Document and Entity Information
Document and Entity Information | 9 Months Ended |
Oct. 03, 2015shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Oct. 3, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | IM |
Entity Registrant Name | INGRAM MICRO INC |
Entity Central Index Key | 1,018,003 |
Current Fiscal Year End Date | --01-02 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 149,688,793 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 945,317 | $ 692,777 |
Trade accounts receivable (less allowances of $65,478 and $70,716 at October 3, 2015 and January 3, 2015, respectively) | 4,938,021 | 6,115,328 |
Inventory | 3,668,590 | 4,145,012 |
Other current assets | 627,286 | 532,406 |
Total current assets | 10,179,214 | 11,485,523 |
Property and equipment, net | 356,665 | 432,430 |
Goodwill | 543,366 | 532,483 |
Intangible assets, net | 326,734 | 318,689 |
Other assets | 55,770 | 62,318 |
Total assets | 11,461,749 | 12,831,443 |
Current liabilities: | ||
Accounts payable | 5,622,480 | 6,522,369 |
Accrued expenses | 585,950 | 542,038 |
Short-term debt and current maturities of long-term debt | 127,245 | 372,026 |
Total current liabilities | 6,335,675 | 7,436,433 |
Long-term debt, less current maturities | 1,097,189 | 1,096,889 |
Other liabilities | 113,219 | 132,295 |
Total liabilities | $ 7,546,083 | $ 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 | 1,484,306 | 1,461,705 |
Treasury stock, 45,234 and 37,349 shares at October 3, 2015 and January 3, 2015, respectively | (839,524) | (636,493) |
Retained earnings | 3,386,886 | 3,328,178 |
Accumulated other comprehensive income (loss) | (117,951) | 10,501 |
Total stockholders’ equity | 3,915,666 | 4,165,826 |
Total liabilities and stockholders’ equity | 11,461,749 | 12,831,443 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common Stock | 1,949 | 1,935 |
Class B Common Stock | ||
Stockholders’ equity: | ||
Common Stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Allowances for trade accounts receivable | $ 65,478 | $ 70,716 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 45,234,000 | 37,349,000 |
Class A Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, shares issued (in shares) | 194,923,000 | 193,563,000 |
Common Stock, shares outstanding (in shares) | 149,689,000 | 156,214,000 |
Class B Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 135,000,000 | 135,000,000 |
Common Stock, shares issued (in shares) | 0 | 0 |
Common Stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 10,515,880 | $ 11,237,840 | $ 31,713,584 | $ 32,531,208 |
Cost of sales | 9,852,297 | 10,591,751 | 29,775,715 | 30,640,794 |
Gross profit | 663,583 | 646,089 | 1,937,869 | 1,890,414 |
Operating expenses: | ||||
Selling, general and administrative | 510,990 | 494,507 | 1,526,340 | 1,481,743 |
Amortization of intangible assets | 14,206 | 14,567 | 47,226 | 43,140 |
Reorganization costs | 18,958 | 17,300 | 29,234 | 79,237 |
Impairment of Internally Developed Software | 0 | 0 | 115,856 | 0 |
Total operating expenses | 544,154 | 526,374 | 1,718,656 | 1,604,120 |
Income from operations | 119,429 | 119,715 | 219,213 | 286,294 |
Other expense (income): | ||||
Interest income | (991) | (1,045) | (2,650) | (3,782) |
Interest expense | 18,429 | 16,659 | 61,799 | 54,406 |
Net foreign exchange loss (gain) | 12,264 | (3,323) | 26,540 | (1,153) |
Other | 313 | 4,467 | 7,256 | 13,011 |
Total other expense (income) | 30,015 | 16,758 | 92,945 | 62,482 |
Income before income taxes | 89,414 | 102,957 | 126,268 | 223,812 |
Provision for income taxes | 24,492 | 30,723 | 52,364 | 76,132 |
Net income | $ 64,922 | $ 72,234 | $ 73,904 | $ 147,680 |
Basic earnings per share (in dollars per share) | $ 0.43 | $ 0.46 | $ 0.48 | $ 0.95 |
Diluted earnings per share (in dollars per share) | 0.42 | 0.45 | 0.47 | 0.93 |
Cash dividends paid per common share | $ 0.10 | $ 0 | $ 0.10 | $ 0 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 64,922 | $ 72,234 | $ 73,904 | $ 147,680 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (63,195) | (37,788) | (128,452) | (38,217) |
Other comprehensive income (loss), net of tax | (63,195) | (37,788) | (128,452) | (38,217) |
Comprehensive income (loss) | $ 1,727 | $ 34,446 | $ (54,548) | $ 109,463 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 73,904 | $ 147,680 |
Adjustments to reconcile net income to cash provided (used) by operating activities: | ||
Depreciation and amortization | 113,435 | 108,202 |
Stock-based compensation | 28,291 | 24,761 |
Excess tax benefit from stock-based compensation | (4,334) | (4,338) |
Loss on write-off of assets | 0 | 8,302 |
Impairment of Internally Developed Software | 115,856 | 0 |
Gain on sale of property and equipment | (272) | 0 |
Noncash charges for interest and bond discount amortization | 2,212 | 1,769 |
Deferred income taxes | 1,553 | (30,973) |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Trade accounts receivable | 1,078,501 | 566,097 |
Inventory | 400,880 | (551,609) |
Other current assets | (107,241) | (30,350) |
Accounts payable | (663,616) | (603,481) |
Change in book overdrafts | (70,825) | 166,361 |
Accrued expenses | (2,463) | (196,364) |
Cash provided (used) by operating activities | 965,881 | (393,943) |
Cash flows from investing activities: | ||
Capital expenditures | (99,022) | (52,369) |
Sale of marketable securities, net | 5,000 | 1,100 |
Proceeds from sale of property and equipment | 1,145 | 0 |
Cost-based investment | 0 | (10,000) |
Acquisitions, net of cash acquired | (100,855) | (18,880) |
Cash used by investing activities | (193,732) | (80,149) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 10,279 | 16,943 |
Repurchase of Class A Common Stock | (205,608) | 0 |
Excess tax benefit from stock-based compensation | 4,334 | 4,338 |
Business Combination, Contingent Consideration, Liability | (2,358) | 0 |
Payments of dividends | 15,196 | 0 |
Net proceeds from (repayments of) revolving credit facilities | (301,156) | 283,133 |
Cash provided (used) by financing activities | (509,705) | 304,414 |
Effect of exchange rate changes on cash and cash equivalents | (9,904) | (6,892) |
Increase (decrease) in cash and cash equivalents | 252,540 | (176,570) |
Cash and cash equivalents, beginning of period | 692,777 | 674,390 |
Cash and cash equivalents, end of period | $ 945,317 | $ 497,820 |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Oct. 03, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-05, "Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement", which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The standard is effective for periods beginning after December 15, 2015. We continue to evaluate the impact of the new guidance on our financial position, results of operations and cash flows. In May 2014, the 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. 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. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Share Repurchase Program | 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 thirteen and thirty-nine weeks ended October 3, 2015, we declared a cash dividend of $0.10 per share, totaling $15,196 , to stockholders of record as of the close of business on September 1, 2015, which was paid on September 15, 2015. We may modify, suspend or cancel our cash dividend policy in any manner and at any time. 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 October 3, 2015. Our new $300,000 share repurchase program expires on July 29, 2018, and has $218,487 remaining for repurchase at October 3, 2015. 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 Ingram Micro Inc. 2011 Incentive Plan, as amended (the "2011 Incentive Plan") (see Note 4). Our treasury stock repurchase and issuance activity for the thirty-nine weeks ended October 3, 2015 is summarized in the table below: Shares Weighted Amount Cumulative balance of treasury stock at January 3, 2015 37,349 $ 17.04 $ 636,493 Repurchase of Class A Common Stock 8,032 25.60 205,608 Issuance of Class A Common Stock (147 ) 16.77 (2,577 ) Cumulative balance of treasury stock at October 3, 2015 45,234 $ 18.56 $ 839,524 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We report a dual presentation of Basic Earnings per Share (“Basic EPS”) and Diluted Earnings per Share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the reported period. Diluted EPS uses the treasury stock method to compute the potential dilution that could occur if stock-based awards and other commitments to issue common stock were exercised. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The computation of Basic EPS and Diluted EPS is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net income $ 64,922 $ 72,234 $ 73,904 $ 147,680 Weighted average shares 152,203 155,760 154,955 155,300 Basic EPS $ 0.43 $ 0.46 $ 0.48 $ 0.95 Weighted average shares, including the dilutive effect of stock-based awards (2,539 and 3,783 for the thirteen weeks ended October 3, 2015 and September 27, 2014, respectively, and 3,061 and 3,881 for the thirty-nine weeks ended October 3, 2015 and September 27, 2014, respectively) 154,742 159,543 158,016 159,181 Diluted EPS $ 0.42 $ 0.45 $ 0.47 $ 0.93 There were approximately 2,869 and 0 stock-based awards for the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, and 2,444 and 651 stock based awards for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , respectively, that were not included in the computation of Diluted EPS because the exercise price was greater than the average market price of the Class A Common Stock during the respective periods, thereby having an antidilutive effect. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We currently have a single stock incentive plan, the 2011 Incentive Plan, amended during the second quarter of 2013, for the granting of equity-based incentive awards. We grant time- and/or performance-vested restricted stock and/or restricted stock units, in addition to stock options, to key employees and members of our Board of Directors. The performance measures for vesting of restricted stock and restricted stock units for grants to management for the periods presented are based on earnings growth, return on invested capital, total shareholder return, income from operations as a percent of revenue and income before tax. Awards granted under the 2011 Incentive Plan were as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Stock options granted (a) — — 839 700 Restricted stock and restricted stock units granted (a) 48 69 1,395 1,432 Stock-based compensation expense $ 10,762 $ 8,301 $ 28,291 $ 24,761 Related income tax benefit $ 3,252 $ 2,747 $ 9,065 $ 8,173 Exercised stock options 197 290 567 985 Vested restricted stock and/or restricted stock units (b) 47 38 1,455 879 (a) As of October 3, 2015 , approximately 13,327 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. (b) Includes 0 and 0 shares, for the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, and 1,015 and 145 shares, for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. The remainder of the shares are time-based grants. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Oct. 03, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We use foreign currency forward contracts that are not designated as hedges primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans. The notional amounts and fair values of derivative instruments in our consolidated balance sheet were as follows: Notional Amounts (1) Fair Value October 3, January 3, October 3, January 3, Derivatives not receiving hedge accounting treatment recorded in: Other current assets Foreign exchange contracts $ 1,524,817 $ 1,863,626 $ 20,061 $ 31,213 Accrued expenses Foreign exchange contracts 624,660 450,352 (6,353 ) (1,793 ) Total $ 2,149,477 $ 2,313,978 $ 13,708 $ 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: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net gain (loss) recognized in earnings $ (7,037 ) $ 92,802 $ 84,857 $ 85,828 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 03, 2015 | |
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 October 3, 2015 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: October 3, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 200,000 $ 200,000 $ — $ — Marketable trading securities (a) 50,509 50,509 — — Derivative assets 20,061 — 20,061 — Total assets at fair value $ 270,570 $ 250,509 $ 20,061 $ — Liabilities: Derivative liabilities $ 6,353 $ — $ 6,353 $ — Contingent consideration 6,741 — — 6,741 Total liabilities at fair value $ 13,094 $ — $ 6,353 $ 6,741 (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: October 3, 2015 Fair Value Total Level 1 Level 2 Level 3 Carrying Value Liabilities: Senior unsecured notes, 5.25% due 2017 $ 317,838 $ — $ 317,838 $ — $ 300,000 Senior unsecured notes, 5.00% due 2022 309,645 — 309,645 — 298,768 Senior unsecured notes, 4.95% due 2024 515,935 — 515,935 — 498,387 $ 1,143,418 $ — $ 1,143,418 $ — $ 1,097,155 January 3, 2015 Fair Value Total Level 1 Level 2 Level 3 Carrying Value Liabilities: Senior unsecured notes, 5.25% due 2017 $ 323,527 $ — $ 323,527 $ — $ 300,000 Senior unsecured notes, 5.00% due 2022 314,954 — 314,954 — 298,634 Senior unsecured notes, 4.95% due 2024 499,923 — 499,923 — 498,255 $ 1,138,404 $ — $ 1,138,404 $ — $ 1,096,889 |
Acquisitions, Goodwill and Inta
Acquisitions, Goodwill and Intangible Assets | 9 Months Ended |
Oct. 03, 2015 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Intangible Assets | Acquisitions, Goodwill and Intangible Assets On June 14, 2015, we acquired a 75% majority interest in Arabian Applied Technology ("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 $1,806 , 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 $4,300 . The identifiable intangible asset consists of customer relationships with estimated useful lives of seven years. As of October 3, 2015 , 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 Tech Data Peru S.A.C. and Tech Data Chile S.A. for a cash payment of $15,979 , 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 Expansion SAS ("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 $27,185 to goodwill. The identifiable intangible assets primarily consist of developed technology, a trade name and customer relationships. The goodwill recognized in connection with this acquisition is primarily attributable to the assembled workforce. During the thirteen weeks ended October 3, 2015, we acquired an additional 1.5% of the outstanding shares of Anovo for $835 . As of October 3, 2015, we recorded minority interest of $556 in other liabilities on the consolidated balance sheet for the remaining 1.0% of the outstanding shares. In addition, during the thirty-nine weeks ended October 3, 2015, we completed two small but strategic acquisitions for cash aggregating $1,880 , 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 , primarily related to customer relationships. We did not record goodwill related to these acquisitions. These acquired entities have been included in our consolidated results of operations since the respective acquisition dates. Pro forma results of operations have not been presented for the 2015 acquisitions because the historical results of these acquisitions, individually and in aggregate, were not material to our consolidated results of operations. During the thirty-nine weeks ended October 3, 2015 , we acquired an additional 21% of the outstanding shares of Armada Computer Systems for $8,838 . As of October 3, 2015 , we owned 79% of the outstanding shares, and we recorded minority interest of $9,125 in other liabilities on the consolidated balance sheet for the remaining 21% of the outstanding shares. Finite-lived identifiable intangible assets are amortized over their remaining estimated lives ranging up to 13 years with the predominant amounts having lives of 3 to 10 years. The gross and net carrying amounts of finite-lived identifiable intangible assets are as follows: October 3, January 3, Gross carrying amount of finite-lived intangible assets $ 446,751 $ 488,753 Net carrying amount of finite-lived intangible assets $ 326,734 $ 318,689 |
Reorganization Costs
Reorganization Costs | 9 Months Ended |
Oct. 03, 2015 | |
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. As a result of these actions, we recognized net reorganization charges of $18,958 , and $17,300 during the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, which primarily related to employee termination benefits of $18,139 and $17,195 in the respective periods. During the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , we recognized net reorganization charges of $29,234 , and $79,237 , respectively. The reorganization charges during the thirty-nine weeks ended October 3, 2015 primarily related to employee termination benefits of $29,816 . During the thirty-nine weeks ended September 27, 2014 , the reorganization charges primarily related to $71,749 of employee termination benefits, and $7,541 for a previously acquired trade name that we wrote-off as we integrated certain operations under the Ingram Micro brand. 2013 and Prior 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 and Asia-Pacific to respond to the market environment at such time, and (c) the transition of certain transaction-oriented service and support functions to shared service centers. A summary of the reorganization and expense-reduction program costs incurred in the thirteen weeks ended October 3, 2015 and September 27, 2014 , are as follows: Reorganization Costs Headcount Reduction Employee Termination Benefits Facility and Other Costs Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Thirteen weeks ended October 3, 2015 North America $ 8,631 $ — $ 8,631 $ (250 ) $ 8,381 Europe 5,663 1,186 6,849 (117 ) 6,732 Asia-Pacific 3,315 — 3,315 — 3,315 Latin America 530 — 530 — 530 Total 497 $ 18,139 $ 1,186 $ 19,325 $ (367 ) $ 18,958 Thirteen weeks ended September 27, 2014 North America $ 5,289 $ 14 $ 5,303 $ — $ 5,303 Europe 11,070 — 11,070 — 11,070 Asia-Pacific 322 91 413 — 413 Latin America 514 — 514 — 514 Total 97 $ 17,195 $ 105 $ 17,300 $ — $ 17,300 A summary of the reorganization and expense-reduction program costs incurred in the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , are as follows: Reorganization Costs Headcount Reduction Employee Termination Benefits Facility and Other Costs Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Thirty-nine Weeks Ended October 3, 2015 North America $ 13,248 $ 56 $ 13,304 $ (1,212 ) $ 12,092 Europe 11,891 1,946 13,837 (1,836 ) 12,001 Asia-Pacific 3,984 — 3,984 — 3,984 Latin America 693 464 1,157 — 1,157 Total 568 $ 29,816 $ 2,466 $ 32,282 $ (3,048 ) $ 29,234 Thirty-nine Weeks Ended September 27, 2014 North America $ 12,714 $ 7,541 $ 20,255 $ — $ 20,255 Europe 55,584 — 55,584 (36 ) 55,548 Asia-Pacific 2,334 98 2,432 (115 ) 2,317 Latin America 1,117 — 1,117 — 1,117 Total 922 $ 71,749 $ 7,639 $ 79,388 $ (151 ) $ 79,237 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 October 3, 2015 2015 and 2014 reorganization actions Employee termination benefits $ 24,296 $ 27,980 (c) $ (30,319 ) $ (2,519 ) $ 19,438 Facility and other costs — 2,079 (d) (2,079 ) — — Subtotal 24,296 30,059 (32,398 ) (2,519 ) 19,438 (a) 2013 and prior reorganization actions Employee termination benefits 118 — (118 ) — — Facility and other costs 2,496 (825 ) (d) (958 ) (196 ) 517 Subtotal 2,614 (825 ) (1,076 ) (196 ) 517 (b) $ 26,910 $ 29,234 $ (33,474 ) $ (2,715 ) $ 19,955 (a) We expect the remaining liabilities to be substantially utilized by the end of 2015. (b) We expect the remaining liabilities to be substantially utilized by the end of 2016. (c) Adjustments reflected in the table above include a reduction of $1,836 to reorganization liabilities recorded in the prior year in Europe for lower than expected employee termination benefits. (d) Adjustments reflected in the table above include reductions of $387 and $825 to 2014 and 2013 reorganization plan liabilities, respectively, recorded in the prior year in North America for lower than expected facility and other costs. |
Debt
Debt | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt The carrying value of our outstanding debt consists of the following: October 3, 2015 January 3, 2015 Senior unsecured notes, 4.95% due 2024, net of unamortized discount of $1,613 and $1,745, respectively $ 498,387 $ 498,255 Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,232 and $1,366, respectively 298,768 298,634 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 127,279 187,026 1,224,434 1,468,915 Short-term debt and current maturities of long-term debt (127,245 ) (372,026 ) $ 1,097,189 $ 1,096,889 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate for the thirteen weeks ended October 3, 2015 was 27.4% compared to 29.8% for the thirteen weeks ended September 27, 2014 . For the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , our effective tax rate was 41.5% and 34.0% , respectively. Under U.S. accounting rules for income taxes, quarterly effective tax rates may vary significantly depending on the actual operating results in the various tax jurisdictions, as well as changes in the valuation allowance related to the expected recovery of deferred tax assets. The thirteen weeks ended October 3, 2015 included net discrete benefits of approximately $1,945 , or 2.2 percentage points of the effective tax rate, primarily related to the release of unrealized tax benefits due to expiration of statute of limitations in various jurisdictions. The thirteen weeks ended September 27, 2014 included net discrete benefits of approximately $6,618 , or 6.4 percentage points of the effective tax rate, primarily driven by the release of unrealized tax benefits due to the expiration of statute of limitations in various jurisdictions. The thirty-nine weeks ended October 3, 2015 included net discrete expenses of approximately $9,580 , or 7.6 percentage points of the effective tax rate, primarily related to discrete expense of $14,580 due to an increase to the valuation allowance on foreign tax credits, partially offset by net discrete benefit of $5,000 primarily driven by the release of unrealized tax benefits due to the expiration of statute of limitations in various jurisdictions. The thirty-nine weeks ended September 27, 2014 included net discrete benefits of approximately $9,143 , or 4.1 percentage points of the effective tax rate, which includes the discrete items noted above for the thirteen weeks ended September 27, 2014, as well as $2,525 of net discrete benefits primarily related to positive adjustments to certain deferred tax benefits. Our effective tax rate differed from the U.S. federal statutory rate of 35% during these periods primarily due to the items noted above, as well as the relative mix of earnings or losses within the tax jurisdictions in which we operate, such as: (a) earnings in lower-tax jurisdictions for which no U.S. taxes have been provided because such earnings are planned to be reinvested indefinitely outside the United States; (b) losses in certain jurisdictions in which we are not able to record a tax benefit; and (c) changes in the valuation allowance on deferred tax assets. At October 3, 2015 , we had gross unrecognized tax benefits of $24,107 compared to $30,372 at January 3, 2015 , representing a net decrease of $6,265 during the thirty-nine weeks ended October 3, 2015 . Substantially all of the gross unrecognized tax benefits, if recognized, would impact our effective tax rate in the period of recognition. We recognize interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the gross unrecognized tax benefits identified above, the interest and penalties recorded to date by us totaled $6,841 and $7,625 at October 3, 2015 and January 3, 2015 , respectively. Our future effective tax rate will continue to be affected by changes in the relative mix of taxable income and losses in the tax jurisdictions in which we operate, changes in the valuation of deferred tax assets, or changes in tax laws or interpretations thereof. In addition, our income tax returns are subject to continuous examination by the IRS and other tax authorities. The IRS has concluded its examinations of tax years prior to 2012. It is possible that within the next twelve months, ongoing tax examinations in the United States and several of our foreign jurisdictions may be resolved, that new tax exams may commence and that other issues may be effectively settled. However, we do not expect our assessment of unrecognized tax benefits to change significantly over that time. |
Segment Information
Segment Information | 9 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Geographic areas in which we operate include North America (the United States and Canada), Europe (Austria, Belgium, Denmark, France, Finland, Germany, Hungary, Italy, the Netherlands, Norway, Poland, Portugal, Romania, 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, New Zealand, Singapore, South Africa, Saudi Arabia, Thailand, Turkey, and United Arab Emirates) and Latin America (Brazil, Chile, Colombia, Mexico, Peru and our Latin American export operations in Miami). We do not allocate stock-based compensation recognized (see Note 4) to our operating segments; therefore, we are reporting this as a separate amount. Additionally, we did not allocate the impairment of internally developed software to the regions; it has been presented separately. Financial information by reporting segment is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Net sales North America $ 4,477,097 $ 5,134,339 $ 13,537,238 $ 13,887,423 Europe 2,928,507 3,200,399 8,857,752 10,077,384 Asia-Pacific 2,528,116 2,378,228 7,553,865 7,026,471 Latin America 582,160 524,874 1,764,729 1,539,930 Total $ 10,515,880 $ 11,237,840 $ 31,713,584 $ 32,531,208 Income (loss) from operations North America $ 88,742 $ 85,716 $ 223,596 $ 219,484 Europe 2,577 2,090 20,913 (6,039 ) Asia-Pacific 31,816 31,005 94,358 71,455 Latin America 7,056 9,205 24,493 26,155 Stock-based compensation expense (10,762 ) (8,301 ) (28,291 ) (24,761 ) Impairment of internally developed software — — (115,856 ) — Total $ 119,429 $ 119,715 $ 219,213 $ 286,294 Capital expenditures North America $ 35,121 $ 8,430 $ 77,315 $ 41,126 Europe 3,862 1,339 11,514 5,493 Asia-Pacific 2,958 1,373 8,409 4,597 Latin America 508 330 1,784 1,153 Total $ 42,449 $ 11,472 $ 99,022 $ 52,369 Depreciation North America $ 16,455 $ 16,141 $ 47,969 $ 44,982 Europe 3,082 3,364 8,630 11,117 Asia-Pacific 2,744 2,635 8,182 7,812 Latin America 449 406 1,428 1,151 Total $ 22,730 $ 22,546 $ 66,209 $ 65,062 Amortization of intangible assets North America $ 8,115 $ 9,955 $ 28,847 $ 29,574 Europe 3,167 2,977 11,306 8,682 Asia-Pacific 1,997 1,430 5,743 4,269 Latin America 927 205 1,330 615 Total $ 14,206 $ 14,567 $ 47,226 $ 43,140 The integration, transition and other costs included in income from operations by reporting segment are as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Integration, transition and other costs (a) North America $ 5,901 $ 4,591 $ 16,545 $ 12,924 Europe 5,749 4,341 8,601 6,105 Asia-Pacific 3,674 267 5,311 2,157 Latin America 729 — 2,356 — Total $ 16,053 $ 9,199 $ 32,813 $ 21,186 (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, or SG&A, expenses and (iii) a charge of $4,736 for an estimated settlement of employee related taxes assessed in Europe recorded in the third quarter of 2015. Also included is a gain of $6,600 related to the final settlement of a class action lawsuit against the manufacturers of LCD flat panel displays, which was recorded as a reduction of SG&A expense in North America in the first quarter of 2014. For a segment breakdown of reorganization costs, refer to Note 8. As of October 3, January 3, 2015 Identifiable assets North America $ 4,887,004 $ 5,899,901 Europe 3,357,395 3,599,400 Asia-Pacific 2,438,766 2,564,273 Latin America 778,584 767,869 Total $ 11,461,749 $ 12,831,443 Long-lived assets North America $ 445,467 $ 561,809 Europe 143,637 105,913 Asia-Pacific 72,558 76,177 Latin America 21,737 7,220 Total $ 683,399 $ 751,119 Net sales and long-lived assets for the United States, which is our country of domicile, are as follows: Thirteen Weeks Ended October 3, September 27, Net sales: United States $ 4,183,568 40 % $ 4,763,535 42 % Outside of the United States 6,332,312 60 % 6,474,305 58 % Total $ 10,515,880 100 % $ 11,237,840 100 % Thirty-nine Weeks Ended October 3, September 27, Net sales: United States $ 12,611,394 40 % $ 12,714,462 39 % Outside of the United States 19,102,190 60 % 19,816,746 61 % Total $ 31,713,584 100 % $ 32,531,208 100 % As of October 3, January 3, 2015 Long-lived assets: United States $ 424,006 $ 493,475 Outside of the United States 259,393 257,644 Total $ 683,399 $ 751,119 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2015 | |
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 ( $3,280 at October 3, 2015 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 October 3, 2015 . 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 Brazilian Reais 29,111 ( $7,510 at October 3, 2015 exchange rates) of service taxes were due on the resale of acquired software covering years 2002 through 2006, plus Brazilian Reais 25,972 ( $6,701 at October 3, 2015 exchange rates) of associated penalties; (2) a 2011 Federal income tax assessment, a portion of which claims statutory penalties totaling Brazilian Reais 15,947 ( $4,114 at October 3, 2015 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 Brazilian Reais 2,996 ( $773 at October 3, 2015 exchange rates) of service taxes due on the importation of software covering the year 2007 plus Brazilian Reais 1,498 ( $386 at October 3, 2015 exchange rates) of associated penalties; and (4) a 2013 Sao Paulo municipal tax assessment claiming Brazilian Reais 10,726 ( $2,767 at October 3, 2015 exchange rates) of service taxes due on the importation of software covering the years 2008, 2009, 2010 and January through May 2011 plus Brazilian Reais 5,363 ( $1,384 at October 3, 2015 exchange rates) of associated penalties. After working with our advisors, we believe these matters do not represent a probable loss. In addition to the amounts described above, it is reasonably possible that incremental charges for penalties, interest and inflationary adjustments could be imposed in an amount up to Brazilian Reais 273,366 ( $70,526 at October 3, 2015 exchange rates) for these matters. We believe we have good defenses against each matter and do not believe it is probable that we will suffer a material loss for these matters. There are various other claims, lawsuits and pending actions against us incidental to our operations. It is the opinion of management that the ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, we can make no assurances that we will ultimately be successful in our defense of any of these matters. As is customary in the IT distribution industry, we have arrangements with certain finance companies that provide inventory-financing facilities for their customers. In conjunction with certain of these arrangements, we have agreements with the finance companies that would require us to repurchase certain inventory, which might be repossessed from the customers by the finance companies. Due to various reasons, including among other factors, the lack of information regarding the amount of saleable inventory purchased from us still on hand with the customer at any point in time, repurchase obligations relating to inventory cannot be reasonably estimated. Repurchases of inventory by us under these arrangements have been insignificant to date. We have guarantees to third parties that provide financing to a limited number of our customers. Net sales under these arrangements accounted for less than one percent of our consolidated net sales for each of the periods presented. The guarantees require us to reimburse the third party for defaults by these customers up to an aggregate of $9,965 . The fair value of these guarantees has been recognized as cost of sales to these customers and is included in accrued expenses. |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Ingram Micro Inc. and its subsidiaries are primarily engaged in the distribution of information technology (“IT”) products, commerce and fulfillment 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. The consolidated financial statements include the accounts of Ingram Micro Inc. and its subsidiaries. Unless the context otherwise requires, the use of the terms “Ingram Micro,” “we,” “us” and “our” in these notes to the consolidated financial statements refers to Ingram Micro Inc. and its subsidiaries. These consolidated financial statements have been prepared by us, without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all material adjustments (consisting of only normal, recurring adjustments) necessary to fairly state our consolidated financial position as of October 3, 2015 , our consolidated results of operations and comprehensive income for the thirteen and thirty-nine weeks ended October 3, 2015 and September 27, 2014 and our consolidated cash flows for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 . All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under the applicable rules and regulations of the SEC, these consolidated financial statements do not include all disclosures and footnotes normally included with annual consolidated financial statements and, accordingly, should be read in conjunction with the consolidated financial statements and the notes thereto, included in our Annual Report on Form 10-K filed with the SEC for the year ended January 3, 2015 . The consolidated results of operations for the thirteen and thirty-nine weeks ended October 3, 2015 may not be indicative of the consolidated results of operations that can be expected for the full year. Book Overdrafts Book overdrafts of $329,498 and $400,323 as of October 3, 2015 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 other bank balances at other financial institutions. Under the terms of our facilities with the banks, the respective financial institutions are not legally obligated to honor the book overdraft balances as of October 3, 2015 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 large customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the amount of trade accounts receivable already sold into these programs and the financial institutions’ willingness to purchase such receivables. At October 3, 2015 and January 3, 2015 , we had a total of $293,097 , and $276,808 , respectively, of trade accounts receivable sold to and held by financial institutions under these programs. Factoring fees of $947 and $1,058 incurred for the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, and $3,263 and $3,276 incurred for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , respectively, related to the sale of trade accounts receivable under these facilities are included in “other” in the other expense (income) section of our consolidated statement of income. Impairment of Internally Developed Software We began our program to deploy a new global ERP system seven years ago. Over that period, the business has significantly diversified and new technologies allow legacy systems and diverse applications to easily be connected in a modular way, which allows these legacy systems to be part of a flexible, powerful and efficient solution. After careful evaluation, we have concluded that this combined systems strategy is better aligned with our evolving business model and is more flexible and economical than a single global system. Accordingly, we have stopped our global ERP deployment and recorded a non-cash, pre-tax charge related to the impairment of internally developed software of $115,856 during the second quarter of 2015. We recognized a tax benefit on the impairment at the applicable rates, partially offset by an increase in the valuation allowance on foreign tax credits of $14,580 as a result of the decision to stop deployments. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Oct. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On October 29, 2015 we declared a quarterly dividend of $0.10 p er share. The dividend will be payable to the stockholders of record on November 10, 2015, and paid on November 24, 2015. |
Organization and Basis of Pre21
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 03, 2015 | |
Accounting Policies [Abstract] | |
Book Overdrafts | Book overdrafts of $329,498 and $400,323 as of October 3, 2015 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 other bank balances at other financial institutions. Under the terms of our facilities with the banks, the respective financial institutions are not legally obligated to honor the book overdraft balances as of October 3, 2015 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 large customers may be sold, without recourse, to financial institutions. Available capacity under these programs is dependent on the amount of trade accounts receivable already sold into these programs and the financial institutions’ willingness to purchase such receivables. At October 3, 2015 and January 3, 2015 , we had a total of $293,097 , and $276,808 , respectively, of trade accounts receivable sold to and held by financial institutions under these programs. Factoring fees of $947 and $1,058 incurred for the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, and $3,263 and $3,276 incurred for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , respectively, related to the sale of trade accounts receivable under these facilities are included in “other” in the other expense (income) section of our consolidated statement of income. |
Impairment of Internally Developed Software | We began our program to deploy a new global ERP system seven years ago. Over that period, the business has significantly diversified and new technologies allow legacy systems and diverse applications to easily be connected in a modular way, which allows these legacy systems to be part of a flexible, powerful and efficient solution. After careful evaluation, we have concluded that this combined systems strategy is better aligned with our evolving business model and is more flexible and economical than a single global system. Accordingly, we have stopped our global ERP deployment and recorded a non-cash, pre-tax charge related to the impairment of internally developed software of $115,856 during the second quarter of 2015. We recognized a tax benefit on the impairment at the applicable rates, partially offset by an increase in the valuation allowance on foreign tax credits of $14,580 as a result of the decision to stop deployments. |
New Accounting Pronouncements, Policy | In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-05, "Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement", which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The standard is effective for periods beginning after December 15, 2015. We continue to evaluate the impact of the new guidance on our financial position, results of operations and cash flows. In May 2014, the 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. 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. |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Stock Issuance Activity | Our treasury stock repurchase and issuance activity for the thirty-nine weeks ended October 3, 2015 is summarized in the table below: Shares Weighted Amount Cumulative balance of treasury stock at January 3, 2015 37,349 $ 17.04 $ 636,493 Repurchase of Class A Common Stock 8,032 25.60 205,608 Issuance of Class A Common Stock (147 ) 16.77 (2,577 ) Cumulative balance of treasury stock at October 3, 2015 45,234 $ 18.56 $ 839,524 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic EPS and Diluted EPS | The computation of Basic EPS and Diluted EPS is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net income $ 64,922 $ 72,234 $ 73,904 $ 147,680 Weighted average shares 152,203 155,760 154,955 155,300 Basic EPS $ 0.43 $ 0.46 $ 0.48 $ 0.95 Weighted average shares, including the dilutive effect of stock-based awards (2,539 and 3,783 for the thirteen weeks ended October 3, 2015 and September 27, 2014, respectively, and 3,061 and 3,881 for the thirty-nine weeks ended October 3, 2015 and September 27, 2014, respectively) 154,742 159,543 158,016 159,181 Diluted EPS $ 0.42 $ 0.45 $ 0.47 $ 0.93 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of awards granted under incentive plan | Awards granted under the 2011 Incentive Plan were as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Stock options granted (a) — — 839 700 Restricted stock and restricted stock units granted (a) 48 69 1,395 1,432 Stock-based compensation expense $ 10,762 $ 8,301 $ 28,291 $ 24,761 Related income tax benefit $ 3,252 $ 2,747 $ 9,065 $ 8,173 Exercised stock options 197 290 567 985 Vested restricted stock and/or restricted stock units (b) 47 38 1,455 879 (a) As of October 3, 2015 , approximately 13,327 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. (b) Includes 0 and 0 shares, for the thirteen weeks ended October 3, 2015 and September 27, 2014 , respectively, and 1,015 and 145 shares, for the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. The remainder of the shares are time-based grants. |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
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 October 3, January 3, October 3, January 3, Derivatives not receiving hedge accounting treatment recorded in: Other current assets Foreign exchange contracts $ 1,524,817 $ 1,863,626 $ 20,061 $ 31,213 Accrued expenses Foreign exchange contracts 624,660 450,352 (6,353 ) (1,793 ) Total $ 2,149,477 $ 2,313,978 $ 13,708 $ 29,420 (1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The amount recognized in earnings from our derivative instruments not receiving hedge accounting treatment, including ineffectiveness, is recorded in net foreign exchange loss (gain) as follows and was largely offset by the change in fair value of the underlying hedged assets or liabilities: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Net gain (loss) recognized in earnings $ (7,037 ) $ 92,802 $ 84,857 $ 85,828 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair values and carrying values of these notes are shown in the table below: October 3, 2015 Fair Value Total Level 1 Level 2 Level 3 Carrying Value Liabilities: Senior unsecured notes, 5.25% due 2017 $ 317,838 $ — $ 317,838 $ — $ 300,000 Senior unsecured notes, 5.00% due 2022 309,645 — 309,645 — 298,768 Senior unsecured notes, 4.95% due 2024 515,935 — 515,935 — 498,387 $ 1,143,418 $ — $ 1,143,418 $ — $ 1,097,155 January 3, 2015 Fair Value Total Level 1 Level 2 Level 3 Carrying Value Liabilities: Senior unsecured notes, 5.25% due 2017 $ 323,527 $ — $ 323,527 $ — $ 300,000 Senior unsecured notes, 5.00% due 2022 314,954 — 314,954 — 298,634 Senior unsecured notes, 4.95% due 2024 499,923 — 499,923 — 498,255 $ 1,138,404 $ — $ 1,138,404 $ — $ 1,096,889 As of October 3, 2015 , our assets and liabilities measured at fair value on a recurring basis are categorized in the table below: October 3, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit $ 200,000 $ 200,000 $ — $ — Marketable trading securities (a) 50,509 50,509 — — Derivative assets 20,061 — 20,061 — Total assets at fair value $ 270,570 $ 250,509 $ 20,061 $ — Liabilities: Derivative liabilities $ 6,353 $ — $ 6,353 $ — Contingent consideration 6,741 — — 6,741 Total liabilities at fair value $ 13,094 $ — $ 6,353 $ 6,741 (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. |
Acquisitions, Goodwill and In27
Acquisitions, Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Business Combinations [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross and net carrying amounts of finite-lived identifiable intangible assets are as follows: October 3, January 3, Gross carrying amount of finite-lived intangible assets $ 446,751 $ 488,753 Net carrying amount of finite-lived intangible assets $ 326,734 $ 318,689 |
Reorganization Costs (Tables)
Reorganization Costs (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | A summary of the reorganization and expense-reduction program costs incurred in the thirteen weeks ended October 3, 2015 and September 27, 2014 , are as follows: Reorganization Costs Headcount Reduction Employee Termination Benefits Facility and Other Costs Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Thirteen weeks ended October 3, 2015 North America $ 8,631 $ — $ 8,631 $ (250 ) $ 8,381 Europe 5,663 1,186 6,849 (117 ) 6,732 Asia-Pacific 3,315 — 3,315 — 3,315 Latin America 530 — 530 — 530 Total 497 $ 18,139 $ 1,186 $ 19,325 $ (367 ) $ 18,958 Thirteen weeks ended September 27, 2014 North America $ 5,289 $ 14 $ 5,303 $ — $ 5,303 Europe 11,070 — 11,070 — 11,070 Asia-Pacific 322 91 413 — 413 Latin America 514 — 514 — 514 Total 97 $ 17,195 $ 105 $ 17,300 $ — $ 17,300 A summary of the reorganization and expense-reduction program costs incurred in the thirty-nine weeks ended October 3, 2015 and September 27, 2014 , are as follows: Reorganization Costs Headcount Reduction Employee Termination Benefits Facility and Other Costs Total Reorganization Costs Adjustments to Prior Year Costs Total Costs Thirty-nine Weeks Ended October 3, 2015 North America $ 13,248 $ 56 $ 13,304 $ (1,212 ) $ 12,092 Europe 11,891 1,946 13,837 (1,836 ) 12,001 Asia-Pacific 3,984 — 3,984 — 3,984 Latin America 693 464 1,157 — 1,157 Total 568 $ 29,816 $ 2,466 $ 32,282 $ (3,048 ) $ 29,234 Thirty-nine Weeks Ended September 27, 2014 North America $ 12,714 $ 7,541 $ 20,255 $ — $ 20,255 Europe 55,584 — 55,584 (36 ) 55,548 Asia-Pacific 2,334 98 2,432 (115 ) 2,317 Latin America 1,117 — 1,117 — 1,117 Total 922 $ 71,749 $ 7,639 $ 79,388 $ (151 ) $ 79,237 |
Schedule of Restructuring and Related Costs | 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 October 3, 2015 2015 and 2014 reorganization actions Employee termination benefits $ 24,296 $ 27,980 (c) $ (30,319 ) $ (2,519 ) $ 19,438 Facility and other costs — 2,079 (d) (2,079 ) — — Subtotal 24,296 30,059 (32,398 ) (2,519 ) 19,438 (a) 2013 and prior reorganization actions Employee termination benefits 118 — (118 ) — — Facility and other costs 2,496 (825 ) (d) (958 ) (196 ) 517 Subtotal 2,614 (825 ) (1,076 ) (196 ) 517 (b) $ 26,910 $ 29,234 $ (33,474 ) $ (2,715 ) $ 19,955 (a) We expect the remaining liabilities to be substantially utilized by the end of 2015. (b) We expect the remaining liabilities to be substantially utilized by the end of 2016. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Carrying Value of Outstanding Debt | The carrying value of our outstanding debt consists of the following: October 3, 2015 January 3, 2015 Senior unsecured notes, 4.95% due 2024, net of unamortized discount of $1,613 and $1,745, respectively $ 498,387 $ 498,255 Senior unsecured notes, 5.00% due 2022, net of unamortized discount of $1,232 and $1,366, respectively 298,768 298,634 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 127,279 187,026 1,224,434 1,468,915 Short-term debt and current maturities of long-term debt (127,245 ) (372,026 ) $ 1,097,189 $ 1,096,889 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Financial Information by Reporting Segments | Financial information by reporting segment is as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Net sales North America $ 4,477,097 $ 5,134,339 $ 13,537,238 $ 13,887,423 Europe 2,928,507 3,200,399 8,857,752 10,077,384 Asia-Pacific 2,528,116 2,378,228 7,553,865 7,026,471 Latin America 582,160 524,874 1,764,729 1,539,930 Total $ 10,515,880 $ 11,237,840 $ 31,713,584 $ 32,531,208 Income (loss) from operations North America $ 88,742 $ 85,716 $ 223,596 $ 219,484 Europe 2,577 2,090 20,913 (6,039 ) Asia-Pacific 31,816 31,005 94,358 71,455 Latin America 7,056 9,205 24,493 26,155 Stock-based compensation expense (10,762 ) (8,301 ) (28,291 ) (24,761 ) Impairment of internally developed software — — (115,856 ) — Total $ 119,429 $ 119,715 $ 219,213 $ 286,294 Capital expenditures North America $ 35,121 $ 8,430 $ 77,315 $ 41,126 Europe 3,862 1,339 11,514 5,493 Asia-Pacific 2,958 1,373 8,409 4,597 Latin America 508 330 1,784 1,153 Total $ 42,449 $ 11,472 $ 99,022 $ 52,369 Depreciation North America $ 16,455 $ 16,141 $ 47,969 $ 44,982 Europe 3,082 3,364 8,630 11,117 Asia-Pacific 2,744 2,635 8,182 7,812 Latin America 449 406 1,428 1,151 Total $ 22,730 $ 22,546 $ 66,209 $ 65,062 Amortization of intangible assets North America $ 8,115 $ 9,955 $ 28,847 $ 29,574 Europe 3,167 2,977 11,306 8,682 Asia-Pacific 1,997 1,430 5,743 4,269 Latin America 927 205 1,330 615 Total $ 14,206 $ 14,567 $ 47,226 $ 43,140 The integration, transition and other costs included in income from operations by reporting segment are as follows: Thirteen Weeks Ended Thirty-nine Weeks Ended October 3, September 27, October 3, September 27, Integration, transition and other costs (a) North America $ 5,901 $ 4,591 $ 16,545 $ 12,924 Europe 5,749 4,341 8,601 6,105 Asia-Pacific 3,674 267 5,311 2,157 Latin America 729 — 2,356 — Total $ 16,053 $ 9,199 $ 32,813 $ 21,186 (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, or SG&A, expenses and (iii) a charge of $4,736 for an estimated settlement of employee related taxes assessed in Europe recorded in the third quarter of 2015. Also included is a gain of $6,600 related to the final settlement of a class action lawsuit against the manufacturers of LCD flat panel displays, which was recorded as a reduction of SG&A expense in North America in the first quarter of 2014. For a segment breakdown of reorganization costs, refer to Note 8. As of October 3, January 3, 2015 Identifiable assets North America $ 4,887,004 $ 5,899,901 Europe 3,357,395 3,599,400 Asia-Pacific 2,438,766 2,564,273 Latin America 778,584 767,869 Total $ 11,461,749 $ 12,831,443 Long-lived assets North America $ 445,467 $ 561,809 Europe 143,637 105,913 Asia-Pacific 72,558 76,177 Latin America 21,737 7,220 Total $ 683,399 $ 751,119 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | As of October 3, January 3, 2015 Identifiable assets North America $ 4,887,004 $ 5,899,901 Europe 3,357,395 3,599,400 Asia-Pacific 2,438,766 2,564,273 Latin America 778,584 767,869 Total $ 11,461,749 $ 12,831,443 Long-lived assets North America $ 445,467 $ 561,809 Europe 143,637 105,913 Asia-Pacific 72,558 76,177 Latin America 21,737 7,220 Total $ 683,399 $ 751,119 Net sales and long-lived assets for the United States, which is our country of domicile, are as follows: Thirteen Weeks Ended October 3, September 27, Net sales: United States $ 4,183,568 40 % $ 4,763,535 42 % Outside of the United States 6,332,312 60 % 6,474,305 58 % Total $ 10,515,880 100 % $ 11,237,840 100 % Thirty-nine Weeks Ended October 3, September 27, Net sales: United States $ 12,611,394 40 % $ 12,714,462 39 % Outside of the United States 19,102,190 60 % 19,816,746 61 % Total $ 31,713,584 100 % $ 32,531,208 100 % As of October 3, January 3, 2015 Long-lived assets: United States $ 424,006 $ 493,475 Outside of the United States 259,393 257,644 Total $ 683,399 $ 751,119 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Oct. 03, 2015 | Sep. 27, 2014 | Jul. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend payable, amount per share | $ 0.10 | |||
Payments of dividends | $ 15,196,000 | $ 15,196,000 | $ 0 | |
2015 Share Repurchase Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for repurchase program, amount | $ 300,000 | |||
Remaining amount for repurchase under the share repurchase program | $ 218,000 | $ 218,000 | ||
2010 Share Repurchase Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for repurchase program, amount | $ 400,000 |
Share Repurchase Program - Stoc
Share Repurchase Program - Stock Repurchase and Issuance Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | |
Equity [Abstract] | ||
Treasury Stock, Shares, Acquired | 8,032 | |
Treasury Stock Acquired, Average Cost Per Share | $ 25.60 | |
Payments for Repurchase of Common Stock | $ 205,608 | $ 0 |
Shares | ||
Cumulative balance, Shares, Beginning Balance | 37,349 | |
Issuance of Class A Common Stock, Shares | (147) | |
Cumulative balance, Shares, Ending Balance | 45,234 | |
Weighted Average Price Per Share | ||
Cumulative balance, Weighted Average Price Per Share, Beginning Balance (in dollars per share) | $ 17.04 | |
Issuance of Class A Common Stock, Weighted Average Price Per Share (in dollars per share) | 16.77 | |
Cumulative balance, Weighted Average Price Per Share, Ending Balance (in dollars per share) | $ 18.56 | |
Amount | ||
Cumulative balance, Amount, Beginning Balance | $ 636,493 | |
Issuance of Class A Common Stock, Amount | (2,577) | |
Cumulative balance, Amount, Ending Balance | $ 839,524 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic EPS and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 64,922 | $ 72,234 | $ 73,904 | $ 147,680 |
Weighted average shares | 152,203 | 155,760 | 154,955 | 155,300 |
Basic EPS (in dollars per share) | $ 0.43 | $ 0.46 | $ 0.48 | $ 0.95 |
Weighted average shares, including the dilutive effect of stock-based awards (2,539 and 3,783 for the thirteen weeks ended October 3, 2015 and September 27, 2014, respectively, and 3,061 and 3,881 for the thirty-nine weeks ended October 3, 2015 and September 27, 2014, respectively) | 154,742 | 159,543 | 158,016 | 159,181 |
Diluted EPS (in dollars per share) | $ 0.42 | $ 0.45 | $ 0.47 | $ 0.93 |
Earnings Per Share - Computat34
Earnings Per Share - Computation of Basic EPS and Diluted EPS (Additional Information) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares, including the dilutive effect of stock-based awards | 2,539 | 3,783 | 3,061 | 3,881 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock-based awards excluded from the computation of Diluted Earnings Per Share | 2,869 | 0 | 2,444 | 651 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Stock options granted (in shares) | [1] | 0 | 0 | 839,000 | 700,000 |
Restricted stock and restricted stock units granted (in shares) | [1] | 48,000 | 69,000 | 1,395,000 | 1,432,000 |
Stock-based compensation expense | $ 10,762 | $ 8,301 | $ 28,291 | $ 24,761 | |
Related income tax benefit | $ 3,252 | $ 2,747 | $ 9,065 | $ 8,173 | |
Exercised stock options (in shares) | 197,000 | 290,000 | 567,000 | 985,000 | |
Vested restricted stock and/or restricted stock units (in shares) | [2] | 47,000 | 38,000 | 1,455,000 | 879,000 |
Approximate number of shares available for grant under the 2011 Incentive Plan | 13,327,000 | 13,327,000 | |||
Restricted stock issued based on performance-based grants | 0 | 0 | 1,015,000 | 145,000 | |
[1] | As of October 3, 2015, approximately 13,327 shares were available for grant under the 2011 Incentive Plan, taking into account granted options, time-vested restricted stock units/awards and performance-vested restricted stock units assuming maximum achievement. | ||||
[2] | Includes 0 and 0 shares, for the thirteen weeks ended October 3, 2015 and September 27, 2014, respectively, and 1,015 and 145 shares, for the thirty-nine weeks ended October 3, 2015 and September 27, 2014, respectively, which were issued based on performance-based grants previously approved by the Human Resources Committee of the Board of Directors. The remainder of the shares are time-based grants. |
Derivative Financial Instrume37
Derivative Financial Instruments - Notional Amounts and Fair Values of Derivative Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Derivatives, Fair Value [Line Items] | ||
Total derivative, notional amount | $ 2,149,477 | $ 2,313,978 |
Derivatives not receiving hedge accounting treatment, Fair Value | 13,708 | 29,420 |
Other current assets | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, notional amount | 1,524,817 | 1,863,626 |
Derivatives not receiving hedge accounting treatment, Fair Value | 20,061 | 31,213 |
Accrued expenses | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, notional amount | 624,660 | 450,352 |
Derivatives not receiving hedge accounting treatment, Fair Value | $ (6,353) | $ (1,793) |
Derivative Financial Instrume38
Derivative Financial Instruments - Amounts Recognized in Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net gain (loss) recognized in earnings | $ (7,037) | $ 92,802 | $ 84,857 | $ 85,828 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Detail) - Fair value, measurements, recurring - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Assets: | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | $ 200,000 | $ 90 |
Marketable trading securities | 50,509 | 56,616 |
Derivative assets | 20,061 | 31,213 |
Total assets at fair value | 270,570 | 87,919 |
Liabilities: | ||
Derivative liabilities | 6,353 | 1,793 |
Contingent consideration | 6,741 | 7,647 |
Total liabilities at fair value | 13,094 | 9,440 |
Level 1 | ||
Assets: | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | 200,000 | 90 |
Marketable trading securities | 50,509 | 56,616 |
Derivative assets | 0 | 0 |
Total assets at fair value | 250,509 | 56,706 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | 0 | 0 |
Marketable trading securities | 0 | 0 |
Derivative assets | 20,061 | 31,213 |
Total assets at fair value | 20,061 | 31,213 |
Liabilities: | ||
Derivative liabilities | 6,353 | 1,793 |
Contingent consideration | 0 | 0 |
Total liabilities at fair value | 6,353 | 1,793 |
Level 3 | ||
Assets: | ||
Cash equivalents, consisting primarily of money market accounts and short-term certificates of deposit | 0 | 0 |
Marketable trading securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Contingent consideration | 6,741 | 7,647 |
Total liabilities at fair value | $ 6,741 | $ 7,647 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2015 | Jan. 03, 2015 | |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 1,143,418 | $ 1,138,404 |
Fair value, measurements, recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | 1,097,155 | 1,096,889 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 1,143,418 | $ 1,138,404 |
Senior unsecured notes, 5.25% due 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, interest rate | 5.25% | 5.25% |
Senior unsecured notes, 5.25% due 2017 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, maturity date | 2,017 | |
Senior unsecured notes, 5.25% due 2017 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 317,838 | $ 323,527 |
Senior unsecured notes, 5.25% due 2017 | Fair value, measurements, recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | 300,000 | 300,000 |
Senior unsecured notes, 5.25% due 2017 | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 317,838 | $ 323,527 |
Senior unsecured notes, 5.00% due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, interest rate | 5.00% | 5.00% |
Senior unsecured notes, 5.00% due 2022 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, maturity date | 2,022 | |
Senior unsecured notes, 5.00% due 2022 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 309,645 | $ 314,954 |
Senior unsecured notes, 5.00% due 2022 | Fair value, measurements, recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | 298,768 | 298,634 |
Senior unsecured notes, 5.00% due 2022 | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 309,645 | $ 314,954 |
Senior unsecured notes, 4.95% due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, interest rate | 4.95% | 4.95% |
Senior unsecured notes, 4.95% due 2024 | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, maturity date | 2,024 | |
Senior unsecured notes, 4.95% due 2024 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 515,935 | $ 499,923 |
Senior unsecured notes, 4.95% due 2024 | Fair value, measurements, recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | 498,387 | 498,255 |
Senior unsecured notes, 4.95% due 2024 | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, fair value disclosure | $ 515,935 | $ 499,923 |
Acquisitions, Goodwill and In41
Acquisitions, Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands | Jun. 14, 2015USD ($) | Mar. 16, 2015USD ($) | Feb. 27, 2015USD ($) | Oct. 03, 2015USD ($) | Oct. 03, 2015USD ($)acquisition | Sep. 27, 2014USD ($) | Jan. 03, 2015USD ($) |
Acquisitions [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 100,855 | $ 18,880 | |||||
Goodwill | $ 543,366 | $ 543,366 | $ 532,483 | ||||
Maximum amortization period for finite-lived identifiable intangible assets | 10 years | ||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Acquisitions [Line Items] | |||||||
Number of Businesses Acquired | acquisition | 2 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,880 | ||||||
Business Combination, Future Earn-out Payment | 613 | ||||||
Identifiable intangible assets | 1,294 | 1,294 | |||||
Arabian Applied Technology | |||||||
Acquisitions [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 5,200 | ||||||
Other Payments to Acquire Businesses | $ 1,806 | ||||||
Identifiable intangible assets | 4,300 | 4,300 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 1,800 | $ 1,800 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | |||||
Anovo Expansion SAS | |||||||
Acquisitions [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 97.50% | 1.50% | 1.50% | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 68,123 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 32,486 | ||||||
Identifiable intangible assets | $ 52,728 | $ 52,728 | |||||
Goodwill | 27,185 | 27,185 | |||||
Business Combination, Consideration Transferred | 835 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 556 | $ 556 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | 1.00% | |||||
Distribution Business Operations in Chile and Peru | |||||||
Acquisitions [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 15,979 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 43,658 | ||||||
Armada | |||||||
Acquisitions [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 21.00% | 21.00% | |||||
Business Combination, Consideration Transferred | $ 8,838 | ||||||
Equity Method Investment, Ownership Percentage | 79.00% | 79.00% | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 9,125 | $ 9,125 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 21.00% | 21.00% | |||||
Maximum | |||||||
Acquisitions [Line Items] | |||||||
Maximum amortization period for finite-lived identifiable intangible assets | 13 years | ||||||
Minimum | |||||||
Acquisitions [Line Items] | |||||||
Maximum amortization period for finite-lived identifiable intangible assets | 3 years |
Acquisitions, Goodwill and In42
Acquisitions, Goodwill and Intangible Assets - Schedule of Gross Carrying Amounts (Detail) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Business Combinations [Abstract] | ||
Gross carrying amount of finite-lived intangible assets | $ 446,751 | $ 488,753 |
Net carrying amount of finite-lived intangible assets | $ 326,734 | $ 318,689 |
Reorganization Costs - Summary
Reorganization Costs - Summary of the Reorganization and Expense-Reduction Program Costs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015USD ($)employee | Sep. 27, 2014USD ($)employee | Oct. 03, 2015USD ($)employee | Sep. 27, 2014USD ($)employee | |
Restructuring Cost and Reserve [Line Items] | ||||
Headcount Reduction | employee | 497 | 97 | 568 | 922 |
Employee Termination Benefits | $ 18,139 | $ 17,195 | $ 29,816 | $ 71,749 |
Facility and Other Costs | 1,186 | 105 | 2,466 | 7,639 |
Total Reorganization Costs | 19,325 | 17,300 | 32,282 | 79,388 |
Adjustments to Prior Year Costs | (367) | 0 | (3,048) | (151) |
Total Reorganization Costs | 18,958 | 17,300 | 29,234 | 79,237 |
North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee Termination Benefits | 8,631 | 5,289 | 13,248 | 12,714 |
Facility and Other Costs | 0 | 14 | 56 | 7,541 |
Total Reorganization Costs | 8,631 | 5,303 | 13,304 | 20,255 |
Adjustments to Prior Year Costs | (250) | 0 | (1,212) | 0 |
Total Reorganization Costs | 8,381 | 5,303 | 12,092 | 20,255 |
Europe | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee Termination Benefits | 5,663 | 11,070 | 11,891 | 55,584 |
Facility and Other Costs | 1,186 | 0 | 1,946 | 0 |
Total Reorganization Costs | 6,849 | 11,070 | 13,837 | 55,584 |
Adjustments to Prior Year Costs | (117) | 0 | (1,836) | (36) |
Total Reorganization Costs | 6,732 | 11,070 | 12,001 | 55,548 |
Asia-Pacific | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee Termination Benefits | 3,315 | 322 | 3,984 | 2,334 |
Facility and Other Costs | 0 | 91 | 0 | 98 |
Total Reorganization Costs | 3,315 | 413 | 3,984 | 2,432 |
Adjustments to Prior Year Costs | 0 | 0 | 0 | (115) |
Total Reorganization Costs | 3,315 | 413 | 3,984 | 2,317 |
Latin America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee Termination Benefits | 530 | 514 | 693 | 1,117 |
Facility and Other Costs | 0 | 0 | 464 | 0 |
Total Reorganization Costs | 530 | 514 | 1,157 | 1,117 |
Adjustments to Prior Year Costs | 0 | 0 | 0 | 0 |
Total Reorganization Costs | $ 530 | 514 | $ 1,157 | 1,117 |
2014 Reorganization Action | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Employee Termination Benefits | 17,195 | 71,749 | ||
Facility and Other Costs | 7,541 | |||
Total Reorganization Costs | $ 17,300 | $ 79,237 |
Reorganization Costs - Restruct
Reorganization Costs - Restructuring Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | ||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | $ 26,910 | ||||
Expenses (Income), Net | $ 18,958 | $ 17,300 | 29,234 | $ 79,237 | |
Amounts Paid and Charged Against the Liability | (33,474) | ||||
Foreign Currency Translation | (2,715) | ||||
Remaining Liability at October 3, 2015 | 19,955 | 19,955 | |||
North America | |||||
Restructuring Reserve [Roll Forward] | |||||
Expenses (Income), Net | 8,381 | $ 5,303 | 12,092 | $ 20,255 | |
2015 and 2014 reorganization actions | |||||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | 24,296 | ||||
Expenses (Income), Net | 30,059 | ||||
Amounts Paid and Charged Against the Liability | (32,398) | ||||
Foreign Currency Translation | (2,519) | ||||
Remaining Liability at October 3, 2015 | [1] | 19,438 | 19,438 | ||
2015 and 2014 reorganization actions | Employee termination benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | 24,296 | ||||
Expenses (Income), Net | [2] | 27,980 | |||
Amounts Paid and Charged Against the Liability | (30,319) | ||||
Foreign Currency Translation | (2,519) | ||||
Remaining Liability at October 3, 2015 | 19,438 | 19,438 | |||
2015 and 2014 reorganization actions | Facility Costs | |||||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | 0 | ||||
Expenses (Income), Net | [3] | 2,079 | |||
Amounts Paid and Charged Against the Liability | (2,079) | ||||
Foreign Currency Translation | 0 | ||||
Remaining Liability at October 3, 2015 | 0 | 0 | |||
2015 and 2014 reorganization actions | Facility Costs | North America | |||||
Restructuring Reserve [Roll Forward] | |||||
Expenses (Income), Net | 387 | ||||
2013 and prior reorganization actions | |||||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | 2,614 | ||||
Expenses (Income), Net | (825) | ||||
Amounts Paid and Charged Against the Liability | (1,076) | ||||
Foreign Currency Translation | (196) | ||||
Remaining Liability at October 3, 2015 | 517 | 517 | |||
2013 and prior reorganization actions | Employee termination benefits | |||||
Restructuring Reserve [Roll Forward] | |||||
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 October 3, 2015 | 0 | 0 | |||
2013 and prior reorganization actions | Facility Costs | |||||
Restructuring Reserve [Roll Forward] | |||||
Remaining Liability at January 3, 2015 | 2,496 | ||||
Amounts Paid and Charged Against the Liability | (958) | ||||
Foreign Currency Translation | (196) | ||||
Remaining Liability at October 3, 2015 | $ 517 | 517 | |||
2013 and prior reorganization actions | Facility Costs | North America | |||||
Restructuring Reserve [Roll Forward] | |||||
Expenses (Income), Net | [3] | $ (825) | |||
[1] | We expect the remaining liabilities to be substantially utilized by the end of 2015. | ||||
[2] | Adjustments reflected in the table above include a reduction of $1,836 to reorganization liabilities recorded in the prior year in Europe for lower than expected employee termination benefits. | ||||
[3] | Adjustments reflected in the table above include reductions of $387 and $825 to 2014 and 2013 reorganization plan liabilities, respectively, recorded in the prior year in North America for lower than expected facility and other costs. |
Reorganization Costs Narrative
Reorganization Costs Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Reorganization costs | $ 18,958 | $ 17,300 | $ 29,234 | $ 79,237 |
Employee Termination Benefits | 18,139 | 17,195 | 29,816 | 71,749 |
Facility and Other Costs | $ 1,186 | 105 | $ 2,466 | 7,639 |
2014 Reorganization Action | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reorganization costs | 17,300 | 79,237 | ||
Employee Termination Benefits | $ 17,195 | 71,749 | ||
Facility and Other Costs | $ 7,541 |
Debt - Carrying Value of Outsta
Debt - Carrying Value of Outstanding Debt (Detail) - USD ($) $ in Thousands | Oct. 03, 2015 | Jan. 03, 2015 |
Debt | ||
Total debt, current and non-current | $ 1,224,434 | $ 1,468,915 |
Short-term debt and current maturities of long-term debt | (127,245) | (372,026) |
Long-term debt, less current maturities | 1,097,189 | 1,096,889 |
Senior unsecured notes, 4.95% due 2024 | ||
Debt | ||
Total debt, current and non-current | 498,387 | 498,255 |
Senior unsecured notes, 5.00% due 2022 | ||
Debt | ||
Total debt, current and non-current | 298,768 | 298,634 |
Senior unsecured notes, 5.25% due 2017 | ||
Debt | ||
Total debt, current and non-current | 300,000 | 300,000 |
North America revolving trade accounts receivable-backed financing program | ||
Debt | ||
Total debt, current and non-current | 0 | 185,000 |
Lines of credit and other debt | ||
Debt | ||
Total debt, current and non-current | $ 127,279 | $ 187,026 |
Debt - Carrying Value of Outs47
Debt - Carrying Value of Outstanding Debt (Additional Information) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 03, 2015 | Jan. 03, 2015 | |
Senior unsecured notes, 5.25% due 2017 | ||
Debt | ||
Debt, interest rate | 5.25% | 5.25% |
Debt Instrument, Maturity Date | Sep. 1, 2017 | Sep. 1, 2017 |
Senior unsecured notes, 5.00% due 2022 | ||
Debt | ||
Debt, interest rate | 5.00% | 5.00% |
Debt Instrument, Maturity Date | Aug. 10, 2022 | Aug. 10, 2022 |
Debt Instrument, Unamortized Discount | $ 1,232 | $ 1,366 |
Senior unsecured notes, 4.95% due 2024 | ||
Debt | ||
Debt, interest rate | 4.95% | 4.95% |
Debt Instrument, Maturity Date | Dec. 15, 2024 | Dec. 15, 2024 |
Debt Instrument, Unamortized Discount | $ 1,613 | $ 1,745 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Percent | 27.40% | 29.80% | 41.50% | 34.00% | |
Net discrete tax benefit | $ 1,945,000 | $ 6,618,000 | $ 9,580,000 | $ 9,143,000 | |
Net discrete tax benefit percentage points of effective tax rate | 2.20% | 6.40% | 7.60% | 4.10% | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 14,580,000 | $ 14,580,000 | |||
Other Net Discrete Tax Benefits, Expiration of Statute of Limitations and Various Tax Jurisdictions | $ 5,000 | $ 2,525 | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | |
Gross unrecognized tax benefits | $ 24,107,000 | $ 24,107,000 | $ 30,372,000 | ||
Net increase (decrease) in gross unrecognized tax benefits | 6,265,000 | ||||
Interest and penalties on unrecognized tax benefits | $ 6,841,000 | $ 6,841,000 | $ 7,625,000 |
Segment Information - Financial
Segment Information - Financial Information by Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 10,515,880 | $ 11,237,840 | $ 31,713,584 | $ 32,531,208 | |
Income (loss) from operations | 119,429 | 119,715 | 219,213 | 286,294 | |
Stock-based compensation expense | (10,762) | (8,301) | (28,291) | (24,761) | |
Impairment of Ongoing Project | 0 | 0 | (115,856) | 0 | |
Capital expenditures | 42,449 | 11,472 | 99,022 | 52,369 | |
Depreciation | 22,730 | 22,546 | 66,209 | 65,062 | |
Amortization of intangible assets | 14,206 | 14,567 | 47,226 | 43,140 | |
Identifiable assets | 11,461,749 | 11,461,749 | $ 12,831,443 | ||
Long-lived assets | 683,399 | 683,399 | 751,119 | ||
North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 4,477,097 | 5,134,339 | 13,537,238 | 13,887,423 | |
Income (loss) from operations | 88,742 | 85,716 | 223,596 | 219,484 | |
Capital expenditures | 35,121 | 8,430 | 77,315 | 41,126 | |
Depreciation | 16,455 | 16,141 | 47,969 | 44,982 | |
Amortization of intangible assets | 8,115 | 9,955 | 28,847 | 29,574 | |
Identifiable assets | 4,887,004 | 4,887,004 | 5,899,901 | ||
Long-lived assets | 445,467 | 445,467 | 561,809 | ||
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,928,507 | 3,200,399 | 8,857,752 | 10,077,384 | |
Income (loss) from operations | 2,577 | 2,090 | 20,913 | (6,039) | |
Capital expenditures | 3,862 | 1,339 | 11,514 | 5,493 | |
Depreciation | 3,082 | 3,364 | 8,630 | 11,117 | |
Amortization of intangible assets | 3,167 | 2,977 | 11,306 | 8,682 | |
Identifiable assets | 3,357,395 | 3,357,395 | 3,599,400 | ||
Long-lived assets | 143,637 | 143,637 | 105,913 | ||
Asia-Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,528,116 | 2,378,228 | 7,553,865 | 7,026,471 | |
Income (loss) from operations | 31,816 | 31,005 | 94,358 | 71,455 | |
Capital expenditures | 2,958 | 1,373 | 8,409 | 4,597 | |
Depreciation | 2,744 | 2,635 | 8,182 | 7,812 | |
Amortization of intangible assets | 1,997 | 1,430 | 5,743 | 4,269 | |
Identifiable assets | 2,438,766 | 2,438,766 | 2,564,273 | ||
Long-lived assets | 72,558 | 72,558 | 76,177 | ||
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 582,160 | 524,874 | 1,764,729 | 1,539,930 | |
Income (loss) from operations | 7,056 | 9,205 | 24,493 | 26,155 | |
Capital expenditures | 508 | 330 | 1,784 | 1,153 | |
Depreciation | 449 | 406 | 1,428 | 1,151 | |
Amortization of intangible assets | 927 | $ 205 | 1,330 | $ 615 | |
Identifiable assets | 778,584 | 778,584 | 767,869 | ||
Long-lived assets | $ 21,737 | $ 21,737 | $ 7,220 |
Segment Information - Integrati
Segment Information - Integration, Transition and Other Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Integration, transition and other costs | [1] | $ 16,053 | $ 9,199 | $ 32,813 | $ 21,186 |
Estimated settlement, employee related taxes | 4,736 | ||||
Litigation settlement, amount | 6,600 | ||||
North America | |||||
Segment Reporting Information [Line Items] | |||||
Integration, transition and other costs | [1] | 5,901 | 4,591 | 16,545 | 12,924 |
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Integration, transition and other costs | [1] | 5,749 | 4,341 | 8,601 | 6,105 |
Asia-Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Integration, transition and other costs | [1] | 3,674 | 267 | 5,311 | 2,157 |
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Integration, transition and other costs | [1] | $ 729 | $ 0 | $ 2,356 | $ 0 |
[1] | Also included is a gain of $6,600 related to the final settlement of a class action lawsuit against the manufacturers of LCD flat panel displays, which was recorded as a reduction of SG&A expense in North America in the first quarter of 2014 |
Segment Information - Schedule
Segment Information - Schedule of Revenue and Long-lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 10,515,880 | $ 11,237,840 | $ 31,713,584 | $ 32,531,208 | |
Net sales, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |
Long-lived assets | $ 683,399 | $ 683,399 | $ 751,119 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 4,183,568 | $ 4,763,535 | $ 12,611,394 | $ 12,714,462 | |
Net sales, percentage | 40.00% | 42.00% | 40.00% | 39.00% | |
Long-lived assets | $ 424,006 | $ 424,006 | 493,475 | ||
Outside of the United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 6,332,312 | $ 6,474,305 | $ 19,102,190 | $ 19,816,746 | |
Net sales, percentage | 60.00% | 58.00% | 60.00% | 61.00% | |
Long-lived assets | $ 259,393 | $ 259,393 | $ 257,644 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - 9 months ended Oct. 03, 2015 BRL in Thousands, $ in Thousands | USD ($) | BRL |
Contingencies And Commitments [Line Items] | ||
Amount of penalties and interest likely to be assessed | $ 70,526 | BRL 273,366 |
Maximum amount of reimbursement to third party | 9,965 | |
2005 Federal import tax assessment | ||
Contingencies And Commitments [Line Items] | ||
Amount of commercial taxes due on the import of software acquired | 3,280 | 12,714 |
2007 Sao Paulo Municipal tax assessment | ||
Contingencies And Commitments [Line Items] | ||
Amount of service taxes due on the resale of software | 7,510 | 29,111 |
Amount of penalties on service taxes | 6,701 | 25,972 |
2011 Federal income tax assessment | ||
Contingencies And Commitments [Line Items] | ||
Amount of statutory penalties for delays in providing certain electronic files | 4,114 | 15,947 |
2012 Sao Paulo Municipal tax assessment | ||
Contingencies And Commitments [Line Items] | ||
Amount of penalties on service taxes | 386 | 1,498 |
Amount of service taxes due on the importation of software | 773 | 2,996 |
2013 Sao Paulo Municipal tax assessment | ||
Contingencies And Commitments [Line Items] | ||
Amount of penalties on service taxes | 1,384 | 5,363 |
Amount of service taxes due on the importation of software | $ 2,767 | BRL 10,726 |
Organization and Basis of Pre53
Organization and Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Accounting Policies [Abstract] | |||||
Book overdrafts | $ 329,498,000 | $ 329,498,000 | $ 400,323,000 | ||
Trade accounts receivable sold to and held by financial institutions under uncommitted factoring programs | 293,097,000 | 293,097,000 | $ 276,808,000 | ||
Factoring fees | 947,000 | $ 1,058,000 | 3,263,000 | $ 3,276,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 14,580,000 | $ 14,580,000 |
Subsequent Event Narrative (Det
Subsequent Event Narrative (Details) | Oct. 29, 2015USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends | $ 0.10 |