |
Diluted earnings per share (in dollars per share) | $0.32 | $0.45 | $0.47 | $0.77 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $50,613 | $69,686 | $75,446 | $119,445 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 4,545 | -46,897 | -429 | -65,980 |
Net unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges | 0 | -118 | 0 | 304 |
Other comprehensive income (loss), net of tax | 4,545 | -47,015 | -429 | -65,676 |
Comprehensive income | $55,158 | $22,671 | $75,017 | $53,769 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $75,446 | $119,445 |
Adjustments to reconcile net income to cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 71,089 | 62,558 |
Stock-based compensation | 16,460 | 13,957 |
Excess tax benefit from stock-based compensation | -3,703 | -1,135 |
Write-off of assets | 8,302 | 2,277 |
Gain on sale of land and building | 0 | -1,045 |
Noncash charges for interest and bond discount amortization | 1,181 | 1,131 |
Deferred income taxes | -5,767 | 2,429 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Trade accounts receivable | 593,179 | 980,723 |
Inventory | -466,876 | -161,272 |
Other current assets | -49,659 | -20,321 |
Accounts payable | -568,496 | -650,770 |
Change in book overdrafts | 78,263 | -15,552 |
Accrued expenses | -201,703 | -4,410 |
Cash provided (used) by operating activities | -452,284 | 328,015 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -40,897 | -39,457 |
Sale of marketable securities, net | 1,100 | 1,042 |
Proceeds from sale of land and building | 0 | 1,169 |
Cost-based investment | -10,000 | 0 |
Acquisitions and earn-out payment, net of cash acquired | -17,367 | -325 |
Cash used by investing activities | -67,164 | -37,571 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 11,511 | 15,693 |
Excess tax benefit from stock-based compensation | 3,703 | 1,135 |
Net proceeds from (repayments of) revolving credit facilities | 311,187 | -165,263 |
Cash provided (used) by financing activities | 326,401 | -148,435 |
Effect of exchange rate changes on cash and cash equivalents | -10,652 | -10,264 |
Increase (decrease) in cash and cash equivalents | -203,699 | 131,745 |
Cash and cash equivalents, beginning of period | 674,390 | 595,147 |
Cash and cash equivalents, end of period | $470,691 | $726,892 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
Ingram Micro Inc. and its subsidiaries are primarily engaged in the distribution of information technology (“IT”) products, supply chain services and mobile device lifecycle services worldwide. Ingram Micro Inc. and its subsidiaries operate in North America; Europe; Asia-Pacific, Middle East and Africa; and Latin America. | |
The consolidated financial statements include the accounts of Ingram Micro Inc. and its subsidiaries. Unless the context otherwise requires, the use of the terms “Ingram Micro,” “we,” “us” and “our” in these notes to the consolidated financial statements refers to Ingram Micro Inc. and its subsidiaries. These consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all material adjustments (consisting of only normal, recurring adjustments) necessary to fairly state our consolidated financial position as of June 28, 2014, our consolidated results of operations and comprehensive income for the thirteen and twenty-six weeks ended June 28, 2014 and June 29, 2013 and our consolidated cash flows for the twenty-six weeks ended June 28, 2014 and June 29, 2013. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under the applicable rules and regulations of the SEC, these consolidated financial statements do not include all disclosures and footnotes normally included with annual consolidated financial statements and, accordingly, should be read in conjunction with the consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC for the year ended December 28, 2013. The consolidated results of operations for the thirteen and twenty-six weeks ended June 28, 2014 may not be indicative of the consolidated results of operations that can be expected for the full year. | |
Historically, our reporting units coincided with the geographic operating segments of our IT product distribution business, including North America, Europe, Asia-Pacific and Latin America. In the fourth quarter of 2012, we acquired BrightPoint Inc., or BrightPoint, a global leader in providing devices lifecycle services to the wireless industry, and added this as a reporting segment. Since the acquisition of BrightPoint, we have continued to integrate the BrightPoint operations into our existing infrastructure, including distribution centers, offices, ERP systems and shared service centers. As we approach completion of this integration, the legacy BrightPoint results of operations are included in our geographic segments, North America, Europe, Asia-Pacific and Latin America, commencing in the second quarter of 2014. As a result, we have retrospectively presented the segment information included in Note 11 to conform to the new presentation. The measure of segment profit is income from operations. | |
Book Overdrafts | |
Book overdrafts of $426,100 and $347,837 as of June 28, 2014 and December 28, 2013, respectively, represent checks issued on disbursement bank accounts but not yet paid by such banks. These amounts are classified as accounts payable in our consolidated balance sheet. We typically fund these overdrafts through normal collections of funds or transfers from other bank balances at other financial institutions. Under the terms of our facilities with the banks, the respective financial institutions are not legally obligated to honor the book overdraft balances as of June 28, 2014 and December 28, 2013, or any balance on any given date. | |
Trade Accounts Receivable Factoring Programs | |
We have several uncommitted factoring programs under which trade accounts receivable of several large customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the amount of trade accounts receivable already sold into these programs and the financial institutions’ willingness to purchase such receivables. At June 28, 2014 and December 28, 2013, we had a total of $289,263, and $381,451, respectively, of trade accounts receivable sold to and held by financial institutions under these programs. Factoring fees of $942 and $630 incurred for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and $2,098 and $1,162 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, related to the sale of trade accounts receivable under these facilities are included in “other” in the other expense (income) section of our consolidated statement of income. |
Share_Repurchase_Program
Share Repurchase Program | 6 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Share Repurchase Program | ' | ||||||||||
Share Repurchase Program | |||||||||||
Our Board of Directors has authorized a $400,000 share repurchase program that expires on October 27, 2015, of which $124,095 was remaining for repurchase at June 28, 2014. Under this program, we may repurchase shares in the open market and through privately negotiated transactions. Our repurchases are funded with available borrowing capacity and cash. The timing and amount of specific repurchase transactions will depend upon market conditions, corporate considerations and applicable legal and regulatory requirements. We account for repurchased shares of common stock as treasury stock. Treasury shares are recorded at cost and are included as a component of stockholders’ equity in our consolidated balance sheet. We have issued shares of common stock out of our cumulative balance of treasury shares. Such shares are issued to certain of our associates upon the exercise of their options or vesting of their equity awards under the Ingram Micro Inc. 2011 Incentive Plan, as amended (the "2011 Incentive Plan") (see Note 4). We did not repurchase shares during the twenty-six weeks ended June 28, 2014. Our treasury stock issuance activity for the twenty-six weeks ended June 28, 2014 is summarized in the table below: | |||||||||||
Shares | Weighted | Amount | |||||||||
Average Price | |||||||||||
Per Share | |||||||||||
Cumulative balance of treasury stock at December 28, 2013 | 37,521 | $ | 17.04 | $ | 639,300 | ||||||
Issuance of Class A Common Stock | 163 | 17.22 | 2,807 | ||||||||
Cumulative balance of treasury stock at June 28, 2014 | 37,358 | $ | 17.04 | $ | 636,493 | ||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
We report a dual presentation of Basic Earnings per Share (“Basic EPS”) and Diluted Earnings per Share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the reported period. Diluted EPS uses the treasury stock method to compute the potential dilution that could occur if stock-based awards and other commitments to issue common stock were exercised. | ||||||||||||||||
The computation of Basic EPS and Diluted EPS is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Net income | $ | 50,613 | $ | 69,686 | $ | 75,446 | $ | 119,445 | ||||||||
Weighted average shares | 155,365 | 152,511 | 155,069 | 151,799 | ||||||||||||
Basic EPS | $ | 0.33 | $ | 0.46 | $ | 0.49 | $ | 0.79 | ||||||||
Weighted average shares, including the dilutive effect of stock-based awards (3,821 and 2,353 for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 3,893 and 2,940 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively) | 159,186 | 154,864 | 158,962 | 154,739 | ||||||||||||
Diluted EPS | $ | 0.32 | $ | 0.45 | $ | 0.47 | $ | 0.77 | ||||||||
There were approximately 1,400 and 3,251 stock-based awards for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 2,993 and 3,184 stock-based awards for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, that were not included in the computation of Diluted EPS because the exercise price was greater than the average market price of the Class A Common Stock during the respective periods, thereby having an antidilutive effect. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
We currently have a single stock incentive plan, the Ingram Micro, Inc. 2011 Incentive Plan amended during the second quarter of 2013 (the "2011 Incentive Plan"), for the granting of equity-based incentive awards. We grant time- and/or performance-vested restricted stock and/or restricted stock units, in addition to stock options, to key employees and members of our Board of Directors. The performance measures for vesting of restricted stock and restricted stock units for grants to management for the periods presented are based on earnings growth, return on invested capital, total shareholder return, income from operations as a percent of revenue and income before tax. Awards granted under the 2011 Incentive Plan were as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Stock options granted (a) | 639 | — | 700 | 52 | ||||||||||||
Restricted stock and restricted stock units granted (a) | 1,276 | 2,674 | 1,363 | 3,636 | ||||||||||||
Stock-based compensation expense | $ | 8,574 | $ | 6,541 | $ | 16,460 | $ | 13,957 | ||||||||
Related income tax benefit | $ | 2,720 | $ | 1,884 | $ | 5,426 | $ | 4,094 | ||||||||
Exercised stock options | 149 | 293 | 695 | 1,048 | ||||||||||||
Vested restricted stock and/or restricted stock units (b) | 414 | 181 | 841 | 2,059 | ||||||||||||
(a) | As of June 28, 2014, approximately 14,588 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. | |||||||||||||||
(b) | Includes 0 and 0 shares, for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 145 and 1,535 shares, for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. The remainder of the shares are time-based grants. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
We use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans. | ||||||||||||||||
The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows: | ||||||||||||||||
Notional Amounts (1) | Fair Value | |||||||||||||||
June 28, | December 28, | June 28, | December 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives not receiving hedge accounting treatment recorded in: | ||||||||||||||||
Other current assets | ||||||||||||||||
Foreign exchange contracts | $ | 664,641 | $ | 334,519 | $ | 3,819 | $ | 2,942 | ||||||||
Accrued expenses | ||||||||||||||||
Foreign exchange contracts | 1,182,516 | 1,486,407 | (5,224 | ) | (8,887 | ) | ||||||||||
Total | $ | 1,847,157 | $ | 1,820,926 | $ | (1,405 | ) | $ | (5,945 | ) | ||||||
(1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. | ||||||||||||||||
The amount recognized in earnings from our derivative instruments not receiving hedge accounting treatment, including ineffectiveness, is recorded in foreign currency exchange gain or loss as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Net gain (loss) recognized in earnings | $ | 7,693 | $ | 10,267 | $ | (6,974 | ) | $ | 29,361 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Our assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3 – unobservable inputs that are not corroborated by market data. | ||||||||||||||||||||
As of June 28, 2014, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: | ||||||||||||||||||||
28-Jun-14 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable trading securities (a) | $ | 55,497 | $ | 55,497 | $ | — | $ | — | ||||||||||||
Derivative assets | 3,819 | — | 3,819 | — | ||||||||||||||||
Total assets at fair value | $ | 59,316 | $ | 55,497 | $ | 3,819 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities | $ | 5,224 | $ | — | $ | 5,224 | $ | — | ||||||||||||
Contingent consideration | 7,893 | — | — | 7,893 | ||||||||||||||||
Total liabilities at fair value | $ | 13,117 | $ | — | $ | 5,224 | $ | 7,893 | ||||||||||||
(a) | Included in other current assets in our consolidated balance sheet. | |||||||||||||||||||
As of December 28, 2013, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: | ||||||||||||||||||||
28-Dec-13 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | $ | 50,735 | $ | 50,735 | $ | — | $ | — | ||||||||||||
Marketable trading securities (a) | 53,856 | 53,856 | — | — | ||||||||||||||||
Derivative assets | 2,942 | — | 2,942 | — | ||||||||||||||||
Total assets at fair value | $ | 107,533 | $ | 104,591 | $ | 2,942 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities | $ | 8,887 | $ | — | $ | 8,887 | $ | — | ||||||||||||
Contingent consideration | 3,650 | — | — | 3,650 | ||||||||||||||||
Total liabilities at fair value | $ | 12,537 | $ | — | $ | 8,887 | $ | 3,650 | ||||||||||||
(a) | Included in other current assets in our consolidated balance sheet. | |||||||||||||||||||
The fair value of the cash equivalents approximated cost and the gain or loss on the marketable trading securities was recognized in the consolidated statement of income to reflect these investments at fair value. | ||||||||||||||||||||
Our senior unsecured notes due in 2022 and 2017 are stated at amortized cost, and their respective fair values were determined based on Level 2 criteria. The fair values and carrying values of these notes are shown in the table below: | ||||||||||||||||||||
28-Jun-14 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Senior unsecured notes, 5.25% due 2017 | $ | 326,550 | $ | — | $ | 326,550 | $ | — | $ | 300,000 | ||||||||||
Senior unsecured notes, 5.00% due 2022 | 312,825 | — | 312,825 | — | 298,544 | |||||||||||||||
$ | 639,375 | $ | — | $ | 639,375 | $ | — | $ | 598,544 | |||||||||||
28-Dec-13 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Senior unsecured notes, 5.25% due 2017 | $ | 318,000 | $ | — | $ | 318,000 | $ | — | $ | 300,000 | ||||||||||
Senior unsecured notes, 5.00% due 2022 | 301,200 | — | 301,200 | — | 298,454 | |||||||||||||||
$ | 619,200 | $ | — | $ | 619,200 | $ | — | $ | 598,454 | |||||||||||
Acquisitions_Goodwill_and_Inta
Acquisitions, Goodwill and Intangible Assets | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions, Goodwill and Intangible Assets | ' | |||||||
Acquisitions, Goodwill and Intangible Assets | ||||||||
During the second quarter of 2014, we completed the acquisitions of DAT Repair GMBH ("DRG"), Global Mobility Products ("GMP"), and Pinnacle Service Solutions ("Pinnacle") for cash of $17,367 and an estimated future earn out payment of $4,243, of which $4,500 was preliminarily allocated to goodwill and $14,000 to acquired intangible assets. The goodwill recognized in connection with these acquisitions is primarily attributable to the assembled workforce and our expectation of expanding our mobility and supply chain solutions portfolio. These entities have been included in our consolidated results of operations since their respective acquisition dates. | ||||||||
Pro forma results of operations have not been presented for the 2014 acquisitions because the historical results of these acquisitions, individually and in aggregate, were not material to our consolidated results of operations. | ||||||||
Finite-lived identifiable intangible assets are amortized over their remaining estimated lives ranging up to 20 years with the predominant amounts having lives of 3 to 10 years. The gross and net carrying amounts of finite-lived identifiable intangible assets are as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Gross carrying amount of finite-lived intangible assets | $ | 506,663 | $ | 496,789 | ||||
Net carrying amount of finite-lived intangible assets | $ | 354,567 | $ | 375,423 | ||||
Reorganization_Costs
Reorganization Costs | 6 Months Ended | ||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||
Reorganization Costs | ' | ||||||||||||||||||||||
Reorganization Costs | |||||||||||||||||||||||
2014 Actions | |||||||||||||||||||||||
In order to further enhance our ability to innovate and respond to market needs with greater speed and efficiency, on February 13, 2014 we announced a plan to proceed with a global organizational effectiveness program that involves the following three critical aspects: | |||||||||||||||||||||||
1 | Aligning and leveraging our infrastructure globally with our evolving businesses, opportunities and resources; | ||||||||||||||||||||||
2 | De-layering and simplifying the organization to enable us to be more nimble, responsive and collaborative; and | ||||||||||||||||||||||
3 | Maintaining investments in expertise and capabilities to continue to transform our business mix in faster growing, higher margin businesses. | ||||||||||||||||||||||
As a result of the organizational effectiveness program and continued acquisition integration activities, we recognized reorganization charges of $54,553 in the first six months of 2014 primarily related to employee termination benefits and $7,528 for a previously acquired trade name that we wrote-off as we integrated certain operations under the Ingram Micro brand. | |||||||||||||||||||||||
2013 Actions | |||||||||||||||||||||||
During the third quarter of 2013, we announced a plan to reduce headcount in Germany to respond to the market environment resulting in reorganization charges primarily related to employee termination benefits. In addition, we exited a BrightPoint facility in the U.S. resulting in reorganization charges primarily related to facility exit costs and employee termination benefits. | |||||||||||||||||||||||
During 2013, we began integrating certain BrightPoint operations into Ingram Micro, resulting in headcount reductions and facility exit costs. We continued to move certain transaction-oriented service and support functions in Europe to our European shared services center and exited a portion of one of our Australian offices. Associated with these actions, we incurred reorganization costs primarily related to employee termination benefits throughout our regions and facility exit costs in Australia. | |||||||||||||||||||||||
2012 Actions and Prior Actions | |||||||||||||||||||||||
In 2012 and earlier, we implemented headcount reductions primarily in Australia and New Zealand to better align our operating expenses with each country’s then lower sales volumes. Additionally, we moved certain transactions-oriented service and support functions to shared service centers in Asia-Pacific and Europe. We closed our in-country Argentina operations and are now servicing this market through our export operations in Miami. Associated with these actions, we incurred net reorganization costs related to employee termination benefits. We also launched various other outsourcing and optimization plans to improve operating efficiencies and better align our level of operating expenses with sales volumes, resulting in headcount reductions in certain operations in North America, Europe and Latin America. While these reorganization actions were completed prior to the periods included herein, future cash outlays are required for future lease payments related to exited facilities. | |||||||||||||||||||||||
A summary of the reorganization and expense-reduction program costs incurred in the thirteen weeks ended June 28, 2014 and June 29, 2013 are as follows: | |||||||||||||||||||||||
Reorganization Costs | |||||||||||||||||||||||
Headcount Reduction | Employee Termination Benefits | Facility and Other Costs | Total Reorganization Costs | Adjustments to Prior Year Costs | Total Costs | ||||||||||||||||||
Thirteen weeks ended June 28, 2014 | |||||||||||||||||||||||
North America | $ | 994 | $ | 7,528 | $ | 8,522 | $ | — | $ | 8,522 | |||||||||||||
Europe | 14,194 | — | 14,194 | — | 14,194 | ||||||||||||||||||
Asia-Pacific | 657 | 7 | 664 | — | 664 | ||||||||||||||||||
Latin America | 133 | — | 133 | — | 133 | ||||||||||||||||||
Total | 103 | $ | 15,978 | $ | 7,535 | $ | 23,513 | $ | — | $ | 23,513 | ||||||||||||
Thirteen weeks ended June 29, 2013 | |||||||||||||||||||||||
North America | $ | 1,753 | $ | 1,064 | $ | 2,817 | $ | — | $ | 2,817 | |||||||||||||
Europe | 850 | — | 850 | (25 | ) | 825 | |||||||||||||||||
Asia-Pacific | 298 | 696 | 994 | — | 994 | ||||||||||||||||||
Latin America | — | — | — | — | — | ||||||||||||||||||
Total | 98 | $ | 2,901 | $ | 1,760 | $ | 4,661 | $ | (25 | ) | $ | 4,636 | |||||||||||
Reorganization Costs | |||||||||||||||||||||||
Headcount Reduction | Employee Termination Benefits | Facility and Other Costs | Total Reorganization Costs | Adjustments to Prior Year Costs | Total Costs | ||||||||||||||||||
Twenty-six weeks ended June 28, 2014 | |||||||||||||||||||||||
North America | $ | 7,426 | $ | 7,528 | $ | 14,954 | $ | — | $ | 14,954 | |||||||||||||
Europe | 44,514 | — | 44,514 | (36 | ) | 44,478 | |||||||||||||||||
Asia-Pacific | 2,011 | 7 | 2,018 | (115 | ) | 1,903 | |||||||||||||||||
Latin America | 602 | — | 602 | — | 602 | ||||||||||||||||||
Total | 825 | $ | 54,553 | $ | 7,535 | $ | 62,088 | $ | (151 | ) | $ | 61,937 | |||||||||||
Twenty-six weeks ended June 29, 2013 | |||||||||||||||||||||||
North America | $ | 2,486 | $ | 1,064 | $ | 3,550 | $ | — | $ | 3,550 | |||||||||||||
Europe | 5,660 | — | 5,660 | (188 | ) | 5,472 | |||||||||||||||||
Asia-Pacific | 319 | 3,973 | 4,292 | (12 | ) | 4,280 | |||||||||||||||||
Latin America | — | — | — | — | — | ||||||||||||||||||
Total | 218 | $ | 8,465 | $ | 5,037 | $ | 13,502 | $ | (200 | ) | $ | 13,302 | |||||||||||
The remaining liabilities and 2014 activities associated with the aforementioned actions are summarized in the table below: | |||||||||||||||||||||||
Reorganization Liability | |||||||||||||||||||||||
Remaining Liability at December 28, 2013 | Expenses (Income), Net | Amounts Paid | Foreign Currency Translation | Remaining Liability at June 28, 2014 | |||||||||||||||||||
and Charged | |||||||||||||||||||||||
Against the | |||||||||||||||||||||||
Liability | |||||||||||||||||||||||
2014 Reorganization actions | |||||||||||||||||||||||
Employee termination benefits | $ | — | $ | 54,553 | $ | (12,857 | ) | $ | (525 | ) | $ | 41,171 | |||||||||||
Facility and other costs | — | 7,535 | (7,535 | ) | — | — | |||||||||||||||||
— | 62,088 | (20,392 | ) | (525 | ) | 41,171 | (a) | ||||||||||||||||
2013 Reorganization actions | |||||||||||||||||||||||
Employee termination benefits | 12,889 | (151 | ) | (8,014 | ) | 28 | 4,752 | ||||||||||||||||
Facility and other costs | 5,506 | — | (1,342 | ) | 102 | 4,266 | |||||||||||||||||
Subtotal | 18,395 | (151 | ) | (9,356 | ) | 130 | 9,018 | (b) | |||||||||||||||
2012 and prior reorganization actions | |||||||||||||||||||||||
Employee termination benefits | 1,059 | — | (1,059 | ) | — | — | |||||||||||||||||
Facility and other costs | 3,020 | — | (1,690 | ) | (21 | ) | 1,309 | (c) | |||||||||||||||
Subtotal | 4,079 | — | (2,749 | ) | (21 | ) | 1,309 | ||||||||||||||||
$ | 22,474 | $ | 61,937 | $ | (32,497 | ) | $ | (416 | ) | $ | 51,498 | ||||||||||||
(a) | We expect the remaining liabilities to be substantially utilized by the end of 2015. | ||||||||||||||||||||||
(b) | We expect the remaining liabilities to be substantially utilized by the end of 2016. | ||||||||||||||||||||||
(c) | We expect the remaining liabilities to be fully utilized by the end of 2015. |
Debt
Debt | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The carrying value of our outstanding debt consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Senior unsecured notes, 5.25% due 2017 | $ | 300,000 | $ | 300,000 | ||||
Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,456 | 298,544 | 298,454 | ||||||
and $1,546, respectively | ||||||||
North America revolving trade accounts receivable-backed financing program | 450,000 | 199,000 | ||||||
Lines of credit and other debt | 111,680 | 48,772 | ||||||
1,160,224 | 846,226 | |||||||
Short-term debt and current maturities of long-term debt | (106,622 | ) | (48,772 | ) | ||||
$ | 1,053,602 | $ | 797,454 | |||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Our effective tax rate for the thirteen weeks ended June 28, 2014 was 34.2% compared to 25.6% for the thirteen weeks ended June 29, 2013. For the twenty-six weeks ended June 28, 2014 and June 29, 2013, our effective tax rate was 37.6% and 29.6%, respectively. Under U.S. accounting rules for income taxes, quarterly effective tax rates may vary significantly depending on the actual operating results in the various tax jurisdictions, as well as changes in the valuation allowance related to the expected recovery of deferred tax assets. In 2014, our effective tax rate was negatively impacted by approximately four and seven percentage points as a result of a portion of reorganization costs recorded in the thirteen weeks and the twenty-six weeks ended June 28, 2014, respectively, in jurisdictions under valuation allowance or where the cost is not deductible. | |
The thirteen weeks ended June 29, 2013 included net discrete tax benefits of approximately $5,766 which represents 6.2 percentage points of the effective tax rate, which primarily are due to a change in estimate of the amount of BrightPoint acquisition costs deductible for tax purposes. | |
Partially offsetting the negative impact of reorganization costs noted above, the twenty-six weeks ended June 28, 2014 included net discrete benefits of approximately $2,525 or 2.1 percentage points of the effective rate, which are primarily related to positive adjustments to certain deferred tax asset benefits. | |
The twenty-six weeks ended June 29, 2013 included net discrete benefits of approximately $6,951, or 4.1 percentage points of the effective tax rate, which includes the $5,766 discussed above, as well as $1,185 of net discrete benefits primarily due to the release of valuation allowance on U.S. state net operating losses. | |
Our effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the items noted above, as well as the relative mix of earnings or losses within the tax jurisdictions in which we operate, such as: (a) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States; (b) losses in certain jurisdictions in which we are not able to record a tax benefit; and (c) changes in the valuation allowance on deferred tax assets. | |
At June 28, 2014, we had gross unrecognized tax benefits of $36,376 compared to $35,398 at December 28, 2013, representing a net increase of $978 during the twenty-six weeks ended June 28, 2014. Substantially all of the gross unrecognized tax benefits, if recognized, would impact our effective tax rate in the period of recognition. | |
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the gross unrecognized tax benefits identified above, the interest and penalties recorded to date by us totaled $8,363 and $7,333 at June 28, 2014 and December 28, 2013, respectively. | |
Our future effective tax rate will continue to be affected by changes in the relative mix of taxable income and losses in the tax jurisdictions in which we operate, changes in the valuation of deferred tax assets, or changes in tax laws or interpretations thereof. In addition, our income tax returns are subject to continuous examination by the IRS and other tax authorities. The IRS has concluded its examinations of tax years prior to tax year 2010. In 2013, the IRS initiated its examination of tax years 2010 to 2011. It is possible that within the next twelve months, ongoing tax examinations in the United States and several of our foreign jurisdictions may be resolved, that new tax exams may commence and that other issues may be effectively settled. However, we do not expect our assessment of unrecognized tax benefits to change significantly over that time. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Geographic areas in which we operate include North America (the United States and Canada), Europe (Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Italy, Israel, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland and the United Kingdom), Asia-Pacific (Australia, the People’s Republic of China including Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore, Thailand, Lebanon, United Arab Emirates, Turkey, Egypt and South Africa) and Latin America (Brazil, Chile, Colombia, Mexico, Peru and our Latin American export operations in Miami). See discussion of the change in our reportable segments in Note 1. | ||||||||||||||||
We do not allocate stock-based compensation recognized (see Note 4) to our operating units; therefore, we are reporting this as a separate amount. | ||||||||||||||||
Financial information by reporting segment is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
North America | $ | 4,610,988 | $ | 4,267,901 | $ | 8,753,085 | $ | 8,341,804 | ||||||||
Europe | 3,417,696 | 3,030,439 | 6,876,984 | 6,209,842 | ||||||||||||
Asia-Pacific | 2,359,105 | 2,549,847 | 4,648,244 | 5,097,027 | ||||||||||||
Latin America | 521,590 | 459,828 | 1,015,055 | 921,786 | ||||||||||||
Total | $ | 10,909,379 | $ | 10,308,015 | $ | 21,293,368 | $ | 20,570,459 | ||||||||
Income from operations | ||||||||||||||||
North America | $ | 72,054 | $ | 70,040 | $ | 133,768 | $ | 136,693 | ||||||||
Europe | 3,077 | 14,752 | (8,129 | ) | 24,513 | |||||||||||
Asia-Pacific | 23,702 | 26,018 | 40,450 | 42,266 | ||||||||||||
Latin America | 7,960 | 9,527 | 16,950 | 15,077 | ||||||||||||
Stock-based compensation expense | (8,574 | ) | (6,541 | ) | (16,460 | ) | (13,957 | ) | ||||||||
Total | $ | 98,219 | $ | 113,796 | $ | 166,579 | $ | 204,592 | ||||||||
Capital expenditures | ||||||||||||||||
North America | $ | 14,022 | $ | 20,439 | $ | 32,696 | $ | 32,845 | ||||||||
Europe | 2,133 | 1,778 | 4,154 | 3,361 | ||||||||||||
Asia-Pacific | 1,875 | 1,263 | 3,224 | 2,389 | ||||||||||||
Latin America | 547 | 546 | 823 | 862 | ||||||||||||
Total | $ | 18,577 | $ | 24,026 | $ | 40,897 | $ | 39,457 | ||||||||
Depreciation | ||||||||||||||||
North America | $ | 15,203 | $ | 13,500 | $ | 28,841 | $ | 24,084 | ||||||||
Europe | 4,094 | 4,017 | 7,753 | 8,665 | ||||||||||||
Asia-Pacific | 2,763 | 2,711 | 5,177 | 5,377 | ||||||||||||
Latin America | 389 | 341 | 745 | 670 | ||||||||||||
Total | $ | 22,449 | $ | 20,569 | $ | 42,516 | $ | 38,796 | ||||||||
Amortization of intangible assets | ||||||||||||||||
North America | $ | 9,907 | $ | 7,297 | $ | 19,619 | $ | 14,595 | ||||||||
Europe | 2,876 | 3,004 | 5,705 | 5,762 | ||||||||||||
Asia-Pacific | 1,434 | 1,474 | 2,839 | 2,962 | ||||||||||||
Latin America | 204 | 222 | 410 | 443 | ||||||||||||
Total | $ | 14,421 | $ | 11,997 | $ | 28,573 | $ | 23,762 | ||||||||
The integration, transition and other costs included in income from operations by reporting segment is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Integration, transition and other costs (a) | ||||||||||||||||
North America | $ | 8,232 | $ | 4,285 | $ | 8,333 | $ | 7,558 | ||||||||
Europe | 1,255 | 918 | 1,764 | 1,904 | ||||||||||||
Asia-Pacific | 512 | 727 | 1,889 | 1,046 | ||||||||||||
Latin America | — | — | — | — | ||||||||||||
Total | $ | 9,999 | $ | 5,930 | $ | 11,986 | $ | 10,508 | ||||||||
(a) Costs are primarily for legal, consulting and other costs associated with the global organizational effectiveness program (see Note 8), the integration of BrightPoint, acquisitions-related costs and other transition costs incurred for certain executives, charged to SG&A expenses. Offsetting these costs is a gain of $6,600 related to the final settlement of a class action lawsuit against the manufacturers of LCD flat panel displays, which was recorded as a reduction of SG&A expense in the first quarter of 2014 (see Note 13). | ||||||||||||||||
For a segment breakdown of reorganization costs, refer to Note 8. | ||||||||||||||||
As of | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets | ||||||||||||||||
North America | $ | 5,133,289 | $ | 4,797,503 | ||||||||||||
Europe | 3,967,565 | 4,390,518 | ||||||||||||||
Asia-Pacific | 1,772,968 | 1,766,986 | ||||||||||||||
Latin America | 676,885 | 836,188 | ||||||||||||||
Total | $ | 11,550,707 | $ | 11,791,195 | ||||||||||||
Long-lived assets | ||||||||||||||||
North America | $ | 637,324 | $ | 649,146 | ||||||||||||
Europe | 120,028 | 129,119 | ||||||||||||||
Asia-Pacific | 77,347 | 77,410 | ||||||||||||||
Latin America | 7,880 | 8,447 | ||||||||||||||
Total | $ | 842,579 | $ | 864,122 | ||||||||||||
Net sales and long-lived assets for the United States, which is our country of domicile, are as follows: | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||
Net sales: | ||||||||||||||||
United States | $ | 4,244,514 | 39 | % | $ | 3,872,694 | 38 | % | ||||||||
Outside of the United States | 6,664,865 | 61 | % | 6,435,321 | 62 | % | ||||||||||
Total | $ | 10,909,379 | 100 | % | $ | 10,308,015 | 100 | % | ||||||||
Twenty-six Weeks Ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||
Net sales: | ||||||||||||||||
United States | $ | 7,980,365 | 37 | % | $ | 7,530,134 | 37 | % | ||||||||
Outside of the United States | 13,313,003 | 63 | % | 13,040,325 | 63 | % | ||||||||||
Total | $ | 21,293,368 | 100 | % | $ | 20,570,459 | 100 | % | ||||||||
As of | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Long-lived assets: | ||||||||||||||||
United States | $ | 600,697 | $ | 625,719 | ||||||||||||
Outside of the United States | 241,882 | 238,403 | ||||||||||||||
Total | $ | 842,579 | $ | 864,122 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Our Brazilian subsidiary has received a number of tax assessments including the following: (1) a 2005 Federal import tax assessment claiming certain commercial taxes totaling Brazilian Reais 12,714 ($5,779 at June 28, 2014 exchange rates) were due on the import of software acquired from international vendors for the period January through September of 2002; (2) a 2007 Sao Paulo municipal tax assessment claiming Brazilian Reais 29,111 ($13,232 at June 28, 2014 exchange rates) of service taxes were due on the resale of acquired software covering years 2002 through 2006, plus Brazilian Reais 25,972 ($11,805 at June 28, 2014 exchange rates) of associated penalties; and (3) a 2011 Federal income tax assessment, a portion of which claims statutory penalties totaling Brazilian Reais 15,900 ($7,227 at June 28, 2014 exchange rates) for delays in providing certain electronic files during the audit of tax years 2008 and 2009, which was conducted through the course of 2011; (4) a 2012 Sao Paulo municipal tax assessment claiming Brazilian Reais 2,996 ($1,362 at June 28, 2014 exchange rates) of service taxes due on the importation of software covering the year 2007 plus Brazilian Reais 1,498 ($681 at June 28, 2014 exchange rates) of associated penalties; and (5) a 2013 Sao Paulo municipal tax assessment claiming Brazilian Reais 10,725 ($4,875 at June 28, 2014 exchange rates) of service taxes due on the importation of software covering the years 2008, 2009, 2010 and January through May 2011 plus Brazilian Reais 5,362 ($2,437 at June 28, 2014 exchange rates) of associated penalties. While we will continue to vigorously pursue administrative and, if applicable, judicial action in defending against the 2005 Federal import tax assessment, we continue to maintain a reserve for the full tax amount assessed at June 28, 2014 in item (1) above. After working with our advisors, we believe the other matters noted above do not represent a probable loss. | |
In addition to the amounts described above, incremental charges for possible penalties, interest and inflationary adjustments could be imposed in an amount up to Brazilian Reais 224,033 ($101,833 at June 28, 2014 exchange rates) for these matters. We believe we have good defenses against each matter and do not believe it is probable that we will suffer a material loss for these matters. | |
There are various other claims, lawsuits and pending actions against us incidental to our operations. It is the opinion of management that the ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, we can make no assurances that we will ultimately be successful in our defense of any of these matters. | |
As is customary in the IT distribution industry, we have arrangements with certain finance companies that provide inventory-financing facilities for their customers. In conjunction with certain of these arrangements, we have agreements with the finance companies that would require us to repurchase certain inventory, which might be repossessed from the customers by the finance companies. Due to various reasons, including among other factors, the lack of information regarding the amount of saleable inventory purchased from us still on hand with the customer at any point in time, repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by us under these arrangements have been insignificant to date. | |
We have guarantees to third parties that provide financing to a limited number of our customers. Net sales under these arrangements accounted for less than one percent of our consolidated net sales for each of the periods presented. The guarantees require us to reimburse the third party for defaults by these customers up to an aggregate of $5,600. The fair value of these guarantees has been recognized as cost of sales to these customers and is included in other accrued liabilities. |
Legal_Settlement
Legal Settlement | 6 Months Ended |
Jun. 28, 2014 | |
Litigation Settlement [Abstract] | ' |
Legal Settlement | ' |
Legal Settlement | |
We were a claimant in a class action proceeding seeking damages from certain manufacturers of LCD flat panel displays. On July 12, 2013, the federal district judge overseeing the proceeding issued a preliminary order approving a plan of distribution to the class claimants. In July 2013, we received a distribution of $29,500, net of all attorney fees and expenses, which was reflected as a reduction of selling, general and administrative expenses in the third quarter of 2013. In January 2014, the federal district judge overseeing the proceeding issued an order for the final distribution of the settlement fund. Accordingly, in February 2014, we received an additional $6,600 from the remaining escrowed settlement fund, which we recorded as a reduction of selling, general and administrative expenses in the first quarter of 2014. |
New_Accounting_Standards_New_A
New Accounting Standards New Accounting Standards | 6 Months Ended |
Jun. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires a reporting entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. This standard will be effective for us beginning January 1, 2017, the first day of fiscal year 2017. We are currently assessing the impact of this new guidance. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Book Overdrafts | ' |
Book Overdrafts | |
Book overdrafts of $426,100 and $347,837 as of June 28, 2014 and December 28, 2013, respectively, represent checks issued on disbursement bank accounts but not yet paid by such banks. These amounts are classified as accounts payable in our consolidated balance sheet. We typically fund these overdrafts through normal collections of funds or transfers from other bank balances at other financial institutions. Under the terms of our facilities with the banks, the respective financial institutions are not legally obligated to honor the book overdraft balances as of June 28, 2014 and December 28, 2013, or any balance on any given date. | |
Trade Accounts Receivable Factoring Programs | ' |
Trade Accounts Receivable Factoring Programs | |
We have several uncommitted factoring programs under which trade accounts receivable of several large customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the amount of trade accounts receivable already sold into these programs and the financial institutions’ willingness to purchase such receivables. At June 28, 2014 and December 28, 2013, we had a total of $289,263, and $381,451, respectively, of trade accounts receivable sold to and held by financial institutions under these programs. Factoring fees of $942 and $630 incurred for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and $2,098 and $1,162 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, related to the sale of trade accounts receivable under these facilities are included in “other” in the other expense (income) section of our consolidated statement of income. |
Share_Repurchase_Program_Table
Share Repurchase Program (Tables) | 6 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stock Issuance Activity | ' | ||||||||||
Our treasury stock issuance activity for the twenty-six weeks ended June 28, 2014 is summarized in the table below: | |||||||||||
Shares | Weighted | Amount | |||||||||
Average Price | |||||||||||
Per Share | |||||||||||
Cumulative balance of treasury stock at December 28, 2013 | 37,521 | $ | 17.04 | $ | 639,300 | ||||||
Issuance of Class A Common Stock | 163 | 17.22 | 2,807 | ||||||||
Cumulative balance of treasury stock at June 28, 2014 | 37,358 | $ | 17.04 | $ | 636,493 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic EPS and Diluted EPS | ' | |||||||||||||||
The computation of Basic EPS and Diluted EPS is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Net income | $ | 50,613 | $ | 69,686 | $ | 75,446 | $ | 119,445 | ||||||||
Weighted average shares | 155,365 | 152,511 | 155,069 | 151,799 | ||||||||||||
Basic EPS | $ | 0.33 | $ | 0.46 | $ | 0.49 | $ | 0.79 | ||||||||
Weighted average shares, including the dilutive effect of stock-based awards (3,821 and 2,353 for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 3,893 and 2,940 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively) | 159,186 | 154,864 | 158,962 | 154,739 | ||||||||||||
Diluted EPS | $ | 0.32 | $ | 0.45 | $ | 0.47 | $ | 0.77 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||||||
Awards granted under the 2011 Incentive Plan were as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, 2014 | June 29, 2013 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Stock options granted (a) | 639 | — | 700 | 52 | ||||||||||||
Restricted stock and restricted stock units granted (a) | 1,276 | 2,674 | 1,363 | 3,636 | ||||||||||||
Stock-based compensation expense | $ | 8,574 | $ | 6,541 | $ | 16,460 | $ | 13,957 | ||||||||
Related income tax benefit | $ | 2,720 | $ | 1,884 | $ | 5,426 | $ | 4,094 | ||||||||
Exercised stock options | 149 | 293 | 695 | 1,048 | ||||||||||||
Vested restricted stock and/or restricted stock units (b) | 414 | 181 | 841 | 2,059 | ||||||||||||
(a) | As of June 28, 2014, approximately 14,588 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. | |||||||||||||||
(b) | Includes 0 and 0 shares, for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 145 and 1,535 shares, for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Notional Amounts and Fair Values of Derivative Instruments | ' | |||||||||||||||
The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows: | ||||||||||||||||
Notional Amounts (1) | Fair Value | |||||||||||||||
June 28, | December 28, | June 28, | December 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives not receiving hedge accounting treatment recorded in: | ||||||||||||||||
Other current assets | ||||||||||||||||
Foreign exchange contracts | $ | 664,641 | $ | 334,519 | $ | 3,819 | $ | 2,942 | ||||||||
Accrued expenses | ||||||||||||||||
Foreign exchange contracts | 1,182,516 | 1,486,407 | (5,224 | ) | (8,887 | ) | ||||||||||
Total | $ | 1,847,157 | $ | 1,820,926 | $ | (1,405 | ) | $ | (5,945 | ) | ||||||
(1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||
The amount recognized in earnings from our derivative instruments not receiving hedge accounting treatment, including ineffectiveness, is recorded in foreign currency exchange gain or loss as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | |||||||||||||
Net gain (loss) recognized in earnings | $ | 7,693 | $ | 10,267 | $ | (6,974 | ) | $ | 29,361 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||
As of June 28, 2014, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: | ||||||||||||||||||||
28-Jun-14 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable trading securities (a) | $ | 55,497 | $ | 55,497 | $ | — | $ | — | ||||||||||||
Derivative assets | 3,819 | — | 3,819 | — | ||||||||||||||||
Total assets at fair value | $ | 59,316 | $ | 55,497 | $ | 3,819 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities | $ | 5,224 | $ | — | $ | 5,224 | $ | — | ||||||||||||
Contingent consideration | 7,893 | — | — | 7,893 | ||||||||||||||||
Total liabilities at fair value | $ | 13,117 | $ | — | $ | 5,224 | $ | 7,893 | ||||||||||||
(a) | Included in other current assets in our consolidated balance sheet. | |||||||||||||||||||
As of December 28, 2013, our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: | ||||||||||||||||||||
28-Dec-13 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | $ | 50,735 | $ | 50,735 | $ | — | $ | — | ||||||||||||
Marketable trading securities (a) | 53,856 | 53,856 | — | — | ||||||||||||||||
Derivative assets | 2,942 | — | 2,942 | — | ||||||||||||||||
Total assets at fair value | $ | 107,533 | $ | 104,591 | $ | 2,942 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities | $ | 8,887 | $ | — | $ | 8,887 | $ | — | ||||||||||||
Contingent consideration | 3,650 | — | — | 3,650 | ||||||||||||||||
Total liabilities at fair value | $ | 12,537 | $ | — | $ | 8,887 | $ | 3,650 | ||||||||||||
(a) | Included in other current assets in our consolidated balance sheet. | |||||||||||||||||||
The fair values and carrying values of these notes are shown in the table below: | ||||||||||||||||||||
28-Jun-14 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Senior unsecured notes, 5.25% due 2017 | $ | 326,550 | $ | — | $ | 326,550 | $ | — | $ | 300,000 | ||||||||||
Senior unsecured notes, 5.00% due 2022 | 312,825 | — | 312,825 | — | 298,544 | |||||||||||||||
$ | 639,375 | $ | — | $ | 639,375 | $ | — | $ | 598,544 | |||||||||||
28-Dec-13 | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Senior unsecured notes, 5.25% due 2017 | $ | 318,000 | $ | — | $ | 318,000 | $ | — | $ | 300,000 | ||||||||||
Senior unsecured notes, 5.00% due 2022 | 301,200 | — | 301,200 | — | 298,454 | |||||||||||||||
$ | 619,200 | $ | — | $ | 619,200 | $ | — | $ | 598,454 | |||||||||||
Acquisitions_Goodwill_and_Inta1
Acquisitions, Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | |||||||
The gross and net carrying amounts of finite-lived identifiable intangible assets are as follows: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Gross carrying amount of finite-lived intangible assets | $ | 506,663 | $ | 496,789 | ||||
Net carrying amount of finite-lived intangible assets | $ | 354,567 | $ | 375,423 | ||||
Reorganization_Costs_Tables
Reorganization Costs (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||||||||
A summary of the reorganization and expense-reduction program costs incurred in the thirteen weeks ended June 28, 2014 and June 29, 2013 are as follows: | |||||||||||||||||||||||
Reorganization Costs | |||||||||||||||||||||||
Headcount Reduction | Employee Termination Benefits | Facility and Other Costs | Total Reorganization Costs | Adjustments to Prior Year Costs | Total Costs | ||||||||||||||||||
Thirteen weeks ended June 28, 2014 | |||||||||||||||||||||||
North America | $ | 994 | $ | 7,528 | $ | 8,522 | $ | — | $ | 8,522 | |||||||||||||
Europe | 14,194 | — | 14,194 | — | 14,194 | ||||||||||||||||||
Asia-Pacific | 657 | 7 | 664 | — | 664 | ||||||||||||||||||
Latin America | 133 | — | 133 | — | 133 | ||||||||||||||||||
Total | 103 | $ | 15,978 | $ | 7,535 | $ | 23,513 | $ | — | $ | 23,513 | ||||||||||||
Thirteen weeks ended June 29, 2013 | |||||||||||||||||||||||
North America | $ | 1,753 | $ | 1,064 | $ | 2,817 | $ | — | $ | 2,817 | |||||||||||||
Europe | 850 | — | 850 | (25 | ) | 825 | |||||||||||||||||
Asia-Pacific | 298 | 696 | 994 | — | 994 | ||||||||||||||||||
Latin America | — | — | — | — | — | ||||||||||||||||||
Total | 98 | $ | 2,901 | $ | 1,760 | $ | 4,661 | $ | (25 | ) | $ | 4,636 | |||||||||||
Reorganization Costs | |||||||||||||||||||||||
Headcount Reduction | Employee Termination Benefits | Facility and Other Costs | Total Reorganization Costs | Adjustments to Prior Year Costs | Total Costs | ||||||||||||||||||
Twenty-six weeks ended June 28, 2014 | |||||||||||||||||||||||
North America | $ | 7,426 | $ | 7,528 | $ | 14,954 | $ | — | $ | 14,954 | |||||||||||||
Europe | 44,514 | — | 44,514 | (36 | ) | 44,478 | |||||||||||||||||
Asia-Pacific | 2,011 | 7 | 2,018 | (115 | ) | 1,903 | |||||||||||||||||
Latin America | 602 | — | 602 | — | 602 | ||||||||||||||||||
Total | 825 | $ | 54,553 | $ | 7,535 | $ | 62,088 | $ | (151 | ) | $ | 61,937 | |||||||||||
Twenty-six weeks ended June 29, 2013 | |||||||||||||||||||||||
North America | $ | 2,486 | $ | 1,064 | $ | 3,550 | $ | — | $ | 3,550 | |||||||||||||
Europe | 5,660 | — | 5,660 | (188 | ) | 5,472 | |||||||||||||||||
Asia-Pacific | 319 | 3,973 | 4,292 | (12 | ) | 4,280 | |||||||||||||||||
Latin America | — | — | — | — | — | ||||||||||||||||||
Total | 218 | $ | 8,465 | $ | 5,037 | $ | 13,502 | $ | (200 | ) | $ | 13,302 | |||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||||||||
The remaining liabilities and 2014 activities associated with the aforementioned actions are summarized in the table below: | |||||||||||||||||||||||
Reorganization Liability | |||||||||||||||||||||||
Remaining Liability at December 28, 2013 | Expenses (Income), Net | Amounts Paid | Foreign Currency Translation | Remaining Liability at June 28, 2014 | |||||||||||||||||||
and Charged | |||||||||||||||||||||||
Against the | |||||||||||||||||||||||
Liability | |||||||||||||||||||||||
2014 Reorganization actions | |||||||||||||||||||||||
Employee termination benefits | $ | — | $ | 54,553 | $ | (12,857 | ) | $ | (525 | ) | $ | 41,171 | |||||||||||
Facility and other costs | — | 7,535 | (7,535 | ) | — | — | |||||||||||||||||
— | 62,088 | (20,392 | ) | (525 | ) | 41,171 | (a) | ||||||||||||||||
2013 Reorganization actions | |||||||||||||||||||||||
Employee termination benefits | 12,889 | (151 | ) | (8,014 | ) | 28 | 4,752 | ||||||||||||||||
Facility and other costs | 5,506 | — | (1,342 | ) | 102 | 4,266 | |||||||||||||||||
Subtotal | 18,395 | (151 | ) | (9,356 | ) | 130 | 9,018 | (b) | |||||||||||||||
2012 and prior reorganization actions | |||||||||||||||||||||||
Employee termination benefits | 1,059 | — | (1,059 | ) | — | — | |||||||||||||||||
Facility and other costs | 3,020 | — | (1,690 | ) | (21 | ) | 1,309 | (c) | |||||||||||||||
Subtotal | 4,079 | — | (2,749 | ) | (21 | ) | 1,309 | ||||||||||||||||
$ | 22,474 | $ | 61,937 | $ | (32,497 | ) | $ | (416 | ) | $ | 51,498 | ||||||||||||
(a) | We expect the remaining liabilities to be substantially utilized by the end of 2015. | ||||||||||||||||||||||
(b) | We expect the remaining liabilities to be substantially utilized by the end of 2016. | ||||||||||||||||||||||
(c) | We expect the remaining liabilities to be fully utilized by the end of 2015. |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||
Jun. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Carrying Value of Outstanding Debt | ' | |||||||
The carrying value of our outstanding debt consists of the following: | ||||||||
June 28, | December 28, | |||||||
2014 | 2013 | |||||||
Senior unsecured notes, 5.25% due 2017 | $ | 300,000 | $ | 300,000 | ||||
Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,456 | 298,544 | 298,454 | ||||||
and $1,546, respectively | ||||||||
North America revolving trade accounts receivable-backed financing program | 450,000 | 199,000 | ||||||
Lines of credit and other debt | 111,680 | 48,772 | ||||||
1,160,224 | 846,226 | |||||||
Short-term debt and current maturities of long-term debt | (106,622 | ) | (48,772 | ) | ||||
$ | 1,053,602 | $ | 797,454 | |||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Financial Information by Reporting Segments | ' | |||||||||||||||
Financial information by reporting segment is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
North America | $ | 4,610,988 | $ | 4,267,901 | $ | 8,753,085 | $ | 8,341,804 | ||||||||
Europe | 3,417,696 | 3,030,439 | 6,876,984 | 6,209,842 | ||||||||||||
Asia-Pacific | 2,359,105 | 2,549,847 | 4,648,244 | 5,097,027 | ||||||||||||
Latin America | 521,590 | 459,828 | 1,015,055 | 921,786 | ||||||||||||
Total | $ | 10,909,379 | $ | 10,308,015 | $ | 21,293,368 | $ | 20,570,459 | ||||||||
Income from operations | ||||||||||||||||
North America | $ | 72,054 | $ | 70,040 | $ | 133,768 | $ | 136,693 | ||||||||
Europe | 3,077 | 14,752 | (8,129 | ) | 24,513 | |||||||||||
Asia-Pacific | 23,702 | 26,018 | 40,450 | 42,266 | ||||||||||||
Latin America | 7,960 | 9,527 | 16,950 | 15,077 | ||||||||||||
Stock-based compensation expense | (8,574 | ) | (6,541 | ) | (16,460 | ) | (13,957 | ) | ||||||||
Total | $ | 98,219 | $ | 113,796 | $ | 166,579 | $ | 204,592 | ||||||||
Capital expenditures | ||||||||||||||||
North America | $ | 14,022 | $ | 20,439 | $ | 32,696 | $ | 32,845 | ||||||||
Europe | 2,133 | 1,778 | 4,154 | 3,361 | ||||||||||||
Asia-Pacific | 1,875 | 1,263 | 3,224 | 2,389 | ||||||||||||
Latin America | 547 | 546 | 823 | 862 | ||||||||||||
Total | $ | 18,577 | $ | 24,026 | $ | 40,897 | $ | 39,457 | ||||||||
Depreciation | ||||||||||||||||
North America | $ | 15,203 | $ | 13,500 | $ | 28,841 | $ | 24,084 | ||||||||
Europe | 4,094 | 4,017 | 7,753 | 8,665 | ||||||||||||
Asia-Pacific | 2,763 | 2,711 | 5,177 | 5,377 | ||||||||||||
Latin America | 389 | 341 | 745 | 670 | ||||||||||||
Total | $ | 22,449 | $ | 20,569 | $ | 42,516 | $ | 38,796 | ||||||||
Amortization of intangible assets | ||||||||||||||||
North America | $ | 9,907 | $ | 7,297 | $ | 19,619 | $ | 14,595 | ||||||||
Europe | 2,876 | 3,004 | 5,705 | 5,762 | ||||||||||||
Asia-Pacific | 1,434 | 1,474 | 2,839 | 2,962 | ||||||||||||
Latin America | 204 | 222 | 410 | 443 | ||||||||||||
Total | $ | 14,421 | $ | 11,997 | $ | 28,573 | $ | 23,762 | ||||||||
The integration, transition and other costs included in income from operations by reporting segment is as follows: | ||||||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Integration, transition and other costs (a) | ||||||||||||||||
North America | $ | 8,232 | $ | 4,285 | $ | 8,333 | $ | 7,558 | ||||||||
Europe | 1,255 | 918 | 1,764 | 1,904 | ||||||||||||
Asia-Pacific | 512 | 727 | 1,889 | 1,046 | ||||||||||||
Latin America | — | — | — | — | ||||||||||||
Total | $ | 9,999 | $ | 5,930 | $ | 11,986 | $ | 10,508 | ||||||||
(a) Costs are primarily for legal, consulting and other costs associated with the global organizational effectiveness program (see Note 8), the integration of BrightPoint, acquisitions-related costs and other transition costs incurred for certain executives, charged to SG&A expenses. Offsetting these costs is a gain of $6,600 related to the final settlement of a class action lawsuit against the manufacturers of LCD flat panel displays, which was recorded as a reduction of SG&A expense in the first quarter of 2014 (see Note 13). | ||||||||||||||||
For a segment breakdown of reorganization costs, refer to Note 8. | ||||||||||||||||
As of | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets | ||||||||||||||||
North America | $ | 5,133,289 | $ | 4,797,503 | ||||||||||||
Europe | 3,967,565 | 4,390,518 | ||||||||||||||
Asia-Pacific | 1,772,968 | 1,766,986 | ||||||||||||||
Latin America | 676,885 | 836,188 | ||||||||||||||
Total | $ | 11,550,707 | $ | 11,791,195 | ||||||||||||
Long-lived assets | ||||||||||||||||
North America | $ | 637,324 | $ | 649,146 | ||||||||||||
Europe | 120,028 | 129,119 | ||||||||||||||
Asia-Pacific | 77,347 | 77,410 | ||||||||||||||
Latin America | 7,880 | 8,447 | ||||||||||||||
Total | $ | 842,579 | $ | 864,122 | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||
Net sales and long-lived assets for the United States, which is our country of domicile, are as follows: | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||
Net sales: | ||||||||||||||||
United States | $ | 4,244,514 | 39 | % | $ | 3,872,694 | 38 | % | ||||||||
Outside of the United States | 6,664,865 | 61 | % | 6,435,321 | 62 | % | ||||||||||
Total | $ | 10,909,379 | 100 | % | $ | 10,308,015 | 100 | % | ||||||||
Twenty-six Weeks Ended | ||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||
Net sales: | ||||||||||||||||
United States | $ | 7,980,365 | 37 | % | $ | 7,530,134 | 37 | % | ||||||||
Outside of the United States | 13,313,003 | 63 | % | 13,040,325 | 63 | % | ||||||||||
Total | $ | 21,293,368 | 100 | % | $ | 20,570,459 | 100 | % | ||||||||
As of | ||||||||||||||||
June 28, | December 28, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Long-lived assets: | ||||||||||||||||
United States | $ | 600,697 | $ | 625,719 | ||||||||||||
Outside of the United States | 241,882 | 238,403 | ||||||||||||||
Total | $ | 842,579 | $ | 864,122 | ||||||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Book overdrafts | $426,100 | ' | $426,100 | ' | $347,837 |
Trade accounts receivable sold to and held by financial institutions under uncommitted factoring programs | 289,263 | ' | 289,263 | ' | 381,451 |
Factoring fees | $942 | $630 | $2,098 | $1,162 | ' |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 28, 2014 | |
Equity [Abstract] | ' |
Shares authorized for repurchase program, amount | $400,000,000 |
Remaining amount for repurchase under the share repurchase program | $124,095,000 |
Share_Repurchase_Program_Stock
Share Repurchase Program - Stock Repurchase and Issuance Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 |
Shares | ' |
Cumulative balance, Shares, Beginning Balance | 37,521 |
Issuance of Class A Common Stock, Shares | 163 |
Cumulative balance, Shares, Ending Balance | 37,358 |
Weighted Average Price Per Share | ' |
Cumulative balance, Weighted Average Price Per Share, Beginning Balance (in dollars per share) | $17.04 |
Issuance of Class A Common Stock, Weighted Average Price Per Share (in dollars per share) | $17.22 |
Cumulative balance, Weighted Average Price Per Share, Ending Balance (in dollars per share) | $17.04 |
Amount | ' |
Cumulative balance, Amount, Beginning Balance | $639,300 |
Issuance of Class A Common Stock, Amount | 2,807 |
Cumulative balance, Amount, Ending Balance | $636,493 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic EPS and Diluted EPS (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $50,613 | $69,686 | $75,446 | $119,445 |
Weighted average shares | 155,365 | 152,511 | 155,069 | 151,799 |
Basic EPS (in dollars per share) | $0.33 | $0.46 | $0.49 | $0.79 |
Weighted average shares, including the dilutive effect of stock-based awards (3,821 and 2,353 for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 3,893 and 2,940 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively) | 159,186 | 154,864 | 158,962 | 154,739 |
Diluted EPS (in dollars per share) | $0.32 | $0.45 | $0.47 | $0.77 |
Earnings_Per_Share_Computation1
Earnings Per Share - Computation of Basic EPS and Diluted EPS (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares, including the dilutive effect of stock-based awards | 3,821 | 2,353 | 3,893 | 2,940 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Jun. 29, 2013 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock-based awards excluded from the computation of Diluted Earnings Per Share | 1,400 | 2,993 | 3,251 | 3,184 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' | |||
Stock options granted | 639 | [1] | 0 | [1] | 700 | 52 | [1] |
Restricted stock and restricted stock units granted | 1,276 | [1] | 2,674 | [1] | 1,363 | 3,636 | [1] |
Stock-based compensation expense | $8,574 | $6,541 | $16,460 | $13,957 | |||
Related income tax benefit | $2,720 | $1,884 | $5,426 | $4,094 | |||
Exercised stock options | 149 | 293 | 695 | 1,048 | |||
Vested restricted stock and/or restricted stock units | 414 | [2] | 181 | [2] | 841 | 2,059 | [2] |
Approximate number of shares available for grant under the 2011 Incentive Plan | 14,588 | ' | 14,588 | ' | |||
Restricted stock issued based on performance-based grants | 0 | 0 | 145 | 1,535 | |||
[1] | As of June 28, 2014, approximately 14,588 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. | ||||||
[2] | Includes 0 and 0 shares, for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively, and 145 and 1,535 shares, for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Notional Amounts and Fair Values of Derivative Instruments (Detail) (Not Designated as Hedging Instrument [Member], USD $) | Jun. 28, 2014 | Dec. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Total derivative, notional amount | $1,847,157 | [1] | $1,820,926 | [1] |
Derivatives not receiving hedge accounting treatment, Fair Value | -1,405 | -5,945 | ||
Other current assets [Member] | Foreign exchange contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative asset, notional amount | 664,641 | [1] | 334,519 | [1] |
Derivatives not receiving hedge accounting treatment, Fair Value | 3,819 | 2,942 | ||
Accrued expenses [Member] | Foreign exchange contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative liability, notional amount | 1,182,516 | [1] | 1,486,407 | [1] |
Derivatives not receiving hedge accounting treatment, Fair Value | ($5,224) | ($8,887) | ||
[1] | Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Amounts Recognized in Earnings (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Net gain (loss) recognized in earnings | $7,693 | $10,267 | ($6,974) | $29,361 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Detail) (Fair value, measurements, recurring [Member], USD $) | Jun. 28, 2014 | Dec. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | ' | $50,735 | ||
Marketable trading securities | 55,497 | [1] | 53,856 | [1] |
Derivative assets | 3,819 | 2,942 | ||
Total assets at fair value | 59,316 | 107,533 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 5,224 | 8,887 | ||
Contingent consideration | 7,893 | 3,650 | ||
Total liabilities at fair value | 13,117 | 12,537 | ||
Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | ' | 50,735 | ||
Marketable trading securities | 55,497 | [1] | 53,856 | [1] |
Total assets at fair value | 55,497 | 104,591 | ||
Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative assets | 3,819 | 2,942 | ||
Total assets at fair value | 3,819 | 2,942 | ||
Liabilities: | ' | ' | ||
Derivative liabilities | 5,224 | 8,887 | ||
Total liabilities at fair value | 5,224 | 8,887 | ||
Level 3 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
Contingent consideration | 7,893 | 3,650 | ||
Total liabilities at fair value | $7,893 | $3,650 | ||
[1] | Included in other current assets in our consolidated balance sheet. |
Fair_Value_Measurements_Debt_I
Fair Value Measurements - Debt Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 |
Fair value, measurements, recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 639,375 | 619,200 |
Fair value, measurements, recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 639,375 | 619,200 |
Fair value, measurements, recurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 598,544 | 598,454 |
Senior unsecured notes, 5.25% due 2017 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt, maturity date | '2017 | '2017 |
Debt, interest rate | 5.25% | 5.25% |
Senior unsecured notes, 5.25% due 2017 [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt, maturity date | '2017 | '2017 |
Senior unsecured notes, 5.25% due 2017 [Member] | Fair value, measurements, recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 326,550 | 318,000 |
Senior unsecured notes, 5.25% due 2017 [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 326,550 | 318,000 |
Senior unsecured notes, 5.25% due 2017 [Member] | Fair value, measurements, recurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 300,000 | 300,000 |
Senior unsecured notes, 5.00% due 2022 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt, maturity date | '2022 | '2022 |
Debt, interest rate | 5.00% | 5.00% |
Senior unsecured notes, 5.00% due 2022 [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt, maturity date | '2022 | '2022 |
Senior unsecured notes, 5.00% due 2022 [Member] | Fair value, measurements, recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 312,825 | 301,200 |
Senior unsecured notes, 5.00% due 2022 [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 312,825 | 301,200 |
Senior unsecured notes, 5.00% due 2022 [Member] | Fair value, measurements, recurring [Member] | Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt instrument, fair value disclosure | 298,544 | 298,454 |
Acquisitions_Goodwill_and_Inta2
Acquisitions, Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
DRG, GMP and Pinnacle [Member] | Maximum [Member] | Minimum [Member] | |||
Acquisitions [Line Items] | ' | ' | ' | ' | ' |
Business combination, cash paid | ' | ' | $17,367 | ' | ' |
Business Combination, Future Earn-out Payment | ' | ' | 4,243 | ' | ' |
Goodwill | 532,037 | 527,526 | 4,500 | ' | ' |
Identifiable intangible assets | ' | ' | $14,000 | ' | ' |
Maximum amortization period for finite-lived identifiable intangible assets | '10 years | ' | ' | '20 years | '3 years |
Acquisitions_Goodwill_and_Inta3
Acquisitions, Goodwill and Intangible Assets - Schedule of Gross Carrying Amounts (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Gross carrying amount of finite-lived intangible assets | $506,663 | $496,789 |
Net carrying amount of finite-lived intangible assets | $354,567 | $375,423 |
Reorganization_Costs_Summary_o
Reorganization Costs - Summary of the Reorganization and Expense-Reduction Program Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Employee | employee | employee | employee | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Headcount Reduction | 103 | 98 | 825 | 218 |
Employee Termination Benefits | $15,978 | $2,901 | $54,553 | $8,465 |
Facility and Other Costs | 7,535 | 1,760 | 7,535 | 5,037 |
Total Reorganization Costs | 23,513 | 4,661 | 62,088 | 13,502 |
Adjustments to Prior Year Costs | 0 | -25 | -151 | -200 |
Total Reorganization Costs | 23,513 | 4,636 | 61,937 | 13,302 |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Employee Termination Benefits | 994 | 1,753 | 7,426 | 2,486 |
Facility and Other Costs | 7,528 | 1,064 | 7,528 | 1,064 |
Total Reorganization Costs | 8,522 | 2,817 | 14,954 | 3,550 |
Adjustments to Prior Year Costs | 0 | 0 | 0 | 0 |
Total Reorganization Costs | 8,522 | 2,817 | 14,954 | 3,550 |
Europe [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Employee Termination Benefits | 14,194 | 850 | 44,514 | 5,660 |
Facility and Other Costs | 0 | 0 | 0 | 0 |
Total Reorganization Costs | 14,194 | 850 | 44,514 | 5,660 |
Adjustments to Prior Year Costs | 0 | -25 | -36 | -188 |
Total Reorganization Costs | 14,194 | 825 | 44,478 | 5,472 |
Asia-Pacific [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Employee Termination Benefits | 657 | 298 | 2,011 | 319 |
Facility and Other Costs | 7 | 696 | 7 | 3,973 |
Total Reorganization Costs | 664 | 994 | 2,018 | 4,292 |
Adjustments to Prior Year Costs | 0 | 0 | -115 | -12 |
Total Reorganization Costs | 664 | 994 | 1,903 | 4,280 |
Latin America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Employee Termination Benefits | 133 | 0 | 602 | 0 |
Facility and Other Costs | 0 | 0 | 0 | 0 |
Total Reorganization Costs | 133 | 0 | 602 | 0 |
Adjustments to Prior Year Costs | 0 | 0 | 0 | 0 |
Total Reorganization Costs | $133 | $0 | $602 | $0 |
Reorganization_Costs_Restructu
Reorganization Costs - Restructuring Reserve (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | $22,474 | ' | ||
Expenses (Income), Net | 23,513 | 4,636 | 61,937 | 13,302 | ||
Amounts Paid and Charged Against the Liability | ' | ' | -32,497 | ' | ||
Foreign Currency Translation | ' | ' | -416 | ' | ||
Remaining Liability at June 28, 2014 | 51,498 | ' | 51,498 | ' | ||
2014 Reorganization actions [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 0 | ' | ||
Expenses (Income), Net | ' | ' | 62,088 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -20,392 | ' | ||
Foreign Currency Translation | ' | ' | -525 | ' | ||
Remaining Liability at June 28, 2014 | 41,171 | [1] | ' | 41,171 | [1] | ' |
2014 Reorganization actions [Member] | Employee termination benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 0 | ' | ||
Expenses (Income), Net | ' | ' | 54,553 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -12,857 | ' | ||
Foreign Currency Translation | ' | ' | -525 | ' | ||
Remaining Liability at June 28, 2014 | 41,171 | ' | 41,171 | ' | ||
2014 Reorganization actions [Member] | Facility Costs [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 0 | ' | ||
Expenses (Income), Net | ' | ' | 7,535 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -7,535 | ' | ||
Foreign Currency Translation | ' | ' | 0 | ' | ||
Remaining Liability at June 28, 2014 | 0 | ' | 0 | ' | ||
2013 Reorganization actions [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 18,395 | ' | ||
Expenses (Income), Net | ' | ' | -151 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -9,356 | ' | ||
Foreign Currency Translation | ' | ' | 130 | ' | ||
Remaining Liability at June 28, 2014 | 9,018 | [2] | ' | 9,018 | [2] | ' |
2013 Reorganization actions [Member] | Employee termination benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 12,889 | ' | ||
Expenses (Income), Net | ' | ' | -151 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -8,014 | ' | ||
Foreign Currency Translation | ' | ' | 28 | ' | ||
Remaining Liability at June 28, 2014 | 4,752 | ' | 4,752 | ' | ||
2013 Reorganization actions [Member] | Facility Costs [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 5,506 | ' | ||
Expenses (Income), Net | ' | ' | 0 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -1,342 | ' | ||
Foreign Currency Translation | ' | ' | 102 | ' | ||
Remaining Liability at June 28, 2014 | 4,266 | ' | 4,266 | ' | ||
2012 and prior reorganization actions [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 4,079 | ' | ||
Expenses (Income), Net | ' | ' | 0 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -2,749 | ' | ||
Foreign Currency Translation | ' | ' | -21 | ' | ||
Remaining Liability at June 28, 2014 | 1,309 | ' | 1,309 | ' | ||
2012 and prior reorganization actions [Member] | Employee termination benefits [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 1,059 | ' | ||
Expenses (Income), Net | ' | ' | 0 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -1,059 | ' | ||
Foreign Currency Translation | ' | ' | 0 | ' | ||
Remaining Liability at June 28, 2014 | 0 | ' | 0 | ' | ||
2012 and prior reorganization actions [Member] | Facility Costs [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Remaining Liability at December 28, 2013 | ' | ' | 3,020 | ' | ||
Expenses (Income), Net | ' | ' | 0 | ' | ||
Amounts Paid and Charged Against the Liability | ' | ' | -1,690 | ' | ||
Foreign Currency Translation | ' | ' | -21 | ' | ||
Remaining Liability at June 28, 2014 | 1,309 | [3] | ' | 1,309 | [3] | ' |
Europe [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Expenses (Income), Net | 14,194 | 825 | 44,478 | 5,472 | ||
Asia-Pacific [Member] | ' | ' | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||
Expenses (Income), Net | $664 | $994 | $1,903 | $4,280 | ||
[1] | We expect the remaining liabilities to be substantially utilized by the end of 2015. | |||||
[2] | We expect the remaining liabilities to be substantially utilized by the end of 2016. | |||||
[3] | We expect the remaining liabilities to be fully utilized by the end of 2015. |
Debt_Carrying_Value_of_Outstan
Debt - Carrying Value of Outstanding Debt (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Standby Letters of Credit [Line Items] | ' | ' |
Total debt, current and non-current | $1,160,224 | $846,226 |
Short-term debt and current maturities of long-term debt | -106,622 | -48,772 |
Long-term debt, less current maturities | 1,053,602 | 797,454 |
Senior unsecured notes, 5.25% due 2017 [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Total debt, current and non-current | 300,000 | 300,000 |
Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,501 and $1,546, respectively [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Total debt, current and non-current | 298,544 | 298,454 |
North America revolving trade accounts receivable-backed financing program [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Total debt, current and non-current | 450,000 | 199,000 |
Lines of credit and other debt [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Total debt, current and non-current | $111,680 | $48,772 |
Debt_Carrying_Value_of_Outstan1
Debt - Carrying Value of Outstanding Debt (Parenthetical) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 28, 2014 | Dec. 28, 2013 |
Senior unsecured notes, 5.25% due 2017 [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Debt, interest rate | 5.25% | 5.25% |
Debt, maturity date | '2017 | '2017 |
Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,501 and $1,546, respectively [Member] | ' | ' |
Standby Letters of Credit [Line Items] | ' | ' |
Debt, interest rate | 5.00% | 5.00% |
Debt, maturity date | '2022 | '2022 |
Debt, unamortized discount | 1,456 | 1,546 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Mar. 30, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
2010 [Member] | 2011 [Member] | |||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | 34.20% | 25.60% | ' | 37.60% | 29.60% | ' | ' | ' |
Percentage increase in the reported income tax expense attributable to non-deductible restructuring charges | 4.00% | ' | ' | 7.00% | ' | ' | ' | ' |
Net discrete tax benefit | ' | $5,766 | $1,185 | $2,525 | $6,951 | ' | ' | ' |
Net discrete tax benefit percentage points of effective tax rate | ' | 6.20% | ' | 2.10% | 4.10% | ' | ' | ' |
U.S. federal statutory rate | 35.00% | 35.00% | ' | 35.00% | 35.00% | ' | ' | ' |
Gross unrecognized tax benefits | 36,376 | ' | ' | 36,376 | ' | 35,398 | ' | ' |
Net increase (decrease) in gross unrecognized tax benefits | ' | ' | ' | 978 | ' | ' | ' | ' |
Interest and penalties on unrecognized tax benefits | $8,363 | ' | ' | $8,363 | ' | $7,333 | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax year | ' | ' | ' | ' | ' | ' | '2010 | '2011 |
Segment_Information_Financial_
Segment Information - Financial Information by Reporting Segments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $10,909,379 | $10,308,015 | $21,293,368 | $20,570,459 | ' |
Income from operations | 98,219 | 113,796 | 166,579 | 204,592 | ' |
Stock-based compensation expense | -8,574 | -6,541 | -16,460 | -13,957 | ' |
Capital expenditures | 18,577 | 24,026 | 40,897 | 39,457 | ' |
Depreciation | 22,449 | 20,569 | 42,516 | 38,796 | ' |
Amortization of intangible assets | 14,421 | 11,997 | 28,573 | 23,762 | ' |
Identifiable assets | 11,550,707 | ' | 11,550,707 | ' | 11,791,195 |
Long-lived assets | 842,579 | ' | 842,579 | ' | 864,122 |
North America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 4,610,988 | 4,267,901 | 8,753,085 | 8,341,804 | ' |
Income from operations | 72,054 | 70,040 | 133,768 | 136,693 | ' |
Capital expenditures | 14,022 | 20,439 | 32,696 | 32,845 | ' |
Depreciation | 15,203 | 13,500 | 28,841 | 24,084 | ' |
Amortization of intangible assets | 9,907 | 7,297 | 19,619 | 14,595 | ' |
Identifiable assets | 5,133,289 | ' | 5,133,289 | ' | 4,797,503 |
Long-lived assets | 637,324 | ' | 637,324 | ' | 649,146 |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 3,417,696 | 3,030,439 | 6,876,984 | 6,209,842 | ' |
Income from operations | 3,077 | 14,752 | -8,129 | 24,513 | ' |
Capital expenditures | 2,133 | 1,778 | 4,154 | 3,361 | ' |
Depreciation | 4,094 | 4,017 | 7,753 | 8,665 | ' |
Amortization of intangible assets | 2,876 | 3,004 | 5,705 | 5,762 | ' |
Identifiable assets | 3,967,565 | ' | 3,967,565 | ' | 4,390,518 |
Long-lived assets | 120,028 | ' | 120,028 | ' | 129,119 |
Asia-Pacific [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 2,359,105 | 2,549,847 | 4,648,244 | 5,097,027 | ' |
Income from operations | 23,702 | 26,018 | 40,450 | 42,266 | ' |
Capital expenditures | 1,875 | 1,263 | 3,224 | 2,389 | ' |
Depreciation | 2,763 | 2,711 | 5,177 | 5,377 | ' |
Amortization of intangible assets | 1,434 | 1,474 | 2,839 | 2,962 | ' |
Identifiable assets | 1,772,968 | ' | 1,772,968 | ' | 1,766,986 |
Long-lived assets | 77,347 | ' | 77,347 | ' | 77,410 |
Latin America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 521,590 | 459,828 | 1,015,055 | 921,786 | ' |
Income from operations | 7,960 | 9,527 | 16,950 | 15,077 | ' |
Capital expenditures | 547 | 546 | 823 | 862 | ' |
Depreciation | 389 | 341 | 745 | 670 | ' |
Amortization of intangible assets | 204 | 222 | 410 | 443 | ' |
Identifiable assets | 676,885 | ' | 676,885 | ' | 836,188 |
Long-lived assets | $7,880 | ' | $7,880 | ' | $8,447 |
Segment_Information_Integratio
Segment Information - Integration, Transition and Other Costs (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Integration, transition and other costs | ' | $9,999 | [1] | $5,930 | [1] | $11,986 | [1] | $10,508 | [1] |
Litigation settlement, amount | 29,500 | ' | ' | 6,600 | ' | ||||
North America [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Integration, transition and other costs | ' | 8,232 | [1] | 4,285 | [1] | 8,333 | [1] | 7,558 | [1] |
Europe [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Integration, transition and other costs | ' | 1,255 | [1] | 918 | [1] | 1,764 | [1] | 1,904 | [1] |
Asia-Pacific [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Integration, transition and other costs | ' | 512 | [1] | 727 | [1] | 1,889 | [1] | 1,046 | [1] |
Latin America [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Integration, transition and other costs | ' | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | Costs are primarily for legal, consulting and other costs associated with the global organizational effectiveness program (see Note 8), the integration of BrightPoint, acquisitions-related costs and other transition costs incurred for certain executives, charged to SG&A expenses. |
Segment_Information_Schedule_o
Segment Information - Schedule of Revenue and Long-lived Assets by Geographic Location (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | $10,909,379 | $10,308,015 | $21,293,368 | $20,570,459 | ' |
Net sales, percentage | 100.00% | 100.00% | 100.00% | 100.00% | ' |
Long-lived assets | 842,579 | ' | 842,579 | ' | 864,122 |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 4,244,514 | 3,872,694 | 7,980,365 | 7,530,134 | ' |
Net sales, percentage | 39.00% | 38.00% | 37.00% | 37.00% | ' |
Long-lived assets | 600,697 | ' | 600,697 | ' | 625,719 |
Outside of the United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 6,664,865 | 6,435,321 | 13,313,003 | 13,040,325 | ' |
Net sales, percentage | 61.00% | 62.00% | 63.00% | 63.00% | ' |
Long-lived assets | $241,882 | ' | $241,882 | ' | $238,403 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 28, 2014 |
USD ($) | BRL | 2005 Federal import tax assessment [Member] | 2005 Federal import tax assessment [Member] | 2007 Sao Paulo Municipal tax assessment [Member] | 2007 Sao Paulo Municipal tax assessment [Member] | 2011 Federal income tax assessment [Member] | 2011 Federal income tax assessment [Member] | 2012 Sao Paulo Municipal tax assessment [Member] | 2012 Sao Paulo Municipal tax assessment [Member] | 2013 Sao Paulo Municipal tax assessment [Member] | 2013 Sao Paulo Municipal tax assessment [Member] | |
USD ($) | BRL | USD ($) | BRL | USD ($) | BRL | USD ($) | BRL | USD ($) | BRL | |||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of commercial taxes due on the import of software acquired | ' | ' | $5,779 | 12,714 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of service taxes due on the resale of software | ' | ' | ' | ' | 13,232 | 29,111 | ' | ' | ' | ' | ' | ' |
Amount of penalties on service taxes | ' | ' | ' | ' | 11,805 | 25,972 | ' | ' | 681 | 1,498 | 2,437 | 5,362 |
Amount of statutory penalties for delays in providing certain electronic files | ' | ' | ' | ' | ' | ' | 7,227 | 15,900 | ' | ' | ' | ' |
Amount of service taxes due on the importation of software | ' | ' | ' | ' | ' | ' | ' | ' | 1,362 | 2,996 | 4,875 | 10,725 |
Amount of penalties and interest likely to be assessed | 101,833 | 224,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of reimbursement to third party | $5,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal_Settlement_Detail
Legal Settlement (Detail) (USD $) | 1 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2014 | Jul. 31, 2013 | Jun. 28, 2014 |
Litigation Settlement [Abstract] | ' | ' | ' |
Litigation settlement, amount | ' | $29,500 | $6,600 |
Litigation settlement, additional contingent amount | $6,600 | ' | ' |