Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 29, 2016 | Jul. 04, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 2, 2016 | ||
Document Period Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IM | ||
Entity Registrant Name | INGRAM MICRO INC | ||
Entity Central Index Key | 1,018,003 | ||
Current Fiscal Year End Date | --01-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding (Class A) | 148,361,867 | ||
Entity Public Float | $ 3,844,865,445 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 935,267 | $ 692,777 |
Trade accounts receivable (less allowances of $59,437 and $70,716) | 5,663,754 | 6,115,328 |
Inventory | 3,457,016 | 4,145,012 |
Other current assets | 475,813 | 532,406 |
Total current assets | 10,531,850 | 11,485,523 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 381,414 | 432,430 |
Goodwill | 843,001 | 532,483 |
Intangible assets, net | 374,674 | 318,689 |
Other assets | 176,321 | 62,318 |
Total assets | 12,307,260 | 12,831,443 |
Current liabilities: | ||
Accounts payable | 6,353,511 | 6,522,369 |
Accrued expenses | 620,501 | 542,038 |
Short-term debt and current maturities of long-term debt | 134,103 | 372,026 |
Total current liabilities | 7,108,115 | 7,436,433 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt, less current maturities | 1,097,273 | 1,096,889 |
Other liabilities | 134,086 | 132,295 |
Total liabilities | $ 8,339,474 | $ 8,665,617 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.01 par value, 25,000 shares authorized; no shares issued and outstanding | $ 0 | $ 0 |
Additional paid-in capital | 1,503,043 | 1,461,705 |
Treasury stock, 46,958 and 37,349 shares in 2015 and 2014, respectively | (892,925) | (636,493) |
Retained earnings | 3,513,101 | 3,328,178 |
Accumulated other comprehensive (loss) income | (157,387) | 10,501 |
Total stockholders’ equity | 3,967,786 | 4,165,826 |
Total liabilities and stockholders’ equity | 12,307,260 | 12,831,443 |
Class A Common Stock, $0.01 par value, 500,000 shares authorized; 195,320 and 193,563 shares issued and 148,362 and 156,214 shares outstanding in 2015 and 2014, respectively [Member] | ||
Stockholders’ equity: | ||
Common Stock | 1,954 | 1,935 |
Total stockholders’ equity | 1,954 | 1,935 |
Class B Common Stock, $0.01 par value, 135,000 shares authorized; no shares issued and outstanding [Member] | ||
Stockholders’ equity: | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Allowances for trade accounts receivable (in dollars) | $ 59,437 | $ 70,716 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Treasury Stock, shares | 46,958,000 | 37,349,000 |
Class A Common Stock [Member] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 195,320,000 | 193,563,000 |
Common Stock, shares outstanding | 148,362,000 | 156,214,000 |
Class B Common Stock [Member] | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 135,000,000 | 135,000,000 |
Common Stock, shares issued | 0 | 0 |
Common Stock, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 43,025,852 | $ 46,487,426 | $ 42,553,918 |
Cost of sales | 40,314,560 | 43,821,709 | 40,064,361 |
Gross profit | 2,711,292 | 2,665,717 | 2,489,557 |
Operating expenses: | |||
Selling, general and administrative | 2,076,528 | 2,025,948 | 1,891,573 |
Amortization of intangible assets | 62,138 | 58,962 | 48,480 |
Reorganization costs | 36,309 | 93,545 | 34,629 |
Impairment of internally developed software | 121,001 | 0 | 0 |
Total operating expenses | 2,295,976 | 2,178,455 | 1,974,682 |
Income from operations | 415,316 | 487,262 | 514,875 |
Other expense (income): | |||
Interest income | (3,129) | (4,882) | (7,652) |
Interest expense | 81,866 | 77,728 | 59,165 |
Net foreign currency exchange loss | 27,130 | 4,260 | 11,578 |
Other | 13,023 | 15,405 | 15,685 |
Total other expense (income) | 118,890 | 92,511 | 78,776 |
Income before income taxes | 296,426 | 394,751 | 436,099 |
Provision for income taxes | 81,321 | 128,060 | 125,516 |
Net income | $ 215,105 | $ 266,691 | $ 310,583 |
Basic earnings per share (in dollars per share) | $ 1.40 | $ 1.72 | $ 2.03 |
Diluted earnings per share (in dollars per share) | 1.37 | 1.67 | 1.99 |
Cash dividends paid per common share (in dollars per share) | $ 0.20 | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 215,105 | $ 266,691 | $ 310,583 |
Other comprehensive loss, net of tax | |||
Foreign currency translation adjustment | (167,888) | (101,069) | (33,312) |
Other comprehensive loss, net of tax | (167,888) | (101,069) | (33,312) |
Comprehensive income | $ 47,217 | $ 165,622 | $ 277,271 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 29, 2012 | $ 3,611,253 | $ 1,883 | $ 1,361,650 | $ (648,066) | $ 2,750,904 | $ 144,882 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised and shares issued under the stock plan, net of shares withheld for employee taxes | 30,339 | 36 | 30,303 | |||
Income tax benefits for stock plan awards | 422 | 422 | ||||
Stock-based compensation expense | 30,340 | 30,340 | ||||
Dividends paid | 0 | |||||
Issuance of treasury shares, net of shares withheld for employee taxes | 0 | (8,766) | 8,766 | |||
Comprehensive income | 277,271 | 310,583 | (33,312) | |||
Ending Balance at Dec. 28, 2013 | 3,949,625 | 1,919 | 1,413,949 | (639,300) | 3,061,487 | 111,570 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised and shares issued under the stock plan, net of shares withheld for employee taxes | 9,026 | 16 | 9,010 | |||
Income tax benefits for stock plan awards | 5,531 | 5,531 | ||||
Stock-based compensation expense | 36,022 | 36,022 | ||||
Dividends paid | 0 | |||||
Issuance of treasury shares, net of shares withheld for employee taxes | 0 | (2,807) | 2,807 | |||
Comprehensive income | 165,622 | 266,691 | (101,069) | |||
Ending Balance at Jan. 03, 2015 | 4,165,826 | 1,935 | 1,461,705 | (636,493) | 3,328,178 | 10,501 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised and shares issued under the stock plan, net of shares withheld for employee taxes | 1,030 | 19 | 1,011 | |||
Income tax benefits for stock plan awards | 3,029 | 3,029 | ||||
Stock-based compensation expense | 39,893 | 39,893 | ||||
Repurchase of Class A Common Stock | (259,027) | (259,027) | ||||
Dividends paid | (30,182) | (30,182) | ||||
Issuance of treasury shares, net of shares withheld for employee taxes | 0 | (2,595) | 2,595 | |||
Comprehensive income | 47,217 | 215,105 | (167,888) | |||
Ending Balance at Jan. 02, 2016 | $ 3,967,786 | $ 1,954 | $ 1,503,043 | $ (892,925) | $ 3,513,101 | $ (157,387) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 215,105 | $ 266,691 | $ 310,583 |
Adjustments to reconcile net income to cash provided (used) by operating activities: | |||
Depreciation and amortization | 153,144 | 146,028 | 128,915 |
Stock-based compensation | 39,893 | 36,022 | 30,340 |
Excess tax benefit from stock-based compensation | (5,154) | (5,572) | (1,944) |
Write-off of assets | 0 | 12,855 | 8,399 |
Gain on sale of property and equipment | (2,222) | (1,684) | (1,045) |
Impairment of internally developed software | 121,001 | 0 | 0 |
Noncash charges for interest and bond discount amortization | 2,917 | 2,425 | 2,554 |
Deferred income taxes | (29,158) | (29,282) | (33,087) |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Trade accounts receivable | 399,538 | (601,083) | (66,400) |
Inventory | 596,493 | (405,611) | (159,779) |
Other current assets | (40,879) | (24,268) | (13,654) |
Accounts payable | 3,950 | 252,977 | 234,913 |
Change in book overdrafts | (28,305) | 52,486 | (67,370) |
Accrued expenses | 29,630 | (192,086) | 93,615 |
Cash provided (used) by operating activities | 1,455,953 | (490,102) | 466,040 |
Cash flows from investing activities: | |||
Capital expenditures | (122,918) | (88,651) | (95,639) |
Sale (purchase) of marketable securities, net | 5,000 | (187) | 1,877 |
Proceeds from sale of property and equipment | 1,223 | 67,470 | 1,169 |
Cost-based investment | 0 | (10,000) | 0 |
Acquisitions and earn-out payments, net of cash acquired | (479,348) | (40,924) | (135,763) |
Cash used by investing activities | (596,043) | (72,292) | (228,356) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 17,115 | 19,334 | 43,384 |
Repurchase of Class A Common Stock | (259,027) | 0 | 0 |
Excess tax benefit from stock-based compensation | 5,154 | 5,572 | 1,944 |
Net proceeds from issuance of senior unsecured notes, net of issuance costs | 0 | 494,995 | 0 |
Fees associated with the amendment and extension of credit facilities | 0 | 0 | (1,086) |
Other consideration for acquisitions | (2,358) | 0 | 0 |
Dividends paid to shareholders | (30,182) | 0 | 0 |
Net proceeds from (repayments of) revolving credit facilities | (307,886) | 99,789 | (195,729) |
Other | 0 | 0 | (4,423) |
Cash provided (used) by financing activities | (577,184) | 619,690 | (155,910) |
Effect of exchange rate changes on cash and cash equivalents | (40,236) | (38,909) | (2,531) |
Increase in cash and cash equivalents | 242,490 | 18,387 | 79,243 |
Cash and cash equivalents, beginning of year | 692,777 | 674,390 | 595,147 |
Cash and cash equivalents, end of year | 935,267 | 692,777 | 674,390 |
Cash payments during the year: | |||
Interest | 79,831 | 77,226 | 57,492 |
Income taxes | $ 123,297 | $ 168,827 | $ 144,978 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Jan. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 (which includes Middle East and Africa), and Latin America. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of Ingram Micro Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. Fiscal Year Our fiscal year is a 52 - or 53 -week period ending on the Saturday nearest to December 31. All references herein to "2015", "2014", and "2013" represent the fiscal years ended January 2, 2016 (52-weeks), January 3, 2015 (53-weeks), and December 28, 2013 (52-weeks), respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. We review our estimates and assumptions on an on-going basis. Significant estimates primarily relate to the realizable value of accounts receivable, vendor programs, inventory, goodwill, intangible and other long-lived assets, income taxes and contingencies and litigation. Actual results could differ from these estimates. Change in Accounting Principle During the fiscal year ended January 2, 2016 , we adopted the provisions of Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740)-Balance Sheet Classification of Deferred Taxes". Current U.S. Generally Accepted Accounting Principles ("GAAP") requires a company to separate deferred income tax liabilities and assets into current and non-current amounts in the statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as non-current in the statement of financial position. In order to simplify our financial statement presentation, we elected to early adopt this ASU on a prospective basis and have not restated any prior periods. Revenue Recognition Revenue is recognized when: an arrangement exists; delivery has occurred, including transfer of title and risk of loss for product sales, or services have been rendered for service revenues; the price to the buyer is fixed or determinable; and collection is reasonably assured. Service revenues represented less than 10% of total net sales for 2015 , 2014 and 2013 . We, under specific conditions, permit our customers to return or exchange products. The provision for estimated sales returns is recorded concurrently with the recognition of revenue. The net impact on gross margin from estimated sales returns is included in allowances against trade accounts receivable in the consolidated balance sheet. We also have limited contractual relationships with certain of our customers and suppliers whereby we assume an agency relationship in the transaction. In such arrangements, we recognize as revenues the net fee associated with serving as an agent. Vendor Programs Funds received from vendors for price protection, product rebates, marketing/promotion, infrastructure reimbursement and meet-competition programs are recorded as adjustments to product costs, revenue, or selling, general and administrative (“SG&A”) expenses, according to the nature of the program. Some of these programs may extend over one or more quarterly reporting periods. We accrue rebates or other vendor incentives as earned based on sales of qualifying products or as services are provided in accordance with the terms of the related program. We sell products purchased from many vendors, but generated approximately 14% , 14% , and 15% of our net sales in 2015 , 2014 and 2013 , respectively, from products purchased from HP Inc. and Hewlett Packard Enterprise combined, and approximately 12% of our consolidated net sales in 2015 from products purchased from Apple Inc. There were no other vendors whose products represented 10 % or more of our net sales for each of the last three fiscal years. Warranties Our suppliers generally warrant the products distributed by us and allow returns of defective products, including those that have been returned to us by our customers. We generally do not independently warrant the products we distribute; however, local laws might impose warranty obligations upon distributors (such as in the case of supplier liquidation). We are obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. In addition, we warrant the services we provide, products that we build-to-order from components purchased from other sources, and our own branded products. Provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. Warranty expense and the related obligations are not material to our consolidated financial statements. Foreign Currency Translation and Remeasurement Financial statements of our foreign subsidiaries, for which the functional currency is the local currency, are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for statement of income items. Translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity. The functional currency of a few operations within our Europe, Asia-Pacific and Latin America regions is the U.S. dollar; accordingly, the monetary assets and liabilities of these subsidiaries are remeasured into U.S. dollars at the exchange rate in effect at the balance sheet date. Revenues, expenses, gains or losses are remeasured at the average exchange rate for the period, and nonmonetary assets and liabilities are remeasured at historical rates. The resultant remeasurement gains and losses of these operations as well as gains and losses from foreign currency transactions are included in the consolidated statement of income. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Book overdrafts of $428,628 and $400,323 as of January 2, 2016 and January 3, 2015 , 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 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 January 2, 2016 and January 3, 2015 , 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 customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the level of our trade accounts receivable eligible to be sold into these programs and the financial institutions’ willingness to purchase such receivables. At January 2, 2016 and January 3, 2015 , we had a total of $388,358 and $276,808 , respectively, of trade accounts receivable sold to and held by the financial institutions under these programs. Factoring fees of $4,565 , $4,757 , and $2,851 incurred in 2015 , 2014 and 2013 , respectively, related to the sale of trade accounts receivable under both facilities are included in “other” in the other expense (income) section of our consolidated statement of income. Inventory Our inventory consists of finished goods purchased from various vendors for resale. Inventory is stated at the lower of average cost or market, and is determined from the price we pay vendors, including freight and duties. We do not include labor, overhead or other general or administrative costs in our inventory. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives noted below. We also capitalize computer software costs that meet both the definition of internal-use software and defined criteria for capitalization. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. Depreciable lives of property and equipment are as follows: Buildings 30-40 years Leasehold improvements 3-17 years Distribution equipment 5-10 years Computer equipment and software 3-10 years Maintenance, repairs and minor renewals are charged to expense as incurred. Additions, major renewals and betterments to property and equipment are capitalized. Long-Lived and Intangible Assets We assess potential impairments to our long-lived and intangible assets when events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If required, an impairment loss is recognized as the difference between the carrying value and the fair value of the assets. The gross carrying amounts of finite-lived identifiable intangible assets of $537,308 and $488,753 at January 2, 2016 and January 3, 2015 , respectively, are amortized over their remaining estimated lives ranging up to 12 years with the predominant amounts having lives of 3 to 10 years. The net carrying amount was $374,674 and $318,689 at January 2, 2016 and January 3, 2015 , respectively. Amortization expense was $62,138 , $58,962 and $48,480 for 2015 , 2014 and 2013 , respectively. Future minimum amortization expense of finite-lived identifiable intangible assets that we expect to recognize over the next five years and thereafter are as follows: 2016 $ 68,133 2017 66,440 2018 62,426 2019 50,205 2020 43,903 Thereafter 83,567 $ 374,674 During 2015, we recognized a non-cash, pre-tax charge related to the impairment of internally developed software of $121,001 primarily due to the decision to cancel future deployments of SAP. During the second quarter of 2014, we wrote-off a previously acquired trade name of $ 7,528 as a result of the integration of certain operations under the Ingram Micro brand. There were no impairments to our long-lived and other identifiable intangible assets in 2013 . Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in an acquisition and is reviewed annually for potential impairment, or when circumstances warrant. Additions to goodwill in 2015 were primarily due to our acquisitions of Anovo, Odin, DocData, and Acâo. Additionally, we adjusted goodwill in 2015 to reflect the finalization of the allocation of purchase price related to our acquisition of Armada Computer Systems ("Armada"). Goodwill is required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that goodwill may be impaired. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We perform our annual goodwill impairment assessment during our fiscal fourth quarter. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, a "Step 0" analysis. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform "Step 1" of the two-step goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying value exceeds the fair value, we measure the amount of impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill to its carrying amount. Our most recent annual review, based on qualitative factors, indicated that we had no impairment of goodwill, as it was more likely than not that the fair value of the reporting unit was greater than its carrying value. The changes in the carrying amount of goodwill are as follows: North America Europe Asia-Pacific Latin America Total Balance at December 28, 2013 $ 392,937 $ 42,160 $ 92,429 $ — $ 527,526 Acquisitions 4,870 241 4,970 — 10,081 Adjustments/reclassifications (5,124 ) — — — (5,124 ) Balance at January 3, 2015 $ 392,683 $ 42,401 $ 97,399 $ — $ 532,483 Acquisitions 97,694 163,306 2,135 65,852 328,987 Adjustments/reclassifications (2,664 ) (7,509 ) (7,609 ) (687 ) (18,469 ) Balance at January 2, 2016 $ 487,713 $ 198,198 $ 91,925 $ 65,165 $ 843,001 Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, trade accounts receivable from customers and vendors, and derivative financial instruments. Our cash and cash equivalents are deposited and/or invested with various financial institutions globally that are monitored by us regularly for credit quality. Our trade accounts receivable reflect a large number of customers and dispersed across wide geographic areas, none of which has accounted for 10% or more of our consolidated net sales in 2015 , 2014 and 2013 and no customer accounts receivable balance was greater than 10% of our total trade accounts receivable at January 2, 2016 nor January 3, 2015 . We perform ongoing credit evaluations of our customers’ financial conditions, obtain credit insurance in many locations and require collateral in certain circumstances. We maintain an allowance for estimated credit losses. Derivative Financial Instruments We operate in various locations around the world. We reduce our exposure to fluctuations in foreign exchange rates by creating offsetting positions through the use of derivative financial instruments in situations where there are not offsetting balances that create a natural hedge. The market risk related to the foreign exchange agreements is offset by changes in the valuation of the underlying items being hedged. In accordance with our policy, we do not use derivative financial instruments for trading or speculative purposes, nor are we a party to leveraged derivatives. Foreign exchange risk is managed primarily by using forward contracts to hedge foreign currency-denominated receivables, payables and intercompany loans and expenses. Interest rate swaps and forward contracts may be used to hedge foreign currency-denominated principal and interest payments related to intercompany loans. All derivatives are recorded in our consolidated balance sheet at fair value. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on market-derived prices. Changes in the fair value of derivatives not designated as hedging instruments are recorded in current earnings. Changes in the fair value of derivatives designated as hedging instruments are reflected in accumulated other comprehensive income. The notional amount of forward exchange contracts is the amount of foreign currency bought or sold at maturity. The notional amount of interest rate swaps is the underlying principal amount used in determining the interest payments exchanged over the life of the swap. Notional amounts are indicative of the extent of our involvement in the various types and uses of derivative financial instruments but are not a measure of our exposure to credit or market risks through our use of derivatives. Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed our obligations to the counterparties. We manage the potential risk of credit losses through careful evaluation of counterparty credit standing, selection of counterparties from a limited group of financial institutions and other contract provisions including collateral deposits. Treasury Stock 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. Comprehensive Income Comprehensive income consists primarily of our net income and foreign currency translation adjustments. 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: Fiscal Year Ended 2015 2014 2013 Net income $ 215,105 $ 266,691 $ 310,583 Weighted average shares 153,500 155,492 152,900 Basic EPS $ 1.40 $ 1.72 $ 2.03 Weighted average shares, including the dilutive effect of stock-based awards (3,096, 3,960 and 3,372 for 2015, 2014 and 2013, respectively) 156,596 159,452 156,272 Diluted EPS $ 1.37 $ 1.67 $ 1.99 There were approximately 2,545 , 1,772 and 2,069 stock-based awards in 2015 , 2014 and 2013 , respectively, which 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, thereby resulting in an antidilutive effect. Income Taxes We estimate income taxes in each of the taxing jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing the future tax impact of any differences resulting from the different treatment of certain items, such as the timing for recognizing revenues and expenses for tax versus financial reporting purposes. These differences may result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We are required to assess the likelihood that our deferred tax assets, which include net operating loss carryforwards, tax credits and temporary differences that are expected to be deductible in future years, will be recoverable from future taxable income. In making that assessment, we consider the nature of the deferred tax assets and related statutory limits on utilization, recent operating results, future market growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and prudent and feasible tax planning strategies. If, based upon available evidence, recovery of the full amount of the deferred tax assets is not likely; we provide a valuation allowance on any amount not likely to be realized. Our effective tax rate includes the impact of not providing taxes on undistributed foreign earnings considered indefinitely reinvested. Material changes in our estimates of cash, working capital and long-term investment requirements in the various jurisdictions in which we do business could impact our effective tax rate if we no longer consider our foreign earnings to be indefinitely reinvested. The provision for tax liabilities and recognition of tax benefits involves evaluations and judgments of uncertainties in the interpretation of complex tax regulations by various taxing authorities. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless their sustainability is deemed more likely than not. As additional information becomes available, or these uncertainties are resolved with the taxing authorities, revisions to these liabilities or benefits may be required, resulting in additional provision for or benefit from income taxes reflected in our consolidated statement of income. Accounting for Stock-Based Compensation We use the Black-Scholes option-pricing model to determine the fair value of stock options and the closing market price of our common stock on the date of the grant to determine the fair value of our restricted stock and restricted stock units. Stock-based compensation expense is recorded for all stock options, restricted stock and restricted stock units that are ultimately expected to vest as the requisite service is rendered. We recognize these compensation costs, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award, which is the vesting term of outstanding stock-based awards. We estimate the forfeiture rate based on our historical experience during the preceding five fiscal years . New Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard that will supersede existing revenue recognition guidance under current U.S. GAAP. The new standard is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services. The accounting standard is effective for us in the first quarter of fiscal year 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt this standard, and management is currently evaluating which transition approach to use. Early adoption is permitted in the first quarter of fiscal year 2017. We are currently in the process of assessing what impact this new standard may have on our consolidated financial statements and evaluating our potential adoption method. In August 2015, the FASB issued ASU 2015-15,"Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements and Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting". The guidance in the previously issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The standard is effective for periods beginning after December 15, 2015. The new guidance is not expected to have a material impact on our financial position, and we intend to adopt this standard in 2016. In February 2016, the FASB issued ASU 2016-2,"Leases (Topic 842)". This update will increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date (i) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged, and it simplified the accounting for sale and leaseback transactions. Lessees will no longer be provided with a source of off-balance sheet financing. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently in the process of assessing what impact this new standard may have on our consolidated financial statements. |
Reorganization Costs
Reorganization Costs | 12 Months Ended |
Jan. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Reorganization Costs | Reorganization Costs 2015 and 2014 Actions On February 13, 2014 we announced a plan to proceed with a global organizational effectiveness program that involved aligning and leveraging our infrastructure globally with our evolving businesses, opportunities and resources, and de-layering and simplifying the organization. On May 4, 2015, we announced our intention to take certain global actions to further streamline our cost structure. During the fiscal year ended January 2, 2016, and January 3, 2015, we recognized net reorganization charges of $36,309 , and $93,545 , respectively. The reorganization charges during the fiscal year ended January 2, 2016 primarily related to employee termination benefits. During the fiscal year ended January 3, 2015, the reorganization charges primarily related to $85,791 of 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 In 2013, we incurred net reorganization costs primarily relating to a number of key initiatives, including: (a) the integration of BrightPoint operations into Ingram Micro, resulting in headcount reductions and the closure of certain BrightPoint facilities, and the exit of a portion of our Australian offices in Asia-Pacific; (b) headcount reductions in Europe to respond to the current market environment, and (c) the transition of certain transaction-oriented service and support functions to shared services centers. A summary of the reorganization and expense-reduction program costs incurred in 2015 , 2014, and 2013 are as follows: Reorganization costs Headcount Reduction Employee Termination Benefits Facility Costs/Other Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Fiscal year ended-2015 North America $ 14,468 $ 56 $ 14,524 $ (1,523 ) $ 13,001 Europe 15,411 2,102 17,513 (1,663 ) 15,850 Asia-Pacific 5,567 452 6,019 — 6,019 Latin America 974 465 1,439 — 1,439 Total 582 $ 36,420 $ 3,075 $ 39,495 $ (3,186 ) $ 36,309 Fiscal year ended-2014 North America $ 14,808 $ 7,541 $ 22,349 $ — $ 22,349 Europe 66,467 — 66,467 — 66,467 Asia-Pacific 2,482 213 2,695 — 2,695 Latin America 2,034 — 2,034 — 2,034 Total 1,183 $ 85,791 $ 7,754 $ 93,545 $ — $ 93,545 Fiscal year ended-2013 North America $ 5,186 $ 3,610 $ 8,796 $ 173 $ 8,969 Europe 18,730 764 19,494 (188 ) 19,306 Asia-Pacific 1,411 4,955 6,366 (12 ) 6,354 Latin America — — — — — Total 628 $ 25,327 $ 9,329 $ 34,656 $ (27 ) $ 34,629 Adjustments in the table above primarily reflect increases or decreases in estimated costs for employee terminations or to exit facilities. The remaining liabilities and 2015 activities associated with the aforementioned actions are summarized in the table below: Reorganization Liability Remaining Liability at January 3, 2015 Expenses (Income), Net Amounts Paid Foreign Currency Translation Remaining Liability at January 2, 2016 (a) 2015 and 2014 Reorganization actions Employee termination benefits $ 24,296 $ 34,757 (b) $ (40,910 ) $ (2,714 ) $ 15,429 Facility and Other Costs — 3,075 (2,271 ) — 804 Subtotal 24,296 37,832 (43,181 ) (2,714 ) 16,233 2013 and Prior Reorganization actions Employee termination benefits 118 — (118 ) — — Facility and Other Costs 2,496 (1,523 ) (c) (973 ) — — Subtotal 2,614 (1,523 ) (1,091 ) — — Total $ 26,910 $ 36,309 $ (44,272 ) $ (2,714 ) $ 16,233 (a) We expect the remaining liabilities to be substantially utilized by the end of 2016. (b) Included in the table above are adjustments related to a $1,663 reduction of reorganization liabilities recorded in 2014 in Europe for lower than expected employee termination benefits. (c) Included in the table above are adjustments related to the reductions of $1,523 to 2013 and prior reorganization plan liabilities, respectively, recorded prior years in North America for lower than expected facility and other costs. |
Acquisitions, Goodwill and Inta
Acquisitions, Goodwill and Intangible Assets | 12 Months Ended |
Jan. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Intangible Assets | Acquisitions, Goodwill and Intangible Assets 2015 Acquisitions On December 21, 2015, we acquired all the outstanding shares of Acâo, one of Latin America's leading providers of critical value-add IT solutions, for a cash payment of $68,654 , net of cash acquired. The major class of assets and liabilities to which we preliminarily allocated the purchase price was $58,043 to goodwill. The goodwill recognized in connection with this acquisition is primarily attributable to assembled workforce and the enhancement of value-add IT solutions to our distribution business in Latin America. On December 18, 2015, we acquired all the outstanding shares of DocData, for a cash payment of $144,752 , net of cash acquired. DocData is one of the leading European providers of order fulfillment, returns logistics and on-line payment services that also provides critical commerce solutions to major retailers, brands and promising start-ups. The major class of assets and liabilities to which we preliminarily allocated the purchase price was $133,538 to goodwill. The goodwill recognized in connection with this acquisition is primarily attributable to the assembled workforce and the enhancement of our commerce and fulfillment services business. On December 18, 2015, we acquired the assets of Odin, for a cash payment of $163,906 , net of cash acquired, which will enhance our cloud management platform technologies. The major classes of assets and liabilities to which we preliminarily allocated the purchase price were $65,240 to identifiable intangible assets and $109,768 to goodwill. The identifiable intangible assets primarily consist of customer relationships, trade name and developed technology with estimated useful lives that range from three to six years. The goodwill recognized in connection with this acquisition is primarily attributable to the assembled workforce and the enhancement of our cloud strategy. On June 14, 2015, we acquired a 75% majority interest in Aptec Saudi, the largest value-added technology distributor in Saudi Arabia for a payment of $5,200 , net of cash acquired. In addition, the purchase price includes a deferred payment of $1,872 , payable over the next fiscal year. The major class of assets and liabilities to which we preliminarily allocated the purchase price were identifiable intangible assets of $5,258 . The identifiable intangible asset consists of customer relationships with estimated useful lives of seven years. As of January 2, 2016, we recorded minority interest of $1,800 in other liabilities on the consolidated balance sheet for the remaining 25% interest in Aptec Saudi. On March 16, 2015, we acquired all of the outstanding shares of certain subsidiaries of Tech Data located in Latin America for a cash payment of $15,978 , net of cash acquired, and the assumption of debt of $43,658 . The consideration paid was preliminarily allocated to the fair value of net tangible assets, which primarily consisted of accounts receivable, inventory and accounts payable. On February 27, 2015, we acquired 97.5% of the outstanding shares of Anovo, a leading global provider of device lifecycle services for a payment of $68,123 , net of cash acquired, plus assumption of debt of $32,486 . The major classes of assets and liabilities to which we allocated the purchase price were $52,728 to identifiable intangible assets, and $26,428 to goodwill. The identifiable intangible assets primarily consist of developed technology, a trade name and customer relationships with estimated useful lives that range from four to ten years. The goodwill recognized in connection with this acquisition is primarily attributable to the assembled workforce. During the second half of the fiscal year ended January 2, 2016, we acquired an additional 2.5% of the outstanding shares of Anovo for $1,391 . As of January 2, 2016, we own 100% of the outstanding shares of Anovo. In addition, during fiscal year ended January 2, 2016 , we completed three small but strategic acquisitions for cash aggregating $1,924 , and an estimated future earn-out payment of $613 . These acquisitions will enhance our existing portfolio of products and services. The purchase price was preliminarily allocated to the assets and liabilities assumed based on their estimated fair values on the transaction date, resulting in the recording of identifiable intangible assets of $1,294 , and $1,210 to goodwill. The identifiable intangible assets are primarily related to customer relationships with an estimated useful life of five years. 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 2015 acquisitions because the effects of the business combinations for these acquisitions, individually and in aggregate, were not material to our consolidated results of operations. For our recent acquisitions, asset valuations are still in progress and the amounts preliminarily allocated to goodwill and intangible assets will be finalized in 2016. 2014 Acquisitions On December 1, 2014, we acquired 58% of the outstanding shares of Armada, a leading IT value distributor in Turkey for consideration paid of $20,100 , net of cash acquired. The major classes of assets and liabilities to which we preliminarily allocated the purchase price were goodwill of $ 4,970 , and identifiable intangible assets of $ 9,949 , primarily consisting of a trade name and customer relationships with estimated useful lives of five years. The goodwill recognized in connection with the acquisition is primarily attributable to the assembled workforce and our expectation of expanding Armada’s brand, and enhancing our existing enterprise solutions portfolio and channel development experience in the small and medium sized business market, credit services, training and other professional offering in Turkey. As of January 3, 2015, we recorded minority interest of $17,666 in other liabilities on the consolidated balance sheet for the remaining 42% of the outstanding shares. During the fiscal year ended January 2, 2016 , we acquired an additional 23% of the outstanding shares of Armada Computer Systems for $9,420 . As of January 2, 2016 , we owned 81% of the outstanding shares, and we recorded minority interest of $8,246 in other liabilities on the consolidated balance sheet for the remaining 19% of the outstanding shares. During 2014, we completed five additional small but strategic acquisitions for cash aggregating $20,834 , and an estimated future earn-out payment of $3,998 . These acquisitions will enhance our existing portfolio of products and services. The major classes of assets and liabilities to which we preliminary allocated the purchase price were goodwill of $5,111 , and identifiable intangible assets of $15,777 , primarily consisting of customer relationships and trade names with estimated useful lives that range from three to five years. The goodwill recognized in connection with the acquisitions is primarily attributable to assembled workforce and our expectation of expanding our existing product and service 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 effects of the business combinations for these acquisitions, individually and in aggregate, were not material to our consolidated results of operations. 2013 Acquisitions On December 2, 2013 , we acquired all of the issued and outstanding shares of Shipwire, a global provider of e-commerce fulfillment services for small-to-medium-sized business worldwide, for cash of $86,000 . The major classes of assets and liabilities to which we allocated the purchase price were goodwill of $62,628 , and identifiable intangible assets of $25,000 , primarily consisting of software, trade name and customer relationships with estimated lives of five years. The goodwill recognized in connection with the acquisition is primarily attributable to the assembled workforce and our expectation of extending Shipwire's brand and the reach of its networked platform, while enhancing our existing portfolio of products and services. This acquisition will expand our solutions offerings into the large and growing e-commerce fulfillment market. On September 30, 2013 , we completed the acquisition of Norcross, Georgia-based CloudBlue, a provider of enterprise IT asset disposition, on-site data destruction and e-waste recycling services to large enterprise customers, for cash of $38,500 . We have allocated the purchase price to the identifiable assets acquired and liabilities assumed at their estimated fair values which included $14,295 of intangible assets and $25,237 of goodwill. The identifiable intangible assets primarily consisted of customer relationships, software and trade name with estimated useful lives up to five years. The goodwill recognized is primarily attributable to the assembled workforce and our expectation of expanding our supply chain solutions portfolio with a full suite of in-demand services. On September 12, 2013 , we acquired all of the outstanding shares of Canada-based SoftCom, a cloud marketplace and global service provider, for cash of $10,943 and payment of outstanding debt of $3,407 . In addition, the purchase price includes a deferred payment of $5,000 , payable over three years and a $3,650 three -year performance-based earn-out. We have allocated the purchase price to the identifiable assets acquired and liabilities assumed at their estimated fair values which included $11,761 of intangible assets and $15,437 of goodwill. The identifiable intangible assets primarily consisted of domain names and software with estimated useful lives of six years. The goodwill recognized is primarily attributable to the assembled workforce and the enhancement of cloud offerings road map and aggregation platform to our reseller partners. 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 2013 acquisitions because the effects of the business combinations for these acquisitions, individually and in aggregate, were not material to our consolidated results of operations. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: Fiscal Year End 2015 2014 Land $ 5,372 $ 4,230 Buildings and leasehold improvements 164,650 131,001 Distribution equipment 307,512 277,205 Computer equipment and software 654,786 732,452 1,132,320 1,144,888 Accumulated depreciation (750,906 ) (712,458 ) Property and equipment, net $ 381,414 $ 432,430 On December 22, 2014, we entered into a sale leaseback agreement, whereby we sold three North American properties for a cash consideration of $67,470 and then leased back the properties for a term of 10 years. The gain recognized on the property leased back has been deferred and is being recognized over the life of the lease term . |
Debt
Debt | 12 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The carrying value of our outstanding debt consists of the following: Fiscal Year End 2015 2014 Senior unsecured notes, 4.95% due 2024, net of unamortized discount of $1,569 and $1,745, respectively $ 498,431 $ 498,255 Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,187 and $1,366, respectively 298,813 298,634 Senior unsecured notes, 5.25% due 2017 300,000 300,000 North America revolving trade accounts receivable-backed financing program — 185,000 Lines of credit and other debt 134,132 187,026 1,231,376 1,468,915 Short-term debt and current maturities of long-term debt (134,103 ) (372,026 ) $ 1,097,273 $ 1,096,889 In December 2014, we issued through a public offering $500,000 of 4.95% senior unsecured notes due 2024, resulting in cash proceeds of $494,995 , net of discount and issuance costs of $1,755 and $3,250 , respectively. Interest on the notes is payable semiannually on June 15 and December 15, commencing June 15, 2015. In August 2012, we issued through a public offering $300,000 of 5.00% senior unsecured notes due 2022, resulting in cash proceeds of approximately $296,256 , net of discount and issuance costs of $1,794 and $1,950 , respectively. Interest on the notes is payable semiannually in arrears on February 10 and August 10, commencing February 10, 2013. We also have $300,000 of 5.25% senior unsecured notes due 2017. Interest on the notes is payable semiannually in arrears on March 1 and September 1 of each year. These notes may be redeemed by us in whole at any time or in part from time to time, at our option, at redemption prices that are designated in the terms and conditions of the respective notes. We have a revolving trade accounts receivable-backed financing program in North America which provides for up to $675,000 in borrowing capacity. On April 15, 2015, we extended the maturity of this program from November 2015 to April 2018. Subject to the financial institutions’ approval and availability of eligible receivables, this program may be increased by $ 250,000 in accordance with the extended terms of the program. The interest rate of this program is dependent on designated commercial paper rates (or, in certain circumstances, an alternate rate) plus a predetermined margin. We had borrowings of $0 and $185,000 at January 2, 2016 and January 3, 2015 , respectively, under this North American financing program. During 2015, we had three revolving trade accounts receivable-backed financing programs in Europe and in Asia-Pacific: i) A program which provides for a borrowing capacity of up to €105,000 , or approximately $114,062 at January 2, 2016 exchange rates, maturing in January 2017 . ii) A program which provides for a maximum borrowing capacity of up to 160,000 Australian dollars, or approximately $116,432 at January 2, 2016 exchange rates, maturing in June 2017 iii) A program which provided for a maximum borrowing capacity of up to €45,000 which was terminated December 1, 2015. The current programs require certain commitment fees, and borrowings under this program incur financing costs based on the local short-term bank indicator rate for the currency in which the drawing is made plus a predetermined margin. We had no borrowings at January 2, 2016 and January 3, 2015 under any of these financing programs. Our ability to access financing under all our trade accounts receivable-backed financing programs in North America, Europe and Asia-Pacific, as discussed above, is dependent upon the level of eligible trade accounts receivable as well as continued covenant compliance. We may lose access to all or part of our financing under these programs under certain circumstances, including: (a) a reduction in sales volumes leading to related lower levels of eligible trade accounts receivable; (b) failure to meet certain defined eligibility criteria for the trade accounts receivable, such as receivables remaining assignable and free of liens and dispute or set-off rights; (c) performance of our trade accounts receivable; and/or (d) loss of credit insurance coverage for our European and Asia-Pacific facilities. At January 2, 2016 , our actual aggregate capacity under these programs was approximately $905,494 based on eligible trade accounts receivable available, of which $0 of such capacity was used. Even if we do not borrow, or choose not to borrow to the full available capacity of certain programs, most of our trade accounts receivable-backed financing programs prohibit us from assigning, transferring or pledging the underlying eligible receivables as collateral for other financing programs. At January 2, 2016 , the amount of trade accounts receivable which would be restricted in this regard totaled approximately $1,622,845 . We have a $1,500,000 revolving senior unsecured credit facility from a syndicate of multinational banks. The total commitment of this facility can be further increased by $350,000 , subject to certain conditions. The interest rate on this facility is based on LIBOR, plus a predetermined margin that is based on our debt ratings and leverage ratio. We had no borrowings at January 2, 2016 and January 3, 2015 , under this credit facility. This credit facility may also be used to issue letters of credit. At January 2, 2016 and January 3, 2015 , letters of credit of $8,499 and $12,141 , respectively, were issued to certain vendors and financial institutions to support purchases by our subsidiaries, payment of insurance premiums and flooring arrangements. Our available capacity under the agreement is reduced by the amount of any outstanding letters of credit. We also have additional lines of credit, short-term overdraft facilities and other credit facilities with various financial institutions worldwide, which provide for borrowing capacity aggregating approximately $924,749 at January 2, 2016 . Most of these arrangements are on an uncommitted basis and are reviewed periodically for renewal. At January 2, 2016 and January 3, 2015 , respectively, we had $134,132 and $187,026 outstanding under these facilities. The weighted average interest rate on the outstanding borrowings under these facilities, which may fluctuate depending on geographic mix, was 6.8% and 6.9% per annum at January 2, 2016 and January 3, 2015 , respectively. At January 2, 2016 and January 3, 2015 , letters of credit totaling $54,879 and $37,195 , respectively, were issued to various customs agencies and landlords to support our subsidiaries. The issuance of these letters of credit reduces our available capacity under these agreements by the same amount. We are required to comply with certain financial covenants under the terms of certain of our financing facilities, including restrictions on funded debt and liens and covenants related to tangible net worth, leverage and interest coverage ratios and trade accounts receivable portfolio performance including metrics related to receivables and payables. We are also restricted by other covenants, including, but not limited to, restrictions on the amount of additional indebtedness we can incur, dividends we can pay, and the amount of common stock that we can repurchase annually. At January 2, 2016 , we were in compliance with all material covenants or other material requirements set forth in all of our credit facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The estimates and assumptions we use in computing the income taxes reflected in our consolidated financial statements could differ from the actual results reflected in our income tax returns filed during the subsequent year. We record adjustments based on filed returns as such returns are finalized and resultant adjustments are identified. The components of income before income taxes consist of the following: Fiscal Year Ended 2015 2014 2013 United States $ (6,456 ) $ 198,345 $ 200,663 Foreign 302,882 196,406 235,436 Total $ 296,426 $ 394,751 $ 436,099 The provision for income taxes consists of the following: Fiscal Year Ended 2015 2014 2013 Current: Federal $ 16,727 $ 89,537 $ 80,910 State 2,714 12,185 8,225 Foreign 91,038 55,620 69,468 110,479 157,342 158,603 Deferred: Federal (6,448 ) (23,728 ) (13,894 ) State (2,183 ) (7,509 ) (1,776 ) Foreign (20,527 ) 1,955 (17,417 ) (29,158 ) (29,282 ) (33,087 ) Provision for income taxes $ 81,321 $ 128,060 $ 125,516 The reconciliation of the statutory U.S. federal income tax rate to our effective tax rate is as follows: Fiscal Year Ended 2015 2014 2013 U.S. statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.2 1.5 1.5 U.S. tax on foreign earnings, net of foreign tax credits (0.2 ) 0.3 (4.6 ) Effect of international operations (7.5 ) (6.5 ) (5.6 ) Effect of change in valuation allowances 0.2 2.9 2.9 Other (0.3 ) (0.8 ) (0.4 ) Effective tax rate 27.4 % 32.4 % 28.8 % Deferred income taxes reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Net deferred tax assets and liabilities are classified as non-current in the consolidated statements of financial position. Significant components of our net deferred tax assets and liabilities are as follows: Fiscal Year End 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 301,522 $ 308,071 Tax credit carryforwards 146,157 144,821 Employee benefits, including stock-based compensation 60,894 60,650 Reorganization and restructuring reserves 2,329 1,169 Inventory 31,181 39,290 Depreciation and amortization 28,657 37,331 Allowance on trade accounts receivable 14,149 12,327 Reserves and accruals not currently deductible for income tax purposes 26,647 32,097 Other 34,945 26,298 Total deferred tax assets 646,481 662,054 Valuation allowance (344,855 ) (342,938 ) Subtotal 301,626 319,116 Deferred tax liabilities: Depreciation and amortization (109,186 ) (139,610 ) Outside basis difference on earnings of foreign subsidiaries (58,585 ) (59,758 ) Other (16,712 ) (12,337 ) Total deferred tax liabilities (184,483 ) (211,705 ) Net deferred tax assets $ 117,143 $ 107,411 We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including the nature of the deferred tax assets and related statutory limits on utilization, recent operating results, future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of or less than the net recorded amount, we would make an adjustment to the valuation allowance which would reduce or increase the provision for income taxes. We considered the impact of changes in business strategy, including the decision in the second quarter of 2015 to cancel future deployments of SAP, which resulted in a decrease in projected foreign source income, primarily due to lower royalties from foreign affiliates, and, as such, a decrease in projected utilization of Foreign Tax Credits. Consequently, we increased the valuation allowance on Foreign Tax Credits resulting in a non-cash charge of $14,580 which impacted both the second quarter and full year effective tax rate. We also considered new events that occurred during the fourth quarter of 2015, in particular the acquisition of Acâo, which included a very profitable Brazilian business, which combined with our existing Brazilian operations, is forecasted to generate higher levels of taxable profits going forward. We also reevaluated all other available positive and negative evidence and ultimately concluded it was now more likely than not the deferred tax assets, primarily net operating losses ("NOLs") with an indefinite carryfoward life, would be realized. As a result, we reversed the full valuation allowance against Brazilian deferred tax assets recorded to date. The release generated a non-cash benefit of $14,258 , which impacted both the fourth quarter and full year effective tax rate. At January 2, 2016 , we had deferred tax assets related to net operating loss carryforwards of $301,522 , along with a valuation allowance of $258,426 , with the net amount reflecting the amount more likely than not to be realized. Of the remaining $43,096 of net deferred tax assets associated with NOL carryforwards, $32,105 has no expiration date. A portion of the carryforwards may expire before being applied to reduce future income tax liabilities. We monitor all of our other deferred tax assets for realizability in a similar manner to those described above and will record or release valuation allowances as required to reflect the amount more likely than not to be realized. At January 2, 2016 , our tax credit carryforwards for income tax purposes were $146,157 . Foreign tax credit carryforwards in the U.S. represent $144,379 of that amount, and our total valuation allowance related to such credit carryforwards was $76,715 . The net deferred tax asset reflects the amount more likely than not to be realized based on our current ability to generate the character of income required to utilize these credits prior to expiry through 2025 . A number of different Federal and State credits with various expiry dates comprised the remaining $1,778 of tax credit carryforwards. The valuation allowance increased by a net $1,917 during 2015, driven primarily by the increase in the valuation allowance on deferred tax assets related to net operating losses in Luxembourg and U.S. foreign tax credit carryfowards, which, as described above, was largely offset by the valuation allowance release on Brazil deferred tax assets, as well as the impacts of translation adjustments for previously established valuation allowances in currencies other than the U.S. dollar. The remaining change relates primarily to book operating losses in certain subsidiaries that are currently not expected to be realized through future taxable income in these entities, partially offset by previously reserved amounts that became realizable based on taxable income generated in the current year. We have not provided deferred taxes on undistributed earnings from certain of our foreign subsidiaries that are indefinitely reinvested. These undistributed earnings may become taxable upon an actual or deemed repatriation of assets from the subsidiaries or a sale or liquidation of the subsidiaries. We estimate that our total net undistributed earnings upon which we have not provided deferred tax totals approximately $2,200,000 at January 2, 2016 , and $2,100,000 at January 3, 2015 . A determination of the deferred tax liability on such earnings is not practicable as such liability is dependent upon our U.S. foreign tax credit position that would exist at the time any remittance would occur. Tax benefits claimed from the exercise of employee stock options and other employee stock programs that are in excess of (less than) the amount recorded upon grant are recorded as an increase (decrease) in stockholders’ equity. In 2015, 2014 and 2013, these amounts totaled $3,029 , $5,531 , and $422 , respectively. The total amount of gross unrecognized tax benefits is $23,445 as of January 2, 2016 , substantially all of which would impact the effective tax rate if recognized. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Fiscal Year Ended 2015 2014 2013 Gross unrecognized tax benefits at beginning of the year $ 30,372 $ 35,398 $ 38,790 Increases in tax positions for prior years — 2,442 4,918 Decreases in tax positions for prior years (1,508 ) (2,735 ) (61 ) Increases in tax positions for current year 2,932 5,357 737 Settlements (2,775 ) (482 ) (1,078 ) Lapse in statute of limitations (5,576 ) (9,608 ) (7,908 ) Gross unrecognized tax benefits at end of the year $ 23,445 $ 30,372 $ 35,398 We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Total accruals for interest and penalties on our unrecognized tax benefits were $6,652 and $7,625 as of January 2, 2016 and January 3, 2015 , respectively. We conduct business globally and, as a result, we and/or one or more of our subsidiaries file income tax returns in the U.S. federal and various state jurisdictions and in over forty foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities in many of the jurisdictions in which we operate. In the U.S., the IRS has concluded its examination for the years prior to 2012. In our material tax jurisdictions, the statute of limitations is open, in general, for three to five years. It is possible that within the next twelve months, ongoing tax examinations in the U.S. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Jan. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Our derivatives designated as hedging instruments have consisted primarily of foreign currency forward contracts to hedge certain foreign currency-denominated intercompany management fees. We also 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. At January 2, 2016 and January 3, 2015 , we had no derivatives that are designated as hedging instruments. The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows: Notional Amounts(1) Fair Value 2015 2014 2015 2014 Derivatives not receiving hedge accounting treatment recorded in: Other current assets Foreign exchange contracts $ 1,669,296 $ 1,863,626 $ 54,133 $ 31,213 Accrued expenses Foreign exchange contracts 618,961 450,352 (8,217 ) (1,793 ) Total $ 2,288,257 $ 2,313,978 $ 45,916 $ 29,420 (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 net foreign exchange loss (gain) as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities: Fiscal Year Ended 2015 2014 2013 Net gain (loss) recognized in earnings 122,308 79,796 (11,657 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 02, 2016 | |
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 January 2, 2016 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: January 2, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 201,051 $ 201,051 $ — $ — Marketable trading securities (a) 51,720 51,720 — — Derivative assets 54,133 — 54,133 — Total assets at fair value $ 306,904 $ 252,771 $ 54,133 $ — Liabilities: Derivative liabilities $ 8,217 $ — $ 8,217 $ — Contingent consideration 3,371 — — 3,371 Total liabilities at fair value $ 11,588 $ — $ 8,217 $ 3,371 (a) Included in other current assets in our consolidated balance sheet. As of January 3, 2015 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: January 3, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 90 $ 90 $ — $ — Marketable trading securities (a) 56,616 56,616 — — Derivative assets 31,213 — 31,213 — Total assets at fair value $ 87,919 $ 56,706 $ 31,213 $ — Liabilities: Derivative liabilities $ 1,793 $ — $ 1,793 $ — Contingent consideration 7,647 — — 7,647 Total liabilities at fair value $ 9,440 $ — $ 1,793 $ 7,647 (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 2024, 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: January 2, 2016 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Liabilities: Senior unsecured notes, 5.25% due 2017 $ 300,000 $ 313,039 $ — $ 313,039 $ — Senior unsecured notes, 5.00% due 2022 298,813 301,867 — 301,867 — Senior unsecured notes, 4.95% due 2024 498,431 501,515 — 501,515 — $ 1,097,244 $ 1,116,421 $ — $ 1,116,421 $ — January 3, 2015 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Liabilities: Senior unsecured notes, 5.25% due 2017 $ 300,000 $ 323,527 $ — $ 323,527 $ — Senior unsecured notes, 5.00% due 2022 298,634 314,954 — 314,954 — Senior unsecured notes, 4.95% due 2024 498,255 499,923 — 499,923 — $ 1,096,889 $ 1,138,404 $ — $ 1,138,404 $ — The carrying amounts of our trade accounts receivable, accounts payable and other accrued expenses approximate fair value because of the short maturity of these items. Our North American, European and Asia-Pacific revolving trade accounts receivable-backed financing programs bear interest at variable rates based on designated commercial paper rates and local reference rates, respectively, plus a predetermined fixed margin. The interest rates of our revolving unsecured credit facilities and other debt are dependent upon the local short-term bank indicator rate for a particular currency, which also resets regularly. The carrying amounts of all these facilities approximate their fair value because of the revolving nature of the borrowings and because the all-in rate (consisting of variable rates and fixed margin) adjusts regularly to reflect current market rates with appropriate consideration for our credit profile. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Our Brazilian subsidiary received a 2005 Federal import tax assessment claiming certain commercial taxes totaling Brazilian Reais 12,714 ( $3,256 at January 2, 2016 exchange rates) were due on the import of software acquired from international vendors for the period January through September of 2002. While we will continue to vigorously pursue administrative and, if applicable, judicial action in defending against this matter, we continue to maintain a reserve for the full tax amount assessed at January 2, 2016. Our Brazilian subsidiary has also received a number of additional tax assessments, including the following that have a reasonable possibility of a loss: (1) a 2007 Sao Paulo Municipal tax assessment claiming service taxes were due on the resale of acquired software covering years 2002 through 2006, for a total amount of Brazilian Reais 55,083 ( $14,106 at January 2, 2016 exchange rates) in principal and associated penalties; (2) a 2011 Federal income tax assessment, a portion of which claims statutory penalties totaling Brazilian Reais 15,947 ( $4,084 at January 2, 2016 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; (3) a 2012 Sao Paulo municipal tax assessment claiming service taxes due on the importation of software covering the year 2007 for a total amount of Brazilian Reais 4,494 ( $1,151 at January 2, 2016 exchange rates) in principal and associated penalties; and (4) a 2013 Sao Paulo municipal tax assessment claiming service taxes due on the importation of software covering the years 2008, 2009, 2010 and January through May 2011 for a total amount of Brazilian Reais 16,089 ( $4,120 at January 2, 2016 exchange rates) in principal and associated penalties. 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 284,457 ( $72,849 at January 2, 2016 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. In connection with the due diligence performed during the acquisition of Acâo, we also discovered a Sao Paulo Municipal Tax assessment claiming service taxes on the resale of acquired software and professional services covering years 2003 through 2008, for a total amount of Brazilian Reais 67,200 ( $17,210 at January 2, 2016 exchange rates) in principal and associated interest and penalties. In working with our advisers, we concluded that the portion of the assessment associated with the resale of professional services has a probable risk of loss under existing Brazilian law, while also concluding, consistent with the assessment noted in (2) above that the risk of loss associated with the resale of software is not probable. In structuring our acquisition, Brazilian Reais 76,204 ( $19,516 at January 2, 2016 exchange rates) of the purchase price was placed into an escrow account pending conclusion of litigation on this matter. Based on the terms of the escrow, we have accrued Brazilian Reais 7,500 ( $1,921 at January 2, 2016 exchange rate), which is the negotiated amount of liability we agreed to cover should the Brazilian courts ultimately conclude Acâo was required to pay this service tax. 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 our 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 items, 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 2015 , 2014 and 2013 . The guarantees require us to reimburse the third party for defaults by these customers up to an aggregate of $7,797 . The fair value of these guarantees has been recognized as cost of sales to these customers and is included in other accrued liabilities. We lease the majority of our facilities and certain equipment under noncancelable operating leases. Rental expense, including obligations related to IT outsourcing services, for the years ended 2015 , 2014 and 2013 was $124,876 , $117,890 and $113,709 , respectively. Future minimum rental commitments on operating leases that have remaining noncancelable lease terms as of January 2, 2016 are as follows: 2016 $ 100,551 2017 93,277 2018 79,782 2019 69,848 2020 56,203 Thereafter 127,685 $ 527,346 |
Segment Information
Segment Information | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our reporting units coincide with the geographic operating segments which include North America, Europe, Asia-Pacific, and Latin America. The measure of segment profit is income from operations. Geographic areas in which we operated our reporting segments during 2015 include North America (the United States and Canada), Europe (Austria, Belgium, Denmark, France, Finland, Germany, Hungary, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Slovakia, Spain, Sweden, Switzerland and the United Kingdom), Asia-Pacific (Australia, the People’s Republic of China including Hong Kong, Egypt, India, Indonesia, Israel, Lebanon, Malaysia, Morocco, New Zealand, Pakistan, Saudi Arabia, Singapore, South Africa, Thailand, Turkey, and United Arab Emirates), and Latin America (Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay and our Latin American export operations in Miami). We do not allocate stock-based compensation recognized to our operating segments; therefore, we are reporting this as a separate amount (See Note 12, "Stock-Based Compensation"). Additionally, we did not allocate the impairment of internally developed software to the regions; it has been presented separately. Financial information by reportable segment is as follows: Fiscal Year Ended 2015 2014 2013 Net sales North America $ 18,200,671 $ 19,929,129 $ 17,367,098 Europe 12,236,513 14,263,357 13,184,224 Asia-Pacific 10,066,110 9,991,251 9,950,697 Latin America 2,522,558 2,303,689 2,051,899 Total $ 43,025,852 $ 46,487,426 $ 42,553,918 Income from operations North America $ 323,287 $ 343,511 $ 329,367 Europe 65,742 28,203 92,792 Asia-Pacific 144,815 108,774 79,977 Latin America 42,366 42,796 43,079 Stock-based compensation expense (39,893 ) (36,022 ) (30,340 ) Impairment of internally developed software (121,001 ) — — Total $ 415,316 $ 487,262 $ 514,875 Capital expenditures North America $ 89,671 $ 62,711 $ 74,016 Europe 19,801 15,867 9,387 Asia-Pacific 10,688 8,172 10,720 Latin America 2,758 1,901 1,516 Total $ 122,918 $ 88,651 $ 95,639 Depreciation North America $ 65,519 $ 60,569 $ 52,114 Europe 12,394 14,106 16,521 Asia-Pacific 11,022 10,640 10,444 Latin America 2,071 1,751 1,356 Total $ 91,006 $ 87,066 $ 80,435 Amortization of intangible assets North America $ 37,318 $ 41,069 $ 30,421 Europe 15,281 11,427 11,368 Asia-Pacific 7,724 5,647 5,804 Latin America 1,815 819 887 Total $ 62,138 $ 58,962 $ 48,480 The integration, transition and other costs included in income from operations by reportable segments are as follows: Fiscal Year Ended 2015 2014 2013 Integration, transition and other costs (a) North America $ 29,832 $ 20,365 $ (13,788 ) Europe 9,436 11,562 9,218 Asia-Pacific 6,167 4,188 6,042 Latin America 3,299 507 (1,033 ) Total $ 48,734 $ 36,622 $ 439 (a) Costs are primarily related to (i) professional, consulting and integration costs associated with our acquisitions, (ii) consulting, retention and transition costs associated with our organizational effectiveness program charged to selling, general and administrative expenses ("SG&A"), (iii) employee retention bonuses and (iv) a charge of $4,736 for estimated settlement of employee related taxes assessed in Europe recorded in 2015. Fiscal year 2014, also included a gain of $9,411 related to the settlement of legal matters in North America. Fiscal year 2013, also included a gain of $28,461 and $1,033 related to the settlement of legal matters in North America and Latin America, respectively. Our reorganization costs by reportable segment are disclosed at Note 3, "Reorganization Costs". Identifiable and long-lived assets by reportable segment are as follows: Fiscal Year Ended 2015 2014 Identifiable assets North America $ 5,250,449 $ 5,899,901 Europe 3,547,495 3,599,400 Asia-Pacific 2,476,243 2,564,273 Latin America 1,033,073 767,869 Total $ 12,307,260 $ 12,831,443 Long-lived assets North America $ 427,180 $ 561,809 Europe 234,672 105,913 Asia-Pacific 71,602 76,177 Latin America 22,634 7,220 Total $ 756,088 $ 751,119 Net sales and long-lived assets for the United States, which is our country of domicile, are as follows: Fiscal Year Ended 2015 2014 2013 Net sales United States $ 16,928,383 39 % $ 18,245,232 39 % $ 15,667,744 37 % Outside of the United States 26,097,469 61 28,242,194 61 26,886,174 63 Total $ 43,025,852 100 % $ 46,487,426 100 % $ 42,553,918 100 % Fiscal Year End 2015 2014 Long-lived assets: United States $ 406,195 54 % $ 493,475 66 % Outside of the United States 349,893 46 257,644 34 Total $ 756,088 100 % $ 751,119 100 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our stock-based compensation expense for 2015 , 2014 and 2013 was $39,893 , $36,022 and $30,340 , respectively, and the related income tax benefits were $13,325 , $11,528 and $9,161 , respectively. We have elected to use the Black-Scholes option-pricing model to determine the fair value of stock options. The Black-Scholes model incorporates various assumptions including volatility, expected life, and interest rates. The expected volatility is based on the historical volatility of our common stock over the most recent period commensurate with the estimated expected life of our stock options. The expected life of an award is based on consideration of historical experience and the terms and conditions of the stock-based awards granted to employees. The fair value of options granted in 2015 , 2014 and 2013 was using the following weighted average assumptions: Fiscal Year Ended 2015 2014 2013 Expected life of stock options 4.5 years 3.7 years 3.1 years Risk-free interest rate 1.53% 0.95% 0.57% Expected stock volatility 25.6% 26.3% 25.9% Fair value of options granted $6.47 $5.88 $3.62 Through 2015, substantially all options were granted prior to our anticipation of initiating a dividend. As such, no dividend was assumed in our estimates of the fair values of these options. Equity Incentive Plan We currently have a single stock incentive plan, the Ingram Micro Inc. 2011 Incentive Plan as amended (the "2011 Incentive Plan"), for the granting of equity-based incentive awards including incentive stock options, non-qualified stock options, restricted stock, restricted stock units and stock appreciation rights, among others, to key employees and members of our Board of Directors. During the second quarter of 2013, our stockholders approved an amendment of the Ingram Micro Inc. 2011 Incentive Plan (the “2011 Amended Plan”), which increased the number of shares that we may issue by 12,000 . The authorized pool of shares available for grant is a fungible pool. The authorized share limit is reduced by one share for every share subject to a stock option or stock appreciation right granted and 2.37 shares for every share granted after June 8, 2011 ( 2.29 shares after June 7, 2013) under any award other than an option or stock appreciation right for 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. Options granted generally vest over a period of up to three years and have expiration dates not longer than ten years. In 2015 and 2014, a majority of the options granted had a contractual term of seven and five years, respectively. A portion of the restricted stock and restricted stock units vest over a time period of one to three years. The remainder of the restricted stock and restricted stock units vests upon achievement of certain performance measures over a time period of one to three years. In 2015 , 2014 and 2013 , the performance measures for restricted stock and restricted stock units for grants to management were based on earnings growth, return on invested capital, operating margin, total shareholder return and profit before tax. As of January 2, 2016 , approximately 10,517 shares were available for grant under the 2011 Amended Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. During 2015 , 2014 and 2013 previously granted restricted stock units of 1,500 , 1,181 and 2,101 , respectively, were converted to Class A Common Stock. Approximately 526 , 421 and 684 shares, respectively, were withheld to satisfy the employees’ minimum statutory obligation for the applicable taxes and cash was remitted to the appropriate taxing authorities. Total payments for the employees’ tax obligations to the taxing authorities were approximately $14,201 , $11,778 and $13,045 in 2015 , 2014 and 2013 , respectively. The withheld shares had the effect of share repurchases by us as they reduced and retired the number of shares that would have otherwise been issued as a result of the vesting. Of the restricted stock and/or units that were converted to Class A Common Stock, there were 1,015 , 620 and 1,535 in 2015 , 2014 and 2013 , respectively, based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. Stock Award Activity Stock option activity under the 2011 Amended Plan was as follows for the three years ended January 2, 2016 : Number of Shares Weighted- Average Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding at December 29, 2012 5,645 $ 17.36 2.7 Granted 1,452 25.70 Exercised (2,619 ) 16.56 Forfeited/cancelled/expired (291 ) 20.14 Outstanding at December 28, 2013 4,187 20.56 3.1 Granted 740 27.54 Exercised (1,097 ) 17.34 Forfeited/cancelled/expired (11 ) 22.32 Outstanding at January 3, 2015 3,819 22.83 2.9 Granted 839 26.96 Exercised (931 ) 18.25 Forfeited/cancelled/expired (66 ) 26.74 Outstanding at January 2, 2016 3,661 $ 24.88 3.2 $ 20,152 Vested and expected to vest at January 2, 2016 3,494 $ 24.78 3.1 $ 19,569 Exercisable at January 2, 2016 1,965 $ 23.11 2.1 $ 14,296 The aggregate intrinsic value in the table above represents the difference between our closing stock price on January 2, 2016 and the option exercise price, multiplied by the number of in-the-money options on January 2, 2016 . This amount changes based on the fair market value of our common stock. Total intrinsic value of stock options exercised in 2015 , 2014 and 2013 was $9,189 , $11,277 and $11,655 , respectively. Total fair value of stock options expensed was $4,559 , $2,875 and $458 for 2015 , 2014 and 2013 , respectively. As of January 2, 2016 , the unrecognized stock-based compensation costs related to stock options was $6,013 . We expect this cost to be recognized over a remaining weighted-average period of approximately 1.4 years. Cash received from stock option exercises in 2015 , 2014 and 2013 was $17,115 , $19,334 and $43,384 , respectively, and the actual benefit realized for the tax deduction from stock option exercises of the share-based payment awards totaled $3,531 , $4,099 and $3,785 in 2015 , 2014 and 2013 , respectively. The following table summarizes information about stock options outstanding and exercisable at January 2, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at January 2, 2016 Weighted- Average Remaining Life Weighted- Average Exercise Price Number Exercisable at January 2, 2016 Weighted- Average Exercise Price $10.62-$25.65 850 2.0 $ 18.83 820 $ 18.58 $26.00-$26.00 1,400 1.9 26.00 933 26.00 $27.00-$27.90 856 6.4 27.04 35 27.43 $27.96-$27.96 555 3.4 27.96 177 27.96 3,661 3.2 $ 24.88 1,965 $ 23.11 Activity related to restricted stock and restricted stock units was as follows for the three years ended January 2, 2016 : Number of Shares Weighted- Average Grant Date Fair Value Non-vested at December 29, 2012 5,507 $ 15.13 Granted 4,071 19.26 Vested (2,101 ) 18.34 Forfeited (447 ) 17.74 Non-vested at December 28, 2013 7,030 16.39 Granted 1,554 27.69 Vested (1,181 ) 15.93 Forfeited (1,335 ) 19.55 Non-vested at January 3, 2015 6,068 20.81 Granted 1,401 26.96 Vested (1,500 ) 18.93 Forfeited (1,250 ) 19.63 Non-vested at January 2, 2016 4,719 $ 21.61 As of January 2, 2016 , the unrecognized stock-based compensation cost related to non-vested restricted stock and restricted stock units was $38,291 . We expect this cost to be recognized over a remaining weighted-average period of approximately 1.2 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jan. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Our U.S.-based employee benefit plans permit eligible employees to make contributions up to certain limits, which are matched by us at stipulated percentages. Our contributions charged to expense were $8,885 , $6,599 and $4,891 in 2015 , 2014 and 2013 , respectively. |
Common Stock
Common Stock | 12 Months Ended |
Jan. 02, 2016 | |
Equity [Abstract] | |
Common Stock | Common Stock Dividends Paid to Shareholders On July 30, 2015, we announced that our Board of Directors had authorized the adoption of a quarterly cash dividend policy. Under the cash dividend policy, holders of our common stock receive dividends as declared by our Board of Directors. During the fiscal year ended January 2, 2016, we declared and paid two cash dividends of $0.10 per share each, totaling $30,182 , to stockholders of record. Share Repurchase Program In July 2015, our Board of Directors authorized a new three -year, $300,000 share repurchase program, which supplemented our previously authorized $400,000 share repurchase program and has been completely utilized at January 2, 2016. Our new $300,000 share repurchase program expires on July 29, 2018, and had $165,068 remaining for repurchase at January 2, 2016. Under these programs, 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 2011 Incentive Plan (See Note 12, "Stock-Based Compensation"). Our treasury stock repurchase and issuance activity for 2015 , 2014 and 2013 are summarized as follows: Shares Repurchased Weighted- Average Price Per Share Net Amount Repurchased Cumulative balance at December 29, 2012 38,029 $ 17.04 $ 648,066 Issuance of Class A Common Stock (508 ) 17.24 (8,766 ) Cumulative balance at December 28, 2013 37,521 17.04 639,300 Issuance of Class A Common Stock (172 ) 16.32 (2,807 ) Cumulative balance at January 3, 2015 37,349 17.04 636,493 Repurchase of Class A Common Stock 9,757 26.55 259,027 Issuance of Class A Common Stock (148 ) 17.53 (2,595 ) Cumulative balance at January 2, 2016 46,958 $ 19.02 $ 892,925 Classes of Common Stock We have two classes of Common Stock, consisting of 500,000 authorized shares of $0.01 par value Class A Common Stock and 135,000 authorized shares of $0.01 par value Class B Common Stock, and 25,000 authorized shares of $0.01 par value Preferred Stock. There were no issued and outstanding shares of Class B Common Stock or Preferred Stock during the three-year period ended January 2, 2016 . The detail of changes in the number of outstanding shares of Class A Common Stock for the three-year period ended January 2, 2016 , is as follows: Class A Common Stock December 29, 2012 150,320 Stock options exercised 2,619 Release of restricted stock units, net of shares withheld for employee taxes 1,402 Grant of restricted Class A Common Stock 15 December 28, 2013 154,356 Stock options exercised 1,097 Release of restricted stock units, net of shares withheld for employee taxes 746 Grant of restricted Class A Common Stock 15 January 3, 2015 156,214 Stock options exercised 931 Release of restricted stock units, net of shares withheld for employee taxes 974 Repurchase of Class A Common Stock (9,757 ) January 2, 2016 148,362 |
Legal Settlement
Legal Settlement | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies Disclosure [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 an order approving a plan of distribution to the class claimants. In July 2013, we received a distribution of $29,494 , net of all attorney fees and expenses, which was reflected as a reduction of selling, general and administrative expenses in 2013. In January 2014, the federal district judge overseeing the proceeding issued an order approving a final distribution which entitles us to an incremental award of approximately $ 9,411 , net of all attorney fees and expenses, which was received during 2014. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Merger Agreement with Tianjin Tianhai On February 17, 2016, we announced that we entered into the Merger Agreement with Tianjin Tianhai and Merger Subsidiary, pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, Merger Subsidiary will be merged with and into Ingram Micro Inc., with Ingram Micro Inc. surviving as a wholly-owned subsidiary of Tianjin Tianhai. The consummation of the Merger is subject to the satisfaction or permitted waiver of closing conditions set forth in the Merger Agreement and is expected to occur in the second half of 2016. Pursuant to the Merger Agreement our share repurchase program and our dividend policy have been discontinued. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 02, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In 000s) Description Balance at Beginning of Year Charged to Costs and Expenses Deductions Other(*) Balance at End of Year Allowance for doubtful accounts: 2015 $ 51,686 $ 14,137 $ (16,429 ) $ (3,819 ) $ 45,575 2014 56,459 18,669 (25,095 ) 1,653 51,686 2013 63,815 13,564 (21,217 ) 297 56,459 Allowance for sales returns: 2015 $ 19,030 $ 125,362 $ (130,169 ) $ (361 ) $ 13,862 2014 13,092 162,451 (156,166 ) (347 ) 19,030 2013 14,219 202,674 (204,133 ) 332 13,092 (*) “Other” includes recoveries, acquisitions, and the effect of fluctuation in foreign currency. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The consolidated financial statements include the accounts of Ingram Micro Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. |
Fiscal Year | Our fiscal year is a 52 - or 53 -week period ending on the Saturday nearest to December 31. All references herein to "2015", "2014", and "2013" represent the fiscal years ended January 2, 2016 (52-weeks), January 3, 2015 (53-weeks), and December 28, 2013 (52-weeks), respectively. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S.”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. We review our estimates and assumptions on an on-going basis. Significant estimates primarily relate to the realizable value of accounts receivable, vendor programs, inventory, goodwill, intangible and other long-lived assets, income taxes and contingencies and litigation. Actual results could differ from these estimates. |
Revenue Recognition | Revenue is recognized when: an arrangement exists; delivery has occurred, including transfer of title and risk of loss for product sales, or services have been rendered for service revenues; the price to the buyer is fixed or determinable; and collection is reasonably assured. Service revenues represented less than 10% of total net sales for 2015 , 2014 and 2013 . We, under specific conditions, permit our customers to return or exchange products. The provision for estimated sales returns is recorded concurrently with the recognition of revenue. The net impact on gross margin from estimated sales returns is included in allowances against trade accounts receivable in the consolidated balance sheet. We also have limited contractual relationships with certain of our customers and suppliers whereby we assume an agency relationship in the transaction. In such arrangements, we recognize as revenues the net fee associated with serving as an agent. |
Vendor Programs | Funds received from vendors for price protection, product rebates, marketing/promotion, infrastructure reimbursement and meet-competition programs are recorded as adjustments to product costs, revenue, or selling, general and administrative (“SG&A”) expenses, according to the nature of the program. Some of these programs may extend over one or more quarterly reporting periods. We accrue rebates or other vendor incentives as earned based on sales of qualifying products or as services are provided in accordance with the terms of the related program. We sell products purchased from many vendors, but generated approximately 14% , 14% , and 15% of our net sales in 2015 , 2014 and 2013 , respectively, from products purchased from HP Inc. and Hewlett Packard Enterprise combined, and approximately 12% of our consolidated net sales in 2015 from products purchased from Apple Inc. There were no other vendors whose products represented 10 % or more of our net sales for each of the last three fiscal years. |
Warranties | Our suppliers generally warrant the products distributed by us and allow returns of defective products, including those that have been returned to us by our customers. We generally do not independently warrant the products we distribute; however, local laws might impose warranty obligations upon distributors (such as in the case of supplier liquidation). We are obligated to provide warranty protection for sales of certain IT products within the European Union (“EU”) for up to two years as required under the EU directive where vendors have not affirmatively agreed to provide pass-through protection. In addition, we warrant the services we provide, products that we build-to-order from components purchased from other sources, and our own branded products. Provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. Warranty expense and the related obligations are not material to our consolidated financial statements. |
Foreign Currency Translation and Remeasurement | Financial statements of our foreign subsidiaries, for which the functional currency is the local currency, are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for statement of income items. Translation adjustments are recorded in accumulated other comprehensive income, a component of stockholders’ equity. The functional currency of a few operations within our Europe, Asia-Pacific and Latin America regions is the U.S. dollar; accordingly, the monetary assets and liabilities of these subsidiaries are remeasured into U.S. dollars at the exchange rate in effect at the balance sheet date. Revenues, expenses, gains or losses are remeasured at the average exchange rate for the period, and nonmonetary assets and liabilities are remeasured at historical rates. The resultant remeasurement gains and losses of these operations as well as gains and losses from foreign currency transactions are included in the consolidated statement of income. |
Cash and Cash Equivalents | We consider all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Book overdrafts of $428,628 and $400,323 as of January 2, 2016 and January 3, 2015 , 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 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 January 2, 2016 and January 3, 2015 , 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 customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the level of our trade accounts receivable eligible to be sold into these programs and the financial institutions’ willingness to purchase such receivables. At January 2, 2016 and January 3, 2015 , we had a total of $388,358 and $276,808 , respectively, of trade accounts receivable sold to and held by the financial institutions under these programs. Factoring fees of $4,565 , $4,757 , and $2,851 incurred in 2015 , 2014 and 2013 , respectively, related to the sale of trade accounts receivable under both facilities are included in “other” in the other expense (income) section of our consolidated statement of income. |
Inventory | Our inventory consists of finished goods purchased from various vendors for resale. Inventory is stated at the lower of average cost or market, and is determined from the price we pay vendors, including freight and duties. We do not include labor, overhead or other general or administrative costs in our inventory. |
Property and Equipment | Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives noted below. We also capitalize computer software costs that meet both the definition of internal-use software and defined criteria for capitalization. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. Depreciable lives of property and equipment are as follows: Buildings 30-40 years Leasehold improvements 3-17 years Distribution equipment 5-10 years Computer equipment and software 3-10 years Maintenance, repairs and minor renewals are charged to expense as incurred. Additions, major renewals and betterments to property and equipment are capitalized. |
Long-Lived and Intangible Assets | We assess potential impairments to our long-lived and intangible assets when events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If required, an impairment loss is recognized as the difference between the carrying value and the fair value of the assets. |
Goodwill | Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in an acquisition and is reviewed annually for potential impairment, or when circumstances warrant. Additions to goodwill in 2015 were primarily due to our acquisitions of Anovo, Odin, DocData, and Acâo. Additionally, we adjusted goodwill in 2015 to reflect the finalization of the allocation of purchase price related to our acquisition of Armada Computer Systems ("Armada"). Goodwill is required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that goodwill may be impaired. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We perform our annual goodwill impairment assessment during our fiscal fourth quarter. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, a "Step 0" analysis. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform "Step 1" of the two-step goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying value exceeds the fair value, we measure the amount of impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill to its carrying amount. |
Concentration of Credit Risk | Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, trade accounts receivable from customers and vendors, and derivative financial instruments. Our cash and cash equivalents are deposited and/or invested with various financial institutions globally that are monitored by us regularly for credit quality. Our trade accounts receivable reflect a large number of customers and dispersed across wide geographic areas, none of which has accounted for 10% or more of our consolidated net sales in 2015 , 2014 and 2013 and no customer accounts receivable balance was greater than 10% of our total trade accounts receivable at January 2, 2016 nor January 3, 2015 . We perform ongoing credit evaluations of our customers’ financial conditions, obtain credit insurance in many locations and require collateral in certain circumstances. We maintain an allowance for estimated credit losses. |
Derivative Financial Instruments | We operate in various locations around the world. We reduce our exposure to fluctuations in foreign exchange rates by creating offsetting positions through the use of derivative financial instruments in situations where there are not offsetting balances that create a natural hedge. The market risk related to the foreign exchange agreements is offset by changes in the valuation of the underlying items being hedged. In accordance with our policy, we do not use derivative financial instruments for trading or speculative purposes, nor are we a party to leveraged derivatives. Foreign exchange risk is managed primarily by using forward contracts to hedge foreign currency-denominated receivables, payables and intercompany loans and expenses. Interest rate swaps and forward contracts may be used to hedge foreign currency-denominated principal and interest payments related to intercompany loans. All derivatives are recorded in our consolidated balance sheet at fair value. The estimated fair value of derivative financial instruments represents the amount required to enter into similar offsetting contracts with similar remaining maturities based on market-derived prices. Changes in the fair value of derivatives not designated as hedging instruments are recorded in current earnings. Changes in the fair value of derivatives designated as hedging instruments are reflected in accumulated other comprehensive income. The notional amount of forward exchange contracts is the amount of foreign currency bought or sold at maturity. The notional amount of interest rate swaps is the underlying principal amount used in determining the interest payments exchanged over the life of the swap. Notional amounts are indicative of the extent of our involvement in the various types and uses of derivative financial instruments but are not a measure of our exposure to credit or market risks through our use of derivatives. Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed our obligations to the counterparties. We manage the potential risk of credit losses through careful evaluation of counterparty credit standing, selection of counterparties from a limited group of financial institutions and other contract provisions including collateral deposits. |
Treasury Stock | 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. |
Comprehensive Income | Comprehensive income consists primarily of our net income and foreign currency translation adjustments |
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. |
Income Taxes | We estimate income taxes in each of the taxing jurisdictions in which we operate. This process involves estimating our actual current tax expense together with assessing the future tax impact of any differences resulting from the different treatment of certain items, such as the timing for recognizing revenues and expenses for tax versus financial reporting purposes. These differences may result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We are required to assess the likelihood that our deferred tax assets, which include net operating loss carryforwards, tax credits and temporary differences that are expected to be deductible in future years, will be recoverable from future taxable income. In making that assessment, we consider the nature of the deferred tax assets and related statutory limits on utilization, recent operating results, future market growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and prudent and feasible tax planning strategies. If, based upon available evidence, recovery of the full amount of the deferred tax assets is not likely; we provide a valuation allowance on any amount not likely to be realized. Our effective tax rate includes the impact of not providing taxes on undistributed foreign earnings considered indefinitely reinvested. Material changes in our estimates of cash, working capital and long-term investment requirements in the various jurisdictions in which we do business could impact our effective tax rate if we no longer consider our foreign earnings to be indefinitely reinvested. The provision for tax liabilities and recognition of tax benefits involves evaluations and judgments of uncertainties in the interpretation of complex tax regulations by various taxing authorities. In situations involving uncertain tax positions related to income tax matters, we do not recognize benefits unless their sustainability is deemed more likely than not. As additional information becomes available, or these uncertainties are resolved with the taxing authorities, revisions to these liabilities or benefits may be required, resulting in additional provision for or benefit from income taxes reflected in our consolidated statement of income. |
Accounting for Stock-Based Compensation | We use the Black-Scholes option-pricing model to determine the fair value of stock options and the closing market price of our common stock on the date of the grant to determine the fair value of our restricted stock and restricted stock units. Stock-based compensation expense is recorded for all stock options, restricted stock and restricted stock units that are ultimately expected to vest as the requisite service is rendered. We recognize these compensation costs, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award, which is the vesting term of outstanding stock-based awards. We estimate the forfeiture rate based on our historical experience during the preceding five fiscal years . |
New Accounting Standards | In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard that will supersede existing revenue recognition guidance under current U.S. GAAP. The new standard is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods and services. The accounting standard is effective for us in the first quarter of fiscal year 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt this standard, and management is currently evaluating which transition approach to use. Early adoption is permitted in the first quarter of fiscal year 2017. We are currently in the process of assessing what impact this new standard may have on our consolidated financial statements and evaluating our potential adoption method. In August 2015, the FASB issued ASU 2015-15,"Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements and Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting". The guidance in the previously issued ASU 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The standard is effective for periods beginning after December 15, 2015. The new guidance is not expected to have a material impact on our financial position, and we intend to adopt this standard in 2016. In February 2016, the FASB issued ASU 2016-2,"Leases (Topic 842)". This update will increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date (i) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged, and it simplified the accounting for sale and leaseback transactions. Lessees will no longer be provided with a source of off-balance sheet financing. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently in the process of assessing what impact this new standard may have on our consolidated financial statements. |
Significant Accounting Polici26
Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Depreciable Lives of Property and Equipment | Depreciable lives of property and equipment are as follows: Buildings 30-40 years Leasehold improvements 3-17 years Distribution equipment 5-10 years Computer equipment and software 3-10 years |
Schedule of Finite-Lived Identifiable Intangible Assets Future Minimum Amortization Expense | Future minimum amortization expense of finite-lived identifiable intangible assets that we expect to recognize over the next five years and thereafter are as follows: 2016 $ 68,133 2017 66,440 2018 62,426 2019 50,205 2020 43,903 Thereafter 83,567 $ 374,674 |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: North America Europe Asia-Pacific Latin America Total Balance at December 28, 2013 $ 392,937 $ 42,160 $ 92,429 $ — $ 527,526 Acquisitions 4,870 241 4,970 — 10,081 Adjustments/reclassifications (5,124 ) — — — (5,124 ) Balance at January 3, 2015 $ 392,683 $ 42,401 $ 97,399 $ — $ 532,483 Acquisitions 97,694 163,306 2,135 65,852 328,987 Adjustments/reclassifications (2,664 ) (7,509 ) (7,609 ) (687 ) (18,469 ) Balance at January 2, 2016 $ 487,713 $ 198,198 $ 91,925 $ 65,165 $ 843,001 |
Computation of Basic EPS and Diluted EPS | The computation of Basic EPS and Diluted EPS is as follows: Fiscal Year Ended 2015 2014 2013 Net income $ 215,105 $ 266,691 $ 310,583 Weighted average shares 153,500 155,492 152,900 Basic EPS $ 1.40 $ 1.72 $ 2.03 Weighted average shares, including the dilutive effect of stock-based awards (3,096, 3,960 and 3,372 for 2015, 2014 and 2013, respectively) 156,596 159,452 156,272 Diluted EPS $ 1.37 $ 1.67 $ 1.99 |
Reorganization Costs (Tables)
Reorganization Costs (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Remaining Liabilities and Payment Activities | The remaining liabilities and 2015 activities associated with the aforementioned actions are summarized in the table below: Reorganization Liability Remaining Liability at January 3, 2015 Expenses (Income), Net Amounts Paid Foreign Currency Translation Remaining Liability at January 2, 2016 (a) 2015 and 2014 Reorganization actions Employee termination benefits $ 24,296 $ 34,757 (b) $ (40,910 ) $ (2,714 ) $ 15,429 Facility and Other Costs — 3,075 (2,271 ) — 804 Subtotal 24,296 37,832 (43,181 ) (2,714 ) 16,233 2013 and Prior Reorganization actions Employee termination benefits 118 — (118 ) — — Facility and Other Costs 2,496 (1,523 ) (c) (973 ) — — Subtotal 2,614 (1,523 ) (1,091 ) — — Total $ 26,910 $ 36,309 $ (44,272 ) $ (2,714 ) $ 16,233 (a) We expect the remaining liabilities to be substantially utilized by the end of 2016. (b) Included in the table above are adjustments related to a $1,663 reduction of reorganization liabilities recorded in 2014 in Europe for lower than expected employee termination benefits. (c) Included in the table above are adjustments related to the reductions of $1,523 to 2013 and prior reorganization plan liabilities, respectively, recorded prior years in North America for lower than expected facility and other costs. |
Cost Reduction Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Reorganization and Expense-Reduction Program Costs | A summary of the reorganization and expense-reduction program costs incurred in 2015 , 2014, and 2013 are as follows: Reorganization costs Headcount Reduction Employee Termination Benefits Facility Costs/Other Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Fiscal year ended-2015 North America $ 14,468 $ 56 $ 14,524 $ (1,523 ) $ 13,001 Europe 15,411 2,102 17,513 (1,663 ) 15,850 Asia-Pacific 5,567 452 6,019 — 6,019 Latin America 974 465 1,439 — 1,439 Total 582 $ 36,420 $ 3,075 $ 39,495 $ (3,186 ) $ 36,309 Fiscal year ended-2014 North America $ 14,808 $ 7,541 $ 22,349 $ — $ 22,349 Europe 66,467 — 66,467 — 66,467 Asia-Pacific 2,482 213 2,695 — 2,695 Latin America 2,034 — 2,034 — 2,034 Total 1,183 $ 85,791 $ 7,754 $ 93,545 $ — $ 93,545 Fiscal year ended-2013 North America $ 5,186 $ 3,610 $ 8,796 $ 173 $ 8,969 Europe 18,730 764 19,494 (188 ) 19,306 Asia-Pacific 1,411 4,955 6,366 (12 ) 6,354 Latin America — — — — — Total 628 $ 25,327 $ 9,329 $ 34,656 $ (27 ) $ 34,629 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: Fiscal Year End 2015 2014 Land $ 5,372 $ 4,230 Buildings and leasehold improvements 164,650 131,001 Distribution equipment 307,512 277,205 Computer equipment and software 654,786 732,452 1,132,320 1,144,888 Accumulated depreciation (750,906 ) (712,458 ) Property and equipment, net $ 381,414 $ 432,430 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Carrying Value of Outstanding Debt | The carrying value of our outstanding debt consists of the following: Fiscal Year End 2015 2014 Senior unsecured notes, 4.95% due 2024, net of unamortized discount of $1,569 and $1,745, respectively $ 498,431 $ 498,255 Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,187 and $1,366, respectively 298,813 298,634 Senior unsecured notes, 5.25% due 2017 300,000 300,000 North America revolving trade accounts receivable-backed financing program — 185,000 Lines of credit and other debt 134,132 187,026 1,231,376 1,468,915 Short-term debt and current maturities of long-term debt (134,103 ) (372,026 ) $ 1,097,273 $ 1,096,889 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of income before income taxes consist of the following: Fiscal Year Ended 2015 2014 2013 United States $ (6,456 ) $ 198,345 $ 200,663 Foreign 302,882 196,406 235,436 Total $ 296,426 $ 394,751 $ 436,099 |
Provision for Income Taxes | The provision for income taxes consists of the following: Fiscal Year Ended 2015 2014 2013 Current: Federal $ 16,727 $ 89,537 $ 80,910 State 2,714 12,185 8,225 Foreign 91,038 55,620 69,468 110,479 157,342 158,603 Deferred: Federal (6,448 ) (23,728 ) (13,894 ) State (2,183 ) (7,509 ) (1,776 ) Foreign (20,527 ) 1,955 (17,417 ) (29,158 ) (29,282 ) (33,087 ) Provision for income taxes $ 81,321 $ 128,060 $ 125,516 |
Reconciliation of Statutory U.S. Federal Income Tax Rate to Our Effective Tax Rate | The reconciliation of the statutory U.S. federal income tax rate to our effective tax rate is as follows: Fiscal Year Ended 2015 2014 2013 U.S. statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.2 1.5 1.5 U.S. tax on foreign earnings, net of foreign tax credits (0.2 ) 0.3 (4.6 ) Effect of international operations (7.5 ) (6.5 ) (5.6 ) Effect of change in valuation allowances 0.2 2.9 2.9 Other (0.3 ) (0.8 ) (0.4 ) Effective tax rate 27.4 % 32.4 % 28.8 % |
Significant Components of Net Deferred Tax Assets and Liabilities | Significant components of our net deferred tax assets and liabilities are as follows: Fiscal Year End 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 301,522 $ 308,071 Tax credit carryforwards 146,157 144,821 Employee benefits, including stock-based compensation 60,894 60,650 Reorganization and restructuring reserves 2,329 1,169 Inventory 31,181 39,290 Depreciation and amortization 28,657 37,331 Allowance on trade accounts receivable 14,149 12,327 Reserves and accruals not currently deductible for income tax purposes 26,647 32,097 Other 34,945 26,298 Total deferred tax assets 646,481 662,054 Valuation allowance (344,855 ) (342,938 ) Subtotal 301,626 319,116 Deferred tax liabilities: Depreciation and amortization (109,186 ) (139,610 ) Outside basis difference on earnings of foreign subsidiaries (58,585 ) (59,758 ) Other (16,712 ) (12,337 ) Total deferred tax liabilities (184,483 ) (211,705 ) Net deferred tax assets $ 117,143 $ 107,411 |
Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: Fiscal Year Ended 2015 2014 2013 Gross unrecognized tax benefits at beginning of the year $ 30,372 $ 35,398 $ 38,790 Increases in tax positions for prior years — 2,442 4,918 Decreases in tax positions for prior years (1,508 ) (2,735 ) (61 ) Increases in tax positions for current year 2,932 5,357 737 Settlements (2,775 ) (482 ) (1,078 ) Lapse in statute of limitations (5,576 ) (9,608 ) (7,908 ) Gross unrecognized tax benefits at end of the year $ 23,445 $ 30,372 $ 35,398 |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
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 2015 2014 2015 2014 Derivatives not receiving hedge accounting treatment recorded in: Other current assets Foreign exchange contracts $ 1,669,296 $ 1,863,626 $ 54,133 $ 31,213 Accrued expenses Foreign exchange contracts 618,961 450,352 (8,217 ) (1,793 ) Total $ 2,288,257 $ 2,313,978 $ 45,916 $ 29,420 (1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. |
Amount Recognized in Earnings from Our Derivative Instruments Not Receiving Hedge Accounting Treatment | The amount recognized in earnings from our derivative instruments not receiving hedge accounting treatment, including ineffectiveness, is recorded in net foreign exchange loss (gain) as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities: Fiscal Year Ended 2015 2014 2013 Net gain (loss) recognized in earnings 122,308 79,796 (11,657 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Our senior unsecured notes due in 2024, 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: January 2, 2016 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Liabilities: Senior unsecured notes, 5.25% due 2017 $ 300,000 $ 313,039 $ — $ 313,039 $ — Senior unsecured notes, 5.00% due 2022 298,813 301,867 — 301,867 — Senior unsecured notes, 4.95% due 2024 498,431 501,515 — 501,515 — $ 1,097,244 $ 1,116,421 $ — $ 1,116,421 $ — January 3, 2015 Fair Value Carrying Value Total Level 1 Level 2 Level 3 Liabilities: Senior unsecured notes, 5.25% due 2017 $ 300,000 $ 323,527 $ — $ 323,527 $ — Senior unsecured notes, 5.00% due 2022 298,634 314,954 — 314,954 — Senior unsecured notes, 4.95% due 2024 498,255 499,923 — 499,923 — $ 1,096,889 $ 1,138,404 $ — $ 1,138,404 $ — As of January 2, 2016 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: January 2, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 201,051 $ 201,051 $ — $ — Marketable trading securities (a) 51,720 51,720 — — Derivative assets 54,133 — 54,133 — Total assets at fair value $ 306,904 $ 252,771 $ 54,133 $ — Liabilities: Derivative liabilities $ 8,217 $ — $ 8,217 $ — Contingent consideration 3,371 — — 3,371 Total liabilities at fair value $ 11,588 $ — $ 8,217 $ 3,371 (a) Included in other current assets in our consolidated balance sheet. As of January 3, 2015 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: January 3, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 90 $ 90 $ — $ — Marketable trading securities (a) 56,616 56,616 — — Derivative assets 31,213 — 31,213 — Total assets at fair value $ 87,919 $ 56,706 $ 31,213 $ — Liabilities: Derivative liabilities $ 1,793 $ — $ 1,793 $ — Contingent consideration 7,647 — — 7,647 Total liabilities at fair value $ 9,440 $ — $ 1,793 $ 7,647 (a) Included in other current assets in our consolidated balance sheet. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Commitments on Operating Leases | Future minimum rental commitments on operating leases that have remaining noncancelable lease terms as of January 2, 2016 are as follows: 2016 $ 100,551 2017 93,277 2018 79,782 2019 69,848 2020 56,203 Thereafter 127,685 $ 527,346 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Financial Information by Reporting Segments | Identifiable and long-lived assets by reportable segment are as follows: Fiscal Year Ended 2015 2014 Identifiable assets North America $ 5,250,449 $ 5,899,901 Europe 3,547,495 3,599,400 Asia-Pacific 2,476,243 2,564,273 Latin America 1,033,073 767,869 Total $ 12,307,260 $ 12,831,443 Long-lived assets North America $ 427,180 $ 561,809 Europe 234,672 105,913 Asia-Pacific 71,602 76,177 Latin America 22,634 7,220 Total $ 756,088 $ 751,119 Financial information by reportable segment is as follows: Fiscal Year Ended 2015 2014 2013 Net sales North America $ 18,200,671 $ 19,929,129 $ 17,367,098 Europe 12,236,513 14,263,357 13,184,224 Asia-Pacific 10,066,110 9,991,251 9,950,697 Latin America 2,522,558 2,303,689 2,051,899 Total $ 43,025,852 $ 46,487,426 $ 42,553,918 Income from operations North America $ 323,287 $ 343,511 $ 329,367 Europe 65,742 28,203 92,792 Asia-Pacific 144,815 108,774 79,977 Latin America 42,366 42,796 43,079 Stock-based compensation expense (39,893 ) (36,022 ) (30,340 ) Impairment of internally developed software (121,001 ) — — Total $ 415,316 $ 487,262 $ 514,875 Capital expenditures North America $ 89,671 $ 62,711 $ 74,016 Europe 19,801 15,867 9,387 Asia-Pacific 10,688 8,172 10,720 Latin America 2,758 1,901 1,516 Total $ 122,918 $ 88,651 $ 95,639 Depreciation North America $ 65,519 $ 60,569 $ 52,114 Europe 12,394 14,106 16,521 Asia-Pacific 11,022 10,640 10,444 Latin America 2,071 1,751 1,356 Total $ 91,006 $ 87,066 $ 80,435 Amortization of intangible assets North America $ 37,318 $ 41,069 $ 30,421 Europe 15,281 11,427 11,368 Asia-Pacific 7,724 5,647 5,804 Latin America 1,815 819 887 Total $ 62,138 $ 58,962 $ 48,480 The integration, transition and other costs included in income from operations by reportable segments are as follows: Fiscal Year Ended 2015 2014 2013 Integration, transition and other costs (a) North America $ 29,832 $ 20,365 $ (13,788 ) Europe 9,436 11,562 9,218 Asia-Pacific 6,167 4,188 6,042 Latin America 3,299 507 (1,033 ) Total $ 48,734 $ 36,622 $ 439 (a) Costs are primarily related to (i) professional, consulting and integration costs associated with our acquisitions, (ii) consulting, retention and transition costs associated with our organizational effectiveness program charged to selling, general and administrative expenses ("SG&A"), (iii) employee retention bonuses and (iv) a charge of $4,736 for estimated settlement of employee related taxes assessed in Europe recorded in 2015. Fiscal year 2014, also included a gain of $9,411 related to the settlement of legal matters in North America. Fiscal year 2013, also included a gain of $28,461 and $1,033 related to the settlement of legal matters in North America and Latin America, respectively. |
Schedule of Sales 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: Fiscal Year Ended 2015 2014 2013 Net sales United States $ 16,928,383 39 % $ 18,245,232 39 % $ 15,667,744 37 % Outside of the United States 26,097,469 61 28,242,194 61 26,886,174 63 Total $ 43,025,852 100 % $ 46,487,426 100 % $ 42,553,918 100 % Fiscal Year End 2015 2014 Long-lived assets: United States $ 406,195 54 % $ 493,475 66 % Outside of the United States 349,893 46 257,644 34 Total $ 756,088 100 % $ 751,119 100 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Assumptions of Options Granted | The fair value of options granted in 2015 , 2014 and 2013 was using the following weighted average assumptions: Fiscal Year Ended 2015 2014 2013 Expected life of stock options 4.5 years 3.7 years 3.1 years Risk-free interest rate 1.53% 0.95% 0.57% Expected stock volatility 25.6% 26.3% 25.9% Fair value of options granted $6.47 $5.88 $3.62 |
Stock Option Activity | Stock option activity under the 2011 Amended Plan was as follows for the three years ended January 2, 2016 : Number of Shares Weighted- Average Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding at December 29, 2012 5,645 $ 17.36 2.7 Granted 1,452 25.70 Exercised (2,619 ) 16.56 Forfeited/cancelled/expired (291 ) 20.14 Outstanding at December 28, 2013 4,187 20.56 3.1 Granted 740 27.54 Exercised (1,097 ) 17.34 Forfeited/cancelled/expired (11 ) 22.32 Outstanding at January 3, 2015 3,819 22.83 2.9 Granted 839 26.96 Exercised (931 ) 18.25 Forfeited/cancelled/expired (66 ) 26.74 Outstanding at January 2, 2016 3,661 $ 24.88 3.2 $ 20,152 Vested and expected to vest at January 2, 2016 3,494 $ 24.78 3.1 $ 19,569 Exercisable at January 2, 2016 1,965 $ 23.11 2.1 $ 14,296 |
Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at January 2, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at January 2, 2016 Weighted- Average Remaining Life Weighted- Average Exercise Price Number Exercisable at January 2, 2016 Weighted- Average Exercise Price $10.62-$25.65 850 2.0 $ 18.83 820 $ 18.58 $26.00-$26.00 1,400 1.9 26.00 933 26.00 $27.00-$27.90 856 6.4 27.04 35 27.43 $27.96-$27.96 555 3.4 27.96 177 27.96 3,661 3.2 $ 24.88 1,965 $ 23.11 |
Activity Related to Restricted Stock and Restricted Stock Units | Activity related to restricted stock and restricted stock units was as follows for the three years ended January 2, 2016 : Number of Shares Weighted- Average Grant Date Fair Value Non-vested at December 29, 2012 5,507 $ 15.13 Granted 4,071 19.26 Vested (2,101 ) 18.34 Forfeited (447 ) 17.74 Non-vested at December 28, 2013 7,030 16.39 Granted 1,554 27.69 Vested (1,181 ) 15.93 Forfeited (1,335 ) 19.55 Non-vested at January 3, 2015 6,068 20.81 Granted 1,401 26.96 Vested (1,500 ) 18.93 Forfeited (1,250 ) 19.63 Non-vested at January 2, 2016 4,719 $ 21.61 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Equity [Abstract] | |
Stock Repurchase and Issuance Activity | Our treasury stock repurchase and issuance activity for 2015 , 2014 and 2013 are summarized as follows: Shares Repurchased Weighted- Average Price Per Share Net Amount Repurchased Cumulative balance at December 29, 2012 38,029 $ 17.04 $ 648,066 Issuance of Class A Common Stock (508 ) 17.24 (8,766 ) Cumulative balance at December 28, 2013 37,521 17.04 639,300 Issuance of Class A Common Stock (172 ) 16.32 (2,807 ) Cumulative balance at January 3, 2015 37,349 17.04 636,493 Repurchase of Class A Common Stock 9,757 26.55 259,027 Issuance of Class A Common Stock (148 ) 17.53 (2,595 ) Cumulative balance at January 2, 2016 46,958 $ 19.02 $ 892,925 |
Changes in Number of Outstanding Shares of Class A Common Stock | The detail of changes in the number of outstanding shares of Class A Common Stock for the three-year period ended January 2, 2016 , is as follows: Class A Common Stock December 29, 2012 150,320 Stock options exercised 2,619 Release of restricted stock units, net of shares withheld for employee taxes 1,402 Grant of restricted Class A Common Stock 15 December 28, 2013 154,356 Stock options exercised 1,097 Release of restricted stock units, net of shares withheld for employee taxes 746 Grant of restricted Class A Common Stock 15 January 3, 2015 156,214 Stock options exercised 931 Release of restricted stock units, net of shares withheld for employee taxes 974 Repurchase of Class A Common Stock (9,757 ) January 2, 2016 148,362 |
Significant Accounting Polici37
Significant Accounting Policies - Additional Information (Detail) shares in Thousands | 12 Months Ended | ||
Jan. 02, 2016USD ($)customershares | Jan. 03, 2015USD ($)customershares | Dec. 28, 2013USD ($)customershares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Fiscal year period | 364 days | 371 days | 364 days |
Service revenues as percentage of net sales | 10.00% | 10.00% | 10.00% |
Percentage of sales from products purchased from other individual vendors | Less than 10% | Less than 10% | Less than 10% |
Period to provide warranty protection for certain IT products within the European Union | up to two years | ||
Warranty period | 2 years | ||
Book overdrafts | $ 428,628,000 | $ 400,323,000 | |
Trade accounts receivable sold to and held by financial institutions under uncommitted factoring programs | 388,358,000 | 276,808,000 | |
Factoring fees | 4,565,000 | 4,757,000 | $ 2,851,000 |
Identifiable intangible assets | $ 537,308,000 | 488,753,000 | |
Amortization period for finite-lived identifiable intangible assets | 10 years | ||
Net carrying amounts of finite-lived identifiable intangible assets | $ 374,674,000 | 318,689,000 | |
Amortization of intangible assets | 62,138,000 | 58,962,000 | 48,480,000 |
Impairment of internally developed software | $ (121,001,000) | 0 | $ 0 |
Impairments of long-lived and other intangible assets | $ 0 | ||
Stock-based awards excluded from the computation of Diluted EPS | shares | 2,545 | 1,772 | 2,069 |
Period used to estimate the forfeiture rate for stock-based compensation | preceding five fiscal years | ||
Period used to determine forfeiture rate for stock-based compensation | 5 years | ||
Hewlett-Packard [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of sales from products purchased | 14.00% | 14.00% | 15.00% |
Apple Inc [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of sales from products purchased | 12.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of major customers | customer | 0 | 0 | 0 |
Percentage of consolidated net sales not exceeded by any single customer | 10% or more | 10% or more | 10% or more |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of major customers | customer | 0 | 0 | |
Percentage of total accounts receivable not exceeded by any single customer | Greater than 10% | Greater than 10% | |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fiscal year period | 364 days | 364 days | 364 days |
Amortization period for finite-lived identifiable intangible assets | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Fiscal year period | 371 days | 371 days | 371 days |
Amortization period for finite-lived identifiable intangible assets | 12 years |
Significant Accounting Polici38
Significant Accounting Policies - Depreciable Lives of Property and Equipment (Detail) | 12 Months Ended |
Jan. 02, 2016 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 30 years |
Minimum [Member] | Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 3 years |
Minimum [Member] | Distribution equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 5 years |
Minimum [Member] | Computer equipment and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 40 years |
Maximum [Member] | Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 17 years |
Maximum [Member] | Distribution equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 10 years |
Maximum [Member] | Computer equipment and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciable lives of property and equipment | 10 years |
Significant Accounting Polici39
Significant Accounting Policies - Schedule of Finite-Lived Identifiable Intangible Assets Future Minimum Amortization Expense (Detail) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Accounting Policies [Abstract] | ||
2,016 | $ 68,133 | |
2,017 | 66,440 | |
2,018 | 62,426 | |
2,019 | 50,205 | |
2,020 | 43,903 | |
Thereafter | 83,567 | |
Total | $ 374,674 | $ 318,689 |
Significant Accounting Polici40
Significant Accounting Policies - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Goodwill [Line Items] | ||
Beginning balance | $ 532,483 | $ 527,526 |
Acquisitions | 328,987 | 10,081 |
Adjustments/reclassifications | (18,469) | (5,124) |
Ending balance | 843,001 | 532,483 |
North America [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 392,683 | 392,937 |
Acquisitions | 97,694 | 4,870 |
Adjustments/reclassifications | (2,664) | (5,124) |
Ending balance | 487,713 | 392,683 |
Europe [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 42,401 | 42,160 |
Acquisitions | 163,306 | 241 |
Adjustments/reclassifications | (7,509) | 0 |
Ending balance | 198,198 | 42,401 |
Asia-Pacific [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 97,399 | 92,429 |
Acquisitions | 2,135 | 4,970 |
Adjustments/reclassifications | (7,609) | 0 |
Ending balance | 91,925 | 97,399 |
Latin America [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 0 | 0 |
Acquisitions | 65,852 | 0 |
Adjustments/reclassifications | (687) | 0 |
Ending balance | $ 65,165 | $ 0 |
Significant Accounting Polici41
Significant Accounting Policies - Computation of Basic EPS and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Accounting Policies [Abstract] | |||
Net income | $ 215,105 | $ 266,691 | $ 310,583 |
Weighted average shares (in shares) | 153,500 | 155,492 | 152,900 |
Basic EPS (in dollars per share) | $ 1.40 | $ 1.72 | $ 2.03 |
Weighted average shares, including the dilutive effect of stock-based awards (3,096, 3,960 and 3,372 for 2015, 2014 and 2013, respectively) (in shares) | 156,596 | 159,452 | 156,272 |
Diluted EPS (in dollars per share) | $ 1.37 | $ 1.67 | $ 1.99 |
Significant Accounting Polici42
Significant Accounting Policies - Computation of Basic EPS and Diluted EPS (Phantom) (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Accounting Policies [Abstract] | |||
Dilutive effect of stock-based awards | 3,096 | 3,960 | 3,372 |
Reorganization Costs - Addition
Reorganization Costs - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Reorganization costs | $ 36,309,000 | $ 93,545,000 | $ 34,629,000 |
Employee termination benefits | $ 36,420,000 | 85,791,000 | $ 25,327,000 |
Write-off of previously acquired trade name | 0 | ||
2014 Reorganization Action [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee termination benefits | 85,791,000 | ||
Write-off of previously acquired trade name | $ 7,528,000 |
Reorganization Costs - Summary
Reorganization Costs - Summary of Reorganization and Expense-Reduction Program Costs (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016USD ($)Employee | Jan. 03, 2015USD ($)Employee | Dec. 28, 2013USD ($)Employee | |
Restructuring Cost and Reserve [Line Items] | |||
Headcount Reduction | Employee | 582 | 1,183 | 628 |
Employee Termination Benefits | $ 36,420 | $ 85,791 | $ 25,327 |
Facility Costs/Other | 3,075 | 7,754 | 9,329 |
Total Reorganization Costs | 39,495 | 93,545 | 34,656 |
Adjustments to Prior Year Costs | (3,186) | 0 | (27) |
Reorganization costs | 36,309 | 93,545 | 34,629 |
North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Termination Benefits | 14,468 | 14,808 | 5,186 |
Facility Costs/Other | 56 | 7,541 | 3,610 |
Total Reorganization Costs | 14,524 | 22,349 | 8,796 |
Adjustments to Prior Year Costs | (1,523) | 0 | 173 |
Reorganization costs | 13,001 | 22,349 | 8,969 |
Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Termination Benefits | 15,411 | 66,467 | 18,730 |
Facility Costs/Other | 2,102 | 0 | 764 |
Total Reorganization Costs | 17,513 | 66,467 | 19,494 |
Adjustments to Prior Year Costs | (1,663) | 0 | (188) |
Reorganization costs | 15,850 | 66,467 | 19,306 |
Asia-Pacific [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Termination Benefits | 5,567 | 2,482 | 1,411 |
Facility Costs/Other | 452 | 213 | 4,955 |
Total Reorganization Costs | 6,019 | 2,695 | 6,366 |
Adjustments to Prior Year Costs | 0 | 0 | (12) |
Reorganization costs | 6,019 | 2,695 | 6,354 |
Latin America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Termination Benefits | 974 | 2,034 | 0 |
Facility Costs/Other | 465 | 0 | 0 |
Total Reorganization Costs | 1,439 | 2,034 | 0 |
Adjustments to Prior Year Costs | 0 | 0 | 0 |
Reorganization costs | $ 1,439 | $ 2,034 | $ 0 |
Reorganization Costs - Remainin
Reorganization Costs - Remaining Liabilities and Payment Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | $ 26,910 | |||
Expenses (Income), Net | 36,309 | $ 93,545 | $ 34,629 | |
Amounts Paid and Charged Against the Liability | (44,272) | |||
Foreign Currency Translation | (2,714) | |||
Remaining Liability at January 2, 2016 | 16,233 | 26,910 | ||
Adjustments to Prior Year Costs | (3,186) | 0 | (27) | |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expenses (Income), Net | 15,850 | 66,467 | 19,306 | |
Adjustments to Prior Year Costs | (1,663) | 0 | (188) | |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expenses (Income), Net | 13,001 | 22,349 | 8,969 | |
Adjustments to Prior Year Costs | (1,523) | 0 | $ 173 | |
2015 and 2014 Reorganization actions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 24,296 | |||
Expenses (Income), Net | 37,832 | |||
Amounts Paid and Charged Against the Liability | (43,181) | |||
Foreign Currency Translation | (2,714) | |||
Remaining Liability at January 2, 2016 | 16,233 | 24,296 | ||
2015 and 2014 Reorganization actions [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 24,296 | |||
Expenses (Income), Net | [1] | 34,757 | ||
Amounts Paid and Charged Against the Liability | (40,910) | |||
Foreign Currency Translation | (2,714) | |||
Remaining Liability at January 2, 2016 | 15,429 | 24,296 | ||
2015 and 2014 Reorganization actions [Member] | Employee Severance [Member] | Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Adjustments to Prior Year Costs | 1,663 | |||
2015 and 2014 Reorganization actions [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 0 | |||
Expenses (Income), Net | 3,075 | |||
Amounts Paid and Charged Against the Liability | (2,271) | |||
Foreign Currency Translation | 0 | |||
Remaining Liability at January 2, 2016 | 804 | 0 | ||
2013 and Prior Reorganization actions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 2,614 | |||
Expenses (Income), Net | (1,523) | |||
Amounts Paid and Charged Against the Liability | (1,091) | |||
Foreign Currency Translation | 0 | |||
Remaining Liability at January 2, 2016 | 0 | 2,614 | ||
2013 and Prior Reorganization actions [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 118 | |||
Expenses (Income), Net | 0 | |||
Amounts Paid and Charged Against the Liability | (118) | |||
Foreign Currency Translation | 0 | |||
Remaining Liability at January 2, 2016 | 0 | 118 | ||
2013 and Prior Reorganization actions [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Remaining Liability at January 3, 2015 | 2,496 | |||
Expenses (Income), Net | [2] | (1,523) | ||
Amounts Paid and Charged Against the Liability | (973) | |||
Foreign Currency Translation | 0 | |||
Remaining Liability at January 2, 2016 | 0 | $ 2,496 | ||
2013 and Prior Reorganization actions [Member] | Facility Closing [Member] | North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Adjustments to Prior Year Costs | $ 1,523 | |||
[1] | . | |||
[2] | . |
Acquisitions, Goodwill and In46
Acquisitions, Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands | Dec. 21, 2015USD ($) | Dec. 18, 2015USD ($) | Jun. 14, 2015USD ($) | Mar. 16, 2015USD ($) | Feb. 27, 2015USD ($) | Dec. 01, 2014USD ($) | Dec. 02, 2013USD ($) | Sep. 30, 2013USD ($) | Sep. 12, 2013USD ($) | Jan. 02, 2016USD ($) | Jan. 02, 2016USD ($)acquisition | Jan. 03, 2015USD ($) | Dec. 28, 2013USD ($) |
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 479,348 | $ 40,924 | $ 135,763 | ||||||||||
Goodwill | $ 843,001 | 843,001 | 532,483 | $ 527,526 | |||||||||
Minority interest | 17,666 | ||||||||||||
Business combination, deferred payment period | 3 years | ||||||||||||
Acao [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 68,654 | ||||||||||||
Goodwill | $ 58,043 | ||||||||||||
DocData [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 144,752 | ||||||||||||
Goodwill | 133,538 | ||||||||||||
Odin [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | 163,906 | ||||||||||||
Goodwill | 109,768 | ||||||||||||
Identifiable intangible assets | $ 65,240 | ||||||||||||
Odin [Member] | Trade Name [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 3 years | ||||||||||||
Odin [Member] | Trade Name [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 6 years | ||||||||||||
Odin [Member] | Developed Technology [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 3 years | ||||||||||||
Odin [Member] | Developed Technology [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 6 years | ||||||||||||
Aptec Saudi [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 5,200 | ||||||||||||
Identifiable intangible assets | $ 5,258 | ||||||||||||
Acquired majority interest | 75.00% | ||||||||||||
Deferred payment | $ 1,872 | ||||||||||||
Minority interest | $ 1,800 | $ 1,800 | |||||||||||
Remaining interest | 25.00% | 25.00% | |||||||||||
Aptec Saudi [Member] | Customer Relationships [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 7 years | ||||||||||||
Subsidiaries of Tech Data [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 15,978 | ||||||||||||
Assumption of debt | $ 43,658 | ||||||||||||
Anovo [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 68,123 | ||||||||||||
Goodwill | 26,428 | ||||||||||||
Identifiable intangible assets | $ 52,728 | ||||||||||||
Acquired majority interest | 97.50% | 2.50% | 2.50% | ||||||||||
Assumption of debt | $ 32,486 | ||||||||||||
Purchase price | $ 1,391 | ||||||||||||
Outstanding shares owned | 100.00% | 100.00% | |||||||||||
Anovo [Member] | Trade Name [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 4 years | ||||||||||||
Anovo [Member] | Trade Name [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 10 years | ||||||||||||
Anovo [Member] | Developed Technology [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 4 years | ||||||||||||
Anovo [Member] | Developed Technology [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 10 years | ||||||||||||
Anovo [Member] | Customer Relationships [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 4 years | ||||||||||||
Anovo [Member] | Customer Relationships [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 10 years | ||||||||||||
Strategic Acquisitions [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Cash payment | $ 1,924 | ||||||||||||
Goodwill | $ 1,210 | 1,210 | 5,111 | ||||||||||
Identifiable intangible assets | $ 1,294 | $ 1,294 | $ 15,777 | ||||||||||
Number of acquisitions | 3 | 5 | |||||||||||
Estimated future earn-out payment | $ 613 | $ 3,998 | |||||||||||
Consideration paid | $ 20,834 | ||||||||||||
Strategic Acquisitions [Member] | Customer Relationships [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Strategic Acquisitions [Member] | Trade Name and Customer Relationships [Member] | Minimum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 3 years | ||||||||||||
Strategic Acquisitions [Member] | Trade Name and Customer Relationships [Member] | Maximum [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Armada [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Goodwill | $ 4,970 | ||||||||||||
Identifiable intangible assets | $ 9,949 | ||||||||||||
Acquired majority interest | 58.00% | 23.00% | 23.00% | ||||||||||
Remaining interest | 19.00% | 19.00% | 42.00% | ||||||||||
Consideration paid | $ 20,100 | $ 9,420 | |||||||||||
Ownership percentage by parent | 81.00% | 81.00% | |||||||||||
Armada [Member] | Trade Name [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Armada [Member] | Customer Relationships [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Armada [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Minority interest | $ 8,246 | $ 8,246 | |||||||||||
Shipwire [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Goodwill | $ 62,628 | ||||||||||||
Identifiable intangible assets | $ 25,000 | ||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Consideration paid | $ 86,000 | ||||||||||||
Acquisition date | Dec. 2, 2013 | ||||||||||||
Shipwire [Member] | Trade Name [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Shipwire [Member] | Customer Relationships [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Shipwire [Member] | Software [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Norcross, Georgia-based CloudBlue [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Goodwill | $ 25,237 | ||||||||||||
Identifiable intangible assets | $ 14,295 | ||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Consideration paid | $ 38,500 | ||||||||||||
Acquisition date | Sep. 30, 2013 | ||||||||||||
Norcross, Georgia-based CloudBlue [Member] | Trade Name [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Norcross, Georgia-based CloudBlue [Member] | Customer Relationships [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
Norcross, Georgia-based CloudBlue [Member] | Software [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 5 years | ||||||||||||
SoftCom [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Goodwill | $ 15,437 | ||||||||||||
Identifiable intangible assets | $ 11,761 | ||||||||||||
Estimated useful lives of Identifiable intangible assets | 6 years | ||||||||||||
Deferred payment | $ 5,000 | ||||||||||||
Consideration paid | $ 10,943 | ||||||||||||
Acquisition date | Sep. 12, 2013 | ||||||||||||
Payment of outstanding debt | $ 3,407 | ||||||||||||
Performance based earn-out | $ 3,650 | ||||||||||||
Business combination, deferred payment period | 3 years | ||||||||||||
Performance based earn-out, payment period | 3 years | ||||||||||||
SoftCom [Member] | Software [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 6 years | ||||||||||||
SoftCom [Member] | Domain Names [Member] | |||||||||||||
Acquisitions [Line Items] | |||||||||||||
Estimated useful lives of Identifiable intangible assets | 6 years |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,132,320 | $ 1,144,888 |
Accumulated depreciation | (750,906) | (712,458) |
Property and equipment, net | 381,414 | 432,430 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5,372 | 4,230 |
Buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 164,650 | 131,001 |
Distribution equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 307,512 | 277,205 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 654,786 | $ 732,452 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - Sale Leaseback [Member] $ in Thousands | Dec. 22, 2014USD ($)property |
Property, Plant and Equipment [Line Items] | |
Properties sold under sale leaseback agreement | property | 3 |
Cash consideration | $ | $ 67,470 |
Leaseback term | 10 years |
Debt - Carrying Value of Outsta
Debt - Carrying Value of Outstanding Debt (Detail) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | $ 1,231,376 | $ 1,468,915 |
Short-term debt and current maturities of long-term debt | (134,103) | (372,026) |
Long-term debt, less current maturities | 1,097,273 | 1,096,889 |
Senior unsecured notes, 4.95% due 2024 [Member] | ||
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | 498,431 | 498,255 |
Senior unsecured notes, 5.00% due 2022 [Member] | ||
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | 298,813 | 298,634 |
Senior unsecured notes, 5.25% due 2017 [Member] | ||
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | 300,000 | 300,000 |
North America revolving trade accounts receivable-backed financing program [Member] | ||
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | 0 | 185,000 |
Lines of credit and other debt [Member] | ||
Standby Letters of Credit [Line Items] | ||
Total debt, current and non-current | $ 134,132 | $ 187,026 |
Debt - Carrying Value of Outs50
Debt - Carrying Value of Outstanding Debt (Additional) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 31, 2014 | Aug. 31, 2012 | |
Senior unsecured notes, 4.95% due 2024 [Member] | ||||
Standby Letters of Credit [Line Items] | ||||
Debt instrument, interest rate | 4.95% | 4.95% | 4.95% | |
Debt instrument, maturity date | Dec. 15, 2024 | Dec. 15, 2024 | ||
Unamortized discount | $ 1,569 | $ 1,745 | ||
Senior unsecured notes, 5.00% due 2022 [Member] | ||||
Standby Letters of Credit [Line Items] | ||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | |
Debt instrument, maturity date | Aug. 10, 2022 | Aug. 10, 2022 | ||
Unamortized discount | $ 1,187 | $ 1,366 | ||
Senior unsecured notes, 5.25% due 2017 [Member] | ||||
Standby Letters of Credit [Line Items] | ||||
Debt instrument, interest rate | 5.25% | 5.25% | ||
Debt instrument, maturity date | Sep. 1, 2017 | Sep. 1, 2017 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Aug. 31, 2012USD ($) | Jan. 02, 2016EUR (€)program | Jan. 02, 2016AUDprogram | Jan. 02, 2016USD ($)program | Jan. 03, 2015USD ($) | |
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Senior unsecured notes | $ 1,231,376,000 | $ 1,468,915,000 | ||||
Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowings outstanding under various debt instruments | $ 0 | |||||
Number of financing programs | program | 3 | 3 | 3 | |||
Aggregate borrowing capacity of various debt instruments | $ 905,494,000 | |||||
Amount of restricted trade accounts receivable under trade accounts receivable-backed financing programs | $ 1,622,845,000 | |||||
Senior unsecured notes, 4.95% due 2024 [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Senior unsecured notes issued | $ 500,000,000 | |||||
Debt instrument, interest rate | 4.95% | 4.95% | 4.95% | 4.95% | 4.95% | |
Cash proceeds from issuance of senior unsecured notes, net of discount and issuance costs | $ 494,995,000 | |||||
Debt discount | 1,755,000 | |||||
Debt issuance cost | $ 3,250,000 | |||||
Senior unsecured notes | $ 498,431,000 | $ 498,255,000 | ||||
Senior unsecured notes, 5.00% due 2022 [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Senior unsecured notes issued | $ 300,000,000 | |||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |
Cash proceeds from issuance of senior unsecured notes, net of discount and issuance costs | $ 296,256,000 | |||||
Debt discount | 1,794,000 | |||||
Debt issuance cost | $ 1,950,000 | |||||
Senior unsecured notes | $ 298,813,000 | $ 298,634,000 | ||||
Senior unsecured notes, 5.25% due 2017 [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | 5.25% | ||
Senior unsecured notes | $ 300,000,000 | $ 300,000,000 | ||||
Financing Program North America [Member] | Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | 675,000,000 | |||||
Line of credit, conditional increase in borrowing capacity | 250,000,000 | |||||
Borrowings outstanding under various debt instruments | 0 | 185,000,000 | ||||
Financing Program, Europe, Maturing January 2017 [Member] | Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | € 105,000,000 | 114,062,000 | ||||
Revolving trade accounts receivable-backed financing program mature date | Jan. 28, 2017 | |||||
Financing Program Asia-Pacific [Member] | Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | AUD 160,000,000 | 116,432,000 | ||||
Revolving trade accounts receivable-backed financing program mature date | Jun. 1, 2017 | |||||
Financing Program, Europe, Terminated Dec 2015 [Member] | Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | € | € 45,000,000 | |||||
Accounts Receivable-Backed Financing Program [Member] | Accounts Receivable-Backed Financing Program [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowings outstanding under various debt instruments | 0 | 0 | ||||
Senior Unsecured Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | 1,500,000,000 | |||||
Line of credit, conditional increase in borrowing capacity | 350,000,000 | |||||
Borrowings outstanding under various debt instruments | 0 | 0 | ||||
Issuance of letters of credit under credit facility | 8,499,000 | 12,141,000 | ||||
Additional Debt Instruments [Member] | Lines of Credit, Short-term Overdraft Facilities and Other Facilities [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Borrowing capacity | 924,749,000 | |||||
Borrowings outstanding under various debt instruments | $ 134,132,000 | $ 187,026,000 | ||||
Weighted average interest rate on outstanding borrowings under lines of credit, short-term overdraft facilities and other credit facilities | 6.80% | 6.80% | 6.80% | 6.90% | ||
Additional Debt Instruments [Member] | Letter of Credit [Member] | ||||||
Line Of Credit Facility Covenant Compliance [Line Items] | ||||||
Issuance of letters of credit under credit facility | $ 54,879,000 | $ 37,195,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (6,456) | $ 198,345 | $ 200,663 |
Foreign | 302,882 | 196,406 | 235,436 |
Income before income taxes | $ 296,426 | $ 394,751 | $ 436,099 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Current: | |||
Federal | $ 16,727 | $ 89,537 | $ 80,910 |
State | 2,714 | 12,185 | 8,225 |
Foreign | 91,038 | 55,620 | 69,468 |
Current Income Tax Expense (Benefit), Total | 110,479 | 157,342 | 158,603 |
Deferred: | |||
Federal | (6,448) | (23,728) | (13,894) |
State | (2,183) | (7,509) | (1,776) |
Foreign | (20,527) | 1,955 | (17,417) |
Deferred Income Tax Expense (Benefit), Total | (29,158) | (29,282) | (33,087) |
Provision for income taxes | $ 81,321 | $ 128,060 | $ 125,516 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory U.S. Federal Income Tax Rate to Our Effective Tax Rate (Detail) | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.20% | 1.50% | 1.50% |
U.S. tax on foreign earnings, net of foreign tax credits | (0.20%) | 0.30% | (4.60%) |
Effect of international operations | (7.50%) | (6.50%) | (5.60%) |
Effect of change in valuation allowances | 0.20% | 2.90% | 2.90% |
Other | (0.30%) | (0.80%) | (0.40%) |
Effective tax rate | 27.40% | 32.40% | 28.80% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 301,522 | $ 308,071 |
Tax credit carryforwards | 146,157 | 144,821 |
Employee benefits, including stock-based compensation | 60,894 | 60,650 |
Reorganization and restructuring reserves | 2,329 | 1,169 |
Inventory | 31,181 | 39,290 |
Depreciation and amortization | 28,657 | 37,331 |
Allowance on trade accounts receivable | 14,149 | 12,327 |
Reserves and accruals not currently deductible for income tax purposes | 26,647 | 32,097 |
Other | 34,945 | 26,298 |
Total deferred tax assets | 646,481 | 662,054 |
Valuation allowance | (344,855) | (342,938) |
Subtotal | 301,626 | 319,116 |
Deferred tax liabilities: | ||
Depreciation and amortization | (109,186) | (139,610) |
Outside basis difference on earnings of foreign subsidiaries | (58,585) | (59,758) |
Other | (16,712) | (12,337) |
Total deferred tax liabilities | (184,483) | (211,705) |
Net deferred tax assets | $ 117,143 | $ 107,411 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 02, 2016USD ($) | Jul. 04, 2015USD ($) | Jan. 02, 2016USD ($)jurisdiction | Jan. 03, 2015USD ($) | Dec. 28, 2013USD ($) | Dec. 29, 2012USD ($) | |
Operating Loss Carryforwards [Line Items] | ||||||
Non-cash charge impacting effective tax rate due to increased valuation allowance on foreign tax credits | $ 14,580 | $ 14,580 | ||||
Non-cash benefit impacting effective tax rate due to reversed valuation allowance | $ 14,258 | 14,258 | ||||
Net operating loss carryforwards | 301,522 | 301,522 | $ 308,071 | |||
Valuation allowance related to net operating loss carryforwards | 258,426 | 258,426 | ||||
Deferred tax assets on net operating loss carryforwards, net of valuation allowance | 43,096 | 43,096 | ||||
Deferred tax assets on net operating loss carryforwards with no expiration date | 32,105 | 32,105 | ||||
Tax credit carryforward | 146,157 | 146,157 | ||||
Deferred tax assets related to foreign tax credit carryforwards | 144,379 | 144,379 | ||||
Valuation allowance related to foreign tax credit carryforwards | (76,715) | $ (76,715) | ||||
Tax credit carryforward, expiration period | 2,025 | |||||
Increase in valuation allowance | $ 1,917 | |||||
Net undistributed earnings on which deferred tax is not provided | 2,200,000 | 2,200,000 | 2,100,000 | |||
Tax benefits claimed from exercise of employee stock options and other employee stock programs | 3,029 | 5,531 | $ 422 | |||
Gross unrecognized tax benefits | 23,445 | 23,445 | 30,372 | $ 35,398 | $ 38,790 | |
Interest and penalties on unrecognized tax benefits | 6,652 | $ 6,652 | $ 7,625 | |||
Number of foreign tax jurisdictions (over) | jurisdiction | 40 | |||||
Minimum [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Time limits for closings unrecognized tax benefits settlements and expiration of applicable statutes of limitations | 3 years | |||||
Maximum [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Time limits for closings unrecognized tax benefits settlements and expiration of applicable statutes of limitations | 5 years | |||||
Various Federal and State Credits [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax credit carryforward | $ 1,778 | $ 1,778 |
Income Taxes - Amounts of Gross
Income Taxes - Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of the year | $ 30,372 | $ 35,398 | $ 38,790 |
Increases in tax positions for prior years | 0 | 2,442 | 4,918 |
Decreases in tax positions for prior years | (1,508) | (2,735) | (61) |
Increases in tax positions for current year | 2,932 | 5,357 | 737 |
Settlements | (2,775) | (482) | (1,078) |
Lapse in statute of limitations | (5,576) | (9,608) | (7,908) |
Gross unrecognized tax benefits at end of the year | $ 23,445 | $ 30,372 | $ 35,398 |
Derivative Financial Instrume58
Derivative Financial Instruments - Additional Information (Detail) - derivative | Jan. 02, 2016 | Jan. 03, 2015 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of derivatives | 0 | 0 |
Derivative Financial Instrume59
Derivative Financial Instruments - Notional Amounts and Fair Values of Derivative Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivatives not receiving hedge accounting treatment, notional amount | [1] | $ 2,288,257 | $ 2,313,978 |
Derivatives not receiving hedge accounting treatment, fair value | 45,916 | 29,420 | |
Foreign exchange contracts [Member] | Other current assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, notional amount | [1] | 1,669,296 | 1,863,626 |
Derivatives not receiving hedge accounting treatment, fair value | 54,133 | 31,213 | |
Foreign exchange contracts [Member] | Accrued expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, notional amount | [1] | 618,961 | 450,352 |
Derivatives not receiving hedge accounting treatment, fair value | $ (8,217) | $ (1,793) | |
[1] | Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. |
Derivative Financial Instrume60
Derivative Financial Instruments - Amount Recognized in Earnings from Our Derivative Instruments Not Receiving Hedge Accounting Treatment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Net gain (loss) recognized in earnings from derivative instruments including ineffectiveness | $ 122,308 | $ 79,796 | $ (11,657) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | $ 201,051 | $ 90 | ||
Marketable trading securities | 51,720 | [1] | 56,616 | [2] |
Derivative assets | 54,133 | 31,213 | ||
Total assets at fair value | 306,904 | 87,919 | ||
Derivative liabilities | 8,217 | 1,793 | ||
Contingent consideration | 3,371 | 7,647 | ||
Total liabilities at fair value | 11,588 | 9,440 | ||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | 201,051 | 90 | ||
Marketable trading securities | 51,720 | [1] | 56,616 | [2] |
Total assets at fair value | 252,771 | 56,706 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 54,133 | 31,213 | ||
Total assets at fair value | 54,133 | 31,213 | ||
Derivative liabilities | 8,217 | 1,793 | ||
Total liabilities at fair value | 8,217 | 1,793 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities | 0 | |||
Contingent consideration | 3,371 | 7,647 | ||
Total liabilities at fair value | $ 3,371 | $ 7,647 | ||
[1] | Included in other current assets in our consolidated balance sheet. | |||
[2] | Included in other current assets in our consolidated balance sheet. |
Fair Value Measurements - Debt
Fair Value Measurements - Debt Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 31, 2014 | Aug. 31, 2012 | |
Senior unsecured notes, 5.25% due 2017 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate | 5.25% | 5.25% | ||
Debt instrument, maturity date | Sep. 1, 2017 | Sep. 1, 2017 | ||
Senior unsecured notes, 5.00% due 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | |
Debt instrument, maturity date | Aug. 10, 2022 | Aug. 10, 2022 | ||
Senior unsecured notes, 4.95% due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate | 4.95% | 4.95% | 4.95% | |
Debt instrument, maturity date | Dec. 15, 2024 | Dec. 15, 2024 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | $ 1,116,421 | $ 1,138,404 | ||
Fair Value, Measurements, Recurring [Member] | Senior unsecured notes, 5.25% due 2017 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 313,039 | 323,527 | ||
Fair Value, Measurements, Recurring [Member] | Senior unsecured notes, 5.00% due 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 301,867 | 314,954 | ||
Fair Value, Measurements, Recurring [Member] | Senior unsecured notes, 4.95% due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 501,515 | 499,923 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 1,116,421 | 1,138,404 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Senior unsecured notes, 5.25% due 2017 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 313,039 | 323,527 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Senior unsecured notes, 5.00% due 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 301,867 | 314,954 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Senior unsecured notes, 4.95% due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 501,515 | 499,923 | ||
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 1,097,244 | 1,096,889 | ||
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Senior unsecured notes, 5.25% due 2017 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 300,000 | 300,000 | ||
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Senior unsecured notes, 5.00% due 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | 298,813 | 298,634 | ||
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Senior unsecured notes, 4.95% due 2024 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of senior unsecured notes issued | $ 498,431 | $ 498,255 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) BRL in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | Dec. 28, 2013USD ($) | Jan. 02, 2016BRL | |
Contingencies And Commitments [Line Items] | ||||
Percentage of net sales under guarantee arrangements, less than | 1.00% | 1.00% | 1.00% | |
Maximum amount of reimbursement to third party | $ 7,797 | |||
Rental expense including obligations relating to IT outsourcing services | 124,876 | $ 117,890 | $ 113,709 | |
2005 Federal import tax assessment [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of commercial taxes due on the import of software acquired | 3,256 | BRL 12,714 | ||
2007 Sao Paulo Municipal tax assessment [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of service taxes due on the resale of software | 14,106 | 55,083 | ||
2011 Federal income tax assessment [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of statutory penalties for delays in providing certain electronic files | 4,084 | 15,947 | ||
2012 Sao Paulo Municipal tax assessment [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of service taxes due on the importation of software | 1,151 | 4,494 | ||
2013 Sao Paulo Municipal tax assessment [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of service taxes due on the importation of software | 4,120 | 16,089 | ||
Incremental charges [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of penalties and interest likely to be assessed | 72,849 | 284,457 | ||
Sao Paulo Municipal tax assessment in connection with acquisition of Acao [Member] | Acao [Member] | ||||
Contingencies And Commitments [Line Items] | ||||
Amount of service taxes due on the resale of software | 17,210 | 67,200 | ||
Amount in escrow pending conclusion of litigation | 19,516 | 76,204 | ||
Loss contingency accrual | $ 1,921 | BRL 7,500 |
Commitments and Contingencies64
Commitments and Contingencies - Future Minimum Rental Commitments on Operating Leases (Detail) $ in Thousands | Jan. 02, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 100,551 |
2,017 | 93,277 |
2,018 | 79,782 |
2,019 | 69,848 |
2,020 | 56,203 |
Thereafter | 127,685 |
Total | $ 527,346 |
Segment Information - Financial
Segment Information - Financial Information by Reporting Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 43,025,852 | $ 46,487,426 | $ 42,553,918 |
Income from operations | 415,316 | 487,262 | 514,875 |
Stock-based compensation expense | (39,893) | (36,022) | (30,340) |
Impairment of internally developed software | (121,001) | 0 | 0 |
Capital expenditures | 122,918 | 88,651 | 95,639 |
Depreciation | 91,006 | 87,066 | 80,435 |
Amortization of intangible assets | 62,138 | 58,962 | 48,480 |
Identifiable assets | 12,307,260 | 12,831,443 | |
Long-lived assets | 756,088 | 751,119 | |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 18,200,671 | 19,929,129 | 17,367,098 |
Income from operations | 323,287 | 343,511 | 329,367 |
Capital expenditures | 89,671 | 62,711 | 74,016 |
Depreciation | 65,519 | 60,569 | 52,114 |
Amortization of intangible assets | 37,318 | 41,069 | 30,421 |
Identifiable assets | 5,250,449 | 5,899,901 | |
Long-lived assets | 427,180 | 561,809 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 12,236,513 | 14,263,357 | 13,184,224 |
Income from operations | 65,742 | 28,203 | 92,792 |
Capital expenditures | 19,801 | 15,867 | 9,387 |
Depreciation | 12,394 | 14,106 | 16,521 |
Amortization of intangible assets | 15,281 | 11,427 | 11,368 |
Identifiable assets | 3,547,495 | 3,599,400 | |
Long-lived assets | 234,672 | 105,913 | |
Asia-Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 10,066,110 | 9,991,251 | 9,950,697 |
Income from operations | 144,815 | 108,774 | 79,977 |
Capital expenditures | 10,688 | 8,172 | 10,720 |
Depreciation | 11,022 | 10,640 | 10,444 |
Amortization of intangible assets | 7,724 | 5,647 | 5,804 |
Identifiable assets | 2,476,243 | 2,564,273 | |
Long-lived assets | 71,602 | 76,177 | |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,522,558 | 2,303,689 | 2,051,899 |
Income from operations | 42,366 | 42,796 | 43,079 |
Capital expenditures | 2,758 | 1,901 | 1,516 |
Depreciation | 2,071 | 1,751 | 1,356 |
Amortization of intangible assets | 1,815 | 819 | $ 887 |
Identifiable assets | 1,033,073 | 767,869 | |
Long-lived assets | $ 22,634 | $ 7,220 |
Segment Information - Integrati
Segment Information - Integration, Transition and Other Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Integration, transition and other costs | [1] | $ 48,734 | $ 36,622 | $ 439 |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Integration, transition and other costs | [1] | 29,832 | 20,365 | (13,788) |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Integration, transition and other costs | [1] | 9,436 | 11,562 | 9,218 |
Asia-Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Integration, transition and other costs | [1] | 6,167 | 4,188 | 6,042 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Integration, transition and other costs | [1] | $ 3,299 | $ 507 | $ (1,033) |
[1] | Costs are primarily related to (i) professional, consulting and integration costs associated with our acquisitions, (ii) consulting, retention and transition costs associated with our organizational effectiveness program charged to selling, general and administrative expenses ("SG&A"), (iii) employee retention bonuses and (iv) a charge of $4,736 for estimated settlement of employee related taxes assessed in Europe recorded in 2015. Fiscal year 2014, also included a gain of $9,411 related to the settlement of legal matters in North America. Fiscal year 2013, also included a gain of $28,461 and $1,033 related to the settlement of legal matters in North America and Latin America, respectively. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2013 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Segment Reporting Information [Line Items] | ||||
Estimated settlement of employee related taxes | $ 4,736 | |||
Settlement of legal matters | $ 29,494 | |||
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Settlement of legal matters | $ 9,411 | $ 28,461 | ||
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Settlement of legal matters | $ 1,033 |
Segment Information - Schedule
Segment Information - Schedule of Sales and Long-lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 43,025,852 | $ 46,487,426 | $ 42,553,918 |
Net sales, percentage | 100.00% | 100.00% | 100.00% |
Long-lived assets | $ 756,088 | $ 751,119 | |
Long-lived assets, percentage | 100.00% | 100.00% | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 16,928,383 | $ 18,245,232 | $ 15,667,744 |
Net sales, percentage | 39.00% | 39.00% | 37.00% |
Long-lived assets | $ 406,195 | $ 493,475 | |
Long-lived assets, percentage | 54.00% | 66.00% | |
Outside of the United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 26,097,469 | $ 28,242,194 | $ 26,886,174 |
Net sales, percentage | 61.00% | 61.00% | 63.00% |
Long-lived assets | $ 349,893 | $ 257,644 | |
Long-lived assets, percentage | 46.00% | 34.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2013 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 39,893 | $ 36,022 | $ 30,340 | |
Income tax benefit related to stock-based compensation expense | $ 13,325 | $ 11,528 | 9,161 | |
Increase in number of shares to be issued under the 2011 Incentive Plan | 12,000,000 | |||
Reduction in authorized share limit for every share subject to a stock option or stock appreciation right granted | 1 | |||
Maximum vesting period of options granted to employees | 3 years | |||
Maximum expiration period of stock options granted | 10 years | |||
Options granted contractual term | 7 years | 5 years | ||
Approximate number of shares available for grant under the 2011 Incentive Plan | 10,517,000 | |||
Total intrinsic value of stock options exercised | $ 9,189 | $ 11,277 | 11,655 | |
Total fair value of stock options vested and expensed | 4,559 | 2,875 | 458 | |
Unrecognized stock-based compensation costs related to stock options | $ 6,013 | |||
Remaining weighted-average period to recognize the unrecognized stock-based compensation cost, years | 1 year 4 months 24 days | |||
Cash received from stock option exercises | $ 17,115 | 19,334 | 43,384 | |
Benefit realized for tax deduction from stock option exercises | $ 3,531 | $ 4,099 | $ 3,785 | |
Restricted stock and restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Portion of restricted stock and restricted stock units vest over time period, minimum | 1 year | |||
Portion of restricted stock and restricted stock units vest over time period, maximum | 3 years | |||
Minimum vesting period of remainder of restricted stock and restricted stock units vests upon achievement of certain performance measures | 1 year | |||
Maximum vesting period of remainder of restricted stock and restricted stock units vests upon achievement of certain performance measures | 3 years | |||
Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units converted to Class A Common Stock | 1,500,000 | 1,181,000 | 2,101,000 | |
Shares withheld to satisfy the employees' minimum statutory obligation for the applicable taxes | 526,000 | 421,000 | 684,000 | |
Payment for employees' minimum statutory obligation for taxes | $ 14,201 | $ 11,778 | $ 13,045 | |
Remaining weighted-average period to recognize the unrecognized stock-based compensation cost, years | 1 year 2 months 12 days | |||
Unrecognized stock-based compensation cost related to non-vested restricted stock | $ 38,291 | |||
Performance-based grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units converted to Class A Common Stock | 1,015,000 | 620,000 | 1,535,000 | |
After June 8, 2011 [Member] | Stock Compensation Plan [Member] | Other award types [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized share limit ratio | 2.37 | |||
After June 7, 2013 [Member] | Stock Compensation Plan [Member] | Other award types [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized share limit ratio | 2.29 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected life of stock options | 4 years 6 months | 3 years 8 months | 3 years 1 month |
Risk-free interest rate | 1.53% | 0.95% | 0.57% |
Expected stock volatility | 25.60% | 26.30% | 25.90% |
Fair value of options granted (in dollars per share) | $ 6.47 | $ 5.88 | $ 3.62 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Award Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock option, outstanding shares, beginning balance | 3,819 | 4,187 | 5,645 | |
Stock option, granted, shares | 839 | 740 | 1,452 | |
Stock option, exercised, shares | (931) | (1,097) | (2,619) | |
Stock option, forfeited/cancelled/expired, shares | (66) | (11) | (291) | |
Stock option, outstanding shares, ending balance | 3,661 | 3,819 | 4,187 | 5,645 |
Stock option, vested and expected to vest, shares | 3,494 | |||
Stock option, exercisable, shares | 1,965 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Stock option, weighted-Average price, beginning balance (in dollars per share) | $ 22.83 | $ 20.56 | $ 17.36 | |
Stock option, granted, weighted-average Price (in dollars per share) | 26.96 | 27.54 | 25.70 | |
Stock option, exercised, weighted-average price (in dollars per share) | 18.25 | 17.34 | 16.56 | |
Stock option, forfeited/cancelled/expired, weighted-average price (in dollars per share) | 26.74 | 22.32 | 20.14 | |
Stock option, weighted-average price, ending balance (in dollars per share) | 24.88 | $ 22.83 | $ 20.56 | $ 17.36 |
Stock option, vested and expected to vest, weighted-average price (in dollars per share) | 24.78 | |||
Stock option, exercisable, weighted-average price (in dollars per share) | $ 23.11 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Stock option, weighted-average remaining contractual term, balance (in years) | 3 years 2 months 12 days | 2 years 10 months 24 days | 3 years 1 month 6 days | 2 years 8 months 12 days |
Stock option, vested and expected to vest, weighted-average remaining contractual term (in years) | 3 years 1 month 6 days | |||
Stock option, exercisable, weighted-average remaining contractual term (in years) | 2 years 1 month 6 days | |||
Stock option, vested and expected to vest, aggregate intrinsic value | $ 20,152 | |||
Stock option, aggregate intrinsic value | 19,569 | |||
Stock option, exercisable, aggregate intrinsic value | $ 14,296 |
Stock-Based Compensation - St72
Stock-Based Compensation - Stock Options Outstanding and Exercisable (Detail) shares in Thousands | 12 Months Ended |
Jan. 02, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options outstanding, number outstanding (in shares) | shares | 3,661 |
Stock options outstanding, weighted-average remaining life | 3 years 2 months |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ 24.88 |
Stock options exercisable, number exercisable (in shares) | shares | 1,965 |
Stock options exercisable, weighted-average exercise price (in dollars per share) | $ 23.11 |
$10.62-$25.65 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options, range of exercise prices, lower range (in dollars per share) | 10.62 |
Stock options, range of exercise prices, upper range (in dollars per share) | $ 25.65 |
Stock options outstanding, number outstanding (in shares) | shares | 850 |
Stock options outstanding, weighted-average remaining life | 2 years |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ 18.83 |
Stock options exercisable, number exercisable (in shares) | shares | 820 |
Stock options exercisable, weighted-average exercise price (in dollars per share) | $ 18.58 |
$26.00-$26.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options, range of exercise prices, lower range (in dollars per share) | 26 |
Stock options, range of exercise prices, upper range (in dollars per share) | $ 26 |
Stock options outstanding, number outstanding (in shares) | shares | 1,400 |
Stock options outstanding, weighted-average remaining life | 1 year 11 months |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ 26 |
Stock options exercisable, number exercisable (in shares) | shares | 933 |
Stock options exercisable, weighted-average exercise price (in dollars per share) | $ 26 |
$27.00-$27.90 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options, range of exercise prices, lower range (in dollars per share) | 27 |
Stock options, range of exercise prices, upper range (in dollars per share) | $ 27.9 |
Stock options outstanding, number outstanding (in shares) | shares | 856 |
Stock options outstanding, weighted-average remaining life | 6 years 5 months |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ 27.04 |
Stock options exercisable, number exercisable (in shares) | shares | 35 |
Stock options exercisable, weighted-average exercise price (in dollars per share) | $ 27.43 |
$27.96-$27.96 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock options, range of exercise prices, lower range (in dollars per share) | 27.96 |
Stock options, range of exercise prices, upper range (in dollars per share) | $ 27.96 |
Stock options outstanding, number outstanding (in shares) | shares | 555 |
Stock options outstanding, weighted-average remaining life | 3 years 5 months |
Stock options outstanding, weighted-average exercise price (in dollars per share) | $ 27.96 |
Stock options exercisable, number exercisable (in shares) | shares | 177 |
Stock options exercisable, weighted-average exercise price (in dollars per share) | $ 27.96 |
Stock-Based Compensation - Acti
Stock-Based Compensation - Activity Related to Restricted Stock and Restricted Stock Units (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-average grant date fair value, non-vested, beginning balance (in dollars per share) | $ 20.81 | $ 16.39 | $ 15.13 |
Weighted-average grant date fair value, granted (in dollars per share) | 26.96 | 27.69 | 19.26 |
Weighted-average grant date fair value, vested (in dollars per share) | 18.93 | 15.93 | 18.34 |
Weighted-average grant date fair value, forfeited (in dollars per share) | 19.63 | 19.55 | 17.74 |
Weighted-average grant date fair value, non-vested, ending balance (in dollars per share) | $ 21.61 | $ 20.81 | $ 16.39 |
Restricted stock and restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, non-vested, beginning balance | 6,068 | 7,030 | 5,507 |
Number of shares, granted | 1,401 | 1,554 | 4,071 |
Number of shares, vested | (1,500) | (1,181) | (2,101) |
Number of shares, forfeited | (1,250) | (1,335) | (447) |
Number of shares, non-vested, ending balance | 4,719 | 6,068 | 7,030 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions charged to expense | $ 8,885 | $ 6,599 | $ 4,891 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2015USD ($) | Jan. 02, 2016USD ($)dividend$ / sharesshares | Jan. 03, 2015USD ($)$ / sharesshares | Dec. 28, 2013USD ($)shares | Dec. 29, 2012shares | |
Class of Stock [Line Items] | |||||
Number of dividends declared and paid | dividend | 2 | ||||
Dividends per share (in dollars per share) | $ / shares | $ 0.10 | ||||
Dividends | $ | $ 30,182,000 | $ 0 | $ 0 | ||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 195,320,000 | 193,563,000 | |||
Common stock, shares outstanding (in shares) | 148,362,000 | 156,214,000 | 154,356,000 | 150,320,000 | |
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 135,000,000 | 135,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 0 | 0 | 0 | ||
Common stock, shares outstanding (in shares) | 0 | 0 | 0 | ||
2015 Share Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Period of share repurchase program | 3 years | ||||
Shares authorized for repurchase program | $ | $ 300,000,000 | ||||
Amount remaining for repurchase | $ | $ 165,068,000 | ||||
2010 Share Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Shares authorized for repurchase program | $ | $ 400,000,000 |
Common Stock - Stock Repurchase
Common Stock - Stock Repurchase and Issuance Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Shares Repurchased | |||
Cumulative balance, shares, beginning balance (in shares) | 37,349 | ||
Cumulative balance, shares, ending balance (in shares) | 46,958 | 37,349 | |
Net Amount Repurchased | |||
Cumulative balance, net amount, beginning balance | $ 636,493 | ||
Repurchase of Class A Common Stock | 259,027 | $ 0 | $ 0 |
Issuance of Class A Common Stock, net amount repurchased | 0 | 0 | $ 0 |
Cumulative balance, net amount, ending balance | $ 892,925 | $ 636,493 | |
Treasury Stock [Member] | |||
Shares Repurchased | |||
Cumulative balance, shares, beginning balance (in shares) | 37,349 | 37,521 | 38,029 |
Repurchase of Class A Common Stock (in shares) | 9,757 | ||
Issuance of Class A Common Stock (in shares) | (148) | (172) | (508) |
Cumulative balance, shares, ending balance (in shares) | 46,958 | 37,349 | 37,521 |
Weighted- Average Price Per Share | |||
Cumulative balance, weighted-average price per share, beginning balance (in dollars per share) | $ 17.04 | $ 17.04 | $ 17.04 |
Repurchase of Class A Common Stock, weighted-average price per share (in dollars per share) | 26.55 | ||
Issuance of Class A Common Stock, weighted-average price per share (in dollars per share) | 17.53 | 16.32 | 17.24 |
Cumulative balance, weighted-average price per share, ending balance (in dollars per share) | $ 19.02 | $ 17.04 | $ 17.04 |
Net Amount Repurchased | |||
Cumulative balance, net amount, beginning balance | $ 636,493 | $ 639,300 | $ 648,066 |
Repurchase of Class A Common Stock | 259,027 | ||
Issuance of Class A Common Stock, net amount repurchased | (2,595) | (2,807) | (8,766) |
Cumulative balance, net amount, ending balance | $ 892,925 | $ 636,493 | $ 639,300 |
Common Stock - Changes in Numbe
Common Stock - Changes in Number of Outstanding Shares of Class A Common Stock (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Change In Common Stock Outstanding [Roll Forward] | |||
Stock options exercised (in shares) | 931 | 1,097 | 2,619 |
Class A Common Stock [Member] | |||
Change In Common Stock Outstanding [Roll Forward] | |||
Common stock, shares, outstanding, beginning balance (in shares) | 156,214 | 154,356 | 150,320 |
Stock options exercised (in shares) | 931 | 1,097 | 2,619 |
Release of restricted stock units, net of shares withheld for employee taxes (in shares) | 974 | 746 | 1,402 |
Grant of restricted Class A Common Stock (in shares) | 15 | 15 | |
Repurchase of Class A Common Stock (in shares) | (9,757) | ||
Common stock, shares, outstanding, ending balance (in shares) | 148,362 | 156,214 | 154,356 |
Legal Settlement (Detail)
Legal Settlement (Detail) - USD ($) $ in Thousands | 1 Months Ended | |
Jan. 31, 2014 | Jul. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Distribution received | $ 29,494 | |
Incremental award | $ 9,411 |
Schedule II - Valuation and Q79
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | ||
Allowance for doubtful accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 51,686 | $ 56,459 | $ 63,815 | |
Charged to Costs and Expenses | 14,137 | 18,669 | 13,564 | |
Deductions | (16,429) | (25,095) | (21,217) | |
Other | [1] | (3,819) | 1,653 | 297 |
Balance at End of Year | 45,575 | 51,686 | 56,459 | |
Allowance for sales returns [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 19,030 | 13,092 | 14,219 | |
Charged to Costs and Expenses | 125,362 | 162,451 | 202,674 | |
Deductions | (130,169) | (156,166) | (204,133) | |
Other | [1] | (361) | (347) | 332 |
Balance at End of Year | $ 13,862 | $ 19,030 | $ 13,092 | |
[1] | “Other” includes recoveries, acquisitions, and the effect of fluctuation in foreign currency. |